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← The Institute For Cancer Vaccines And Immunotherapy

2025-03-31-accounts

INSTITUTE FOR CANCER VACCINES & IMMUNOTHERAPY (A company limited by guarantee and not having a share capital)

YEAR ENDED 31 MARCH 2025

Company No 03884777 Registered Charity No 1080343 icvi.org.uk

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

CONTENTS Page Page
Legal and Administration 1
Summary
Chairman’s		 2
Trustees’ Report 3 15
~~-~~
Independent Auditors’ Report 16-18
Statement of Financial Activities 19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 22
30

LEGAL AND ADMINISTRATION

TRUSTEES / DIRECTORS Henry Richard Geers Cotterell Bt OBE (Chairman)
Reshma Ashraf Mason
Guy Edmund Sangster
Jemma Kate Natasha Freeman
Alexander Charles Johns
Saffron Emily Rankin Guy
COMPANY SECRETARY Reshma Ashraf Mason
REGISTERED OFFICE Bryden Johnson Limited
1
4 Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
NON-STATUTORY DIRECTOR Marie Dimond
Unit 15
Abbeville Mews
88 Clapham Park Road
London
SW4 7BX
SECRETARY TO TRUSTEES Abigail Parry-Williams
FINANCIAL ADVISOR David McCormick
AUDITORS Bryden Johnson Limited
1
4 Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
SOLICITORS Ashurst
Broadwalk House
5 Appold Street
London EC2A 2HA
PRINCIPAL BANKERS Barclays Bank plc
Kensington and Chelsea
PO Box 4599
London SW3 1XE
INVESTMENT MANAGERS Cazenove Capital Management
12 Moorgate
London
EC2R 6DA
GOVERNING DOCUMENT The Memorandum and Articles of Association incorporated 26 November
1999 as amended by special resolution dated 30 March 2000

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YEAR ENDED 31 MARCH 2025

I am pleased to report that support from our generous donors has once again meant another outstanding year of progress for the ICVI.

Dr. Peter Smith’s work on immune -modulatory metabolites has shown how natural compounds like butyrate and retinoic acid can boost immune responses to cancer. His findings are now being tested in clinical studies for melanoma and proposed for prostate cancer ~~b~~ oth areas where immunotherapy needs to improve.

Dr. Jun Ishihara has successfully engineered new immune checkpoint inhibitors that localise specifically to tumours, reducing toxicity while enhancing efficacy in models of colorectal and brain cancer.

may predict patient responses to immunotherapy. These insights could lead to safer, more personalised treatment plans.

Dr. Wai Liu’s research has shown that safe, widely available agen ~~ts— s~~ uch as vitamin D3 and low dose naltrexone ~~— c~~ an sensitise cancer cells to chemotherapy, supporting their use in combination therapy.

gamma delta T cells in treating prostate cancer, and Dr. Issy Schiavi uncovered mechanisms of resistance in melanoma, highlighting new targets for overcoming immunotherapy failure.

These projects demonstrate exceptional scientific value and real potential to improve patient care. Thank you for your continued support.

Harry Cotterell Bt OBE

Chair of Trustees

Date ______

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YEAR ENDED 31 MARCH 2025

The Trustees present their Report and the Financial Statements of Institute for Cancer Vaccines & Immunotherapy for the year ending 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the charity is the advancement of education and the protection and preservation of public health by promoting research into the treatment of cancer by vaccine technology and immunotherapy and by promoting the dissemination of the useful results of such research.

WHAT ARE CANCER VACCINES?

Our immune system enables the body to recognise and destroy infections and so protects from disease. Because cancer develops from the body’s own cells the immune system often has difficulty in recognising them as harmful. Cancer vaccines and immunotherapy aim to stimulate the patient’s immune system so that it is able to recognise and destroy harmful cancer cells.

The principle of vaccination against cancer is similar to that of the childhood vaccines that we are all familiar with. A vaccine essentially shows the immune system what to respond against. Thus, cancer vaccines can be derived from cancerous tissue itself (cultured and made safe in the laboratory) or from proteins, designed and produced in the laboratory, which mimic parts of a tumour. Unlike childhood vaccines, cancer vaccines are given to patients who already have cancer. Sometimes other components can be added to the vaccine such as drugs known to boost the immune system.

elements to add to the vaccine to generate the best possible immune response. The ultimate aim is to develop a vaccine that will not only fight the existing cancer cells but prevent them from growing, spreading or coming back.

Several vaccines now exist for the prevention of cancer through vaccination. However, we have worked for years on vaccines that prevent the spread of cancer in patients that already have the disease. This work has been going for many years. It is therefore encouraging that one focus of our research namely dendritic cell vaccination is now an approved therapy in the US. However, costs for this treatment are excessive and the vaccines are specific for the individual and their tumour. Our current focus is to make vaccines more cheaply and for use across a wide range of individuals and tumour types.

ORGANISATION

The Institute for Cancer Vaccines & Immunotherapy is a charity, constituted as a company limited by guarantee and not having a share capital, and as such the Trustees of the charity are also directors of the company. It is governed by its Memorandum and Articles of Association as amended by special resolution dated 30 March 2000.

Institute for Cancer Vaccines & Immunotherapy is registered with the Charity Commission, Registered number 1080343.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

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TRUSTEES’ REPORT (continued) YEAR ENDED 31 MARCH 2025

REVIEW OF ACTIVITIES

The objectives of the charity are to fund research into immunotherapy as a treatment for cancer. The ICVI achieves these aims by making grants for specific research projects. We also promote this research. Research is directed by Professor Angus Dalgleish who receives no remuneration for his services. As AMRC members since 2022 all the research projects we fund are subject to rigorous evaluation by independent experts in the field. In this we ensure that we are supporting the funding of high-quality, credible research.

objectives, fundraising targets and activities are contained in a Fundraising and PR strategy which accompany the Business Plan.

RESEARCH REPORT UPDATE APRIL 2024 TO MARCH 2025 PROFESSOR ANGUS DALGLEISH

Over the past year, I have been encouraged by the progress made in several key areas which align closely with my focus on cancer immunotherapy and the tumour microenvironment. The research supported demonstrates important steps toward overcoming immune resistance and improving treatment precision.

-modulatory metabolites highlights the power of naturally occurring compounds to enhancing the body’s ability to fight cancer. This fits perfectly with my belief that potential is essential for more effective cancer thera pies.

-binding checkpoint inhibitors addresses a major

challenge in immunotherapy: reducing systemic toxicity by concentrating immune activation within the tumour microenvironment. This approach could make powerful treatments safer and more tolerable for patients.

patients. Understanding how the tumour environment and systemic factors influence response to immunotherapy is key to developing personalised treatments ~~a~~ core principle of my translational research philosophy.

The translational work led by Dr. Wai Liu on vitamin D, low dose naltrexone, and cannabinoids aligns well with my interest in repurposing safe, accessible agents to boost immune responses and complement existing therapies.

delta T cells in prostate cancer and immune resistance in melanoma, respectively, exemplify the cutting-edge, translational research needed to tackle tumour immune evasio ~~n o~~ ne of the central challenges in oncology today.

Together, these projects represent a cohesive effort to deepen our scientific understanding and translate these insights into meaningful clinical advances, embodying the bench-to-bedside approach that I strongly advocate and which has been the hallmark of the charity since it began.

more detail below:

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YEAR ENDED 31 MARCH 2025

Dr Peter Smith:

Immune-Modulatory Metabolites for Cancer Immunotherapy

My research focuses on how naturally occurring metabolites ~~s~~ uch as butyrate, retinoic acid, and calcitrio ~~l c~~ an boost the immune system’s response to cancer. These compounds help reprogram CD8+ T -cells and myeloid cells, both critical for effective cancer immunotherapy. The work has shown that combining these metabolites enhances immune cell activation more effectively than using them individually.

Ongoing work is exploring how these combinations affect immune-suppressive myeloid cells, and we are developing improved tests to measure T- cell ‘fitness’. We’re also testing additional metabolites (inosine, niacin, arginine) to design an optimal mix that could complement therapies like checkpoint inhibitors.

Melanoma Clinical Study

cell analysis and are now extracting DNA from stool samples. We’ve also begun a collaboration with the University of Birmingham to analyse metabolites in patient blood samples. A meta-analysis of similar studies is underway to help guide future research and identify the most promising immune-modulatory metabolites.

Prostate Cancer and Future Directions

immunotherapy. This work will explore the role of androgen deprivation therapy (ADT) in shaping immune responses and metabolite effectiveness.

If funded, this project will form the basis for future studies in pancreatic and breast cancer. Together, these studies aim to develop tailored metabolite-based therapies to support immunotherapy across different cancer types.

Student Research

We recently hosted an undergraduate student who contributed to our myeloid cell project and is planning a career in clinical science. She has now joined the team to continue this work as part of her Master of Research degree, focusing specifically on prostate cancer.

Dr Jun Ishihara:

Engineering immune checkpoint inhibitors to develop safer and more effective immunotherapy for patients with ovarian cancer.

This project focuses on engineering immune checkpoint inhibitor antibodies (anti-PD1 and anti-CTLA-4) to include a collagen-binding domain (CBD), aiming to localise these therapies within tumours, thereby improving efficacy while reducing systemic toxicity.

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YEAR ENDED 31 MARCH 2025

Dr Jun Ishihara:

Objective 1: Antibody Engineering and Production

We successfully created three versions of antibody constructs for each target (PD1, CTLA-4, GITR): Wild type (no CBD), CBD fused to the light chain (LC), CBD fused to the heavy chain (HC). These antibodies were cloned, produced in HEK293F cells, purified, and validated for correct size and structure. Binding tests confirmed the modified antibodies retained their ability to bind to both their immune targets and to collagen I and III.

Objective 2: Pharmacokinetic (PK) Studies

We developed a human-compatible CBD-anti-CTLA-4 antibody based on FDA-approved ipilimumab. Both standard and CBD-fused versions were tested in mice. While CBD-modified antibodies showed shorter circulation time in healthy mice, they are expected to persist longer in tumour-bearing mice due to tumour-specific collagen localisation.

Objective 3: Anti-Tumour Efficacy

In mouse models of colorectal cancer, CBD-modified anti-CTLA-4 antibodies reduced tumour growth and improved survival at higher doses, with minimal toxicity observed. These results support the continued use of CBD fusion to enhance therapeutic outcomes.

Objective 4: Toxicology

We compared the toxicity of CBD-modified anti-CTLA-4 antibodies with the unmodified version in non-tumour-bearing mice. Blood and organ analysis showed no significant toxicity in the CBD-treated group. In fact, some markers suggested that CBD-fused antibodies may be safer than their wild-type counterparts.

Objective 5: Application in Glioblastoma (GBM)

In collaboration with Dr. Satoru Osuka (UAB), our CBD-anti-CTLA-4 antibody demonstrated superior anti-tumour activity in a radiation-resistant GBM mouse model. Treated mice showed extended survival and tumour regression, whereas the standard antibody was less effective.

Next Steps: Enhanced Localisation and Controls

We developed an advanced version of the antibody bearing CBD on both chains (LC and HC), which showed stronger collagen binding and retained CTLA-4 specificity. We also created mutant versions with reduced collagen-binding to serve as negative controls. Initial tests support the hypothesis that more CBD sites improve tumour localisation, though further validation is ongoing.

Conclusion

Our engineered CBD-fused antibodies show promise in improving the precision and safety of cancer immunotherapy. We have demonstrated successful protein production, binding specificity, enhanced anti-tumour effects, and potentially reduced systemic toxicity. Next stages will focus on fine-tuning collagen affinity and expanding efficacy testing in different tumour models.

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YEAR ENDED 31 MARCH 2025

Dr Alberto Fusi:

Biomarkers for Response and Toxicity in Melanoma Patients Receiving Immune Checkpoint Inhibitors: Focus on the Role of Microbial Metabolites

Lead Investigator: Dr. Alberto Fusi, Consultant Medical Oncologist

Research Aim

This study investigates how microbial metabolites and immune cells interact in the blood and tumour microenvironment (TME) of melanoma patients undergoing immune checkpoint inhibitor (ICI) therapy. The goal is to identify blood-based biomarker ~~s p~~ articularly microbial metabolite ~~s t~~ hat could predict treatment response or risk of toxicity.

Key Objectives

Detect and evaluate microbial metabolites and immunosuppressive leukocytes in blood and the tumour environment.

Explore how these microbial products correlate with immune regulation and treatment outcomes.

Assess cytokines and autoantibodies in blood as predictive markers of response or toxicity.

Study how ICIs influence the microbiome and immune profiles over time.

Investigate tumour-associated macrophages (TAMs) as mediators of ICI efficacy and their relationship to the microbiome.

Update

This project is progressing well, with sample collection, patient recruitment, and lab preparations proceeding as planned. The upcoming analysis phase will begin evaluating the potential of microbial metabolites and immune markers to serve as predictive biomarkers in melanoma treatment ~~p~~ otentially paving the way for more personalised and safer immunotherapy strategies.

Dr Wai Liu:

A study to determine the mechanism(s) of action underpinning the molecular interaction between immunemodulatory agents. These will focus on calcitriol, low dose naltrexone and cannabinoids, and studies will provide supporting data that adds to the evidence of these drugs used in patients with cancer.

This translational research project aimed to explore how certain immune-modulatory agent ~~s c~~ alcitriol (the active form of vitamin D3), low dose naltrexone (LDN), and cannabinoids (notably cannabidiol) ~~i~~ nteract with cancer cells to enhance the efficacy of chemotherapy. The goal was to uncover molecular mechanisms that could support the clinical use of these safe, well-tolerated agents as adjuncts to existing cancer therapies.

Stream A: Calcitriol and LDN in Chemotherapy Sensitisation

This stream has made significant progress and was the subject of a completed research manuscript, submitted to the International Journal of Oncology in March 2024. Review is ongoing, with publication expected by Autumn.

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YEAR ENDED 31 MARCH 2025

Key Findings:

Rebalancing Cell Death Proteins: Calcitriol alters the ratio of BAX (pro-apoptotic) and BCL2 (anti-apoptotic) proteins in cancer cells, making them more prone to programmed cell death.

Enhanced Chemotherapy Activity: Pre-treatment with calcitriol significantly increased the sensitivity of lung and colon cancer cells to the chemotherapy agents gemcitabine and oxaliplatin. In one example, oxaliplatin activity improved by nearly 20%.

Synergy with Low Dose Naltrexone: Combining CCT with LDN further slowed cancer cell growth compared to either agent alone.

Mechanistic Insight: LDN increases expression of the vitamin D effectivenes ~~s a~~ possible explanation for their combined potency.

Priming Effect Confirmed: The combin ation acts as a “priming” agent, chemotherap ~~y a~~ concept now validated with both agents used simultaneously.

Conclusion: These findings suggest that vitamin D3 and LDN can be used to enhance chemotherapy ~~p~~ otentially allowing for lower doses of cytotoxic drugs while maintaining therapeutic impact. This supports real-world clinical observations and points toward immediate translational potential in cancer care.

Stream B: Cannabidiol (CBD) and Extracellular Vesicle Modulation

A second stream of work explored how cannabidiol (CBD) interferes with a primitive intercellular communication system involving extracellular vesicles (EVs ~~) —ni~~ croscopic “packets” used by cancer cells to dispose of materials or signal their environment.

Findings:

EV Concentration: Tumour cultures contained high levels of EVs (~1 million/mL).

Subtypes Identified: EVs vary in size and origin ~~s~~ ome act as waste disposal, others as communication tools.

CBD Modulation: Treatment with CBD reduced the proportion of small EVs (exosomes) from 21.1% to 13.6%, potentially altering tumour messaging behaviour.

Chemo Sensitisation: Cancer cells cultured with EVs were significantly more sensitive to gemcitabine (56.5% cell death with EVs vs. 32.9% without).

Implication: These findings support the idea that targeting EV communication could be a novel approach to boost chemotherapy response, and that CBD may play a key role in disrupting cancer-supportive signalling networks.

Conclusion

This dual-stream research program has yielded promising early results that deepen our understanding of how immunemodulatory agents like vitamin D3, LDN, and CBD can sensitize cancer cells to treatment. These insights align with observed patient outcomes and provide a compelling rationale for further preclinical and clinical development.

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YEAR ENDED 31 MARCH 2025

PhD Students:

Dr Aurora Campagna:

potential of

delta T cells and 3D prostate tumour spheroids, offering novel perspectives on immune targeting of solid tumours and laying the groundwork for personalised cell therapy strategies.

A key achievement of the project was the development and optimisation of an advanced co-culture platform that integrates gamma delta T cells with 3D prostate cancer spheroids, simulating progressive stages of non-metastatic prostate cancer. This in vitro system enabled detailed analysis of gamma delta T cell migration and infiltration patterns, tumour recognition mechanisms and cytotoxic killing efficiency in a physiologically relevant context.

Key findings from the project show that gamma delta T cells are naturally drawn to cancerous prostate spheroids over - benign ones, guided by tumourreleased signals like GROa and MIP 3a through specific receptors. Once there, the T cells target weak spots on the tumour surface, particularly where cell connections are loose. Importantly, treating tumours with Zoledronic Acid significantly boosted the T cells’ ability to kill cancer cells by activating a molecule called BTN3A1, making the treatment more effective and highlighting its potential for improving immunotherapy. The project confirms gamma delta T cells as potent effectors against prostate cancer and underscores the clinical relevance of ZA as a priming agent to enhance immunotherapy. The co-culture platform developed sets the stage for personalised gamma delta T cell testing using patient-derived tissue models. These findings pave the way for designing a clinical trial targeting early-stage prostate cancer, involving local administration of expanded gamma delta T cells to maximise therapeutic efficacy.

therapy. It demonstrates both the scientific rigor and translational promise of next-generation immunotherapies, aligning with the broader goals of personalised oncology and immune-based treatment innovation.

Isabel Schiavi:

(ICIs), or why responses eventually fail. Her project focused on the tumour microenvironment (TME), investigating which immune cells and molecular factors may drive resistance and how the environment around the tumour could be modified to improve treatment outcomes.

She found that tumours resistant to ICI therapy often contain high levels of suppressive immune cells ~~p~~ articularly myeloid-derived suppressor cells (MDSCs) and M2-like macrophages. These cells interfere with T cell activity and promote tumour growth. Even when T cells are present, they are frequently excluded from the tumour core, limiting their ability to attack the cancer.

Further analysis showed that resistant tumours use additional immunesuppressing signals that don’t rely on the usual checkpoint pathways, such as increased arginase and IL-10. This means blocking PD-1/PD-L1 alone may not be enough. However, lab experiments using drugs that target myeloid cell ~~s l~~ ike CSF1R inhibitors or TLR agonists ~~s~~ howed promise in reversing some of this suppression.

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TRU STEES’ REPORT (continued) YEAR ENDED 31 MARCH 2025

Key molecular markers, including ARG1, CD163, and S100A9, were consistently elevated in resistant tumours, highlighting their potential as biomarkers or targets for combination therapy.

Overall, Dr. Schiavi’s work highlights the importance of the tumour microenvironment in determining response to immunotherapy. Her findings support a shift toward combination treatments that not only target T cells but also address suppressive elements in the TME. This research lays the groundwork for future personalised therapies aimed at overcoming resistance in melanoma.

ORGANISATION STRUCTURE AND STAFFING

The Board of Trustees is aware of the importance of good governance. New Trustees are recruited who have a personal experience of cancer, combined with particular business skills. The Trustees recruit mainly through personal contact, but as the organisation grows may consider in the future advertising for new Trustees through its newsletter and support groups. The Trustees meet formally as required during the year. In addition, all Trustees and staff are in regular telephone and e mail contact to review strategy, policy and to monitor operating performance and budgets.

The ICVI maintains a small office which is utilised by the Fundraising Director and part-time Office Manager. Other administration and financial staff work from home, thereby saving office overheads. The charity calls on the services of David McCormick, a part-time Financial Advisor, Doris Best, who maintains financial records and prepares quarterly management accounts. Day to day banking matters are handled by one of the Trustees, Reshma Mason.

RISK MANAGEMENT

The Trustees conduct regular operational and financial reviews of the charity’s activities, updating the charity’s annual budgets, setting out the major opportunities available to the charity and the risks to which it is exposed. The Trustees monitor progress against the budget targets. The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the finances of the Trust and are satisfied that adequate systems are in place to mitigate exposure to any major risks . These risks include Fundraising, Key Personnel and Reputation.

with his field of work. The charity also retains Trustees of sufficient knowledge on charities and regular review following funding. The process of reporting and review assists the Trustees, and those supported by the charity, in keeping track of how research and knowledge is developing. This review process retains the Trustees' focus on the public benefit derived from the Trustees' funding of the charity's work.

Fundraising and Reputation risk are managed by the Trustees by ensuring that all staff and volunteers are aware of the Charities (Protection and Social Investment) Act 2016 and the need to deal with all potential donors in an open and transparent manner. An annual budget and three-year business plan are prepared to ensure that the ICVI has adequate funds to meet its medium term needs. This is discussed at the Trustees meeting and targets set for the fund-raising team. These targets are reviewed on a quarterly basis.

-term

objectives for its research and clinical activities, review future location options and set fundraising targets for the next 5 years. The forward was revisited in the first half of 2021 and a future five-year strategy is currently being written by the charity’s non-statutory Director Marie Dimond.

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TRUSTEES’ REPORT (continued) YEAR ENDED 31 MARCH 2025

Further, the Trustees (through the services of Prof. Dalgleish, Marie Dimond and our financial advisor David McCormick) closely monitor the essential relationship with St George’s University of London (SGUL) and rela ted organisations which provide the majority of staff, equipment and other resources funded by our charity.

RESERVES POLICY

The Trustees have examined the requirement for free reserves (those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed). The Trustees consider that, given the nature of the charity’s work, the level of free reserves should be maintained at not less than £770,000 (approximately 18 months committed operating costs) at any one time. The Trustees are of the opinion that this level will provide sufficient flexibility to cover any temporary shortfalls in fundraising revenues or other income flows, will provide adequate working capital to cover core costs and will allow the charity to respond to unforeseen emergencies.

As at 31 March 2025, total funds were £993,795 including unrestricted reserves of £852,749 and restricted funds of £141,046. The relationship between committed costs and these free reserves is assessed on a regular basis and, if considered necessary, the minimum required level of reserves will be amended upwards in line with projected levels of annual investment and expenditure.

TRUSTEES / DIRECTORS

The following Trustees, also serving as Directors, held office during the year:

Reshma Ashraf Mason Henry Richard Geers Cotterell Bt OBE Guy Edmund Sangster Jemma Kate Natasha Freeman Alexander Charles Johns Saffron Emily Rankin Guy

The Trustees constitute directors for the purposes of the Companies Act 2006 and Trustees for the purposes of the Charities Act 2011.

Upon appointment, all Trustees receive the following:

Trustees are offered ongoing training opportunities and are kept up to date with Charity Commission guidance and policy news through board meetings and via email.

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YEAR ENDED 31 MARCH 2025

To achieve our objectives we need to attract and retain high performing senior management. Each position is benchmarked and salaries are positioned well below roles with similar responsibilities in the corporate sector. We conduct an annual salary review, with increases awarded for individual performance. We don't operate a bonus scheme.

Key to the success of the ICVI is the leadership of Professor Angus Dalgleish who has led the ICVI from the start. The Trustees consider that he is the sole person to be described as “key management personnel”. He receives no remuneration from the ICVI.

David McCormick

Financial Advisor’s Report ~~—~~

Highlights

2025 2024
Total Income £433,030 £260,774
Net(Deficit)/Gains including Investment Gains /(Losses) (£122,083) (£316,870)
Net Assets £993,795 £1,115,878
Unrestricted Funds £852,749 £946,240

The charities income is significantly above the prior year due to a large legacy received in the year. Operating costs for the year are 5% lower than the previous year at £547,097 and given the current inflationary environment, is a larger fall in real terms.

Expenditure on charitable activities (primarily the cost of funding research, clinical staff and the cost of research consumables) was 76% (2024 - 79%) of total expenditure, direct fundraising costs were 6% (2024 6%), with management, support and governance the remaining 18% (2024 15%).

The full year deficit of £122,083 has resulted in a similar decrease in reserves to £993,795 of which over 85% are unrestricted funds. The institute expects that a large part of the £141,046 of restricted funds will be used in the next two years.

Management and as reported last year, decided to hold all its reserves in cash or cash equivalents. As at 31 March 2025 the value of cash or cash equivalents totalled £1,150,248

The change in strategy was largely driven by the then uncertainties in the UK market and the desire to maintain short term capital value. This policy is reviewed annually.

Full financial

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YEAR ENDED 31 MARCH 2025

Fundraising Report Marie Dimond

ICVI Donations & Legacies from 1st April 2024 to 31st March 2025 ICVI Donations & Legacies from 1st April 2024 to 31st March 2025
Target
Income
Supporter Fundraising and Events
£39,847
In Memory Donations
£14,216
Legacy
£145,368
Charitable Trusts/Corporate Donations
£157,206
Friends
£15,373
Gift Aid & Other
£5,490
TOTAL £377,500

----- Start of picture text -----
ICVI Income 1st April 2024 to
31st March 2025 Income
| Supporter Fundraising and
Events
a In Memory Donations
a Legacy
a Major Donors
a Charitable Trusts/Corporate
Donations
a Friends
----- End of picture text -----

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YEAR ENDED 31 MARCH 2025

FUNDRAISING REPORT (continued) MARIE DIMOND, NON-STATUTORY DIRECTOR

We rely entirely on voluntary contributions to fund our pioneering research. We remain extremely grateful to those people and organisations who have remained loyal to ICVI by continuing to support us and also to our new supporters who helped us in the last year.

On behalf of the ICVI, and all the patients who will benefit from us in the future, we would like to extend our warmest thanks to all of our supporters, including:

If you are interested in supporting the Institute for Cancer Vaccines and Immunotherapy, please contact Marie Dimond on 020 7498 8263, marie@icvi.org.uk or visit our web site www.icvi.org.uk

The charity is aware of the Charities (Protection and Social Investment) Act 2016 and the Trustees support the aims of this legislation. The charity undertakes limited direct fundraising activity involving individual donors and does not share or purchase any donor data with or from third parties. During the year ended 31 March 2025 the charity did not receive any complaints in relation to fundraising or raise any matter with regulators.

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YEAR ENDED 31 MARCH 2025

The Trustees (who are also directors of the Institute for Cancer Vaccines & Immunotherapy for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 of the income and expenditure, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as we are aware:

The above report has been prepared in accordance with the provisions applicable to the small compan y’ s regime as set out in part 15 of the Companies Act 2006.

This report was approved by the Trustees on ____ and signed on its behalf by:

Reshma Ashraf Mason

Trustee

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VACCINES & IMMUNOTHERAPY

Opinion

We have audited the financial statements of the Institute for Cancer Vaccines & Immunotherapy for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Cash Flow Statement 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, w e have concluded 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 or parent company’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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and 3 our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report . Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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VACCINES & IMMUNOTHERAPY

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 company and their environment obtained in

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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:

17

VACCINES & IMMUNOTHERAPY

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

https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description

Use of our report

t 16 of the

law, we do not accept or assume responsibility to anyone other than the body, for our audit work, for this report, or for the opinions we have formed.

Neil Johnson (Senior Statutory Auditor)

Kings Parade, Lower Coombe Street Croydon, CR0 1AA

For and on behalf of Bryden Johnson Limited, Chartered Accountants and Statutory Auditors

Date:

18

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
Notes £ £ £ £
INCOME FROM:
Donations and legacies 254,310 123,190 377,500 199,498
Investment income 55,530 - 55,530 61,276
----------------- ----------------- ----------------- -----------------
Total income 309,840 123,190 433,030 260,774
----------------- ---------------- ----------------- ----------------
EXPENDITURE ON:
Raising funds 34,440 - 34,440 32,600
Charitable activities 360,875 151,782 512,657 545,044
------------------ --------------- ------------------ ---------------
Total expenditure 2 395,315 151,782 547,097 577,644
----------------- ---------------- ----------------- ----------------
Net income / (expenditure) before investment
(losses) (85,475) (28,592) (114,067) (316,870)
Net gain / (losses) on investments 7 (8,016) - (8,016) -
------------------ ------------------ ------------------ ------------------
Net movement in funds (93,491) (28,592) (122,083) (316,870)
Balance brought forward 1 April 2024 946,240 169,638 1,115,878 1,432,748
-------------------- ----------------- -------------------- -----------------
Balance carried forward 31 March 2025 12 852,749 141,046 993,795 1,115,878
========== ========= ========== =========

All activities relate to continuing operations.

All recognised gains and losses are included in the statement of financial activities.

Full comparative figures for the year ended 31 March 2024 are shown in note 18.

19

Company number: 03884777

BALANCE SHEET

AT 31 MARCH 2025

2025 2024
Note £ £ £ £
FIXED ASSETS
Tangible assets 6 445 841
Investments 7 1,150,248 1,250,595
-------------------- --------------------
1,150,693 1,251,436
CURRENT ASSETS
Debtors 8 9,480 26,064
Cash at bank and in hand 35,538 69,436
------------------ ------------------
45,018 95,500
CREDITORS: Amounts falling
due within one year 9 (201,916) (231,058)
------------------ ------------------
(156,898) (135,558)
--------------------- ---------------------
NET ASSETS 993,795 1,115,878
========= =========
Funds:
Unrestricted 10 852,749 946,240
Restricted 12 141,046 169,638
------------------ ------------------
993,795 1,115,878
========== ==========

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the Small Companies Regime within Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

The financial statements were approved and authorised for issue by the Trustees on ______ and were signed below on its behalf by:

Reshma Ashraf Mason

Trustee

20

STATEMENT CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
£ £
Cash from operating activities
Net cash (used in)/by operating activities (189,775) 178,848
Cashflows from investing activities
Purchase of fixed assets - (841)
Investment income received 55,530 59,075
----------------- -----------------
55,530 58,234
----------------- -----------------
Change in cash and cash equivalents in the year (134,245) 237,082
----------------- -----------------
Cash and cash equivalents at the beginning of the year 1,320,031 1,082,949
Cash and cash equivalents at the end of the year 1,185,786 1,320,031
======== ========
2025 2024
Net income/(expenditure) for the reporting period £ £
(as per the statement of activities) (122,083) (316,870)
Depreciation charges 396 304
Cash withdrawals (investments) - -
Dividends, interest and rent from investments (55,530) (59,075)
(Decrease) / Increase in creditors (29,142) 157,150
Decrease in debtors 16,584 397,339
-------------------- --------------------
(189,775) 178,848
========== ==========
Analysis of change in net funds
2025 2024
£ £
Cash at bank 35,538 69,436
Investments held as cash and short term funds 1,150,248 1,250,595
-------------------- --------------------
Total cash and cash equivalents 1,185,786 1,320,031
========== ==========

21

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

a. Statutory information

Institute for Cancer Vaccines & Immunotherapy is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is 1-4 Kings Parade, Lower Coombe Street, Croydon, CR0 1AA.

b. Basis of preparation

The financial statements have been prepared in accordance with 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 2019 FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The accounts are prepared in Sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

c. Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d. Going concern

concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e. Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

f. Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use of the by the charity of the item is probable and that economic benefit can be measure reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so

22

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recognised in expenditure in the period of receipt.

g. Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

h. Fund accounting

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Unrestricted funds these are funds which can be used in accordance with the charitable objects

i. Expenditure and irrecoverable VAT

Expenditure, including project payments, is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the charity associated with attracting voluntary income to finance its charitable objectives.

Expenditure on charitable activities includes all costs incurred by the centre in the delivery of its activities and services for its beneficiaries undertaken to further the purposes of the charity and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j. Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity. Where information about aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with the publicity are allocated to charitable expenditure. Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on a suitable basis. Support and governance costs are re-allocated to each of the activities on a basis consistent with the use of resources.

activities. Governance costs comprise direct costs for the statutory and governance expenditure of the charity.

k. Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

23

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

l. Tangible assets

Tangible fixed assets are carried at cost, net of depreciation and any provisions for impairment. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office Furniture 33 1/3% straight line Clinical Equipment 33 1/3% straight line

m. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less or less from the date of acquisition or opening of the deposit or similar account.

o. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p. Employee benefits

received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

q. Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

r. Judgements and key sources of estimation uncertainty

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees are satisfied that the only significant estimates or judgements that has been used in the current year is with regards to the depreciation applied to fixed assets.

24

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2. EXPENDITURE 2025 2024
£ £
(a) Raising funds(all unrestricted)
Fundraising salaries including national insurance 102,726 97,808
Travel, subsistence and related expenses 126 104
Events, committee meetings etc. 437 961
Marketing and public relations 3,060 2,192
Personnel costs allocated to Charitable & Support (71,909) (68,465)
---------------- ----------------
34,440 32,600
---------------- ----------------
(b) Charitable activities:
Contribution to research facility at St George’s University ofLondon
- Staff including recruitment (restricted) 151,782 261,448
- Staff including recruitment (unrestricted) 202,442 120,783
- Consumables (restricted) - 22,965
Personnel costs allocated to charitable expenditure (unrestricted) 41,091 39,123
Conference, travel and subsistence (unrestricted) 5,411 -
Equipment maintenance (unrestricted) 12,541 12,415
----------------- -----------------
413,267 456,734
---------------- ----------------
(c) Support(all unrestricted)
Rent, rates, and utilities 23,392 22,486
Telephone, printing, postage and stationery 15,942 10,521
Insurance 3,668 3,568
Bank and investment charges 3,860 2,452
Depreciation 396 304
Personnel costs allocated to administration 30,818 29,342
Governance
Other professional costs		 6,175 3,921
Governance
Accountancy and audit		 Accountancy and audit 15,139 15,716
---------------- ----------------
99,390 88,310
---------------- ----------------
Total 547,097 577,644
======== ========
3. STAFF COSTS 2025 2024
£ £
Wages and salaries 92,435 90,069
Social Security Costs 5,245 4,919
Pension contributions 4,911 2,702
---------------- ----------------
102,591 97,690
======== ========

One employee received remuneration of £70,000 or greater in the band £70,000 - £80,000. The total cost to the employer of remunerating key management was £77,088 (2024: £75,515). The average number of full time employees during the year was: 2 (2024: 2).

25

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

4. NET MOVEMENT IN FUNDS 2025 2024
£ £
This is stated after charging:
Depreciation 396 304
Auditors’ remuneration 9,925 9,500
======== ========

5. TRUSTEES’ REMUNERATION AND REIMBURSED EXPENSES

None of the Trustees received any remuneration and expenses reimbursed to trustees totalled £Nil (2024: £Nil) during the year.

The Trustees are covered under a Trustees liability policy. The charge within these accounts is £2,906 (2024: £2,845) in respect of this policy.

6.

7.

TANGIBLE FIXED ASSETS Office furniture Clinical
and equipment equipment Total
£ £ £
Cost
At 1 April 2024 7,618 153,090 160,708
Additions in year - - -
Disposals in year - - -
------------- ---------------- ----------------
As at 31 March 2025 7,618 153,090 160,708
------------- ---------------- ----------------
Depreciation
At 1 April 2024 6,777 153,090 159,867
Charge for the year 396 - 396
Eliminated on disposal - - -
-------------- --------------- ----------------
At 31 March 2025 7,173 153,090 160,263
-------------- -------------- ----------------
Net Book Value
At 31 March 2025 445 - 445
====== ======== ========
At 31 March 2024 841 - 841
====== ======== ========
INVESTMENTS 2025 2024
£ £
Market value at 1 April 2024 1,250,595 1,060,520
Additions 155,644 306,000
Investment Management Fee (3,505) (2,201)
Cash withdrawals (300,000) (175,000)
Investment income 55,530 61,276
Unrealised (loss)/profit on investments (8,016) -
------------------- -------------------
Market value at 31 March 2025 1,150,248 1,250,595
========= =========

Investments at 31 March 2025 are held as cash of £1,012,896 (2024: £1,250,595) and in a multi-asset investment fund with a market value of £137,352 (2024: £Nil).

26

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

8. DEBTORS 2025 2024
£ £
Prepayments and accrued income 4,530 20,483
Gift Aid Due 950 1,581
Other debtors 4,000 4,000
---------------- ----------------
9,480 26,064
======= =======
9. CREDITORS: AMOUNTS FALLING 2025 2024
DUE IN LESS THAN ONE YEAR £ £
Accruals and deferred income 194,275 221,748
Other creditors 7,641 9,310
---------------- ----------------
201,916 231,058
======== ========
10. UNRESTRICTED FUNDS 2025 2024
£ £
General
At 1 April 2024 946,240 1,081,249
(Deficit) for the financial year (93,491) (135,009)
-------------------- ---------------------
At 31 March 2025 852,749 946,240
========== ==========

11. OPERATING LEASE COMMITMENTS

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:

2025 2024
£ £
12,059 23,842
========== ==========

27

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

12. ANALYSIS OF NET MOVEMENT IN FUNDS

Restricted funds

Total funds Total Total Transfers Total funds
brought incoming resources Between carried
forward as resources expended Funds forward as at
at 1 April and gains and losses 31 March
2024 on on 2025
investments investments
£ £ £ £ £
-
General Research - 3,000 - (3,000) -
Prostate Cancer Research 131,293 - (25,834) 3,000 108,459
Alberto Clinical 24,582 76,050 (98,308) - 2,324
Imperial Ovarian - 10,510 (10,510) - -
Helen Feather Project 13,763 16,500 - - 30,263
Wai Lui LDN - 17,130 (17,130) - -
-------------------- ------------------ ------------------ ------------------ --------------------
Total restricted funds 169,638 123,190 (151,782) - 141,046
========= ========= ========= ========= =========
Unrestricted funds 946,240 309,840 (403,331) - 852,749
Total funds 1,115,878 433,030 (555,113) - 993,795
========= ========= ========= ========= =========
Restricted funds (prior year)
Total funds Total Total Transfers Total funds
brought incoming resources Between carried
forward as resources expended Funds forward as at
at 1 April and gains on and losses in 31 March
2023 investments investments 2024
£ £ £ £ £
Checkpoint Blockade Project 23,467 8,100 (31,567) - -
Prostate Cancer Research 178,123 - (46,830) - 131,293
SGUL Ovarian 20,950 - - (20,950) -
Imperial Ovarian 7,069 30 (28,049) 20,950 -
Helen Feather Project 13,665 98 - - 13,763
Alberto Clinical 50,000 85,974 (111,492) 100 24,582
General Research 58,225 8,250 (66,475) - -
Melanoma - 100 - (100) -
-------------------- ------------------ ------------------ ------------------ --------------------
Total restricted funds 351,499 102,552 (284,413) - 169,638
========= ========= ========= ========= =========
Unrestricted funds 1,081,249 158,222 (293,231) - 946,240
Total funds 1,432,748 260,774 (577,644) - 1,115,878
========= ========= ========= ========= =========

28

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

The Prostate Cancer fund is to fund research into any area that might help with the understanding or treatment of that cancer.

The Alberto Clinical fund is used to help fund the Alberto Clinical project.

Ovarian cancer fund helps fund research into any area that might help with understanding or treatment of this cancer.

General Research fund can be used for any research work deemed appropriate by the ICVI.

Unrestricted income includes £155,644 received in respect of a legacy during the year (2024: £Nil).

13.

ANALYSIS OF NET ASSETS Unrestricted Restricted Total
BETWEEN FUNDS Funds Funds
£ £ £
Fund balances at 31 March 2025 are represented by:
Tangible assets 445 - 445
Investments 1,054,220 96,028 1,150,248
Net current assets/(liabilities) (201,916) 45,018 (156,898)
----------------- ----------------- -------------------
852,749 141,046 993,795
======== ======== =========
Fund balances at 31 March 2024 are represented by:
Tangible assets 841 - 841
Investments 1,176,457 74,135 1,250,595
Net current liabilities (231,058) 95,500 (135,558)
----------------- ----------------- -------------------
946,240 169,638 1,115,878
======== ======== =========

14. LEGAL STATUS OF THE CHARITY

The charity is constituted as a company limited by guarantee and has no share capital. The liability of the members is limited to the sum of £1.00 per member.

15. TAXATION

The Institute for Cancer Vaccines & Immunotherapy is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

16. RELATED PARTY TRANSACTIONS

A trustee was also a trustee of a charity which made a donation of £5,000 in the year (2024: £Nil).

29

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

17. PENSION CONTRIBUTIONS AND COMMITMENTS

The ICVI contributes to a defined contribution scheme for staff. The pension charge for the year includes contributions payable to the scheme of £4,911 (2024: £2,702).

18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (2024)

Unrestricted Restricted Total
Funds Funds Funds
2024 2024 2024
Notes £ £ £
INCOME FROM:
Donations and legacies 96,946 102,552 199,498
Investment income 61,276 - 61,276
----------------- ----------------- -----------------
Total income 158,222 102,552 260,774
----------------- ---------------- -----------------
EXPENDITURE ON:
Raising funds 32,600 - 32,600
Charitable activities 260,631 284,413 545,044
------------------ --------------- ------------------
Total expenditure 2 293,231 284,413 577,644
----------------- ---------------- ----------------
Net income/(expenditure) before investment
(losses) (135,009) (181,861) (316,870)
Net (losses) on investments 7 - - -
------------------ ------------------ ------------------
Net movement in funds (135,009) (181,861) (316,870)
Balance brought forward 1 April 2023 1,081,249 351,499 1,432,748
-------------------- ----------------- --------------------
Balance carried forward 31 March 2024 10,12 946,240 169,638 1,115,878
========== ========= ==========

30