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2021-03-31-accounts

Beating cancer, now and in the future

Annual Report and Accounts 2020/21

Together we will beat cancer

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Introduction Overview Trustees' report Financial statements Additional information

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1 in 2 of us will
get cancer in
our lifetime. But
with our ongoing
determination and
life-saving research,
we will beat it
 Ahmad AS et al, British Journal of Cancer, 2015
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Contents

1. Introduction

4 Who we are 6 What we do

8 Where we do it

10 Our legacy 12 Our priorities 14 2020/21 highlights 2.Overview

16 Chair’s statement 20 Chief Executive’s statement 20 Chief Executive’s statement

  1. Trustees’ report 69 Our people 72 The challenges we’ve faced Strategic report 74 Our fundraising practices 24 Financial review 77 Principal risks and 32 Our annual research activity uncertainties Spotlight on… 84 Environmental, social and 36 Steering a course through governance report the pandemic 104 Statement of Trustees’ 42 39 Leading the way to responsibilities Tackling cancer on 151 a global scale early diagnosis 106 Independent auditors’ report For you, thanks to you, 42 Tackling cancer on a to the Members and Trustees because of you global scale of Cancer Research UK What we’ve achieved 5. Additional 46 Preventing cancer 4. Financial information 49 Detecting and statements diagnosing cancer 150 Reference and 52 Developing new treatments 112 Consolidated statement administrative details 55 Optimising existing treatments of financial activities 151 For you, thanks to you, How we achieved it 113 Group and Charity because of you 49 60 The research environment balance sheets 157 Find out more and Detecting and 114 Consolidated statement get involved 63 Working with, and for, diagnosing cancer people affected by cancer of cash flows 66 Fundraising and trading 116 Notes to the accounts

Introduction Overview Trustees' report Financial statements Additional information

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5

Who we are

Taking on cancer, together

Cancer Research UK is the world’s leading charity dedicated to saving lives through research, influence and information.

Cancer poses a huge and growing challenge, with the number of people around the world who receive a diagnosis each year expected to rise dramatically, from 17 million in 2018 to 27.5 million by 2040.

In the 1970s, fewer than 1 in 4 people in the UK with cancer survived. But over the last 40 years, thanks to research, that figure has doubled. Our ambition is to accelerate progress and, by 2034, see 3 in 4 people surviving the disease for 10 years or more.

Our vision is to bring forward the day when all cancers are cured, from the most common types to those that affect just a few people.

Achieving our mission to beat cancer requires a transformation in the way that it is prevented, diagnosed and treated. This in turn relies on improving our understanding of cancer through the highest-quality discovery research.

None of this life-saving work would be possible without the generosity of our supporters and the strength of our outstanding volunteers, staff and people affected by cancer.

We have decades of proof of the impact of our life-saving work Our research We helped We were a key We helped Over the last has played prove the value player in the prove the 40 years, a role in of cervical development link between our work developing 8 screening, which of radiotherapy, tobacco has helped of the world’s now prevents which now and cancer, double top 10 cancer thousands of benefits more preventing breast cancer drugs deaths every than 130,000 millions survival year patients every of deaths year in the UK worldwide

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Overview

Trustees' report

Additional information

Introduction

Financial statements

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What we do Saving lives through research

To achieve our ambition, we’re pioneering new ways to prevent, diagnose and treat cancer, and empowering patients, policymakers and the public to make sure advances in research improve outcomes for people affected by cancer.

We do this through the three key pillars of our work:

We focus our efforts on understanding the biology of cancer and on the areas where we can make the biggest difference, including cancers of unmet need, early detection and diagnosis, and prevention.

In this report we set out the progress we’ve made against these objectives in 2020/21, and how our four ‘strategic enablers’ – the research environment, working with and for people affected by cancer, our fundraising, and our people – have helped us to achieve this. We also discuss the challenges we’ve faced this year.

Our strategy focuses on four key objectives: preventing cancers, diagnosing cancer earlier, developing new treatments, and optimising cancer treatments to make them more effective for each patient.

Our vision

To bring forward the day when all cancers are cured

Our ambition To accelerate progress and by 2034 see 3 in 4 people surviving cancer for 10 years or more

TopicOur objectivesDescription

Page

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Prevent Reducing people’s risk of Page 46
developing cancer
Detect and diagnose Spotting cancers earlier Page 49
Treat Developing new cancer treatments Page 52
Optimise Making cancer treatments more Page 55
effective for each patient
How we do it
Topic Description Page
Research Creating an environment that enables Page 60
environment and supports world-class research,
translation and innovation
Engagement Working with people affected by cancer, Page 63
policymakers and the public
Fundraising and Providing the finance for our work on Page 66
trading beating cancer
Our people Our staff and volunteers Page 69
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Introduction Overview Trustees' report

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Financial statements Additional information

Where we do it Our world-class research network

Our UK-wide research network

research – getting cutting-edge discoveries from the laboratory to patients. They also drive new research and the training of the next generation of scientists and cancer doctors.

Cancer Research UK’s world-class research network provides the foundations for scientists to collaborate across the different research sites, carrying out everything from laboratory studies to large-scale clinical trials.

Drug Discovery Units

Scientists at our four core-funded Drug Discovery Units and our Therapeutic Discovery Laboratories have extensive experience and expertise in different areas of drug discovery. They work together to turn discoveries made in our laboratories into new cancer treatments.

Institutes

Laboratory research at our four core-funded Institutes underpins our efforts to understand and tackle cancer. Our funding provides scientists with the long-term support, technology and equipment to carry out high-impact research. The Institutes play an important role in recruiting and retaining world-class researchers, promoting collaboration and developing future leaders.

Centre for Drug Development

Our Centre for Drug Development specialises in making promising new treatments available to people with cancer. Teams of experts collaborate with pharmaceutical and biotechnology companies, along with the research community, to translate scientific

Centres

Our 15 Centres bring together research teams from local universities, NHS Trusts and other research organisations to focus on translational

discoveries into cutting-edge therapies. You can find out more on how we partner with

pharmaceutical and biotechnology companies on our website cruk.org/our-accounts.

Experimental Cancer Medicine Centres

We co-fund a network of 18 Experimental Cancer Medicine Centres (ECMCs) for adults, and a paediatric network of 11 locations. World-leading doctors, research nurses and technical staff at these Centres drive the development and testing of new treatments, giving patients access to new treatments and diagnostic technologies while delivering key clinical and translational research.

Clinical Trials Units

We fund eight Clinical Trials Units with expertise in designing and delivering large-scale cancer clinical trials. Their practice-changing clinical research helps to improve the care and outcomes for cancer patients around the world.

Our worldwide network

Through programmes like Cancer Grand Challenges, we bring together leading scientists from across the globe to carry out groundbreaking research. We also work with other research funders, cancer societies and governments around the world to pool resources and accelerate progress towards beating cancer.

For further information, see cruk.org/our-research-locations

Our world-class research network:

4 Institutes 15 Centres and Major Centres 8 Clinical Trials Units 18 ECMCs 4 Drug Discovery Units 11 Paediatric ECMCs

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Edinburgh
Glasgow World-class research taking place
Newcastle in 16 cities around the UK
Belfast Other research sites
Leeds
Manchester
Liverpool [Sheffield]
Leicester
Birmingham
Cambridge
Oxford
Cardiff [Bristol]
London
Southampton
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10 Introduction Introduction Overview Trustees' report Financial statements Financial statements Additional information Additional information 1
Our legacy
Over a century
of progress
Our story begins in
1902 with the founding
of the Imperial Cancer
Research Fund, focusing
on laboratory work to
fnd new approaches to
treating cancer.		 1 in 4
surviving		 2 in 4
surviving
cancer cancer
1923 1940s 1970 1980s 1990s 2001 2002 2004 2007 2009 2010 2013 2015 2015 2017 2018 2019 2020
Our scientists Our researchers Cancer Our scientists We help discover We launch the Imperial Cancer Our scientists Thanks to our We show that a We announce We launch the We launch We launch our The Francis Crick We announce We launched Olaparib, a drug
pioneer early help kick-start Research develop brain and develop frst UK trial of a Research Fund fgure out the infuencing more targeted results of a major revolutionary Add-Aspirin, the Grand Challenge Institute – which two Brain our £55m discovered and
radiotherapy – the era of Campaign tumour drug abiraterone, a drug vaccine against and Cancer shape of the work, smokefree radiotherapy trial showing TRACERx study, world’s largest awards, we partly fund Tumour Centres international developed by
a cornerstone chemotherapy, is formed, temozolomide. that helps men with the virus that Research faulty version of legislation is technique, that bowel tracking how clinical trial, which unite with fve other of Excellence Alliance for our researchers,
treatment saving discovering focusing Our laboratory advanced prostate causes cervical Campaign merge the BRAF protein, rolled out across called IMRT, can screening could cancers evolve aiming to fnd international organisations – and begin Cancer Early is made more
thousands new chemicals on testing science lays the cancer live longer. cancer. Today, to form Cancer which drives the UK, helping treat head and save thousands within the body. out if aspirin teams of diverse opens its doors. recruiting Detection widely available
of lives and that led to the new cancer foundations for We help to fund a vaccination Research UK, cancer cells to prevent neck cancer of lives. can prevent researchers We fund the patients to to develop to people with
alleviating development treatments breast cancer EPIC, a study on programme has becoming the to grow. This thousands with fewer side some of the to take on frst four Grand new pancreatic innovative ovarian cancer.
sufering today. of three drugs in patients. drug Herceptin. the role of diet in been rolled out UK’s largest underpins the of premature efects. most common the toughest Challenge teams. cancer trials. new ways to
still used today: cancer risk. This across the UK, cancer research development of deaths. cancers from challenges in detect cancer.
melphalan, paves the way for which should charity and BRAF-blocking coming back. cancer research.
busulfan, and discoveries that prevent many shifting the UK’s drugs such as
chlorambucil. are helping people cases of cervical cancer research vemurafenib for
reduce their risk of cancer. landscape. melanoma.
cancer today.

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Introduction Overview Trustees' report Financial statements Additional information

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Our priorities For right now, for the future

Alongside our long-term strategy, we have developed a set of objectives that will guide us through our recovery from the COVID-19 pandemic.

We are making a difference right now – getting research back up and running, finding new ways for people to engage with us and supporting our community – while investing for the future and transforming our charity for a changing world.

We identified six key objectives and how we will achieve them

  1. Influence cancer services and research

  2. Maximise research impact

We are reshaping our research model to reduce our research spending to £320m in 2021/22, down from the roughly £370m we had spent annually in the previous two years. We will continue to be ambitious and innovative, supporting the best cancer research at scale and partnering with organisations around the world to drive innovation.

We will focus on influencing the recovery of cancer services and clinical research in the wake of COVID-19, and supporting people affected by cancer. We will continue to make early detection and diagnosis a priority, following on from the publication of our cross-sector Early Diagnosis and Detection of Cancer Roadmap, including big data and artificial intelligence.

  1. Reposition for growth

Our immediate priority is delivering in-year income while laying the foundations for future growth. We will reshape our fundraising portfolio and grow philanthropic giving. We plan to return to sustainable growth in 2022/23.

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4. Engage people
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Digital communication has become much more important during the pandemic and will remain so afterwards. We will make better use of digital technology to manage our relationships, especially with supporters, making it simpler, easier and more convenient to deal with us online.

  1. Strengthen our relationships

  2. Reshape our

  3. operating model and reduce costs

Our impact comes from our relationships with supporters, We will get the most from our researchers, staff, volunteers, spending, reduce our costs and partners and others. We will improve our ability to respond strengthen these relationships to changes in our environment. with a focus on staff We have committed to engagement and equality, reducing non-research diversity and inclusion (EDI). spending by £30m per year by restructuring some of our teams and continuing to look for further opportunities to be more efficient.

Overview Trustees' report Financial statements Additional information

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Introduction

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2020/21 highlights

Despite the challenges, we’ve made striking progress this year...

Our insights and campaigning helped the government to keep cancer services operating safely throughout the pandemic.

Working in partnership with the Obesity Health Alliance, we influenced the UK Government to restrict junk food marketing and price promotions in its obesity strategy.

Cytosponge, the ‘sponge on a string’ test for Barrett’s oesophagus, a condition that increases the risk of oesophageal cancer, proved so successful that during the pandemic, it was used by some GPs to identify people who needed further testing.

We partnered with the US National Cancer Institute to launch Cancer Grand Challenges, inviting diverse groups of researchers from around the world to take on the toughest challenges in cancer research.

We developed a roadmap to early detection and diagnosis, setting out how we can improve survival outcomes across the UK through detecting and diagnosing cancer earlier.

We funded eight new awards in paediatric cancers, five of them co-funded by Children with Cancer UK, on topics such as developing a new immunotherapy for leukaemia.

Our partnership with Pancreatic Cancer UK and the Engineering and Physical Sciences Research Council resulted in five new projects to detect pancreatic cancer earlier.

A major trial by our researchers in Southampton showed that people with relapsed mesothelioma, an aggressive cancer linked to asbestos, could benefit from the immunotherapy drug nivolumab.

...and we’ll never stop working until all cancers are cured

Our biggest ever study of lung cancer, TRACERx, continues to reveal clues to better treatments, including the discovery of how the body’s immune cells are ‘worn out’ trying to attack cancer cells.

Children and young people whose cancer has come back can now access genetically personalised treatments via our new eSMART trial.

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Overview

Trustees' report Financial statements Additional information

Introduction

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Chair’s statement

Professor Sir Leszek Borysiewicz

Our power comes from our collective strength. At the most difficult of times, we all pulled together with absolute conviction in our mission and our work Professor Sir Leszek Borysiewicz

In the past year, COVID-19 has disrupted treatment for people with cancer, our vital research and us as an organisation.

Thankfully, the situation in the UK and for us as an organisation seems to be improving. We have a plan in place for how we will recover and adapt to a changed world, and we can say confidently that we are on a strong footing to take on the challenges ahead. With that in mind, I am writing this with a measure of optimism. We have come through an extremely difficult period, demonstrated our resilience, and have plenty to celebrate from the past year and plenty to look forward to in the years ahead.

need and invested heavily in it. Our flagship project was the nine-year, £14m TRACERx study, which aims to study the evolution of lung cancer tumours over time. This year, TRACERx produced a number of exciting results, including suggesting earlier ways to predict which patients could relapse following treatment, and how to harness the immune system to boost treatment. Just as the decision we made in 2014 to dial up our work on lung cancer is paying dividends six years later, so the support we receive and the research we fund today could be the key to groundbreaking advances tomorrow.

I was extremely proud of the part our researchers at the Francis Crick Institute

played in the fight against COVID-19 – from contributing to our understanding of the coronavirus’ spike protein (which is the target of all current vaccines), to repurposing their facilities to create testing and vaccination centres. Many staff volunteered to help in their free time and I would like to thank them all for their incredible efforts.

The global vaccination drive has demonstrated the importance of big, ambitious science and international cooperation, and we are building on this to have an even greater impact on cancer. Our partnership with the US National Cancer Institute to create our new Cancer Grand Challenges platform is just such an

cancer. Our partnership with the US National We wouldn’t be able to do any of this without Cancer Institute to create our new Cancer our wonderful supporters, partners, staff and Grand Challenges platform is just such an researchers. Our power comes from our initiative, supporting teams of researchers from collective strength, and at the most difficult across the world to take on cancer’s toughest of times, we all pulled together with absolute challenges. Global collaboration like this has conviction in our mission and our work. I the power to revolutionise our understanding want to say a particular thank you to all our of cancer, which is especially important at supporters for your incredible and innovative a time when we are trying to optimise our fundraising efforts over the past year. It was research funding. In the coming year we can also heartening to see that in such a difficult look forward to short-listing the best proposals year we managed to grow our philanthropic to tackle nine new challenges, as well as income. We are extremely grateful to each and hearing about the exciting progress from the every one of our philanthropic donors for their teams we are currently supporting. support and the confidence they have shown in our work.

As with all research, the investment we make now will pay out in the years and decades to come. We can see this with one of our most striking research successes this year – our TRACERx project. In 2014, we identified lung cancer as a cancer of unmet

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Trustees' report

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Additional information

Financial statements

I would also like to thank our outgoing Trustee Professor Sir Stephen Holgate for everything he has contributed over the past seven years, and especially over the past year. His contribution as Chair of the Research Committee when we had to make difficult decisions about our research, as well as his support to the Executive Team, has been invaluable. We also welcome four new Trustees: Professor Pamela Kearns, Joanne Shaw and Dr Robert Easton in 2020/21, and Bayo Adelaja at the start of 2021/22. They bring with them an incredible wealth of experience across clinical medicine, research, management, finance, technology, and equality, diversity and inclusion (EDI). I am sure they will be a huge asset to the organisation in the years ahead.

We have come through an unprecedented year, and we should take heart from our resilience. We will need it in the years to come. Cancer hasn’t gone away or been furloughed, and the pandemic makes our challenge even greater than before. With your help and support, we’re more determined than ever to beat it.

Professor Sir Leszek Borysiewicz Chair

As with all research, the investment we make now will pay out in the years and decades to come. The support we receive and the research we fund today could be the key to groundbreaking advances tomorrow Professor Sir Leszek Borysiewicz

Overview

Introduction

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Overview

Trustees' report Financial statements Additional information

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Introduction

Chief Executive’s statement

Michelle Mitchell, OBE

Just as research has proven to be the exit strategy from the pandemic, so we are firm in our belief that research will be the key to improving cancer outcomes Michelle Mitchell

Cancer Research UK has been through world wars, recessions and other periods of major disruption, yet these last 12 months have been one of the most challenging periods in our history – and certainly my hardest as a chief executive.

At the start of the year we were just weeks into the first lockdown. We moved quickly to keep our staff and volunteers safe by closing our shops and offices, and to keep as much of our life-saving research going as possible. We were a vital source of information and advocate for

people affected by cancer, joining forces with other charities to ensure their voice

and concerns were heard. We navigated a significant drop in our income and implemented emergency measures to ensure our financial sustainability, buying us the time to develop a plan that would shape our recovery from the pandemic.

That plan is now in place. It sets out how we will stay at the forefront of the global fight against cancer and adapt to a changed world, while continuing to make at least 80p in every £1 we raise available to spend on research into beating cancer. However, with our income originally forecast to be down by £300m over a three-year period, we were forced to make difficult but necessary cuts to our research and reduce the number of roles across the organisation.

So far, we have not only kept pace with our ambitious plans – we have outperformed them. We have made fewer redundancies thanks to vacancy management, and we have raised more money than expected. We now expect the downturn in our income to be £250m over a three-year period, rather than £300m, which has allowed us to set a research budget of £320m for the year ahead.

Of course, this fall in income is still significant and will mean we see fewer discoveries and slower progress in our fight against cancer. But our plan was always about more than just cuts. We know that the organisations

that succeed in a crisis are those that are not

afraid of change, adapt quickly and seize the opportunities before them. So, we are becoming a more agile organisation and investing in digital transformation and global philanthropy. And we are building a more open, transparent and inclusive culture, with the publication of our first organisational equality, diversity and inclusion strategy.

We are confident that we have the right plan and people in place, and we are undaunted by challenges ahead. And we will need to be, because the past year has made our mission harder. Cancer didn’t stop for the pandemic, and we have seen a devastating impact on people affected by cancer. Tests and treatments were postponed or cancelled, clinical research ground to a halt and fewer patients came forward with signs and symptoms, suggesting that we will see the impact of the pandemic for years to come. Without targeted and serious action, cancer survival could go backwards for the first time in decades. Our task now is to reset cancer as the urgent issue that it is, ensuring this crisis is used as an opportunity to redouble our efforts.

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But we also have cause for optimism. In a year dominated by vaccine news, trial results confirmed that the HPV vaccine could reduce people’s cervical cancer risk. And we laid the foundations for future progress through Cancer Grand Challenges, which is supporting diverse teams of researchers to collaborate globally to solve some of cancer’s great unanswered questions.

The past year has done more than any other to demonstrate the value of world-class science and international collaboration. Just as research has proven to be the exit strategy from the pandemic, so we are firm in our belief that research will be the key to improving cancer outcomes – and that Cancer Research UK will be at the heart of that progress.

We stand on the shoulders of decades of progress made by our world-leading researchers. The strides we made this year, amid unprecedented disruption, demonstrate the strength of our community and our vision. The world-class research that we fund will keep making transformative steps in the prevention, diagnosis and treatment of cancer, and I firmly believe that we will remember this as a tough few years in a much longer history at the forefront of the global fight against cancer.

Of course, none of this would be possible without the support of our incredible community. In a year when most of our fundraising activities were put on hold, our

supporters and partners went the extra mile, taking on virtual challenges and thinking up innovative new ways to raise money. And despite all the difficulties and obstacles they faced, our staff, researchers and volunteers have worked tirelessly to make progress towards beating cancer. To everyone who has played a part in our success over the past year, thank you. Your support means more than ever. Michelle Mitchell, OBE Chief Executive

We are confident that we have the right plan and people in place, and we are undaunted by challenges ahead Michelle Mitchell

Trustees’ report Strategic report 24 Financial review 32 Our annual research activity

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Overview Trustees' report Financial statements Additional information

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Introduction

Trustees' report

Strategic report Financial review

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Note 2021 2020 Change Change
£m £m £m %
Legacy income 3a 213.5 184.4 29.1 16%
Donations and events income 3a 200.8 238.9 (38.1) (16%)
Charitable activities income 3b 97.9 117.9 (20.0) (17%)
Investment and other income [1] 3d 10.7 6.6 4.1 62%
Total income (excluding trading income) 522.9 547.8 (24.9) (5%)
Fundraising expenditure 4a (68.6) (94.8) 26.2 (28%)
Total net income 454.3 453.0 1.3 0%
% of donations available to beat cancer 86.9% 82.7% 4.2% 5%
Trading net (expenditure)/income [2] 3c, 3d, 4b (23.6) 10.1 (33.7) (334%)
Cancer research (388.0) (468.4) 80.4 (17%)
Cancer information and influencing (31.4) (42.2) 10.8 (26%)
Total charitable expenditure 5 (419.4) (510.6) 91.2 (18%)
Net income/(expenditure) before
11.3 (47.5) 58.8 (124%)
investment gains and losses
Total income (excl. trading income) 522.9 547.8 (24.9) (5%)
Trading-related income 59.0 108.3 (49.3) (46%)
Total Income 581.9 656.1 (74.2) (11%)
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Notes

[1] Investment and other income comprises income from investments of £4.6m (2020: £6.1m), other income of £1.6m (2020: £0.5m) and income from the Coronavirus Job Retention Scheme pertaining to non-Trading activities of £4.5m (2020: £nil)

[2] Trading net (expenditure)/income comprises income from trading activities of £47.7m (2020: £107.9m), income from the coronavirus government support pertaining to Trading of £11.3m (2020: £0.4m) and expenditure on raising funds from trading activities of £82.6m (2020: £98.2m)

Overview

At the start of the 2020/21 financial year, we faced significant uncertainty about the impact of the pandemic on our fundraising activities, and therefore on the funding available for research.

By July 2020, we completed a major financial reforecasting exercise. We feared our drop in income would be as much as 30% from our original plans for 2020/21 and as a result made the difficult decision to make immediate cuts and plan a new budget, moving towards a lower but sustainable level of research funding

by 2023/24.

We took immediate action to reduce our cost base, including reducing pay for all staff by 20% for four months, furloughing 60% of our staff and applying stringent cost-saving measures across the Charity. We embarked on a restructuring exercise to save the Charity £30m per annum by reducing planned headcount by 20%; this started in summer 2020 and will conclude in summer 2021.

We benefited from an incredible response from our supporters, enabling us to perform better than anticipated, generating a total of £582m in income this year. This was £74m less than the previous year (2019/20: £656m), a fall of 11%. After accounting for the costs of raising funds (£69m, down £26m on 2019/20), the net contribution from our fundraising was in line with 2019/20 at £454m (2019/20: £453m). After spending £419m on our charitable activities we have ended the year with a Group surplus of £11m.

We initially expected to see a reduction in income of £300m over a three-year period between 2020/21 and 2022/23; we now expect that figure to be £250m. As a result of our cost-saving measures, coupled with our supporters giving more, we are in a stronger financial position today than we predicted a year ago. However, we face ongoing uncertainty as the country continues to emerge from the pandemic and we therefore approach the coming year cautiously. The total reduction in income to the Charity remains significant and income is unlikely to return to pre-COVID levels until 2022/23 at the earliest.

Our income

Legacy income

Legacies continue to be our largest source of income at £213m, representing over a third of our fundraising income and an increase of £29m, or 16%, on the previous year’s £184m. Legacy income outperformed

our expectations in the year, which was in part due to HM Courts & Tribunal Services working through a known backlog of legacy notifications, allowing us to process significantly more legacy notifications than we had anticipated; this is expected to be a one-off upside. Legacy gift amounts were also higher as a result of the economy performing better than we had expected at the start of the pandemic, making the value of gifts of shares and property higher than anticipated.

Donations and events income

This year we were able to raise over £200m from donations and events, far exceeding our expectations and only £38m less than the £239m we raised in 2019/20.

We have been amazed by the generosity of our supporters – including regular givers, philanthropic donors and corporate partners – who have donated £186m, continuing to support us when our face-to-face and mass fundraising events were cancelled or postponed. They gave to our COVID-19 appeals, joined us on Facebook challenges (including Walk All Over Cancer, which raised £20m, an increase of £17m compared to the previous year), and donated over £5m through Stand Up To Cancer, despite the cancellation of the telethon in October 2020.

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Introduction Overview

Trustees' report Financial statements Additional information

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Despite having to cancel our annual mass Income fundraising events, virtual alternatives (such as Race for Life at Home) raised £15m in total. £m Though this is a reduction of 70% on the £48m 800 in the previous year, and £25m less than last £656m year’s Race for Life, it was an outstanding result £582m Royalties given the circumstances. While we also saw a 600 and grants significant reduction in income of £12m from Trading our sports events and Shine marathon, all of 400 Investments which had to be postponed to 2021/22, it has been heartening to see so many long-standing supporters signing up for future events. 200 Fundraising Our partners and philanthropists have been exceptionally generous in responding to our 0 appeals with new gifts and by bringing 2019/20 2020/21

Income

Our partners and philanthropists have been exceptionally generous in responding to our appeals with new gifts and by bringing forward pledges.

Charitable activities income

We license intellectual property from our researchers’ discoveries and over time this has led to a substantial income stream from successful innovations which have also improved cancer survival.

Expenditure

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£m
800
£704m
600 £571m
Information
and influencing
400
Research
200
Trading
Fundraising and
0
investments
2019/20 2020/21
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Over the year, we received £98m in royalties and grants (£20m less than the previous year’s £118m). After the expiry of its US patent, our prostate cancer drug abiraterone (Zytiga) lost global market share to generic drugs and, as a result, sales reduced by 22% to £59m (2020: £76m). This represents 61% (2019/20: 65%) of our royalty and grants income. Royalties from our two PARP inhibitor drugs that were launched in recent years, olaparib (Lynparza) and rucaparib (Rubraca), are still increasing.

Charitable expenditure

Cancer research

Of our total charitable activity expenditure of £419m, we committed £388m towards cancer research, a reduction of £80m from the previous year.

We made the difficult decision to reduce our research spend at the start of the pandemic in response to a predicted fall in income. We did this by reducing the number of grants we awarded, postponing some of our funding rounds, and also by postponing the next round of funds on clinical trials that were delayed due to lab closures during the crisis.

Information and influencing

In addition to research, we carry out a range of activities aimed at increasing knowledge and awareness of cancer among a variety of audiences – such as healthcare professionals, policymakers, people affected by cancer and the general public – through face-to-face engagement, the media, online and campaigns.

We spent £31m on information and influencing in 2020/21, £11m less than in the previous year. This was a result of the organisation-wide restructuring to cut costs, and the difficult decisions we made to scale back our Health Professional Engagement programme and activity on health campaigns and marketing.

Trading net expenditure

Our network of around 600 shops was significantly affected by the pandemic and accompanying lockdowns, resulting in trading income falling to £48m, a decrease of 56% from the £108m generated in the previous year. Our shops outperformed the rest of the Charity retail sector almost every week in which they were able to trade during 2020/21, due to the exceptional efforts of our team of volunteers and shop workers. We also adapted to online sales in the midst of the pandemic, with our online trading growing 100% year-on-year from £1.1m to £2.2m, which included £0.5m of sales following the success of The Great Celebrity Bake Off for Stand Up To Cancer.

While many retail costs are fixed and we maintain a rolling programme of repairs and maintenance to our premises, stringent cost-saving measures helped us to bring down the cost of our trading activities by 16% to £83m from £98m in the previous year.

We made use of coronavirus government support, and received grants worth £11.3m to support our trading activities under the Coronavirus Job Retention Scheme (2020/21: £9.6m, 2019/20: £0.4m), Local Authority Discretionary Grants (2020/21: £1.0m, 2019/20: £nil) and the Retail, Hospitality and Leisure Grant Fund (2020/21: £0.7m, 2019/20: £nil).

How we fund research

How we generate funds

Shops

We invested £83m on our network of shops, which raised £48m

Donations

We invested £67m in our fundraising activity, which brought in donations of £414m

Investments

We spent £2m managing our investment portfolio which raised £5m

Royalty and grant income We received £16m of coronavirus government support We received £98m from our share of sales of innovations developed from our previous research

Expenditure

Income

What we fund

Information and influencing

We spent £31m on increasing awareness of cancer, its prevention and treatment, and on working with government and the NHS

Cancer research

We committed £388m to research on almost every aspect of cancer

Our research can generate income for the Charity

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Trustees' report Financial statements Additional information

29

Proportion of donations available to beat cancer

We always aim to spend supporters’ donations efficiently. While there is no agreed standard against which to benchmark Charity fundraising efficiency, for many years we have applied a consistent approach in calculating the proportion of our income from supporters’ donations, charitable activities and investments that is spent on raising those funds.

We do not include the net income from our trading activities in this calculation, as our shops operate in a manner like other retail businesses, raising funds through selling

Managing our reserves

The objective of our reserves policy is to ensure that the Charity maintains sufficient cash and readily realisable assets to enable it to withstand any shortfall in income or unforeseen expenditure while any necessary adjustments are made to the Charity’s operations. Our reserves have enabled us to respond to the impact of the pandemic in a measured way, without having to rush serious decisions that will have a long-term effect on the future of the Charity and its mission.

Almost all the Charity’s research commitments are for one to five years and are recognised in full in the Charity’s balance sheet as liabilities at the time the commitments are entered into. In view of the Charity’s continuous record of raising sufficient funds to finance

Pence in the pound

The Charity maintains sufficient managed cash and investments to fund at least three months but not more than five months of annualised forecast gross cash outflows. In 2020/21, Council updated our reserves policy so that it includes 50% of the value of mixed motive investments that are listed on a main stock exchange.

six months of budgeted cash outflows for the year. This is a more favourable position than we forecast at the start of the pandemic, due to a combination of raising more funds than expected, better investment returns, cost-cutting measures and non-research government financial support.

merchandise rather than through voluntary cash donations. During 2020/21, donations available to beat cancer increased 5% to 86.9p in every £1, mainly due to the one-off increase in legacy income, lower expenditure during the year and the government support we received. We do not expect this to be repeated in future years.

----- Start of picture text -----
£523m £454m For every
Total Total £1 donated
income income
(excluding available 87p
trading to beat is available
income) cancer to beat cancer
£69m
Fundraising
expenditure
----- End of picture text -----

The Charity is budgeting to spend £60m cash per month during 2021/22, a total of over £700m for the year. We expect our managed cash and investments to reduce in 2021/22, partly due to the deferral of some cash flows from 2020/21 to 2021/22, and partly because we expect to see continued COVID-19

Historical and budgeted managed cash and investments, and the cover this represents, are shown in the chart below.

The total managed cash and investments on 31 March 2021 was £317m, which represents

Historical and budgeted managed cash and investments

accounting reserves, as reflected in the Charity’s balance sheet. We calculate the amount of our managed cash and investments as below.

its commitments as and when they fall due for payment, the appropriate basis for the Charity’s reserves policy is managed cash and investments – a measure of the liquid assets available to meet outgoings – rather than

----- Start of picture text -----
for payment, the appropriate basis for the balance sheet. We calculate the amount of our
Charity’s reserves policy is managed cash and managed cash and investments as below. 400 8.0
investments – a measure of the liquid assets 350 7.0
available to meet outgoings – rather than
300 6.0
250 5.0
[1] Mixed motive investments are
2020/21 2019/20
200 4.0
those which also help to achieve
£m £m
our mission of beating cancer. 150 3.0
Investments 247 258 Managed cash and investments
Cash and short-term deposits 95 67 include 50% of those mixed motive 100 2.0
Investments that are listed on a
50% of mixed motive 50 1.0
4 15 main stock exchange
investments [1]
0 0
Exclusions [2] (29) (21) [2] Exclusions are any cash, 17/18 18/19 19/20 20/21 21/22
Managed cash and deposits and investments that are Actual Actual Actual Actual Budget
317 319 illiquid, restricted and/or outside of
investments
the Charity’s operational control Managed cash and investments (£m) Months cover
----- End of picture text -----

restrictions for at least part of 2021/22, which could affect our fundraising activities. During 2020/21 we established a £150m revolving credit facility with NatWest Bank Plc as a back-up, based on our fundraising and expenditure projections at the start of the pandemic. This facility is intended as a contingency and we do not anticipate needing to draw from it. We are also pursuing potential revenue opportunities as we seek to stabilise our reserves and fund a new, sustainable research baseline.

Investment policy and performance

Our investment policy supports our reserves policy, and we seek to balance potential returns with appropriate levels of risk.

We never invest directly or indirectly in tobacco companies. Smoking is the cause of a quarter of all cancer-related deaths in the UK and our policy reinforces our support for preventative measures.

We aim to ensure that investments maintain their capital value, in real terms, across an investment cycle. Goldman Sachs Asset Management manages most of our core investments. The portfolio is invested in a range of securities in accordance with levels agreed between the Charity and Goldman Sachs International. In addition, we have

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Trustees' report Financial statements Additional information 31

several listed investments classed as ‘mixed motive’ investments. These are investments that also contribute to our core purpose of beating cancer. We used our investment portfolio to preserve the assets of the Charity in the year and our overall portfolio returned a net gain (realised and unrealised) of £55m (2019/20: net loss £22m).

We review both our reserves and investment policies annually.

Pensions

We offer employees a defined contribution pension. Unless members choose otherwise, their pension contributions are invested in tobacco-free investments.

The Charity’s defined benefit pension scheme was closed to new entrants in 2009 and to future accrual in 2015. The scheme has an accounting surplus of £46m (2019/20: £117m) and generated an actuarial loss in year of £73m (2019/20: gain of £26m) as a result of revised actuarial assumptions to reflect the current external environment (see note 2b(ii)).

The calculations to determine the accounting surplus/deficit and the funding surplus/ deficit are different. The purpose of the latter is to determine whether further payments into the scheme are required. It uses a more conservative discount rate than the valuation for accounting purposes, resulting in a larger liability position.

The latest triennial valuation for funding purposes on 31 March 2018 calculated a deficit of £40m. No deficit funding payments were made during the year (2019/20: £nil). Based on the current valuation, we expect to make payments totalling £37m over five years until 2025/26, unless the triennial valuation for the year ended 31 March 2021 indicates a different figure.

Future viability considerations As required by the Charities Statement of Recommended Practice (FRS 102), we assess whether there are any uncertainties that may cast doubt over the Charity’s ability to continue as a going concern. For this purpose, we normally focus on the next 12 months.

In view of the heightened uncertainty regarding the level of income that the Charity will be able to attain in future years, we have assessed the Charity’s prospects over the next three years. While the Trustees have no reason to believe that the Charity would not be viable over a longer period, in current circumstances projections over a longer timeframe carry a high degree of uncertainty.

Our approach to financial forecasting We have carried out rolling forecasts throughout the year to assess the impact of the pandemic on fundraising. Early in the year we identified key triggers that might reveal a change in supporter behaviour (e.g. cancellation of regular giving) or in the macro-economic environment that affects our

legacy values. We examined our cashflow data at a granular level to deepen understanding of our inflows and outflows and refined our 13-week, 12-month and 36-month cashflows.

This data was reviewed by the Executive Board each month and by the Trustees each quarter alongside the traditional management reporting. We have started forecasting four quarters ahead throughout the year, giving us the most relevant and up-to-date data on which to make critical decisions.

Assessment of our financial outlook

Our budget for 2021/22 assumes the effects of the pandemic continue to be felt throughout the year, with some significant provisions included to accommodate potential future shop closures and event postponement or cancellations. We have budgeted £320m to meet our funding commitments to the research community. 2021/22 is a critical year in which we expect to decide on a sustainable annual baseline research expenditure figure for future years. This will be informed by our performance during 2021/22 and the outlook for future years.

2021/22 is year two of our three-year corporate plan. A key objective in the plan is to move to an operating model that will enable the Charity to become even more effective and efficient. We aim to spend as much as possible on our mission. We are also investing significantly in technology and data that will provide a robust platform for future revenue generation, internal efficiencies and philanthropy.

Our response to lower income generated in 2020/21 and anticipated in 2021/22 as a result of the pandemic is to protect high-quality research and remodel the Charity for the future. Should our revenue recover more quickly than predicted, we have a strong platform from which to rebuild our activities.

Our reserves

As explained on page 28, the Charity held managed cash and investments of some £317m at March 2021. These reserves reduce the cuts we need to make to our research in the short term. The Charity’s reserves policy has traditionally been to hold managed cash and investments of between three and five months’ gross expenditure. This policy was amended during the year to include undrawn amounts held in a new £150m rolling credit facility that we put in place during the year to support liquidity, although we do not expect to need to draw on the facility as our fundraising performance during 2020/21 was better than we anticipated when we put the facility in place. As shown in the chart on page 29, we expect managed cash and investments at 31 March 2022 to exceed four months' gross expenditure. With the addition of the undrawn facility of £150m, the cover is increased to more than five months. The Trustees will take steps to ensure that reserves are maintained in line with our policy.

The cost reductions and restructuring we carried out during 2020/21 have reduced the size of the Charity to a sustainable level for the future. Our reserves have been maintained at a level at which we can operate comfortably and meet our obligations. We remain confident that our budget and three-year plan for the period 2021/22 to 2023/24 are achievable, and we have robust plans to withstand further effects of the pandemic during the coming year. We have carried out and will continue to carry out scenario testing and downside planning throughout the year.

Taking into account the Charity’s current position and its principal risks (see page 77), the Trustees have a reasonable expectation that the Charity will be able to continue in operation and meet its liabilities as they fall due over the three-year period of their assessment.

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Overview

Trustees' report Financial statements Additional information 33

Introduction

Trustees' report

Strategic report Our annual research activity

The £388m we committed to cancer research this year includes new research grants that will be paid out over several years. It does not include outgoings related to research activity carried out during the year under multi-year grants initiated in previous years.

To report the Charity’s ongoing work in a given year, we use a measure called ‘annual research activity’, which includes the amounts drawn from commitments made in previous years, in addition to amounts drawn from new commitments made in the current year. The relationship between our committed

expenditure and our annual activity is shown in the diagram below.

This year, our researchers carried out £421m of research activity. The infographic on the right shows how this breaks down into different areas of research:

£ Previous years’ continued ‘committed research expenditure’

----- Start of picture text -----
Annual research
£421m
activity in 2020/21
£388m
This year’s ‘committed research expenditure’ for
the current year and continuing into the future
Previous years 2020/21 Future years
----- End of picture text -----

Breakdown of annual research activity These charts show how our £421m annual research activity breaks down into different areas of research.

----- Start of picture text -----
£3m
£4m
Specific cancer types: £195m £6m
£26m
Thyroid
Research projects focused on
Lung Liver
specific types of cancer. Melanoma
£22m
£25m
Colon
£12m Breast
and rectal
Brain
In 2020/21, we spent
£2m
£421m
£3m
on new and £8m Pharyngeal
£10m
ongoing research
projects Myeloma
Ovarian
£17m Oesophageal
Pancreatic
£16m
Leukaemia
£5m
Basic research: £78m
£20m
Understanding the fundamental
biology of cancer. Kidney £11m
£5m
Prostate
other
£13m was spent on basic
----- End of picture text -----

Revenue shares: £36m

A share of royalties from sales of innovations developed from our research, which we pass on to others involved in that research.

Research admin and support costs: £36m This includes costs incurred to support our research activity, such as peer review, grant management, IT and other support costs.

Research relevant to all types of cancer: £76m This includes research infrastructure and (for example) research studies looking at cancer survivorship.

other cancer types

Of the £421m we spent in 2020/21, £13m was spent on basic research, infrastructure and research projects that focused on cancers that affect 0-24-year olds, making us one of the biggest funders of research into children’s and young people’s cancers in the UK.

Non-Hodgkin lymphoma

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35

Trustees' report Spotlight on...

36 Steering a course through the pandemic 39 Leading the way to early diagnosis 42 Tackling cancer on a global scale

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Financial statements Additional information

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Trustees' report

Spotlight on... Steering a course through the pandemic

This financial impact was just beginning as the country went into the first lockdown, but there were other, more immediate effects on research. During the first wave most research laboratories were closed and recruitment of patients into cutting-edge clinical trials was abruptly halted (see page 38).

COVID-19 challenged all aspects of our work, but our mission to beat cancer continues.

Cancer Research UK, like many charities, has been hit hard by COVID-19. In 2020, we had to cancel many of our mass fundraising events, including our series of 380 Race for Life events that alone contribute around £30m each year. Our 600 shops, which were also forced to close temporarily, typically contribute more than £25m annually.

Anne Croudass, our lead research nurse says: “Delivering bad news is always hard, but lockdown meant telling patients over the phone or sat two metres away they could no longer start on a clinical trial. You couldn’t even offer them a tissue or a hug.” We were able to get most clinical trials up and running by working with Government to ensure the safe resumption of trials and adapting procedures to make them COVID-safe with at-home treatments and virtual consultations.

We are currently predicting a drop in income of £250m over three years. To cut costs, we furloughed staff, temporarily moved all our staff to 80% hours and pay, and are reducing the size of our workforce. But unfortunately, we’ve still had to make cuts to our research spend.

For many people affected by cancer, 2020 was a worrying and difficult year – with some

patients having their tests and treatments altered as a result of the pandemic, and many more having to shield. A study with University of Cardiff researchers and UK Research and Innovation also suggests a worrying proportion of people with possible symptoms of cancer did not seek help from their GP during the pandemic. During the last 12 months, we estimate around 46,000 fewer patients started cancer treatment compared to the previous 12 months – suggesting that the impact of late diagnoses could last for months and years to come.

Throughout the pandemic, we have been tireless advocates for people affected by cancer, leading a coalition of 47 cancer charities to keep cancer on the political agenda, and urging the UK Government and the NHS to protect cancer care, clear backlogs in cancer services and plot a route towards world-leading cancer outcomes.

“There is a lot about the future beyond COVID-19 which is uncertain,” says Michelle Mitchell, our Chief Executive. “But despite the challenges we face, we are as determined as ever. I believe completely in the power and potential of the charity – our brilliant staff, world-leading researchers, dedicated volunteers and supporters – to beat cancer.”

Our Executive Director of Marketing, Fundraising and Engagement, Philip Almond, adds: “We’re ready to adapt to an ever-changing environment. COVID-19 accelerated the trend towards online fundraising and virtual events. We reacted quickly, digitally transforming some of our fundraising campaigns and launching online events with supporters.” For example, Race for Life at Home encouraged people to run, walk or jog 5km in their local area, and raised £6m. In April 2021, 500 of our shops safely reopened after lockdown, with customers spending nearly half a million pounds on the first day of trading.

However, as we continue to adapt and manage the fall in our income over the past year, we have, for the first time, called on the Government for support, as Michelle Mitchell explains: “We’re doing everything in our power to continue our mission to beat cancer. But without further support, our life-saving cancer research will be set back for years to come. We’ll continue to make the case to the UK Government, but now more

than ever we need our dedicated supporters and partners to help us in any way they can.”

She adds: “COVID-19 has slowed us down, but we will never stop. Together we will still beat cancer.”

For further information, see news.cancerresearchuk.org/ topic/covid-19

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Trustees' report

Delayed but determined

Our HALT trial is investigating whether people with a type of advanced lung cancer could survive for longer if they are treated with a targeted radiotherapy – called stereotactic body radiotherapy – alongside their drug treatment. The trial began in 2017 and was due to complete this year.

However, many of the clinical staff who normally review patients before joining HALT or run the trial at 16 hospitals around the UK were redeployed to the COVID-19 effort. Even the lab that processes patient biopsies closed in the first lockdown.

Researcher Dr Fiona McDonald (below right) says: “Sadly, we had to pause recruitment during the first lockdown, and it’s taken a while for some centres to get back up and running. We’ve recruited around half of the 110 patients we need and are hoping to complete the trial in early 2022. We’re working hard to minimise the impact, but the delay means there will be an increase in the cost of running this trial.”

Researcher Professor Judith Bliss adds: “This is such an important study because it offers more options for patients who have limited treatments available to them. We’ve already invested so much to get it this far, so we’re determined to complete the trial.”

We’ve already invested so much to get it this far, so we’re determined to complete the trial

Professor Judith Bliss

Spotlight on...

Leading the way to early diagnosis

We brought people together to agree a roadmap to early detection and diagnosis of cancer that could transform survival in the UK.

“Take, for example, the Cytosponge – a swallowable ‘sponge on a string’ device that can collect cells from a person’s oesophagus. After several years in development, it is now starting to be used in the NHS for spotting precursors of oesophageal cancer. But we need more like this and we need to get them into the clinic faster.”

The importance of this challenge is recognised by policymakers. NHS England has committed to detect 75% of cancers at stage 1 and 2 by 2028, and there are similar ambitions in the devolved nations.

Crosby continues: “Unfortunately, the rate of need more like this and we need to get them progress in this area is too slow. We have the into the clinic faster.” three cancer screening programmes for breast, cervical and bowel cancer, but comparatively We have been working with the whole little new technology is being introduced. The cancer community to try and understand the cancers that we screen for haven’t been added problem, create a vision for a better future and to for fifteen years. map out a route to get there.

“Spotting cancer at an early stage is hard but extremely important,” says Dr David Crosby, our Head of Prevention and Early Detection Research. “The problem is that, once symptoms appear, the cancer is often already advanced.”

Patients diagnosed early, at stages 1 or 2, have the best chance of curative treatment and long-term survival. Early diagnosis also usually means less aggressive treatment and fewer unpleasant side-effects as a result. But in England, for example, only around half of patients are diagnosed at an early stage.

“On the other hand, we know there are We began by bringing together a group of clusters of brilliant work on cancer detection experts, chaired by Professor Chris Whitty, in academia and small business. We also have England’s Chief Medical Officer, who agreed enormous untapped potential for developing four key areas of focus: deepening our new techniques within the NHS and a mountain of health data. But we need to draw early detection innovations through faster.

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Overview Trustees' report Financial statements Additional information 41

Introduction

understanding of who is at risk of cancer (and which early changes might be dangerous), using big data to hunt for patterns that could indicate cancer, making cancer detection more attractive to industry, and accelerating adoption of diagnostic technology by the NHS.

The next step was a larger workshop with patients, researchers and regulators, as well as representatives from the NHS, venture capital firms and the diagnostic, pharmaceutical and data sectors. Together, we agreed 14 priorities to improve early diagnosis, published in ‘Early detection and diagnosis of cancer: a roadmap to the future’.

Crosby adds: “Some of these actions are for Cancer Research UK, some are for others. To begin with, we’re prioritising the data theme, in particular using electronic health records and artificial intelligence to look for patterns that indicate cancer risk. We’re also calling on the UK and devolved governments to support early detection, including by increasing the diagnostic workforce in the NHS, streamlining access to NHS data for research and ensuring leadership and accountability within the NHS for early detection.”

Since the Roadmap was released, we have reached out to more of the cancer community about what they can do to help via an article in The Lancet medical journal and a series of workshops held in Birmingham, Cardiff and online.

Crosby says: “For newer technologies, it may take a long time to see an impact on cancer diagnosis and survival. But in the meantime, we hope to see technology moving from concept to evaluation and into clinical practice, as well as new ways to optimise our existing screening programmes.”

In his foreword to the report, Professor Chris Whitty writes: “Cancer Research UK has done great work to develop a document setting out the possible future of early detection and diagnosis and a series of actions that serve as a roadmap to getting there.”

We are only at the beginning of a long road, but as Whitty explains: “Earlier diagnosis of cancer can be transformative for people’s lives, and we need to continue to undertake the planning and research to achieve it.”

For further information, see cruk.org/ early-detection-diagnosis-roadmap

I believe screening just isn’t enough. We really need to have more research to detect cancer early Emily

Lending her voice

Emily Lam (71) is a patient advocate who contributed to the Roadmap. She is retired and lives in Cheshire with her partner.

In 2016, Emily was diagnosed with breast cancer in the interval between screening appointments. Her treatment involved surgery, chemotherapy, radiotherapy and hormone therapy, and she suffered several side-effects, including headache, fatigue, joint pains and brain fog.

She says: “I have always been very health conscious. I would go for all the usual call-ups for screening and thought I was alright until I developed a lump between screenings. I therefore believe screening just isn’t enough. We really need to have more research to detect cancer early.

“I hope that, as a result of the Roadmap, there will be significant progress in earlier cancer diagnosis leading to improvement in people’s survival and quality of life.”

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Trustees' report

Spotlight on... Tackling cancer on a global scale

Cancer Grand Challenges builds on the achievements of its predecessor, our Grand Challenge programme, which has so far established seven international collaborations to take on some of the toughest problems in cancer research (see opposite).

We’re taking cancer research to the next level with a bold global funding partnership.

In August 2020, we announced the launch of Cancer Grand Challenges. This major new partnership unites the two largest funders of cancer research in the world: Cancer Research UK and the US National Cancer Institute (NCI).

We have already invested more than £130m in this initiative, including generous support from The Dutch Cancer Society and US-based The Mark Foundation for Cancer Research (read more on page 68). Now, we are committing to raise an additional £120m over the next six years alongside the NCI’s commitment of £175m over the same period.

Our Chief Executive, Michelle Mitchell, says: “Cancer is a global challenge. No single organisation, scientific discipline or country can solve it alone.

Dr David Scott, Cancer Grand Challenges Director, says: “Since we issued the first set of challenges in 2015, we’ve funded international teams to tackle wide-ranging issues from preventing unnecessary breast cancer treatment to understanding if the

“I’ve long believed in the power of collaboration, and it’s always been central to our approach. But now, thanks to this game-changing new partnership, we’re taking collaboration further than we ever have before.”

bacteria in our gut could help treat cancer. We’re starting to see some fantastic findings from these teams that are revolutionising our understanding of the disease.”

In October 2020, nine new Cancer Grand Challenges were set by the partnership. These questions were defined through a series of international workshops involving leaders from the cancer research community and people affected by cancer, with Cancer Research UK and NCI agreeing the final selection. Funding for new teams will be announced in early 2022, with four global, diverse teams each receiving up to £20m.

The new challenges are:

  1. Understand how some cells stay normal despite having cancer-causing mistakes in their DNA.

  2. Systemically deliver macromolecules to intracellular targets for therapeutic benefit in cancer.

  3. Develop strategies to take away cancer cells’ power to divide and eliminate them from the body.

  4. What are the potential benefits and risks of e-cigarette use around the world?

  5. Determine how inflammation causes cancer.

  6. Find new ways to treat solid tumours in children.

  7. Understand how DNA outside of our chromosomes helps cancer to survive and evolve.

  8. Understand how some cancers come back many years after treatment.

  9. Understand and treat extreme weight loss and deterioration of general health in people with late-stage cancer.

Scott continues: “We’ve chosen these questions because, although they will be tough to tackle, we think solving them will be pivotal in driving radical progress in cancer research. For instance, in the case of extreme weight loss and weakness, a condition known as cachexia, this has a huge impact on quality of life and the effectiveness of treatment.

Unpicking this complicated phenomenon could transform outcomes for people with advanced cancer.”

Mitchell adds: “The announcement of our landmark partnership with the NCI is just the beginning. It pushes us not only into a new phase of the initiative, but also the next phase of global collaborative research. Together we will support great minds in cancer research, delivering better outcomes for people with cancer worldwide and allowing us all to live longer, healthier lives.”

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45

Image: Visualisation of microbiota of the human intestine

The work we’re doing could be translated to many other parts of the world

Dr Caroline Young

Examining gut bugs to improve screening

Dr Caroline Young from the University of Leeds is a member of the Cancer Grand Challenges OPTIMISTICC team investigating the relationships between cancer and the microbiome – the community of bacteria and other microscopic organisms that live inside our bodies.

Young and her colleagues in Leeds and from Harvard University in the US have been working to improve options for bowel cancer screening – such as the NHS Bowel Cancer Screening Programme, which invites people aged 60-74 (or 50-74 in Scotland) to collect a tiny sample of poo to be checked for signs of blood. The researchers have discovered that these samples can also be tested for patterns of gut bacteria that indicate a higher risk of bowel cancer.

They have also collaborated with researchers in India, Chile, Argentina and Vietnam and shown that similar testing could work in these countries too. Young explains: “When we studied people’s microbiome in these countries, we found that they are very different, but looking at the patterns of bacteria associated with bowel cancer, it seems to be the same in all the countries. That’s very interesting because it suggests that the work we’re doing in the Cancer Grand Challenges OPTIMISTICC team could be translated to many other parts of the world.”

Trustees' report

What we’ve achieved

46 Preventing cancer 49 Detecting and diagnosing cancer

52 Developing new treatments 55 Optimising existing treatments

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Introduction Overview Trustees' report Financial statements Additional information 47

Statistic:

Trustees' report

What we’ve achieved cancer Preventing

Objective: Continue to fund high-quality, ambitious prevention research, while ensuring minimum impact from the COVID-19 pandemic

Around 4 in 10 cases of cancer are linked to preventable causes. In 2020/21, we continued to fund research into preventing cancer, as well as campaigning for action to reduce obesity and tobacco use – two of the biggest preventable causes of cancer.

Statistic:

£33m

spent on research that will help us prevent cancer developing in the first place

go on to develop invasive breast cancer. This work by the Cancer Grand Challenges PRECISION team offers clues as to who might need surgery and radiotherapy and who might not.

Objective: Launch an ambitious new prevention research strategy to stimulate new thinking and draw new researchers to the field

Objective: Promote implementation of comprehensive obesity strategies across the UK, including restrictions on junk food advertising and price promotions

Objective: Continue to focus on tobacco control, and to build the evidence needed to give the best public advice on new nicotine and tobacco products

Other key achievements

60

health funding in England ahead of the Government Comprehensive Spending Review, resulting in the avoidance of further cuts in the one-year roll-over of the public health grant.

organisations campaigned with for increased public health funding

For further information, see cruk.org/prevent

Objectives for 2021/22:

  1. Continue to fund high-quality, 4. Campaign for the delivery of ambitious prevention research evidence-based smoking cessation interventions

  2. Develop an ambitious new prevention research strategy to 5. Work in coalition to campaign for stimulate new thinking and draw public health funding new researchers to the field

  3. Campaign for the development and implementation of comprehensive government obesity strategies across the UK

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Introduction Overview Trustees' report Financial statements Additional information 49

Statistic:

Vaccinating to prevent cancer In the UK, children aged 11-13 are now offered an HPV vaccine that was developed thanks to research we helped to fund. And HPV vaccines are being used in many other countries around the world.

These vaccines were designed to prevent certain types of cancer, but cancers take many years to develop. This year, long-awaited data revealed that people who have been vaccinated are substantially less likely to develop cervical cancer, suggesting that many cases of the disease will be prevented in coming years. Tara Millar (37) from Belfast was diagnosed with stage 2 cervical cancer in 2015. “You wouldn’t want to wish cervical cancer on your worst enemy, so it’s fantastic news that the vaccine is working, and I would always tell people to go for it. Prevention is better than the treatment.

“Before treatment, I was really into fitness and I’d just won a 5km race. Even now, six years later, I’m not back to the same fitness level. If I do some work in the garden, I can last maybe two hours before I am exhausted.”

Tara was treated as part of a Cancer Research UK trial. She adds: “There is a lot of negative stigma around the words ‘clinical’ and ‘trial’ but I’m glad I did extra research and volunteered.”

It’s fantastic news that the vaccine is working, and I would always tell people to go for it. Prevention is better than the treatment Tara

Trustees' report

What we’ve achieved

Detecting and diagnosing cancer

Objective: Streamline our approach and continue to fund a diverse and ambitious portfolio of groundbreaking research

Too many people are diagnosed when their cancer has already spread and is much harder to treat. In 2020/21 we worked to improve early detection by publishing our ambitious new Roadmap and influencing UK Government to keep early diagnosis at the top of the agenda.

£62m

spent on diagnosing cancer earlier, when treatment is more effective

Objective: Continue to work with primary care and screening services to optimise diagnostic pathways for people with and without symptoms

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Introduction

Financial statements

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----- Start of picture text -----
Statistic:
----- End of picture text -----

100+

experts and patient advocates contributed to our Early Detection and Diagnosis of Cancer Roadmap

Objective: Campaign for full implementation of the recommendations of the recent Independent Review of Adult Screening in England into policy and practice

Objective: Work in partnership with other organisations to encourage and enable people to seek help quickly when they have possible cancer symptoms to reduce late diagnosis

Other key achievements

Objectives for 2021/22:

  1. Fund a diverse and ambitious portfolio of research on detecting and diagnosing cancer earlier, together with partners in the UK and US

  2. Build on the Roadmap to explore the potential for artificial intelligence and big data in cancer detection

  3. Campaign for the recovery of UK cancer screening and diagnostic services, and continue to campaign for their transformation into world-class cancer services

  4. Work in partnership to enable people to come forward with symptoms

  5. Work with primary care to ensure that early diagnosis is conducted in line with the latest scientific evidence

The success of my treatment is entirely down to the fact that I was diagnosed early

Tony

Beating the odds

Tony Richards (73) from Peterborough was diagnosed with oesophageal cancer 10 years ago. Although cancer survival is improving, only around 1 in 10 people with oesophageal cancer reach this milestone.

Tony remains under observation and, as part of his follow up, he was one of the first people to trial the Cytosponge test, developed by our researchers in Cambridge. Cytosponge is a pill on a string that expands into a sponge once it reaches the stomach. The sponge is pulled out, collecting cells within the oesophagus that are then tested for abnormalities.

Tony says: “The Cytosponge test is over and done within a matter of 10 minutes. It’s a minor inconvenience when you compare it to an endoscopy.”

Cytosponge has proved so successful that during the pandemic, it was used by GPs to investigate worrying symptoms and identify people who needed to visit hospital for further testing.

Tony adds: “The success of my treatment is entirely down to the fact that I was diagnosed early. Cytosponge has the potential to pick up more people at an early stage. That’s the beauty of this test and I hope it will improve the prognosis for oesophageal cancer significantly.”

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Statistic

Trustees' report

What we’ve achieved Developing new treatments

We are working on a Objective: Continue to fund high-quality research into cancer biology range of fronts to better • We funded 19 new programmes and projects understand cancer and use aiming to understand how cancer forms and these insights to develop grows; a total commitment of £26m. This the next generation of research aims to reveal vulnerabilities that could be targeted with new treatments. cancer therapies.

Objective: Ensure developments in cancer biology are translated into potential new therapies

immune system in favour of attacking cancer cells. It is now being tested in an early-stage clinical trial.

Objectives for 2021/22:

Objective: Work to ensure the impact of the COVID-19 pandemic on basic and translational research is minimised

  1. Continue to fund high-quality research into cancer biology that provides insights into new treatment approaches

  2. We supported our researchers by offering extensions and flexibility in how they use their funding and developed new guidance on taking disruption into account in future grant applications, ensuring that researchers are not penalised.

  3. Partner with academics, industry and venture capital providers to translate developments in cancer biology into new therapies

  4. With a halt in face-to-face events in 2020, our researchers developed our Open Lab Initiative, an online networking platform to connect groups in our centres. Researchers have already used the platform to make more than 50 new connections.

  5. Develop and launch a new integrated operating model for our drug discovery and drug development

  6. Implement new approaches to

Other key achievements derive greater impact through

• A potentially life-extending drug combination our research data, including was made available by the National Institute through the launch of a Data for Health and Care Excellence (NICE) Innovation Accelerator for some people with advanced ovarian cancer. Our researchers played a key role in developing one of the drugs – olaparib.

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patents filed on innovations arising from our research that could result in new tests or treatments

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Statistic:

Making progress for children with cancer

In 2009 when Poppy De’Ath was just three years old, she was diagnosed with neuroblastoma, a cancer that starts in nerve cells.

Following chemotherapy, Poppy was invited to join a Cancer Research UK trial that was aiming to improve survival with immunotherapy. Her mum, Amy says: “The immunotherapy trial was the most amazing news. Poppy was the first child at the hospital in Bristol to have the treatment, so the timing was hugely fortunate.”

Poppy is now a happy, healthy 14-year-old who loves to swim, surf and play volleyball, and she has plans to join the police force.

This year, our scientists discovered that a new drug called fadraciclib could also help children with neuroblastoma. As a result there will be a clinical trial to find out more about how useful this drug will be for these children.

Amy adds: “Our journey was long and traumatic but knowing that you’ve got these hugely talented doctors and scientists who are always making progress gives you hope. It’s down to those brilliant minds, and to Cancer Research UK, that my daughter is still here with us and I’m so blessed to have her.”

It’s down to those brilliant minds, and to Cancer Research UK, that my daughter is still here with me Amy, Poppy’s mum

Trustees' report

What we’ve achieved

Optimising existing treatments

Objective: Continue to deliver high-quality, scientifically rich clinical research studies

£9m spent on our eight Clinical Trials Units

Objective: Support a range of clinical trials covering different modalities and a broad portfolio of cancer indications

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21

clinical trials supported for children and young people with cancer

Objective: Work, where appropriate, with partners to translate evidence into changes in clinical practice

Objective: Understand the impact of COVID-19 on cancer clinical trials, and work to re-establish our trial portfolio

focused on ensuring that existing studies had

the best chance of reaching their conclusion. Our researchers made use of COVID-safe sites and remote consultations and arranged for tests to be conducted by GPs and drugs to be delivered to people’s homes.

Other key achievements

Find out more about our objectives at cruk.org/ optimise-treatments

Objectives for 2021/22:

  1. Continue to deliver high-quality, scientifically rich clinical research studies that allow us to understand how cancer treatment can be optimised for individual patients

  2. Support a range of clinical trials covering different modalities and a broad portfolio of cancer indications

  3. Work with partners, and in particular within the NHS, to translate evidence into changes in clinical practice

I’m very glad to have been on the trial. The treatment saved my life

Kalyan

A trial that gave life

This year, we reported results from our Stand Up To Cancer-funded MARIETTA trial. The study found that people with a rare and aggressive form of lymphoma that has spread to their brain or nervous system can be treated with an intense course of drug treatment followed by a stem cell transplant using the patient’s own cells.

Kalyan Logisetti (43) from Northwood was diagnosed with non-Hodgkin lymphoma in 2017. A scan revealed that the cancer had spread to his brain, so Kalyan was referred to join the MARIETTA trial.

Kalyan says: “I was mentally prepared for the chemotherapy and, apart from fatigue, I felt okay, but the stem cell transplant completely knocked me down.

“The doctor warned me it would be a slow recovery and the following six months were tough. I was always very sporty and I’m only now getting back to playing cricket.”

He adds: “I’m very glad to have been on the trial. The treatment saved my life. It’s been four years now and I’m so happy to be here with my family.”

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Trustees' report How we achieved it

60 The research environment 63 Working with, and for, people affected by cancer 66 Fundraising and trading 69 Our people

72 The challenges we’ve faced 74 Our fundraising practices Principal risks and uncertainties

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84 Environmental, social and governance report

104 Statement of Trustees’ responsibilities

106 Independent auditors’ report to the Members and Trustees of Cancer Research UK

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How we achieved it The research environment

Progress towards our vision of beating cancer can only be realised by creating an environment in which new ideas can flourish, and in which laboratory discoveries can be rapidly translated into new ways to care for patients.

Objective: Continue to grow Cancer Grand Challenges on the international stage

Statistic:

9

new Cancer Grand Challenges set for the research community

Objective: Work with partners to ensure the impact of COVID-19 on the UK research environment is minimised

Objective: Continue to support clinical and scientific research careers across a breadth of research areas

Objective: Work with government and partners to establish the UK as a top destination for world-class cancer scientists supported by world-class facilities

Other key achievements

11 clinical research bursaries funded

We also became one of the UK’s first charity research funders to publish detailed diversity data in our grant funding.

Objectives for 2021/22:

  1. Drive Cancer Grand Challenges’ 4. Implement the EDI in research global expansion, announcing new action plan and work with partners awards in 2022 to improve the research culture

  2. Continue to encourage innovation 5. Continue to support clinical and and entrepreneurship in research as a scientific research careers across a means of accelerating the translation range of research areas of discoveries into patient benefit

  3. Increase our influence over government policy on science and research and development (R&D)

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Creating a diverse and safe environment

Dr Lynn Asante-Asare studied for her PhD in Cambridge, focusing on sugars found on the surface of cancer cells and what they indicate about how aggressive a cancer is. This research might ultimately provide a better way to monitor prostate cancer.

Inspired by the clinical academics she worked with at Cambridge, she decided to begin medical training at the University of Leicester. But she continues to work as a visiting scientist at our Cambridge Institute and hopes to specialise in academic histopathology or oncology.

Asante-Asare also sits on our EDI Strategy Advisory Board and contributed to our charity’s first EDI strategy and report on diversity in grant funding. She says: “Cancer Research UK is a public-funded and public-facing organisation, so I’m really glad that they are taking a lead in this work.

“My aspiration is to stay in cancer research, to be testament that you can have a great research career with Cancer Research UK.

“My hope overall is for retention. There is a lack of diversity in science, so we need to make sure the environment is diverse and safe enough that people stay. Because if we have the best people, we’ll do the best research and that will benefit patients.”

Image: Prostate cancer cells

We need to make sure the environment is diverse, because if we have the best people, we’ll do the best research

Dr Lynn Asante-Asare

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How we achieved it

million unique page views of our About Cancer pages, giving people accurate and trusted information about cancer

Working with, and for, people affected by cancer

Our vision is to become a truly patient-centred organisation that routinely engages with people affected by cancer to influence, collaborate and co-create, and provides essential information to people affected by cancer.

Objective: Identify opportunities to increase the reach and impact of our online information services, including content sharing and partnering

Objective: Keep our cancer information up to date, accurate, and make it even easier to find and understand by audiences from all backgrounds

Objective: Develop a new information strategy for engaging and empowering the public and people affected by cancer

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Statistic:

1,526

people affected by cancer contributing to our work through the Involvement Network

Objective: Continue to work with people affected by cancer to influence, collaborate and co-create

Other key achievements

Objectives for 2021/22:

  1. Provide accurate, accessible and easy-to-understand information, in particular through our About Cancer webpages and Cancer Chat forum

  2. Start implementing our new information strategy with a view to improving outcomes for people affected by cancer, and growing engagement with Cancer Research UK

  3. Progress with the replacement of our underlying technology platforms, allowing us to better meet the needs of people affected by cancer

  4. Reduce cancer inequalities through our work and in partnership with others

  5. Continue to work with people affected by cancer to influence, collaborate and co-create

It’s good to be able to provide some feedback to Cancer Research UK because they are able to put that in front of decision-makers

Graeme

Asking the right questions Graeme Dickie (50), who lives near Glasgow, was diagnosed with lung cancer in 2013 and remains on chemotherapy to keep his cancer stable. Graeme is a member of our Cancer Insights Panel, providing his perspective to help shape our work.

This year, we consulted Graeme about a survey we wanted to run on how COVID-19 was affecting people with cancer in the UK. He says: “The survey appealed to me because COVID-19 introduced so many worries for anyone with any health condition, including cancer.”

Graeme gave detailed feedback on the questions, language and structure that fed into the final version of the survey and it was subsequently completed by more than 1,800 people. We used the findings to raise awareness of the impact of COVID-19 across the cancer pathway and help ensure governments in all four UK nations restored cancer services that were affected.

Graeme adds: “It’s good to be able to provide some feedback to Cancer Research UK because they are able to put that information in front of decision-makers to let them know what’s working and what’s not working for patients.”

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Statistic:

and donations of £44m – over 40% of what we normally would. We also launched ‘round up’, allowing customers to round their transactions up to the nearest pound.

Trustees' report How we achieved it Fundraising and trading

Objective: Develop innovative fundraising and volunteering options, recognising the new ways people choose to support us

We continually invest in our fundraising offering to ensure we’re providing a fantastic supporter experience and securing our ability to fund life-saving research.

Objective: Refocus our fundraising in light of the impact of COVID-19 on income from shops and events

Objective: Maximise fundraising opportunities for our supporters as the COVID-19 restrictions are lifted

Objective: Improve and modernise our supporters’ experience through digital engagement and relationship marketing

Statistic:

950,000 

  - More than 44,000 people joined our new community fundraising groups on Facebook to share photos, training and fundraising tips, and words of encouragement with fellow fundraisers.

people continued to support us with a regular gift, raising over £87m

£213m

received thanks to generous supporters leaving us a gift in their Wills

Objective: Continue to invest in long-term corporate and philanthropic relationships

Objectives for 2021/22:

  1. Re-establish our fundraising programme

  2. This year, we celebrated fundraising milestones with longstanding corporate 2. Continue to improve and partners ScottishPower and TK Maxx who modernise supporter experience have raised £30m and £40m respectively through digital engagement and over the duration of our partnerships. relationship marketing

  3. Through the collective generosity of philanthropic individuals, trusts and foundations, we secured £20.5m in philanthropic income, with an additional £2m given directly to the Francis Crick Institute. This included seven £1m+ gifts – our highest ever number.

  4. Strengthen the public’s connection to the importance and urgency of our cause

  5. Continue to invest in long-term corporate partnerships

  6. Develop and grow long-term philanthropic relationships, building a global community of donors and advisors

  7. Through the generosity of several donors, we established a Challenge Fund that matched philanthropic donations of £100k or greater pound-for-pound, raising a total of just over £4m.

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Our goal is to uncover the unmet needs in cancer and then seek out researchers who are trying to address those gaps Michele Cleary, CEO of The Mark Foundation for Cancer Research

Cancer Grand Challenges lets us support bold science that creates positive change

In 2019, The Mark Foundation for Cancer Research joined with Cancer Research UK to fund a grand challenge, giving £10m to support the SPECIFICANCER Cancer Grand Challenges team.

Led by Professor Stephen Elledge from Harvard Medical School, SPECIFICANCER (pictured below left) is a global team of researchers focused on why mistakes in certain genes only cause cancer in specific parts of the body (known as ‘tissue specificity’). Professor Elledge and his colleagues are looking at how different genes play a role in cancer development in different body tissues. If we can understand this, it could lead to better ways to prevent and treat cancer.

Michele Cleary, CEO of The Mark Foundation for Cancer Research – which supports Dr Elledge’s SPECIFICANCER team – said: “Our goal is to uncover the unmet needs in cancer and then seek out researchers who are trying to address those gaps. The ambition of Grand Challenge to answer the most urgent questions, and their unrivalled advisory panel, offered our young foundation an ideal opportunity to tap into a rigorous selection process and a funding model that perfectly aligns with our goals.”

It’s a relationship that works both ways. It is thanks to the generosity of and partnership with organisations like The Mark Foundation for Cancer Research that Cancer Grand Challenges will realise its vision of unleashing scientific creativity on a global scale to solve cancer’s toughest challenges.

Trustees' report How we achieved it Our people

Our ability to attract, develop, retain and fund talented people is central to our ability to beat cancer. In a year like no other, our people rose to the many challenges we faced with incredible adaptability and determination.

76%

average engagement score among our staff according to our staff engagement survey

Objective: Maintain focus on our equality, diversity and inclusion (EDI) objectives.

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Statistic:

30,000

registered volunteers who give their time to help us achieve our mission

research community, staff and volunteers – so that they succeed and feel like they belong.

Objectives for 2021/22: My manager and

  1. Build a diverse and inclusive mentor reassured culture for all our people – our

research community, staff me every step of the and volunteers – so they can succeed and feel like they way. I feel like my belong relationship with 2. Understand and improve the

key factors that influence staff my team, mentor engagement, to reach our target of 80% on our staff engagement and manager actually

survey developed more

  1. Equip our people with the skills and capabilities we need to and capabilities we need to during the pandemic

achieve our mission of beating Myesha

Objective: Remain focused on our early careers programmes, and particularly apprenticeships and developing our retail and fundraising academies.

Objective: Continue to deliver the Technology and Data Future Readiness programme.

Early careers: Myesha’s story

“They were so keen for me to finish my apprenticeship. They really wanted me to do well. They really wanted me to move on to another role. They were my cheerleaders throughout the whole thing.”

Myesha Chowdhury, 21, joined our Technology department in 2019 and completed her Level 3 Business Administration apprenticeship in 2020. She has now successfully moved into a new role in the Policy, Information and Communications department, where she will apply her skills to drive our early diagnosis agenda.

“It’s a really great organisation and a great cause, so I was really driven towards that,” Myesha says. “I saw it and I thought, if that means I can get into a really well-known company with a great passion, then that’s great!”

“Obviously the pandemic was new to all of us and on top of that we had the new corporate plan, which as an apprentice and someone

who’s so young, I hadn’t had any experience of. My manager and mentor reassured me every step of the way. I feel like my relationship with my team, mentor and manager actually developed more during the pandemic. We put in extra care to talk to each other and have video calls every single week.”

“Cancer Research UK as an organisation were really good at talking about lockdown, giving us tips, and sending newsletters and internal comms. Hearing how even senior members of staff were going through the same thing was really good.”

Myesha adds: “I finished my apprenticeship and got a distinction – everyone was really happy about it. I’m now in the early diagnosis team, so I am learning more about all the science behind it. I’m definitely keen to take every opportunity I get in this role and see where it takes me.”

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Trustees' report The challenges we’ve faced

We faced many challenges this year, many but not all of which were as a result of COVID-19.

patients. We also know that there has been a significant reduction in people’s likelihood to seek medical help for possible signs and symptoms of cancer during the pandemic. As the immediate threats of COVID-19 recede, we will reiterate the urgent need for cancer to be a higher priority for governments across the UK, the NHS and the general public.

Cancer services

Even before the pandemic, the UK health system was struggling to deliver cancer services, and the rate at which survival was increasing was already slowing. COVID-19 has had an enormous additional impact, causing a substantial backlog within the NHS across the UK. We estimate that around three million fewer people than normal in the UK had cancer screening tests between March and September 2020, and many patients had their tests and treatment delayed or paused. We now estimate that more than 45,000 fewer patients started treatment for cancer in the UK between April 2020 and March 2021.

Cuts to our research and staffing Reductions in our income have meant a reduction in how much we spend on beating cancer. Regrettably, this will mean fewer discoveries and fewer clinical advances, making it harder for us to achieve our goal of 3 in 4 people surviving their cancer for 10 years or more by 2034. To mitigate the impact of this drop in fundraising income, we will use a proportion of our reserves to cover our losses over the short term. If our finances improve and we recover faster than expected, we will review our planned expenditure on life-saving research.

Keeping cancer high on the agenda has been challenging in the context of COVID-19. Ensuring that the NHS has the resources necessary to clear the cancer backlog is vital, and we continue to call for clarity on how the money allocated to reduce the NHS backlog would be used to support cancer

The fall in our income also meant that we had to reduce the number of roles in the organisation by around 400. Thanks

to freezing recruitment and removing live vacancies, we were able to manage the situation so that we only had to make just under 200 redundancies – far fewer than we initially thought, but still a significant number. We are only able to achieve our mission thanks to the hard work and dedication of our incredible staff, and it was extremely sad to see so many of them leave.

Equality, diversity and inclusion (EDI)

We believe that by focusing on equality, diversity and inclusion, we will make faster progress against our mission. We recently published our first cross-organisational EDI strategy, which sets out how we will work to reduce cancer inequalities, be an anti-racist charity and build a more diverse and inclusive culture for our staff.

Despite making progress in a number of areas, in others we have not reached the targets we set ourselves. While we increased the proportion of staff from ethnic minorities from 11% in 2018 to 13.8% this year, we have not yet reached the 16% we were aiming for by November 2021. We will retain the 16% target

but have extended the deadline to achieve this to the end of June 2023. We also have more work to do to improve the diversity of our senior leadership team. You can read more about this on page 99.

We are therefore reviewing our approach and implementing further changes to our recruitment practices, as well as focusing on training, guidance and frameworks for our managers.

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Our fundraising practices

We aim to be a sector leader in fundraising practice, ensuring that our supporters and the wider public are treated fairly and with respect. We are continually looking for ways to improve and adapt to new challenges, including unforeseen ones like COVID-19. We have maintained our high fundraising standards throughout the pandemic, using regulatory guidance to shape our approach and making the safety and wellbeing of our supporters, staff and fundraisers paramount.

Our fundraising promise

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To be respectful
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Supporters drive everything To listen To be transparent we do at Cancer Research and learn about where your UK. Giving to us should money goes be a great experience and we promise:

We raise funds in a number of ways, including through gifts left to us in wills, one off and regular cash donations from the general public, corporate fundraising, philanthropic donations, volunteer groups, events and our shops.

Through the turbulent and challenging past year, we have remained fully committed to the principles we laid out in 2016 in our fundraising promise.

To operate our To respect any fundraising to the personal data you highest standards share with us

Protecting vulnerable people

In the course of our fundraising we will inevitably come into contact with people who may be in vulnerable circumstances. As we set out in our fundraising promise, we endeavour to be especially careful and sensitive when engaging with vulnerable people, including those affected by cancer. Our practices reflect this, with guidance and training for our staff and third-party fundraisers.

Fundraising standards

We voluntarily subscribe to the Fundraising Regulator and its Code of Fundraising Practice. The Fundraising Regulator sets and promotes standards for fundraising, provides guidance to the charity sector, works to build public trust, and investigates and takes appropriate action on cases of public concern. We are also signed up to the Fundraising Preference Service which enables individuals to opt out from receiving fundraising communications from us. We received and actioned 67 requests from this service this year. We continue to work with the Fundraising Regulator and with the Chartered Institute of Fundraising to help improve fundraising standards and ways of working across the charity sector.

Working with third-party fundraisers

Talking to members of the public in person and on the telephone are vital ways of engaging people with our work and raising funds. We employ skilled face-to-face fundraisers to carry out these activities within our in-house team. We also work with external organisations who

have specific expertise in face-to-face and telephone fundraising. This is so that we can

talk to as many people as possible in the most cost-effective way. We are constantly reviewing the way we engage with our supporters and the public, and we have chosen to continue to not use third-party organisations to fundraise door-to-door.

The COVID-19 pandemic and resulting lockdowns meant we had to suspend much of our face-to-face fundraising for significant periods of time. We are now once again working closely with third-party organisations to ensure they share our goal of creating the very best interactions with supporters and the public. This is supported by robust contracts specifying that individuals who carry out these activities should be trained to adhere to applicable laws and codes, such as the Fundraising Regulator’s Code of Fundraising Practice and associated COVID-19 guidance, as well as data protection laws. We expect these organisations to reflect our values when talking to supporters.

Monitoring and control of fundraising activities, including the work done by third-party organisations and our in-house team, is vital to ensure that our supporters have a great experience and are treated fairly. Our monitoring practices include delivering training, listening to recorded telephone calls and using ‘mystery shoppers’ to approach fundraisers to check their performance. We investigate any cause for concern as a matter of urgency and take appropriate action.

Another way we raise funds is via local and national corporate partner organisations who, amongst other things, provide charitable contributions to us from the sale of their goods or services and fundraise from customers and employees. We expect our corporate partners to follow the Code of Fundraising Practice and our contracts ensure that our partners protect and safeguard vulnerable people.

Feedback and complaints

With millions of opportunities to interact with our supporters through a range of different channels, including shops, virtual events and webinars, email, telephone and post, we recognise the value of listening to and learning from feedback and complaints.

In the year to 31 March 2021, we received 4,070 complaints (2019/20: 5,276), of which 524 (2019/20: 1,238) directly related to our fundraising activities. COVID-19 was a significant factor in the 58% decrease in fundraising-related complaints as many of our in-person fundraising activities stopped for long periods. While total complaints received fell by 23%, largely due to this change in interactions with supporters, some concerns were raised directly related to COVID-19 – for example, regarding the strict safety guidelines we had to introduce in our shops.

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We were not subject to any complaint investigations through the Fundraising Regulator in 2020/21.

Where shortcomings are identified as a result of complaints, we take the appropriate measures – for example, expanding our guidance and training for staff and fundraisers and implementing new processes to prevent recurrence of the issues and to improve our supporters’ experiences.

Complaints and supporter feedback are an important source of information about the impact that our work has on our supporters and members of the public, providing us with insight and lessons for future fundraising activities.

We provide details of how to contact us, including our complaints policy and procedure, on our website.

Supporter data

Our fundraising is based on responsible use of personal data. We have a Personal Data Governance Framework in place which enables us to maintain and demonstrate compliance with data protection laws. We review all new planned activity to ensure that it is fair and that the reasons for processing data are brought to our supporters’ attention, enabling them to control how their data is used. We are transparent about how we use personal data and aim to ensure that our supporters feel confident in how we are using it.

By considering supporters’ wishes in our fundraising communications and building trust, we aim to build engagement, loyalty and value in the long term.

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Principal risks and uncertainties

The Council (see next section) is responsible for ensuring that we have effective and adequate risk management, and that internal control systems are in place to understand our risk appetite and to manage the major risks the Charity is exposed to. It carries this out by monitoring the effectiveness of our risk management framework.

in detail each year. The Fundraising and Marketing Committee, Research Committee and People and Remuneration Committee review the key risks relevant to their remits.

understanding the risk environment through risk appetite and key risk identification, and risk analysis, evaluation and treatment. A ‘top-down’ risk review, by the Executive Board, and a ‘bottom-up’ review, by Directorates, is undertaken twice a year and the risks identified through this process are documented in a risk register. We provide risk management training to, and support for, relevant staff. We draw upon the expertise of functional specialists to identify, evaluate and address risks. Our approach allows us to identify and capture opportunities related to our principal risks, as well as to mitigate the related downsides. As a result, we are better able to assess the impact of these risks on the organisation’s ability to deliver its strategy, objectives and plans.

The risk management framework is designed to support informed decision-making regarding the risks that affect our ability to achieve our objectives. It also provides a consistent approach to identifying, assessing and dealing with the risks we face to ensure that they are aligned with the level of risk we are willing to accept. The framework is designed to manage, rather than eliminate, the risks to our objectives and to provide reasonable, but not absolute, assurance against material misstatement or loss.

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technology implementations, to ensure that these are properly planned, managed and implemented.

Risk profile

To support the identification and evaluation of our risks, we use a model which references our strategic objectives and incorporates our key activities (research and innovation, fundraising and marketing, and informing and influencing) and the related key enablers (our reputation, staff and volunteers, financial stewardship, operational effectiveness and the management of change) as shown in the infographic on the right.

The Charity’s key risks are shown in the table on page 80. Two key external factors, which are the source of significant uncertainty in the current environment, set the context for our summary of principal risks: COVID-19 and Brexit.

COVID-19

The pandemic has had an extraordinary impact on the economy, research environment and cancer services and outcomes. Looking ahead, even with the phased rollout of vaccines, there is still much uncertainty associated with the

Brexit

progression of the pandemic and the response of relevant local and national authorities to it – for example, any further restrictions which could affect social and economic activity.

The impact of the UK’s withdrawal from the EU creates further uncertainty. It is unclear what the effects will be on the UK economy and the research environment over the months and years ahead.

The reduction in our income as a consequence of the global pandemic required us to develop a new three-year plan and redesign and restructure the charity.

Risk profile model

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Research
Cancer Cancer
Research UK Research UK
strategy Staff and volunteers strategy
Financial
Reputation
stewardship
Enablers
Informing and
Fundraising
Operations Change influencing
Cancer Research UK strategy
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We face risk and uncertainty in a number of areas including:

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Risks and mitigation

Risks Mitigation
Strategy The mix of activities and initiatives •The new corporate plan developed following the outbreak of the pandemic, and close
in our strategy does not support
the Charity in meeting its objectives
and mission.		 monitoring of the path of the pandemic and its impact on the Charity.
•Ongoing engagement of executives, Trustees, staf and wider stakeholder groups (e.g.
researchers, supporters and people afected by cancer) in developing the corporate plan
and in ongoing discussions about our priorities and future direction.
•Organisational strategy kept under review by senior management and the strategy team
as part of wider management process.
•Processes to ensure the alignment of the Charity’s corporate and operational plans,
ensuring a clear ‘line of sight’ between our objectives and how teams across the
organisation are investing their resources.
Research Less favourable research
environment due to the impact of
the pandemic and Brexit, as well
as their adverse impact on cancer
research, patients and outcomes.
This includes the focus of the NHS
and researchers on responding
to the pandemic and the impact
of Brexit on both the supply of
medicines and the conduct of
clinical trials involving EU countries.		 •Review of developments in the research environment and assessment of their efect on
cancer patients as the pandemic continues, including the challenges faced by the NHS/
academic sector, research focus and stafng levels, drug supply and clinical trials.
•Collating and communicating information on the research environment and the
signifcant negative impact on cancer patients during this period, and campaigning on
their behalf.
•Actively engaging with key opinion leaders regarding the research environment and
future regulatory arrangements.
•Lobbying and infuencing government and industry to ensure the UK is and remains
‘research friendly’.
Overview
Trustees' report
Financial statements
Additional information
Introduction
Risks
Mitigation
Research
We do not fund the ‘best’ available,
most impactful cancer research.
•Research funding decisions are aligned with our research strategy via the development
of well-defned funding schemes.
•There is a comprehensive process for selecting research to be funded with the extensive
involvement of world-class subject matter experts.
•All applications for research funding are screened against defned criteria.
•Applications are subject to a series of peer reviews by independent subject matter
experts. This involves written peer reviews of applications, face-to-face interviews with
applicants conducted by small panels of experts and assessments by one of our expert
funding committees.
•Research progress and its results are continuously monitored against pre-defned
milestones and research objectives.
Fundraising
Our income continues to be
adversely impacted due to extended/
longer than expected disruption
from the pandemic and Brexit and
from a related downturn in the
economy.
This includes any further loss of
income due to shop closures,
cancellation of fundraising events,
the challenging macro-economic
environment and increased
competition from other charities
for voluntary income.
•Prudent assumptions around fundraising in the corporate plan/budget, identifying risks
and opportunities.
•Continuing to review our income against forecasts with adjustments being made as
appropriate, considering the likely path of the pandemic, the macro-economy and
factors afecting the charitable sector and its work.
•Fundraising and marketing innovation and acceleration of new fundraising product
launches. This refects an increased focus on digitisation and virtual products, as well as
on philanthropy.
•To ofset the fall in our income, signifcant cuts have been made to our research and
operating expenditure and a loan facility has been obtained as a safeguard while the
Charity’s reserves are rebuilt.

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Overview
Introduction		 Trustees' report Financial statements Additional information
Risks Mitigation
Financial
stewardship		 Failure to manage efectively
the Charity’s fnances and its
reserves, particularly during the
current pandemic.		 •Revised budget in place and new corporate plan developed.
•To ofset the signifcant fall in income, signifcant cuts have been made to our research
and operating expenditure and a loan facility has been obtained as a safeguard while the
Charity’s reserves are rebuilt.
•Forecasting and budgeting processes to monitor our fnancial position, the realisation of
cost savings and the progress made against the corporate plan.
•Review of investment strategy and regular dialogue with investment managers.
Technology
(including		 Inability to execute the Charity’s
technology, data and digital		 •Governance framework covering the technology and technology-related initiatives
prioritised in line with the Charity’s corporate plan.
digital) transformation strategy and achieve
its goals in these areas.
•Ongoing assessments of resilience and performance of the technology estate, as well as
increased use of cloud-based applications.
•Agile implementation of new systems, digital products and applications as appropriate.
Delivery model kept under review to ensure important projects can be delivered at pace.
•Procurement of well-regarded external subject matter experts to support in-house
resource – for example, for system implementations.
Legal and Incidents of non-compliance with •Our legal and regulatory compliance requirements, including new and emerging
regulatory
compliance		 relevant laws or regulations leading
to prosecutions and fnes which
undermine our reputation.
requirements, reviewed by subject matter experts (eg by the Head of Legal).
•Experts in place in key areas of the charity to monitor compliance (eg the fundraising
compliance team).
•Use of external experts as required (eg external legal frms).
Risks Mitigation
Infuencing
cancer		 Failure to infuence key stakeholders
around clear policy stances,		 •Development of clear policy positions in key areas, with a communication strategy to
efectively deliver them to key audiences.
services and
research		 supported by authoritative cancer
information, for the beneft of those
afected by cancer.		 •Comprehensive engagement programme with key decision makers and infuencers in
government, the NHS, academia and industry.
•Senior-level representation on many infuential fora and key decision-making bodies.
•Regular monitoring of government policy statements and political developments.
•Communication and coordination with other organisations to maximise infuence
through concerted infuencing eforts and consistent messaging.
•Provision of accurate and consistent cancer information that is underpinned by
quality-assured scientifc evidence.
Staf and
volunteers		 Failure to engage, develop, retain
and recruit staf and volunteers,		 •Continued focus on staf and volunteer health and wellbeing during the pandemic – for
example, through review of staf and volunteer propositions, HR policies (including those
which could afect our ability to related to fexible working, recruitment and retention) and related communications.
deliver our mission and objectives.
The impact of the pandemic has put
particular focus on engaging and
retaining key staf during this period
as the charity seeks to make savings		 •Clear management focus on supporting and addressing staf engagement during the
pandemic. This includes employee surveys and follow up, recognition events and all
staf meetings with senior management giving organisational updates.
•Signifcant management focus on maintaining engagement with volunteers throughout
in its operating costs. the pandemic.
•A new volunteering strategy is currently in development.
Reputation An incident, or series of incidents, •Our governance and risk management protect our reputation.
occurs which damages our reputation
and undermines stakeholder trust
in us as an organisation. This could		 •Preventative controls and mitigations in areas of high reputational risk (e.g. information
security, health and safety, and safeguarding).
include a data security breach, •Incident management and escalation processes to manage and address incidents that
volunteering and fundraising do occur.
incidents, a health and safety problem
or a safeguarding incident.		 •Proactive communications team and media handling plans in key areas.
•Ongoing horizon scanning to identify new and emerging areas of reputational risk.

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Committees and advisory groups

Trustees' report Environmental, social and governance report

Structure and management

backgrounds and sectors. They are appointed, following a formal selection process, for two terms of three years which may be extended up to a maximum of nine years, if this is in the best interests of the Charity.

three years, as recommended by best practice guidelines, Council commissions an independent review of its performance and following the review, an agreed action plan is developed to address areas where improvement is needed. The Deputy Chair leads the implementation of the plan. In the years in between external reviews, Council undertakes a self-evaluation process. This was carried out in summer 2020. All issues identified during that process have been addressed and another annual self-evaluation process will be carried out in summer 2021.

Cancer Research UK is a company limited by guarantee and is a registered charity. It is governed by a Council of Trustees. Council sets the Charity’s long-term strategy and approves the business plan. It monitors progress against objectives and ensures the principal risks and uncertainties facing the Charity are identified and appropriately mitigated having regard to the Charity’s risk appetite. It is responsible for Trustee and executive management succession planning, setting the Charity’s culture and upholding the Charity’s values. It is supported by a number of Committees. The day-to-day running of the Charity is the responsibility of the Executive Board. The Group includes subsidiary undertakings, details of which can be found in note 16 to the financial statements.

Each Trustee is required to disclose potential or actual conflicts of interest to the Cancer Research UK Chair (for inclusion in the register of interests) and at Council or Committee meetings when relevant. In line with Charity Commission guidance, details of positions held by Trustees outside of the Charity are available to the public on request from the Company Secretary. Trustees are not remunerated for their role at Cancer Research UK. They are reimbursed for expenses they incur in carrying out their duties (see note 9c to the financial statements). As permitted by the Articles of Association, the Trustees have the benefit of a qualifying third-party indemnity provision as defined by section 234 Companies Act 2006.

In the year under review, there have been some changes to Trustees. During the year Joanne Shaw, Robert Easton and Professor Pamela Kearns were appointed as Trustees and Professor Sir Stephen Holgate retired on 31 March 2021. New Trustees undertake a comprehensive induction programme which has been revised to increase focus on stakeholder engagement. The inductions of three new Trustees were carried out online because of the COVID-19 pandemic. As soon as possible, a rolling programme of visits to sites in which the Charity has made a major

Council

Cancer Research UK’s Council is comprised of Trustees who are also Members of the Charity and Directors of the charitable company. It is chaired by Professor Sir Leszek Borysiewicz. Trustees are from a range of professional

Council supports the principles of good governance set out in the Charity Governance Code (“the Code”) for larger charities. Every

investment, as well as retail visits, will be reinstated for both new and existing Trustees. Normally, one Council meeting is held annually at one of the Charity’s Institutes. This was not possible in 2020 but plans are in place to hold the September 2021 Council meeting at the Francis Crick Institute.

Council generally meets six or seven times during the year for formally scheduled meetings. 2020 was an exception, with several additional Council and Committee Chair meetings being held to address the impact of the COVID-19 pandemic on the Charity, agree plans to mitigate the effects of the pandemic and support the Chief Executive and her team.

Trustees' biographies are available at cruk.org/trustees

Executive Board biographies are available at cruk.org/ executive-board

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Council of
Trustees
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Council Committees

Fundraising People and Audit Finance Research and Marketing Remuneration Committee Committee Committee Committee Committee

Management Committees

Executive Board

Scientific Executive Board

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Council and Committee Members

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Trustees Year of Trustee Audit Finance Fundraising & People & Research
appointment Marketing Remuneration
Professor Sir Leszek Borysiewicz (Chair) 2016
Carolyn Bradley (Deputy Chair) 2015
Bayo Adelaja 2021
Catherine Brown 2015
Peter Chambré 2016
Dr Robert Easton 2020
Tracy De Groose 2018
Professor Dame Amanda Fisher 2017
Professor Stephen Holgate 2014 +
Professor Nic Jones 2020
David Lindsell 2014
Pamela Kearns 2021
Andrew Palmer (Treasurer) 2014
Professor Sir Bruce Ponder 2015
Professor Sir Michael Richards 2017
Joanne Shaw 2020
Professor Moira Whyte 2020
Number of meetings 3 7 5 5 7
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Key: Chair Member Ex officio Invited to attend * from 10 February 2021 + to 9 February 2021

Non-Trustee Committee Members Helen Calcraft – Fundraising and Marketing Committee Changes to Council in this financial year Joanne Shaw joined Council on 29 September 2020. Dr Robert Easton joined Council on 1 December 2020. Professor Pamela Kearns joined Council on 1 January 2021. Bayo Adelaja joined Council on 23 April 2021. Professor Sir Stephen Holgate retired on 31 March 2021.

Members

The Charity’s constitution allows the appointment of up to 100 Members. They are entitled to attend the Annual General Meeting, where they formally receive the Annual Report and Accounts, elect or re-elect Trustees and appoint the Charity’s auditors. Regular contact is maintained with Members, mainly through a quarterly letter from the Chair.

Council Committees

Trustees serve on one or more Council Committees and may attend any Committee meeting. The Treasurer is an ex officio member of all Council Committees except the Audit Committee, which he attends at the invitation of the Committee Chair. The annual review of Committee terms of reference in 2020 resulted in no major changes. The annual Committee self-evaluation indicated no significant areas of concern. Membership of Committees is shown in the table above.

A summary of Committee activities during the year is set out below.

Audit Committee

The Audit Committee provides Council with an informed and independent assessment of the management and control of the Charity’s resources. It oversees and reviews preparation of the Annual Report and Accounts, including accounting policies and judgements, and reviews the performance, independence and objectivity of the external auditors. It monitors the effectiveness of the Charity’s risk

management and internal control systems, Internal audits performed during the year principally by reviewing the results of the included purchase to pay; investment Charity’s twice-yearly risk reviews, approving management; balance sheet reconciliations; the Assurance Plan that consists of audits commercial partnerships business development; carried out by the Charity’s internal audit team, health, safety and wellbeing governance; monitoring the results of those audits and Volunteer Team; and the post-COVID corporate management’s implementation of control plan programme. The programme of internal improvement recommendations, and carrying audits was interrupted by COVID-19 and a out its own risk reviews of specific areas of the Risk and Assurance Forum was put in place to Charity’s activities. maintain focus on risk and control until internal audit reviews were resumed in September 2020.

In this financial year the Committee monitored the Charity’s risks and internal controls against a background of increased uncertainty in the external environment, notably the COVID-19 pandemic and Brexit.

Finance Committee

The Finance Committee exercises, on behalf of Council, supervisory oversight of all aspects of the Charity’s corporate financial policies and operations. On an annual basis it reviews the annual budget, the rolling three-year plan and the reserves, investment and treasury policies for recommendation to Council. On an ongoing basis it monitors financial performance and strategy and oversees management of the investment portfolio. It also reviews and approves the Charity’s insurance arrangements. It reviews and, where necessary, approves action in respect of the management of the Charity’s pension schemes, including any changes to the rules of the pension schemes or changes in funding arrangements.

The Committee reviewed key risks and internal controls relating to information security, press and media handling, corporate social responsibility and legal and regulatory compliance. It assessed procurement regulations, the Charity’s compliance with the Charity Governance Code, internal audit charter, contract management processes and data protection compliance, and carried out its annual reviews of the Charity’s processes for complying with the requirements of the Modern Slavery Act, as well as receiving a report on the Charity’s carbon reporting agenda. It also reviewed the operational governance of the Cancer Grand Challenges initiative in the light of the partnership with the National Cancer Institute in the US. The Committee recommended to Council a revised conflicts of interest policy.

In this financial year, the Committee reviewed and approved the application of a £150m Coronavirus Large Business Interruption Loan

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Scheme revolving credit facility with NatWest Bank Plc to ensure that the Charity’s liquidity was sufficient to navigate the significant impact of COVID-19 on the Charity’s revenue streams.

The Committee oversaw a new financial strategy to identify gaps, opportunities and risks; provide Cancer Research UK with a framework to govern growth and change; and ensure key financial areas are fit for the future. It monitored key financial performance indicators to ensure that the Charity operated within agreed parameters. It agreed the sale of the Charity’s Syncona Ltd shareholding. It monitored the recovery and restructuring programme in response to the fall in fundraising income as a result of the pandemic, including the cost savings achieved.

The Committee initiated preliminary discussions regarding the triennial valuation of the defined benefit pension scheme with the Board of Cancer Research UK Pension Trustee Ltd. The Committee maintained oversight of the Manchester Institute rebuilding in partnership with the NHS and the University of Manchester. The Committee reviewed the business case and budget for a new customer relationship management system and recommended it to Council for approval. It has also been involved in the response to the COVID-19 pandemic, further details of which can be found on page 36.

Fundraising and Marketing Committee The Fundraising and Marketing Committee oversees the governance of the Charity’s fundraising and marketing strategies and

practices. In this financial year, the Committee was faced with the impact of the COVID-19 pandemic on fundraising and philanthropy. It assessed the Charity’s short-term response plan and three-year corporate plan at its meeting in June 2020.

During the year, the Committee assessed the ‘One Cancer Research UK’ data and digital engagement model, and agreed a change to the model whereby the Charity contacts its supporters in order to support them better and improve their experience. The Committee also approved the renewal of contracts in respect of the Stand Up To Cancer partnership with Channel 4 and reviewed recent strategy and performance in Race for Life and other events impacted by COVID-19, as well as reviewing corporate partnerships, the Philanthropy and Partnerships Campaign, and the overall fundraising portfolio. During the year the Fundraising and Marketing team was restructured and the Committee monitored the changes and their impact. It also discussed learnings from COVID-19 and advised on the scope of and approach to a brand review to be carried out in the light of the new corporate plan. It approved ‘know your donor’ and ‘know your legator’ policies.

People and Remuneration Committee The People and Remuneration Committee provides oversight of significant initiatives, regulatory requirements and risks relating to people and remuneration, and exercises supervisory oversight of the Charity’s people

strategy on behalf of Council. It reviews key people policies that may have significant legal or reputational impact, and reviews and agrees overall policy for remuneration and pension arrangements for employees and major changes in employee benefits, as well as reviewing and approving the remuneration of members of the Executive Board.

This year the Committee oversaw the changes affecting people proposed by the Executive’s new corporate plan in response to the COVID-19 pandemic, including changes at the most senior levels, and endorsed short-term emergency measures to mitigate the impact of the crisis. It monitored staff morale via pulse surveys and assessed the plans for an eventual return to the workplace.

The Committee also oversaw the development and publication of the Charity’s equality, diversity and inclusion (EDI) strategy and began monitoring progress against it. For the first time, the Committee decided to publish the Charity’s ethnicity pay gap alongside its gender pay gap report.

The Committee carried out an annual review of the volunteer landscape and noted the value that volunteers bring to the Charity, as well as acknowledging the negative effect of the pandemic on this important group. A thorough review of volunteering and a strategy to progress in this area will be brought to the Committee in 2021.

The committee received an update on safeguarding and reviewed the safeguarding, EDI, whistleblowing, dignity at work, gifts and hospitality, and health and safety policies. It also reviewed people risks, staffing and recruitment, and recommended a new serious incident reporting policy to Council.

The Research Committee exercises supervisory oversight of the development, implementation and effective delivery of the Charity’s research. It provides advice to Council on areas relevant to research, including emerging fields and new types of partnership. It also considers new initiatives and the outcome of quinquennial and major centre reviews.

In this financial year, the Committee discussed the implications of COVID-19 for the funding of research, progress against the Charity’s research strategy and the impact of COVID-19 on its clinical trial portfolio review. They also discussed the future of our research landscape, including potential research funding scenarios, models and implications, transition options to reach the new, reduced funding base, and the strategic position of Cancer Grand Challenges post COVID-19. It considered the sustainability of charity-funded research in universities, future therapeutic innovation models, commercial partnerships activity, data strategy and research policy strategy.

Executive Board

The Executive Board is responsible for the day-to-day running of the Charity under authority delegated by Council to the Chief Executive Officer. It proposes to Council where the Charity should invest its time, money and expertise. It reviews strategic changes to the Charity’s activities prior to consideration by Council or Committees. In addition to a rolling three-year financial plan, it proposes an annual operating budget to the Finance Committee and to Council for approval and monitors financial performance accordingly. It recommends any changes to the budget and activity in light of performance and changes in the external environment.

During the year, while taking steps to maintain business as usual so far as possible, the Executive Board focussed on assessing the impact of COVID-19, implementing revised plans to ensure the sustainability of the Charity and return it to long-term growth. During the year, the Executive Board was restructured to reduce the number of senior roles at this level. As a result, at 30 June 2021, the Executive Board are:

Michelle Mitchell OBE, Chief Executive Officer Philip Almond, Executive Director, Marketing, Fundraising and Engagement Dr Iain Foulkes, Executive Director, Research and Innovation, and Chief Executive, Cancer Research Technology Limited

Nick Grant, Executive Director, Strategy and Transformation

Angela Morrison, Chief Operating Officer Ian Walker, Executive Director, Policy, Information and Communications

Scientific Executive Board

The Scientific Executive Board (SEB) is responsible for the implementation of science policy and strategy as approved by the Research Committee and Council. It reports to the Executive Board and includes scientific and clinical advisors to the Executive Board, Chief Scientist Professor Karen Vousden, who is a group leader at the Francis Crick Institute, and Chief Clinician, Professor Charles Swanton, who is a medical oncologist and group leader at the Crick and University College London.

The Board works with the Scientific Advisory Board, comprising the chairs of funding committees and other members as appropriate, which meets jointly with SEB to provide advice on matters which require scientific expertise. During this financial year, the Board discussed the implications of COVID-19 for research and funding, the transition to a future funding model, the quinquennial reviews of Cancer Research UK Drug Discovery Units, therapeutic innovation models, the review of the radiation research network (RadNet), a proposed data strategy, open access policies and Plan S (an open access publishing initiative), and equality, diversity and inclusion in research plans.

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Trustees’ duty to promote the success of the Charity – Section 172 statement

Trustees have a duty to promote the success of the Charity and, in doing so, are required by section 172(1) of the Companies Act 2006 to have regard to various specific factors, including:

  1. the likely consequences of decisions in the long term

  2. the interests of employees

  3. the need to foster the Charity’s relationships with third-party stakeholders which, in the case of Cancer Research UK, include people affected by cancer, supporters, the research and clinical communities, key opinion leaders and other influencers

  4. the impact of the Charity’s operations on the community and the environment

  5. the desirability of the Charity maintaining a reputation for high standards of business conduct.

Our governance processes

Council delegates day-to-day management and decision-making to the Chief Executive Officer and Executive Board, who are required

to execute the Charity’s strategy and to ensure that the Charity’s activities are carried out in compliance with policies approved by Council.

Council holds an annual one-day strategy review meeting to assess progress and identify areas of focus for the following year. A number of policies identified by Trustees as being of fundamental importance are reviewed on a cyclical basis by Council or on its behalf by Council Committees. Council receives updates on the Charity’s performance and plans at each Council meeting, while its Committees review performance and plans in more detail as set out in the relevant Committee’s terms of reference. By monitoring performance and ensuring that management is acting in accordance with the strategy and plans, and in compliance with specific policies, Council and its Committees obtain assurance that in promoting the success of the Charity, due regard is given to the factors set out in section 172.

Engagement with the Charity’s main stakeholder groups, including our staff, people affected by cancer, supporters, the research and clinical communities, and key opinion leaders and other influencers is discussed in the section “Engaging with our stakeholders” on page 92. The Chief Executive Officer regularly reports to Council on key stakeholder relations and engagement activities, current issues and relevant feedback received from interaction with stakeholders. At each Council meeting she has the opportunity to elaborate

on her written reports, answer questions and receive feedback from Trustees.

The likely consequences of any decision in the long term

The Charity’s strategy is based on our vision of beating cancer, with the ambition of seeing 3 in 4 people surviving their cancer for 10 years or more by 2034. This long-term aim informs our decisions regarding research funding and our policy and information activities – we want survival in the UK to be among the best in the world. The current strategy was set in 2014.

During the year under review, the Trustees approved a COVID-19 corporate plan that addressed a drop in income and the need to support people affected by cancer through the pandemic. The Trustees’ discussion of all aspects of the Charity’s work was informed by the feedback received from consultations with stakeholders. You can read more about the decisions the Trustees took in the principal decisions section on page 96.

Council and its Committees keep the Charity’s principal risks and its risk appetite under review, formally considering emerging risks and reviewing changes in the Charity’s risk profile and responses thereto twice a year. As well as addressing the loss of income due to the pandemic, the Charity stepped up its lobbying and influencing activity in response to the adverse effects of the pandemic on cancer patients and cancer research. Action

was also taken to bring risk within the Charity’s risk appetite in relation to staff and volunteer engagement and retention, and in relation to execution of the Charity’s technology, data and digital transformation strategy.

The desirability of the Charity maintaining a reputation for high standards of business conduct Among the matters reserved for Council is setting the Charity’s culture, values and standards and ensuring that its obligations to its stakeholders are met. The Charity has a range of policies and processes that promote corporate responsibility and ethical behaviour. Areas covered include fundraising (our fundraising practices are discussed on page 74), research integrity, conflicts of interest, safeguarding, dignity at work and whistleblowing.

All policies are reviewed periodically and updated as necessary by an internal policy forum. Policies of fundamental importance, as identified by the Trustees, by Council or the relevant Council Committee, are subject to periodic review of compliance by internal audit. Institutes and Centres in receipt of grants from the Charity are required to apply similar policies to those of Cancer Research UK on such issues as research integrity and dignity at work.

Conflicts of interest in particular need to be monitored by the Charity because, due to the specialist expertise required, scientists who serve on grant-making committees may also

lead research projects that receive funding from the Charity.

Although the Charity’s core activities do not involve working directly with children or vulnerable adults, those working in the Charity’s shops, at its events, in its labs or through voluntary fundraising activities may from time to time come into contact with children or vulnerable adults. The Charity has a dedicated safeguarding manager and a network of safeguarding champions who are responsible for ensuring that reporting and review processes are followed so that safeguarding issues are dealt with appropriately.

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Engaging with our stakeholders

Our stakeholders

People affected by cancer It is vital that we listen to the experiences, insights and priorities of people affected by cancer so we can be sure we are funding relevant research, influencing policy changes in the areas they are most needed, and providing relevant and accessible information.

Our supporters

In order to ensure our long-term financial stability, we need to build lasting relationships with our supporters, inspiring trust and loyalty in them around a shared mission. We also need to provide them with the right opportunities to support us and enable them to do so in ways that they find easy and convenient.

How we engage them on key decisions

We routinely consult, collaborate and partner with people affected by cancer. This is often through our Involvement Network and Patient Insight Panels, which provide teams across the Charity with input and advice on specific projects. Trustees have opportunities to become involved with panel meetings, and at the Council meeting in May 2021 received a presentation on the patient perspective to help shape the Charity’s thinking.

We conduct annual surveys of various groups, often amplifying sampling for specifically under-represented groups.

There is more information on our work with people affected by cancer on page 63, as well as in principal decision 3 on page 96.

We consult our supporters about our fundraising activities in a number of ways. We run an ongoing programme of engagement through our supporter and volunteer panels, measure views of our brand and marketing activity through our brand tracker and have an ongoing programme of feedback via our supporter experience survey. We run tailored research exercises related to specific audiences or products where needed. We use these methods to guide the development, delivery and measurement of our fundraising and marketing activity to ensure that supporters’ views inform all aspects of our fundraising.

This year, we conducted a large survey of our supporters to understand how the pandemic was affecting them and how they wanted to support us. The results were used to develop our virtual fundraising, including Race for Life at Home. You can read more about this on page 66.

Our stakeholders

Research and clinical communities Researchers and clinicians are the main beneficiaries of our funding and the means by which we fulfil our mission. We rely on the expertise and experience of these communities to ensure we are funding the best science and making the biggest difference for people affected by cancer.

Key opinion leaders and other influencers Bringing about changes in policy that support better prevention, diagnosis and treatment of cancer, and the research environment in general, is a key pillar of our work. By having good relationships with policy makers and working in partnership with other cancer charities in pursuing shared policy outcomes, we can have a greater impact for people affected by cancer.

How we engage them on key decisions

We have an extensive network of researchers (many funded by us, or who are engaged in our peer-review activities) which we draw on throughout our decision-making. These experts provide external perspectives, many of which are international in nature.

As well as our network of research-active clinicians, our multidisciplinary Clinical Advisory Panel and associated groups ensure that we are cognisant of key health professionals’ views, and we are regularly in touch with the relevant Royal Colleges and devolved nations’ stakeholders.

We receive regular feedback on matters relevant to the research and clinical communities via our Chief Scientist, Professor Karen Vousden, and our Chief Clinician, Professor Charles Swanton. See page 60 for more information on how we work with researchers and clinicians.

We have built strong and effective relationships with Government and opposition parties in each of the four nations. Our Ambassador programme of supporters informs our work, alongside broader patient and clinical involvement, and amplifies our engagement with politicians locally. Our regular survey of parliamentarians continues to demonstrate that we are considered an effective organisation by 76% of MPs.

This year, we led the ‘One Cancer Voice’ coalition of charities to set priorities for cancer recovery and transformation. On World Cancer Day we held online briefings with MPs, peers and researchers, and our Campaign Ambassadors engaged constituency MPs on cancer recovery and transformation, obesity and support for our research.

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Our stakeholders

Our workforce

As an organisation, we are only as strong as the people we’re made up of. We pride ourselves on the ability to recruit, develop, support and train the best people in each area of our work. In order to do this, we need to listen to our employees and understand what kinds of support, information and development opportunities they want to see from us.

How we engage them on key decisions

Our Executive Board regularly reviews staff engagement through pulse surveys and assesses outcomes and actions. We have several groups representing protected characteristics, and they are widely consulted on all equality, diversity and inclusion matters including, for example, gender and ethnicity pay reporting.

We consult with employees on a regular basis so that their views can be considered in making decisions that are likely to affect their interests. We undertake regular staff surveys – for example, consulting employees on health and safety concerns in the workplace and their commuting arrangements as the COVID-19-related social distancing measures are reduced or lifted.

Our stakeholders

The environment

The future health of the environment will affect all of us individually and Cancer Research UK as an organisation. We acknowledge that our work has a potential impact on the environment and we proactively manage this in a responsible and ethical manner, putting processes in place to prevent, reduce and mitigate our impact.

How we engage them on key decisions

We have a policy that addresses key aspects of sustainability, including ethical supply chains, energy and carbon management, travel, reuse of resources and reduction of waste. We also have processes in place to monitor and manage our carbon emissions and environmental impact (see page 101).

We have formal processes in place for reporting our annual activities, carbon emissions and ethical practices to Trustees to inform their decision making.

This year, we further developed our flexible working policies, including extra support for parents and carers, and improved our wellbeing offer directly in response to or with the help of staff feedback. You can read more about this on page 69.

Suppliers

We work with a broad range of suppliers, from local to global, and from small independent businesses to larger multinationals. We work to build strategic long-term relationships with each of our key suppliers, creditors and investment managers.

Our sourcing processes are designed to be flexible and inclusive and vary according to the market sector and the supply base within the sector. We operate policies and procedures to ensure the Charity achieves best value from suppliers, while protecting its reputation and assets and managing risk appropriately. We recognise that this an area where we can and should do better. We have set targets to improve on the timely payment of our suppliers, contract management, refining our preferred supplier lists and segmenting our spend into areas that contain similar or related products. This will reveal opportunities for consolidation and efficiency.

Controls are in place to ensure our money is spent on agreed objectives, and is safe from inappropriate or fraudulent use. We monitor the environmental impact of our activities and work actively with our suppliers to reduce carbon emissions (see page 101).

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Additional information

Introduction

Financial statements

Principal decisions

Decision 1: Making cuts to our research budget

Following a substantial drop in our income, we were forced to make £44m of cuts to our research budget in 2020/21 and transition to a lower baseline spend for future years.

other charities to lobby the Government to provide financial help to the research sector, as well as working closely with partner organisations to ensure we protected as much of our research as possible.

Decision 2: Making cuts to our operational cost base through our corporate plan In light of COVID-19, we took immediate

action to maintain the financial viability of the Charity by reducing our operational cost base. See the Financial review section and Assessment of our financial outlook on page 30 for more details.

• Equality impact assessments of the changes were presented to the People and Remuneration Committee to ensure the recovery programme did not adversely affect our plans to become a more diverse and inclusive organisation. Reflecting our commitment to EDI, Council decided to voluntarily publish our ethnicity pay gap for the first time.

Decision 3: Adapting to support people affected by cancer during the pandemic At the outset of the pandemic, we undertook a series of listening exercises to understand how people with cancer would be affected and what we needed to do to support them. You can read more about this on page 36.

• We created the coronavirus hub on our website to answer important questions on cancer and COVID-19 and published regular blogs on the latest developments relevant to people affected by cancer. We continued to run our helpline to provide information and support to people during the pandemic.

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Employment practices and pay

To achieve the Charity’s vision, it is critical that we attract and retain a diverse pool of skilled and talented people. We will only do this if we create an inclusive working environment, where our people can be themselves.

Dignity at work

All our staff have the right to be treated with fairness, dignity and respect. We do not tolerate bullying or harassment. It is only through treating everyone fairly, and with dignity and respect, that we will enable our people to perform at their best.

We refreshed our Dignity at Work policy in late 2020, following the publication of the Government’s technical guidance on sexual harassment. We will implement further improvements in 2021 relating to training and reporting.

Our policy refresh addressed issues such as abuse of power and third-party harassment, and clearly defined sexual harassment. We continue to ensure regular communication of our policies and processes so that our people know how to report and tackle dignity at work issues. Our policy covers our employees, temporary workers and volunteers across all our sites.

We set guidelines and reporting requirements relating to harassment within the research institutes funded by Cancer Research UK.

Safeguarding

Everyone is entitled to live their lives free from harm and abuse. It is important that children and vulnerable adults can feel safe and protected alongside our employees and volunteers while undertaking Cancer Research UK-related activities.

Since 2018, we have employed a dedicated safeguarding manager and our online safeguarding training is mandatory for all our employees. We update our safeguarding policy and associated guidance annually and when any additional changes are required to reflect current thinking. Our safeguarding forum of trained safeguarding champions meets once a quarter and represents all the Charity’s directorates.

Safeguarding concerns connected to our activities can arise from our staff, volunteers and from members of the public, and are typically reported through our shops, at events or online through our Cancer Chat forum. The concerns are all logged confidentially and escalated when required, involving thorough investigation and resolution through a range of methods. These include signposting to further help, reporting the concerns to relevant authorities (for example, police or social services), taking disciplinary action or offering pastoral care and

support. The logs are regularly reviewed and reported to our Executive Board and Council. We report serious incidents to the Charity Commission in accordance with its guidelines.

• We investigated 187 safeguarding concerns during the year, an increase from 163 in 2019/20 despite many of our activities ceasing due to COVID-19. We believe the increase is due to heightened awareness of safeguarding issues from mandatory training and individuals feeling more confident to report concerns. Two concerns were reported to the Charity Commission (down from three in 2019/20) in accordance with their current requirements.

Equality, diversity and inclusion (EDI) We value, celebrate and embrace EDI and we have set ourselves ambitious objectives. We believe the inherent benefits of a diverse, inclusive organisation will enhance our impact and performance.

This year, we developed our first organisation-wide EDI strategy that brings together the work we are doing with our people, the research community and people affected by cancer. This strategy marks a significant step forward, but the proof of our progress will be in the implementation. We intend that this plan will keep us accountable and have committed to being open and transparent about our progress as we move through the strategy. We have recognised that while we have taken steps forward, we still have

a long way to go to reach our ambitions of improving the diversity of our team and building an inclusive culture which supports everyone in our team to thrive.

We have continued to foster inclusion through all our activity, including our learning and development offer, recruitment and selection practices and through a comprehensive programme of diversity and inclusion awareness-raising and events. Our seven staff networks and EDI champions enable us to drive action across our organisation by helping us to identify improvements that can be made to our employment practices and ways of working.

We have refreshed our commitment to increase the proportion of our employees from an ethnic minority background – overall and in senior leadership. While we have increased the proportion of staff from ethnic minorities from 11% to 13.8% in the last three years, we have not yet reached the 16% we were aiming for by November 2021 and have extended the timeframe for this to June 2023. We have also failed to make inroads into our leadership target, with only 4% of our leadership team being from an ethnic minority background, against a target of 12% by 2023.

We have also refreshed our commitment to maintain a gender-balanced senior leadership team. We met our target for four consecutive quarters but dipped to 41% for quarter three this year. We have also set a performance

needed to support them so we can provide these where required.

men and women.

It is the Charity’s policy to provide equal opportunities to job applicants and employees Gender and ethnicity pay reporting of any race, nationality, ethnic origin, marital We have completed our fourth annual gender status, religion or belief, sex, sexual orientation pay gap reporting in line with Government or gender identity, disability, age or employment regulations, again choosing to publish earlier status. We have chosen to go beyond the legal than most other large charities. The regulations minimum and add additional characteristics to call for reporting on two key measures of the this list including socio-economic background, difference between the average women’s employment status and carers. pay and the average men’s pay. According to one measure – the mean pay gap – we have The Charity does not tolerate any form continued to reduce our gap over all four of discrimination in our recruitment or years, and it is now 15.0% (2019/20: 15.8%, employment practices. All employees and 2018/19: 17.8%, 2017/18: 18.7%), thanks to applicants are treated fairly, with respect, our positive actions. However, according to recognised as individuals and valued for the other measure – the median pay gap – the contribution they make, provided fair we have seen an increase, in part due to the access to training, development, reward success of our growing retail organisation and and progression opportunities, and are number of superstores, which typically employ accountable for the impact of their own more women often in lower paid roles.

The Charity does not tolerate any form of discrimination in our recruitment or employment practices. All employees and applicants are treated fairly, with respect, recognised as individuals and valued for the contribution they make, provided fair access to training, development, reward and progression opportunities, and are accountable for the impact of their own actions. Equality impact assessments are carried out on people policies to allow us to identify and remove any direct or indirect discrimination and implement opportunities to foster good relations. We are committed to taking positive action where necessary.

Despite the challenge posed by our retail strategy, we are committed to closing the gender pay gap further and have set ourselves actions as part of our wider EDI strategy. We will work to rebalance our senior leadership team and increase the proportion of women in our technology roles, while continuing to ensure our recruitment, talent and other people processes are inclusive and free of bias.

Within recruitment, we have a recruitment and selection policy and accompanying guidance, which provides structure and criteria for the shortlisting of applicants. This ensures applicants won’t be excluded on the basis of disability. As part of this policy, we ask job applicants to declare whether adjustments are

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For the first time, we have voluntarily published our ethnicity pay gap as part of our commitment to transparency. Our mean ethnicity pay gap is currently -9.5% (2019/20: -12%) meaning people from an ethnic minority are paid on average 9.5% more than white employees. We increased our median ethnicity pay gap to -26.4% (-22.3% in 2019/20). While this is positive news, we have much more work to do as we have a relatively small percentage of ethnic minority staff, particularly at senior levels.

Salaries are positioned between the median of the charitable and corporate sectors. Remuneration may vary depending on the job type and talent pool and is validated objectively using market comparators. This includes salary survey data from the charitable, private and public sectors. Guidance is sought from external professional advisers as appropriate. Our remuneration framework sets out pay bands clearly and is openly available to employees, to support our objective to engender fairness and teamwork.

Pay

We are committed to fairness in our remuneration practices and our remuneration policy follows these guiding principles:

We are committed to fairness in our We normally conduct an annual salary remuneration practices and our remuneration review with increases awarded for individual policy follows these guiding principles: performance. However, due to the impact of COVID-19 we froze all salaries for 2020/21, 1. Transparency – openness and clear to protect more of our life-saving research. communication about how remuneration We only operate one bonus scheme, a sales is set incentive plan across our network of retail shops, which we will phase out in 2021/22.

  1. Proportionality – fairness and consistency in line with appropriate internal and external references

We review our remuneration policy and positioning regularly to ensure we are paying appropriately to attract and retain skilled and experienced people, while making best use of supporters’ donations. Information regarding our remuneration spend and the number of employees with pay over £60,000 is included in note 9(a) to the financial statements.

  1. Rewarding performance – ensuring remuneration is commensurate with an individual’s performance and contribution to us

Senior executive pay

To achieve our objectives, we need to attract and retain high-performing senior leadership. Each position on the Executive Board is individually benchmarked using external advisers, and salaries are positioned well below roles with similar responsibilities in the corporate sector.

Cancer Research UK is committed to

transparency and openness on senior pay. The aggregate remuneration of our Executive Board and the remuneration of the Chief Executive and Chief Financial Officer are disclosed in note 9(b) to the financial statements.

We provide descriptions of the roles and responsibilities for the Executive Board on our website to demonstrate the scale and breadth of their responsibilities.

Sustainability and carbon

reporting

Cancer Research UK is reporting energy and carbon emissions in compliance with The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Reporting period

We are reporting our energy use and emissions on a calendar basis (1 January 2020 to 31 December 2020) to ensure we have a complete reportable data set.

Commentary on emissions

We significantly reduced emissions in 2020 due to the COVID-19 pandemic, with our shops and offices closed for much of the year and little business travel. While we expect energy usage in buildings to return to 2019 levels, business travel is likely to stay much lower with virtual meetings replacing many of the journeys previously undertaken.

The Beatson Institute of Cancer Research (“the Beatson”) accounted for 30% of overall emissions. Our next biggest source is our head office at 2 Redman Place.

Sustainability

Sustainability
Mandatory? 2020/21 2019/20* Units
Energy consumption
including greyfeet (kWh)		 Yes 27,774,956
34,158,263		 kWh
Direct emissions –
combustion of fuels in
buildings, leased vehicle
feet		 Yes 1,898
2,208		 tCO2e
Indirect emissions –
purchased electricity,
heat,cooling		 Yes 3,856
5,312		 tCO2e
Indirect emissions –
business travel mileage,
transmission & distribution
losses		 Yes 462
974		 tCO2e
Total mandatorydisclosures Yes 6,216
8,494		 tCO2e
Indirect emissions – other
business travel		 No 368
1,538		 tCO2e
Total emissions 6,584
10,033		 tCO2e
Emissionsper FTE Yes 1.82
2.71		 tCO2e/FTE

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Additional information

Methodology

Our reporting methodology is based on the World Resources Institute/World Business Council for Sustainable Development Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (revised edition), and the UK Government’s Environmental Reporting Guidelines, 2019.

We have taken an operational control approach, meaning that 100% of emissions from operations over which Cancer Research UK and its subsidiaries have operational control have been reported.

Other than the Beatson, we do not include Cancer Research UK-branded research institutes and centres, as these are not part of our organisation structure and we do not have operational control over them. Additionally, we have excluded all managed offices and laboratories – those where we do not receive a separate charge for energy. Our leased fleet includes our company cars and vans. Business travel mileage includes staff and volunteers driving their own vehicles for Cancer Research UK business (known as ‘grey fleet’).

All emissions calculations are derived from activity data. The primary sources used for energy and fuel are billing data and delivery notes. Meter reads are only used where there is no billing data. Where gaps of more than one day in energy data were identified, we have estimated the missing data using a daily consumption rate for the property

calculated from a comparable period. If no data were available for the property, data from a comparable building was used to calculate an area-based consumption rate. For business mileage, mileage claims were used. For other business travel, sources included travel agent reports, expense claims and credit card reports. The UK Government’s 2020 emission factors were used to calculate carbon emissions from activity data, except for those business travel expenses where the only data available was spend. In these cases, supply chain emission factors from Defra’s 2019 Environmental Reporting Guidance were used.

we could reopen, we encouraged shops to keep their doors open and use mechanical ventilation for safety, which increased our energy use.

In 2021, we resumed LED installations in shops and carried out an audit of energy saving actions in our Biotherapeutics Development Unit ahead of planned refurbishment.

We have reduced our company car fleet as drivers have moved to car allowance schemes now that many meetings are being held virtually. We have introduced a maximum age and emission limit for these vehicles. We have also replaced 25 older vans with more efficient models, upgraded the Beatson’s diesel van with an electric van, and we are trialling plug-in hybrids and electrical vehicles.

Our emissions are reported as metric tonnes of carbon dioxide equivalent, which incorporates all six gases regulated by the Kyoto Protocol.

We have additionally included emissions from The Beatson has identified opportunities business travel by staff and volunteers (other to make significant energy savings in their than travel by van, company car or private car), Biological Services Unit. such as air, rail, coach, public transport and taxis. Most air and rail travel data were provided by our travel agents, whereas most public transport and taxi data was collated from expense claims.

Energy-saving actions undertaken in financial year 2020/21

We could not carry out audits of energy saving actions in our shops and offices and further LED-lighting installations were paused due to the challenges of COVID-19 and the closure of our properties for much of the year. When

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Additional information

Introduction

Trustees' report Statement of Trustees’ responsibilities

The Trustees (who are also Directors of Cancer Research UK for the purposes of company law) are responsible for preparing the Trustees’ Report (including the strategic report) and the financial statements in accordance with applicable law and regulation.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the 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 Group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In the case of each Trustee in office at the date the Trustees’ Report is approved, that:

The Trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit in reporting on the Charity’s objectives and achievements on pages 46 to 57.

The reference and administrative details on page 150 form part of the Trustees’ Report.

Auditors

A resolution for the reappointment of PricewaterhouseCoopers LLP as auditors of the Charity will be proposed at the forthcoming Annual General Meeting.

The Trustees’ Report and Strategic Report were signed on behalf of the Trustees.

Professor Sir Leszek Borysiewicz Chair, 30 June 2021

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Additional information

Introduction

Trustees' report Independent auditors’ report to the Members and Trustees of Cancer Research UK

Report on the audit of the financial statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

Independence

In our opinion, Cancer Research UK’s group financial statements and parent charitable company financial statements (“the financial statements”):

We remained independent of the Group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We have audited the financial statements, included within the Annual Report and Accounts (the “Annual Report”), which comprise: the Group and Charity balance sheets as at 31 March 2021; the Consolidated statement of financial activities (incorporating an income and expenditure account), and the Consolidated statement of cash flows for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Conclusions relating to going concern

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 and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group’s and parent charitable company’s ability to continue as a going concern.

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

Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to

perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.

With respect to the Strategic Report and Trustees’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require us also to report certain opinions and matters as described below.

Strategic Report and Trustees’ Report In our opinion, based on the work undertaken in the course of the audit, the information given in the Annual Report, including the Strategic Report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Strategic Report and the Trustees’ Report have been prepared in accordance with applicable legal requirements.

In addition, in 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 are required to report if we have identified any

material misstatements in the Strategic Report

and the Trustees’ Report. We have nothing to report in this respect.

Responsibilities for the financial statements and the audit

Responsibilities of the Trustees for the

financial statements

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Trustees are also responsible for such internal control as they 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 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 and the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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Auditors’ responsibilities for the audit of the financial statements We have been appointed as auditors under section 44(1) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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 auditors’ 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 parent charitable company/

industry, we identified that the principal risks of non-compliance with laws and regulations related to 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 those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of The Charities Accounts (Scotland) Regulations 2006 (as amended). We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries and the manipulation of key accounting judgements and estimates. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: frc.org.uk/ auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charitable company’s Members and Trustees as a body in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and the Companies Act 2006 and regulations made under those Acts (regulation 10 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and Chapter 3 of Part 16 of the Companies Act 2006) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Matters on which we are required to report by exception Under the Companies Act 2006 and The Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Philip Stokes (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 30 June 2021

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111

Financial statements

112 Consolidated statement of financial activities 113 Group and Charity balance sheets

114 Consolidated statement of cash flows 116 Notes to the accounts

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Financial statements Additional information

Introduction

113

Consolidated statement of financial activities

(incorporating an income and expenditure account) for the year ended 31 March 2021

----- Start of picture text -----
All amounts relate to
Note Unrestricted Restricted Total Unrestricted Restricted Total
continuing operations.
funds funds funds funds
All gains and losses
2021 2021 2021 2020 2020 2020
recognised in the
£m £m £m £m £m £m
year are included in
Income:
the Consolidated
Income from donations and legacies 3a 341.4 72.9 414.3 351.2 72.1 423.3 Statement of Financial
Income from charitable activities 3b 97.1 0.8 97.9 110.3 7.6 117.9 Activities (SoFA).
Income from trading activities 3c 47.7 - 47.7 107.9 - 107.9
Income from coronavirus government support 3d 15.8 - 15.8 0.4 - 0.4 The Consolidated
Statement of
Income from investments 4.5 0.1 4.6 6.0 0.1 6.1
Financial Activities
Other income 1.6 - 1.6 0.5 - 0.5
is for the Group as
Total income 508.1 73.8 581.9 576.3 79.8 656.1
a whole. In the year
Expenditure: total income for the
Expenditure on charitable activities 5 (334.4) (85.0) (419.4) (427.9) (82.7) (510.6) Charity was £501.7m
Expenditure on raising funds 4a (68.6) - (68.6) (94.8) - (94.8) (2020: £548.9m) and
Expenditure on raising funds from trading investment gains
4b (82.6) - (82.6) (98.2) - (98.2)
activities were £50.1m (2020:
Total expenditure (485.6) (85.0) (570.6) (620.9) (82.7) (703.6) losses of £18.5m).
Net income/(expenditure) before investment The net movement
22.5 (11.2) 11.3 (44.6) (2.9) (47.5)
gains and losses on funds for the year
for the Charity was a
Net investment gains/(losses) 10 54.8 - 54.8 (22.5) - (22.5)
decrease of £13.3m
Net income/(expenditure) before transfers 77.3 (11.2) 66.1 (67.1) (2.9) (70.0)
(2020: decrease of
Transfers between funds 27,28 (6.7) 6.7 - (13.9) 13.9 - £52.5m).
Net income/(expenditure) before other
70.6 (4.5) 66.1 (81.0) 11.0 (70.0)
recognised gains The notes to the
Other recognised (losses)/gains:
accounts on pages
Actuarial (losses)/gains on defined benefit 116 to 149 form an
21a (72.7) - (72.7) 25.6 - 25.6
pension scheme integral part of these
Net movement in funds (2.1) (4.5) (6.6) (55.4) 11.0 (44.4) financial statements.
Reconciliation of funds:
Total funds brought forward 234.2 64.4 298.6 289.6 53.4 343.0
Total funds carried forward 27,28 232.1 59.9 292.0 234.2 64.4 298.6
----- End of picture text -----

Group and Charity balance sheets as at 31 March 2021

----- Start of picture text -----
Note Group Group Charity Charity
2021 2020 2021 2020
£m £m £m £m
Fixed assets
Intangible fixed assets 11 1.3 1.5 1.1 1.3
Tangible fixed assets 12 36.3 44.3 22.9 29.7
Investments 13 247.2 258.4 247.3 258.5
Programme-related investments 14 161.8 164.9 161.8 164.9
Mixed motive investments 15 16.1 31.7 10.4 30.2
462.7 500.8 443.5 484.6
Current assets
Stock 3.8 3.6 0.6 0.8
Debtors 17 263.4 236.8 253.3 225.3
Cash and short-term deposits 94.6 67.2 68.9 46.7
361.8 307.6 322.8 272.8
Creditors: amounts falling due within one year 18a (378.8) (392.2) (378.3) (401.6)
Net current liabilities (17.0) (84.6) (55.5) (128.8)
Total assets less current liabilities 445.7 416.2 388.0 355.8
Creditors: amounts falling due after more than one year 18b (195.7) (233.9) (191.6) (220.4)
Provisions for liabilities and charges 19 (4.3) (0.7) (4.3) (0.7)
Net assets (excluding Defined benefit pension scheme asset) 245.7 181.6 192.1 134.7
Net pension asset 21a 46.3 117.0 46.3 117.0
Net assets (including Defined benefit pension scheme asset) 292.0 298.6 238.4 251.7
Funds
Restricted funds 27 59.9 64.4 28.6 36.1
Unrestricted funds
General funds 28 185.8 117.2 163.5 98.6
Pension reserve 21a 46.3 117.0 46.3 117.0
232.1 234.2 209.8 215.6
Total funds 29 292.0 298.6 238.4 251.7
----- End of picture text -----

The financial statements on pages 112 to 149 were approved by the Trustees on 30 June 2021 and signed on their behalf by

Professor Sir Leszek Borysiewicz Chair

David Lindsell Trustee

The notes to the accounts on pages 116 to 149 form an integral part of these financial statements.

Overview

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Introduction

115

Consolidated statement of cash flows

for the year ended 31 March 2021

----- Start of picture text -----
Note Group Group
2021 2020
£m £m
Net cash used in operating activities (a) (50.2) (5.5)
Cash flows for investing activities:
Investment income 4.6 6.1
Purchase of fixed assets 11,12 (4.9) (21.5)
Purchase of investments 13,15 (103.9) (148.6)
Proceeds from the sale of investments 13,15 154.5 146.2
Divestments 13,15 55.0 -
(Decrease)/Increase in cash and deposits (investment assets) 13,15 (27.7) 13.5
Net cash provided by/(used in) investing activities 77.6 (4.3)
Change in cash and cash equivalents in the year 27.4 (9.8)
Cash and cash equivalents at 1 April (b) 67.2 77.3
Change in cash and cash equivalents due to exchange rate movements - (0.3)
Cash and cash equivalents at 31 March (b) 94.6 67.2
----- End of picture text -----

( a) Reconciliation of net expenditure to net cash flow from operating activities

----- Start of picture text -----
Note Group Group
2021 2020
£m £m
Net income/(expenditure) for the reporting year (as per the Statement of Financial Activities) 66.1 (70.0)
Adjustments for:
Investment income (4.6) (6.1)
Depreciation charge for the year 12 8.2 9.5
Amortisation charge for the year 11 0.6 0.6
Loss on disposal of tangible fixed asset 12 0.2 0.2
Impairment expense for the year 12,14 7.2 2.6
Realised/unrealised (gains)/losses on investments 10 (54.8) 22.5
(Increase)/decrease in stock (0.2) 0.1
(Increase)/decrease in debtors excluding derivative financial instruments 17 (26.5) 25.6
(Decrease)/increase in creditors excluding derivative financial instruments 18 (48.0) 11.0
Increase/(decrease) in provision for liabilities and charges 19 3.6 (0.1)
Total pension gains recognised in SoFA excluding actuarial gains 21a (1.6) (0.9)
Pension contributions by employer to Defined benefit scheme 21a (0.4) (0.5)
Net cash used in operating activities (50.2) (5.5)
(b) Analysis of cash and cash equivalents
Note Group Group
2021 2020
£m £m
Cash in hand 33.3 28.8
Notice deposits (less than three months) 61.3 38.4
Cash and short-term deposits at 31 March 94.6 67.2
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Notes to the accounts

1. Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with UK Generally Accepted Accounting Practice, comprising the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ and Financial Reporting Standard (FRS) 102, together with the reporting requirements of the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006. The Charity has adapted the Companies Act formats to reflect the SORP and the special nature of the Charity’s activities. The Charity is a public benefit entity.

The financial statements have been prepared under the historical cost convention, except as otherwise described in the accounting policies.

Basis of consolidation

The consolidated financial statements incorporate the results of Cancer Research UK (‘the Charity’) and its subsidiary undertakings as detailed in note 16. The consolidated entity is referred to as ‘the Group’. No separate Statement of Financial Activities (SoFA) or Cash Flow Statement has been prepared for the Charity as permitted by Section 408 of the Companies Act 2006 and FRS 102 Section 1.12 (b) respectively.

The accounting policies have been consistently applied across the Group from year to year in accordance with FRS 102.

Going concern

The Trustees have adopted the going concern basis of accounting in preparing the financial statements having assessed the Group’s principal risks and in particular the continuing uncertainty regarding the effects of the COVID-19 pandemic on the Charity’s income. We have focussed on reforecasting our revenue during the year and developing a realistic base case for our 2021/22 budget. We have stress tested our budget and forecasts

with worst-case scenario assumptions and worked through our contingency plans. The Group’s financial forecasts make provision for possible further restrictions on its fundraising activities during the next 12 months and further reductions in its expenditure during this period are planned. While the level of its investment and cash reserves will reduce over the next year, the Group will maintain its investment and cash reserves at the level of at least three months’ gross expenditure (estimated at £180m). As at 31 March 2021, the Group had managed cash and investments of £317m and access to a £150m revolving credit facility with NatWest Bank Plc, as outlined in the future viability considerations on page 30, well above the target minimum liquidity that the Trustees have set in order to remain in a financially strong position. Accordingly, the Group expects to continue to have access to sufficient liquid resources to meet its obligations for a period of at least 12 months after the approval of these financial statements.

Income

Income is recognised in the SoFA when the Group has entitlement to the income, the amount can be reliably measured, and it is probable that the income will be received.

Income from donations and legacies

Legacies are recognised when probate is granted and there is sufficient information to measure them. Reversionary interests involving a life tenant are not recognised. Amounts for pecuniary and residuary cases not included in legacy income (such as those with corrupt title and contentious cases) are disclosed as a contingent asset in note 3(a).

Donations are accounted for when received, except sponsorship from events which is recognised when the event takes place, and major gifts which are recognised on a receivable basis when receipt is probable and there is entitlement to the income.

Gift Aid receivable is included in income when there is a valid Gift Aid declaration and the donation has been received.

1. Accounting policies (continued)

Donations in kind, excluding donated goods, are recognised at their open market value to the Group when received and an equivalent amount is included in the appropriate expenditure line; the only amounts included for donated services are those provided in a professional capacity.

Volunteer time is not accounted for as this cannot be estimated reliably. We have 30,000 registered volunteers who contribute to the Charity’s work each year as detailed on page 70.

Income from intellectual property rights is recognised gross before the distribution to third parties under revenue-sharing agreements, which is included in costs of charitable activities, on the basis that risks and rewards associated with this income remain with the Group.

Grant income is recognised when the Group is entitled to receipt. Grants receivable on terms that require the Charity to carry out research or other work are recognised in income as the performance obligations are satisfied.

Income from trading activities

Retail income, including income from donated goods, is accounted for when the sale takes place. Proceeds from the sale of goods belonging to supporters sold under the retail Gift Aid scheme are treated as sales of donated goods. Events registration fees are recognised when the event takes place. Events merchandise is accounted for when the sale occurs.

Income from coronavirus government support Government grant income is recognised when the Group is entitled to receipt.

Expenditure

Expenditure is accounted for on an accruals basis. Support costs which cannot be directly attributed are apportioned between expenditure on charitable activities and expenditure on raising funds on a headcount basis (see note 7). Irrecoverable VAT is included in the expense item to which it relates.

Expenditure on charitable activities

A research grant is recognised when the Group formally notifies the recipient of the award following scientific review. The liability is measured as the total of discounted expected payments as per the Grant Award Letter. Grants to core funded Institutes are awarded and recognised on an annual basis; any termination liabilities are recognised when a decision to discontinue the grant is made. Liabilities for awards payable more than one year after the balance sheet date are discounted at a rate equivalent to the expected return on the Charity’s investments for the relevant period.

Grants where there are annual reviews or other milestones upon which future funding is conditional are not recognised as a liability until all conditions are met. These non-binding grant commitments are disclosed in note 24.

Retail expenditure does not include any valuation of donated goods sold (see accounting policy for stock below).

Leases

Rentals payable under operating leases and any lease incentives are charged in the SoFA evenly over the period of the lease.

Research and development (R&D) expenditure is written off in the SoFA as incurred. R&D expenditure credit related to qualifying expenditure is treated as revenue grant funding and included in income from charitable activities.

Taxation

The charitable members of the Group are exempt from Income Tax and Corporation Tax on income and gains to the extent that they are applied to their charitable objects. The Charity’s trading subsidiaries do not generally pay UK Corporation Tax because their policy is to pay taxable profits to the

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119

Additional information

Financial statements

1. Accounting policies (continued)

Charity as Gift Aid where they have sufficient reserves to do so. Foreign tax incurred by overseas subsidiaries is charged as incurred. The Charity is party to a group registration for VAT purposes. As the representative member, the Charity is jointly and severally liable for any VAT liabilities of the subsidiary companies that are part of the same VAT registration.

Tangible and intangible fixed assets

Tangible and intangible fixed assets are capitalised at cost. The Group capitalises items costing more than £5,000. Batches of items below this threshold are capitalised where they form part of one project and together cost more than £50,000. Depreciation and amortisation are provided to write off the cost of assets on a straight-line basis over their expected useful lives, as follows:

lives, as follows:
Freehold land and buildings Land: not depreciated;buildings: 25years
Leaseholdproperties 25years,or leaseperiod if shorter
Freehold and leasehold
improvements		 25 years, or lease period if shorter
Plant, equipment, fxtures and
fttings (includingretail)		 three to fve years

Fixed assets are reviewed for any impairment at the reporting date. Any impairment loss is recognised in the SoFA.

Investments

Listed investments are measured at fair value using the closing market bid price. Unlisted investments are held at cost less any provision for impairment as an approximation to fair value where this cannot be reliably measured. The SoFA includes realised gains and losses on investments sold in the year and unrealised gains and losses on the revaluation of investments.

Programme-related investments

Programme-related investments are made to further the charitable purposes of the Charity. They are held at cost less any provision for impairment.

Mixed motive investments

Mixed motive investments are made in order to contribute to the charitable purposes of the Charity and to generate a financial return for the Charity. Mixed motive investments are measured at fair value which, in the case of a listed entity, is the bid price of the shares.

To support its charitable purposes, the Charity commits to strategic partnerships which agree to invest in mixed motive investments. The Charity recognises an investment on the balance sheet at the point of drawdown. The remaining undrawn amount is disclosed as a financial commitment (note 25).

Financial instruments other than investments

The Charity has financial assets and financial liabilities of a kind that qualify as basic and complex financial instruments. Basic financial instruments are measured at their settlement value in the case of current assets and liabilities and at discounted settlement value in the case of creditors falling due after more than one year. Foreign currency forward contracts are classified as complex and are measured at their settlement value. The Group has taken advantage of reduced disclosure exemptions for sections 11 and 12 of FRS 102.

Loan and overdraft facilities are recognised as liabilities at the point a drawdown is made. Details of facilities that are in place but are unutilised at the balance sheet date are disclosed in note 20.

Foreign currency

Foreign currency transactions are recognised at the exchange rate at the time of the transaction. Foreign currency balances are translated into sterling at the exchange rate at the balance sheet date. Resulting gains or losses are included in the SoFA.

Stock

Stock is valued at the lower of cost and net realisable value using an average cost calculation.

1. Accounting policies (continued)

Stock does not include goods donated for sale in the Group’s charity shops as it is impractical to measure reliably the fair value of these donated items.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but not held for investment purposes.

Pensions

The Group’s defined benefit pension scheme is closed to future accrual. Actuarial gains and losses are recognised in the SoFA as other recognised gains and losses. The scheme surplus is recognised as an asset since the Group has an unconditional right to a refund of any ultimate surplus from the scheme.

The net surplus or deficit in the scheme is calculated in accordance with FRS 102, based on the present value of the defined benefit obligation at the reporting date, less the fair value of the scheme assets.

The amounts charged in the SoFA for defined contribution pension schemes represent the contributions payable in the period.

Multi-employer schemes are accounted for as defined contribution schemes as the Group is unable to identify its share of the defined benefit obligations, plan assets or costs associated with the schemes concerned.

Fund accounting

Restricted funds can only be used for purposes specified by or agreed with the donor. Details of our restricted funds and the purpose of those funds are detailed in note 27.

General funds are available to spend at the discretion of the trustees in furtherance of the charitable objects of the Charity.

2. Critical accounting judgements and sources of estimation uncertainty

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

a) Critical judgements in applying the group’s accounting policies

Programme-related investments

The Charity has made cash and in-kind contributions to the construction of the Francis Crick Institute (“the Crick”) which are held as a programme-related investment on the Group and Charity’s balance sheets. The purpose of this programme-related investment is the furtherance of CRUK’s charitable activities and not to generate financial return.

The Charity holds more than 20% of the share capital of the Crick. It is not an associate as the Charity does not have the power to significantly influence financial and operating decisions made by the Crick. Therefore, the Crick is classified as an investment in the Group and Charity accounts.

The trustees have concluded that it is appropriate to recognise an annual impairment charge to reduce the carrying value of the investment to £nil on a straight-line basis over the remaining life of the lease. See note 14.

b) Critical accounting estimates and assumptions

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

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2. Critical accounting judgements and sources of estimation uncertainty (continued)

(i) Legacy pipeline valuation

There is inherent uncertainty in the probate valuation of estates as a result of the nature of underlying assets and liabilities, the time that may elapse between probate and closure, and other contingencies that attend the estate. Material cases (greater than £1m in estimated value) are included at their full valuation. Cases below this threshold are included at 97% (2020: 96%) of their aggregate valuation (to reflect the uncertainty of estate administration) after allowing for any gain or loss on unrealised property and investment assets. Each year the measurement uncertainty factor is reviewed to ensure it continues to be supported by actual realisation rates. A decrease/increase of 1% in the uncertainty factor would result in an increase/ decrease of accrued legacy income of approximately £1.6m as at 31 March 2021 (2020: approximately £1m). See note 17.

(ii) Defined benefit pension scheme

The Group has an obligation to pay pension benefits to certain employees, the amounts of which are predetermined by a formula based on the employee’s salary and the length of service up to the date at which the defined benefit pension scheme was closed to further accrual. The present value of the obligation depends on a number of factors, including life expectancy, future increases to pension payments and the discount rate on corporate bonds. The assumptions made by the Group regarding these factors reflect historical experience and current trends. The valuation is particularly sensitive to the impact of the discount rate and inflation assumptions on Scheme assets and liabilities: as at 31 March 2021, a reduction/increase of 0.1% in the discount rate would result in a reduction/ increase of £15m (2020: £13m) in the net pension asset and a reduction/ increase of 0.1% in the rate of inflation would result in a reduction/increase of approximately £11m (2020: £10m) in the net pension asset. See note 21.

3. Income

(a) Income from donations and legacies

3. Income
(a) Income from donations and legacies
Group
2021
£m		 Group
2020
£m
Legacies 213.5 184.4
Donations 186.2 190.8
Events 14.6 48.1
414.3 423.3

The net amounts for pecuniary and residuary cases not included in legacy income as at 31 March 2021, such as those with a corrupt title and contentious cases, are valued at £36.2m (2020: £36.6m). At 31 March 2021, the Charity has an interest in 930 (2020: 1,032) estates subject to a life interest or trust which were excluded from accrued legacy income in line with the Group’s accounting policy as detailed in note 1.

(b) Income from charitable activities

(b) Income from charitable activities
Group
2021
£m		 Group
2020
£m
Cancer research 97.8 117.7
Cancer information and infuencing 0.1 0.2
97.9 117.9

3. Income (continued)

(c) Income from trading activities

(c) Income from trading activities
3. Income (continued)
Group
2021
£m		 Group
2020
£m
Retail income 39.7 90.5
Events registrations, merchandise and
other income		 8.0 17.4
47.7 107.9
(d) Income from coronavirus government support
Group
2021
£m		 Group
2020
£m
Coronavirus Job Retention Scheme 14.2 0.4
Local authoritydiscretionary grants 0.9 -
Retail hospitalityand leisuregrants 0.7 -
15.8 0.4

See note 23 for further details of the government support claimed by the Group in response to the COVID-19 pandemic.

4. Expenditure

(a) Expenditure on raising funds

4. Expenditure
(a) Expenditure on raising funds
Group
2021
£m		 Group
2020
£m
Legacies 13.8 15.9
Donations 35.1 47.0
Events 17.4 30.4
Managinginvestments 2.3 1.5
68.6 94.8
(b) Expenditure on raising funds from trading activities
Group
2021
£m		 Group
2020
£m
Retail costs (includingcosts of bought-ingoods) 82.1 88.4
Events registration and merchandise 0.5 9.8
82.6 98.2

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Financial statements Additional information 123

7. Support costs

5. Expenditure on charitable activities

----- Start of picture text -----
Direct Grant Support Group Group Research Cancer Expenditure Raising Group Group
costs costs costs 2021 2020 information on raising funds 2021 2020
£m £m £m £m £m and policy funds from
Cancer research 101.8 273.7 12.5 388.0 468.4 outreach trading
activities
Cancer information 24.6 - 6.8 31.4 42.2
£m £m £m £m £m £m
and influencing
Information
126.4 273.7 19.3 419.4 510.6 5.9 3.7 7.0 2.3 18.9 20.8
technology
See note 6 for further details on grant costs and note 7 for further details on
Corporate
support costs. 5.1 1.9 3.5 1.2 11.7 13.3
resources
6. Grants Human 1.5 1.2 2.2 0.7 5.6 6.6
resources
12.5 6.8 12.7 4.2 36.2 40.7
Group Group
2021 2020
£m £m Included within support costs are governance costs of £1.6m (2020: £1.6m)
Grants recognised in the year 287.0 340.6
Write-back of unutilised grants and other 8. Net expenditure for the year
(13.3) (4.2)
adjustments
273.7 336.4 Group Group
----- End of picture text -----

8. Net expenditure for the year
Group
2021
£m		 Group
2020
£m
Net expenditure for the year is stated after
charging/(crediting):
Rentalspayable under operatingleases 25.3 28.1
Gift Aid income (26.0) (31.8)
Depreciation (note 12) 8.2 9.5
Impairment (note 12,14) 7.2 2.6
Rents receivable (0.1) (0.5)
Derivative fnancial instrument (gain)/loss (3.8) 4.1
Auditors’ remuneration for external audit services 0.2 0.1

An analysis of grant-funded research by host institution with details of the grants awarded during the year can be found on the Charity’s website at cruk.org/our-accounts

Write-back of grants represents funding that was not fully utilised in the year by the grant recipient. 2021 also includes funding withdrawn due to decisions made to reduce research spend at the start of the pandemic in response to the predicted fall in income.

9. Employees and Trustees

(a) Employees

The number of employees whose remuneration fell within the following bands is set out below:

----- Start of picture text -----
bands is set out below:
Group Group Charity Charity
2021 2020 2021 2020
Group Group
£m £m £m £m
2021 2020
Wages and salaries 112.2 120.9 90.0 99.1 No. No.
Social security costs 10.4 11.5 8.3 9.4 £60,001 – £70,000 97 101
Other pension costs 10.3 11.3 7.1 8.5 £70,001 – £80,000 43 51
Other staff costs 0.7 0.9 0.6 0.8 £80,001 – £90,000 11 19
133.6 144.6 106.0 117.8 £90,001 – £100,000 15 14
£100,001 – £110,000 9 13
 Wages and salaries include termination payments of £1.3m (2020: £0.6m) £110,001 – £120,000 6 7
The average headcount of employees, analysed by function, was: £120,001 – £130,000 3 4
£130,001 – £140,000 5 2
Group Group Charity Charity £140,001 – £150,000 1 4
2021 2020 2021 2020
No. No. No. No. £150,001 – £160,000 2 1
Charitable activities Fundraising and trading 21,,076 703 21,,196 719 2,648 703 2,783 718 £160£170,,001 – £180001 – £170,,000 000 2 1 2 -
Support services 607 692 522 593 £180,001 – £190,000 - 1
4,386 4,607 3,873 4,094 £190£200,,001 – £200001 – £210,,000 000 1 1 1 -
In addition to the scientists employed, over 3,200 scientists, technicians £210,001 – £220,000 1 1
and other staff engaged in cancer research throughout the United Kingdom £230,001 – £240,000 - 1
were supported by grants made by the Group (2020: over 3,700). £240,001 – £250,000 - 1
£250,001 – £260,000 1 -
199 223
----- End of picture text -----

The figures used to calculate the bandings above are inclusive of wages, salaries and benefits, but exclusive of social security costs and employer pension contributions.

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Financial statements

9. Employees and Trustees (continued)

(a) Employees (continued)

The decrease in the number of staff receiving emoluments of more than £60,000 is due to actions taken in response to the pandemic, including a 20% reduction in salaries for Executive Board members for five months from April to August 2020 inclusive, and for all staff for four months from May to August 2020 inclusive.

Additionally, as a result of the COVID-19 crisis, the number of senior positions was reduced during the year (in the case of the Executive Board from 11 to 8); the salaries included in the table for those who left during the year are for the period up to their departure and not their full-year salaries.

The highest paid member of staff is the Director of Global Philanthropy (2020: Chief Executive Officer). The Global Director is a US-based senior leader overseeing the Philanthropy Directorate, a £250m philanthropy campaign and building a US-based non-profit organisation to support Cancer Grand Challenges and other global initiatives.

(b) Key management personnel

Remuneration and benefits of key management personnel are set out in the table below:

table below:
Incl. pension
contributions		 Excl. pension
contributions
2021
£’000		 2020
£’000		 2021
£’000		 2020
£’000
Key management
personnel		 1,794 1,990 1,695 1,873

Key management personnel are defined as members of the Executive Board, including the Chief Executive Officer and Chief Financial Officer, and consisted of 11 individuals during the year (2020: 11). See further details on page 89.

In addition to salary and employer pension contributions, the Group provides all staff with death-in-service and income protection. The value of these benefits for key management personnel is estimated to be £10,363 (2020: £13,452).

10. Net investment gains/(losses)

(b) Key management personnel (continued)

----- Start of picture text -----
Group Group
The remuneration of the Chief Executive Officer and Chief Financial Officer 2021 2020
is set out below. £m £m
Realised gains on investments (notes 13,15) 56.8 37.1
Base salary Employer pension Other benefits [1] Total Unrealised losses on investments (notes 13,15) (5.7) (55.2)
Gains/(losses) on derivative financial instruments 3.7 (4.4)
contributions
and pension 54.8 (22.5)
equivalents
2021 2020 2021 2020 2021 2020 2021 2020 11. Intangible fixed assets
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Chief
Group Charity
Executive 215.5 244.0 16.8 9.9 1.3 1.7 233.6 255.6
£m £m
Officer
Cost
Chief
Financial 195.4 195.0 6.5 15.6 0.5 1.4 202.4 212.0 As at 1 April 2020 3.3 2.7
Officer Additions 0.4 0.3
At 31 March 2021 3.7 3.0
[1] Other benefits include death-in-service and income protection benefits Accumulated amortisation
As at 1 April 2020 1.8 1.4
(c) Trustees Charge for the year 0.6 0.5
No Trustee received remuneration from the Group during the year. Of the At 31 March 2021 2.4 1.9
16 Trustees who served during the year, one was reimbursed a total of £243 Net book values
(2020: a total of £8,703 to 10 of the 14 Trustees). This represents travel
At 31 March 2021 1.3 1.1
and subsistence incurred in attending meetings and events in their official
capacity which reduced in response to the pandemic. The value of expenses At 1 April 2020 1.5 1.3
----- End of picture text -----

No Trustee received remuneration from the Group during the year. Of the 16 Trustees who served during the year, one was reimbursed a total of £243 (2020: a total of £8,703 to 10 of the 14 Trustees). This represents travel and subsistence incurred in attending meetings and events in their official capacity which reduced in response to the pandemic. The value of expenses waived was not material. As permitted by the Articles of Association, the Trustees have the benefit of a qualifying third-party indemnity provision as defined by section 234 Companies Act 2006. The Charity purchased and maintained throughout the year Trustees’ and Officers’ liability insurance in respect of itself and its Trustees.

Intangible fixed assets include software, licenses and website development costs

Total donations from Trustees amounted to £11,400 during the year (2020: £240).

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Trustees' report Financial statements Additional information

127

Introduction

12. Tangible fixed assets

Group

----- Start of picture text -----
Freehold land and Leasehold Freehold and Plant, equipment, Retail fixtures and Total
buildings properties leasehold fixtures and fittings
improvements fittings
£m £m £m £m £m £m
Cost
As at 1 April 2020 16.5 13.8 13.2 56.6 24.1 124.2
Additions - 1.0 - 2.9 0.6 4.5
Disposals - - - (11.3) (13.1) (24.4)
At 31 March 2021 16.5 14.8 13.2 48.2 11.6 104.3
Accumulated depreciation
As at 1 April 2020 10.5 1.1 6.6 42.9 18.8 79.9
Charge for the year 0.4 0.7 0.4 5.1 1.6 8.2
Impairment expense 4.1 - - - - 4.1
Disposals - - - (11.1) (13.1) (24.2)
At 31 March 2021 15.0 1.8 7.0 36.9 7.3 68.0
Net book values
At 31 March 2021 1.5 13.0 6.2 11.3 4.3 36.3
At 1 April 2020 6.0 12.7 6.6 13.7 5.3 44.3
----- End of picture text -----

12. Tangible fixed assets (continued)

Charity

----- Start of picture text -----
Freehold land and Leasehold Freehold and Plant, equipment, Retail fixtures and Total
buildings properties leasehold fixtures and fittings
improvements fittings
£m £m £m £m £m £m
Cost
As at 1 April 2020 16.5 12.4 4.3 22.5 23.5 79.2
Additions - 1.0 - 1.0 0.6 2.6
Disposals - - - (7.2) (12.8) (20.0)
At 31 March 2021 16.5 13.4 4.3 16.3 11.3 61.8
Accumulated depreciation
As at 1 April 2020 10.5 0.4 3.6 16.6 18.4 49.5
Charge for the year 0.4 0.6 - 2.5 1.6 5.1
Impairment expense 4.1 - - - - 4.1
Disposals - - - (7.0) (12.8) (19.8)
At 31 March 2021 15.0 1.0 3.6 12.1 7.2 38.9
Net book values
At 31 March 2021 1.5 12.4 0.7 4.2 4.1 22.9
At 1 April 2020 6.0 12.0 0.7 5.9 5.1 29.7
----- End of picture text -----

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13. Investments

14. Programme-related investments

----- Start of picture text -----
Group Group Charity Charity Group Group Charity Charity Group and Group and
2021 2020 2021 2020 2021 2020 2021 2020 Charity Charity
£m £m £m £m £m £m £m £m 2021 2020
£m £m
At market value Movements
The Francis Crick Institute 161.8 164.9
UK listed equity At 1 April 258.4 266.4 258.5 261.1
9.8 15.6 9.8 15.6
investments Additions 101.5 147.1 101.1 147.1 Comprised of:
UK fixed and variable 56.5 64.4 56.5 64.4 Disposals (125.0) (130.5) (124.6) (130.5) Land 18.0 18.0
interest stocks
Investment 143.8 146.9
Divestments (55.0) - (55.0) -
UK cash investments 3.8 7.7 3.8 7.7
Total 161.8 164.9
Net movement in cash
UK investment properties 2.1 2.1 2.1 2.1 and short-term deposits 27.7 (13.5) 27.7 (13.5)
Investments in UK
0.1 0.1 - 0.1 Net realised investment
unlisted companies gains 42.3 29.8 41.9 29.8 Group and Group and
Investment in charity charity
subsidiaries (note 16) - - 0.2 0.2 Net unrealised investment losses (2.7) (40.9) (2.3) (35.5) 2021 2020
£m £m
Total UK investments 72.3 89.9 72.4 90.1
At 31 March 247.2 258.4 247.3 258.5
Movements
Overseas listed equity
91.5 91.4 91.5 91.4
investments At 1 April 164.9 164.9
The historical cost of the Group and Charity investments at 31 March 2021
Overseas fixed and was £174.4m (2020: £225.1m). Impairment (3.1) -
83.4 77.1 83.4 77.0
variable interest stocks At 31 March 161.8 164.9
Total overseas
174.9 168.5 174.9 168.4
investments
Total investments 247.2 258.4 247.3 258.5
----- End of picture text -----

The Francis Crick Institute (“the Crick”) is a UK registered charity and limited company. The Charity holds 23% of the Crick’s shares. The Charity’s partners in this venture are the Medical Research Council, Wellcome Trust, University College London, King’s College London and Imperial College London.

The Charity jointly owns, with the other founder partners, land on which the Crick research facilities have been constructed. The total acquisition cost of the land was £88m, and the Charity’s share of this cost was £18m. A lease of the land was granted to the Crick in May 2012 for a 55-year term at a peppercorn rent. The terms of the lease require the site to be used for the Crick’s charitable objects and the Group’s intention is to hold the land for this purpose.

The Charity made its investment in the Crick in order to further the Charity’s objectives of preventing and diagnosing cancers and of developing new and better treatments for cancer patients. The Charity will derive the benefit of this research from the Crick over the life of the investment. Following the Charity’s first Quinquennial review of the Crick in 2021, the Trustees have concluded that it is appropriate to recognise an annual impairment charge calculated so as to reduce the carrying value of the investment to £nil on a straight line basis over the remaining 47 years of the lease of the Crick building.

No investment represented 5% or more of the portfolio by market value in the Group and Charity (2020: none). Investment properties consist of land and buildings bequeathed to the Charity and its predecessor charities. In view of the number of investment properties held, valuation details for each property are not reported.

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Introduction

16. Related undertakings

15. Mixed motive investments

Group
2021
£m
Group
2020
£m
Charity
2021
£m
Charity
2020
£m
Shares in Syncona Ltd
7.1
28.7
7.1
28.7
Shares in
SV7 Impact Medicine Fund
3.3
1.5
3.3
1.5
Shares in other mixed
motive investments
5.7
1.5
-
-		 Name
Beatson Technology Ltd
Cancer Research Technology
Inc		 Registered
address
B
C		 Charity
Interest		 Other
Group
company
interest
100%
100%		 Activities
Technology
development
Technology
development
At 31 March
16.1
31.7
10.4
30.2
Syncona Ltd
Syncona Ltd has a portfolio of life science investments, many of which
are focused on oncology. It is listed on the London Stock Exchange.
The Charity decided to reduce its shareholding in Syncona Ltd during
the year to reinforce its fnancial position.		 Cancer Research
TechnologyLimited
Cancer Research UK Pension
Trustee Ltd
Cancer Research UK
TradingLimited
Cancer Research Ventures Ltd		 A
A
A
A		 100%
100%
100%		 100% Technology
development
Dormant
Income
generation
Dormant
SV7 Impact Medicine Fund
The SV7 Impact Medicine Fund (‘SV7‘) supports the translation of the
Group’s research into the clinical stage.
Group
2021
£m
Group
2020
£m
Charity
2021
£m
Charity
2020
£m
Movements
At 1 April
31.7
52.9
30.2
52.9
Additions
2.4
1.5
2.0
1.5
Disposals
(29.5)
(15.7)
(28.5)
(15.7)
Net unrealised investment
losses
(3.0)
(14.3)
(7.2)
(15.8)		 Gibb Research Fellowship
Endowment Fund
Imperial Cancer Research Fund
Imperial Cancer Research
TechnologyLtd
North of England Cancer
Research Campaign
The Beatson Institute for Cancer
Research
The Cancer Research Campaign
War on Cancer
Senectus Therapeutics Limited		 A
A
A
A
B
A
A
A		 100%
100%
100%
100%
100%
100%		 100%
33.3%		 Charitable
Dormant
Dormant
Dormant
Charitable
Dormant
Charitable
Dormant
Net realised investment
gains
14.5
7.3
13.9
7.3		 *Unincorporated entities registered in England and Wales whose principal place
of business is 2 Redman Place, London, E20 1JQ.
At 31 March
16.1
31.7
10.4
30.2

16. Related undertakings (continued)

Registered address: A = 2 Redman Place, London, E20 1JQ, B = The Beatson Institute for Cancer Research, Garscube Estate, Switchback Road, Bearsden, Glasgow, G61 1BD, C = 1209 Orange Street, Wilmington, New Castle, Delaware 19801

The Beatson Institute for Cancer Research and Beatson Technology Ltd are incorporated in Scotland. Cancer Research Technology Inc is incorporated in the state of Delaware in the United States of America. All other entities are incorporated or registered in England and Wales.

The Charity was formed by the merger of the Cancer Research Campaign (‘CRC’) and Imperial Cancer Research Fund (‘ICRF’) in February 2002. CRC is a charity registered in England and Wales under number 225838 and a company limited by guarantee, registered in England and Wales under number 190141. ICRF, incorporated under Royal Charter in 1939, is a charity registered in England and Wales under number 209631. The Charity is legally entitled to the benefit of all income that is generated by and must bear all expenditure incurred in CRC and ICRF. As a result, these charities are dormant for accounts purposes.

The Gibb Research Fellowship Endowment Fund was awarded a uniting order with Cancer Research UK on 16 February 2015. War on Cancer was granted a uniting direction on 1 December 2010. These are both included within restricted funds in the accounts (note 27).

A notice to strike off and dissolve Senectus Therapeutics Limited was given by the Registrar of Companies on 9 March 2021. Senectus Therapeutics Limited was formally dissolved on 25 May 2021.

The summarised financial information of the subsidiary undertakings that are material to the Group is provided below:

(a) Trading subsidiaries

----- Start of picture text -----
Cancer Research Cancer Research
Technology Limited UK Trading Limited
2021 2020 2021 2020
£m £m £m £m
Total income 92.9 107.7 13.2 27.0
Total expenditure (60.7) (69.6) (8.5) (22.2)
Realised gain on investments 0.6 0.4 - -
Unrealised gain/(loss) on
4.2 (4.4) - -
investments
Profit on ordinary activities
37.0 34.1 4.7 4.8
before Gift Aid and taxation
Gift Aid payable to Cancer
(33.3) (38.4) (4.7) (4.8)
Research UK
Retained profit/(loss) for the
3.7 (4.3) - -
year
Assets 108.3 115.2 6.2 7.8
Liabilities (88.7) (99.3) (6.2) (7.8)
Net assets 19.6 15.9 - -
----- End of picture text -----

Cancer Research Technology Limited has company number 1626049. Cancer Research UK Trading Limited has company number 4355631.

132

Introduction Overview Trustees' report

Financial statements Additional information 133

16. Related undertakings (continued)

17. Debtors

(b) Charitable subsidiaries

----- Start of picture text -----
Group Group Charity Charity
The Beatson Institute for 2021 2020 2021 2020
Cancer Research £m £m £m £m
2021 2020 Accrued legacy income 182.7 147.5 182.7 147.5
£m £m Other accrued income 48.5 51.5 8.2 7.2
Total income 33.2 39.3 Prepayments 11.7 10.9 9.0 8.8
Total expenditure (30.2) (27.3) Taxation recoverable 10.3 16.8 10.3 16.9
Net movement in funds 3.0 12.0 Trade debtors 6.6 8.9 2.6 2.5
Assets 38.8 36.1 Other debtors 3.5 1.2 2.8 0.2
Liabilities (7.5) (7.8) Derivative financial
0.1 - 0.1 -
Net assets 31.3 28.3 instruments
Amounts owed by Group
- - 37.6 42.2
The Beatson Institute for Cancer Research is a company limited by undertakings
guarantee (Company number SC084170) and is registered as a charity 263.4 236.8 253.3 225.3
----- End of picture text -----

The Beatson Institute for Cancer Research is a company limited by guarantee (Company number SC084170) and is registered as a charity with the Office of the Scottish Charity Regulator (OSCR) (Charity number SC006106).

Some accrued legacy income may be received more than one year after the balance sheet date, but it is not practical to estimate the amount due to uncertainty in the timing of the receipt of legacy income. Within debtors there are no other amounts (2020: £nil) that fall due in more than one year.

18. Creditors

(a) Amounts falling due within one year

----- Start of picture text -----
Group Group Charity Charity
2021 2020 2021 2020
£m £m £m £m
Research grants and
280.9 287.8 280.9 287.8
fellowships
Accruals 51.7 65.4 9.6 16.8
Deferred income 20.1 15.5 11.7 9.3
Trade creditors 8.8 6.4 6.5 3.9
Taxation and social
16.1 10.1 9.1 9.7
security
Other creditors 0.9 3.1 0.7 2.7
Derivative financial
0.3 3.9 0.3 3.9
instruments
Amounts owed to Group
- - 59.5 67.5
undertakings
378.8 392.2 378.3 401.6
----- End of picture text -----

(b) Amounts falling after more than one year

----- Start of picture text -----
Group Group Charity Charity
2021 2020 2021 2020
£m £m £m £m
Research grants, life
167.4 197.7 167.4 197.7
chairs and fellowships
Accruals 3.1 3.0 - 0.1
Deferred income
25.2 33.2 24.2 22.6
195.7 233.9 191.6 220.4
----- End of picture text -----

Of the accruals falling due after more than one year, £3.1m falls due after five years (2020: £3.0m). This consists of deficit funding payments to the Universities Superannuation Scheme ‘USS’ pension scheme (see note 21b).

(c) Grant creditors

Group and Charity

Amounts due for payment in the year to 31 March Total 2022 2023 2024 2025 2026 onwards £m £m £m £m £m £m As at 31 March 2021 448.3 280.9 82.9 45.7 23.9 14.9 Amounts due for payment in the year to 31 March Total 2021 2022 2023 2024 2025 onwards £m £m £m £m £m £m As at 31 March 2020 485.5 287.8 100.1 49.9 30.5 17.2

Introduction Overview

Trustees' report

Financial statements Additional information 135

134

18. Creditors (continued)

20. Financial Instruments

(d) Analysis of deferred income

The Group has the following financial instruments:

----- Start of picture text -----
Group Charity
£m £m Note Total Total
2021 2020
At 1 April 2020 48.7 31.9
£m £m
Recognised as income in year (15.6) (6.5)
Financial assets measured
Deferred in year 12.2 10.5
at amortised cost (trade debtors, accrued
At 31 March 2021 45.3 35.9
legacy income, other accrued income, 17 335.9 276.3
cash and other debtors excluding
prepayments and taxation recoverable)
Of the £45.3m at 31 March 2021 (2020: £48.7m), £24.7m (2020: £22.6m)
Financial assets that are equity
relates to lease incentives for the new head office at Stratford, and £7.7m investments measured at cost less
(2020: £13.5m) relates to research income from a global biopharmaceutical 14 143.8 146.9
impairment (programme-related
company. investments)
Financial assets/(liabilities) measured
19. Provision for liabilities and charges at fair value through income and
13,15
expenditure (investments, mixed motive 263.1 286.2
17,18
Group and investments and derivative financial
Charity instruments)
£m Financial liabilities measured
At 1 April 2020 0.7 at amortised cost (grant and trade
creditors and other creditors, accruals, 18 (512.8) (563.4)
Utilised/released in year (0.5)
excluding deferred income and taxation
Transferred from accruals 0.4
and social security)
----- End of picture text -----

19. Provision for liabilities and charges
Group and
Charity
£m
At 1 April 2020 0.7
Utilised/released inyear (0.5)
Transferred from accruals 0.4
Charged in the SoFA 3.7
At 31 March 2021 4.3

The Group has a number of forward contracts in place in order to manage the exchange risk associated with the Group’s managed investment portfolio. The Group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency transactions.

Provisions include the estimated dilapidation costs of £0.7m (2020: £0.4m) in respect of shops planned for closure or already closed, and an estimate of the probable future costs of restoring leased properties to their required condition at the ultimate expiry of the lease of £3.3m (2020: £nil).

20. Financial Instruments (continued)

At 31 March 2021, the Group has forward contracts in place to sell US $80.7m, €8.1m and JPY 814.7m (approx. £5.4m) in return for fixed sterling amounts. The contract with the longest maturity period is 23 months (2020: 35 months) after the year end. This relates to income that will be received in US dollars over this period.

The forward currency contracts are measured at fair value, which is determined using valuation techniques based on observable inputs. The key assumptions used in valuing the derivatives are the relevant forward exchange rates for Sterling: US Dollars, Sterling: Euros and Sterling: Japanese Yen.

In December 2020, the charity arranged a loan facility under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). The agreement has a term of three years and the maximum available facility is £150m. No amounts were drawn down under the facility as at 31 March 2021.

21. Pensions

During the year, Cancer Research UK operated a defined benefit pension scheme, a defined contribution pension scheme, and participated in two other schemes, namely: the Universities Superannuation Scheme and the Scottish NHS Pension Scheme, both of which contracted out of the State Second Pension.

(a) Defined benefit scheme – Cancer Research UK Pension Scheme

Principal actuarial assumptions

Principal actuarial assumptions Principal actuarial assumptions Principal actuarial assumptions
The tables below state the actuarial assumptions upon which the valuation
of the scheme was based:
Valuation at 31 March
2021 2020
Rate of increase topensions inpayment 3.4% 2.8%
Rate used to discount scheme liabilities 2.0% 2.2%
Rate of futureprice infation – RPI 3.5% 2.8%
Rate of futureprice infation – CPI 2.8% 1.9%

The life expectancies used to determine benefit obligations are as follows:

31 March 2021 31 March 2021 31 March 2020 31 March 2020
Male Female Male Female
Member aged 65
(current life expectancy)		 23.3 25.6 23.0 25.3
Member aged 45 (life
expectancyat 65)		 24.6 27.2 24.3 26.8

136

Introduction Overview

Trustees' report Financial statements Additional information 137

21. Pensions (continued)

(a) Defined benefit scheme – Cancer Research UK Pension Scheme (continued)

Movements in the SoFA:

----- Start of picture text -----
2021 2020
£m £m
Interest cost on scheme liabilities 13.2 15.5
Interest income on scheme assets (15.8) (17.6)
Net interest income (2.6) (2.1)
Administrative costs 1.0 1.2
Total pension gain recognised in the SoFA (1.6) (0.9)
Actuarial losses/(gains) recognised in the SoFA 72.7 (25.6)
Total losses/(gains) recognised in the SoFA 71.1 (26.5)
Movement in scheme assets, liabilities and surplus:
Fair value Present Surplus
of assets value of
liabilities
£m £m £m
At 1 April 2020 726.8 (609.8) 117.0
Interest income on scheme assets 15.8 - 15.8
Interest cost on scheme liabilities - (13.2) (13.2)
Net interest income/(cost) 15.8 (13.2) 2.6
Administrative costs (1.0) - (1.0)
Actuarial gains/(losses) in the year 47.0 (119.7) (72.7)
Employer contributions paid 0.4 - 0.4
Benefits paid to participants (14.8) 14.8 -
At 31 March 2021 774.2 (727.9) 46.3
----- End of picture text -----

The scheme assets at the balance sheet date were as follows:

----- Start of picture text -----
Fair value of assets
2021 2020
£m £m
Equities 51.8 34.4
Credit instruments 303.3 228.1
Liability-driven investments and cash 154.9 186.6
Property 31.6 57.6
Insurance policy 232.6 220.1
Total assets 774.2 726.8
----- End of picture text -----

None of the scheme’s assets are invested in any property or other assets currently used by the Group. The £232.6m insurance policy asset relates to a buy-in of an insurance contract with Canada Life under which the insurer takes on responsibility for paying amounts to the Scheme in respect of members’ pensions.

The last triennial funding valuation took place as at 31 March 2018 and showed a deficit of £39.6m. As a result, the Charity agreed a pension deficit recovery plan with the Scheme’s Trustee to pay deficit funding contributions until March 2026. Deficit recovery contributions were £nil in 2020/21 (2019/20: £nil). Based on the current valuation, we expect to make payments totalling £37m over five years until 2025/26, unless the triennial valuation for the year ended 31 March 2021 indicates a different figure.

21. Pensions (continued)

(a) Defined benefit scheme – Cancer Research UK Pension Scheme (continued)

Based on expected contributions to be made by the Group until 31 March 2034, outlined in the recent schedule of contributions, the net present value of the Group’s contributions to the reduction of the deficit is estimated using the USS modeller at £3.1m (2020: £3.0m).

For accounting purposes, the assets and liabilities are reported in accordance with the relevant accounting standard – FRS 102. For the purposes of ensuring that the Scheme is appropriately funded, a triennial actuarial funding valuation is prepared which uses some more conservative assumptions, most importantly a lower discount rate; this results in a higher value for the liabilities. On an FRS 102 basis, the Scheme has a surplus at 31 March 2021 of £46.3m (2020: £117.0m) which has been recognised as an asset in the balance sheet.

The employer’s contribution rates at the year end and the employer’s total pension contributions made during the financial year in respect of these schemes were as follows:

appropriately funded, a triennial actuarial funding valuation is
prepared which uses some more conservative assumptions,
most importantly a lower discount rate; this results in a higher
value for the liabilities. On an FRS 102 basis, the Scheme has a
surplus at 31 March 2021 of £46.3m (2020: £117.0m) which has
been recognised as an asset in the balance sheet.
(b) Other pension schemes accounted for as defned
contribution schemes
The following multi-employer schemes are accounted for
as defned contribution schemes as the Group is unable to
identify its share of the underlying assets and liabilities on a
reasonable and consistent basis:		 2021
No.
members		 2021
Rate		 2021
£m		 2020
No.
members		 2020
Rate		 2020
£m
Cancer Research
UK Retirementplan		 3,230 3-16% 12.3 3,410 3-16% 8.8
Scottish NHS
Pension Scheme		 16 20.9% 0.1 16 20.9% 0.1
Universities
Superannuation
Scheme		 282 21.1% 2.1 315 19.5% 2.0
14.5 10.9

Scottish NHS Pension Scheme This scheme is unfunded.

Contributions that were outstanding as at 31 March 2021 in respect of these schemes amounted to £1.1m (2020: £1.2m).

Universities Superannuation Scheme (‘USS’) At the date of the latest actuarial valuation of the scheme (31 March 2017), the assets were sufficient to cover 89% of the benefits that had accrued to members and the deficit was £7.5 billion on a technical provisions basis. A new schedule of contributions was agreed in January 2019 outlining that employers would pay contributions to the scheme of 19.5% of total salaries from 1 April to 30 September 2019, increasing to 22.5% until 31 March 2020 and to 24.2% thereafter.

Employer contributions include deficit contributions of £nil (2020: £nil).

138

Introduction Overview

Trustees' report

139

Additional information

Financial statements

22. Operating leases

23. Government grants (continued)

23. Government grants

Grants from government and government-related bodies support the Group’s charitable activities. Funding was provided by the following entities:

The Group and Charity had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:

The Group and Charity works with other funding bodies as an agent to jointly fund multidisciplinary award schemes and to co-fund projects with shared objectives. Cash received and subsequently paid out under these arrangements is not recognised in the SoFA. The following is a summary of funding provided by these entities:

----- Start of picture text -----
Group Group Charity Charity
The operating lease commitments above make no allowance for VAT that arrangements is not recognised in the SoFA. The following is a summary of
2021 2020 2021 2020
the Group may not be able to recover. If VAT rates remain constant and the funding provided by these entities:
£m £m £m £m
rate of recovery of VAT stays the same, it is estimated that a further £6.4m
(2020: £6.4m) would need to be charged to the SoFA over the life of the European Commission - 0.2 - - Group and Group and
leases. Charity Charity
Coronavirus government
2021 2020
support grants:
Group Group Charity Charity £m £m
Coronavirus Job
2021 £m 2020 £m 2021 £m 2020 £m Retention Scheme 14.2 0.4 14.0 0.4 Engineering and Physical Sciences Research - 2.9
Council
Land and buildings Local Authority Discretionary Grants 0.9 - 0.9 - Department for Health and Social Care 0.7 0.6
Within one Between one and five year 20.1 16.9 19.1 16.5 Retail, Hospitality and Leisure Grant Fund 0.7 - 0.7 - Total received in year 0.7 3.5
57.6 28.9 57.0 28.2
years
Other 0.2 0.3 0.2 0.3 As at 31 March 2021, £3.6m was held by the Charity in respect of funds to be
After five years 88.2 117.9 88.2 117.9 Total 16.0 0.9 15.8 0.7 spent in future periods (2020: £4.4m).
Total 165.9 163.7 164.3 162.6
Vehicles and equipment 24. Non-binding grant commitments
Cancer Research Technology Limited received government assistance in the
Within one year 0.6 0.5 0.6 0.5 Group and Charity
form of Research and Development Expenditure Credit related to qualifying
Between one and five 0.7 0.8 0.7 0.8 research and development costs. The amount receivable during the year Amounts due for payment in the year to 31 March
years was £1.0m (2020: £1.1m).
Total 2022 2023 2024 2025 2026
Total 1.3 1.3 1.3 1.3
onwards
----- End of picture text -----

As at 31 March 2021, £3.6m was held by the Charity in respect of funds to be spent in future periods (2020: £4.4m).

24. Non-binding grant commitments 24. Non-binding grant commitments 24. Non-binding grant commitments 24. Non-binding grant commitments 24. Non-binding grant commitments 24. Non-binding grant commitments 24. Non-binding grant commitments
Group and Charity
Amounts due forpayment in theyear to 31 March
Total
£m		 2022
£m		 2023
£m		 2024
£m		 2025
£m		 2026
onwards
£m
As at 31 March 2021 252.2 53.3 95.5 64.2 27.0 12.2
Amounts due forpayment in theyear to 31 March
Total
£m		 2021
£m		 2022
£m		 2023
£m		 2024
£m		 2025
onwards
£m
As at 31 March 2020 399.6 64.5 159.1 90.0 55.2 30.8

The Group has taken advantage of a number of Government-funded financial relief measures that have been made available in response to the Coronavirus pandemic in light of the need to furlough our staff due to the closure our shop networks intermittently throughout the year and stopping some fundraising and event activity.

24. Non-binding grant commitments (continued)

These non-binding commitments relate to grants where there are annual reviews or other milestones upon which future funding is conditional and are therefore not recognised as a liability in the accounts until those conditions are met.

During the year, no grants committed to in previous years were terminated and a further £15.8m (2020: £113.2m) of non-binding commitments were made.

25. Financial commitments

The Charity has committed US $25m to the SV7 Impact Medicine Fund. To date, US $5.5m (translated to £4.1m) (2020: US $1.9m) has been paid over to the fund. The remaining commitment is US $19.5m (2020: US $23.1m).

26. Contingent Liabilities

The Charity and the other partners in the Francis Crick Institute (“the Crick”) have agreed to provide a standby loan facility, until August 2021, in proportion to their shareholding if the Crick’s reserves fall below three months’ expenditure. The Charity’s share of the facility would be a maximum of £4.7m (2020: £4.7m).

140

Introduction Overview

Trustees' report Financial statements Additional information 141

27. Restricted funds

27. Restricted funds
Balance at
1 April 2020
£m
Income
£m
Expenditure
£m
Transfer
between
funds
£m
Balance at
31 March
2021
£m

Purpose and restriction in use
Restricted funds for research
Stand UpTo Cancer 14.3 8.3 (8.1) - 14.5 Supportingtranslational research
Cancers afecting children and young
people		 6.4 1.9 (9.7) 1.4 - Research specifc to cancers afecting children and
young people
Children’s Brain Tumour Centre of
Excellence		 2.2 0.2 (0.5) (1.4) 0.5 Centre for innovative children’s brain tumour research
Children with Cancer UK Fund 1.1 - (1.1) - - Specifc projects researching cancers afecting
children andyoung people
Cancer Research UK–Children with
Cancer UK Innovation Awards		 - 2.5 (2.2) - 0.3 Co-Funding the Cancer Research UK–Children with
Cancer UK Innovation Awards
PRECISION – Panc 3.0 - (2.1) - 0.9 Research into improving our understanding of
pancreatic cancer
Bobby Moore Fund - 0.6 (0.6) - - Specifc bowel cancer research and awareness
projects
Bowel cancer research - 0.6 (0.6) - - Research specifc to bowel cancer
Breast cancer research - 1.4 (1.4) - - Research specifc to breast cancer
Skin cancer research 0.6 0.4 (1.0) - - Research specifc to skin cancer
Prostate cancer research - 0.8 (0.8) - - Research specifc toprostate cancer
Lungcancer research - 0.8 (0.8) - - Research specifc to lungcancer
Oesophageal cancer research - 0.6 (0.6) - - Research specifc to oesophageal cancer
Basic research - 1.7 (1.7) - - Research to understand the fundamental biology
underpinningcancer
Earlydiagnosis theme - 0.5 (0.5) - - Research into earlydiagnosis of cancer
Preventing Cancer 0.6 3.8 (4.4) - - Our research, information and policy work to prevent
cancer
Cancerhelp UK - 0.5 (0.5) - - Supporting the provision of specialist cancer advice
forpatients of all cancers
Marie KeatingAwareness Units 0.5 - (0.5) - - Supportingthe Cancer Awareness Mobile units
Carried forward topage 141 28.7 24.6 (37.1) - 16.2

27. Restricted funds (continued)

----- Start of picture text -----
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April 2020 between 31 March
funds 2021
£m £m £m £m £m
Brought forward from page 140 28.7 24.6 (37.1) - 16.2
Supporting the research and running of the Francis
Francis Crick Institute - 0.9 (0.9) - -
Crick Institute
Supports eight postdoctoral research fellows
Fellows at Kuok Group Crick Labs - 1.6 (1.6) - - based in the Kuok Group Laboratories at
the Francis Crick Institute
Francis Crick Institute Funding towards the PhD programme at the Francis
- 1.0 (1.0) - -
– PhD programme Crick Institute
Research and screening of COVID-19 at the Francis
Francis Crick Institute – COVID-19 work - 0.5 (0.5) - -
Crick Institute
Grand Challenge – Josephine Bunch 1.2 2.9 (0.4) - 3.7 Grand Challenge project led by Josephine Bunch
Grand Challenge – Stephen Elledge - 1.1 (1.0) - 0.1 Grand Challenge project led by Stephen Elledge
Christian Ottensmeier 2.7 - - - 2.7 Research projects led by Christian Ottensmeier
Sergio Quezada 0.6 - - (0.4) 0.2 Research projects led by Sergio Quezada
Matthew Meyerson - 1.3 (1.3) - - Research projects led by Matthew Meyerson
Oliver Pearce - 0.7 - (0.7) - Research projects led by Oliver Pearce
Credit Suisse - 1.1 - - 1.1 Funding towards the CRUK GP Facilitators Programme
Research in Scotland - 0.8 (0.8) - - Cancer research located in Scotland
Intangible income - 2.3 (2.3) - - Donations in kind received for specific purposes
Gibb Research Fellowship Endowment
0.1 - (0.1) - - Fellowships and/or studentships for cancer research
Fund
Core activities such as research, patient and health
Sundry other funds 2.8 11.3 (7.8) (1.7) 4.6
information
Total restricted funds – Charity 36.1 50.1 (54.8) (2.8) 28.6
The Beatson Institute for Cancer Research and investigation into the causes,
28.3 23.7 (30.2) 9.5 31.3
Research mechanisms and treatment of cancer
Total restricted funds – Group 64.4 73.8 (85.0) 6.7 59.9
----- End of picture text -----

142

Introduction Overview Trustees' report Financial statements Additional information

143

28. Unrestricted funds

----- Start of picture text -----
Group Charity
General Pension Total General Pension Total
funds reserve funds reserve
£m £m £m £m £m £m
Funds at 1 April 2020 117.2 117.0 234.2 98.6 117.0 215.6
Net income before transfers and gain on investments 20.5 2.0 22.5 12.0 2.0 14.0
Transfers (from)/to restricted funds (6.7) - (6.7) 2.8 - 2.8
Net gain on investments 54.8 - 54.8 50.1 - 50.1
Actuarial loss on pensions - (72.7) (72.7) - (72.7) (72.7)
Funds at 31 March 2021 185.8 46.3 232.1 163.5 46.3 209.8
----- End of picture text -----

Included within the Group’s general funds are undistributed profits from trading subsidiaries of £19.4m (2020: £15.7m).

29. Analysis of net assets between funds

Net assets as at 31 March 2021:

----- Start of picture text -----
Group Charity
General Pension Restricted Total General Pension Restricted Total
funds reserve funds 2021 funds reserve funds 2021
£m £m £m £m £m £m £m £m
Intangible and tangible fixed assets 26.3 - 11.3 37.6 24.0 - - 24.0
Investments 425.1 - - 425.1 419.5 - - 419.5
Current assets 305.7 - 56.1 361.8 294.2 - 28.6 322.8
Current and long-term liabilities and provisions (571.3) - (7.5) (578.8) (574.2) - - (574.2)
Pension asset - 46.3 - 46.3 - 46.3 - 46.3
Total net assets 185.8 46.3 59.9 292.0 163.5 46.3 28.6 238.4
Net assets as at 31 March 2020:
Group Charity
General Pension Restricted Total General Pension Restricted Total
funds reserve funds 2020 funds reserve funds 2020
£m £m £m £m £m £m £m £m
Intangible and tangible fixed assets 33.4 - 12.4 45.8 31.0 - - 31.0
Investments 455.0 - - 455.0 453.6 - - 453.6
Current assets 247.8 - 59.8 307.6 236.7 - 36.1 272.8
Current and long-term liabilities and provisions (619.0) - (7.8) (626.8) (622.7) - - (622.7)
Pension asset - 117.0 - 117.0 - 117.0 - 117.0
Total net assets 117.2 117.0 64.4 298.6 98.6 117.0 36.1 251.7
----- End of picture text -----

Overview Trustees' report

Financial statements Additional information

144

Introduction

145

30. Trustees and Funding Committee members receiving grants

Scientists who serve as Trustees or on the Group’s grant-making committees may not participate in decisions that relate to the funding of either research projects in which they have a direct interest or institutions with which they are associated.

Professor Moira Whyte is the lead researcher (principal investigator) on a three-year grant to the University of Edinburgh, which was awarded in April 2019, prior to her being appointed as a Trustee in January 2020. The payments for this grant will continue to be made to the University of Edinburgh until the grant award end date in 2022.

Professor Pamela Kearns is the lead researcher (principal investigator) on six grants to the University of Birmingham which were awarded between October 2012 and April 2019, prior to her appointment as a Trustee on 1 January 2021. The payments for these grants will continue to be made to the University of Birmingham until the grant award end dates in 2021/22 (two grants), 2023/24 (three grants) and 2024/25 (one grant).

The following are clinical and scientific advisors to the Charity’s Executive and Scientific Executive Boards and received grant funding during the financial year:

• Professor Charles Swanton, Chief Clinician

• Professor Karen Vousden, Chief Scientist

A list of scientists who served on grant-making committees and led research projects that received funding from the Group during the year and are not Trustees or considered to be key management personnel can be found on the Charity’s website at cruk.org/our-accounts. Such transactions are conducted on an arm’s length basis.

31. Related party transactions

Expenses reimbursed to Trustees and the remuneration of the key management personnel of the Charity are disclosed in note 9.

Transactions by the Charity with its defined benefit pension scheme are set out in note 21(a).

Some Trustees, members of the Charity’s Executive Board and directors of its subsidiary Cancer Research Technology Limited are Trustees or directors of organisations that are in receipt of funds from the Group or enter into commercial transactions with the Group.

The following discloses related party transactions between the Charity and its subsidiary undertakings:

Charity

Charity Charity Charity Charity
2021
Entity Connection Nature Note Opening net
(creditor)/
debtor
£m
Receivable by
Charity
£m
Payable by
Charity
£m
Cash paid
by/ (received
by) Charity
£m		 Closing net
(creditor)/
debtor
£m
Cancer Research
TechnologyLimited		 Subsidiary
undertaking		 (a) (25.5) 34.2 (0.1) (32.0) (23.4)
Movements inyear:
Gift Aid of subsidiary profts 33.3 - (38.0)
Cross-charge of salaries /propertycosts 0.9 (0.1)
Movement in cash - - 6.0
Cancer Research UK
TradingLimited		 Subsidiary
undertaking		 (b) 3.1 8.4 (0.3) (6.3) 4.9
Movements inyear:
Gift Aid of subsidiary profts 4.7 - (5.0)
Cross-charge of shared costs 3.7 (0.3) -
Break-even credit - - -
Movement in cash - - (1.3)
The Beatson Institute
for Cancer Research		 Subsidiary
undertaking		 Grant funding from
CRUK		 (c) (0.5) - (12.1) 11.9 (0.7)
Cancer Research
TechnologyInc		 Subsidiary
undertaking		 Grant funding from
CRUK		 (d) - - (0.1) - (0.1)

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Trustees' report Financial statements Additional information

147

  1. Related party transactions (continued)

31. Related party transactions (continued)

Charity

Charity Charity Charity Charity
2020
Entity Connection Nature Note Opening net
(creditor)/
debtor
£m
Receivable by
Charity
£m
Payable by
Charity
£m
Cash paid
by/ (received
by) Charity
£m		 Closing net
(creditor)/
debtor
£m
Cancer Research
TechnologyLimited		 Subsidiary
undertaking		 (a) (34.9) 39.0 (0.1) (29.5) (25.5)
Movements inyear:
Gift Aid of subsidiary profts 38.4 - (46.5)
Cross-charge of salaries /propertycosts 0.6 (0.1) -
Movement in cash - - 17.0
Cancer Research UK
TradingLimited		 Subsidiary
undertaking		 (b) 4.8 12.8 (2.4) (12.1) 3.1
Movements inyear:
Gift Aid of subsidiary profts 4.8 - (8.8)
Cross-charge of shared costs 8.0 - -
Break-even credit - (2.4) -
Movement in cash - - (3.3)
The Beatson Institute
for Cancer Research		 Subsidiary
undertaking		 Grant funding from
CRUK		 (c) (1.7) - (21.9) 23.1 (0.5)
Cancer Research
TechnologyInc		 Subsidiary
undertaking		 Grant funding from
CRUK		 (d) - - - - -

There were no other transactions during the year that fall within the FRS 102 definition of ‘related party transactions’.

148

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Trustees' report Financial statements Additional information

149

31. Related party transactions (continued)

31. Related party transactions (continued)

Other notable positions

The following third-party relationships do not meet the definition of a related party because although the individual has a position of significance in the third-party, they do not exercise significant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:

Group

Group Group Group Group
2021
Third-party with other
notable position		 Connection Nature Note Opening
(creditor)/
debtor
£m
Receivable
by Group
£m
Payable
by Group
£m
VAT
£m		 Cash paid
by Group
£m		 Closing
(creditor)/
debtor
£m
The Francis Crick Institute Iain Foulkes –
Trustee		 Grant funding from
CRUK		 (e) (52.8) - (40.1) - 53.4 (39.5)
Institute of Cancer
Research (ICR):
Royal Cancer Hospital		 Iain Foulkes and
Nic Jones –
Trustees		 Grant funding from
CRUK		 (f) (45.1) - (35.8) - 43.8 (37.1)
Institute of Cancer
Research (ICR): Royal
Cancer Hospital		 Iain Foulkes and
Nic Jones –
Trustees		 Revenue sharing
agreements with
CRT		 (f) 2.3 4.9 (37.3) (6.5) 38.2 1.6
American Friends of Cancer
Research, Inc.		 Michelle Mitchell –
Director and Vice
President		 Grant funding
to CRUK		 (g) - 2.9 - - - 2.9

(g) Michelle Mitchell is one of four Directors and Vice President of American Friends of Cancer Research, Inc., a charity registered in the USA. The board of directors of American Friends of Cancer Research, Inc. is represented by a majority of directors who are independent of the Charity. In the current and previous financial years, American Friends of Cancer Research, Inc. made donations to the Charity as detailed above. There are robust controls in place to ensure that any decisions made by American Friends of Cancer Research, Inc. to grant fund donations to the Charity must be approved by the majority of its directors and any directors who are also directors of the Charity are not involved in making such decisions.

Group Group Group Group Group Group Group Group Group Group
2020
Third-party with other
notable position		 Connection Nature Note Opening
(creditor)/
debtor
£m
Receivable
by Group
£m
Payable
by Group
£m
VAT
£m		 Cash paid
by Group
£m		 Closing
(creditor)/
debtor
£m
The Francis Crick Institute Iain
Foulkes – Trustee		 Grant funding from
CRUK		 (e) (54.7) - (55.5) - 57.4 (52.8)
Institute of Cancer
Research (ICR):
Royal Cancer Hospital		 Iain Foulkes and
Nic Jones –
Trustees		 Grant funding from
CRUK		 (f) (39.7) - (33.4) - 28.0 (45.1)
Institute of Cancer
Research (ICR):
Royal Cancer Hospital		 Iain Foulkes and
Nic Jones –
Trustees		 Revenue sharing
agreements with
CRT		 (f) 0.4 4.8 (45.4) (8.1) 50.6 2.3
American Friends of Cancer
Research, Inc.		 Michelle Mitchell
- Director & Vice
President		 Grant funding
to CRUK		 (g) - 3.3 - - (3.3) -
32. Events after the reporting period

In May 2021, Cancer Research UK sold its share of the British Journal of Cancer (BJC) to its publishing partner, Springer Nature, for £11.6m. This sale released funds for the Group’s vital research activities, a major consideration in the current climate, and ensures that the BJC will be in be in a better position to grow and respond to changes in the publishing world as part of a larger publishing group. Through the affiliation, the Group will continue to benefit from the international scientific reach and impact it brings to the charity and our funded researchers.

150

Introduction Overview Trustees' report Financial statements Additional information 151

Additional information

For you, thanks to you, because of you

Reference and administrative details

Charity status

The Charity has a maximum permitted membership of 100. There are currently 98 Members, of whom 16 are Trustees (see page 86). Each Member guarantees to contribute up to one pound sterling (£1) to the Charity’s debts, liabilities and costs in the event of the Charity being wound up and for one year after ceasing to be a Member.

Charity objects

The Charity’s objects are to protect and promote the health of the public in particular by research into the nature, causes, diagnosis, prevention, treatment and cure of all forms of cancer, including the development of findings of research into the practical applications for the prevention, treatment and cure of cancer and, in furtherance of that primary object, to provide information and raise public understanding of such matters.

Governing document

Cancer Research UK is governed by its Articles of Association. Cancer Research UK may operate under the following names: Cancer Research UK Scotland, Cancer Research UK Cymru, Cancer Research UK Jersey, Cancer Research UK Guernsey and Cancer Research UK Northern Ireland.

We’re so grateful to everyone who has The City of London Friends of Cancer Iain Mcgeoch Company number Chartered accountants and supported us over the past year. You make Research UK Committee Andrew McLaughlin 4325234 in England and Wales statutory auditors our life-saving work possible. Neil Clitheroe The Mark Foundation for Cancer Research 5713F in the Isle of Man PricewaterhouseCoopers LLP Compass Group UK and Ireland Ltd The Morrisons Foundation 1 Embankment Place In particular, we’d like to thank the following Lawrence Dallaglio Mothers and Daughters Committee Charity number London WC2N 6R supporters: Dallaglio Foundation National Events Committee 1089464 in England and Wales Dangoor Education NatWest Group SC041666 in Scotland Bankers Our Patron Dartford and District Local Committee Oak Foundation 1103 in the Isle of Man NatWest Bank Plc Her Majesty the Queen Deloitte LLP Paccar Foundation Europe 247 in Jersey 156 Fleet Street Edwardian Hotels London The Parthenon Trust Holborn EC4A 2DX Our joint presidents Emerson Collective The Peacock Charitable Trust Registered office HRH The Duke of Gloucester KG, GCVO Foreign Sisters UK Peacocks Stores Ltd 2 Redman Place Investment advisors HRH Princess Alexandra, The Hon Lady Ogilvy Garfield Weston Foundation Nick and Annette Razey London Goldman Sachs International KG, GCVO Goldman Sachs International ScottishPower E20 1JQ Plumtree Court The Mike Gooley Trailfinders Charity Slimming World 25 Shoe Lane The Benefactors Circle The David and Claudia Harding Foundation Phyllis Somers Patron London EC4A 4AU Dean Atkins Stephen Hester David Spencer Her Majesty the Queen Seve Ballesteros Foundation Dennis Hogan St Paul’s Carol Concert Committee Beiersdorf UK Ltd Alison L Howe Taunton and District Local Committee Joint presidents Blackburn District and Ribble Valley HSBC UK The Taylor Family Foundation HRH The Duke of Gloucester, Committee Jersey Local Committee Tesco PLC KG, GCVO Michael Blunt Ray Kelvin TJX Europe HRH Princess Alexandra, The Tony Bramall Charitable Trust Eashwar Viswanathan Krishnan and Tzo Tze Turn the Tables The Hon Lady Ogilvy, KG, GCVO Tania Bryer Ang Elaine Whelan Bupa Foundation Kuok Group The Pamela Williams Charitable Trust Company secretary Stephen Butt Ronan and Storm Keating The Wolfson Foundation Niamh O’Sullivan FCIS to The Calleva Foundation Laing O’Rourke The Lord Leonard and Lady Estelle Wolfson 30 July 2020 CASCAID Live Nation Foundation Gill Marcus LLB (Hons), Barrister Channel 4 Michael Lynch Yelsel Trust from 1 August 2020 Cheltenham Racecourse M&Co Young Art Committee Children with Cancer UK Charles and Nicky Manby The Zochonis Charitable Trust

152

Overview

Trustees' report Financial statements Additional information

153

Introduction Overview
The Cancer Research UK Roadchef Richard Cook Mark Sorrell for Goldman Sachs Guernsey Local Committee
Corporate Partnerships Board Ruth Strauss Foundation Richard and Lucinda Cormack Gives Isle of Lewis
Sir Douglas Flint (Chair) Sky Demon In memory of Heather Corrie Peter and Karin Swann Louth Run for Life
Neil Clitheroe The Jordans and Ryvita Company Keith Craig Susan and Graham Tobbell Maghera Local committee
Claudine Collins Ltd. Hadyn and Joanna Cunningham David Dutton and Mave Turner Mayfair & St James’ Committee
Chris Grigg The Works Stores Ltd Conor & Jo Davis Graeme Varley Moira Local Committee
Dame Jayne-Anne Gadhia Ticketmaster UK Ltd Nick and Lesley Dumbreck Robert and Felicity Waley-Cohen North Warwickshire Local Committee
Brian McBride Warburtons James & Vanessa Emmett Dr Justin Watts Ride for Adam
Bob Wigley Wembley National Stadium Dr Emma FitzGerald & Mr David Dr Susan West Riverside Garden Centre
Sir Andrew Witty Limited Wheeler Paul and Anne Willing Sharon Czapnik-Down & The Big Choir
WH Smith Group Plc Fox Family Teesdale CRUK
The Catalyst Club Board Wunderman Thompson Peter and Janice George Our individual supporters Wimbledon Group of Friends
Simon Collins (Chair) Commerce Stefan Goetz & family Susie Campanella
Nina Amin Barry & Olwen Guest in memory Annie Chapman Our Relay for Life groups
Katherine Coates Our major supporters of Michael Brown John and Steph Blackwell Relay For Life Harrow
Gavin Hughes Artem Ageyev Karen Hodson Andrew Gibson Relay For Life Isle of Man
Charles Martin Ghalia and Omar Al-Qattan Mr and Mrs Alan Howard Taylor Harken Relay For Life Legenderry
Ann Orton* Douglas Anderson, Founder of In memory of Mrs Megan Jeferies Charlie Brett & Toby Gray Relay For Life Peterhead
Club Vita Mark & Gillian Kerr William Hutchinson Relay For Life Plymouth
Our corporate partners Richard and Katrina Anthony Vanessa, Susanna and Mary Sarah Morley Relay For Life Shetland
Amazon Smile The Kamini & Vindi Banga Family Langsdale Fiona Taylor Relay For Life York
Avon Cosmetics Ltd Trust Dale Lattanzio & Bevan Watt Gill Murray
Bellway Mark and Rebecca Baron LetterOne Donald Reid Our Trusts and Foundations
Childbase Andrew and Frances Bath Valerie Leipheimer and Peter Allen Ada Haywood A A Kinnison Charitable Trust
Co-operative Legal Services Janet Biggs Stavros and Mariela Livanos Huma Iftikahal The Ada Hillard Charitable Trust
Credit Suisse The Brewer family Michael Maras Bernard Magee The Barbara Joy O’Brien Charitable Trust
Festival Republic Guy Burkill QC in memory of Jill May Tom & Ben Green The Bascule Charitable Trust
Funky Pigeon Lorely Duncan and Louise McIntyre Bob Williams The Cecil Rosen Foundation
Go Fund Me David Cadwallader Kathryn Powley Vingaudas Raulinaitis (Vinnie) The Clore Dufeld Foundation
Gowling WLG Candis Club Ian Poynton The Constance Travis Charitable Trust
GlaxoSmithKline In memory of John Carpenter and Michael Pragnell CBE Our committed supporters Derwent London Plc
Hyperion Insurance Group Tory Davidson The Reynolds family Business Beats Cancer Belfast The Harrison-Frank Family Foundation
Mobility Plus Bathing Ltd David L. Caplan Bjorn Saven Business Beats Cancer Edinburgh The EH Trust and The PH Trust administered by
Paypal (Core) Alex Chesterman Narind Singh Gibraltar Friends of Cancer Blevins Franks Trustees Limited
Revolut Andrew Coats Research UK The Foster Wood Foundation

Roadchef – Corporate Fundraising Team of the Year

George Cadbury Trust The Sorrell Family for the JMCMRJ Sorrell foundation

Carol Reid – Event Volunteer of the Year Cancer Research UK Teesdale – Fundraising in the Community Award Isle of Lewis Committee – Fundraising in the Community Award Dermot Breen – Fundraising Volunteer of the Year

The Lancashire Foundation Cancer Research UK Teesdale – Fundraising in In memory of Barbara Naylor the Community Award The Nineveh Charitable Trust Isle of Lewis Committee – Fundraising in the The Peter Sowerby Foundation Community Award The Ranworth Trust Dermot Breen – Fundraising Volunteer of the The Reed Foundation Year Rising Tide Foundation Lorna Dempsey – Fundraising Volunteer of the Thomas Roberts Trust Year The Ryland Thompson Trust Express and Star – Media Supporter of the Year the Sanne Together Charitable Trust Business Beats Cancer Glasgow - Pioneer of The Schroder Foundation the Year ShareGift Alan Chant and Lilian Pittam – Sharp Mind The Steel Charitable Trust Award The Syncona Foundation Freshfields Brukhaus Deringer LLP – Sharp The Tanlaw Foundation Mind Award The TJH Foundation Carmarthen Shop – Shop of the Year The Salomon Oppenheimer Philanthropic Leigh Hughes – Shop Volunteer of the Year Foundation - Carolyn and Anthony Jo Williamson – Uniting Communities Award Townsend Adyan Hasib – Young Volunteer of the Year The Woosnam Foundation Brooke McClafferty – Young Volunteer of the The Wyndham Charitable Trust Year Flame of Hope 2019 awards Honorary Fellowships Award winners Winston Banks Adrian Webb – Ambassador of the Year Elaine Barrett Angela Archer – Ambassador of the Year Judith Birkby Hertfordshire 4x4 Response – Community Margaret Brunwin Organisation of the Year Ethel Clayton Camille Ainsworth – Corporate Charity Gill Culley Champion of the Year Carol Davies Pindi Madahar – Corporate Charity Champion Aileen Davis of the Year Mervyn Ferris

Lorna Dempsey – Fundraising Volunteer of the Year

Express and Star – Media Supporter of the Year Business Beats Cancer Glasgow - Pioneer of the Year

154

155

4 Introduction Overview
Trustees' report		 Financial statements Additional information 1
Gloria Forzani Visionaries Joyce Braden John Chidlow Ruby Edwards Peter Hardy Robert Jones Sharon McGarry
Margie Foster The Visionaries are generous Charles Braid Robert Christian John Emberton Jeremy Harford Jean Kelsey Ian McGregor
Lester French supporters who left signifcant Eddie Britt Margaret Christie Samuel Evans Rosalyn Harris Helen Kennedy Catherine McGufe
Wendy Gauntlett gifts in their Will. Martin Broker Rose Clark Betty Eveleigh Cyril Hawkins Monika King Doris McNeil
Ada Haywood Joyce Adams Janet Brook Louie Clarke Janet Ewens Frank Hawkins Doreen Kirby Jean McNeil
Richard Howarth June Appleyard Iris Brooker Richard Clarke William Farrell Margaret Hayman Elizabeth Kirkwood Joan Mead
Ena Hurley Frances Archer Ethel Brooks John Connell Leslie Farrer Rita Healey Victoria Klaus John Mead
Jim Kay Phyllis Archer Gordon Brown Elizabeth Connor Joan Fenn Alice Henthorne Raymond Kluth Evelyn Mercer
Jennifer Kinnear Margaret Armstrong Jeanne Brown Jean Cooke S D Ferguson Patricia Herdman Malcolm Knight Dennis Miller
David and Linda Masters Pauline Ashford John Brown Judith Corrigan Beryl Flynn Ernest Higham Thomas Laing Sarah Mills
Marion Mcintosh Caroline Ashley Louisa Brown Evelyn Cotton Frank France Brenda Hodges Lorna Latham Margaret Minski
Muriel McMaster Rita Ashton Roger Brown Doris Courtney Margaret Fraser Audrey Hollands Iris Leadbetter Colin Moore
Billie Morris Irene Atkinson Stuart Brown Dorothy Cox Elsie Freund Linda Holloway Kenneth Lee Eileen Moore
Maureen Morton Hugh Baillie Dorothy Bruce Jean Coxhead Nancy Friend Eileen Holroyd Barbara Leigh Mary Moore
Shirley Odysseos Eric Baker Colin Bryan Wendy Cozens Vera Fullerton Linda Honeysett Mildred Lewis Rodney Moreau
Joy Parker Margaret Baker Pamela Bryant Susan Crabtree David Gardner Clive House Colin Line Geraint Morgan
James (Jim) Plenderleith Robert Balfour John Bullock Mary Craddock-Jones John Gibson Peggy Houston Eileen Locke Gilbert Morgan
June Prideaux Stephen Banks Stuart Burford Mary Crowther Irmgard Giford Martyn Hubbard Ernest Lowe Barbara Morris
Sylvia Pugh John Barefoot Hubert Burt Anthony Cumings Ruby Goble John Hudspith Ian Lowe Margaret Muddell
Michael Quigley Edna Barker Wilfred Bush Michael Cunningham David Golothan Mary Humber Norah Lowe Yvonne Mulder
Pat Ranger Edwin Barker Anthony Butler Paul Cunningham Peggy Gordon Maureen Hunt Doreen Luck Catherine Murray
Brian Roberts Winifred Barlow Beryl Callis Tom Cutler Stuart Gould Maureen Hussick Jessie Macadam Joan Nash
Gavin Roberts Olive Barnett Wendy Calver Sonia Deadman Barry Graham David Hutcherson Marjorie Mackelden Leonard Nash
Renee Smart Patricia Barnham Jean Cammell Alice Debenham Elizabeth Graham Phyllis Hutchins Mary Maclay Marjorie Nattrass
Edward Smethurst William Barr Stanley Carr Jennifer Deverill Kathleen Grainger Brenda Hyde Edward Male Derek Newton
Alan Standford Sibyl Bastable Dorothy Cartwright Valerie Deville Eileen Granville Richard Jago Marion Mansell Jean Norris
Sarah Tempest Jenny Battle John Cass Alan Discombe Brenda Green Rosemary James James Margetts Sylvia Norton
Frances Tunniclife Violet Begg Derek Catlin Albert Dixon Constance Green Diane Jarvis John Marsh Jean Norwood
Lars Ugland Doreen Bennett Daphne Cedervall Beryl Dyson William Grieve Brian Jelliss Evelyn Marshall Dennis Nugent
Ray Worth Hilda Booth Anthony Challenger John Eastes Jean Guthman Gladys Jenkins Margaret Mathieson Sheila Nutting
Peter Booth Elizabeth Chapman William Edgar Dennis Guthrie Christopher Jenner Geofrey Maw Robert Oford
Elizabeth Bosward Kathleen Charlton Evelyn Edwards Thomas Haire Mabel Johnson Rita May Doris O’Kane
Eleanora Bowie Harold Chart Maureen Edwards Basil Hall Mary Johnson Arthur Mayne William Orbell
Irene Bowman Ruth Chen Michael Edwards Shirley Hardacre Anne Jones Eileen McCann Evan Owen
Evelyn Bracher Lovina Cherrie Raymond Edwards Dorothy Hardy Llewellyn Jones Margaret McErlean Andrew Page

156

Introduction Overview Trustees' report Financial statements Additional information

157

June Page Eva Schlesinger Valerie Swingler Norman Wendon Walter Pardoe Pamela Scott Mary Symington Elizabeth Whalley Dorothy Parker Richard Scott Irene Tarrant Neville Wheeler Margaret Parker Clara Sellers David Taverner Louisa Wheway Russel Pattenden Rita Semplici Dorothy Taylor Vernon Wilkes Bernard Peacock Edward Sewell Robert Taylor Jean Williams Thomas Peacock Lorna Sharp Margaret Teale Raymond Williams Alan Peeke Joyce Shield Dorothy Teeder Susan Williams Leslie Percival Ida Simmonds Jean Tennent Olwen Willmer Doreen Pettet George Slade Thomas Theobald Michael Wilson Doreen Phillips Georgina Smith Judith Thomas Kenneth Woods Reginald Piper John Smith Hilda Thomasson Kathleen Woodward Ronald Plant Kenneth Smith Margaret Thompson Jean Woolliscroft Eric Platt Marion Smith Barbara Thomson Patrick Woolmer Rita Pollock Marjorie Smith Julia Thornton Nancy Yu Mavis Porter Vera Smith John Tierney Alexandra Porterfield William Smith Elizabeth Tilsen Our professional advisors Dorothy Powell Enid Smith-Masters Kathleen Totterdell donating their services Joyce Price Martin Sneddon Robina Tough Arnold & Porter Thomas Price Andrew Spencer Beryl Townell Baker McKenzie Ernest Reakes Henry Spencer Martin Trice Boston Consulting Group Jacqueline Reeves Derek Stafford Ronald Varney BT Legal Team Loudon Rendell Joan Staniforth Beryl Ventris Cripps Pemberton Greenish Dennis Reynolds Derek Stanton Eileen Wadham Fieldfisher John Riddoch Jean Steel Gladys Walker Freshfields Doreen Roberts Vera Stevens Joseph Walker Latham & Watkins Madeline Roberts Isobel Stewart Margaret Walker Osborne Clarke Robert Roberts Ronald Stile David Walters Withers John Robson Jean Stocks Richard Ward Nicole Rolland Herbert Strudwick Hubert Wareham Thank you to all those who wish Christina Rollings Peter Stuart John Watson to remain anonymous. Rita Ross Susan Summers Anne Watt Gabrielle Rowley Ronald Summerton Barbara Watts *these supporters have also Dorothy Rutherford Michael Swanwick Sheila Watts generously pledged to leave a gift Michael Samways Shirley Sweet Christopher Weaving in their Will to Cancer Research UK

Find out more and get involved

Cancer – prevention, treatment

How you can help

and care

Take part

Discover the different ways you can get involved with fundraising and volunteering at cruk.org/support-us

Get reliable information about cancer

For information about cancer, trials and research, visit cruk.org/about-cancer

Make a donation

Speak to a specialist nurse

Regular donations make a real difference. Visit cruk.org or call 0300 123 1022

Our specialist nurses are on hand to answer your questions in confidence. Call free on 0808 800 4040, Mon–Fri, 9am–5pm.

Find out about our fundraising promise at cruk.org/our-promise

Find out about trials

For more information about trials that you can ask your doctor about, and to see trial results, go to cruk.org/trials

For more information

The best way to get to know about us and our work is through our website cruk.org

Talk to others affected by cancer Go to our online discussion forum cancerchat.org.uk

Have a question or feedback? Call 0300 123 1022 or send us a message through our website cruk.org/contact-us

Cancer Research UK has committed to a

series of social and environmental goals. You can find out more about these at cruk.org/corporate-responsibility

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T: +44(0)20 7242 0200

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