Company registration number: 11422323 Charity registration number: 1186748
**NEOTREE TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
Juliette Tompson Accounting Limited CIMA
23 Prospect Street Caversham, Reading, Berkshire RG4 8JB
## **Neotree Contents**
## **For The Year Ended 30 June 2025**
||**Page**|
|---|---|
|Company Information|1|
|Trustees' Annual Report|2—10|
|Independent Auditor's Report|11-12|
|Statement of Financial Activities (including Income and Expenditure Account)|13-14|
|Statement of Financial Position|15|
|Statement of Cash Flows|16-17|
|Notes to the Financial Statements|18-22|
|The following pages do not form part of the statutory accounts:||
|Detailed Statement of Financial Activities (including Income and Expenditure Account)|23|
**Neotree Company No. 11422323 Company Information For The Year Ended 30 June 2025**
## **Company information**
Neotree
**Registered charity number** 1186748
## **Registered company number**
11422323
## **Registered office**
1 Blossom Yard Fourth Floor London E1 6RS
## **Trustees**
Mr T Catherall (appointed 04/10/2024) Dr F Fitzgerald Mrs K Herzog Parsons Dr M Riley Mr Y Sassoon - Chair Miss E Kesler (resigned 11/11/2024) Ms G Kavuma (appointed 07/11/2025)
## **Company secretary**
Reed Smith Corporate Services Limited 1 Blossom Yard Fourth Floor London E1 6RS
## **Accountants**
Juliette Tompson Accounting Limited CIMA 23 Prospect Street Caversham Reading Berkshire RG4 8JB
## **Auditors**
Bright Grahame Murray Chartered Accountants Emperor's Gate 114a Cromwell Road London SW7 4AG
Page 1
## **Neotree Trustees' Report including Directors’ Report For The Year Ended 30 June 2025**
The trustees, who are also directors for company law purposes, present their report and the financial statements for the year ended 30 June 2025.
## **Objectives and activities**
## _**Aims and objectives**_
In planning, reviewing and undertaking the activities of the Charity for the year, the Trustees have taken account of the Charity Commission's guidance on public benefit.
The Objects of the Charity for the public benefit are:
- The advancement of health and the saving of lives for the public benefit, in particular but not exclusively by providing technology, software, information, education and support to healthcare workers and medical practitioners and the carrying out of related research.
- 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 27 million babies, every year, if Neotree technology is adopted by Ministries of Health in those countries.
- To empower healthcare workers in low-income countries to improve the quality of newborn care by putting the lifesaving power of technology into their hands.
In carrying out its provision of services and employment, the Charity adheres strictly to equal opportunities for all, irrespective of religion, race, disability or sexuality.
## _**Public benefit**_
The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The public benefit of the Charity's activities are outlined under 'Aims and Objectives' above.
## **Structure, governance and management**
## _**Governing document**_
The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 18/06/2018. It is registered as a charity with the Charity Commission.
## _**Governance**_
Neotree continues to invest in **strengthening governance, financial processes, and internal controls** to ensure strict financial oversight, manage risk, and provide value for money.
Neotree welcomed Tim Catherall, an experienced Finance and Operations Director, to its Board of Trustees in October 2024, and a financial adviser, Pratik Sampat, to its team in November 2024. Neotree has also developed several new policies and manuals and has improved reporting processes and team training:
- **Policies/Manuals:** Includes policies on Asset Management, Data Protection, Risk Management and a new Finance Manual (with key policies added to the Neotree website to increase transparency).
- **Reporting processes:** Neotree now reports quarterly on UK FCDO funding to the International Aid Transparency Initiative (IATI). Neotree has also set up dedicated safeguarding@neotree.org and whistleblowing@neotree.org emails to make it easier for people to raise concerns.
- **Training:** Fraud and Anti-Corruption Training was conducted by an external consultant for the team covering Anti-Bribery and Corruption, Anti-Money Laundering and broader fraud concerns. Annual safeguarding is also a requirement for all staff, volunteers and consultants.
Neotree appointed Chartered Accountants Bright Grahame Murray to audit its accounts for the year ending 30 June 2025.
## _**Volunteers**_
The value of the services provided by volunteers is not incorporated into these financial statements.
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## **Neotree Trustees' Report including Directors’ Report (continued) For The Year Ended 30 June 2025**
## **Background**
## _**Problem**_
- Over 6,500 babies die daily in their first month of life;
- A baby born in Africa is 10 times more likely to die than one born in Europe or the US;
- 70% of deaths in low-income countries are preventable, impacting over 1.2m babies annually.
Most of these babies (over 75%) are born in healthcare facilities and are cared for by dedicated nurses and doctors who often lack specific neonatal training. How can we empower them to provide the high-quality and consistent care needed to improve those babies’ chances of surviving and thriving?
## _**Solution**_
Sometimes radical advances can be achieved with simple solutions. The Neotree digital system is used on a tablet by healthcare workers at the bedside as they provide care to sick and vulnerable newborns. It guides them to perform the 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 lifesaving action. The data is then available at a hospital and national level to guide hospital managers and national policymakers to best allocate resources, identify key health issues and take systematic steps to address them.
_Above: Nurse at Bindura hospital, one of the new Neotree facilities in Zimbabwe_
## _**Evidence**_
Early data from Chinhoyi Provincial Hospital, Zimbabwe, show the deaths of low-birthweight babies dropped by 50% after Neotree was introduced.[1] Neotree has proven resilient through industrial strikes and a global pandemic[2 ] and is likely to be highly costeffective, with an estimated cost of $6 per healthy life year gained in Zimbabwe, if implementation is scaled nationally.[3 ] Clinicians in Malawi have told us Neotree is “part and parcel of our day-to-day work” which “forces 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.[4] Evaluations have 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[5] and reduced rates of hypothermia (unpublished). The turn-around time of blood culture results has been reduced from 5 days to under 48 hours using the Neotree platform, improving antimicrobial stewardship and infection control.
## **Objectives**
The Neotree charity was established by core members of the University College London (UCL) Neotree research project to maximise the impact of their research on the quality of newborn care and newborn mortality. Between July 2024 and June 2025, the charity aimed to increase its independence and sustainability outside of UCL. Key priorities included diversifying and increasing direct funding, strengthening governance structures and financial systems, and fostering collaboration wherever possible, all to maximise Neotree’s impact on newborn care in resource-scarce settings.
## **Highlights**
This has been a **fantastic year for Neotree with a significant increase in its impact** .
The charity **more than doubled the number of healthcare facilities in which it is improving care** . Neotree increased from five to eleven facilities in Zimbabwe and Malawi, including implementing in its first district network of primary and secondary level care in Kasungu District (Malawi).
As a result of this expansion— achieved in partnership with Ministries of Health— Neotree **improved care for over 14,000 babies, trained more than 900 healthcare workers** , **and reached over 6,400 mothers and parents** via community engagement activities. Neotree also **won a Global South e-Health Observatory Prize** for Innovation in Digital Health from Fondation Pierre Fabre and **partnered on its first-ever grant from the Gates Foundation** (via UCL). In addition, the charity significantly strengthened its support from the UK Foreign, Commonwealth and Development Office (FCDO) in Malawi, with a new million-pound, multiyear grant.
> 1 Crehan et al. 2019: doi; 10.1136/bmjgh-2018-000860.
See Modelling Impact and Cost-Effectiveness of Neotree (preprint only, publication in progress) - The study on improving Neonatal Survival in Zimbabwe.
2 Chimhuya et al. 2021: doi; 10.1101/2021.01.06.21249322 (preprint).
3 Crehan et al. 2019: doi; 10.1136/bmjgh-2018-000860.
See Modelling Impact and Cost-Effectiveness of Neotree (preprint only, publication in progress) - The study on improving Neonatal Survival in Zimbabwe.
4 Crehan et al. 2019: doi; 10.1136/bmjgh-2018-000860.
5 Gannon H, et al. BMJ Open Quality 2021;10:e001043. doi:10.1136/bmjoq-2020-001043 Demonstrating that prescription rates of oral antibiotics at discharge fell from 99% to 2% within a month following implementation. - Electronic application to improve management of infections in low income neonatal units: pilot implementation of the NeoTree beta app in a public sector hospital in Zimbabwe.
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## **Neotree Trustees' Report including Directors’ Report (continued) For The Year Ended 30 June 2025**
_Above left to centre: Training sessions for health workers at Kamuzu District Hospital and Bua Health Centre. Above right_ _**:** Bua Health Centre from left to right: Josh Potter (Neotree Global Operations Director), Frank Gondwe (GHII Operations and Research Manager with Foreign, Commonwealth and Development Office colleagues_
**The team is growing to enable Neotree’s scale-up** . Alongside Neotree’s Executive Director, Sophie Sutcliffe Goodman, Neotree has brought onboard a **new Global Operations Director** , Josh Potter, and a **Senior Product Manager** , Tim Hull-Bailey. **The teams in Zimbabwe, South Africa and Malawi have also grown** , respectively managed through the Biomedical Research and Training Institute, Baobab Web Services and Global Health Informatics Institute. The Neotree project now benefits from the **experience of more than 60 professionals, whose backgrounds span clinical care, technology, finance, research, and healthcare management and operations.**
Huge congratulations must go to several Neotree project members whose advanced studies will help to build future leadership and academic excellence in neonatal health, thereby enhancing Neotree’s mission and impact. Dr Simbarashe Chimhuya and Dr Msandeni Chiume, **Principal Investigators in Zimbabwe and Malawi, have been accepted into PhD programs at UCL and Kamuzu University of Health Sciences (KUHeS)** , in Malawi (funded by the FCDO, National Institute of Health and Care Research (NIHR), and Gates Foundation). Aditi Rao, UCL Research Project Manager, was awarded an **Imperial College London President’s Scholarship to undertake a PhD** on AI-enabled clinical decision support systems for newborn care in low-resource settings. In Zimbabwe, Quantitative Research Assistant Cyprian Masvikeni won a **Southern Africa Research Capacity Network scholarship for his MSc in Epidemiology** , while Project Manager Karlos Madziva and Community Engagement Coordinator Faith Rutendo Kandiye both **graduated with Public Health MScs from the London School of Hygiene and Tropical Medicine** . In Malawi, Operations and Research Manager Frank Gondwe **received a Public Health MSc from the University of Malawi** , and finally, Chifundo Kunyenje **enrolled in a PhD through UCL and KUHeS** (with Gates Foundation support).
## **Innovating**
Neotree has developed and trialled **several exciting new innovations** to improve neonatal care this year. These include:
_Above: Professor Michelle Heys (Neotree Co-founder, Trustee and Principal Investigator) celebrating Dr. Simbarashe Chimhuya’s (Neotree Principal Investigator, Zimbabwe) and Dr Msandeni Chiume’s (Neotree Principal Investigator, Malawi) PhDs_
- **‘Golden Hour’ interventions** to reduce newborn deaths within the first hour (e.g. delayed cord clamping and early skin-toskin contact between mother and baby). The pilot at Sally Mugabe Central Hospital (Zimbabwe) has been so successful that it is being introduced to a second Zimbabwean site at Chinhoyi Provincial Hospital.
- **A Daily Record** for healthcare professionals to better document and track the health status of mothers and newborns in between admission and discharge.
- **Scannable QR codes** for faster access to electronic medical records for expectant mothers and babies referred from primary or district care to higher level facilities.
- **A Drug, Feed, and Fluid calculator** for evidence-based recommendations for drug dosage and fluid volume by newborn weight.
- **A Bereavement Suite and Transitional Unit** at Sally Mugabe Central to provide private grieving spaces and specialist counselling for families experiencing loss.
## **Systems strengthening and capacity building**
Neotree is committed to not only improving care and saving lives, but also to strengthening local, national and global healthcare through its systems-strengthening and capacity-building approach. The team has continued **partnering with Ministries of Health and other stakeholders to integrate Neotree with national digital health platforms** , **enhance existing digital tools, and build local leadership capacity** . This included:
- **Impilo -** Continuing work with ZimTTech and the Ministry of Health to develop a full version of Neotree embedded within the Zimbabwean national electronic health records system, Impilo. The Ministry of Health has maintained that this neonatal module is a priority, notwithstanding changes to the funding landscape for digital development. Work to date has led to a successful Neotree proposal to the FCDO, securing dedicated resources to deliver this integration by the end of March 2026.
- **DHIS-2:** Building Neotree-DHIS-2 linkages to ensure seamless data flow and accessibility across digital healthcare systems in Malawi.
- **MaHIS -** Starting exciting discussions with the Ministry’s Digital Health Department about Neotree leading on the development of the neonatal module within Malawi’s national electronic health records system.
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## **Neotree Trustees' Report including Directors’ Report (continued) For The Year Ended 30 June 2025**
_Above left to right: Midwives refresh their newborn resuscitation skills in Golden Hour training, Extra chairs and educational posters to encourage skin-to-skin care as part of the Golden Hour at Sally Mugabe Central Hospital, Nurse admits a baby using the drug, feed and fluid calculator during the pilot in Malawi_
- **Machine Learning -** Ongoing work to explore the use of AI and machine learning to optimise predictive clinical algorithms to empower healthcare workers to deliver better, more timely care.
- **Neotree’s UK - Zimbabwe Volunteer Programme** - Bringing three clinicians to Zimbabwe from the UK and New Zealand to boost national capacity amidst the emigration of Zimbabwean clinicians to higher-income countries.
- **Community Engagement** – Expanding community engagement and involvement groups to five sites, providing peer support to mothers and parents and advocating for improved family-centred care.
## _**Evidence base**_
Throughout the year, **Neotree continued to work in partnership with UCL, to assess and demonstrate the clinical impact and cost effectiveness of Neotree’s digital platform to Ministries of Health and other potential adopters** . Four peer-reviewed research articles were published this year, and a further manuscript on modelling the impact and cost-effectiveness of Neotree was published in pre-print (see details below).
_Above: Participants during the requirements gathering meeting for the MaHIS/Neotree integration_
## _**Grant research**_
Neotree, joint with UCL, was awarded grants from FCDO Malawi, Gates Foundation, Laerdal Foundation and the NIHR to rollout and evaluate a newborn care network across Lilongwe and Kasungu district in Malawi. Implementation is taking place in one district hospital and ten primary healthcare facilities in Kasungu District, (in addition to Neotree’s three current facilities in Lilongwe). The evaluation is focusing on service delivery and referral systems and their impact on outcomes, workforce, data use, cost-effectiveness, and implementation strategy. Neotree will analyse if it achieves health gains below Malawi’s cost-effectiveness threshold and generates wider benefits through improved care and system efficiency. Neotree is also working with stakeholders to refine approaches for a scalable national rollout. Through embedded partnerships, Neotree aims to strengthen local digital health capacity and build sustainable academic collaboration.
The Neotree team also advanced its needs assessment in Nuh, Haryana, India, funded by a UCL/AIIMS Joint Seed Fund grant. The study investigated neonatal care practices, digital health system readiness, and the attitudes of frontline health workers and policymakers towards digital clinical decision support systems for newborns. It revealed that implementing such a tool would enhance healthcare professional’s capacity and improve the delivery of quality, efficient newborn care.
_Above: UCL and AIIMS team members conducting interviews and focus group discussions with clinicians and community health workers in Haryana, India_
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**Neotree Trustees' Report including Directors’ Report (continued) For The Year Ended 30 June 2025**
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## _**Research publications**_
## _**1) Scoping review and modelling of predictors of an abnormal Thompson score in term neonates in low-resource settings**_
This study identified key risk factors for neonates with abnormal Thompson scores (> 10) using a literature review and Neotree data from 6,054 neonates in a Zimbabwean tertiary hospital. Understanding these clinical predictors is essential for diagnosing suspected neonatal encephalopathy (depressed neurological function, often due to lack of oxygen at birth) in term neonates. This is especially critical in low-resource settings, where clinical risk scores provide valuable diagnostic alternatives when adequate training and equipment are often unavailable.
Six risk factors were identified using logistic regression that may prompt healthcare providers to conduct a neurological examination and calculate a Thompson score. These factors—low neonatal heart rate on admission (< 100 bpm), hypothermia, head swelling trauma, maternal risk factors of sepsis (excluding offensive liquor and premature rupture of membrane), meconium-stained umbilicus, and not crying at birth—were associated with higher odds of a Thompson score > 10.
The results imply that integration of these risk factors into clinical decision support systems like Neotree, would enable healthcare professionals to identify neonates for Neonatal Encephalopathy screening using the Thompson score. This would follow further work to evaluate the model’s performance through sensitivity and specificity analysis.
Khan, N, Mugwagwa, E, Cortina-Borja, M, Catherall, E, Fitzgerald, F, Chimhuya, S, Chimhini, G, Gannon, H, Crehan, C, Mangiza, M, Heys, M Scoping review and modelling of predictors of an abnormal Thompson score in term neonates in low-resource settings. Scientific Reports 15, 12217 (2025). https://doi.org/10.1038/s41598-025-96566-7
## _**2) Assessing the use of neonatal sepsis guidelines and antibiotic prescription with large-scale prospective data from Zimbabwe and Malawi**_
This study used routine Neotree data from 10,868 neonates in two hospitals in Zimbabwe and one in Malawi. Its aims were to assess clinician’s adherence to neonatal sepsis guidelines (both National and World Health Organisation recommendations for antibiotic prescription) and to compare neonates who received antibiotics as per guidelines with those who met the criteria but were not prescribed them.
In this large, prospective dataset, guideline-recommended clinical signs for sepsis are inconsistently used in both Zimbabwe and Malawi, with clinicians often using other features for antibiotic decision-making. Adherence to current guidelines in both countries would nearly double antibiotic prescription rates, although it is not clear from Neotree’s data that this increase would reduce mortality. While clinical features of sepsis were frequently not acted upon, the case fatality rate was lower in those not prescribed antibiotics despite guideline recommendations. Maternal risk factors for sepsis, male gender, low birth weight, older age at admission, and spontaneous vaginal delivery were associated with a higher rate of antibiotic prescription. This highlights the need to reevaluate neonatal sepsis guidelines in low-resource settings and develop contextually appropriate decision support tools that are both used and useful.
Khan, N, Chimhini, G, Kumar Shrestha, S, Cortina-Borja, M, Chimhuya, S, Zailani, G, Gannon, H, Mangiza, M, Fitzgerald, F, Heys, M*, Chiume, S. Assessing the use of neonatal sepsis guidelines and antibiotic prescription with large-scale prospective data from Zimbabwe and Malawi, Journal of the Pediatric Infectious Diseases Society, 2025;, piaf017, https://doi.org/10.1093/jpids/piaf017
## _**3) Clinical prediction models to diagnose neonatal sepsis in low-income and middle-income countries: a scoping review**_
Neonatal sepsis is difficult to diagnose clinically due to its non-specific signs and symptoms, and neonates in low-income and middleincome countries are disproportionately affected. When sepsis is suspected, a delicate balance is required between the risk of not treating a true invasive infection and the dangers of unnecessary antimicrobial use, which can lead to antimicrobial resistance and adverse neonatal outcomes.
Clinical prediction models (CPMs) could enhance diagnostic accuracy, leading to earlier treatment and reduced antibiotic overuse. A review of 82 studies validated 44 distinct models in 24,252 neonates. Most studies (78%) were conducted in neonatal intensive care or special care units, with only 29% validated in neonate populations without existing suspicion of sepsis.
Neonatal sepsis is difficult to diagnose clinically due to its non-specific signs and symptoms, and neonates in low-income and middleincome countries are disproportionately affected. When sepsis is suspected, a delicate balance is required between the risk of not treating a true invasive infection and the dangers of unnecessary antimicrobial use, which can lead to antimicrobial resistance and adverse neonatal outcomes.
Clinical prediction models (CPMs) could enhance diagnostic accuracy, leading to earlier treatment and reduced antibiotic overuse. A review of 82 studies validated 44 distinct models in 24,252 neonates. Most studies (78%) were conducted in neonatal intensive care or special care units, with only 29% validated in neonate populations without existing suspicion of sepsis.
Two-thirds of CPMs (n=30) required laboratory parameters, and three-quarters (n=34) were validated in only one study.
This review highlights several literature gaps, particularly a scarcity of studies validating models in the lowest-income countries where neonatal sepsis is most prevalent. Additionally, there is a lack of models that do not rely on laboratory tests, which are often limited in availability or have excessively long turnaround times in low-resource settings, making them unhelpful for timely management.
Neal, S, Sturrock, S, Musorowegomo D, Gannon, H. Zaman, M, Cortina-Borja, M, Le Doare, K., Heys, M, Chimhini, G, Fitzgerald, F Clinical prediction models to diagnose neonatal sepsis in low-income and middle-income countries: a scoping review BMJ Global Health, 2025 Apr 9;10(4):e017582. doi: 10.1136/bmjgh-2024-017582. DOI: 10.1136/bmjgh-2024-017582
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## **Neotree Trustees' Report including Directors’ Report (continued) For The Year Ended 30 June 2025**
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## _**4) Exploring the Experiences, Cultural Values, and Perceptions of Mothers of Hospitalised Newborns in Malawi: An Integrative Review of the Literature**_
This integrative review appraised the published literature on the experiences, cultural values, and perceptions of mothers of hospitalised newborns in Malawi. The review highlighted the complexity of mothers’ experiences, from their caregiving role to associated physical and psychosocial factors, and the significant impact of cultural perceptions, beliefs, influences, discrimination, and stigma. Culturally appropriate interventions are essential to support mothers and caregivers during this stressful time.
Erin Kesler, Jessica Devido, Richard Zoucha and Emma Wilson. Exploring the Experiences, Cultural Values, and Perceptions of Mothers of Hospitalised Newborns in Malawi: An Integrative Review of the Literature. Journal of Transcultural Nursing Volume 36, Issue 2, March 2025, Pages 168-183 https://doi.org/10.1177/10436596241290517
## _**Pre-printed academic journal article**_
_**Tom Palmer et. al. Modelling Impact and Cost-Effectiveness of Neotree, a Digital Data Capture and Decision Support Tool Designed to Improve Neonatal Survival in Zimbabwe. Preprints with the Lancet**_ **9 Jul 2024. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4888090**
This study evaluated the effectiveness and cost-effectiveness of Neotree, using pre- and - post implementation data from Chinhoyi Provincial Hospital between March 2020 to October 2023. The analysis suggests a possible reduction in overall mortality [RR: 0.877, 95% CI:0.541- 1.423, p=0.596], primarily driven by reduced mortality amongst the low birthweight subgroup [RR: 0.356, 95% CI:0.127-1.002, p=0.051]. Cost-effectiveness analysis based on an assumed mortality impact in this subgroup suggests a withinstudy cost of around $28.44 per Healthy Life Years (HLY) gained, reducing to $6.35 per HLY gained at scale, substantially below costeffectiveness thresholds in Zimbabwe.
## **Knowledge sharing**
To maximise its impact on newborn lives, Neotree is committed to sharing its research and strengthening relationships with experts and leading organisations in digital health, AI, and data. Throughout the year, the Neotree team invested in building new and deepening existing partnerships with governments, donors, and other stakeholders through various events and conferences.
## **Highlight: Artificial Intelligence for Health Conference, Zimbabwe, June 2025:**
_Above left to right: Participants and organisers, including Dr David de Lorenzo (UCL - Health Data Scientist, top left) and Dr Felicity Fitzgerald (Neotree Trustee and Co-investigator, far right) and Dr. Chimhuya (Neotree Principal Investigator, Zimbabwe) addressing Zimbabwe AI conference_
Together with UCL and Imperial College London, Neotree organised an **Artificial Intelligence for Health Conference** at the University of Zimbabwe.
The event brought together international and local experts, government representatives, clinicians, academics, private sector innovators, and 25 specially selected Early Career Researchers (ECRs) to explore AI's transformative potential for healthcare in Zimbabwe. The conference featured expert sessions on critical themes like data ethics, equitable AI, and the implementation challenges and opportunities unique to Zimbabwe’s health system. It also provided career mentorship and strategic guidance to help early career researchers refine their innovations. A key highlight was a pitch competition where ECRs presented their AI for Health ideas, showcasing bold, locally relevant concepts aimed at sustainable and scalable solutions. The workshop generated national coverage and fostered significant cross-sector collaboration, concluding with a shared commitment to advance AI for health in Zimbabwe from discussion to implementation.
**Technical Workshop on Ending Preventable Maternal Mortality (EPMM) and Every Newborn Action Plan (ENAP), Zambia, July 2024:** Dr. Chimhuya (Neotree Principal Investigator, Zimbabwe) and Karlos Madziva (Neotree Project Manager, Zimbabwe) presented Neotree as a promising innovation for Maternal Newborn Health.
_Above left to right: Dr. Chimhuya (Neotree Principal Investigator, Zimbabwe) and Karlos Madziva (Neotree Project Manager, Zimbabwe) in Zambia and Lekodi Magombo (Neotree Community Engagement Manager, Malawi) in Botswana_
**Southern African Regional Students and Youth Conference, Botswana, July 2024:** Lekodi Magombo (Neotree Community Engagement Manager, Malawi) delivered a keynote highlighting Neotree’s engagement methodologies.
**Global South e-Health Observatory (ODESS) Conference, France, October 2024:**
Professor Heys was interviewed on Radio France Internationale before the event (listen to interview here) and attended with Dr. Simbarashe Chimhuya to accept Neotree’s Pierre Fabre Observatory Prize Award.
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## **Neotree Trustees' Report including Directors’ Report (continued) For The Year Ended 30 June 2025**
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**Global Digital Health Forum, Kenya, December 2024:** Neotree representatives attended sessions on AI, global healthcare data standards, World Health Organisation SMART Guidelines, and digital health scale-up initiatives in Zimbabwe. The team also met with key Ministry of Health representatives, including Dr. Robert Gongora (National Electronic Health Records Coordinator, Zimbabwe’s Ministry of Health and Child Care), and potential partners to maximise Neotree’s impact.
**UK FCDO Dissemination Event, Zimbabwe, May 2025:** A highlight of this event and partnership meeting was hearing from the community engagement team about Neotree’s work with babies, mothers, fathers, and families, sharing heartfelt stories of both loss and hope from an initiative that has gone from strength to strength over the past six years.
**DHIS2 Annual Conference, Norway, June 2025:** Tim HullBailey (Neotree Senior Product Manager), spoke at the University of Oslo about integrating patient-level neonatal healthcare data with DHIS2— Malawi's Health Information Management System (HMIS) platform— to a global community of innovators focused on strengthening health systems.
_Above: Tim Hull Bailey (Neotree Senior Product Manager), Morris Baradza (lead Software Developer) and Sophie Sutcliffe Goodman (Neotree Executive Director), with Dr Robert Gongora (National EHR Coordinator, Ministry of Health and Child Above: Tim Hull-Bailey (Neotree Care) at the Global Digital Health Forum in Senior Product Manager), at the Nairobi_ . _Above left to right: Neotree team University of Oslo DHIS2 event in and Professor Heys addressing Norway participants at the Dissemination event in Zimbabwe_
Neotree is also excited to be partnering with the African Neonatal Association (200 neonatal leaders in 42 African nations) to expand its reach and impact across Africa. This collaboration will integrate Neotree technology with the Vermont Oxford Network database, commonly used in neonatal units across Africa. Going forward Neotree will continue its active collaboration with UCL and Imperial University’s AI research initiatives, the Zimbabwe Ministry of Health, University of Zimbabwe, and other academic institutions advancing responsible, equitable AI in global health.
## **Fundraising**
As a growing charity, Neotree needs new philanthropic funding to support ongoing implementation and invest in internal capacity and systems to scale the organisation and maximise its impact on ending preventable newborn deaths. To this end, **Neotree was delighted to have achieved a more than 400% growth in income for this financial year, having strengthened its financial footing and diversified its funding base** (raising almost £1,2m from 1 July 2024 to 30 June 2025, as compared to £263,722 for the same period to June 2024). This was **achieved with new and increased funding, including several first-time multiyear grants from the Gates Foundation (via UCL) and the UK FCDO in Malawi** .
## _**Highlights**_
- Won **Pierre Fabre’s €40k Global South eHealth Observatory Prize** ;
- Secured **£1.3m from the UK FCDO in Malawi** ;
- Secured **£300k in first-time, multi-year support as part of a £1.3m Gates Foundation research grant** (via UCL, with the Neotree charity a sub grantee);
- • Commenced a **$200k multi-year grant from Norway’s Laerdal Foundation** for a Network Impact Evaluation of Neotree in Malawi (effective from July 2024);
- Received **£50k in renewal support from the Roy Bard Foundation** ;
- Submitted **first-time grant applications to the Rotary Clubs in Zimbabwe and Malawi totalling £500k** ;
- Began **promising conversations with other potential donors, including the Beginnings Fund** , a new global philanthropic coalition comprising several target funders that Neotree engaged with over the past 12 months, like ELMA Philanthropies, the Children’s Investment Fund, and the Horace W Goldsmith Foundation.
_Above left to right: Professor Heys and Dr. Chimhuya attending Fondation Pierre Fabre’s Observatory Prize 2024 Award ceremony and celebrating with other winners_
## **Prof Michelle Heys was also awarded a £3m grant from a major UK funder to evaluate Neotree and develop a partnership with the African Neonatal Association** - public announcement pending.
Despite promising fundraising success in the past year, the closure of USAID, impacting 70% of global health funding, and 40% reductions to UK aid, threaten the lives of mothers and babies. **In this challenging funding environment, Neotree has a critical role to play in minimising the impact of unprecedented aid cuts on lifesaving care** . The potential loss of funding also underscores the urgent need for Neotree to secure diverse, and preferably flexible, sizable new support to continue scaling its work during a period of immense change and uncertainty for global health, ensuring women and girls are not victims of these global cuts.
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**Neotree Trustees' Report including Directors’ Report (continued) For The Year Ended 30 June 2025**
## **Looking forward**
Over the next year, Neotree will continue to drive forward its impact, implementing in another **seven healthcare facilities in Malawi** , and bringing its **total number of sites to eighteen** . Working closely with academic partners, the charity will continue to build and strengthen its research base and will test its implementation model by carrying out **Network Impact Evaluation** . By undertaking more in-depth health economics research, led by UCL, Neotree will **collect more robust data to track the cost per life saved and demonstrate its cost-effectiveness** . Finally, Neotree will **lead work to integrate its technology with the national Electronic Health Records in both Malawi and Zimbabwe** , a major step towards sustainability and greater impact. This work will help to save more lives, improve care for more small and vulnerable newborns, and ensure continued delivery on its Gates Foundation, FCDO and Laerdal Foundation grants.
Neotree will also continue to **pursue additional funding to sustain and expand its core operations across more healthcare facilities** . By leveraging a decade of innovation and new multimillion, multiyear program funding, **the charity aims to scale Neotree in Malawi, Zimbabwe, and beyond** . Further investment in software development and data management capacity will enhance Neotree technology across an increasing number of hospitals and clinics. At the same time, strengthening financial capacity and governance structures with necessary processes and procedures, will improve financial security and cost efficiency as operations grow.
## **Supporters - thank you!**
Neotree is very grateful to the following organisations and individuals, whose crucial support throughout the year has made its work possible:
- Fondation Pierre Fabre (France);
- Gates Foundation (US);
- Laerdal Foundation (Norway);
- National Institute for Health and Care Research (UK);
- Roy Bard Foundation (UK);
- Souter Charitable Trust (UK);
- UK Foreign, Commonwealth and Development Office, Malawi;
- UK Foreign, Commonwealth and Development Office, Zimbabwe;
- University College London (UK);
- Volunteers in Zimbabwe: Dr Rachel Poffley, Dr Stefania Vergnano and Rebekah Soper.
## **Financial review**
## **Financial position**
Total income for the year was £1,169,688 (2024: £263,772), comprising £1,164,812 from donations and legacies, and £4,876 from investments and other income. Expenditure for the year totalled £1,158,627 (2024: £300,810), with the majority spent on charitable activities.
The charity recorded a net surplus of £11,061 (2024: Deficit (£37,038)), resulting in closing unrestricted reserves of £57,595 at 30 June 2025 (2024: total reserves £46,534).
## **Reserves policy**
This Charity maintains a level of reserves appropriate for the organisation, drawing upon guidance from the Charity Commission. The agreed level of reserves for the year to 30 June 2024 was £32,000
## **Going concern**
Following a detailed review of the charity’s budget and funding pipeline, the trustees deem that the charity has adequate resources to continue in operational existence for the foreseeable future.
## **Risk management**
The trustees maintain a risk register which is reviewed periodically with managers and any identified major risks will be brought to Trustees notice at regular meetings.
## **Comparative financial statements**
The comparative financial statements include a reclassification of 'Other costs' to 'Charitable activities'. 'Other costs' for both years now only include the cost of preparing and auditing the financial statements. There are no other changes or restatements to the comparative financial statements.
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of Neotree for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 9
## **Neotree Trustees' Report including Directors’ Report (continued) For The Year Ended 30 June 2025**
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Contingent liabilities**
The trustees are not aware of any contingent liabilities.
## **Statement of disclosure of information to auditors**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
## **Independent auditors**
In accordance with the company's articles, a resolution proposing that Bright Grahame Murray be reappointed as auditor of the company will be put at a General Meeting.
## **Small company rules**
The report of the Trustees has been prepared taking advantage of the small companies exemption under Section 415A of the Companies Act 2006.
The trustees' report was approved by the board of trustees and signed on its behalf by:
--------------------------------------Mr Y Sassoon Trustee 15 December 2025
Page 10
## **Independent Auditor's Report to the Trustees and Directors of Neotree**
## **Opinion**
We have audited the financial statements of Neotree (the "charity") for the year ended 30 June 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Statement of Financial Position, Statement of Cash Flows and the related notes, 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 30 June 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 statements 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 charitable company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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 in 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.
The prior year financial statements were not audited as the company was exempt from audit for that year. Therefore, we do not express an opinion on the financial statements for that period.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report included within the Trustees' Report.
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:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records or returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement set out on page 9-10, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 11
## **Independent Auditor's Report (continued) to the Trustees and Directors of Neotree**
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charites Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereafter.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and addressing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following:
- We obtained an understanding of laws and regulations that affect the Charity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the tax legislation, Charities Act.
- We enquired of the trustees and reviewed trustees’ meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the trustees have in place to ensure compliance.
- We gained an understanding of and evaluated the controls that the trustees have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period.
- The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: income recognition, management override, misappropriation of assets.
- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
- We enquired of the trustees about actual and potential litigation and claims.
- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or noncompliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters that we are required to state to them in an auditor's 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 charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
------------------------------------------Ahsan Miraj Ahsan Miraj (Senior Statutory Auditor) for and on behalf of
Bright Grahame Murray, Statutory Auditor Emperor’s Gate 114a Cromwell Road London SW7 4AG
## Date 17 December 2025
Bright Grahame Murray 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.
Page 12
## **Neotree Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 30 June 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Investments
**4**
**EXPENDITURE ON:**
Raising funds
**5**
Charitable activities:
**5**
Charitable activities
Other
**NET INCOME/(EXPENDITURE)**
NET MOVEMENT IN FUNDS
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**13**|**2025**
**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Total**
**funds**
**£**
**£**
**£**
**£**
53,123
1,111,689
1,164,812
262,502
3,092
1,784
4,876
1,270|
|---|---|
||**56,215**
**1,113,473**
**1,169,688**
**263,772**|
||(22,192)
(7,343)
(29,535)
(60,482)
(6,100)
(1,108,892)
(1,114,992)
(238,538)
(14,100)
-
(14,100)
(1,790)|
||**(42,392) (1,116,235) (1,158,627)**
**(300,810)**|
||**13,823**
**(2,762)**
**11,061**
**(37,038)**|
||13,823
(2,762)
11,061
(37,038)
43,772
2,762
46,534
83,572|
||**57,595**
**-**
**57,595**
**46,534**|
The statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 18 to 22 form part of these financial statements.
Page 13
## **Neotree**
## **Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 30 June 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Investments
**4**
**EXPENDITURE ON:**
Raising funds
**5**
Charitable activities:
**5**
Charitable activities
Other
**NET (EXPENDITURE)/INCOME**
Transfers between funds
**13**
NET MOVEMENT IN FUNDS
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**13**|**2024**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**£**
**£**
**£**
74,674
187,828
262,502
835
435
1,270|
|---|---|
||**75,509**
**188,263**
**263,772**|
||(60,482)
-
(60,482)
(58,900)
(179,638)
(238,538)
(1,790)
-
(1,790)|
||**(121,172)**
**(179,638)**
**(300,810)**|
||**(45,663)**
**8,625**
**(37,038)**
5,863
(5,863)
-|
||(39,800)
2,762
(37,038)
83,572
-
83,572|
||**43,772**
**2,762**
**46,534**|
The notes on pages 18 to 22 form part of these financial statements.
Page 14
**Neotree Statement of Financial Position As At 30 June 2025**
|**Notes**
**CURRENT ASSETS**
Debtors
**9**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**10**
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**Creditors: amounts falling due after more than**
**one year**
**11**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Restricted funds
Unrestricted funds
**TOTAL FUNDS**
**13**|**Unrestricted**
**funds**
**Restricted**
**funds**
**£**
**£**
-
52,800
73,318
224,726|**2025**
**2024**
**Total funds**
**Total funds**
**£**
**£**
52,800
15,222
298,044
213,945|
|---|---|---|
||73,318
277,526
**(15,723)**
**(225,173)**|
350,844
229,167
**(240,896)**
**(96,568)**|
||**57,595**
**52,353**|
**109,948**
**132,599**|
||**57,595**
**52,353**|
**109,948**
**132,599**|
||**-**
**(52,353)**|
**(52,353)**
**(86,065)**|
||**57,595**
**-**|
**57,595**
**46,534**|
||||
|||-
2,762
57,595
43,772|
|||**57,595**
**46,534**|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 30 June 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2026, for the period in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 15 December 2025.
On behalf of the board
--------------------------------------Mr Y Sassoon Trustee
The notes on pages 18 to 22 form part of these financial statements.
Page 15
## **Neotree Statement of Cash Flows For The Year Ended 30 June 2025**
|**Notes**
**Cash flows from operating activities**
Net cash generated from operations
**1**
Net cash generated from operating activities
**Cash flows from investing activities**
Interest received
Increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
**2**
Cash and cash equivalents at end of year
**2**|**2025**
**2024**
**£**
**£**
79,223
128,940|
|---|---|
||79,223
128,940|
||4,876
1,270|
|||
||84,099
130,210
213,945
83,735|
||298,044
213,945|
Page 16
## **Neotree**
## **Notes to the Statement of Cash Flows For The Year Ended 30 June 2025**
## **1. Reconciliation of income/(expenditure) to cash generated from operations**
|**1.** **Reconciliation of income/(expenditure) to cash generated from operations**||
|---|---|
|Net income/(expenditure)
Adjustments for:
Interest expense
Interest income
Movements in working capital:
Increase in trade and other debtors
Increase in trade and other creditors
Net cash generated from operations|**2025**
**2024**
**£**
**£**
11,061
(37,038)
-
(162)
(4,876)
(1,270)
(37,578)
(15,222)
110,616
182,632|
||79,223
128,940|
Net cash generated from operations
## **2. Cash and cash equivalents**
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
|Cash at bank and in hand
**3.** **Analysis of changes in net funds**
Cash at bank and in hand|**2025**
**2024**
**£**
**£**
298,044
213,945
**As at 1 July**
**2024**
**Cash flowsAs at 30 June**
**2025**
**£**
**£**
**£**
213,945
84,099
298,044|**2025**
**2024**
**£**
**£**
298,044
213,945|
|---|---|---|
||||
## **3. Analysis of changes in net funds**
Page 17
**Neotree Notes to the Financial Statements For The Year Ended 30 June 2025**
## **1. General information**
Neotree is a company limited by guarantee, incorporated in England & Wales, registered number 11422323 and registered charity number 1186748. The registered office is 1 Blossom Yard, Fourth Floor, London, E1 6RS.
## **2. Accounting Policies**
## **2.1. Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
The charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **2.2. Going concern disclosure**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **2.3. Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **2.4. Incoming resources**
Donations, grants and gifts are recognised when the charity is legally entitled to them after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **2.5. Resources expended**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **2.6. Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Page 18
## **Neotree Notes to the Financial Statements (continued) For The Year Ended 30 June 2025**
## **2.7. Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to 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.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **2.8. Taxation**
The charitable company is exempt from tax on its activities as all its income is charitable and applied for charitable purposes.
## **3. Income from donations and legacies**
|Donations and gifts
Grants
Donations and gifts
Grants|**2025**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
53,123
-
53,123
-
1,111,689
1,111,689|
|---|---|
||53,123
1,111,689
1,164,812|
|||
||**2024**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
74,674
-
74,674
-
187,828
187,828|
||74,674
187,828
262,502|
Page 19
**Neotree Notes to the Financial Statements (continued) For The Year Ended 30 June 2025**
## **4. Investment income**
|**4. Investment income**
Bank interest receivable
Bank interest receivable
**5.** **Analysis of expenditure**
Raising funds
Charitable activities
Other
Raising funds
Charitable activities
Other
**6.** **Support costs**
General administration
Governance costs|**2025**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
3,092
1,784
4,876
**2024**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
835
435
1,270
**Activities**
**undertaken**
**directly**
**Support**
**costs**
(see note6)
**2025**
**Total**
**£**
**£**
**£**
29,535
-
29,535
1,041,385
73,607
1,114,992
-
14,100
14,100
1,070,920
87,707
1,158,627
**Activities**
**undertaken**
**directly**
**Support**
**costs**
(see note6)
**2024**
**Total**
**£**
**£**
**£**
60,482
-
60,482
171,830
66,708
238,538
-
1,790
1,790
232,312
68,498
300,810
**Charitable**
**Activities**
**Other**
**2025**
**Total**
**£**
**£**
**£**
73,607
-
73,607
-
14,100
14,100
73,607
14,100
87,707|**2025**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
3,092
1,784
4,876|
|---|---|---|
||||
|||**2024**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
835
435
1,270|
||||
Page 20
## **Neotree Notes to the Financial Statements (continued) For The Year Ended 30 June 2025**
|General administration
Governance costs|**Charitable**
**activities**
**Other**
**2024**
**Total**
**£**
**£**
**£**
66,708
-
66,708
-
1,790
1,790|
|---|---|
||66,708
1,790
68,498|
## **7. Auditor's remuneration**
Remuneration received by the charitable company's auditors and their associates during the year was as follows:
|**Audit services**
Audit of the company's financial statements|**2025**
**2024**
**£**
**£**
12,000
-|
|---|---|
The charity was entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2024.
Accountancy fee for preparing the financial statements: £2,100 (2024: £1,790).
## **8. Average number of employees**
Average number of employees during the year was: NIL (2024: NIL)
## **9. Debtors**
|**9.** **Debtors**|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|**Due within one year**|||
|Other debtors|52,800|15,222|
## **10. Creditors: amounts falling due within one year**
|Trade creditors
Accruals and deferred income
**11.** **Creditors: amounts falling due after more than one year**
Accruals and deferred income|**2025**
**2024**
**£**
**£**
46,625
1,430
194,271
95,138|
|---|---|
||240,896
96,568|
|||
||**2025**
**2024**
**£**
**£**
52,353
86,065|
## **11. Creditors: amounts falling due after more than one year**
Page 21
## **Neotree**
## **Notes to the Financial Statements (continued) For The Year Ended 30 June 2025**
## **12. Deferred income**
Deferred income movements in the year were as follows:
|Balance at the start of the period
Income deferred in the current period
Amounts released in income from previous periods
Balance at the end of the period|**2025**
**2024**
**£**
**£**
155,315
-
86,046
155,315
(65,840)
-|
|---|---|
||175,521
155,315|
## **13. Movement in funds**
|**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
Restricted
**Total funds**
**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
Restricted
**Total funds**|
**As at 1 July**
**2023**
**£**
83,572
-
|**As at 1 July**
**2024**
**Income**
**Expenditure**
**As at 30 June**
**2025**
**£**
**£**
**£**
**£**
43,772
56,215
(42,392)
57,595
2,762
1,113,473
(1,116,235)
-
|
|---|---|---|
|||46,534
1,169,688
(1,158,627)
57,595|
|||**Income**
**Expenditure**
**Transfers**
**As at 30 June**
**2024**
**£**
**£**
**£**
**£**
75,509
(121,172)
5,863
43,772
188,263
(179,638)
(5,863)
2,762|
||83,572|
263,772
(300,810)
-
46,534|
## **14. Transactions with trustees**
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. No trustee expenses have been incurred.
## **15. Related party disclosures**
During the year the charitable company received £Nil (2024 £1,500) from a trustee and £50,000 (2024 £50,000) as a grant from a charity where the spouse of a trustee is a trustee.
## **16. Company limited by guarantee**
The company is limited by guarantee and has no share capital.
Page 22
## **Neotree Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 30 June 2025**
|**INCOME AND ENDOWMENTS FROM:**
**Donations and legacies**
Donations and gifts
Grants
**Investments**
Bank interest receivable
**EXPENDITURE ON:**
**Raising funds**
Consultancy fees
**Charitable activities:**
Operations management
Project implementation
Project research
Volunteer travel and subsistence
Other project costs - publicity
Consulting - strategy and training
Expensed equipment
Staging conferences and events
Travel and subsistence expenses
Recruitment costs
Management fees
Software management and development
Marketing and advertising costs
Support and administration costs
Insurance
Project audit fees
Accountancy and finance support
Other legal and professional
Bank charges
Sundry expenses
Exchange rate variance on income
**Other**
Audit fees
Accountancy fees
**NET INCOME/(EXPENDITURE)**
|**2025**
**2024**
**Total funds**
**Total funds**
**£**
**£**
53,123
74,674
1,111,689
187,828|
|---|---|
||**1,164,812**
**262,502**
4,876
1,270|
||**4,876**
**1,270**
|
||1,169,688
263,772
29,535
60,482|
||29,535
60,482
75,560
15,389
587,570
57,719
129,194
55,420
14,559
-
7,000
-
3,723
-
6,912
500
6,256
-
46,213
12,874
2,848
-
83,240
56,085
61,420
25,721
618
13
27,967
-
1,131
1,292
15,000
-
38,106
11,201
4,476
76
1,334
1,343
64
905
1,801
-|
||**1,114,992**
**238,538**
12,000
-
2,100
1,790|
||14,100
1,790|
||**1,158,627**
**300,810**
**11,061**
**(37,038)**|
Page 23