Marie Curie has said it is committed to restoring financial balance in 2027 after recording a third consecutive annual operating deficit and making nearly 200 redundancies.
The end-of-life charity’s deficit narrowed by more than two-thirds to £8.54m (£7m including investment gains) in the year to March 2025 after its income rose and expenditure declined.
It paid termination costs to 198 members of staff in 2024-25, up from 126 the year before.
In its latest accounts, published this week, the charity said its operating deficit reflected “the ongoing gap between income received from commissioners and the increasing costs of delivering care”.
The charity said that while its reserves are “currently solid” at £76.5m, and that it plans another shortfall in 2025-26, it is “not sustainable in the medium term” for Marie Curie to run an operating deficit and that it plans to balance the books by 2027.
“Plans are in place to reduce the deficit in the coming year and return to sustainability in the medium term through ongoing investment in income generation and a focus on reducing the running costs of the organisation,” its accounts read.
It estimated that increased wages and national insurance contributions would add nearly £3m in costs in 2025-26.
Boost in legacy income
Marie Curie’s overall income rose by 7% to £181m, boosted by an 18% increase in fundraising income, which topped £110m in 2024-25, including a record year for legacies (£48.4m, up 34% on the year before).
Corporate partnerships with long-standing collaborator Superdrug and new partner Morrisons contributed to the fundraising increase, while the charity is also the official partner for next year’s London Marathon.
Retail income from the charity’s 131 shops increased by 4% to £18.2m, although related costs rose by 8% leading to a net profit of £200,000.
Fundraising increases were offset by a 16% decline in income from the NHS to run its hospice services (£18.5m) and a 4% drop in money from other public commissioners (£30.2m).
The charity said it had received several large one-off grants from various government departments in England and Scotland the previous financial year which were not repeated to the same level in 2024-25.
198 redundancies
Marie Curie’s overall costs declined by 5% to £190m, including a 6% reduction in expenditure on fundraising and publicity (£38.4m.)
The charity said this was achieved through cost efficiencies, including a team restructure.
Termination payments of £2.89m were paid in 2024-25 to 198 employees, none of which were members of senior management.
This was an increase on the £1.42m the charity paid in termination payments to 126 employees in 2023-24, with 66 redundancies the year before.
Overall, Marie Curie’s staff costs edged higher to £132m, although £8.23m of this went to NHS employees reimbursed by the charity.
Marie Curie said that during 2024-25, the NHS covered 34% of its hospice costs and 47% of its homecare services, with the rest funded by donations.
The charity’s overall reserves declined by £7m year-on-year to £120m as of 31 March 2025, but its board approved the transfer of £11m of designated funds to its general reserves, which increased by £9m to £76.5m.
