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2025-02-28-accounts

The Challenge Fund Charity number: 1079181

Report and Financial Statements for the year ended

28th February 2025

Wenn Townsend Chartered Accountants

Oxford

The Challenge Fund

Contents

Page
Legal and Administrative Information 1
Report of the Trustees 2 - 7
Independent Examiner’s Report to the Trustees 8
Statement of Financial Activities 9
Balance Sheet 10
Notes forming part of the Financial Statements 11 -15

The Challenge Fund

Legal and Administrative Information

Charity name: The Challenge Fund – The Fight Against Cancer
in the Emerging World
Charity working name: The Challenge Fund
Registered charity number: 1079181
Trustees: Prof. Sir Walter Bodmer (Chair)
Mr Geoffrey Niblett
Dr. Max Parkin
Dr. Anna Rohatiner
Dr. Anne Makena
Mr Mark Lodge
Executive director: Vacant
Administrator: Mrs Biying Liu
Principal office: Prama House
267 Banbury Road
Oxford
OX2 7HT
Independent examiner: Mr Andrew Rodzynski FCA
Wenn Townsend – Chartered Accountants
30 St Giles
Oxford
OX1 3LE
Bankers: HSBC Private Bank (UK) Limited
8 Canada Square
London
E14 5HQ

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The Challenge Fund

Report of the Trustees for the year ended 28th February 2025

The Trustees present their annual report and financial statements of the charity for the year ended 28th February 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 1993 and the Statement of Recommended Practice: Accounting and Reporting by Charities published in 2005.

Structure, governance and management

The Challenge Fund is a registered charity in England and Wales, charity number 1079181.

The Challenge Fund was established by the European School of Oncology (ESO) in 2000 for the purpose of raising funds to support programmes that help fight cancers in developing countries. The management was transferred to the UK office of the International Network for Cancer Treatment and Research (INCTR) in 2007. INCTR was an international, not-for-profit, non-governmental organization in Official Relations with the World Health Organisation and dedicated to helping build capacity for cancer research and treatment in developing countries. INCTR officially ceased to exist as a charity registered in Belgium in 2023.

On appointment, new Trustees sign a model Trustee Declaration Statement committing them to giving their time and expertise. The induction process has been changed to follow the ICSA good practice guide with a formal induction programme for any newly- appointed Trustee, which includes an initial meeting with the Chair and the Trustees, followed by a series of short meetings with the Director on fundraising, promotion and responsibilities of the Trustee board. The welcome pack includes a brief history of the Charity, a copy of the membership list of the Board of Trustees, a copy of the most recent annual report and accounts, a copy of the governing trust deed and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’ and Charities and Public Benefit’. The Trustees, director and administrator give their time freely and no remuneration was paid in the year.

The Charity treats Data Protection matters seriously. Following the call for the General Data Protection Regulation (EU) 2016/679 in early 2018, The Challenge Fund registered itself voluntarily with the Office of the Information Commissioner under registration number A8405014 , with the Data Controller being Ms Biying Liu (Administrator). A Privacy Policy document and a Consent Form were developed and are available on the charity website.

Objectives and activities for the public benefit

The Challenge Fund currently supports projects approved by the Board of Trustees of the charity that improve the healthcare delivered to cancer patients in low- and middle-income countries and help reduce their suffering by:

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The Challenge Fund

Report of the Trustees for the year ended 28th February 2025

Policy of accepting projects of the charity

The Charity has established its grant-making policy to achieve its objects for the public benefit to improve the lives of sufferers with cancers who live in Low- and Middle-Income Countries (LMIC). The beneficiaries of our grant-making programme are cancer patients and front-line health workers in countries where the projects (listed below) are being carried out.

Cancer is a leading cause of death worldwide accounting for the deaths of nearly 10 million people in 2020[1] ; approximately 70% of which occur in low- and middle- income countries. Globally, cancer is killing more people in low- and middle-income countries than HIV/AIDS, Malaria and Tuberculosis combined, at an average rate of ten deaths a minute.

Over 19 million new cases of cancer were diagnosed in 2020; the number of new cancer cases is expected to increase more than 76% in low- and mid- income countries by 2040. 80% of patients with cancer in low- and middle-income countries are only diagnosed when their cancers are too advanced for curative treatment. In many of these countries there is little or no access to effective pain relief. As a result, cancer patients and their families have to endure terrible suffering.

The need to carefully plan cancer services in Africa is well recognised, in view of the limited resources available to combat the rising tide of non-communicable diseases, and especially cancer. Rational planning should rely on accurate data from within the country. Population-based cancer registries can provide the fundamental information on cancer incidence, trends, survival, and estimates on mortality and prevalence.

The Charity invites applications for research grants and educational grants. Eligibility is restricted to applicants who have expertise in the field and are operating projects in LMICs, either from the UK or in the countries concerned.

Procedures of accepting a new project

A potential applicant would be invited to submit a copy of his/her curriculum vitae, along with a copy of a completed New Project Application Form. The Form contains a summary of the project that the applicant wishes to operate under the mechanism of the charity.

The Board of Trustees will discuss and give any necessary instructions for the next step. Should the trustees consider that the project is suitable, they would invite the candidate for a meeting (either in person or virtual) to clarify any remaining queries.

A final decision is determined by a meeting of the Trustees. The applicant would be informed of the decision within 10 working days.

How our grants and research programmes delivered public benefit in March 2024- February 2025

The Two Worlds Cancer Collaboration Foundation (TWCC) was established as a Canadian registered society and charitable foundation in 2011 for the provision of strategy, infrastructure and funding to support the existing palliative care (PAX) programme, and to enable expansion of its activities in Hyderabad (Nepal) and other global jurisdictions.

1 International Agency for Research on Cancer, Cancer Today https://gco.iarc.fr/today/home

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The Challenge Fund

Report of the Trustees for the year ended 28th February 2025

The beneficiaries of the PAX programme are terminally ill cancer patients and their families, and the palliative care health providers in Nepal. As part of the programme, one of the main objectives of the Project is to build a new palliative care centre to provide quality cancer care to terminally ill patients, and tailored education to doctors and nurses in Nepal.

In 2024, the Hospice Project (https://www.hospicenepal.com) team in the UK, led by Emily Brown, continued to raise funds towards the building of the Hospice through donations.

The money raised for the Hospice Nepal Project is ring-fenced and hosted in the charity accounts until funding requests are received and approved by the Trustees.

The plan for 2025 involves partnering with Rotary to continue to raise funds towards the Hospice Project as well as obtaining donations from individuals and/or organisations to further this goal.

The beneficiaries of the AFCRN programme are the population-based cancer registries (PBCRs) in SSA and the users of the data produced by these PBCRs.

During 2024, the Network supported a membership of 35 members across 24 SSA countries. The most significant activities during the year were:-

The AFCRN database was updated during 2024. The data were used for the national estimates of cancer incidence and mortality “GloboCan 2024” (the official statistical data of WHO) and datasets are being assessed for the new IARC publication “Cancer Incidence in Five Continents”, Vol 13.

C. London Global Cancer Week (LGCW)

The Charity’s UK advocacy began in 2016 with events held at Oxford Town Hall, as part of the charity’s promotion and fundraising activities. Since 2020, the Charity has provided support for the annual London Global Cancer Week (LGCW) conference, which yearly has attracted increasingly larger attendance and substantial external funding.

The purpose of LGCW is to promote activities for improving healthcare for cancer patients in developing countries both in the UK and in LMICs. The nature of the event is a series of meetings, webinars, discussion

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The Challenge Fund

Report of the Trustees for the year ended 28th February 2025

and workshops within a fixed timeframe (one week). The main PIs for LGCW are Mr Mark Lodge and Dr Susannah Stanway.

The 6th London Global Cancer Week conference (11-15 November 2024) presented 43 events drawing an audience of >2000 attendees from 122 countries. Convened by Susannah Stanway and Katie Wakeham, the conference successfully featured a mix of in-person, hybrid and virtual events focused on a wide range of cancer control issues, and hosted by WHO, NCI Centre for Global Health, The Commonwealth and other organisations. On Wednesday 13 November a Round Table meeting of international experts discussed Financing Global Cancer Control. The Week ended with a full one-day meeting at the House of Commons entitled “Cancer Health Disparities: Understanding the inequalities conundrum”.

The test for each LGCW is how successfully it has shared knowledge and provided the opportunity for new developments and positive change. LGCW 2024 provided a platform for a presentation on Cancer Surveillance in sub-Saharan Africa featuring the work of the African Cancer Registry Network, a key project supported by the Charity. (This session is viewable at https://www.lgcw.org.uk/watch-again/) The conference included an influential Round Table discussion on Building Health Care Systems Resilience in Low and Middle Income Countries; a summary of which is published in Cancer Control 2024 (ref: https://www.cancercontrol.info/wpcontent/uploads/2024/10/24-27-roundtable.pdf).

D. UK Ireland Global Cancer Network (UKIGCN)

The UKIGCN is a new project being accepted by the Board of the charity during its Annual Trustee’s Meeting in February 2025. Details of the project are to be developed during 2025.

Burkitt lymphoma is one of the most common childhood cancers in equatorial Africa, accounting for up to 50% of all paediatric cancer in some regions. Most families cannot afford the cost of treatment or even travel to a centre capable of providing care. Yet the disease is highly curable, even when resources are limited.

The INCTR BL programme began in 2004. The programme aims to provide cancer treatment drugs and care, free to eligible patients. The programme also covered some side-effect treatments such as antibiotic drugs. With the passing of Dr Ian Magrath and Mrs Melissa Adde [March 2023], the INCTR has been wound up. The Active Members and Governing Council of INCTR decided that Ca$105,000 should be transferred to the charity The Challenge Fund, to be used for the treatment and care of children with BL in the three centres formerly part of the INCTR BL project.

Monitoring achievement

The success of the PHN programme is evaluated by the increased number of nurses and medical staff being educated by the programme and with an increase in the number of patients being helped by the team. The goal in 2024 was to raise sufficient funds to start the construction of the hospice; this was achieved and construction is underway.

The overall goal of the AFCRN is to increase coverage of high quality cancer registration in the SSA countries. The success of the AFCRN activities is evaluated in terms of the number of registries and the number of countries with a cancer registry, their data quality and comprehensiveness, and the use of their data.

The indicator of a success of the LGCW event is the number of organisations contributing to the LGCW, and the impact from the event, and the activities resulting from it.

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The Challenge Fund

Report of the Trustees for the year ended 28th February 2025

Trustees’ Meeting

There was one board meeting during this financial year (Feb 2024).

Matters arising.

The Executive Director role is still vacant. The post is on voluntary basis, the charity is yet to identify a new candidate for the position.

No changes to the Trustee Board during 2024.

The trustees agreed that the charity would continue to ring-fence the existing funding for BL, and supported restarting the programme following the clarification of certain remaining funding issues.

The Board also wished to start a new project either by adapting one or developing one within the charity. The matter will depend on the recruitment of a new Executive Director.

Financial review

The Charity’s work is partly reliant on individual donations, fundraising by volunteers and, partly on the receipt of restricted grants from other donors.

BL

The secretary reported that income raised during the period was £60,418 for the BL programme. Geoffrey Niblett confirmed that the CNMF will continue to raise funds to support activities directed at the treatment and support of children with Burkitt lymphoma.

PAX

In 2024, the Nepal Hospice UK team raised £276.

AFCRN

AFCRN activities were mainly funded by the Bloomberg Data for Health Initiative via its research agency the Vital Strategies in the USA and via research grants provided by the Martin Luther University Halle-Wittenberg and the International Agency for Research on Cancer. The main expenditure of this funding was data collection for research projects, support of the development of cancer registries in SSA, and travel for consultancy and training purposes. The total income for the programme in 2024 was £188,775. Overheads on grants received for the programme were used to finance the running costs of the charity.

LGCW

Via the 2024 event, LGCW raised £39,753 through sponsorship and donations.

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The Challenge Fund

Report of the Trustees for the year ended 28th February 2025

Reserves policy

The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover support and governance costs. It is considered that a level of 3 months is sufficient.

The balance held as unrestricted funds at 28th February 2025 was a surplus of £4,272 against an actual 3 month spending of £200 for rent. The current level of reserves is therefore higher than is needed.

Plans for the future

The Charity will continue to support the programmes described above in the next financial year.

17th Dec This report was approved by the Board on ………………………… 2025 and signed on its behalf by

LA4 owArt

……………………………

Prof. Sir Walter Bodmer Trustee

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The Challenge Fund

Independent Examiner's Report to the Trustees of 28th February 2025

I report to the charity trustees on my examination of the accounts of the charity for the year ended 28th February 2025 which are set out on pages 9 to 15.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A Kaclyynate

Andrew Rodzynski FCA For and on behalf of Wenn Townsend Chartered Accountants, 30 St Giles, Oxford OX1 3LE

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The Challenge Fund

Statement of Financial Activities for the year ended 28th February 2025

Unrestricted Restricted Total Unrestricted Restricted Total
Notes funds funds 2025 funds funds 2024
£ £ £ £ £ £
Income
Donations - 8,753 8,753 74 111,131 111,205
Investment income 3 1,178 - 1,178 1,481 - 1,481
Charitable activities 2 - 280,469 280,469 - 70,946 70,946
Other income - - - - - -
───── ───── ───── ───── ───── ─────
Total income 1,178 289,222 290,400 1,555 182,077 183,632
───── ───── ───── ───── ───── ─────
Expenditure
Charitable activities 4 9 328,895 328,904 35 304,592 304,627
───── ───── ───── ───── ───── ─────
Total expenditure 9 328,895 328,904 35 304,592 304,627
───── ───── ───── ───── ───── ─────
Net income/(expenditure) 1,169 (39,673) (38,504) 1,520 (122,515) (120,995)
Fund balances brought forward at 1st March 2024 3,103 130,081 133,184 1,583 252,596 254,179
───── ───── ───── ───── ───── ─────
Fund balances carried forward at 28th February 2025 4,272 90,408 94,680 3,103 130,081 133,184
═════ ═════ ═════ ═════ ═════ ═════

The notes on pages 11 to 15 form an integral part of these financial statements

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The Challenge Fund

Balance Sheet as at 28th February 2025

Notes 2025 2024
£ £ £ £
Non current assets
Computer equipment 7 - -
Current assets
Debtors 66,912 17,729
Cash at bank 235,508 293,369
───── ─────
302,420 311,098
Creditors: amounts falling due
within one year 8 (207,740) (177,914)
───── ─────
Net current assets 94,680 133,184
───── ─────
Net assets 94,680 133,184
═════ ═════
Unrestricted funds 4,272 3,103
Restricted funds 9 90,408 130,081
───── ─────
94,680 133,184
═════ ═════

The financial statements were approved and authorised for issue by the Trustees on …………………. 2025 and signed on their behalf by:

…………………………………..

Prof. Sir Walter Bodmer Trustee

The notes on pages 11 to 15 form an integral part of these financial statements

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The Challenge Fund

Notes to the Accounts

for the year ended 28th February 2025

1 Accounting policies

(a) Basis of preparation

(b)

Fund accounting

(c) Income

Income from investments is credited in the period in which it is receivable.

(d) Expenditure

(f) Going concern

(g) Fixed assets

Furniture and equipment 25% Straight line

2. Income from charitable activities

2025 2024 £ £ Grants 280,469 70,946 ══════

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The Challenge Fund

Notes to the Accounts for the year ended 28th February 2025

…………………. continued

3. Investment income

3. Investment income
2025 2024
£ £
Interest receivable 1,178 1,481
══════ ══════
4. Charitable expenditure
AFCRN BL PAX
LGCW
Total Un- 2025 2024
restricted restricted
£ £ £
£
£ £ £ £
Restricted
Administrative costs 27,900 - - - 27,900 - 27,900
26,170
Research co-ordination
costs 6,315 - - - 6,315 - 6,315
11,645
Consultancy 11,238 - - 50,012 61,250 - 61,250
72,031
Meetings 56,813 - - - 56,813 56,813
82,304
Training 1,041 - - - 1,041 - 1,041
852
MoU agreement 77,157 - - - 77,157 - 77,157
95,160
Grants - 9,000 73,000 3,088 85,088 - 85,088
-
Bank charges 767 - 1,157 106 2,030 - 2,030
1,081
Support costs (note 5) 11,301 - - - 11,301 9 11,310
15,384
192,532 9,000 74,157 53,206 328,895 9 328,904 304,627
5. Support costs
2025 2024
£ £
Rent 725 790
Promotion - -
Travel, subsistence and accommodation 2,929 3,176
Website costs 173 1,310
Bank charges 484 192
Sundries 40 35
Exchange difference 5,092 6,707
Governance costs (see note 5a) 1,867 3,174
Depreciation expense - -
───── ─────
11,310 15,384
═════ ═════
5 (a) Governance costs
2025 2024
£ £
Independent examiner’s fees 1,832 3,174
Trustee meetings - -
───── ─────
1,832 3,174
═════ ═════

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The Challenge Fund

Notes to the Accounts for the year ended 28th February 2025

…………………. continued

6. Related party transactions

The Trustees neither received any emoluments nor reimbursed expenses during the year (2024: £Nil).

There were no related party transactions in the current or preceding year.

7. Tangible fixed assets

Computer Equipment
£
Cost b/fwd and c/fwd 1,137
─────
Depreciation b/fwd 1,137
Depreciation charge for the year -
─────
Depreciation c/fwd 1,137
─────
Net book value at 28th February 2025 -
═════
Net book value at 29th February 2024 -
═════
8. Creditors: amounts falling due within one year
2025 2024
£ £
Independent examiner’s fees accrued 2,320 5,264
Deferred grant income 205,420 172,650
───── ─────
207,740 177,914
═════ ═════

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The Challenge Fund

Notes to the Accounts for the year ended 28th February 2025

…………………. continued

9. Restricted funds – current year

9.
Restricted funds – current year
Balance at Transfer Balance at
1st March Income Expenditure between 28th February
2024 funds 2025
£ £ £ £ £
The African Cancer Registry Network
19,220
188,775 (192,532) - 15,463
Palliative Care Access programme 75,819 276 (74,157) - 1,938
Burkitt Lymphoma 13,145 60,418 (9,000) - 64,563
LGCW 21,897 39,753 (53,206) - 8,444
───── ───── ───── ───── ─────
130,081 289,222 (328,895) - 90,408
═════ ═════ ═════ ═════ ═════
Restricted funds – prior year
Balance at Transfer Balance at
1st March Income Expenditure between 29th February
2023 funds 2024
(restated) (restated)
£ £ £ £ £
The African Cancer Registry Network
199,482
71,001 (251,263) - 19,220
Palliative Care Access programme 38,451 38,450 (1,082) - 75,819
Burkitt Lymphoma 8,043 5,102 - - 13,145
LGCW 6,620 67,524 (52,247) - 21,897
───── ───── ───── ───── ─────
232,538 182,022 (304,592) - 130,081
═════ ═════ ═════ ═════ ═════

The split of income between funds brought forward in the prior year has been restated to correct errors in allocation. The corrected balances have been brought forward to the current year. There has been no effect on total income, surplus for the year or net assets from this change.

The Report of the Trustees on pages 2-7 provides further information on each restricted fund held.

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The Challenge Fund

Notes to the Accounts for the year ended 28th February 2025

…………………. continued

10. Analysis of funds – current year
Restricted Unrestricted Total
£ £ £
Tangible assets - - -
Debtors 66,912 - 66,912
Bank and cash 231,236 4,272 235,508
Creditors (207,740) - (207,740)
───── ───── ─────
90,408 4,272 94,680
═════ ═════ ═════
Analysis of funds – prior year
Restricted Unrestricted Total
£ £ £
Tangible assets - - -
Debtors 17,729 - 17,729
Bank and cash 290,266 3,103 293,369
Creditors (177,914) - (177,914)
───── ───── ─────
130,081 3,103 133,184
═════ ═════ ═════

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