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2024-03-31-accounts

/# PROSTATE i CANCERUK

Paper 2 – Annual report and financial statements

Page 1 of 56

Additional information

Company number

02653887 in England and Wales

Charity number

1005541 in England and Wales SCO39332 in Scotland

Registered office

Fourth Floor The Counting House 53 Tooley Street London SE1 2QN prostatecanceruk.org

Company secretary

Susan Hall, to 31.05.23 Rajit Gholap, from 31.05.23

Patron

HRH The Duchess of Gloucester, LG, GCVO, DStJ, CD

President

Professor Jonathan Waxman OBE

Chartered accountants and statutory auditors

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Bankers

National Westminster Bank plc Park Royal Branch 1 Abbey Road London NW10 7RA

Investment advisors

Cazenove & Co 1 London Wall Place London EC2Y 5AU

Legal advisor

Macfarlanes LLP 20 Cursitor Street London EC4A 1LT

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Contents

Page

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Introduction from our Chief Executive and Chair

This year, we have seen tremendous movement towards our ambition and that is thanks to people like you.

To truly address the scale of the most common cancer in men, our aim has been to inspire and influence people to come together across the local, national and global prostate cancer community to discover ways to save men’s lives and give men the power to navigate prostate cancer faster, fairer and better.

We’re thrilled that over a million men have completed our 30-second online risk checker and can do something about their prostate cancer risk. This was only possible because so many men have bravely told their stories and our celebrity friends, key media, sport and corporate partners have amplified our message. And we are delighted to record the highest levels of Black men taking the risk checker as we have listened to the wisdom of Black communities keen to tackle their double risk of prostate cancer.

We cannot thank our loyal and generous supporters enough – this year you’ve enabled us to significantly ramp up our investment in game-changing research, innovation and transformation. We are now the biggest funder of prostate cancer research in the UK, spending £25m this year alone. This means we can continue to build and nurture a community of researchers and a network of global experts, who are achieving more for men together than they could alone.

We saw a perfect example of that as we worked alongside the research consortium developing the world-leading £42m TRANSFORM screening trial launched this year. TRANSFORM is designed to save thousands of lives by providing the evidence we need for a screening programme to get more men diagnosed early when prostate cancer is most treatable. We’re incredibly proud to have the convening power to deliver something so crucial and are delighted the government have placed their faith in us and committed to contributing £16m towards the trial.

We salute our superb nurse specialists and the many healthcare professionals who are keen to make improvements for men with prostate cancer. We have embraced their thirst for knowledge offering innovative educative programmes and backed their ideas for change. And we talk directly to decision makers who have the power to make change happen.

As the leading UK prostate cancer charity, we play a pivotal role in the prostate cancer eco-system and know it is only by working in collaboration that we can create a world where no man dies of prostate cancer. I hope you enjoy the report and would like to express our gratitude to everybody who has contributed to the great strides we have made this year towards that goal.

Doris Olulode Chair

Laura Kerby Chief Executive Officer

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Trustees’ Report

Structure, governance and management

Objects

The charity’s objects, set out in its Articles of Association which is its governing document, are to invest in prostate cancer research and to make available useful results, to provide information and support to men and their families affected by prostate cancer and to raise public awareness of prostate cancer and other prostate diseases and their symptoms.

This report contains the strategic report, required under Section 414C(11) of the Companies Act 2006, which summarises the charity’s activities, achievements and performance.

Structure

The Members of the Board of Trustees (‘The Trustees’) of Prostate Cancer UK (‘the charity’), who are also Directors of the charity for the purposes of the Companies Act, submit their annual report and the audited financial statements for the group for the year ended 31 March 2024.

The charity is a charitable company limited by guarantee and was incorporated on 14 October 1991. The Strategic Report provides information on the charity’s activity and set out below are details of its financial performance from April 2023 to March 2024.

The charity has a trading subsidiary, Prostate Cancer Trading Limited (06157784) and also owns the following dormant companies: The Prostate Cancer Charity Limited (08183613), Prostate Cancer Research Foundation (05926197) and Prostate Action (07149009).

Governance

Overall strategy and policy for the charity are agreed by the Board of Trustees, advised by the Chief Executive and other members of the Leadership Team who attend all meetings.

Articles of Association

The charity’s Memorandum & Articles of Association were last updated on 14 November 2022.

Trustees and Officers of the Board

Trustees, including the Chair, Treasurer and Vice Chair, are all elected for an initial term of three years. They are then eligible for election for a further final term of three years. These terms are extendable, exceptionally, at the discretion of the Board of Trustees.

It is our policy to look to recruit a diverse mix of Trustees from the widest field of applicants and with a good spread of relevant skills. During the year, three Trustees resigned and two new Trustees were appointed. One Trustee was approached directly because of their specific expertise, while the other was recruited with support from a specialist recruitment agency. Both were appointed following interview and satisfactory completion of regulatory checks.

We ensure new Trustees have the knowledge and skills to perform their roles. A number of the Trustees have been personally affected by prostate cancer. New Trustees undertake an induction programme, meeting with staff from across the charity and are provided with relevant background briefing information.

The Board of Trustees uses the Charity Governance Code as a reference point for a rolling review

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of governance, to ensure standards always remain high. Governance updates are provided at each meeting.

An important tool informing this governance focus is the regular Board Effectiveness Review. The next Board Effectiveness Review will take place in Autumn 2024 and the Board will consider the recommendations and agree any actions needed. Changes to the committee framework which the Board approved in March 2023 to better support our objectives and strategic plan were implemented during the first half of 2023-24. The Engagement, Fundraising and Communications Committee was disbanded in May 2024 and the Scheme of Delegation and Board and Committee terms of reference were updated to reflect the new framework.

The charity has Trustee indemnity insurance.

Trustees met on 17 occasions during the year, either as a full Board or in the committees.

Trustees and Directors

The Trustees and Directors who served the charity during the period were: (Trustees are members of the committees as indicated by the numbers in brackets)

Resigned in period:

Independent committee members serving during the period:

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Committees of the Board

1 - Finance, Risk and Audit Committee

2 – People, Nominations and Remuneration Committee

3 - Support & Influencing Committee

4 - Engagement, Fundraising & Communications Committee

5 - Board Research Committee

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6 - Research Advisory Committee

This Committee consists of experts with the clinical and research expertise to impartially recommend to the Board of Trustees the research projects the charity should support through our Research Innovation Awards. A sub-set of this Committee also supports the assessment of our Career Acceleration Fellowships.

Scientific Advisory Board

This group consists of experts with the clinical and research expertise to impartially recommend to the Board of Trustees the larger-scale research investments the charity should support through our Transformational Impact Awards. The Scientific Advisory Board also provides expert scientific insight to inform the forward direction and delivery of the charity’s research strategy.

Patient & Public Involvement

All of our funding schemes and scientific committees are supported by our Patient and Public Involvement (PPI) representatives. This group consists of people who have been affected by prostate cancer and they collectively assess the proposals we receive and contribute to our funding committees by providing the patient perspective and considering the involvement of patients in the proposed research.

Leadership Team

As at 31 March 2024, the Leadership Team, being the charity’s key management personnel, was:

Resigned in period:

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Financial review

Overall performance

Our financial performance in FY2023-24 was exceptional, making significant progress against our ambition. We were delighted to have income growth of £9.9m from donations, interest and restricted government grants. In order to meet the growing demand for funding, we know that we continue to need to further increase donations to meet our vision that no man is left behind. We invested over £25m in research grants following the commitment to TRANSFORM. This contributed to a 50% increase in charitable activity spend over FY2022-23, and meant that 93p of every £1 raised in income was spent on charitable activity.

TRANSFORM

We would like the UK to have a national screening programme for men. At present, there is no definitive evidence of what diagnostic pathway will best achieve the aim of improving outcomes for men. We have collaborated on a trial involving four world-leading research institutions to determine the optimal diagnostic pathway for a large-scale screening programme. The long term programme will collect evidence over 19 years at a total cost of £42m.

In FY24, we under-wrote the first stage at a cost of £13.6m. The National Institute for Health Research (NIHR) and Movember have contributed £4m and £1.55m respectively towards the first stage, leaving a gap of £8.0m to be filled from donations.

TRANSFORM is the largest research undertaking we have ever made. The scope and scale of the trial give us the best chance to improve early diagnosis; and ultimately our vision that no man dies of prostate cancer. We must ensure that we can financially deliver the full trial, alongside meeting the increasing demand for research into better treatments and high quality support for the increasing numbers of men and families affected by prostate cancer. We will therefore require donations to ensure the full trial can be funded, alongside the growing demands of our strategy.

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Income

----- Start of picture text -----
Income for the year ended 31 March 2024 (£m)
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----- Start of picture text -----
2.2
5.9
0.7 16.8
2.5
2.8
12.9
Individual donors and legacies Community and events
Corporate donors Major donors and charitable trusts
Trading income Government grants
Invesment income
----- End of picture text -----

Our income increased by £9.9m (29%) to £43.8m (2023: £33.9m). We are delighted that growth was driven by contributions from a wider range of supporters who champion our cause, alongside one-off restricted government grants.

Our donations from Events and Community (people taking on extraordinary challenges for us) grew by £2.7m, driven by a surge in participants for Run the Month (in January) and the Big Golf Race.

Individual Givers, donating regularly or one-off cash gifts, and donations from legacies also grew by nearly 4%. We appreciate the dependable income from our regular givers, as this affords us the confidence to spend into our mission. We benefitted from a large number of donors, leaving higher values to us in their wills. Although the timing of these gifts remains unpredictable due to the necessary court clearance process, they constitute 15% of our income and play a crucial role in our long-term initiatives.

There was significant growth from philanthropists and through corporate partnerships (£5.3m; 2023: £3.8m). In December, we received a donation of £1m from Paddy Power linked to a partnership with the World Darts Championship. We are proud of our association with sport: football, golf, darts and others as it helps to raise income and awareness of our mission.

Philanthropists have donated more this year, inspired by the impact our research will have for generations of future men. We have strategically invested in this area to super-charge our aspirations to meet the needs of men in our strategy.

We had a boost in income from Government grants this year too. In November 2023, NIHR committed £4m this year for the first stage of the TRANSFORM trial. The Medical Research Council once again expressed their admiration for the high-quality research we conducted, which also contributed to the development of Early Career Researchers through a funding of £1.9m (2023: £2.5m). The Government grants were welcome but are not items we are guaranteed each year.

We were able to benefit from high interest rates to raise £2.2m (2023: £0.7m) from interest income this year. As interest rates are expected to fall in the future, we have a strategy to grow fundraising income. As we look forward, we aim to grow our sustainable fundraising income to meet the increasing demand we face.

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Expenditure

Total expenditure has increased from £34.3m in 2023 to £51.5m, largely by our increased spend on research. We are delighted to be in a position to have awarded nearly £35m of grants in two years as the quality of submissions has continued to grow.

----- Start of picture text -----
Expenditure for the year ended 31 March 2024
(£m)
10.3
26.3
9.6
5.3
Research
Health Services, Equity and Improvement
Awareness
Raising funds
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1. Research

Our income growth allowed us to commit to research grants at our highest ever level (£25.2m; 2023: £9.6m), as we received more high quality submissions to our funding rounds. The awards made this year mean we have now funded over £100m in research over our history.

Beyond TRANSFORM, we funded £11.5m on our research rounds (2023: £9.6m). We were able to fund 4 Transformational Impact Awards (TIAs), which we hope will lead to a real world impact for men in the medium term at a cost of £7.2m (FY23: 2 awards at a cost of £3.0m). The TIAs were heavily over-subscribed with high quality fundable submissions this year. We also continue to develop the sector as an attractive field by funding Research Innovation Awards and Early Career Fellows.

2. Health Services, Equity and Improvement

Demand for the services we provide to men and their families living with prostate cancer has increased. We continued our specialist nurses helpline, our information services and peer support work; all funded through the donations we receive from the public. We spent £5.3m (2023: £4.4m) due to our expanded efforts.

3. Awareness

It is critical to our mission to raise awareness of prostate cancer across the UK. We were delighted that over 1,100,000 risk checks were completed as we aim to reach an increasing number of men and their families. We spent £9.6m (2023: £10.3m) in this area through targeted campaigns. Our increasing prominence is increasing the effectiveness of our reach and spend.

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4. Raising Funds

Our fundraising expenditure increased from £9.4m to £10.3m as we aimed to grow the number of new donors that support our cause. We strategically invested in partnerships and philanthropy to drive the growth we have seen. We have ambitions to raise further funds in order that we can meet the needs of men and their families in the research we fund and support services we offer in the future.

5. Support costs

Our support costs stayed consistent with last year, as we continue to focus our expenditure on our charitable front line activity.

Balance sheet

Our balance sheet remains strong. Over the course of the year, we increased our focus on investment income by directing funds toward an ethical investment fund for the first time. We expect these to provide healthy returns above inflation over a 10 year period.

The group holds cash and short-term deposits of £41.7m, compared to £45.4m at the start of the year. Cash balances have decreased as we have been able to settle outstanding amounts owing from the strong financial in-year fundraising performance. We remain in a good position to be able to meet our £40.5m commitment to long-term projects (see Note 6) on our research awards. Our treasury policy on page 13 provides information on how the charity invests balances held. We will reduce our cash balances as we pay research grants in line with contractually committed multi-year terms.

Our restricted reserves decreased from £7.5m to £4.3m at 31 March 2024 with unrestricted reserves decreasing from £28.5m to £24.9m. Note 18 to the accounts provide further detail in respect of movements in funds.

Reserves policy

The charity operates within a reserves policy which is reviewed at least annually and as part of the charity’s budget and planning processes.

The Trustees review reserves levels to ensure there are adequate funds available to support the work of the charity. The charities’ Statement of Recommended Practice (SORP) categorises reserves as follows:

Our reserves policy and calculation methodology is based on Charity Commission best practice as outlined in CC19. This policy is designed to ensure the charity can continue its charitable work despite fluctuations in income and investment performance. This has become particularly relevant given the economic volatility of recent years, which increases the risk to our ability to fundraise and the value of our investments. Our policy is also designed to ensure we can meet our commitments in relation to research grant funding and reduce the impact in the unlikely event that of the charity’s closure.

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Free reserves are defined as unrestricted funds minus any designated funds. They are held for:

Trustees agreed this updated reserves policy in September 2024.

Risk-Based reserve

The risk-based reserve identifies the necessary costs or potential income reductions that can be absorbed to maintain current operational levels. Prostate Cancer UK's strategy relies on income growth to achieve the desired impact. With 95% of the charity's income being voluntary, there is a high degree of uncertainty regarding income growth. The risk-based approach considers the profile of each income type.

The reserve target holds funds in the event that the crystallisation of our costs involves significant cost shocks to the organisation’s operations or research activities. Given a moderate risk appetite, the risk-based reserve target is between £9.0 million and £12.0 million.

Major commitments reserve

Prostate Cancer UK has made a major commitment to the TRANSFORM trial. We are currently fundraising to cover our investment into stage 1. In order to ensure there is adequate funding to invest in stage 2, a reserve will be held. The next financial investment will be £23.6m in March 2028. Based on donor commitments made to date from NIHR, we will need a further £11.6m to be able to confirm Stage 2. A moderate risk approach means that £7.0m - £9.0m will be held at 31 March 2024.

Strategic Investment Reserve

Prostate Cancer UK may identify an opportunity to accelerate progress towards our vision that falls outside of the business planning cycle, or is a material change in activity that will stretch beyond one year. The Strategic Investment Reserve allows Prostate Cancer UK to invest in Strategic Projects that will accelerate our strategic progress for men. Based on our 2024–25 budget and assessment of the risk factors above, our Trustees recommend a range of between £6m - £9m to be held in the Strategic investment reserve.

Designated funds solely relates to the value of fixed assets being £0.015m as at 31 March 2024.

The charity has restricted reserves of £4.3m at the year end (2023: £7.5m). Of this, £3.8m relates to funds from the Movember Foundation. We have agreed a series of projects within research and survivorship that will draw down the entirety of this restricted fund over the next 3 years.

Treasury Policy

The charity has an Investment Policy, which is reviewed annually by Trustees.

The charity has a low risk appetite with regard to deposits, with a primary objective of capital preservation and a secondary objective of generating income. Deposits are currently restricted to cash or near-cash products, held in:

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It is our policy to spread funds to mitigate risk and to take into account institutions’ credit ratings.

Balances held are managed in order to meet working capital requirements, with accessibility maintained should phasing assumptions for income or expenditure be changed.

From April 2023 the Charity appointed Cazenove & Co Limited as our investment advisors and we placed funds into a long term Sustainable Multi-Asset Fund to generate a higher investment return but still within a lower risk tolerance.

Grants Policy

Prostate Cancer UK is a member of the Association of Medical Research Charities (AMRC), who are dedicated to helping medical and health charities deliver high quality research that improves people’s lives. Our research grant funding is delivered in accordance with the standards and guidelines set by the AMRC (as certified through their 2020 quinquennial peer review audit). Our research funding is awarded through four different strands: Research Innovation Awards, Fellowship Awards, Transformational Impact Awards and any additional ad-hoc Major Awards.

Research Innovation Awards

This scheme supports bold, innovative research projects that have the real potential to impact the way prostate cancer is diagnosed and treated. The assessment of the proposals we receive consists of a two-stage process, with applications first triaged by our Research Advisory Committee. All shortlisted applications submit a more detailed proposal which are further assessed by a minimum of three independent expert reviewers. The applicants are then permitted to submit a response to the anonymised expert reviewers’ comments. Final funding recommendations are made by our Research Advisory Committee.

Fellowship Awards

Our fellowship awards support the most promising early career researchers to pursue a career in prostate cancer research. Awards are predominantly made through our Career Acceleration Fellowships, where received proposals are subject to independent expert review before being considered by a sub-group of our Research Advisory Committee. Applicants are shortlisted for interview by the Committee, following which final funding recommendations are made.

We also partner with other organisations such as the Medical Research Council and Academy of Medical Sciences to support prostate cancer research fellows who are recommended for funding through their schemes.

Transformational Impact Awards

This scheme supports large-scale research investments (up to £2m) covering high quality proposals focused on tackling the biggest challenges in prostate cancer. For these awards we follow a single application process, with all proposals assessed by at least three independent reviewers. Applicants may then respond to the anonymised reviewers’ comments, and all proposals are subsequently considered by our Scientific Advisory Board who shortlist applicants who are then reviewed before the final funding recommendations are made.

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In addition to the above, we may also run bespoke, ad-hoc funding calls to support research in a specific, strategically important areas. The approach for such schemes may vary depending on the focus, however as with our other schemes we adhere to the industry standards as set by the AMRC.

Remuneration Policy

The charity’s remuneration policy is designed to attract, retain and motivate a high performing team to deliver the charity’s aims as well as to demonstrate to our stakeholders an effective use of charitable funds. The objectives of our remuneration policy are to:

Remuneration is reviewed on an annual basis and agreed by the Board of Trustees. When setting pay levels, the charity gives consideration to external benchmark comparators, changes in the national average earnings index, affordability and other internal and external pressures including recruitment and retention.

The above policy applies to all colleagues, including the charity’s key management personnel (as defined on pages 6-8).

The annual salary of the Chief Executive is overseen by the People, Nominations and Remuneration Committee.

Related parties

Each year the Trustees and key management personnel are asked to declare key relationships so that the charity can identify any related party transactions. This is also a routine part of any board or committee meeting. Any such transactions are undertaken at arms’ length and detailed more fully within Note 24 to the accounts.

Public benefit

We have considered the Charity Commission’s guidance on public benefit when reviewing our aims and objectives and in planning future activities.

The public benefit of the charity is in mitigating the effect of prostate cancer and prostate disease in the United Kingdom. Our strategic aims and the charity’s activities are designed to achieve this benefit through a range of direct service delivery and support, and also through an extensive programme of funded research to improve the diagnosis and treatment of prostate cancer.

The beneficiaries of our work are men and their families – reached either directly or through healthcare professionals. Some of those who have benefited from our services are detailed in this report. Our service is open to all men in the United Kingdom and their families, without charge.

As a result of the above, the Trustees consider that Prostate Cancer UK satisfies the public benefit test.

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Principal risks and uncertainties

The principal risks to which the charity is exposed, as identified by the Trustees, are regularly reviewed and systems have been established to mitigate them. A risk register summarises the principal risks facing the charity, graded according to their likelihood and impact, and identifies actions to manage them. The register has been redesigned to include internal and external risks that will impact our ability to achieve the organisational strategy. It is reviewed and updated by the Leadership Team each quarter, and reviewed twice a year by the Finance, Risk and Audit Committee. The Board of Trustees reviews the register annually, but any ‘red light’ issues are brought to their attention as they arise.

Potential risk Mitigations
Economic
That our income falls and we are
unable to afford our operations and
research funding. 95% of our income
comes from donations, which are
subject to wider macro-economic
forces. We are aware that economic
growth is expected to slow and that
there is a cost of living crisis.		 We will use data, analysis and insight to drive our
decision making to diversify our income
We are developing a new 10 year fundraising
strategy that will focus on growth of donors and
income
We will generate net income growth through strong
cost and margin controls
We will innovate the products we offer to ensure
we engage with a wide ranging audience for
longer.
We have monthly KPIs on pipeline value and
volume; and monitoring performance.
Research: high expenditure but no
impact
That our research does not allow us
to achieve our strategic vision of
improving the health outcomes of
men in the future; either because the
outcome of the funding is negative or
because the areas funded will not
progress towards our goal.
TRANSFORM has been publicly
announced. Failure for the
programme to progress at the
required pace, either because of
challenges with the four university
partners or other research
programmes supersede ours may risk
the impact we seek.		 We issue clear guidance around the funding
process to ensure applications are of high quality
and ready to fund.
We track post funding progress, in order that we
can develop compelling case studies that
emphasise the importance and impact of research
to inspire audiences
We will work with partners to ensure that early
diagnosis trials and programmes are fully funded,
with specific focus on major commitments.

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Technology
That we are subjected to cyber attack
or other technology failing that puts
business continuity or data at risk.		 Operational/technical controls are in place,
including:
•Multi-factor authentication for access to our
systems.
•Preventative control infrastructure, including
firewalls, intrusion prevention and detection
systems, network anomaly detection
systems and security incident and event
monitoring for switches and firewalls.
•Security patching, penetration testing,
vulnerability scanning and threat hunting.
•Subscriptions and maintenance agreements
with software providers that alert us to new
threats and provide for patches to protect IT
systems.
•Cyber incident insurance policy with an
annual review of the adequacy of policy
cover on renewal
Public perception and Brand
That Trust in our Brand comes into
disrepute. We are trusted to provide
health services and information on
risk areas, and also by the public for
funds to be used appropriately.		 Trust in our brand remains high
Key stakeholder relationships will be fully vetted to
ensure they align with our values, including
adherence to our Code of Conduct and Ethical
Policy
Our fundraisers are inducted into the Institute of
Funding code of practice
Unable to attract and retain staff
That we fail to recruit and retain a
strong and robust workforce to meet
our strategic commitments, including
employees, could impact our ability to
deliver our ambitions for our
beneficiaries. This
may include a failure to embed an
inclusive workplace culture.		 We have strong mitigation plans in place to
manage adverse risks across retention,
recruitment, inclusion, health and safety and
safeguarding
We have developed an EDI plan and set up People
Networks to engage with staff and promote
diversity and inclusion across our organisation
We have introduced a new pay framework and
hybrid working policy to attract candidates and to
ensure staff are remunerated in line with the
market average.
We run and act on staff engagement surveys

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Services and information for men
either harm or don't meet the
needs of men now
That inadequate safeguarding or
failure to fully understand the needs
of needs of our beneficiaries, could
lead to an inadequate response to
increased or changing demands and
consequent reduction in levels of
engagement with people		 We will increase the provision of individual and
group clinical supervision
We maintain quality accreditation of our health
information
We review our safeguarding policy annually.
Monitoring of service levels on a monthly basis.
Creation of new services based on known
demands
Our work with the Black
community is not effective
because we are not seen as
credible or authentic
That we fail to fully understand the
needs of needs of our beneficiaries,
could lead to an inadequate response
to increased or changing demands
and consequent reduction in levels of
engagement with people.		 We continue ongoing engagement with experts;
with a co-production approach.
We are having honest and open conversations
within Black communities
We will deploy targeted programmes of activity
We don't reach men to activate on
their health such that outcomes
are the same
That we fail to fully understand the
needs of needs of our beneficiaries,
could lead to an inadequate response
to increased or changing demands
and consequent reduction in levels of
engagement with people.		 We will develop specific messaging and training for
volunteers based on their geographical location
We will use data and evidence available to us to
triangulate to those areas most in need
We will ensure that any insights we gather are
communicated in a clear and helpful way.
Investments
That loss in values of investment
assets leads to a reduction in our
reserves		 Finance, Risk and Audit Committee review
performance against budget and forecast
Reserves Policy includes provision for adverse
investment performance
Data and insight
That we miss the needs of our current
or target customers because we do
not use insight led by data effectively		 We have an insight strategy and data strategy
which is reviewed quarterly by the leadership team
A roadmap and best practices have been
introduced and are regularly reviewed.

Fundraising standards information

We take our responsibilities to our supporters very seriously and continue to ensure supporters have control over how we contact them, complying with UK Data Protection Legislation. We contact people by telephone and email only if they specifically agree to it and we are encouraged that a vast number of people are still responding warmly to our communications.

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We are committed to giving everyone who comes into contact with us a positive experience that meets their needs, on their terms. As such, each time we communicate with our supporters, they can change their communication preferences and frequency.

We are a member of the Fundraising Regulator and adhere to its Code of Fundraising Practice. The Code of Fundraising Practice supports all our fundraising activities. For example, it is used within the training of our professional fundraisers.

Our Board of Trustees continue to take a close interest in the programme of work, and we work hard to ensure our fundraising activities are compliant with all relevant rules and regulations, remain ethical and deliver to high standards.

We have a complaint handling process for members of the public that deals with complaints in an open and honest manner without prejudice. In 2023/24, we received 218 complaints relating to fundraising. This represents 0.001 % of all outbound communications and is at a similar level to the previous year. We regularly track and review all complaints so we can learn from them and update our processes and procedures in real time. Complaints are reported to the Fundraising Regulator where required.

The dedication and commitment of our supporters has shone through this year more than ever and we are hugely grateful to them for finding new ways to support us.

Third-party monitoring and protecting vulnerable people

This year we used third parties for door to door, telephone, and private site fundraising activities.

All fundraising suppliers contractually agree to our own robust terms of engaging with our supporters which includes meeting the Fundraising Regulators’ Code of Fundraising Practice. Our agencies also supply a ‘People in vulnerable circumstances policy’ as part of those contracts which address how to recognise and protect people in these circumstances. We provide charity specific training to agency fundraisers before each campaign and undertake in-house and external mystery shopping. For our telephone agency we undertake weekly random call listening so they meet our expected standards and those of the Fundraising Code of Practice. They also provide details of any calls they believe to be a cause for concern, in line with their people in vulnerable circumstances policy. We listen to the call and decide what action should be taken. Any complaints are also given to us, with the call recording. We meet regularly with our third-party fundraisers to ensure contractual obligations are being met and to lead refresher training sessions.

We will never pressure anyone into giving a gift and will be respectful of the needs of any possible donor who may be in vulnerable circumstances or need extra care and support to make

an informed decision. We do not take a donation if we know, or have good reason to believe, that a person lacks capacity to make a decision to donate, or is in vulnerable circumstances which mean they may not be able to make an informed decision. We ensure our fundraisers treat people fairly and with respect and explain the cause in a way which does not mislead people. We always respect a donor’s decision if they decide to stop giving.

All work carried out with third-party fundraising organisations adheres to legal requirements and

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best practice guidelines. There were no compliance issues with fundraising standards, and we were the subject of no regulatory investigations by the Fundraising Regulator. Please contact data@prostatecanceruk.org if you would like a list of the third parties that we used.

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Plans for the future

Prostate Cancer UK is committed to a future where no man dies of prostate cancer. Our vision is driven by strategic pillars aimed at transforming diagnosis, treatment, and support for men affected by this disease.

1 . Transforming Diagnosis and Treatment

We are focused on early diagnosis and better treatment options. Our groundbreaking £42 million TRANSFORM screening trial is designed to provide the evidence needed for a national screening program. This trial includes Black men, who have double the risk of developing prostate cancer, ensuring that our findings are inclusive and representative. We estimate that an effective screening program could reduce prostate cancer deaths in the UK by 40%.

2. Advancing Research and Innovation

As the largest funder of prostate cancer research in the UK, we are dedicated to supporting the brightest minds and the most innovative projects. For every £1 donated, our researchers attract an additional £3 in funding. Our Transformation Impact Awards (TIAs) provide significant grants to advance promising discoveries. We will continue to connect our prostate cancer research and healthcare professional community locally, nationally and globally, through our impactful programmes which motivate the best minds to work together and share knowledge.

3. Shaping the Health Landscape

We are working to change systems from within by collaborating with health professionals and decision-makers. Our Clinical Champions program empowers diverse health professionals to bring about local improvements for men with prostate cancer. We are also influencing policy to ensure that men have access to the best possible care and support.

4. Empowering Men and Raising Awareness

Our 30-second online risk checker tool has empowered 1.1 million men to understand their risk of prostate cancer this year so no man dies of prostate cancer because he did not know his risk factors or that he’s entitled to a PSA blood test from his GP if he chooses. We are particularly focused on reaching men at the highest risk, including Black men and those in priority areas of the UK. Through targeted advertising campaigns and partnerships with media and celebrities, we are spreading lifesaving messages to reach more men.

5. Expanding Support Services

We are committed to providing personalised support to men at every stage of their prostate cancer journey. Our Specialist Nurses offer expert advice and support through various channels, including phone, live chat, email, and WhatsApp. We are also developing new services to help men understand their risk and make informed decisions about their health.

6. Sustaining Our Mission

To achieve our ambitious vision, we need to sustainably raise £42 million to deliver our work. We will continue to inspire and lead the prostate cancer community, advocating for faster, fairer, and better diagnosis and treatment. Together, we can create a world where no man dies of prostate cancer.

21

Trustees’ responsibilities statement

The Trustees (who are also Directors of Prostate Cancer UK for the purposes of company law) are responsible for preparing this Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution.

They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

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.

Auditor

Haysmacintyre LLP has been appointed as the charity’s auditor. The Trustees review the appointment of the auditor on an annual basis and have delegated power to set the auditor’s remuneration to the Finance, Risk and Audit Committee. The Trustees’ Annual Report and Strategic Report were approved by the Board of Trustees on 25 September 2024 and authorised to be signed on its behalf by:

Doris Olulode | Chair

22

Independent Auditor’s Report to the members and Trustees of Prostate Cancer UK

Opinion

We have audited the financial statements of Prostate Cancer UK for the year ended 31 March 2024 which comprise the Group and Charity Statement of Financial Activities Including Summary Income and Expenditure Accounts, the Group and Charity Balance Sheets, the Group Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. 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 group 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 group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

23

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 22, the trustees (who are also the 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.

24

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and the Charities Act 2011 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered other factors such as compliance with the fundraising regulations, income tax, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and concluded that the risk was low. Audit procedures performed by the engagement team included:

Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud, and in particular with instances of non-compliance with the fundraising regulations;

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

25

occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.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 Chapter 3 of Part 16 of the Companies Act 2006, section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Kot beotees

Richard Weaver (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place, London, EC4R 1AG

Date: 4 October 2024

26

Group statement of financial activities including summary income and expenditure account for the year ended 31 March 2024

Notes
INCOME FROM
Donations and legacies
2
Other trading activities
3
Investments
4
Total
EXPENDITURE ON
Raising funds
2
Charitable activities
6
Total
Net (expenditure)
5
Unrealised gain on investments
13
Transfers between funds
19
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
19		 Unrestricted
Funds
Restricted
Funds
Total
2024
Total
2023
£’000
£’000
£’000
£’000
32,993
7,969
40,962 32,686
683
-
683
541
2,176
-
2,176
722
35,852
7,969
43,82133,949
10,337
-
10,337
9,420
32,492
8,655
41,14924,921
42,831
8,655
51,48634,341
(6,979)
(686) (7,665)
(392)
995
-
995
-
2,442
(2,442)
-
-
(3,542)
(3,128) (6,670)
(392)
28,481
7,465
35,94636,338
24,939
4,337
29,27635,946

The comparative figures for each fund are shown in the notes to the accounts.

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

The notes on pages 30-53 form part of these financial statements.

27

Charity statement of financial activities including summary income and expenditure account for the year ended 31 March 2024

INCOME FROM
Donations and legacies
Investments
Total
EXPENDITURE ON
Raising funds
Charitable activities
Total
Net (expenditure)
Unrealised gain on investments
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Total
2024
Total
2023
£’000
£’000
£’000
£’000
33,390
7,969
41,359
32,963
2,176
-
2,176
722
35,566
7,969
43,535
33,685
10,051
-
10,051
9,160
32,494
8,655
41,149
24,917
42,545
8,655
51,200
34,077
(6,979)
(686) (7,665)
(392)
995
-
995
-
2,442
(2,442)
-
-
(3,542)
(3,128) (6,670)
(392)
28,481
7,465
35,946
36,338
24,939
4,337
29,276
35,946

The comparative figures for each fund are shown in the notes to the accounts.

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

The notes on pages 30-53 form part of these financial statements.

28

Balance sheets as at 31 March 2024

GROUP GROUP CHARITY CHARITY
Notes 2024 2023 2024 2023
£’000 £’000 £’000 £’000
Fixed assets
Intangible assets 11 - - - -
Tangible assets 12 15 120 15 120
Investments 13 15,928 - 15,928 -
Total fixed assets 15,943 120 15,943 120
Current assets
Stocks 14 126 103 - -
Debtors 15 14,153 12,099 14,338 12,192
Short-term deposits 17,733 25,894 17,733 25,894
Cash at bank and in hand 23,928 19,534 23,776 19,470
Total current assets 55,940 57,630 55,847 57,556
Liabilities:
Creditors: Amounts falling due within one 16 13,116 9,751 13,023 9,677
year
Net current assets 42,824 47,879 42,824 47,879
Total assets less current liabilities 58,767 47,999 58,767 47,999
Creditors: Amounts falling due after more
than one year 17 29,491 12,053 29,491 12,053
Net assets 29,276 35,946 29,276 35,946
Funds:
Restricted income funds 19 4,337 7,465 4,337 7,465
Unrestricted funds
General 19 24,924 28,361 24,924 28,361
Designated 19 15 120 15 120
24,939 28,481 24,939 28,481
Total funds 29,276 35,946 29,276 35,946

Approved and authorised for issue by the Board of Trustees on 25 September 2024 and signed on its behalf by:

Doris Olulode, Chair

Company registration number 02653887

The notes on pages 30-53 form part of these financial statements.

29

Group statement of cash flows for the year ended 31 March 2024

Notes
Cash flows from operating activities:
Net cash provided by/(used in)
operating activities
23
Cash flows from investing activities:
Dividends and interest from investments
4
Purchase of investments
13
Net cash provided by/(used in)
investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at
the beginning of the
reporting period
Cash and cash equivalents at the end
of the reporting period
Changes in net debt:
Cash and cash equivalents at start of year
Cash flows
Cash and cash equivalents at end of year		 2024
2023		 2024
2023		 2024
2023
£’000
£’000
£’000
£’000
9,069
762
2,176
722
(15,012)
-
(12,636)
722
(3,767)
1,484
45,428
43,944
41,661 45,428
45,428
(3,767)
41,661

The notes on pages 30-53 form part of these financial statements.

30

Notes forming part of the financial statements for the year ended 31 March 2024

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102), the 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) (Charities SORP (FRS102)) and the Charities Act 2011 and the Companies Act 2006.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

Accounting policies

Income

31

approved estate accounts. Income from reversionary interest in legacies is recognised once legal title has passed to the charity. Amounts for pecuniary and residuary cases not included in legacy income (such as those with corrupt title and contentious case) are disclosed as a contingent asset in Note 15.

Expenditure

32

are members. The assets of the scheme are held separately from those of the charity in independently administered funds. Contributions in respect of the scheme are charged against net incoming resources in the year in which they are due.

Intangible fixed assets and amortisation

Software

33%

Tangible fixed assets and depreciation:

Lease improvements over period of Lease Computer equipment and 33% website developments Fixtures and fittings 33%

Investments

Stock

Short term deposits

33

Financial assets and liabilities

Fund accounting

Restricted:

These are funds that can only be used for particular restricted purposes. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Unrestricted:

These are funds which can be used in accordance with the charitable objects at the discretion of the Board of Trustees.

Designated:

These are funds set aside by the Board of Trustees out of unrestricted funds for specific purposes.

Grant commitments and long term liabilities

Financial Instruments

34

Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

35

2 Income from donations and legacies and expenditure on raising funds

Income
2024		 2023
Individual donors and legacies
Community and events
Corporate donors
Major donors and charitable trusts
Donated goods and services
Government grants
Of which in 2023:
Restricted
Unrestricted		 Unrestricted
Restricted Total income
£’000
£’000
£’000
16,714
79
16,793
12,939
-
12,939
2,425
381
2,806
886
1,564
2,450
29
-
29
-
5,945
5,945		 Total
£’000
16,166
10,232
1,792
1,964
82
2,450
32,993
7,969
40,962		 32,686
3,999
28,687
32,686

The income from government grants consists of £4,000k from the National Institute of Health and Care Research (2023: £NIL) and £1,945k from the Medical Research Council for research (2023: £2,450k).

Individual donors and legacies
Community and events
Corporate donors
Major donors and charitable trusts
Trading
Investment management fees		 Expenditure on
raising funds
2024
2023
Direct
costs
Support
costs
Total
costs
Total
costs
£’000
£’000
£’000
£’000
4,226
663
4,889
5,448
3,195
501
3,696
2,686
633
99
732
691
516
81
597
369
280
-
280
226
123
20
143
-
8,973
1,364
10,337
9,420

All expenditure on raising funds was unrestricted in both years. For a breakdown of prior year comparatives see Note 25.

36

3 Trading subsidiary

The results of the Charity’s wholly-owned trading subsidiary, Prostate Cancer Trading Limited (06157784), which are incorporated in these consolidated accounts, are as follows:

Turnover
Cost of goods sold
Gross profit
Administrative expenses
Net profit
Income transferred by Gift Aid
Retained in subsidiary
Total current assets as at 31 March
Total current liabilities as at 31 March
Net assets held as at 31 March		 2024
2023
Total
Total
£'000
£'000
683
541
(280)
(260)
403
281
(221)
(148)
182
133
(182)
(133)
-
-
2024
2023
Total
Total
£'000
£'000
430
295
(430)
(295)
-
-

4 Investment income

Interest income
Distributions from fund		 2024
2023
£'000
£'000
1,823
722
353
-
2,176
722

5 Net income for the year

This is stated after charging:

Depreciation and amortisation
Auditor’s remuneration – audit services
Auditor’s remuneration – other services
Operating lease rentals – property		 2024
2023
£'000
£'000
105
202
40
39
5
4
610
461

37

6 Charitable activities

Research
Health Services, Equity and
Improvement
Awareness		 Direct
Support
costs
costs
£’000
£’000
25,949
278
4,048
1,252
7,239
2,383		 2024
2023
Total costs
Total


£’000
£’000

26,227
10,250

5,300
4,401

9,622
10,270
37,236
3,913
41,149
24,921

Of which in 2023:

Restricted Unrestricted

2,506 22,415 24,921

For a breakdown of prior year comparatives see Note 25.

38

7 Grants awarded

Grant commitments comprise research commitments. Research grants are awarded to fund researchers in the key areas of better treatment, better diagnosis and smarter data in line with our Research strategy.

2024 2023
Better Better Smarter
Total Total
Treatment Diagnosis
Data
Research grants were awarded
to the following institutions:		 £’000 £’000
Imperial College London 12,547 2,550 ✓ ✓
University College London 3,707 690 ✓ ✓
Institute of Cancer Research 3,478 2,013 ✓ ✓ ✓
Queen Mary University of London 1,359 ✓ ✓
Open University 640 ✓ ✓
Newcastle University 635 513 ✓ ✓ ✓
The Universityof Manchester 594 118 ✓ ✓ ✓
King's College London 581 ✓
Cardiff University 518 ✓
Universityof Oxford 430 299 ✓ ✓
London School of Hygiene &
Tropical Medicine		 345 ✓ ✓
Universityof Nottingham 272 259 ✓
Universityof Central Lancashire 80 ✓ ✓
Universityof Glasgow 1,749
Universityof Sheffield 447
Swansea University 402
Universityof East Anglia 292
Universityof Bristol 245
25,186 9,577

Research grants awarded in the year were for the following projects:

39

have the potential to make a transformational impact in our understanding of prostate cancer and the way we diagnose and treat this disease and crucially deliver a positive impact on the lives of men affected by prostate cancer.

Reconciliation of research grants payable:
Commitments at 1 April
Commitments made in the year
Grant adjustments and cancellations
Grants paid during the year
Commitments at 31 March
Outstanding research commitments at 31 March are payable
as follows:
Within one year (Note 16)
After more than one year (Note 17)		 2024
2023
£'000
£'000
20,386
16,544
25,186
9,577
(22)
(226)
(5,050)
(5,509)
40,500
20,386
2024
2023
£'000
£'000
11,203
8,333
29,297
12,053
40,500
20,386

The split of future payment dates is based upon contractual terms.

40

8 Board of Trustees and employee information

No member of the Board of Trustees received any remuneration from the charity in either year. Directly incurred expenses are reimbursed, if claimed.

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs or other out of pocket expenses which for the year were £1,604 in total to four trustees (2023: £427 to three trustees).

The key management personnel of the charity comprises the members of the Board of Trustees, the Chief Executive and the Leadership Team, as stated on pages 6-8 of the Annual Report. The total employee benefits of the key management personnel of the charity were £827,987 paid to seven posts (2023: £799,980 paid to seven posts). Interest free travel loans of £NIL were provided to key management personnel (2023: £5,990 to one person). The amount outstanding at the year end was £NIL (2023: £4,992).

The above benefits relate to the Chief Executive and Leadership Team only.

The average full-time equivalent number of persons employed by the group during the year was:

Fundraising
Research
Health Services, Equity and Improvement
Communications
Finance, Governance and Technology and People & Culture		 2024
2023
49
49
10
8
45
41
68
62
41
41
213
201

The average number of employees (head count based on number of staff employed) during the year was as follows:

the year was as follows:
Fundraising
Research
Health Services, Equity and Improvement
Communications
Finance, Governance and Technology and People & Culture		 2024
2023
52
52
10
8
48
44
70
65
41
41
221
210

41

8 Board of Trustees and employee information (continued)

Amounts paid in respect of employees were:

Salaries and wages
Social security costs
Pension costs
Termination payments
Total emoluments of employees
Agency staff		 2024
2023
£'000
£'000
9,050
8,236
966
893
975
946
36
45
11,027
10,120
112
282
11,139
10,402

The number of employees whose emoluments for the year were over £60,000 after salary sacrifice was:

£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£110,001 to £120,000
£120,001 to £130,000		 2024
2023
13
10
2
-
1
3
3
2
-
1
1
-

The charity made pension contributions under a defined contribution scheme amounting to £151k (2023: £121k), in respect of the 20 employees in the table above (2023: 16).

Trustee indemnity insurance for the year was set at £5 million cover collectively at a cost of £6k (2023: £5k).

Termination payments totalled £36k for the year (2023: £45k) paid as compensation for loss of employment.

9 Pension costs

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in independently administered funds. The pension cost, which represents contributions paid by the charity to these funds, amounted to £975k (2023: £946k). The amount payable at the year end was £84k (2023: £84k).

42

10 Analysis of support costs

The breakdown of support costs and how these are allocated is shown below.

2024
Raising
funds
Charitable
activities
Total costs
£'000
£'000
£'000
Staff and similar
812
2,329
3,141
Supplies and services
201
577
778
Premises costs
333
956
1,289
Depreciation
6
17
23
Governance costs
12
34
46
1,364
3,913
5,277
Governance costs comprise:
2024
Total costs
£'000
Audit fees
40
Trustee indemnity insurance
6
46
For a breakdown of prior year comparatives see Note 25.
11 Intangible fixed assets – Group and Charity
Cost
At 1 April 2023
Disposal
Additions
At 31 March 2024
Amortisation
At 1 April 2023
Disposal
Charge for the year
At 31 March 2024
Net book value
Net book value at 31 March 2023
Net book value at 31 March 2024		 Raising
funds
Charitable
activities
£'000
£'000
812
2,329
201
577
333
956
6
17
12
34		 2024


Total costs

£'000

3,141

778

1,289

23

46		 2023
Total costs
£'000
3,058
858
1,182
112
44
1,364
3,913
5,277		 5,254
2024 2023
Total costs
£'000
40
6		 Total costs
£'000
39
5
46 44
Software
£’000
246
(218)
-
28
246
(218)
-
28
-
-

43

12 Tangible fixed assets – Group and Charity

Cost
At 1 April 2023
Additions
Disposals
Transfers
At 31 March 2024
Depreciation
At 1 April 2023
Charge
Disposals
Transfers
At 31 March 2024
Net book value
Net book value at 31 March
2023
Net book value at 31 March
2024		 Lease
Improvements
Fixtures
and
fittings
Computer
equipment and
website
development
Total
£'000
£'000
£'000
£'000
601
534
691
1,826
-
-
-
-
-
(10)
-
(10)
305
(305)
-
-
906
219
691
1,816
586
534
586
1,706
15
-
90
105
-
(10)
-
(10)
305
(305)
-
-
906
219
676
1,801
15
0
105
120
0
0
15
15

44

13 Investments – Charity

2024 2023
£’000 £’000
At Market Value
UK listed investments – Sustainable Multi-Asset Fund (SMAF) 15,916 -
Investments in UK unlisted companies (see below) 12 -
Investment in subsidiaries (see below) - -
Total investments 15,928 -
SMAF Investments Investment in Total
in UK unlisted Subsidiaries
companies
£’000 £’000 £’000 £’000
Movements
At 1 April - - - -
Additions 15,000 12 - 15,012
Disposals - - - -
Unrealised gains 995 - - 995
Investment management (79) - - (79)
fees
At 31 March 15,916 12 - 15,928

The historical cost of the Charity’s investments at 31 March 2024 was £15,012k (2023: £100).

The Charity’s listed investments are managed on its behalf by Cazenove & Co.

The Charity’s investment in its active subsidiary undertaking Prostate Cancer Trading Limited (06157784) amounted to £100, being 100 ordinary shares, representing the entire share capital. The Charity also wholly owns the following dormant companies: The Prostate Cancer Charity Limited (08183613), Prostate Cancer Research Foundation (05926197) and Prostate Action (07149009), which are not consolidated in these financial statements.

The Charity has a 9% holding in GlycoScoreDx Limited (12766216) to develop opportunities for intellectual property income. This was acquired at nil cost but, during the year, the Charity paid £12k to maintain its shareholding at 9%.

45

14 Stock

Stock for resale
15 Debtors		 Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
126
103
-
-
Trade debtors
Amounts due from subsidiary undertaking
Prepayments
Accrued income
Other debtors
Sub-total
Movember Foundation accrued income <1yr
Movember Foundation accrued income >1yr
Total debtors		 Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
3,024
2,351
2,890
2,224
-
-
337
220
854
960
849
960
6,373
1,449
6,360
1,449
69
150
69
150
10,320
4,910
10,505
5,003
1,665
726
1,665
726
2,168
6,463
2,168
6,463
14,153
12,099
14,338
12,192

The group has been notified of legacies amounting to approximately £7.0m (2023: £4.3m) which have not been included in the financial statements as the recognition criteria in line with the Charities SORP had not been met at the year end.

There are no specific security or repayment terms in respect of the working capital agreement with the subsidiary company.

The Movember Foundation confirms the total balance due to Prostate Cancer UK each year. Cash is received in line with agreed programme committed expenditure.

46

16 Creditors – falling due within one year

Trade creditors
Research commitments
Other taxes and social security
Accruals and deferred income
Other creditors		 Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
601
531
597
508
11,203
8,333
11,203
8,333
306
271
277
257
882
458
854
446
124
158
92
133
13,116
9,751
13,023
9,677

Included in the above is deferred income relating to fundraising activities taking place after the year end as follows:

Balance at 1 April
Amounts released to incoming resources
Amount deferred in the year
Balance at 31 March		 Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
-
9
-
9
-
(9)
-
(9)
-
-
-
-
-
-
-
-

17 Creditors – falling due after more than one year

Research commitments
Other creditors		 Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
29,297
12,053
29,297
12,053
194
-
194
-
29,491
12,053
29,491
12,053

47

18 Analysis of group net assets between funds

Fixed assets (Note 11, 12 and 13)
Current assets
Liabilities due within one year
Liabilities due after more than one year
Net assets at 31 March		 General
funds
Designated
funds
Restricted
funds
Total funds
£'000
£'000
£'000
£'000
15,928
15
-
15,943
45,147
-
10,793
55,940
(8,701)
-
(4,415)
(13,116)
(27,450)
-
(2,041)
(29,491)
24924
15
4,337
29,276

For a breakdown of prior year comparatives see Note 25.

19 Movement in funds – Group

Restricted funds:
Movember Foundation
Other restricted funds:
Research
Specialist Nurses Service
Other restricted funds
Total other restricted funds
Total restricted funds
Unrestricted funds
Designated funds:
Fixed asset reserves
Total designated funds
Total unrestricted funds
Total funds		 As at
1 April
Incoming
Outgoing
Transfers
As at 31
March
£'000
£'000
£'000
£'000
£'000
5,368
1
(1,545)
-
3,824
2,024
7,609
(6,832)
(2,442)
359
-
99
(99)
-
-
73
260
(179)
-
154
2,097
7,968
(7,110)
(2,442)
513
7,465
7,969
(8,655)
(2,442)
4,337
28,361
36,847
(42,726)
2,442
24,924
120
-
(105)
-
15
120
-
(105)
-
15
28,481
36,847
(42,831)
2,442
24,939
35,946
44,816
(51,486)
-
29,276

The transfers between funds reflect adjustments made as a result of reconciliations during the year. For a breakdown of prior year comparatives see Note 25.

48

20 Purposes of restricted funds

Movember Movember Foundation income from its campaigns is
Foundation restricted to spend on research, health equity and
survivorship services for men with prostate cancer.
Research Funding received to support either specific
research awards or to be put towards other
unfunded research activity.
Specialist Nurses Funding for the Specialist Nurses Service to
Service increase access and support for men and their
families affected by prostate cancer.

21 Purpose of designated funds

Fixed asset reserves - Amount representing the net investment in intangible and tangible fixed assets.

49

22 Commitments under operating leases

The group has commitments under operating leases due within the periods stated below:

:
Less than one year
Two - five years
Greater than five years		 Property
2024
2023
£'000
£'000
415
439
2,998
2,663
398
1,147
3,811
4,249

23 Note to group statement of cash flows

Reconciliation of net income/(expenditure) to net cash inflow from operating activities.

Net (expenditure) for the reporting period (as per the
statement of financial activities)
Adjustments for:
Investment income
Unrealised investment gain
Investment fees deducted from portfolio
Depreciation charges
(Increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 2024
2023
£'000
£'000
(6,670)
(392)
(2,176)
(722)
(995)
-
79
-
105
203
(23)
(10)
(2,054)
651
20,803
1,032
9,069
762

24 Related party transactions

Aggregate donations received from trustees, key management personnel and connected parties during the year amounted to £4,166 (2023: £6,483).

Event and merchandise purchases by trustees, key management personnel and connected parties amounted to £166 (2023: £432).

During the year, the Charity made a grant of £38,000 to the Academy of Medical Sciences (2023: £NIL) of which Paul Stewart, a Trustee, was Acting President.

There were no other related party transactions in either year.

50

25 Comparative note only

Note 2 - Income from donations and legacies and expenditure on raising funds

Individual donors and legacies
Community and events
Corporate donors
Major donors and charitable trusts
Donated goods and services
Government grant
Individual donors and legacies
Community and events
Corporate donors
Major donors and charitable trusts
Trading		 Income
2023
Unrestricted
Restricted
Total income
£’000
£’000
£’000
16,105
61
16,166
10,232
-
10,232
1,487
305
1,792
781
1,183
1,964
82
-
82
-
2,450
2,450
28,687
3,999
32,686
Expenditure on raising funds
2023
Direct costs
Support costs
Total costs
£’000
£’000
£’000
4,713
735
5,448
2,324
362
2,686
598
93
691
319
50
369
226
-
226
8,180
1,240
9,420

Note 6 - Charitable activities

Note 6 - Charitable activities
Research
Support and influencing
Awareness		 2023
Direct
Support
Total costs
costs
costs
£’000
£’000
£’000
9,991
259
10,250
3,128
1,273
4,401
7,788
2,482
10,270
20,907
4,014
24,921

51

25 Comparative note only (continued) Note 10 - Analysis of support costs

Staff and similar costs
Supplies and services
Premisescosts
Depreciation
Governancecosts		 2023
Raising funds
Charitable
activities
Total costs
£'000
£'000
£'000
722
2,336
3,058
202
656
858
279
903
1,182
26
86
112
11
33
44
1,240
4,014
5,254

Note 17 - Analysis of group net assets between funds

Fixed assets (Note 10 and 11)
Research designated funds
Current assets
Liabilities due within one year
Liabilities due after more than one year
Net assets at 31 March		 General funds
Designated
funds
Restricted
funds
Total funds
2023
£'000
£'000
£'000
£'000
-
120
-
120
-
-
48,345
-
9,285
57,630
(9,014)
-
(737)
(9,751)
(10,970)
-
(1,083)
(12,053)
28,361
120
7,465
35,946

52

25 Comparative note only (continued)

Note 18 Movement in funds-Group

Restricted funds: Movember
Foundation
Other restricted funds:
General research
Specialist Nurses Service
Other restricted funds
Total other restricted funds
Total restricted funds
Unrestricted funds
Designated funds:
Fixed asset reserves
Research designated funds
Total designated funds
Total unrestricted funds
Total funds		 As at
1/04/2022
Incoming
Outgoing
Transfers
As at
31/03/2023
£'000
£'000
£'000
£'000
£'000
6,046
-
(678)
5,368
2,678
3,257
(902)
(3,009)
2,024
160
328
(488)
-
-
312
414
(438)
(215)
73
3,150
3,999
(1,828)
(3,224)
2,097
9,196
3,999
(2,506)
(3,224)
7,465
23,449
29,950
(28,262)
3,224
28,361
322
-
(202)
-
120
3,371
-
(3,371)
-
-
3,693
-
(3,573)
-
120
27,142
29,950
(31,835)
3,224
28,481
36,338
33,949
(34,341)
-
35,946

The transfers between funds reflect adjustments made as a result of reconciliations during the year.

53

rNtXNK YOU THANK You YO YOWD THANK You Yowy fNLIN YOWJ YO THANK YOU YNIINK Y, We're so grateful to everyone who has supported us over the past year. In particular, we'd like to thank the following supporters: Our Patron HRH The Duchess of Gloucester, LG, GCVO, DStJ, CD Our volunteers and Hubs Our donors who wish to remain anonymous All those who honoured someone with an engraving on our Memorial Sculpture Amazon UK Angela Milne Angus Mccaffery Astellas Astrazeneca Barry Family Foundation Basil Samuel Charitable Trust Bayer Beffred Bill Small Bloomberg LLP UK Borrows Charitable Trust Bothwell Charitable Trust Brian Johnston Caroline & Jemima Jowett-lve Cecil Pilkington Charitable Trust Chris Field Christos Lazari Foundation Club Insure Constance Travis Charitable Trust D&D Danny Willett David A Pretty CBE David Sullivan DP World Tour Dudley and Geoffrey Cox Charitable Trust Duncan Heath EDF Essity UK F. P. Herting & Son Fieldrose Charitable Trust Florian Charitable Trust Garfield Weston Foundation Gary Pettit GB Railfreight Glenmuir Golfsupport.co.uk Gordon Gilby Hadyn Cunningham Henry Obi CBE Iceland ICAP Janssen Jonathan Abrahams John Bloor OBE Julia and Hans Rausing Trust Kevin Webber Keyline Civils Specialist Kristina Martin Charitable Trust Kwik Fit Ladbrokes Coral Trust Lady Joy Bourne Lazard Asset Management Lochlands Trust Lord Mayor's Appeal Charity Malcolm Strong Marks and Spencer

VOU THANK YOU YO YO@fj THANK YOU YOU ANG£ YOU fNAG¥]K YOOJ THANK YOU Y, Mike Tye Mrs J B Wood's Charitable Trust Nigel Henry Orbital Fasteners Order of Friars Minor Provincial Curia Penguins Against Cancer Patrick and Helena Frost Foundation Paul Thompson Peacock Charitable Trust Pentel Stationery Peter Sowerby Foundation Peter Stormonth Darling Charitable Trust phs Group Professor Mark Emberton Professor Roger Kirby Prostate United Queens Park Rangers FC Roger Wiltshire Rontec Ross Burbeary Rotary Watches Sir Clive Bourne Family Trust Sir Samuel Scott of Yews Trust Sir William Russell Stephen Gilpin The 3Ts Charitable Trust The Betty Messenger Charitable Foundation The Bob Willis Fund The Cyril Shack Trust The De Vere Hunt Charitsble Trust The Douglas Compton James Charitable Trust The Doris Field Charitable Trust The Edith Murphy Foundation The Equitix Foundation The February Foundation The Holbeck Charitable Trust The IMP Trust The John Black Charitable Foundation The Jones Family Charitable Trust The Joseph and Lilian Sully Foundation The late Paul Comes and the Cornes Family The Mike Gooley Trailfinders Charity The Simon Gibson Charitable Trust The Sunset Charitable Trust The Theodore Maxxy Charitable Trust The W A Handley Charity Trust The William Allen Young Charitable Trust Thomas Allen Tom and Sheila Springer Charity Tony McGovem Volunteer Engagement Advisory Group Walsall Wheelbarrow Company William and Elizabeth Aldwinckle Youi

prostatecancerukorg Prostate Cancer UK @ProststeUK prostatecanceruk in Prostate Cancer UK 11, PROSTATE CANCER UK Prostate Cancer UK is a registered charity in England and Wales11(M155411 and in Scotland (SC0393321. Registered company number 02653887.