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← Cancer Research UK

2025-03-31-accounts

Outsmarting cancer Annual report and accounts 2024/25

Introduction Trustees' report Financial statements

Additional information

Cancer Research UK | Annual report and accounts 2024/25

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Contents

Contents

Introduction

Being a responsible organisation ..........................................41 Our people .......................................43 Our planet ....................................... 46 Our structure, governance and management ..................... 50 Our fundraising practices ..... 60 Principal risks and uncertainties ...................................62

Katie's story .........................................3 Our strategy ...................................... 4 Our research network ................. 5 From our chair ..................................7 From our chief executive .......... 8 Our highlights ................................... 9

Trustees' report

Statement of trustees'

Financial review .............................10 responsibilities ................................... 68 Discover ..............................................19 Independent auditors' Translate ............................................24 report ....................................................... 69 Engage ...............................................30 Financial statements ................ 72 Partner ................................................35 Additional information ............. 116 Sustain ................................................39

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Strategic report comprises pages 10 to 40 and pages 62 to 67.

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Cancer Research UK | Annual report and accounts 2024/25

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Introduction My story

Katie

I’ve been living with cancer for the best part of 44 years.

When I was two years old, I was diagnosed with acute lymphoblastic leukaemia, a type of blood cancer. At that time, there wasn’t a lot of hope or support given to parents. But I only have happy memories. My parents' approach was protective, but their unfailing love, care and commitment to overcome the difficulties helped to normalise the situation.

My treatment was part of a trial. I had radiotherapy and chemotherapy at several different hospitals – Great Ormond Street, St Bartholomew’s and Addenbrooke’s. It was long, but eventually successful. When I was eight, there was no sign of cancer in my body.

However, when I was 13, I learned that the drugs and radiotherapy I’d received had damaged areas of my brain, causing lifelong epilepsy. Then, over a decade later, when I was 27, I was diagnosed with a second cancer.

It was a rare form of cancer in my jaw. And it’s likely that it developed because of the treatment I’d had as a child. I couldn’t have any more radiotherapy or chemotherapy, so I had extensive surgery and facial reconstruction.

Since then, tumours have appeared in my brain. Thankfully, they’re benign. But I wish they weren’t there.

I’m lucky that I have the support of my family and friends. But even so, the emotional impact of what I’ve experienced has stripped me of some possibilities and my self-confidence has suffered.

However, it’s also sparked in me a drive to help make a change for children who, like me, have their cancer cured but face long-term consequences of their treatment – things like hearing loss, fertility issues and developmental problems.

We need better treatments that are

designed specifically for children and young people, rather than adjusted doses of medications designed for adults. Treatments that are kinder, more targeted, less toxic and less invasive.

That’s why I was thrilled to hear about C-Further, an international consortium that’s dedicated to developing more effective drugs for children’s and young people’s cancers. The consortium's fresh, modern and collaborative approach fills me with hope for positive outcomes in terms of both survivorship and longterm side effects.

Katie is 46 and lives in Peterborough. As a member of our Involvement Network and Cancer Research UK for Children & Young People Insights Panel, she helped to make sure the perspectives of people affected by cancer shaped the research initiative C-Further.

- Read more about C Further on page 25

Find out more about our

Involvement Network

1990s

Beating childhood cancer

2024

Backing our science

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Introduction

Our strategy

We’re the world’s leading cancer charity, dedicated to saving and improving lives with our research, influence and information. In the last 50 years, our pioneering work has helped double cancer survival in the UK. And today it’s continuing to save lives, here and around the world.

Our vision is a world where everybody lives longer, better lives, free from the fear of cancer. And step by step, day by day, our researchers are making this vision a reality thanks to our dedicated community of supporters, partners, donors, fundraisers, volunteers and staff.

In this report, you’ll read about some of the progress we’ve made against the objectives we set last year as we work to outsmart cancer.

They're organised into the five focus areas laid out in our - : long term strategy Discover, Translate, Engage, Partner and Sustain.

----- Start of picture text -----
Discover Translate
We make
We drive scientific
discoveries about discoveries forward
cancer that unlock into interventions that
new and better
benefit everyone
ways to beat it
----- End of picture text -----

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Introduction

----- Start of picture text -----
Glasgow
2 Edinburgh
1
Newcastle
1 2
Belfast
Leeds
1
Manchester 2 3
2
Liverpool
Leicester
1
2
Birmingham 3 2 4
Cambridge
Oxford
Cardiff 1
1
2 London
Bristol 2
7 3 6
2
Southampton
----- End of picture text -----

Our worldclass research network

Our network of more than 4,000 scientists, doctors and nurses work together to help us outsmart cancer, carrying out everything from laboratory studies to large-scale clinical trials.

We also work with researchers, funders, cancer societies and governments around the world to leverage additional knowledge, resource and funding to accelerate progress towards beating cancer.

Read more about our research network

Institutes (4)

Much of our discovery research takes place in our four core-funded institutes, helping us to understand cancer better.

Centres (7)

Our seven centres bring together teams of researchers from local universities, NHS trusts and other research organisations to take cutting-edge discoveries from the laboratory to patients.

Cancer Research Horizons (6) Cancer Research Horizons unites our drug discovery capabilities and our commercialisation expertise to help us translate more discoveries into treatments for patients, faster.

Centre for Drug Development (1) Researchers at our Centre for Drug Development specialise in working with pharmaceutical and biotechnology companies to translate scientific discoveries into new therapies.

Experimental Cancer Medicine Centres (29) We co-fund a network of Experimental Cancer Medicine Centres, where researchers develop and test new treatments.

Clinical Trials Units (7)

Our seven Clinical Trials Units design and deliver large-scale cancer clinical trials, helping us improve care and outcomes for people with cancer around the world.

Other facilities (17)

(As of 31 March 2025)

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Introduction

From our chair

Lord Simon Stevens

The work of our scientists, researchers and clinicians continues to save lives in the UK and globally. It’s estimated that more than 8 in 10 people who receive cancer drugs in the UK receive a drug that was developed by or with us. We supported a number of further significant developments this past year. For example, we opened our National Biomarker Centre in Manchester, launched a new partnership to fund research into children’s and young people’s cancers and created a new Cancer Data Driven Detection programme with the UK Government. Other initiatives include the DETERMINE trial fiveyear study looking for new treatment options for people with rare cancers, and our funding of two innovative vaccine projects in Oxford: OvarianVax aimed at protecting people against ovarian cancer; and LynchVax for people with Lynch syndrome, a genetic condition that increases the risk of some cancer types.

Our translational research and

commercialisation arm, Cancer Research Horizons, signed 63 agreements with pharmaceutical and biotech partners to translate lab innovations into effective treatments and diagnostic tools for cancer. In an external environment marked by pressures on the UK and international research landscape, Cancer Research UK continues to champion the importance of international collaboration. This year, we deepened and extended our international partnerships, including with the US National Cancer Institute as we launched a further seven Cancer Grand Challenges, and with others, such as the German Cancer Research Center and Dana-Farber Cancer Institute.

None of this would be possible without our extraordinary coalition of volunteers, donors, fundraisers and partners. In the past year, we

63

new agreements signed by Cancer Research Horizons

were also honoured to welcome His Majesty King Charles III as patron of Cancer Research UK. Despite challenging conditions for UK charities, our fundraising has performed well this year, with income up £51m to £735m, and our philanthropic campaign – More Research, Less Cancer – now over halfway towards our £400m goal. This is what fuels the progress we continue to make. On behalf of everyone at Cancer Research UK, our heartfelt thanks once again.

Lord Stevens of Birmingham, Kt Chair

Image credit: Simon Way

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Introduction

From our chief executive

Michelle Mitchell OBE

must develop and fund long-term cancer strategies and introduce legislation to prevent thousands of cancer cases. We’ve also been prominent supporters of the Tobacco and Vapes Bill, which, if it’s passed, has the potential to drastically reduce the impact of smoking

Our scientists, researchers and clinicians carry out research into more than 200 types of cancer to save and improve lives. This year, we were encouraged by the progress of innovative clinical trials that we’ve funded, including the BEST4 screening trial for oesophageal (food pipe) cancer and the Phase 2 trial evaluating a new therapy – ginisortamab – for people with pancreatic cancer.

– the biggest cause of cancer in the UK.

The macroeconomic environment has been difficult, with inflation increasing the cost of research and making it harder for supporters to give to us. But we’re on track to exceed our £1.5bn research commitment from 2021/22 to 2025/26, having committed £419m to cancer research this year, while collaboration and partnership with other funders has leveraged more than £350m of additional funds.

We awarded a major grant to our Cambridge Institute to enable world-class discovery science and unlock new insights into how cancers develop, grow and spread. The institute is part of a major global hub for cancer research in Cambridge and is embracing new technologies, including the promise of machine learning and artificial intelligence. We also continued to support the next generation of clinician scientists through our Clinical Academic Training Programme Awards.

Every £1 spent on cancer research in the UK generates £2.80 in benefits for the UK economy,* and our growing contribution is supporting the UK Government’s economic growth agenda. Strong performance in mass fundraising and our More Research, Less Cancer campaign – the largest ever philanthropic campaign by a UK charity – has contributed to this and enabled us to plan to increase our research spend in the future.

The backdrop to this optimism is a challenging landscape for cancer patients and their loved ones. Thousands across the UK are waiting longer than they should to begin treatment. Any delays that prolong this are unacceptable. That's why we believe that governments in England, Scotland, Wales and Northern Ireland

More than

£350m

raised through collaboration and partnership

Our progress is thanks to our incredible community of supporters, volunteers, staff and partners. We’ll continue to unite worldclass researchers, fast-track discoveries into new tests and treatments, inspire millions of people and partner to achieve more. We’ll continue to engage our people and be a great place to work and volunteer.

Together, we can outsmart cancer and give millions of people more precious time with their loved ones.

Michelle Mitchell OBE Chief Executive

*Based on data from 2020/21

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Introduction 10 ways we're outsmarting cancer

We committed £419m to research that will help outsmart cancer. ty wn yy

We announced our intention to invest £173m in our Cambridge Institute over the next 7 years to enable worldclass discovery science.

Cancer Research Horizons and LifeArc announced an intention to invest £27m in C-Further, an international initiative to develop new medicines for children’s and young people’s cancers.

Cancer Research Horizons Cancer Research Horizons formed There were 54 million and LifeArc announced an a new collaboration with interactions with our intention to invest £27m in Cytovation and the Norwegian information services, C-Further, an international Cancer Society to trial a new including About Cancer , initiative to develop treatment for people with Cancer Chat and our new medicines for a rare cancer that affects nurse helpline . children’s and young around 260 people a year in Ne people’s cancers. the UK. Our campaign ahead of the 2024 Cancer Research Horizons Westminster General Election reached Our brand brings together our audiences, signed 63 agreements more than 3,000 parliamentary candidates partners and people to help outsmart with pharmaceutical and resulted in 3 commitments from the UK cancer. For the first time ever, Cancer and biotech partners Government in response to our manifesto Research UK was named the number 1 to attempt to turn for cancer research and care . charity brand by data and market research company Savanta. scientific discoveries ~~a~~ into new products, such as diagnostic tools and We raised £530m cancer drugs. L, Leoee er 12th We placed from legacies, a in the Financial donations and ' ~~ events thanks to _ Times’ inaugural list of the UK's 500 best the generosity and dedication of | employers for 2025. our supporters.

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Trustees' report

Trustees' report

Financial review

What we committed to outsmarting cancer
Cancer research		 2025
£m
2024
£m
Change
£m
(419)
(400)
(19)		 Change
%
5%
Cancer information and influencingactivity
Total charitable activities[1]		 (34)
(32)
(2)
(453)
(432)
(21)		 6%
5%
~~i~~ ~~i~~
~~a~~		 ~~i~~
~~a~~		 ~~i~~
~~a~~		 ~~i~~
~~a~~		 ~~a~~
~~i~~ Our income
Legacies
Donations and events
~~i~~
~~a~~		 288
230
58
242
233
9
~~i~~
~~a~~		 ~~i~~
~~a~~		 25%
4%
~~i~~
~~a~~		 ~~a~~
Royalties andgrants
Investments and other income
Total income(excludingtrading)
Costs ofgeneratingfunds[1]		 59
76
(17)
11
11
-
600
550
50
(130)
(133)
3		 (22%)
0%
9%
(2%)
Total net income(excludingtrading) 470
417
53		 13%
Tradingincome(includingshops and online marketplaces)
135
134
1
1%
~~.~~
,
tatlee
»
fi
: Tradingexpenditure[1]
Tradingnet contribution
é
i
e
S
Sei
|(132)
(127)
(5)
3
7
(4)
~~i~~		 4%
(57%)
y
/		 Total income available for charitable activities
Net contribution before investmentgains and losses
Net investmentgains and losses
Net income before other recognisedgains and losses
Y
:
ae
:
;
ce
ns
/
~~_~~
~~a~~
~~i~~
7
=
AG		 473
424
49
20
(8)
28
3
33
(30)
23
25
(2)		 12%
(350%)
(91%)
(8%)

£419m committed to cancer research this year Some of this will be paid out this year, and some of it will be paid out in future years during the life of the research projects we’ve committed to.

£403m spent on cancer research this year This includes money we committed to in previous years but paid out this year, as well as money paid out to new projects we committed to this year. See the breakdown of our research spend on page 11

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Financial review

Breakdown of our research spend Subtitle Total: £403m spent on new and ongoing research*

----- Start of picture text -----
£93m
----- End of picture text -----

----- Start of picture text -----
£88m £20m
£18m
£10m £5m
----- End of picture text -----

£93m £20m £18m Relevant to all types of cancer Research admin and Cancer Research Horizons (such as research support costs translational activity infrastructure and (such as peer review, grant (efforts to advance, studies looking at management, IT and other develop and commercialise cancer survivorship) support costs) cancer research)

£88m £10m £5m Basic research Revenue shares Cancer Research Horizons (understanding the (share of royalties from sales CancerTools.org fundamental biology of innovations developed from (a biorepository of over of cancer) our research, which we pass 5,000 tools for the global on to others involved in it) research community, such as antibodies and cell lines)

£26m on research In 2024/25, we spent nearly specific to cancers that affect 0 to 24 year-olds, making us the biggest charitable funder of research into children’s and young people’s cancers in the UK.

----- Start of picture text -----
£169m
Research projects focused on specific cancer types (in £m)
2 Pharyngeal
5 Melanoma
12 Brain
Colon
29 and rectal
2 Laryngeal
4 Myeloma
Hodgkin
10 Pancreatic 1
lymphoma
4 Sarcoma
Oral cavity
1
16 Lung and lip
10 Prostate
Non-Hodgkin 1 Skin (excluding
4
melanoma)
lymphoma
1 Bladder
6 Ovarian
16 Breast
4 Kidney
1 Endometrial
6 Liver
3 Stomach Other
cancer
7
types
16 Leukaemia
5 Oesophageal
3 Neuroblastoma
----- End of picture text -----

Our total research activity excludes £7m spent on research at our Scotland Institute, which is funded by external partners. This additional funding is included in the Group’s cancer research spend figures in note 5 of the page 83* . The funding supports the institute’s current research focus areas, which include understanding cancer biology and colon and rectal cancer. financial statements on

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3% more than last year

Financial review

----- Start of picture text -----
2025
£715 [m]
(2024: £692m)
----- End of picture text -----

Our expenditure

£23[m]

2025 2024

Cancer research £419m £400m Cancer information and £34m influencing activity £32m Trading (including shops and online £132m marketplaces) £127m Costs of generating funds £130m £133m

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Financial review

Cancer research Trading £419[m] £19[m ] £132[[m]]

£132[[m]] £5[m ]

more than last year

more than last year

We opened five new superstores, in addition to the nine new stores last year, and expanded our online marketplaces (such as eBay) to sell donated items. We spent significantly more on staff because of the 9.8% increase in the National Living Wage.

Our funding supports research institutes and infrastructure, and provides grants for investigator-led programmes, projects and training fellowships. This year, we were able to provide £15m additional funding to our institutes. Some of the £419m we committed to cancer research this year will be paid out to projects in future years. We spent £403m on cancer research this year, which includes money we committed in previous years. You can see the breakdown of our research spend on page 11 . We’re on track to exceed our commitment to spend at least £1.5bn on research over a five-year period from 2021/22 to 2025/26.

Cancer information and influencing activity

Costs of generating funds £130[m] £3[m ] less than last year

£34[m] £2[m ] more than last year

We use evidence, insight and our influence to inform government policy changes that will lead to better prevention measures, earlier diagnosis and improved tests and treatments for people with cancer. We also provide people with trusted, accurate information about cancer. The increase in expenditure is mainly driven by staff costs from wage inflation.

This decrease in expenditure is primarily due to a reduction in marketing expenditure for Stand Up To Cancer, our biennial fundraising campaign with Channel 4, because there was no live broadcast in 2024. We also reduced the amount we spent on marketing and face-to-face fundraising to attract committed givers (people who donate regularly).

Pence in the pound 78p in every £1 donated was available to beat cancer.

This has increased from 76p last year thanks to significant legacy and philanthropic gifts.

We don’t include the net income from our trading activities in this calculation, as our shops operate like other retail businesses, raising funds through selling merchandise and donated goods, rather than through voluntary cash donations. By excluding trading net income, the measure is comparable to other charities that don’t have shops.

----- Start of picture text -----
22p used for
fundraising
78p available
to beat cancer
(2024: 76p)
----- End of picture text -----

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8% more than last year

Financial review

Our income

----- Start of picture text -----
2025
£735 [m]
(2024: £684m)
----- End of picture text -----

£51[m]

----- Start of picture text -----
2025 2024
£530m
Fundraising (legacies,
donations and events)
£463m
£11m
Investments and
other income
£11m
£59m
Royalties and
grants income £76m
Trading (including £135m
shops and online
£134m
marketplaces)
----- End of picture text -----

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Financial review

Fundraising (legacies, donations and events)

£530[m] £67[m ]

more than last year

Our income from gifts in Wills continued to grow and accounted for nearly 40% of our total income. We received £288m from legacy gifts, which is £58m more than last year. This is partly due to ongoing improvements in the speed in which probate applications are now being processed and passed on to us. We also received some generous philanthropic gifts and £3.5m through our partnership with Omaze.

Income from our events, including Race for Life, increased by £5m due to more people taking part and raising more money through sponsorship on average. This has helped to offset a decline in income from giving platforms (such as JustGiving) and social media challenges, as this market becomes saturated. There was also a decline in income from Stand Up To Cancer, our biennial fundraising campaign with Channel 4, as there was no live broadcast in 2024.

Trading (including shops and online marketplaces)

£135[m] £1[m ]

more than last year

A significant growth in sales of new products in our shops and the opening of five new superstores has helped to offset a decline in same-store, like-for-like sales of donated items.

Royalties and grants income

£59[m]

£17[m ]

less than last year

We raise money through licensing the intellectual property from our discoveries, which helps us fund even more research to beat cancer. Royalties received from the sales of two drugs we helped develop, abiraterone and olaparib, are declining due to patent expiry and the entry of generic alternatives into the market. However, there has been substantial growth in royalties from capivasertib since its launch in 2023, with growth expected to continue following approval by NICE for NHS treatment in the UK.

intellectual property from our discoveries,

Investments and other income

in line with last year

£11[m]

We continue to benefit from relatively high interest rates on our investment portfolio and other cash reserves.

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Financial review

Our reserves

Our policy is to hold our reserves in cash and readily realisable assets. As part of our long-term planning, we revised our reserves requirement from a range of 3–5 months of our total outgoings to a minimum of three months. This will allow us to increase our investment in cancer research from 2026/27.

£320[m ]

in reserves (5.2 months cover of our cash outgoings)

the time the commitments are made, in line with our accounting policy.

To manage short-term cash requirements, we have access to a borrowing facility from Goldman Sachs Asset Management (GSAM). We repaid all our borrowings during the year to reduce our borrowing costs, and we also invested a net £5m into our Goldman Sachs investment portfolio.

Our reserves policy is based on managed cash and investments – a measure of the liquid assets available to meet outgoings – rather than accounting reserves, as reflected in our balance sheet.

We calculate the amount of our managed cash and investments as in the table on the right. Historical managed cash and investments, and the cover of total outgoings this represented, are shown in the chart above on the right.

Our research commitments are typically made for up to five years and are recognised in full – or up to any reviews or milestones upon which further funding is conditional – as liabilities at

----- Start of picture text -----
350 £323m £313m £320m £320m 7
300 6 Managed cash and
investments (£m)
250 5
Months cover
200 4
150 3 Minimum = 3 months cover
100 2
Total managed cash and
50 1 investments on 31 March
2025 was £320m, which
0 0
represents around 5 months
2021/22 2022/23 2023/24 2024/25
of our cash outgoings.
£million Years Cover
(months)
2024/25 2023/24
£m £m
Investments 314 318
Cash and short-term de osits 25 26
p
Li uid mixed-motive investments 1 2 3
q [ ]
Short-term borrowin s 2 - 3
g [ ] ( )
Exclusions 3 21 24
[ ] ( ) ( )
Mana ed cash and investments 320 320
g
----- End of picture text -----

Minimum = 3 months cover

Total managed cash and investments on 31 March 2025 was £320m, which represents around 5 months of our cash outgoings.

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Financial review

Our investments

We hold some of our money as core investments, both to support our reserves and so we can grow the amount of money, in real terms, we have available to fund our work. GSAM manages these investments in line with our risk appetite, and our Finance Committee (of trustees and independent experts) reviews our investment strategy each year, supported by GSAM and our newly appointed investment adviser, Redington. Our portfolio is invested in a range of securities in line with the strategy we agreed with GSAM. We also hold several investments classed as ‘mixed-motive’. These contribute to beating cancer while also generating a financial return.

Our total investments returned a net gain (realised and unrealised) of £3m, compared to a net gain of £33m last year, as volatility in the markets, particularly in the US, continued. Our programme-related investment in the Francis Crick Institute also supports our objectives.

Pensions

We offer our employees contributions to a defined contribution pension. Unless they choose otherwise, their contributions are placed in a fund specifically designed to reflect our values. Our defined benefit pension scheme was closed to new entrants in 2009 and to future accrual in 2015. In March 2025, the independent trustee of the defined benefit scheme, with our support, entered into an insurance buy-in agreement with Standard Life, securing the remaining uninsured liabilities of the scheme. This offers us protection by removing the financial risk associated with the scheme and is expected to result in a significant (cash) surplus within the next three years. See note 2b(ii) to the financial statements.

With this buy-in agreement, and because the latest triennial valuation for funding purposes in March 2024 calculated a surplus of £13.5m (compared to a surplus of £4m in 2021), we’re not required to pay any further contributions to the scheme.

Our approach to financial forecasting

We update our 10 Year Financial Model each year, which helps us to calculate the amount we can sustainably dedicate to research over the mid to long term. If we raise more money than we expect, we can increase our funding for research and/or invest in activities that generate more income.

We make several assumptions about our ability to grow our fundraising, philanthropy and income generation, and maintain and improve our efficiency. We also reforecast our financial performance every three months, as well as completing monthly cashflow reviews and maintaining a 12-month and 36-month cashflow forecast. Our financial performance is reviewed by our Executive Board, Finance Committee and Council.

The scheme has a surplus of £16m for accounting purposes (down from £75m in 2024) and generated an actuarial loss in year of £61.5m (compared to a loss of £4.5m in 2024), because of revised actuarial assumptions following the buy-in transaction.

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Trustees' report

Financial review

Going concern

As required by the Charities Statement of Recommended Practice, we assess whether there are any uncertainties that may cast doubt over our ability to continue as a going concern. For this purpose, we focus on at least 12 months following the signing of these financial statements, which is to the end of July 2026.

For the Cancer Research UK going concern assessment, we’ve considered the period to March 2027, which more than covers the minimum recommended requirement. In modelling, we’ve used the annual budget for the year to March 2026 and the approved 10 Year Financial Model for the period after that. We’ve also undertaken scenario modelling to understand the impact of higher or lower income than anticipated. And we’ve modelled assumptions that reflect severe but plausible downside scenarios, including a higher cost base and weaker investment returns compared to the budget assumptions.

On 31 March 2025, our net current assets were £5m, comprising £381m of current assets and £376m of creditors falling due within one year, including grant creditors of £295m. We expect to be able to meet these commitments through income

generated in future periods. If we need to increase liquidity in any month, we have the option for further borrowing or portfolio divestment via Goldman Sachs. Our reserves of £320m are

sufficient to cover all restricted funds (£55m on 31 March 2025).

We have robust monitoring processes to ensure we can respond to any downturn in income, with our investment strategy remaining flexible to ensure our investments can be converted to cash quickly if required. We maintain an operational cashflow forecast, which is reviewed weekly to ensure we meet our projected cash outflows and maintain cash flexibility through our investment strategy and treasury management processes.

Should the modelled downside scenarios occur, we have identified

mitigating actions – firstly, to reduce our expenditure, potentially by initiating operational efficiencies and/or revising future grant commitments, and secondly, to increase our liquidity.

Taking these actions into consideration, we believe that we have sufficient liquidity to honour our current liabilities and committed research funding obligations, while

maintaining sufficient reserves to cover a minimum of three months’ expenditure (in accordance with our updated reserves policy) throughout the period to March 2027.

Our fundraising income has returned to pre-COVID-19 levels, with mass fundraising performing well and our shops continuing to deliver a positive contribution, albeit significantly reduced by increases in inflation, National Insurance and staffing and energy costs, as well as fewer customers and volunteers. We remain confident that our budget and 10 Year Financial Model covering the going concern timeframe of up to July 2026 are achievable.

Considering our current position and our principal risks (see page 62 ), the trustees have a reasonable expectation that we’ll be able to continue in operation and will be able to meet our liabilities when they are due over the medium term. The trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

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Our strategy | Discover

1 Discover

We make discoveries about cancer that unlock new and better ways to beat it.

Discovery science is the engine that drives all our breakthroughs. By answering the fundamental questions about how cancer starts and develops, we illuminate its hidden mechanisms and find new vulnerabilities we can exploit.

Dr Iain Foulkes

Executive Director of Research and Innovation

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Our strategy | Discover

Objective: Continue to fund a broad range of discovery research

In a golden era for life sciences, this fra ae+ ad funding bolsters YU 483» Ui) Cambridge as a major global hub for cancer research on an increasingly competitive worldwide stage and will greatly aid the recruitment of top-tier international talent.

Read more about the centres

Read more about the centre

Read more about the study

A key question we’re currently trying to answer is how exactly vitamin D supports a ‘good’ microbiome. If we can answer

this, we might uncover new ways in which the microbiome influences the immune system, potentially offering exciting possibilities in preventing or treating cancer.

Dr Evangelos Giampazolias, lead author of the study at the Crick. We've supported Dr Giampazolias from his time as a postdoctoral researcher at the Crick through to his current position as a group leader at our Manchester Institute

Professor Greg Hannon, Director of our Cambridge Institute

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Our strategy | Discover

The impact biomarkers will have on patients’ care can’t be

underestimated. Doctors will be able to get more information, faster, to determine the best treatment plan for each individual. And it will stop some patients from undergoing unnecessary interventions or treatments that could cause pain or discomfort without providing benefit. 39

Read more about LynchVax

Read more about OvarianVax

Professor Caroline Dive, Director of the Cancer Research UK National Biomarker Centre

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Our strategy | Discover

Objective: Continue to deliver our research data strategy and early detection strategy and roadmap

Read more about the programme

Objective: Review and renew our centres of excellence in radiation research

Objective: Grow our research and partnerships to drive progress for children’s and young people’s cancers

Cancer Research UK Brain Tumour Conference.

Read more about the centre

Cancer Research UK is uniquely positioned to drive and scale progress. We’re inspired by the research taking place across the charity and join their hope for a future where more children and young people will survive their cancer with the least possible side effects.

Oak Foundation, which is donating £8m over three years towards our research into cancers affecting children and young people

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Our strategy | Discover

Our 2025/26 objectives

Objective: Identify and set the challenges for the global research community to respond to in the fifth funding round of Cancer Grand Challenges

f Continue to fund a broad range of world-class discovery research

f Unite international teams to tackle cancer’s biggest questions in the fifth round of Cancer Grand Challenges

f Support existing Cancer Grand Challenges teams to exploit opportunities for collaboration, expansion and translation

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Our strategy | Translate

2 Translate

We drive scientific discoveries forward into interventions that benefit everyone.

Scientific discoveries alone will not lead to improved cancer outcomes. They need to be translated into new prevention measures, tests and treatments that can save and improve lives. Our focus is to address specific gaps in the pipeline to make this easier and faster.

Dr Ian Walker

Executive Director of Policy, Information and Communications

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Our strategy | Translate

Objective: Continue to support research to discover, develop, optimise and evaluate new innovations for cancer patients

- Read more about C Further

For companies set up to make a return on investment, there's a challenge between doing what everyone knows is the right thing to do – to bring drugs for childhood cancer forward – versus the requirement to make that financial return. C-Further is how we’re starting to address that. We need to figure out how we can make those financial constraints lower, to allow more people to work in this space. Ultimately, we want to be able to make therapeutics for these rare cancers. I just can’t imagine being in front of a parent and saying that I can’t do anything for your child because their cancer is too rare. That isn’t a position any of us would want to be in.

• The first participants joined the BEST4 Screening trial, which will investigate whether the capsule sponge test our researchers developed can save more lives from oesophageal (food pipe) cancer. The capsule sponge is a pill on a thread that expands in the stomach into a small sponge. As it’s carefully removed by pulling on the thread, the sponge collects cells from the lining of the oesophagus. These cells are then analysed for Barrett's oesophagus, a condition that can lead to oesophageal cancer, using a laboratory test that our researchers also developed. Trials have already shown that the capsule sponge test is safe, accurate and can detect 10 times more cases of Barrett’s oesophagus than standard practice. The BEST4 Screening trial, which we’re supporting together with the National Institute for Health and Care Research, will recruit 120,000 people at risk of Barrett’s oesophagus. The aim is to determine whether the capsule sponge can help find more cases of Barrett’s oesophagus, prevent cancers and save lives as part of a national oesophageal cancer screening programme. Read more about the trial ~~oe~~

Read more about the trial

David Jenkinson, Head of Childhood Cancer at LifeArc

Read an interview with David

A capsule sponge.

CT scan of a glioblastoma brain tumour.

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Our strategy | Translate

My story

Dom

In December 2009, I was diagnosed with melanoma skin cancer that had spread to the lymph nodes in my armpits.

In 2010, I had full lymph node removal surgery, which was successful. But from 2011 to 2018, I had to have another eight operations to remove more cancerous lumps from my back.

In 2019, I learned that my cancer was now at stage 4, in my spleen, lungs and spine. I was told that, without treatment, I probably had a year at best.

I started taking nivolumab, a type of immunotherapy that helps my immune system find and kill cancer cells. After just a few months, all my tumours had shrunk.

Bowel cancer organoid (a miniature 3D mass of cells that mimics a real-life organ or tissue in the lab). Image credit: Dr Christopher Tape

I’ve been taking nivolumab for the past six years, recently receiving my 73rd treatment. This makes me one of the longest running patients receiving immunotherapy in the UK. I’m living with cancer thanks to drugs that weren’t around when I was first "9 diagnosed. I’m proof that research works.

Dom lives in Leeds with his wife and children.

Our research played an important role in bringing nivolumab to people like Dom through clinical trials of the drug.

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Given just a year
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Thanks to
research,
still here
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Our strategy | Translate

Objective: Continue to evolve Cancer Research Horizons by diversifying our funding sources, growing our Cancer Tools portfolio and transforming our drug discovery

Drug development is the successful fusion of many different disciplines. I’m excited to support the purposeful orchestration of scientific innovation, technical rigour and commercial potential at Cancer Research Horizons for the benefit of patients. 79

Katharina Kreymborg, SVP at Curie.Bio

Cancer Grand Challenges Team IMAXT have created VR software to view inside a tumour.

Read more about Suil Vision

Thanks to

£20m funding from Cancer Research

UK through Cancer Grand

Challenges, the IMAXT team has brought together cutting-edge expertise and innovative technologies to map tumours in 3D and then visualise the data in virtual reality. This has enabled the team to reveal new insights into the biology of tumours previously beyond reach. We are thrilled to see Suil Vision build on the virtual reality data visualisation technology, turning it into a powerful tool that will benefit the scientific community around 49 the world.

Dr David Scott, Director of Cancer Grand Challenges

Read more about the partnership

Discover CancerTools.org

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Our strategy | Translate

Objective: Obtain policy commitments on our priority actions from our manifesto for cancer research and care

Objective: Publish and begin to deliver our strategy to reduce health and cancer inequalities in the UK

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Our strategy | Translate My story Our strategy | Translate | My story

Iyna

I was only 30 when I was diagnosed with breast cancer. It was 2015 and my son, Maazin, was four. Of course, cancer never comes at a good time. But this felt like the worst time. Maazin had just started school. I’d recently started a new job and wasn’t entitled to sick pay. And we’d moved to a new house and had a bigger mortgage to pay.

It was stage 3 breast cancer that had spread to my lymph nodes. I had chemotherapy to shrink the tumour and lost all my hair within 10 days of my first treatment. I also gained a lot of weight from the steroids and had no energy to eat, shower or even go to the loo by myself. So I had to move to my parents' house for support.

Fortunately, my tumour shrunk so much that I was offered a lumpectomy (removing the area of cancer from

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Breaking down barriers

2015

Bracing for breast cancer treatment

my breast) rather than a mastectomy (removing the whole breast). I went back and forth for a while but eventually chose the lumpectomy.

So I started my own support groups for South Asian women called Cancer Chaii & Chat, which hopefully provide women with the support and sisterhood they need in a way that feels comfortable.

I then had radiotherapy, followed by a series of preventative drugs, which triggered early menopause among other debilitating side effects, including joint pain, anxiety and depression. In the end, I had surgery to remove my womb and ovaries. It’s a decision I still regret.

Cancer doesn’t end when your treatment ends. For me, despite all the challenges, it’s made me stronger and given me the drive to make a change within the South Asian community that’s so desperately needed.

Iyna is 40 and lives in Maidenhead with her son, Maazin.

That was nearly 10 years ago. Being diagnosed with breast cancer at such a young age is difficult enough. But being from the South Asian community, where there can be a real stigma about it, makes it harder still. People don’t talk about it and many don’t seek support when they need it. I couldn’t find any support from people with the same cultural background as me. It was very lonely at times.

Read more about our strategy to tackle inequalities in cancer and health on page 28

Our 2025/26 objectives

f Continue to translate our scientific discoveries into interventions that benefit everyone, through initiatives such as C-Further and CancerTools.org f Build a core Cancer Research Horizons Therapeutic Innovations portfolio of high-quality drug discovery projects

f Secure high-impact policy outcomes across cancer research and care f Drive influencing opportunities and partnerships to address cancer and health inequalities

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Our strategy | Engage

3 Engage

We inspire millions to join with us in our mission.

To outsmart cancer, we need to build ever greater momentum around our cause, inspiring millions to join us, and enabling all our supporters to play the biggest role they can in beating cancer. We receive more world-leading cancer research applications than we can fund, so growing our income from our supporters is our top priority. Phil Almond Executive Director of Marketing, Fundraising and Engagement

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Our strategy | Engage

Objective: Continue to deliver high-quality cancer information that’s accessible to a wide range of audiences

• We recorded around 54 million interactions with our information services, including About Cancer , Cancer Chat and our nurse helpline ~~e~~ . ~~e~~

provide free, confidential information and support to more than 13,000 people affected by cancer, an increase of 11% on the previous year. And they successfully migrated to a new relationship management system, Salesforce.

greatest need. Our Cancer Awareness Roadshow nurses go into the heart of communities to talk to people about reducing their cancer risk, knowing what’s normal for them and seeking help with any concerns. We signposted roadshow visitors to services almost 13,000 times, including GP practices, cancer screening services, local stop-smoking and weight-management services and our nurse helpline.

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My story

Objective: Continue to grow fundraising in trading, legacies, social fundraising and committed giving (people who donate regularly)

John

In 2020, I was diagnosed with stage 4 bowel cancer that had spread to my liver. It was a shock as I had regularly participated in the NHS bowel screening programme and had a colonoscopy in 2013, which was clear.

I had an operation to remove half my bowel, followed by chemotherapy and another operation to repair my liver. Since then, I’ve been monitored closely for signs of the cancer returning.

In 2023, I managed to complete the 5k Race for Life – walking, not running – at Tatton Park in Knutsford with my daughter and son-in-law. We did it in fancy dress and raised about £300. It was a great experience with an amazing atmosphere. And the organisation of the event was exceptional.

I strongly believe in research. Although I keep the wooden key fob and bracelet my children gave me close to me every day for luck, I think my survival is more down to my treatment than luck.

John is 76 and lives in Cheshire with his wife, Maureen.

Find out more about Race for Life and sign up for an event

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Going under the knife

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Completing
Race for Life
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My story Our strategy | Engage | My story

Doreen

I was diagnosed with chronic myeloid leukaemia in 1998 and started interferon injections soon after. In 2001, I started taking the drug imatinib (Glivec) and continued until January 2024, when tests showed there was no sign of active disease in my body.

It’s amazing. When I was diagnosed, my life expectancy was three to five years. That was 27 years ago.

I used to volunteer at my local Cancer Research UK shop. And, in 2015, I arranged to leave a legacy gift in my Will to the charity. I got advice from the Legacy team, who gave me a list of local solicitors. I spoke to one of them about who my executors were, who I wanted to leave assets to and the percentage I wanted to give to Cancer Research UK. It was very simple. After a couple of meetings, it was all done.

Doreen is 69 and lives in Greater London.

Find out more about legacy giving

1999

Starting a life-saving therapy

2015

Leaving a life-saving legacy

Objective: Grow and deepen our portfolio of corporate partners

Every exciting discovery in the

lab needs meticulous verification before

embarking on the journey to translate what’s discovered into something clinically useful for people affected by cancer. This can be 10 to 20 years of more research. TK Maxx has supported us for such a long time. This kind of long-term commitment is crucial to our ability to bring scientific advances into the clinic.

Emeritus Professor Pamela Kearns, Trustee and former Director of our Clinical Trials Unit

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Our strategy | Engage

Objective: Continue to engage people affected by cancer in key decisions we make

Read more about how we’re involving people affected by cancer in our work

Objective: Make significant headway with our audience-focused digital transformation programme

Our 2025/26 objectives

f Continue to maximise the impact of our fundraising efforts, including trading, legacies, social fundraising and committed giving (people who donate regularly)

f Continue the migration to new tools that will improve our interactions with supporters and our cancer information provision, including more personalised experiences

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Our strategy | Partner

4 Partner

We partner with organisations to have the biggest possible impact.

Partnering with organisations and individuals who share our mission allows us to achieve so much more than we could ever do alone. We see an opportunity to bring together capital, skills and capacity across different sectors and geographies to outsmart cancer in ever more ambitious and co-ordinated ways. Nick Grant Executive Director of Strategy and Philanthropy

Image credit: Simon Pollard

Image credit: Laura Ashman

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Objective: Make significant progress towards our target of raising £400m through our More Research, Less Cancer philanthropic campaign

children and young people, and £10m from the Garfield Weston Foundation towards the Cancer Research Horizons Seed Fund for start-up propositions and companies during their early phases. With momentum building, we’re now past the halfway mark but still have a way to go to achieve our ambitious £400m goal. ’ ~~BS~~ Read more about the campaign s progress

We’re proud to be supporting Cancer Research UK’s work to help bridge the gap between discovery science and the clinic. Cancer Research UK’s scientific prestige and powerful networks will enable the rapid translation of innovative research into effective tools, tests and treatments for people affected by cancer.

Sophia Weston, Deputy Chair of Garfield Weston Foundation

Image credit: David Vintiner

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Our strategy | Partner

Image credit: Laura Ashman

Objective: Secure new strategic partnerships to help deliver our research strategy and develop longer term partnering plans in key areas, including prevention, data and children’s and young people’s cancer research

Cancer Early Detection (ACED). Launched in 2019, ACED is an approximately £50m partnership between Cancer Research UK, the University of Manchester, University College London, Knight Cancer Institute at OHSU and the University of Cambridge to work on transformative ideas in the early detection of cancer. Over the next five years, the alliance plans to fund cuttingedge research in four areas: immunology, hereditary cancers, inequalities and interception. The two new partnerships bring vital expertise and resources to this next phase. Read more about ACED

• We held our first Cancer Prevention Research

all disciplines, including biology, behavioural science and population research, came together to share and discuss their work across a wide range of topics. The agenda included deepening our understanding of cancer risk factors, developing and implementing interventions and health inequalities in cancer prevention. This annual conference will help to build a thriving, energised, global and multidisciplinary cancer prevention research community. Find out more about the 2025 conference

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Our strategy | Partner

Objective: Deepen our engagement with our existing and potential philanthropic supporters through interactions with our leaders within Cancer Research UK and our wider scientific community

Our bold research ambitions require support from visionary individuals and organisations. We will ensure

that Cancer Research UK remains the philanthropic partner of choice for global donors committed to 79 transforming cancer research. Chris Gethin, Director of Philanthropy

Joining the Cancer Impact Club is an exciting opportunity. By collaborating with a like-minded community of entrepreneurial individuals and leveraging our collective expertise, we can help bring transformative ideas to life. If the groundbreaking ventures the Seed Fund backs succeed, they will deliver treatments that don't currently exist, and that could have a game-changing impact on countless lives. 9 Darren Redmayne, former CEO of Cardano and a senior volunteer for Cancer Research UK

Our 2025/26 objectives

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Our strategy | Sustain

5 Sustain

We build the foundations for sustainable long-term progress against cancer.

We’re improving capabilities, processes and operations within Cancer Research UK, so that it’s easier for everyone to play their role in contributing towards our mission. We were delighted to be placed 12th in the Financial Times’ inaugural list of the UK's 500 best employers for 2025.

Angela Morrison Chief Operating Officer

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Our strategy | Sustain

Objective: Launch and begin to implement our refreshed equality, diversity and inclusion strategy

Objective: Take steps to reduce our emissions in six focus areas: research; investment and pensions; events; retail shops; procurement; and electricity and travel

Objective: Improve our processes for onboarding, managing and paying our suppliers

Objective: Improve our governance and use of existing data, and explore new areas such as generative AI

66

We're encouraged to be bold, in terms of taking initiative, coming up with solutions and making use of new technologies. 55

Cham

Senior Infrastructure Engineer

Our 2025/26 objectives

f Agree and start implementing our action plan to achieve our 2030 carbon emissions reduction target

f Continue implementing our refreshed equality, diversity and inclusion strategy

f Identify and deliver operational effectiveness and efficiencies, utilising generative artificial intelligence where applicable

f

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Trustees' report

Being a responsible organisation

Our approach to being a responsible organisation

We exist to beat cancer for everyone. But beating cancer is a long game, so we’re building the foundations for sustainable long-term progress – the ‘Sustain’ objective in our strategy.

We’re striving to become a more sustainable organisation – environmentally, financially and operationally – and an inclusive and diverse organisation that’s more reflective of the people and communities we serve. We’re also working to understand and improve our ESG (environmental, social and governance) performance.

Our people

We value and celebrate our staff and volunteers and promote equality, diversity and inclusion (EDI) in our work.

Read more on page 43

Read our refreshed EDI strategy

Our planet

We play our part in slowing down climate change by minimising the negative environmental impacts of our work.

Read more on page 46

Read our environmental sustainability strategy

Our principles

We empower our people to make responsible decisions.

Read more on page 44

Read more about our ‘Sustain’ objective in our strategy

We’re committed to reducing our emissions by

50% by 2030 and achieving net zero by 2050

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Being a responsible organisation

Our contribution to global impact

We exist to beat cancer, which aligns with two of the United Nations Sustainable Development Goals and supports six others.

Primary goals

(how our purpose supports each goal)

We exist to beat cancer

We work to prevent, diagnose and treat cancer for everybody, supporting target 3.4. We also try to understand how air pollution impacts cancer and campaign to reduce the number of people who smoke.

Targets 3.2, 3.4, 3.8, 3.9, 3a & 3b

We fund research

We fund and enhance scientific research and fund and support more researchers to help beat cancer. Target 9.5

Secondary goals

(how our work to achieve our purpose supports each goal)

We aim to reduce the impacts of cancer inequalities and be inclusive in how we beat cancer, including patients and researchers, our volunteers and charity leaders.

Targets 5.1 & 5.5

We look to be an inclusive and diverse charity where everyone feels like they belong and have equal opportunities and pay.

Target 8.5

We promote policies and practices that tackle cancer inequalities and are committed to becoming a more inclusive and diverse charity.

Target 10.3

Read more about each goal by clicking on the square.

We redirect millions of pre-loved items to new owners through our shops and online marketplaces. We also work with our research, charitable and commercial partners to adopt sustainable practices and promote sustainable procurement.

Targets 12.5, 12.6 & 12.7

Through our staff and working with our partners, we strive to raise awareness of climate change and how we can mitigate its impacts. We contribute to the UK’s efforts on carbon reduction and feed into national policies.

Targets 13.2 & 13.3

We support collaborative access to science and innovation to enhance knowledge sharing in health research. Our approach promotes effective public-private and civil society partnerships, targeted capacity building in developing countries and improved domestic tax revenue through tobacco tax policy.

Targets 17.1, 17.6, 17.9 & 17.17

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Being a responsible organisation | Our people

Our people

We foster an engaged, high-performing, inclusive and diverse culture.

We achieved an engagement score of

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in our staff survey

Engaging with our staff

In October 2024, we achieved an overall engagement score of 76% in our staff survey, which is 3 percentage points above industry benchmarks. Also, our peer-to-peer annual awards received 800 nominations, with an additional 400 colleagues recognised through our Everyday Awards.

We communicate with all our staff and keep them well informed on key issues, such as our progress in beating cancer and our performance as a charity. We tailor our communications to different audiences to make sure they’re relevant, clear and accessible, and we use a mix of channels, including face-to-face interactions, digital channels, offline resources and hybrid events.

Our Executive Board, including our chief executive, regularly connect with our people through our digital channels and face-to-face events. And our directorate leadership teams lead their own engagement initiatives, including newsletters, team meetings, focus groups and site visits. We also foster two-way engagement with staff through our staff representatives, who meet regularly with HR and senior leaders. And our staff networks, which are championed by our senior leadership team, play an important role in cultivating an inclusive and supportive workplace culture.

In the Financial Times’ inaugural survey of over 20,000 employees from all sectors, we ranked 12th in a list of 500 companies. The survey covered topics such as working conditions, potential for development and company image.

It's clear that people work for Cancer Research UK because they believe in the cause. It's really motivating to work with intelligent, passionate and hardworking people. It's really the people who make Cancer Research UK what it is. Alizee, Policy Manager

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Being a responsible organisation | Our people

We achieved an inclusion score of

81% in our staff survey

We created separate strategies for our first two priorities: our cancer and health inequalities strategy (which launched in November 2024) and EDI in research (expected in 2025).

Read more about our cancer and health inequalities strategy on page 28 ~~————eee~~ Based on the data we have from people who choose to disclose their ethnicity, the proportion of staff from ethnic minority communities was 16.1% on 31 March 2025. Our target in our refreshed EDI strategy is 19% by the end of 2027.

We’re making progress on the numbers of staff from ethnic minority communities in leadership positions (our top three pay grades). We maintained our 12% target in our refreshed EDI strategy as we failed to meet it by the end of 2023. We exceeded it for the first time on 31 March 2025 with 13.2% of our leaders from ethnic minority communities.

Equality, diversity and inclusion (EDI)

We’re committed to becoming a more inclusive and diverse charity. We don’t tolerate any form of discrimination in our recruitment or employment practices. And all our employees are offered fair access to training, development, reward and progression opportunities. They're also accountable for the impact of their own actions.

We’re developing future ethnic minority leaders through Ignite, our development programme for ambitious staff from ethnic minority communities. So far, 27% of participants have achieved a promotion or lateral move.

This year, we launched our refreshed five-year EDI strategy (2025–2030), which sets out our renewed ambitions and objectives across five priority areas: cancer and health inequalities, inclusive research community, our people, leadership and engagement.

We achieved our target of at least 50% of our leadership roles held by female staff by the end of 2023 and committed to maintaining this target in our refreshed EDI strategy. On 31 March 2025, it was 50%. We also achieved our target of 50% female members on our research funding committees.

We reviewed our progress so far and worked with an external consultancy to help us assess our performance against leading EDI practices. We also consulted people impacted by our strategy, including staff, volunteers and people affected by cancer.

In our 2024 staff survey, we achieved an inclusion score of 81% (measuring the sense of belonging and feelings of inclusivity and safety in the workplace). This is above industry benchmarks.

We monitor the proportion of disabled employees and candidates. All staff can request workplace adjustments if required. And all staff complete training on how to treat colleagues with protected characteristics, including disability. We also offer specific learning sessions on disability and workplace adjustments in collaboration with our Health and Disability Network, who helped us develop new guidance.

During recruitment, applications are anonymised

and candidates can request reasonable adjustments. And as members of the Business Disability Forum, we get access to specialist advice on disability-related issues.

Dignity at work

Our Dignity at Work policy sets out the behaviours we expect from staff to make sure everyone is treated with dignity and respect. The policy is supported by mandatory training, which helps our staff recognise bullying, harassment and discrimination so they have the confidence to challenge people or raise concerns when they see or experience these behaviours. We collect data on cases related to dignity at work and report on them quarterly to our People Operational Risk Committee.

Within the Asian community, there are still many stigmas around sharing vulnerable moments with cancer openly. I’m a medical science student and I also speak five languages, which has helped my role as a Campaigns Ambassador as I can explain to people about the different forms of cancer and why Cancer Research UK is so rp important to everyone. Savyata became a Campaigns Ambassador in 2024

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Being a responsible organisation | Our people

Safeguarding

We implemented the improvements recommended in the external safeguarding review we commissioned in 2023/24. This included updating policy, standards and training around reporting safeguarding concerns. The refreshed policy addresses the recently introduced Online Safety Act and the new legal duty to prevent sexual harassment in the workplace.

We expanded our Safeguarding team and introduced a dedicated safeguarding trustee and Safeguarding Representative model, where designated people are trained to help their teams understand safeguarding responsibilities.

Safeguarding concerns related to our activities are reported by our staff, volunteers and members of the public. The number of safeguarding concerns reviewed increased from 230 cases in 2023/24 to 530. These are mostly from our shops, events or online support teams. We believe this increase is due to better awareness and confidence to report safeguarding concerns, rather than more concerns. But we'll keep this under close review.

Safeguarding concerns are recorded confidentially and investigated when needed. Resolutions include signposting people to further help, reporting to the relevant authorities and offering support to the people reporting the concerns.

We review the concerns to identify trends and opportunities and report on progress against our safeguarding improvement plan and reported incidents to our Executive Board, People and Remuneration Committee and Council.

Gender and ethnicity pay gap reporting

We produce our gender pay gap by comparing average pay for male and female staff, and our ethnicity pay gap by comparing the average pay of White and ethnic minority staff.

Our gender and ethnicity pay gap reports for the period 6 April 2023 to 5 April 2024 show a third year of improvement. Our mean (average) gender pay gap remains in favour of male staff, decreasing from 16.7% in 2022/23 to 14.2% in 2023/24. And our median (middle) gender pay gap decreased significantly, from 21.1% in 2022/23 to 13.8% in 2023/24, also remaining in favour of male staff. Our gender pay gap is largely because we employ more people in lower paid roles, and we employ more female than male staff.

We voluntarily publish our ethnicity pay gap, which has been in favour of ethnic minority staff since we first began publishing it in 2020. Our mean ethnicity pay gap narrowed from -5.0% in 2023 to -3.3% in 2024, and our median ethnicity pay gap also narrowed from -15.3% in 2023 to -14.0% in 2024. A major factor that influences our ethnicity pay gap is the type of roles ethnic minority staff do, with a low proportion in our shops and a high proportion in higher paid functions, such as technology.

Read our full gender and ethnicity pay gap reports

Pay

In 2024, we awarded eligible staff a 3.5% pay increase and staff who work in our shops also saw a 9.8% uplift in line with the National Living Wage.

We periodically review our remuneration policy in line with strategic changes. To enable us to achieve our strategic objectives, we set our target pay position between the median of the charity sector and the median of the private sector and we review positioning regularly using survey data from the charitable, private and public sectors, seeking external guidance when needed. Information about our remuneration spend and number of employees with pay over £60,000 is included in note 9(a) to the financial statements on . page 85

Leadership pay

We need to attract and retain excellent skilled leaders to achieve our strategic objectives. The salary for each position on the Executive Board is individually benchmarked using external advisers and positioned well below roles with similar responsibilities in the corporate sector. Our trustees approve the remuneration package of each member of our Executive Board annually.

The aggregate remuneration of our Executive Board and the remuneration of our chief executive are disclosed in note 9(b) to the . page 86 financial statements on

Read more about the roles and responsibilities of our Executive Board

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Additional information

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Being a responsible organisation | Our planet Our planet: Reducing our environmental impact We started implementing our environmental sustainability strategy , addressing the largest contributors to our carbon footprint and developing a detailed long-term action plan to reduce our emissions by 50% by 2030, from our 2022/23 baseline of 254,657 tCO2e.

Prioritising our carbon hotspots

We focused on our pensions and investments, which represent 45% of our baseline carbon footprint. We changed our default pension to funds with significantly lower carbon intensity and expect this will lead to a 55% reduction in emissions associated with our pensions. We continue to work with our external partners to reduce the emissions associated with our investments.

Our 2024/25 full scope carbon emissions are 4.3% lower than 2023/24, which is behind our year-on-year reduction target of 7%. This was expected as we focused our efforts on developing our carbon reduction action plan. The reduction from last year is largely due to the decrease in value of our investments, which account for 40% of our baseline, and lower emissions associated with the grants we award, which account for 24% of our baseline. As we begin to build out our carbon reduction plan and focus on the operational changes we can make to reduce our emissions, we expect to see greater year-on-year reductions between now and 2030. However, we recognise that the increased focus on technology in the external environment will make carbon reductions increasingly challenging.

Progress against our strategy

With the support of experts from the Carbon Trust, we developed a detailed carbon reduction approach. This gives us a clear understanding of the initiatives we can implement to reduce emissions across scopes 1, 2 and 3. We’ll now assess which initiatives to prioritise with the support of a new team. Read our environmental sustainability strategy

Striving for higher standards

Read more about our activities over the past year in our environmental impact update

Our 2024/25 Streamlined Energy and Carbon Reporting (SECR) emissions

While our total emissions reduced in 2024/25, our SECR emissions, which covers only scope 1, 2 and limited 3 emissions increased by 4.9% from 6,124 tCO2e to 6,430 tCO2e. However, they decreased by 26.9% compared to our 2019 SECR baseline, based on market-based methodology. Our energy use decreased

by 2%, from 30,537 MwH in 2023/24 to 29,915 MwH, but increased by 1% compared to our 2019 SECR baseline.

This year, we continued to install LED lighting in our shops and added more hybrid petrol/ electric cars to our fleet.

SECR emissions (in tCO2e) by scope

----- Start of picture text -----
10,000
----- End of picture text -----

----- Start of picture text -----
8,000
1,921
6,000
1,746
1,810
1,651 1,693
4,462
4,000
2,019
1,794
2,019
2,555
3,227
2,000
1894 2,666
2,422
1,295
1,532
830
507
0
2019 2020 2021 2022/ 2023/ 2024/
23 24 25
e
2
tCO
----- End of picture text -----

Scope 1

All our direct emissions occurring from sources we own or control, including fuel combustion, gas boilers and fleet vehicles.

Scope 2

Indirect emissions from electricity we buy and use.

Scope 3 – SECR

Indirect emissions resulting from our staff travel and the distribution of energy and fuel to operate our labs, office and retail shops.

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Being a responsible organisation | Our planet

Our SECR emissions in 2024/25

SECR emissions detail by scope 2019–2024/25

----- Start of picture text -----
Location-based method Market-based method
Units Base Second Third Fourth Previous Current
year year year year year year
2019 2020 2021 2022/23 2023/24 2024/25
Scope 1
Combustion tCO2e 1,172 953 1,079 1,101
Trans ort tCO2e 622 740 731 645
p
Total scope 1 tCO2e 1,921 1,651 1,794 1,693 1,810 1,746
kWh 9,030,679 8,328,013 9,006,724 8,774,025
Sco e 2
p
Purchased electricity tCO2e 1,407 1,841 1,519 1,475
Purchased heat tCO2e 436 290 222 210
Purchased coolin tCO2e 51 424 278 334
g
Total scope 2 tCO2e 4,462 3,227 1,894 2,555 2,019 2,019
kWh 18,151,079 22,621,294 21,123,131 20,856,490
Sco e 3
p
Mandator trans ort tCO2e 130 57 119 99 69
y p
Voluntary transport tCO2e 368 114 1,016 1,821 2,219
Transmission and distribution tCO2e 336 397 375 378
Total scope 3 tCO2e 2,422 830 507 1,532 2,295 2,666
kWh 230,257 481,263 407,183 285,424
Total all scopes tCO2e 8,805 5,708 4,195 5,780 6,124 6,431
Total all scopes kWh 29,376,106 23,733,671 27,412,015 31,430,570 30,537,038 29,915,939
----- End of picture text -----

Intensity ratio – tCO2e/FTE

----- Start of picture text -----
Year Location based Change vs previous year
2024/25 - (100%)
2023/24 2.09 3%
2022/23 2.03 14%
2021 1.78 9%
2020 1.63 29%
( )
2019 2.28 -
FTE 2024/25 3,625
----- End of picture text -----

Greenhouse gas breakdown totals

Greenhouse gas breakdown totals
Greenhouse gas breakdown Location based
2024–25
tCO2 8,531
tCH4 26
tN2O 45
Outside of scopes (tCO2) 79

Read the detailed emissions data and methodology in our environmental impact update

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Being a responsible organisation | Our planet

Our full 2024/25 scope 3 carbon emissions

We voluntarily report on our full scope 3 carbon emissions to understand our environmental impact in line with Science Based Targets Initiatives (SBTi) guidelines. Scope 3 emissions are defined as all other indirect emissions resulting from activities or assets through our value chain that we don’t own or control.

We measured our scope 3 carbon emissions against our 2022/23 baseline and have achieved an 8.4% decrease in overall scope 3 emissions, from 250,409 tCO2e to 229,485 tCO2e. This is a reduction of 4.3% compared to 2023/24.

Read more about our activities over the past year in our environmental impact update

Upstream leased assets

Cancer Research UK Group full scope 3 emissions (tCO2e)

----- Start of picture text -----
2024/25 2022/23
baseline
Purchased goods and services 35,861 33,484
Capital goods 3,789 6,105
Fuel- and energy-related activities not included in scope 1 or scope 2 915 1,092
Waste generated in operations 183 96
Business travel 1,225 710
Employee commuting 997 127
Upstream leased assets 11 3
Downstream transportation and distribution 22,241 19,831
Use of sold products 13,017 12,635
End-of-life treatment of sold products 1,034 701
Grants 41,752 61,650
Investments 92,512 101,896
Pensions 15,948 12,079
Total scope 3 229,485 250,409
----- End of picture text -----

Waste generated in operations Employee commuting

----- Start of picture text -----
300,000
----- End of picture text -----

----- Start of picture text -----
250,000
products
Business travel
200,000
scope 1 or scope 2
Capital goods
150,000
Pensions
Use of sold products
100,000
and distribution
Purchased goods
50,000
and services
Grants
Investments
0
2022/23 2024/25
baseline
e
2
tCO
----- End of picture text -----

End-of-life treatment of sold products

Fuel- and energy-related activities not included in scope 1 or scope 2 Capital goods Pensions Use of sold products

Downstream transportation and distribution

Purchased goods and services Grants

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Methodology and disclosure summary

We report in line with the UK Government’s March 2019 Environmental reporting guidelines: including SECR guidance, as well as the Energy Managers Association SECR reporting methodology. The measured emissions are those which fall under our operational control unless otherwise stated in the exclusions section, in line with the Companies and Limited Liability Partnerships Regulations 2018.

The carbon figures have been calculated using the Department for Energy Security and Net Zero 2023 carbon factors, except for market-based electricity, which is from our suppliers. All the emissions reported have come from operations over which we and our subsidiaries have complete control. All emission calculations relate directly to our usage. Since 2022/23, we've published our SECR in line with financial year reporting. In 2023/24 we moved to market-based emission factors as they give a more accurate reflection of renewable energy. For consistency, we have restated historically reported emissions in line with this.

All emissions calculations are taken from activity data. In 2024/25, pro rata extrapolation was used for 2.2% of scope 1

from activity data. In 2024/25, pro rata extrapolation was used for 2.2% of scope 1 and 6.2% of scope 2 consumption across all sites. Direct comparison was used for 1% of scope 1 consumption. These estimations were made for our Scotland Institute, Cori Building, Grantham and other sites with data gaps. Overall, these estimations total 3.2% of consumption across all reported sources.

Our emissions are reported as metric

tonnes of carbon dioxide equivalent (tCO2e), which incorporates all six gases regulated by the Kyoto Protocol.

Read more in our environmental impact update

Exclusions statement and

voluntary disclosures

We don’t include Cancer Research UK-funded and branded research institutions and centres in our calculations because they're not part of our organisation structure and we don’t have operational control over them. We also exclude all managed offices and

laboratories where we don’t receive a

separate charge for energy. Our leased fleet includes our company cars and vans. Business travel includes staff and volunteers driving their own vehicles for Cancer Research UK business (known as ‘grey fleet’).

Scope 1 exclusions: F-Gas consumption hasn’t been collected or included in the SECR report, but some air conditioner service reports had been noted, concluding no leaks or refrigerant refills.

Scope 2 exclusions: None.

Scope 3 SECR exclusions: We voluntarily include some scope 3 emissions from business travel by staff and volunteers (other than travel by van, company car or private car), such as air, rail, coach, public transport and taxis. Most air and rail travel data was provided by our travel agents, and most public transport and taxi data was collated from expense claims. kWh conversions for rail and air travel haven't been included, as conversion factors are not provided in the UK Government carbon factors. This is consistent with previous reports.

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Our structure, governance and management

Cancer Research UK is a company limited by

guarantee and a registered charity in England and Wales (1089464), Scotland (SC041666), the Isle of Man (1103) and Jersey (247).

Our charitable objects

Cancer Research UK was incorporated as a company and registered as a charity for the public benefit in 2001.

Our charitable objects are set out in our Articles of Association: 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.

Our Members

Our articles provide for the appointment of up to 100 Members. Members are supporters of our aims and objects and are admitted to membership by the other Members on recommendation from Council. Members receive regular updates from our chair of Council and invitations to key events throughout the year. They're entitled to attend and vote at our annual general meeting, where they formally receive our annual report and accounts, elect or re-elect trustees and appoint our auditors. We currently have 91 Members, which includes our 15 trustees.

Members Members
Council
of Trustees
Council Committees
Audit and Finance Fundraising Engage Nomination People and Research
Risk and Marketing Transformation and
Remuneration
Oversight * Governance
Executive Board and
Scientifc Executive
Board		 * Temporary Council Committee

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Our trustees

Our Council of Trustees

We’re governed by our Council of Trustees, who provide strategic leadership. They set and uphold our values, set our strategy, business plans and budget, and oversee the day-to-day delivery of our strategy by our chief executive and Executive Board.

During the year, Council held four formal meetings. They also met for a strategic away day at the University of Birmingham and held several deep-dive sessions on topics including retail, safeguarding and our refreshed equality, diversity and inclusion strategy.

Our trustees

In accordance with our articles, trustees can be co-opted by Council but are formally appointed by our Members at our annual general meeting for a term of three years up to a maximum of two terms, and a third term on an exceptional basis. On appointment, trustees are also admitted as Members and directors of the charitable company. Council elects a chair, deputy chair, treasurer and safeguarding trustee among their number.

Trustee recruitment

The composition of Council is specified in our articles, which require a reasonable balance of scientists and non-scientists. During the year, our Nomination and Governance

Committee, who lead on the recruitment and reappointment of trustees, reviewed the size, composition, expertise, skills and diversity required of Council to achieve our strategy.

Council continued to deepen its expertise in cancer research and research funding and bolster expertise in consumer brand marketing, data and digital technology and artificial intelligence.

In accordance with our trustee recruitment principles and through an inclusive and transparent process, Professor Dame Nancy Rothwell, Catherine (Kate) Smaje, Mark Evans and Professor Dr René H. Medema joined our Council and Professor Pamela Kearns was appointed to the role of deputy chair.

Trustees Tracy de Groose and Professor Sir Mike Richards CBE stepped down from their roles and we would like to thank them for their time and expertise.

On 31 March 2025, there were 15 non-executive trustees on Council with varied expertise, skills and backgrounds, who bring scientific, research and commercial knowledge and experience to Council discussions.

Trustee induction and training

We introduced comprehensive induction plans for new trustee and non-trustee committee members. These include information about

our organisational strategies, governance

and policies, an induction day and meetings with internal and external stakeholders, which are tailored to the individual trustee and any committee membership they’re taking on. New trustees are paired up with an existing trustee to help them settle in. They're also offered site visits to our research facilities, institutes and retail shops and other opportunities to engage with our staff, volunteers and supporters to learn more about our work.

Our trustees participate in a continuing programme of training and awareness sessions, including deep-dive sessions on specific areas of our work. This year, the programme included an externally facilitated session on safeguarding and a detailed review of our refreshed equality, diversity and inclusion strategy and our longer-term retail strategy. Trustees also regularly receive updates on changes to legislative and regulatory guidance relevant to their duties.

Our trustees are unpaid, but they're reimbursed for any reasonable expenses. In accordance with our articles, we maintain a directors and officers liability insurance policy. The articles also allow us to indemnify trustees subject to provisions of section 234 of the Companies Act 2006.

Read more about our trustees and our non-trustee committee members

On 15 July 2025, our trustees were:

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Being a responsible organisation | Governance

Council Committees and dedicated

trustee roles

Council delegates some of its responsibilities in particular areas to six permanent committees and one temporary committee, which was set up in 2024 to oversee our digital and data transformation programme. Our committees are populated by our trustees and additional non-trustee committee members, who are appointed to complement our trustees with specific skills or experience.

During the year, Stephen Blyth stepped down as a non-trustee committee member of our Finance Committee and we thank him for his time and expertise. We welcomed Philippa Kramer and Judy Parfitt as non-trustee committee members of our People and Remuneration Committee.

Council also introduced a new role of safeguarding trustee to help oversee our safeguarding practices. Professor Pamela Kearns was appointed to this role.

Council will continue to consider the need for dedicated trustee roles in specific areas.

Executive Board

Day-to-day management is delegated to our chief executive, who in turn delegates, as appropriate, to members of our Executive Board.

On 31 March 2025, our Executive Board were:

- Michelle Mitchell OBE

Chief Executive

- Philip Almond

Executive Director of Marketing, Fundraising and Engagement

- Dr Iain Foulkes

Executive Director of Research and Innovation

- Nick Grant

Executive Director of Strategy and Philanthropy

Executive Director of Policy, Information and Communications

Interim Finance Director

Read more about our Executive Board

Scientific Executive Board

Our Scientific Executive Board reports to our Executive Board and is responsible for the implementation of science policy and strategy, as approved by our Research Committee. They also oversee our funding committees , who award grants for investigator-led research and infrastructure funding. The members of our Science Executive Board include our chief scientist, Professor Ketan (KJ) Patel, and our chief clinician, Professor Charles Swanton.

Charity Governance Code

We’re committed to high standards in governance, taking account of the Charity Governance Code for large charities, as well as other good governance principles. In 2024/25, we concluded our implementation plan in relation to our most recent external effectiveness review for our Council of Trustees. We’ve since carried out a comprehensive review of our compliance with the Charity Governance Code and assessed that we either adhere to it, or in a small number of instances have good reason for taking the approach we do.

In 2025/26, we’ll continue to:

The next external effectiveness review for Council is scheduled for 2026/27.

Public benefit

When reviewing our aims and objectives, and in planning future activities, our trustees take into account the Charity Commission’s guidance on public benefit.

Preventing modern slavery

We firmly oppose modern slavery and continuously improve our prevention mechanisms. This ensures our teams can effectively mitigate risks within the charity and our supply chains. Our efforts include ongoing specialised training for high-risk teams to identify signs and report concerns, updating our requirements for third-party suppliers and enhancing our internal processes for reviewing modern slavery within our risk assessment framework.

Read our modern slavery statement

Read more about our Scientifc Executive Board

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Being a responsible organisation | Governance

Audit and Risk Committee

Position Name
• reviewed internal audit reports and
Chair Joanne Shaw recommendations and implemented an
enhanced process to scrutinise audits
Trustee members Professor Doreen Cantrell that are rated inadequately controlled
CBE or uncontrolled
• oversaw the production of our 2023/24
Rakshit Kapoor annual report and accounts and plans for
the 2024/25 report
• approved our modern slavery statement
Professor Dr René H. in accordance with Section 54 of the
Medema
(from 20 February 2025)		 Modern Slavery Act 2015
• received updates on serious incidents
reported to the Charity Commission and
Non-trustee Janet Ryan near misses, and endorsed a revised
committee members policy related to serious incident reporting
Jazz Thind • endorsed the annual management
assurance report confrming that we
had maintained an adequate risk
management framework and complied
During the year, the committee: with our regulatory and legal obligations

Finance Committee

Position Name
• endorsed a change to our reserves
Chair Dr Robert Easton policy to reduce the minimum amounts
we are required to hold as reserves, so
Trustee Professor Nic Jones we can release funds for research over
members future years
Lord Stevens of • reviewed reports on property, tax,
Birmingham Kt
(ex-offcio)		 pensions and insurance matters
and approved our annual
insurance arrangements
Non-trustee
committee		 Hitesh Thakrar
Stephen Blyth
(to 31 December 2024)		 • endorsed our independent defned
benefts pension scheme trustee’s
plan for an insurance buy-in to reduce
future risks
members • performed a tender process and
Teye Mkushi appointed Redington as our independent
investment adviser
• received regular updates from our
investment managers and discussed
potential changes to our investment
During the year, the committee: strategy with our investment advisers
• met fve times

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Being a responsible organisation | Governance

Fundraising and Marketing Committee

Chair During the year, the committee: Tracy De Groose (until 17 October 2024) • met four times • reviewed the progress of our brand Rakshit Kapoor refresh and More Research, Less Cancer (from 18 October 2024) philanthropic campaign Trustee Dr Robert Easton • approved the operation plan and members (ex officio) budget for our philanthropy, marketing, fundraising and engagement activities Mark Evans • received regular reports on our (from 30 October 2024) fundraising performance • reviewed market and competitor Catherine (Kate) Smaje trends, benchmarking our fundraising (from 30 October 2024) performance against the charity sector Lord Stevens of • reviewed our approach to legacy giving Birmingham Kt • reviewed the main risks to our ability to (ex officio) deliver our fundraising strategy • approved updates to policies on Professor Dame Moira donation refunds and incomeWhyte OBE generating contracts (until 11 March 2025) • approved the five-year renewal of our Non-trustee John Armah partnership with ScottishPower committee • monitored decisions on members Liesl Elder fundraising partnerships and philanthropic prospects

Engage Transformation Oversight Committee (temporary Council Committee created in June 2024) Position Name

Chair Dr Robert Easton During the year, the committee: • met five times Trustee Mark Evans • endorsed the committee’s terms of members (from 30 October 2024) the delivery of our digital and data Rakshit Kapoor transformation programme • received regular reports from Joanne Shaw management and third-party contractors on the progress and Catherine (Kate) Smaje performance of the programme (from 30 October 2024) phases of the programme Lord Stevens of Birmingham Kt (ex officio) relating to the effective and efficient delivery of the programme and the Non-trustee controls in place to mitigate them committee John Armah members

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Being a responsible organisation | Governance

Nomination and Governance Committee

Chair Tracy De Groose (until 11 June 2024)

Lord Stevens of Birmingham Kt (from 12 June 2024)

Trustee Peter Chambré members

Professor Nic Jones

Professor Pamela Kearns (from 17 October 2024)

Joanne Shaw

During the year, the committee:

People and Remuneration Committee

Professor Pamela Kearns

During the year, the committee:

Chair

Dr Robert Easton (ex officio)

Trustee members

Professor Gerard Evan

Professor Dame Nancy Rothwell (from 11 December 2024)

Lord Stevens of Birmingham Kt (ex officio) Philippa Kramer (from 16 January 2025) Judy Parfitt (from 20 January 2025)

Non-trustee committee members

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Being a responsible organisation | Governance

Research Committee

Professor Nic Jones
Professor Doreen Cantrell
CBE
Peter Chambré
Dr Robert Easton
(ex offcio)
Professor Gerard Evan
Professor Pamela Kearns
Professor Dr René H.
Medema
(from 20 February 2025)
Professor Dame Nancy
Rothwell
(from 17 October 2024)
Lord Stevens of
Birmingham Kt
(ex offcio)
Professor Dame Moira
Whyte OBE
(until 1 April 2025)
During the year, the committee:
• met four times
• engaged in strategic discussions on clinical
research, cancer prevention research, research
data and Cancer Grand Challenges, which included
presentations from some of our researchers
• received presentations from the chairs of our fve
funding committees and the chair of our Research
Data Strategy Advisory Board, and discussed
emerging trends and cross-committee opportunities
• discussed a review of our research portfolio,
including trends, outputs, key measures on research
workforce, active awards and commercialisation
• engaged in discussions about priorities for
the research budget and operating plans and
approved major infrastructure awards, including
strategic renewals
• reviewed the commercial and innovation activities of
Cancer Research Horizons
• oversaw risk management and research
integrity issues
• reviewed our quinquennial review of our Cambridge
Institute and discussed plans to strengthen
discovery science and translational activities
in Scotland
• reviewed key funding policies and received a
research policy update
Chair
Trustee
members

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Trustees' report

Being a responsible organisation | Governance

Trustees’ duty

to promote the success of the Charity – Section 172(1) statement

As directors of a large company, our trustees are required to report how they have performed their duty under section 172(1) of the Companies Act 2006 and must act in the way they consider, in good faith, would be most likely to achieve Cancer Research UK's charitable purpose. They must consider:

  1. the likely consequences of any decision in the long term

  2. the interests of Cancer Research UK’s employees

  3. the need to foster the company’s business relationships with suppliers, customers and others

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

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

  6. the need to act fairly as between members of the company

Our trustees recognise the crucial role of our stakeholders in supporting Cancer Research UK to achieve its charitable purposes and comply with section 172(1).

This statement highlights two decisions made by our trustees during the year to illustrate how they complied with their duties in their decision-making: our long-term 10 Year Financial Model and our refreshed equality, diversity and inclusion (EDI) strategy (2025-2030).

1. the likely consequences of any decision in the long term

Our revised financial model balances maximising the positive impact of our work on people affected by cancer with careful resource management. It ensures that investments are made to support our mission to reduce the impact of cancer on people’s day-to-day lives in the long term.

For our EDI strategy, the decisions made will enable us to better deliver our mission in the long term. The level of ambition, shifts and resourcing were considered to be appropriate given the scale of ambition and duration it will take to achieve our objectives.

Our key stakeholders: people affected by cancer

The interests of people affected by cancer are central to trustees’ decisions. We conduct extensive market research and patient surveys, and engage with cancer patients and their families – for example, through our Involvement Network, Cancer Insight Panels, Campaigns Ambassador programme and research panels, including Cancer Grand Challenges. Our trustees also engage directly with patient representatives – for example, members of our Involvement Network met with trustees at the Council meeting in December 2024.

For our EDI strategy, we held focus groups with people affected by cancer and consulted our Inclusion in Involvement Steering Group. Their feedback helped to shape the final proposals approved by Council.

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2. the interests of Cancer Research UK’s employees

Our key stakeholders: our staff

Our staff’s knowledge, skills, experience and engagement are critical to delivering our objectives.

We gather insights through our annual engagement survey and more frequent pulse surveys, with outcomes considered by our People and Remuneration Committee and then by Council.

We have staff representatives and staff networks, which interact with our leadership, while regular staff talks provide opportunities for questions. Our trustees also engage with staff directly through staff events and updates on our intranet.

Our staff engagement and inclusion scores are above cross-industry sector benchmarks. However, the feedback suggests our staff would value improvements in leadership and career progression, as well as the opportunity to improve their productivity and skills through

new technology. Our trustees considered these factors in decisions concerning our financial model, including programmes of investment in digital transformation and leadership development.

For our EDI strategy, staff feedback informed the priority to build an inclusive and diverse culture for all our people – staff and volunteers – so they can contribute to our success and feel like they belong.

Our key stakeholders: our volunteers

Our mission relies on the commitment of our volunteers. We gather insights through surveys and conversations. Focus groups of volunteers also contributed to the volunteering element of our EDI strategy.

Key insights are reported to our People and Remuneration Committee and to Council as part of volunteering strategy updates. Trustees also engage with our volunteers at fundraising events and by visiting our shops.

Creating a better experience for our volunteers is a priority and has shaped both our financial model and our EDI strategy.

3. the need to foster the company’s business relationships with suppliers, customers and others

Our key stakeholders: our supporters, Members and customers

Trustees engage with our Members and supporters at events, including the 2024 annual general meeting, the annual Turn the Tables event and an event at the House of Lords. Feedback highlighted the importance of ease of interaction, recognition and of the care with which we treat their personal data.

Based on this feedback, trustees re-affirmed our commitment to our multi-year digital and data transformation programme, which will allow us to better meet the needs of the people using our cancer information services and improve people’s experiences of supporting our work. It will also ensure that we continue to keep our supporters’ data safe.

our Our key stakeholders: funded institutions and the wider research community

Our trustees and Research Committee regularly engage with our research communities to inform our strategic approach and research funding decisions. They receive presentations from our funding committee chairs and meet with researchers we fund. During their 2024 away day, Council also met with researchers and senior leadership, and several trustees attended the 2025 Cancer Grand Challenges Summit, where they engaged with donors, partners and the funded research teams.

The insights gathered during these activities inform our approach to research funding and investment decisions.

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

Our key stakeholders: communities and the environment

Our trustees consider the implications of proposals on the communities we serve and the potential impact on the environment.

Read more in our environmental impact update

----- Start of picture text -----
5. the desirability of the
company maintaining a
reputation for high standards
of business conduct
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----- End of picture text -----

Our key stakeholders: our suppliers and partners

We work with third-party suppliers and partners. Our Audit and Risk Committee endorsed proposals to continue with our ongoing programme of improvements to our procure-to-pay processes and closely monitored its progress. They also approved plans to further strengthen our supplier relationship management programme, which will help make sure our new and existing suppliers understand our expectations of them.

6. the need to act fairly as between members of the

company

----- Start of picture text -----
ad our Members ae Dae,
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Our key stakeholders: our Members

Each of our Members has equal voting rights and, in accordance with our charitable purpose, our activities benefit the health of the wider public.

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Being a responsible organisation | Governance

Our fundraising practices

We endeavour to give our supporters the best possible experience when engaging with us.

Our fundraising promise

To be respectful

Supporters enable everything we do at Cancer Research UK. Giving to us should be a great experience and we promise:

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

To listen and learn

To be transparent about where your money goes

Fundraising standards

We’re proud to subscribe to the Fundraising Regulator and adhere to their Code of Fundraising Practice. We apply these standards to all our fundraising activities across the UK and they inform the training we deliver to our fundraisers and the way we and our volunteer fundraising groups operate. We engaged with a consultation on the new Code of Fundraising Practice, which launched this year.

In 2024/25, we received no official

complaints from the Fundraising Regulator and were not subject to any investigations by them. Through the Fundraising Regulator’s Fundraising Preference Service, which allows people to opt out of receiving fundraising communications from us, we received and actioned 44 requests.

We also adhere to the rules and best

practice guidance set by the Charity Commission for England and Wales, Office of the Scottish Charity Regulator, Charity Commission for Northern Ireland, Chartered Institute of Fundraising, Direct Marketing Association, Prepaid Phone Services Authority, Ofcom, Gambling Commission, Advertising Standards Authority and the Information Commissioner’s Office.

Our in-house compliance teams and subject matter experts provide training and advice, and monitor areas such as volunteer fundraising, fundraising compliance and our third-party professional fundraisers. Our new policy on responsible fundraising brings together our internal fundraising standards to make it easier for our staff to understand the requirements and to ensure consistency across our fundraising activities.

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Working with our own and third-party fundraisers

We raise funds through gifts left to us in Wills, one-off and regular donations from the public, corporate fundraising, philanthropic donations, volunteer groups, events and our shops.

We also employ professional fundraising organisations for supporter recruitment via door-to-door campaigns and at private sites. We regularly review their performance to make sure they uphold our regulatory standards and values through observations, call quality monitoring, welcome calling and mystery shopping. Contracts are in place and any issues are promptly investigated.

Protecting vulnerable people

We provide guidance and training to help staff identify and responsibly engage with supporters who may be in vulnerable circumstances. We routinely monitor our interactions to make sure people are protected from overtly persistent or pressuring practices and implement learnings from this monitoring.

We aim to not accept donations from people who lack the capacity to make an informed decision. We recognise various forms of vulnerability and strive to offer appropriate engagement opportunities.

Feedback and complaints

We value feedback and complaints, using them to improve our processes. We received 5,359 complaints (2023/24: 5,832), of which 991 (2023/24: 957) were directly related to our fundraising activities.

We address shortcomings by enhancing our processes, guidance and training for staff and fundraisers. We regularly review supporter satisfaction to improve our future activities.

Read more about our fundraising promise and process for handling complaints

Our corporate partners support us through charitable contributions from sales of their goods and services, and fundraising activities among their staff and customers. We conduct due diligence and include compliance provisions in our contracts to protect vulnerable people.

Image credit: Laura Ashman

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Being a responsible organisation | Governance

Principal risks and uncertainties

areas for action or improvement to Council, with recommendations on next steps.

fundraising, as well as areas that enable our core activities, such as our reputation for being a responsible organisation.

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Risk profile

We remain in a strong position with most of our risks within our risk appetite. However, we face challenges. There is a high degree of uncertainty in the external environment. The current prevalence of ‘macro’ risks, especially risks relating to the economy, the global political environment and the UK research environment (including the financial health of the university sector and the NHS) presents multi-dimensional risks across all our activities.

But uncertainty can also create opportunities for accelerating our progress, so we remain alert and ready to seize any opportunities that may arise.

Our risk environment regularly changes. In the table below, we summarise the most relevant risks we face right now and describe how we’re mitigating them.

The principal risks we face and why they matter to us

Key considerations

How we’re mitigating the risk

Our finances and funding research

Risk:

The impact of macroeconomic conditions on our fundraising, costs and ability to increase funding in real terms for research.

Why this matters:

The availability of funds is the main ratelimiting factor to delivering our objectives.

Risk trend:

Macroeconomic developments in a volatile geopolitical environment present the potential for unplanned events that could impact our fundraising and/or costs.

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Being a responsible organisation | Governance

|Being a responsible organisation | Governance|Being a responsible organisation | Governance|Being a responsible organisation | Governance|Being a responsible organisation | Governance|Being a responsible organisation | Governance|Being a responsible organisation | Governance|Being a responsible organisation | Governance| |---|---|---|---|---|---|---| |||||||| |The principal risks we face and why they
matter to us||Key considerations
How|||we’re mitigating the risk|| |Health systems (the NHS)
Risk:
Adverse developments in the UK’s
systems, particularly the NHS.
Why this matters:
This would impact our ability to tr
research outcomes into new test
treatments for people affected by
Risk trend:
The NHS faces continued challen|health
anslate
s and
cancer.
ges.|• Funding of t
current pres
of demand.
• NHS workfor|he NHS and cancer servic
sures on public fnances

ce capacity issues.|es given
and levels
• W
se
(s
c
• W
ov
• W
ot|e’re actively engaging with key opinio
t out in our manifesto for cancer rese
uch as the Tobacco and Vapes Bill) a
ancer plan for England).
e’re pursuing opportunities to underta
erseas in addition to the trials we und
e campaign to infuence government
her charities and partners, such as On|n leaders to promote the recommendations
arch and careand infuence key legislation
nd strategic initiatives (such as the national
ke clinical trials in carefully selected countries
ertake in the UK.
and industry, including coordinating with
e Cancer Voice.| |Human resources
Risk:
The retention and recruitment of
and volunteers.
Why this matters:
We need the right number of staf
volunteers with the right skills to a
our objectives.
Risk trend:
Our ability to recruit and retain st
improved due to more favourable
labour market conditions and act
we’ve taken to enhance our empl
proposition. Recruiting volunteers
staffng our shops remains challe|our staff
f and
chieve
aff has
external
ions
oyment
and
nging.|• General dyn
• The compet
proposition,
wider econo
• Our need to
specialist sk
objectives, s
• Trends in th
in the social
volunteer b|amics of the wider job m
itiveness of our employm
especially given salary in
my driven by the cost-of-
recruit and retain staff wi
ills and experience to deli
uch as digital and data tr
e wider society and chang
and economic factors dr
ehaviours.|arket.
ent
creases in the
living crisis.
th the
ver our
ansformation.
es
iving
• W
su
• W
• W
• W
• W
vo
• W
su|e’re regularly measuring employee en
rveys and taking necessary action on
e adjust pay according to regular ben
e’ve refreshed our equality, diversity
e provide a fexible working propositio
e’ve maintained our Investing in Volun
lunteers the best possible experience
e’re executing our volunteering strate
pporting technologies.|gagement and sentiment through staff
the results.
chmarking activity.
and inclusion strategy.
n.
teers accreditation and seek to give our
of working with us.
gy and considering new| |||||||| ||||||||

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Being a responsible organisation | Governance

|Being a responsible organisation | Governance|Being a responsible organisation | Governance|Being a responsible organisation | Governance| |---|---|---| |||| |The principal risks we face and why they
matter to us|Key considerations
How|we’re mitigating the risk| |Infuencing policy
Risk:
External factors negatively impact our
ability to infuence governments across
the UK.
Why this matters:
Government policy in areas related to life
sciences, research, public health, the NHS
and cancer services are all critical to our
mission to reduce the impact of cancer on
people’s lives.
Risk trend:
We remain an authoritative voice on key
policy matters.|• Keeping cancer and research a priority for public
spending in the face of competing government
priorities and fnancial pressures.
• Maintaining our reputation as a credible, trusted
and responsible organisation in order to remain an
authoritative voice on key policy matters.
• W
re
w
• W
w
• W|e’re engaging key opinion leaders in all four nations of the UK regarding science,
search and health systems (NHS) policies and the priority given to cancer
ithin them.
e’re campaigning to infuence governments and industry, including coordinating
ith other charities and partners, such as One Cancer Voice.
e operate as a responsible organisation to protect our reputation.| |Change management
Risk:
We’re unable to successfully deliver and
realise the benefts of our digital and data
transformation programme.
Why this matters:
The programme is key to the success of our
future marketing and fundraising activities,|• Having the capacity and capability to recruit
and retain people with the relevant skills and
experience to successfully deliver a major, complex
transformation programme and the associated
changes to our ways of working.
• Our ability to fund the programme in a period of
infation-driven cost pressures.
• Delivering the programme while maintaining
• W
se
• O
in
b
• Th
c
•|e’ve recruited experienced change leaders, who are supported by contracted
rvice providers, advisers and implementation partners where needed.
ur Strategic Transformation team are overseeing the programme and managing
terdependencies, prioritisation and sequencing of programme activities to deliver
enefts, including optimised marketing to supporters and increased fundraising.
rough training, we’re improving the resilience and skillsets of our wider leadership
ommunity so they can successfully lead and deliver transformation and change.
tblihd iht itt f tt f diitl d dt| |
which will provide the resources to fund our
life-saving research.
Risk trend:
Confdence around the delivery of
the programme continues to grow.
However, some capacity, cultural and
capability challenges and technical
complexities remain.

business-as-usual operations to the required level.
e esase an oversg commee o rusees or our ga an aa
transformation programme.|||

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Being a responsible organisation | Governance

The principal risks we face and why they Key considerations matter to us

Cyber security

Risk: We become a victim of a significant data breach or operational disruption event due to a malicious cyber-attack, such as Ransomware.

Why this matters: We hold a lot of data and, like all organisations, we’re increasingly reliant on technology and digital infrastructure. Cyber-attacks are disruptive and costly to deal with, and they can damage an organisation’s reputation.

Risk trend:

The external threat environment remains challenging as cyber criminals become increasingly sophisticated.

How we’re mitigating the risk

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Being a responsible organisation | Governance

|Being a responsible organisation | Governance|Being a responsible organisation | Governance|Being a responsible organisation | Governance| |---|---|---| |||| |The principal risks we face and why they
matter to us|Key considerations
How|we’re mitigating the risk| |ESG reputational risk
Risk:
Our strategy, policies and actions on
key elements of environmental, social
and governance (ESG) matters fails to
meet growing stakeholder expectations
(including regulators).
Why this matters:
Operating as a responsible organisation
underpins our strategy and our reputation.
Risk trend:
We’re responding proportionally to growing
stakeholder expectations on ESG matters to
make sure our ESG framework remains ft
for purpose.|• An increasing interest in environmental issues and
related activism among our stakeholders, including
our supporters, staff, researchers, commercial and
corporate partners, regulators and people affected
by cancer.
• The impact of damage to our reputation as a
responsible organisation.
• Increasing disclosure requirements and the related
inherent risk of ‘greenwashing’.
• The impact of climate change, such as food
frequency, and its associated impact on our
operations, costs and insurance.
• The interplay of sustainability efforts with our
mission to reduce the impact of cancer on
people’s lives.
• Bu
fv
• W
re
g
• W|ilding the foundations for sustainable long-term progress against cancer is one of the
e objectives of our organisational long-term strategy.
e’re implementing our environmental sustainability strategy,which includes
vising policies, enhancing our due diligence and procurement processes and a new
overnance framework for reporting and managing information.
e’ve refreshed our equality, diversity and inclusion strategy.| |Artifcial intelligence (AI)
Emerging risk:
Our ability to respond quickly enough to
emerging opportunities arising from the
rapid evolution of generative AI.
Why this matters:
AI offers opportunities to work more
effciently and effectively.
Risk trend:
This is an emerging risk that we’re including
in our principal risks for the frst time
this year.|• Our ability to keep pace with the rapid evolution of
AI technologies and understand the opportunities
and risks to make sure we use AI safely
and responsibly.
• Our capacity and capability to innovate quickly
enough to seize the opportunities presented.
• W
h
• W
• W
w
• W
st|e’re developing a longer-term plan for how we can best use generative AI, with the
elp of some ‘test and learn’ pilots in selected areas.
e’re upskilling staff on AI through training and awareness programmes.
e’ve made Microsoft Copilot for Edge available to all staff to increase engagement
ith AI and integrate it more into everyday work tasks.
e’re adapting our policy framework to address AI-related matters and make sure
aff can use these technologies safely, responsibly and productively.| |||| ||||

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Trustees' report

Statement of trustees' responsibilities

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' annual 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 accordance with Section 418 of the Companies Act 2006, in the case of each trustee in office at the date the trustees' annual report is approved, that:

(a) so far as the trustee is aware, there is

no relevant audit information of which the company’s auditors are unaware; and

(b) he has taken all the steps that he ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

The trustees' report, including the strategic report, has been approved by the board and signed on its behalf by

he Ms

Lord Stevens of Birmingham, Kt Chair

15 July 2025

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Trustees' report

Independent auditors' report

Report on the audit of the financial statements

Opinion

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

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 2025; the Consolidated statement of financial activities (incorporating an income and expenditure account), 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.

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

Independence

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.

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 12 months from the date on which the financial statements are authorised for issue.

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.

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Strategic Report and Trustees’ Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ 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 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 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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

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 parent charitable company/industry, we identified that the principal risks of noncompliance with laws and regulations related to 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 posting inappropriate journals to manipulate financial results or conceal the misappropriation of assets and potential management bias in accounting estimates and judgements. Audit procedures performed included:

consideration of any known or suspected instances of non-compliance with laws and regulations and fraud;

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

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Trustees' report

Independent auditors' report

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:

• adequate and proper accounting records have not been kept by the parent charitable company or returns adequate for our audit have not been received from branches not visited by us; or

Daniel Chan

Senior Statutory Auditor

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

London 15 July 2025

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Financial statements

Introduction

Financial statements

Additional information

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Trustees' report

(incorporating an income and expenditure account) for the year ended 31 March 2025

----- Start of picture text -----
Note Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£m £m £m £m £m £m
Income:
Income from donations and le acies 3a 462.3 67.7 530.0 403.8 59.7 463.5
g
Income from charitable activities 3b 48.4 10.6 59.0 66.1 9.6 75.7
Income from tradin activities 3c 134.9 - 134.9 134.3 - 134.3
g
Income from investments 7.4 0.7 8.1 7.6 0.7 8.3
Other income 3d 2.8 - 2.8 2.5 - 2.5
Total Income 655.8 79.0 734.8 614.3 70.0 684.3
Ex enditure:
p
Expenditure on charitable activities 5 (359.1) (93.7) (452.8) (350.9) (81.0) (431.9)
Ex enditure on raisin funds 4a 129.6 - 129.6 133.3 - 133.3
p g ( ) ( ) ( ) ( )
Ex enditure on raisin funds from tradin activities 4b 132.4 - 132.4 127.2 - 127.2
p g g ( ) ( ) ( ) ( )
Total ex enditure 621.1 93.7 714.8 611.4 81.0 692.4
p ( ) ( ) ( ) ( ) ( ) ( )
Net income/(expenditure) before investment gains
34.7 20.0 2.9
(14.7) (11.0) (8.1)
and losses
Net investment ains 10 2.5 - 2.5 33.4 - 33.4
g
Net income/(expenditure) before transfers 8 37.2 (14.7) 22.5 36.3 (11.0) 25.3
Transfers between funds 27,28 (13.7) 13.7 - (12.6) 12.6 -
Net income/(expenditure) before other recognised gains
23.5 22.5 23.7 1.6 25.3
(1.0)
and losses
Other reco nised losses:
g
ension scheme 21a 61.5 - 61.5 4.5 - 4.5
p ( ) ( ) ( ) ( )
Actuarial losses on defined benefit
Net movement in funds for the ear 38.0 1.0 39.0 19.2 1.6 20.8
y ( ) ( ) ( )
Reconciliation of funds:
Total funds brou ht forward at 1 A ril 346.7 55.8 402.5 327.5 54.2 381.7
g p
Total funds carried forward at 31 March 27,28 308.7 54.8 363.5 346.7 55.8 402.5
----- End of picture text -----

All amounts relate to continuing operations. All gains and losses recognised in the year are included in the consolidated statement of financial activities (SoFA).

The notes to the accounts on pages 77 to 115 form an integral part of these financial statements.

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Group and Charity balance sheets

The consolidated SoFA is for the Group as a whole. In the year, total income for the Charity was £650.8m (2024: £580.5m) and investment gains were £4.8m (2024: gain of £35.6m). The net movement on funds for the year for the Charity was a decrease of £33.3m (2024: increase of £6.0m). The notes to the accounts on pages 77 to 115 form an integral part of these financial statements. The financial statements on pages 73 to 115 were approved by the trustees on 15 July 2025 and signed on their behalf by

Fixed assets:
Intangible fixed assets
Tangible fixed assets
Investments
Programme-related investments
Mixed-motive investments
at 31 March 2025
Company number: 4325234		 Note
Group
2025
£m
Group
2024
£m
Charity
2025
£m
11
7.4
4.0
7.3
12
33.6
36.6
21.6
13
313.7
318.2
313.9
14
165.0
165.0
165.0
15
16.3
13.7
16.0
~~pp~~
~~ee~~
~~ee~~
~~ee~~
~~——~~
~~——~~		 Charity
2024
£m
3.9
24.2
318.4
165.0
13.3		 Charity
2024
The consolidated SoFA is for the
Group as a whole. In the year,
total income for the Charity was
£650.8m (2024: £580.5m) and
investment gains were £4.8m
(2024: gain of £35.6m). The net
movement on funds for the year
for the Charity was a decrease of
£33.3m (2024: increase of £6.0m).
The notes to the accounts on
Current assets:
Stock
Debtors
Cash and short-term deposits		 536.0
537.5
523.8
8.8
7.4
0.1
17
347.2
321.6
320.9
24.9
26.3
7.6
380.9
355.3
328.6
~~a~~
~~ee~~
~~ee~~
~~a~~
~~ee~~
~~ee~~
~~a————~~		 524.8
0.2
292.6
7.9
300.7		 pages 77 to 115 form an integral
part of these financial statements.
The financial statements on
pages 73 to 115 were approved by
the trustees on 15 July 2025 and
signed on their behalf by
Creditors: amounts fallingdue within oneyear 18a
(376.1)
(385.4)
(374.6)		 (386.8)
Net current assets/(liabilities) 4.8
(30.1)
(46.0)		 (86.1)
Total assets less current liabilities
Creditors: amounts fallingdue after more than oneyear
Provisions for liabilities and charges
Net assets(excludingdefined benefitpension scheme asset)
Netpension asset
Net assets(includingdefined benefitpension scheme asset)
Funds:
Restricted funds
Unrestricted funds:
General funds
Pension reserve
Total funds		 540.8
507.4
477.8
438.7
18b
(167.9)
(155.9)
(167.9)
(155.9)
19
(25.8)
(24.1)
(25.8)
(24.1)
347.1
327.4
284.1
258.7
21a
16.4
75.1
16.4
75.1
363.5
402.5
300.5
333.8
27
54.8
55.8
30.2
30.4
28
292.3
271.6
253.9
228.3
28
16.4
75.1
16.4
75.1
308.7
346.7
270.3
303.4
29
363.5
402.5
300.5
333.8
Lord Simon Stevens
Chair
Joanne Shaw
Trustee
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Lord Simon Stevens

Introduction

Financial statements

Additional information

Cancer Research UK | Annual report and accounts 2024/25

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Contents

Trustees' report

----- Start of picture text -----
Consolidated statement of cash flows
Note Group Group
for the year ended 31 March 2025
2025 2024
£m £m
Net cash enerated from used in o eratin activities a 0.8 20.
g /( ) p g ( ) ( 8)
activities:
g
Cash flows for investin
Investment income 8.1 8.3
Purchase of fixed assets 11,12 (10.5) (15.4)
Purchase of investments 13,15 (77.7) (34.0)
Proceeds from disposals of investments 13,15 74.7 64.5
Increase in cash and deposits (investment assets) excluding overdraft 13,18 8.9 30.2
Net cash enerated from investin activities 3.5 53.6
g g
activities:
g
Cash flows for financin
Re a ment of overdraft 18a 2.7 19.5
p y ( ) ( )
Interest a able on borrowin 8 0.3 1.7
p y g ( ) ( )
g activities (3.0) (21.2)
Net cash used in financin
Change in cash and cash equivalents in the year 1.3 11.6
Cash and cash e uivalents at 1 A ril b 23.6 12.0
q p ( )
Cash and cash equivalents at 31 March (b) 24.9 23.6
----- End of picture text -----

The notes to the accounts on pages 77 to 115 form an integral part of these financial statements.

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Consolidated statement of cash flows (continued)

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

----- Start of picture text -----
Note Group Group
2025 2024
£m £m
Net income for the re ortin ear as er the SoFA 22.5 25.3
p g y ( p )
Adjustments for:
Investment income .1 .3
(8 ) (8 )
Amortisation charge for the year 11 1.0 1.3
De reciation char e for the ear 12 8.9 8.1
p g y
Loss on disposal of intangible and tang 11,12 0.2 3.3
ible fixed assets
Realised/unrealised gains on investments 10 (2.5) (33.4)
Exchan e losses on investments 15 - 0.1
g
Interest a able on borrowin 8 0.3 1.7
p y g
Increase in stock 1.4 2.3
( ) ( )
Increase in debtors excludin 17 25.6 14.9
g ( ) ( )
derivative financial instruments
Increase in creditors excludin 18 6.6 0.1
g
derivative financial instruments and bank loans and overdrafts
Increase in provision for liabilities and charges 19 1.7 0.6
Total ension ains reco nised in SoFA excludin actuarial ains 21a 2.8 2.4
p g g g g ( ) ( )
Net cash generated from/(used in) operating activities 0.8 (20.8)
----- End of picture text -----

(b) Analysis of cash and cash equivalents

(c) Analysis of changes in net debt

----- Start of picture text -----
Note Group Group
2025 2024
£m £m
Cash at bank and in hand 24.9 26.3
Cash and short-term deposits at 31 March 24.9 26.3
Bank loans and overdrafts 18a - (2.7)
Cash and cash e uivalents at 31 March 24.9 23.6
q
----- End of picture text -----

----- Start of picture text -----
Group Cash Group
at 1 April at 31 March
flows
2024 £m 2025
£m £m
Cash at bank and in hand 26.3 (1.4) 24.9
Bank loans and overdrafts 2.7 2.7 -
( )
Total 23.6 1.3 24.9
----- End of picture text -----

The notes to the accounts on pages 77 to 115 form an integral part of these financial statements.

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Financial statements

Additional information

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77

Notes to accounts

1. Accounting policies

General information

Cancer Research UK (the Charity) is a private company limited by guarantee without share capital registered in England and Wales (4325234) and Isle of Man (5713F), and incorporated in the United Kingdom.

Cancer Research UK is a registered charity in England and Wales (1089464), Scotland (SC041666), Isle of Man (1103) and Jersey (247). The address of its registered office is 2 Redman Place, London, E20 1JQ.

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’ published in 2019 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 the Charity and its subsidiary undertakings as detailed in note 16. The consolidated entity is referred to as ‘the Group’. No separate 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

As required by the Charities Statement of Recommended Practice,

we assess whether there are any uncertainties that may cast doubt over our ability to continue as a going concern. For this purpose, we focus on at least 12 months following the signing of these financial statements, which is to the end of July 2026.

For the Cancer Research UK going concern assessment, we’ve considered the period to March 2027, which more than covers the minimum recommended requirement. In modelling, we’ve used the annual budget for the year to March 2026 and the approved 10 Year Financial Model for the period after that. We’ve also undertaken scenario modelling to understand the impact of higher or lower income than anticipated. And we’ve modelled assumptions that reflect severe but plausible downside scenarios, including a higher cost base and weaker investment returns compared to the budget assumptions.

On 31 March 2025, our net current assets were £5m, comprising £381m of current assets and £376m of creditors falling due within one year, including grant creditors of £295m. We expect to be able to meet these commitments through income generated in future periods. If we need to increase liquidity in any month, we have the option for further borrowing or portfolio divestment via Goldman Sachs. Our reserves of £320m are sufficient to cover all restricted funds (£55m on 31 March 2025).

We have robust monitoring processes to ensure we can respond to any downturn in income, with our investment strategy remaining flexible to ensure our investments can be converted to cash quickly if required. We maintain an operational cashflow forecast, which is reviewed weekly to ensure we meet our

projected cash outflows and maintain cash flexibility through our investment strategy and treasury management processes.

Should the modelled downside scenarios occur, we have identified mitigating actions – firstly, to reduce our expenditure, potentially by initiating operational efficiencies and/or revising future grant commitments, and secondly, to increase our liquidity.

Taking these actions into consideration, we believe that we have sufficient liquidity to honour our current liabilities and committed research funding obligations, while maintaining sufficient reserves to cover a minimum of three months’ expenditure (in accordance with our updated reserves policy) throughout the period to March 2027.

Our fundraising income has returned to pre-COVID-19 levels, with mass fundraising performing well and our shops continuing to deliver a positive contribution, albeit significantly reduced by increases in inflation, National Insurance and staffing and energy costs, as well as fewer customers and volunteers. We remain confident that our budget and 10 Year Financial Model covering the going concern timeframe of up to July 2026 are achievable.

Considering our current position and our principal risks (see page 62 ), the trustees have a reasonable expectation that we’ll be able to continue in operation and will be able to meet our liabilities when they are due over the medium term. The trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

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Notes to accounts

1. Accounting policies (continued)

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.

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 more than 26,000 registered volunteers who contribute to the Charity’s work each year.

Income from charitable activities

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.

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 the most appropriate basis, which may be headcount, activity or transaction volume as disclosed in 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, and 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. The unwinding of the discount is recognised as a finance cost under expenditure on charitable activities.

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 25.

Expenditure on raising funds from trading activities

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

Leases

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

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Notes to accounts

1. Accounting policies (continued)

Research and development

Research and development expenditure is written off in the SoFA as incurred. The research and development expenditure credit related to qualifying expenditure incurred by its trading subsidiaries 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 Charity as Gift Aid where they have sufficient reserves to do so. 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.

Intangible and tangible fixed assets

Intangible and tangible fixed assets are capitalised at cost. The Group capitalises items costing more than £5,000, except software development projects which are capitalised when the total cost is more than £100,000. Depreciation and amortisation are provided to write off the cost of assets on a straight-line basis over their expected useful lives, as follows:

• Intangible assets

Software and website development:

three to five years

Core fundraising software development: 10 years

• Tangible assets

Freehold land and buildings:

land: not depreciated; buildings: 25 years

Leasehold properties:

25 years, or lease period if shorter

Freehold and leasehold improvements:

25 years, or lease period if shorter

Plant, equipment, fixtures and fittings (including retail): three to five years

The carrying values and estimated useful lives of assets are regularly reviewed for impairment triggers and where deemed appropriate, the assets are written down.

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 transaction price of each point of drawdown, and it is subsequently measured at fair value with changes in fair value recognised in the SoFA as part of investment gains or losses. Fair value is based on the most recent net asset value provided by the fund manager.

The remaining undrawn amount is disclosed as a financial commitment (note 26).

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Notes to accounts

1. Accounting policies (continued)

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 fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the relevant forward exchange rates for sterling to dollars, sterling to euros and sterling to Japanese yen.

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 a weighted average cost calculation. 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.

For defined contribution schemes, the amount charged to the SoFA for pension costs is the total contributions payable in the year. This amount is allocated to expenditure headings and funds on the same basis as staff costs, reflecting the activities performed by staff.

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 to further the charitable objects of the Charity.

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Financial statements Additional information

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Trustees' report

Notes to accounts

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

(i) 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 to further the Charity’s charitable activities and not to generate financial return. The Charity holds a 23% interest (2024: 23%) in the share capital of the Crick. It is not considered to be 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 a programme-related investment in the Group and Charity financial statements.

The trustees have concluded that at the balance sheet date there is no impairment trigger and that the recoverable amount supports the carrying value. See note 14 for further information.

(ii) Recognition of pension asset on the balance sheet 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.

b) 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.

(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 96% (2024: 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 £2.3m at 31 March 2025 (2024: approximately £2.2m). See note 17. While this area does not meet the FRS 102 definition of a key source of estimation uncertainty, the measurement of legacies involves significant estimation uncertainty.

(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. See note 21. The present value of the obligation depends on several 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. At the reporting date, reasonable possible changes to one of the relevant actuarial assumptions, with the other assumptions held constant, would have affected the defined benefit obligation by the amounts shown below:

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Notes to accounts

3. Income

(a) Income from donations and legacies

----- Start of picture text -----
Group Group
2025 2024
£m £m
Le acies 287.6 230.6
g
Donations 190.6 185.8
Events 51.8 47.1
530.0 463.5
----- End of picture text -----

The net amounts for pecuniary and residuary cases not included in legacy income at 31 March 2025, such as those with a corrupt title and contentious cases or cases where probate has not been granted at the year-end date, are valued at £62.1m (2024: £59.3m). At 31 March 2025, the Charity has an interest in 866 (2024: 854) 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. The value of these life interest cases is not included in the £62.1m (2024: £59.3m) due to the inherent uncertainty in valuing this type of estate.

The Charity waived its legal entitlement to certain legacy assets where the trustees believed they had a moral obligation to do so, such as in cases where a legator made a non-binding promise to another party. In the 2024/25 financial year, two ex-gratia payments totalling £20,375 were made for which Charity Commission approval was obtained (2024: four payments totalling £51,000).

In addition to those payments approved by the Charity Commission, the Charity made a total of 17 ex-gratia payments totalling approximately £9,800, which fell within the Charity’s de minimis threshold (2024: 26 ex-gratia payments totalling approximately £7,100). All payments related to the waiver of legal entitlement to certain legacy assets where the trustees believed they had a moral obligation to do so.

(b) Income from charitable activities

----- Start of picture text -----
Group Group
2025 2024
£m £m
Cancer research 58.5 75.6
0.5 0.1
g
Cancer information and influencin
59.0 75.7
The reduction in cancer research income was mainly due to an expected
decline in sales of our prostate cancer drug abiraterone (Zytiga) following the
recent patent and data exclusivity expiries (2024/25: £11m; 2023/24: £21m).
(c) Income from trading activities
Group Group
2025 2024
£m £m
Retail income 120.8 119.9
Events registrations, merchandise and other income 14.1 14.4
134.9 134.3
(d) Other income
Group Group
2025 2024
£m £m
pension asset 2.8 2.4
Net interest on defined benefit
Miscellaneous income - 0.1
2.8 2.5
----- End of picture text -----

The reduction in cancer research income was mainly due to an expected decline in sales of our prostate cancer drug abiraterone (Zytiga) following the recent patent and data exclusivity expiries (2024/25: £11m; 2023/24: £21m).

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Notes to accounts

4. Expenditure

(a) Expenditure on raising funds

----- Start of picture text -----
Group Group
2025 2024
£m £m
Le acies 28.8 28.3
g
Donations 61.4 67.0
Events 39.1 36.1
Mana in investments 0.3 1.9
g g
129.6 133.3
----- End of picture text -----

Expenditure on raising funds includes £30.3m of support costs (2024: £26.0m). See note 7.

(b) Expenditure on raising funds from trading activities

----- Start of picture text -----
Group Group
2025 2024
£m £m
Retail costs (including costs of bought-in goods) 120.0 116.3
Events registration and merchandise 12.4 10.9
132.4 127.2
----- End of picture text -----

Expenditure on raising funds from trading activities includes £7.4m of support costs (2024: £9.1m). See note 7.

5. Expenditure on charitable activities

2024/25

----- Start of picture text -----
Direct Grant Support Group
costs costs costs 2025
£m £m £m £m
Cancer research 102.8 303.6 12.1 418.5
23.0 3.3 8.0 34.3
g
Cancer information and influencin
125.8 306.9 20.1 452.8
----- End of picture text -----

2023/24

----- Start of picture text -----
Direct Grant Support Group
costs costs costs 2024
£m £m £m £m
Cancer research 96.6 289.7 13.5 399.8
18.9 3.3 9.9 32.1
g
Cancer information and influencin
115.5 293.0 23.4 431.9
----- End of picture text -----

See note 6 for further details on grant costs included in cancer research costs above and note 7 for further details on support costs.

Expenditure on cancer research of £419m (2024: £400m) includes new amounts committed to grants, including multi-year grants, during the financial year. See page 11 for a breakdown of our annual research spend, which was £403m (2024: £399m) and comprises amounts paid out in the current year, irrespective of when the initial grant commitment was made.

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Notes to accounts

6. Grants

----- Start of picture text -----
Group Group
2025 2024
£m £m
Grants recognised in the year 312.2 295.2
Write-back of unutilised grants
(5.3) (2.2)
and other adjustments
306.9 293.0
----- End of picture text -----

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 .

Write-back of grants represents funding that was not fully utilised by the grant recipient.

7. Support costs

2024/25

----- Start of picture text -----
Research Cancer Expenditure on Expenditure on Group
information and raising funds raising funds from 2025
trading activities
influencing
£m £m £m £m £m
Information technology 4.4 4.2 18.3 2.3 29.2
Corporate resources 6.5 2.8 9.9 2.8 22.0
Human resources 1.2 1.0 2.1 2.3 6.6
12.1 8.0 30.3 7.4 57.8
----- End of picture text -----

2023/24

----- Start of picture text -----
Research Cancer Expenditure on Expenditure on Group
information and raising funds raising funds from 2024
trading activities
influencing
£m £m £m £m £m
Information technology 6.0 6.9 12.5 3.3 28.7
Corporate resources 6.5 2.4 11.4 3.2 23.5
Human resources 1.0 0.6 2.1 2.6 6.3
13.5 9.9 26.0 9.1 58.5
----- End of picture text -----

Support costs are costs for activities which support the whole organisation and where the cost is not directly attributable to a specific activity. Support costs are allocated on an appropriate basis, such as headcount or floor space, depending on the type of cost. Included within support costs are governance costs of £6.4m (2024: £7.2m).

Information technology expenditure from raising funds has increased in large part due to high levels of transformation activity undertaken during the year. We have also reviewed the allocation basis to ensure that the allocation of all support costs, including information technology expenditure, is appropriate.

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Notes to accounts

8. Net (income)/expenditure before transfers

Net (income)/expenditure for the year before transfers is stated after charging/(crediting):


charging/(crediting):
Group
2025
£m		 Group
2024
£m
Rentalspayable under operatingleases 33.2 31.8
Gift Aid income (35.6) (36.2)
Amortisation and depreciation(Note 11,12) 9.9 9.4
Rents receivable (1.6) (1.6)
Interestpayable 0.3 1.7
Derivative fnancial instrument(gains)/losses (1.2) 3.7

Auditors’ remuneration for external audit services		 0.2 0.2

An amount of £1,350 for non-audit services was paid to the auditor in the current year (2024: £nil).

9. Employees and trustees

(a) Employees

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Wa es and salaries 158.4 145.9 122.8 112.2
g
Social security costs 15.6 14.2 12.3 11.1
Other ension costs 12.8 12.3 9.5 9.0
p
Other staff costs 1.0 0.8 0.9 0.7
187.8 173.2 145.5 133.0
----- End of picture text -----*

*Wages and salaries include termination payments of £0.7m (2024: £0.6m).

The average headcount of employees, analysed by function, was:

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
No. No. No. No.
Charitable activities 1,196 1,152 669 645
Fundraising and trading 3,292 3,063 3,292 3,063
Su ort services 681 664 589 575
pp
5,169 4,879 4,550 4,283
----- End of picture text -----

In addition to the scientists employed, over 2,800 scientists, technicians and other staff engaged in cancer research were supported by grants made by the Group (2024: over 2,900).

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Trustees' report

Notes to accounts

9. Employees and trustees (continued)

(a) Employees (continued)

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

----- Start of picture text -----
Group Group
2025 2024
No. No.
£60,001 – £70,000 166 139
£70,001 – £80,000 91 67
£80,001 – £90,000 52 48
£90,001 – £100,000 23 17
£100,001 – £110,000 11 12
£110,001 – £120,000 10 6
£120,001 – £130,000 5 5
£130,001 – £140,000 2 1
£140,001 – £150,000 1 3
£150,001 – £160,000 5 2
£160,001 – £170,000 2 3
£170,001 – £180,000 1 1
£180,001 – £190,000 2 -
£190,001 – £200,000 1 2
£200,001 – £210,000 2 1
£210,001 – £220,000 - 1
£220,001 – £230,000 1 -
£230,001 – £240,000 1 2
£240,001 – £250,000 1 -
£250,001 – £260,000 1 -
£260,001 – £270,000 - 1
£270,001 – £280,000 1 1
£280,001 - £290,000 1 -
380 312
----- 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. The bandings make no allowance for benefits provided that cannot be meaningfully attributed to individual employees, such as death in service and group income protection.

The highest paid member of staff is the chief executive (2024: chief executive).

(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
2025
£’000		 2024
£’000		 2025
£’000		 2024
£’000
Keymanagementpersonnel 1,974 1,616 1,837 1,512

Key management personnel are defined as members of the Executive Board, including the chief executive and chief operating officer, and consisted of seven . individuals during the year (2024: seven). See further details on page 52

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 £10,365 (2024: £11,094).

The remuneration of the chief executive is set out on the following page.

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Notes to accounts

9. Employees and trustees (continued)

(b) Key management personnel (continued)

Total
remuneration		 Total
remuneration		 Employer
pension
contributions
and pension
equivalents		 Employer
pension
contributions
and pension
equivalents		 Other
benefts [1]		 Other
benefts [1]		 Total Total
2025
£’000		 2024
£’000		 2025
£’000		 2024
£’000		 2025
£’000		 2024
£’000		 2025
£’000		 2024
£’000
Chief
executive
offcer		 288.2 276.0 29.1 28.0 1.4 2.1 318.7 306.1

10. Net investment gains/(losses)

----- Start of picture text -----
Group Group
2025 2024
£m £m
Realised (losses)/gains on investments (notes 13,15) (67.9) 98.7
Unrealised gains/(losses) on investments (notes 13,15) 69.2 (61.6)
Gains/(losses) on derivative financial instruments (notes 17,18) 1.2 (3.7)
2.5 33.4
----- End of picture text -----

[1] Other benefits include death-in-service and income protection benefits.

(c) Trustees

No trustee received remuneration from the Group during the year. A total of £18,105 was paid on behalf of or reimbursed to 17 of the trustees who served during the year (2024: a total of £8,403 to 9 of the 16 trustees). This represents travel and subsistence incurred in attending meetings and events in their official capacity. 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 directors and officers liability insurance in respect of itself and its trustees.

Total donations from trustees amounted to £38,877 during the year (2024: £349,557).

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Notes to accounts

11. Intangible fixed assets

(a) Group

11. Intangible fixed assets
(a) Group
Software
and website
development
£m		 Assets under
development
£m		 Total
£m
Cost:
At 1 April 2024 7.5 - 7.5
Additions 0.3 4.1 4.4
At 31 March 2025 7.8 4.1 11.9
Accumulated amortisation:
At 1 April 2024 3.5 - 3.5
Charge for theyear 1.0 - 1.0
At 31 March 2025 4.5 - 4.5
Net book values:
At 31 March 2025 3.3 4.1 7.4
At 31 March 2024 4.0 - 4.0

(b) Charity

(b) Charity
Software
and website
development
£m		 Assets under
development
£m		 Total
£m
Cost:
At 1 April 2024 6.8 - 6.8
Additions 0.3 4.1 4.4
At 31 March 2025 7.1 4.1 11.2
Accumulated amortisation:
At 1 April 2024 2.9 - 2.9
Charge for theyear 1.0 - 1.0
At 31 March 2025 3.9 - 3.9
Net book values:
At 31 March 2025 3.2 4.1 7.3
At 31 March 2024 3.9 - 3.9

Assets under development relate to software and website development assets that are not yet available for use. Therefore, no amortisation has been recognised in relation to these assets.

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Trustees' report

Notes to accounts

12. Tangible fixed assets

(a) Group

----- Start of picture text -----
Freehold land Leasehold Freehold and Plant, Total
Retail fixtures
and buildings properties leasehold equipment,
and fittings
improvements
fixtures and
fittings
£m £m £m £m £m £m
Cost:
At 1 A ril 2024 0.9 14.7 10.5 50.1 16.7 92.9
p
Additions - - 0.1 2.7 3.3 6.1
Dis osals - - - 0.3 0.7 1.0
p ( ) ( ) ( )
At 31 March 2025 0.9 14.7 10.6 52.5 19.3 98.0
Accumulated de reciation:
p
At 1 A ril 2024 0.9 4.0 5.3 39.5 6.6 56.3
p
Char e for the ear - 0.7 0.4 4.6 3.2 8.9
g y
Dis osals - - - 0.3 0.5 0.8
p ( ) ( ) ( )
At 31 March 2025 0.9 4.7 5.7 43.8 9.3 64.4
Net book values:
At 31 March 2025 - 10.0 4.9 8.7 10.0 33.6
At 31 March 2024 - 10.7 5.2 10.6 10.1 36.6
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Trustees' report

Notes to accounts

12. Tangible fixed assets (continued)

(b) Charity

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Freehold land Leasehold Freehold and Plant, Total
Retail fixtures
and buildings properties leasehold equipment,
and fittings
improvements
fixtures and
fittings
£m £m £m £m £m £m
Cost:
At 1 A ril 2024 0.9 13.2 1.3 16.4 16.2 48.0
p
- - - -
Additions 3.3 3.3
- - -
Dis osals 0.1 0.7 0.8
p ( ) ( ) ( )
At 31 March 2025 0.9 13.2 1.3 16.3 18.8 50.5
Accumulated de reciation:
p
At 1 A ril 2024 0.9 3.0 0.8 12.5 6.6 23.8
p
- -
Charge for the year 0.6 1.9 3.2 5.7
- - -
Dis osals 0.1 0.5 0.6
p ( ) ( ) ( )
At 31 March 2025 0.9 3.6 0.8 14.3 9.3 28.9
Net book values:
-
At 31 March 2025 9.6 0.5 2.0 9.5 21.6
-
At 31 March 2024 10.2 0.5 3.9 9.6 24.2
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Notes to accounts

13. Investments

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
At market value:
UK listed equity investments 7.8 12.2 7.8 12.2
37.8 32.1 37.9 32.2
UK fixed and variable interest stocks
UK cash investments 4.0 4.2 4.0 4.2
UK investment properties 3.4 3.4 3.4 3.4
-
Investments in UK unlisted companies 0.1 0.1 -
Investment in subsidiaries (note 16) - - 0.2 0.2
Total UK investments 53.1 52.0 53.3 52.2
Overseas listed equity investments 189.0 197.3 189.0 197.3
Overseas fixed and variable 71.6 68.9 71.6 68.9
interest stocks
Total overseas investments 260.6 266.2 260.6 266.2
Total investments 313.7 318.2 313.9 318.4
----- End of picture text -----

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Movements:
At 1 April 318.2 324.9 318.4 325.0
Additions 74.1 27.8 74.1 27.8
Dis osals 64.4 64.0 64.4 64.0
p ( ) ( ) ( ) ( )
Net realised investment
(77.1) 98.2 (77.1) 98.3
losses ains
( )/g
Net unrealised investment
69.1 69.1
(57.9) (57.9)
ains losses
g /( )
Net movement in cash
(6.2) (10.8) (6.2) (10.8)
and short-term de osits
p
At 31 March 313.7 318.2 313.9 318.4
----- End of picture text -----

The historical cost of the Group and Charity investments at 31 March 2025 was £218.8m (2024: £214.7m).

No investments represented 5% or more of the portfolio by market value in the Group and Charity (2024: none). Investment properties consist of land and buildings bequeathed to the Charity and its predecessor charities. Investment properties have been valued by surveyors, all of whom are Associates of the Royal Institute of Chartered Surveyors. The valuation was on an open market basis, in accordance with the guidelines issued by the Royal Institute of Chartered Surveyors and is carried out on an annual basis.

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Notes to accounts

14. Programme-related investments

----- Start of picture text -----
Group Group
and and
Charity Charity
2025 2024
£m £m
The Francis Crick Institute 165.0 165.0
Com rises:
p
Land 18.0 18.0
Investment 147.0 147.0
Total 165.0 165.0
----- 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, UCL, 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.

The Charity made its investment in the Crick in order to further the Charity’s objectives of improving the prevention, detection, diagnosis and treatment of cancer. The Charity will derive the benefit of research generated by the Crick over the life of the investment.

At the balance sheet date, the recoverable amount is deemed to be in excess of the original cost of the investment and, as such, no triggers for impairment have been identified.

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Notes to accounts

15. Mixed-motive investments

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Shares in Syncona Limited 1.7 2.3 1.7 2.3
Shares in SV7 Impact
14.3 11.0 14.3 11.0
Medicine Fund
Shares in other mixed-motive
0.3 0.4 - -
investments
At 31 March 16.3 13.7 16.0 13.3
----- End of picture text -----

Syncona Limited has a portfolio of life science investments, many of which are focused on oncology. It is listed on the London Stock Exchange. The SV7 Impact Medicine Fund supports the translation of the Group’s research into the clinical stage, as well as investing in other early-stage life science businesses. The investments have been made to generate a financial return for the Group as well as to contribute to the Group’s charitable purposes and so are deemed to be mixed-motive in nature.

During the year, an investment was sold within the SV7 partnership in Eyebiotech Limited. The Group's share of the proceeds of sale amounted to £9.8m with a further milestone payment of £0.3m.

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Movements:
At 1 April 13.7 11.3 13.3 11.1
Additions 3.6 6.2 1.7 3.5
Dis osals 10.3 0.5 10.1 -
p ( ) ( ) ( )
Net realised investment gains 9.2 0.5 9.1 -
Net unrealised investment gains/
0.1 2.0
(3.7) (1.0)
losses
( )
Retranslation ad ustments - 0.1 - 0.3
j ( ) ( )
At 31 March 16.3 13.7 16.0 13.3
----- End of picture text -----

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Notes to accounts

16. Related undertakings

Name Registered
address		 Charity
interest		 Other Group
company
interest
Activities
Cancer Research Technology Limited A 100% Technology
development
Cancer Research UK Trading Limited A 100% Income
generation
Gibb Research FellowshipEndowment Fund* A 100% Charitable
War on Cancer A 100% Charitable
Imperial Cancer Research Fund* A 100% Dormant
North of England Cancer Research Campaign A 100% Dormant
The Cancer Research Campaign A 100% Dormant
Cancer Research UK Pension Trustee Limited A 100% Dormant
Cancer Research Horizons Limited A 100% Dormant
Cancer Research Ventures Limited A 100% Dormant
Cancer Research UK Scotland Institute
(formerly the Cancer Research UK
Beatson Institute)		 B 100% Charitable
Cancer Research UK Scotland Institute Limited B 100% Dormant
Cancer Research Scotland Institute Limited B 100% Dormant
Beatson Technology Limited B 100% Technology
development
Cancer Research Technology Inc C 100% Technology
development

Cancer Research UK Scotland Institute, Cancer Research UK Scotland Institute Limited, Cancer Research Scotland Institute Limited and Beatson Technology Limited are incorporated in Scotland. Cancer Research Technology Inc is incorporated in the state of Delaware in the US. 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 CRC and ICRF and must bear all expenditure incurred by the two companies. As a result, these charities are dormant for the purposes of preparing financial statements.

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 financial statements (note 27).

ICRF has the following linked charities: Elizabeth Wills Allen Fellowship Fund; Gordon Hamilton Fairley Fund; Endowment Fund of Imperial Cancer Research Fund; Clarisse Bischoffsheim Fund; Jessie Henman Fund; Alfred and Adah Branch Memorial Fellowship; The Vera M Simpson Cancer Research Fund. CRC has one linked charity: The T J Earle Scholarship or Exhibition Fund. The registered address of all of these linked charities is 2 Redman Place, London, E20 1JQ.

*Unincorporated entities registered in England and Wales whose principal place of business is 2 Redman Place, London, E20 1JQ.

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

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Notes to accounts

16. Related undertakings (continued)

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
Technolo Limited UK Tradin Limited
gy g
2025 2024 2025 2024
£m £m £m £m
Total income 43.9 62.4 34.0 30.7
Total expenditure (49.3) (52.9) (32.1) (28.5)
Realised gains on investments 0.1 0.5 - -
Unrealised losses on investments 2.4 2.7 - -
( ) ( )
(Loss)/profit on ordinary activities before 7.3 1.9 2.2
(7.7)
Gift Aid and taxation
Gift Aid (payable)/credit to
7.1
(0.1) (1.5) (1.9)
Cancer Research UK
Tax on - 3.0 - -
p ( )
rofit
Retained (loss)/profit for the year (7.8) 11.4 0.4 0.3
Assets 34.8 46.9 11.8 10.2
Liabilities 18.7 23.0 11.1 9.9
( ) ( ) ( ) ( )
Net assets 16.1 23.9 0.7 0.3
----- End of picture text -----

(b) Charitable subsidiary

----- Start of picture text -----
Cancer Research UK
Scotland Institute
2025 2024
£m £m
Total income 30.6 25.7
Total ex enditure 31.4 25.9
p ( ) ( )
Net movement in funds 0.8 0.2
( ) ( )
Assets 27.9 28.3
Liabilities 3.3 2.9
( ) ( )
Net assets 24.6 25.4
----- End of picture text -----

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

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

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Notes to accounts

17. Debtors

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Trade debtors 8.8 15.4 3.5 6.2
Amounts owed by Group
- - 6.4 4.6
undertakings
Other debtors 1.2 0.2 0.3 0.1
Taxation recoverable 13.7 12.5 13.7 12.5
Accrued le ac income 276.1 249.2 276.1 249.2
g y
Prepayments 18.8 17.3 15.9 14.1
Other accrued income 28.6 27.0 5.0 5.9
347.2 321.6 320.9 292.6
----- End of picture text -----

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 that fall due in more than one year (2024: £nil).

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

18. Creditors

(a) Amounts falling due within one year

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Bank loans and overdrafts - 2.7 - 2.7
Trade creditors 17.4 24.0 11.2 12.5
Amounts owed to Group
- - 24.3 32.4
undertakings
Other creditors 0.8 1.8 0.6 1.5
Taxation and
6.8 7.7 4.3 4.2
social securit
y
Research grants and
295.4 298.6 295.4 298.6
fellowships
Derivative financial - 1.2 - 1.2
instruments
Accruals 27.5 26.5 13.5 14.1
Deferred income
28.2 22.9 25.3 19.6
(including accrued
rent incentive
)
376.1 385.4 374.6 386.8
----- End of picture text -----

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

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Notes to accounts

18. Creditors (continued)

(b) Amounts falling due after more than one year

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Research grants
145.9 133.0 145.9 133.0
and fellowships
Deferred income
22.0 22.9 22.0 22.9
(including accrued
rent incentive
)
167.9 155.9 167.9 155.9
----- End of picture text -----

(c) Grant creditors

Group and Charity

(c) Grant creditors
Group and Charity
Amounts due for payment in the year to 31 March
Total
£m		 2026
£m		 2027
£m		 2028
£m		 2029
£m		 2030
onwards
£m
At 31 March 2025 441.3 295.4 72.0 41.7 19.5 12.7
Amounts due for payment in the year to 31 March
Total
£m		 2025
£m		 2026
£m		 2027
£m		 2028
£m		 2029
onwards
£m
At 31 March 2024 431.6 298.6 65.4 36.5 19.7 11.4

(d) Analysis of deferred income and accrued rent incentive

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
At 1 A ril 45.8 37.5 42.5 34.2
p
Reco nised as income in ear 22.8 13.2 19.5 10.1
g y ( ) ( ) ( ) ( )
Deferred in ear 27.2 21.5 24.3 18.4
y
At 31 March 50.2 45.8 47.3 42.5
----- End of picture text -----

Included within the £50.2m at 31 March 2025 (2024: £45.8m) are amounts relating to the following: £22.3m (2024: £23.2m) lease incentives for the head office at 2 Redman Place; £13.0m (2024: £9.0m) fundraising in relation to 2025 events; £8.9m (2024: 6.9m) grant funding for Cancer Grand Challenges.

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Notes to accounts

19. Provision for liabilities and charges

----- Start of picture text -----
Group Charity
£m £m
At 1 A ril 2024 24.1 24.1
p
Released in ear 0.1 0.1
y ( ) ( )
Char ed in the SoFA 1.8 1.8
g
At 31 March 2025 25.8 25.8
----- End of picture text -----

Provisions include estimated probable future costs in respect of:

• putting leased properties in their required condition at the ultimate expiry of the lease of £9.2m (2024: £7.9m) for the Group’s portfolio of retail shops. The timing of these payments is uncertain as they will only crystallise if and when the Group permanently exits shop leases. Additionally, the provision includes dilapidations of £1.7m (2024: £0.7m) in respect of retail shops that are planned to close. These payments are mainly expected to be within the next one to two years, but are subject to negotiations with landlords.

20. Financial instruments

The Group has the following financial instruments:

----- Start of picture text -----
Note Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Financial assets measured at
amortised cost:
Accrued le ac income 17 276.1 249.2 276.1 249.2
g y
Other accrued income 17 28.6 27.0 5.0 5.9
Cash and cash equivalents 24.9 26.3 7.6 7.9
Trade debtors 17 8.8 15.4 3.5 6.2
Other debtors 17 1.2 0.2 0.3 0.1
339.6 318.1 292.5 269.3
Financial assets that are equity investments
measured at cost less impairment 14 147.0 147.0 147.0 147.0
(programme-related investments)
Financial assets/(liabilities) measured at
fair value throu h income and ex enditure:
g p
Investments 13 313.7 318.2 313.9 318.4
Mixed-motive investments 15 16.3 13.7 16.0 13.3
17,18 - (1.2) - (1.2)
Derivative financial instruments
330.0 330.7 329.9 330.5
Financial liabilities measured at
amortised cost:
Research grants and fellowships 18 (441.3) (431.6) (441.3) (431.6)
Accruals 18 (27.5) (26.5) (13.5) (14.1)
Trade creditors 18 (17.4) (24.0) (11.2) (12.5)
Bank loans and overdrafts 18 - (2.7) - (2.7)
Other creditors 18 (0.8) (1.8) (0.6) (1.5)
(487.0) (486.6) (466.6) (462.4)
----- End of picture text -----

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Additional information

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Notes to accounts

20. Financial instruments (continued)

The Group operates a centralised treasury function, which is responsible for managing foreign currency, liquidity and cash flow risks. Details of financial instruments that the Group has entered into, including financial instruments to manage its exposure to foreign exchange risk, are detailed below, along with details of loan and credit facilities to manage liquidity and cash flow risks. The Group has financial instruments in respect of price risk and credit risk; however, the nature of the Group's assets and activities mean that its exposure to these risks is low.

At 31 March 2025, the Group has forward contracts in place to sell USD 144m, EUR 8m and JPY 874m, which is around £123m (2024: USD 135m, EUR 11m, JPY 1,120m, which is around £122m) and to buy EUR 0.3m, which is around £0.25m (2024: JPY 32m, which is around £0.2m) in return for fixed sterling amounts. The contract with the longest maturity period is 3 months (2024: 3 months) after the year end. 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 to dollars, sterling to euros and sterling to Japanese yen.

21. Pensions

During the year, the Charity operated a defined benefit pension scheme and 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

The tables below state the actuarial assumptions upon which the valuation of the scheme was based:


of the scheme was based:
of the scheme was based:
of the scheme was based:
Valuation at 31 March
2025 2024
Discount rate 5.65% 4.80%
RPI infation 3.40% 3.45%

CPI infation		 3.00% 3.00%

Pension increase
RPI – max 5%
RPI – min 2.5%, max 5%
CPI – max 3%		 3.15% p/a
3.60% p/a
2.25%p/a		 3.15% p/a
3.60% p/a
2.25%p/a
The life expectancies used to determine beneft obligations are as follows
(at age of retirement):
31 March 2025 31 March 2024
Male Female Male Female
Member aged 65
(current life expectancy from
age 65)		 21.1 23.6 20.9 23.1
Member aged 45
(life expectancy at the point
theyreach 65)		 22.1 24.8 21.9 24.2

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Notes to accounts

21. Pensions (continued)

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

Movements in the SoFA:

----- Start of picture text -----
2025 2024
£m £m
Interest cost on scheme liabilities 18.9 19.8
Interest income on scheme assets (22.5) (23.4)
Net interest income (3.6) (3.6)
Administrative costs 0.8 1.2
Total ension ains reco nised in the SoFA 2.8 2.4
p g g ( ) ( )
Actuarial losses reco nised in the SoFA 61.5 4.5
g
Total losses reco nised in the SoFA 58.7 2.1
g
----- End of picture text -----

Movement in scheme assets, liabilities and surplus:

----- Start of picture text -----
Fair Present Surplus
value of value of
assets liabilities
£m £m £m
At 1 A ril 2024 477.6 402.5 75.1
p ( )
Interest income on assets in the
22.5 - 22.5
scheme
Interest cost on scheme liabilities - (18.9) (18.9)
Net interest income/(cost) 22.5 (18.9) 3.6
Administrative costs (0.8) - (0.8)
Actuarial (losses)/gains in the year (80.7) 19.2 (61.5)
paid to participants (16.8) 16.8 -
Benefits
At 31 March 2025 401.8 385.4 16.4
( )
----- End of picture text -----

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

----- Start of picture text -----
Fair value of assets
2025 2024
£m £m
Credit instruments - 134.2
Liabilit -driven investments and cash 17.2 193.6
y
Insurance olic 384.6 149.8
p y
Total assets 401.8 477.6
----- End of picture text -----

None of the scheme’s assets are invested in any property or other assets currently used by the Group. The insurance policy asset relates to a buy-in of an insurance contract with Canada Life, together with a £280m buy-in with Standard Life, which was completed in March 2025, under which the insurer takes on responsibility for paying amounts to the scheme in respect of members’ pensions. The buy-in with Standard Life has secured the benefits of all members of the final salary pension scheme.

The last triennial funding valuation at 31 March 2024 showed a surplus of £13.6m. As the scheme is in surplus, the Charity does not need to pay deficit funding contributions. Deficit recovery contributions were £nil in 2024/25 (2023/24: £nil).

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, which results in a higher value for the liabilities. On an FRS 102 basis, the scheme has a surplus at 31 March 2025 of £16.4m (2024: £75.1m) which has been recognised as an asset in the balance sheet.

Following the Court of Appeal judgement in Virgin Media Limited vs NTL Pension Trustees II Limited, it was announced on 5 June 2025 that the UK Government will introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. We have no reason to believe such confirmations could not be obtained should in the unlikely event they be required and therefore do not expect any additional liability to arise.

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Notes to accounts

21. Pensions (continued)

(b) Other pension schemes accounted for as defined contribution schemes

The following multi-employer schemes are accounted for as defined contribution schemes as the Group is unable to identify its share of the underlying assets and liabilities on a reasonable and consistent basis:

Scottish NHS Pension Scheme

This scheme is unfunded.

Universities Superannuation Scheme

At the date of the latest actuarial valuation of the scheme (31 March 2023), the assets were sufficient to cover 111% of the benefits that had accrued to members and the surplus was £7.4bn on a technical provisions basis. The trustee has determined that employer contributions will be paid at the rate of 14.5% of salaries from January 2024. The aggregate estimated impact of these changes is to reduce the surplus by £1.4-£1.5bn. As a result, the employers’ total contribution rates over the period are as follows:

No contributions were made in either 2025 or in 2024 as a result of the scheme being in surplus.

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:

----- Start of picture text -----
2025 2025 2025 2024 2024 2024
No. of No. of
members Rate £m members Rate £m
Cancer Research UK
4,956 5–16% 11.8 4,457 3–16% 9.8
Retirement Plan
Scottish NHS Pension
9 20.9% 0.1 10 20.9% 0.1
Scheme
Universities
Superannuation 145 21.4% 1.0 189 14.5% 1.4
Scheme
12.9 11.3
----- End of picture text -----

Contributions that were outstanding at 31 March 2025 in respect of these schemes amounted to £1.6m (2024: £1.6m).

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Notes to accounts

22. Operating leases payable

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

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Land and buildings:
Within one ear 23.8 23.4 22.6 22.0
y
Between one and five 49.5 52.2 48.2 49.3
years
ears 67.7 75.1 67.7 75.1
y
After five
Total 141.0 150.7 138.5 146.4
Vehicles and equipment:
Within one year 0.7 0.4 0.7 0.4
Between one and five 1.5 0.8 1.5 0.8
years
Total 2.2 1.2 2.2 1.2
----- End of picture text -----

23. Operating leases receivable

The Group and Charity had the following future minimum lease receipts under non-cancellable operating leases as follows:

----- Start of picture text -----
Group Group
and and
Charity Charity
2025 2024
£m £m
Land and buildings:
Within one year 1.9 1.4
ears 8.5 8.9
y
Between one and five
years 0.4 3.7
After five
Total 10.8 14.0
----- End of picture text -----

Operating leases receivable consist of sublet property to Mind and Your Parking Space.

The operating lease commitments above make no allowance for VAT that the Group may not be able to recover. If VAT rates remain constant and the rate of recovery of VAT stays the same, it is estimated that a further £5.3m (2024: £5.8m) would need to be charged to the SoFA over the life of the leases.

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Notes to accounts

24. Government grants

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

----- Start of picture text -----
Group Group Charity Charity
2025 2024 2025 2024
£m £m £m £m
Research and cancer information grants
UK 1.5 3.6 1.5 3.6
Rest of world 0.8 1.7 0.8 1.7
Total 2.3 5.3 2.3 5.3
----- End of picture text -----

Cancer Research Technology Limited received £2.8m (2024: £5.8m) of government assistance in the form of Research and Development expenditure credit.

The Group 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.

At 31 March 2025, £1.2m was held by the Charity in respect of funds to be spent in future periods (2024: £1.6m).

25. Non-binding grant commitments

Group and Charity

Group and Charity
Amounts due for payment in the year to 31 March
Total
£m		 2026
£m		 2027
£m		 2028
£m		 2029
£m		 2030
onwards
£m
At 31 March 2025 500.0 120.5 151.6 130.6 54.5 42.8
Amounts due for payment in the year to 31 March
Total
£m		 2025
£m		 2026
£m		 2027
£m		 2028
£m		 2029
onwards
£m
At 31 March 2024 445.4 86.7 122.6 112.9 89.8 33.4

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 financial statements until those conditions are met.

During the year, £nil of grants committed to in previous years were

terminated (2024: £nil) and a further £43.5m (2024: £114.6m) of non-binding commitments were made.

26. Financial commitments

The Group has committed USD 25m (£19.3m) to the SV7 Impact Medicine Fund. The remaining commitment is USD 3.5m (£2.7m) (2024: USD 5.7m/£4.5m).

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Notes to accounts

27. Restricted funds

----- Start of picture text -----
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April between 31 March
2024 funds 2025
£m £m £m £m £m
Restricted funds for research:
Stand U To Cancer 12.2 7.1 17.3 - 2.0 Su ortin translational research
p ( ) pp g
- 2.5 - - Research specific to cancers affecting children
Children's and young people's cancers (2.5)
and oun eo le
y g p p
Bowelbabe Fund for Cancer Research UK 8.4 3.0 (2.4) - 9.0 Research specific to awards supported by the
famil of Dame Deborah James
y
Funds for sp 0.3 12.8 (12.7) (0.2) 0.2 See Note 27 (a)
ecific cancers
Funds for sp gions 0.1 6.8 (6.8) - 0.1 See Note 27 (b)
ecific re
Funds for Cancer Grand Challen es 1.2 2.5 3.2 0.4 0.1 See Note 27 c
g ( ) ( ) ( )
Funds for research into clinical trials, diagnosis and treatment 0.7 24.8 (10.2) (4.7) 10.6 See Note 27 (d)
Funds for the Charit 's institutes and centres - 3.0 2.9 0.1 - See Note 27 e
y ( ) ( ) ( )
Funds for atient and health information 0.9 1.6 1.4 - 1.1 See Note 27 f
p ( ) ( )
Funds for other restricted ur oses 6.6 3.6 2.9 0.2 7.1 See Note 27
p p ( ) ( ) (g)
Total restricted funds – Charity 30.4 67.7 (62.3) (5.6) 30.2
Research and investigation into the causes,
Cancer Research UK Scotland Institute 25.4 11.3 19.3 24.6
(31.4)
mechanisms and treatment of cancer
Total restricted funds – Grou 55.8 79.0 93.7 13.7 54.8
p ( )
----- End of picture text -----

A transfer of funds is used to allocate expenditure recognised in a previous financial year that is reflected in grant payables against restricted income received in the current financial year.

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Notes to accounts

27. Restricted funds (continued)

(a) Funds for specific cancers

----- Start of picture text -----
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April between 31 March
2024 funds 2025
£m £m £m £m £m
Breast cancer research - 2.7 2.7 - - Research s
( ) p
ecific to breast cancer
Pancreatic cancer research - 1.0 1.0 - - Research s ancreatic cancer
( ) p p
ecific to
Cancers of unmet need: lung, brain, pancreatic and
- 1.0 - - Research specific to hard-to-treat lung, brain,
(1.0)
oeso ha eal ancreatic and oeso ha eal cancers
p g p p g
Bowel cancer research - 1.4 1.4 - - Research s
( ) p
ecific to bowel cancer
Bobby Moore Fund for Cancer Research UK - 0.8 (0.8) - - Sp projects
ecific bowel cancer research and awareness
Skin cancer research - 0.4 0.4 - - Research s
( ) p
ecific to skin cancer
Prostate cancer research - 0.6 0.6 - - Research s rostate cancer
( ) p p
ecific to
Lun cancer research - 1.1 1.1 - - Research s cancer
g ( ) p g
ecific to lun
Brain cancer research - 0.8 (0.8) - - Research sp
ecific to brain cancer
Ovarian cancer research - 0.6 0.6 - - Research s
( ) p
ecific to ovarian cancer
Funds for other s 0.3 2.4 2.3 0.2 0.2
p ( ) ( )
ecific cancers
Total funds for s 0.3 12.8 12.7 0.2 0.2
p ( ) ( )
ecific cancers
----- End of picture text -----

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Notes to accounts

27. Restricted funds (continued)

(b) Funds for specific regions

----- Start of picture text -----
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April between 31 March
2024 funds 2025
£m £m £m £m £m
Research in Scotland - 1.6 1.6 - - Cancer research located in Scotland
( )
Research in Northern Ireland - 0.7 0.7 - - Cancer research located in Northern Ireland
( )
Research In Wales - 0.6 0.6 - - Cancer research located in Wales
( )
Research in north-west En land - 0.9 0.9 - - Cancer research located in north-west En land
g ( ) g
Funds for other s ions 0.1 3.0 3.0 - 0.1
p g ( )
ecific re
Total funds for s ions 0.1 6.8 6.8 - 0.1
p g ( )
ecific re
(c) Funds for Cancer Grand Challenges
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April between 31 March
2024 funds 2025
£m £m £m £m £m
The Mark Foundation for Cancer Research for Team
0.9 0.7 - Research specific to next-generation T cell therapies for
(1.2) (0.4)
NexTGen childhood cancers
Team eD NAmiC 0.1 1.3 1.4 - - Research s
y ( ) p
ecific to extrachromosomal DNA
The Mark Foundation for Cancer Research for Team
- 0.5 - - Research specific to the T-cell receptor
(0.5)
MATCHMAKERS cancer-reco nition code
g
Funds for other Cancer Grand Challen es 0.2 - 0.1 - 0.1
g ( )
Total funds for Cancer Grand Challen es 1.2 2.5 3.2 0.4 0.1
g ( ) ( )
----- End of picture text -----

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Notes to accounts

27. Restricted funds (continued)

(d) Funds for research into clinical trials, diagnosis and treatment

----- Start of picture text -----
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April between 31 March
2024 funds 2025
£m £m £m £m £m
Research to understand the fundamental biology
Basic research - 3.7 - -
(3.7)
underpinning cancer
Cancer vaccines - 1.6 - 1.6 - Research s
( ) p
ecific to cancer vaccines
Earl dia nosis of cancer - 0.7 0.7 - - Research into earl dia nosis of cancer
y g ( ) y g
Funding for the Cancer Research UK National
Cancer Research UK National Biomarker Centre - 1.0 - -
(1.0)
Biomaker Centre
Clinical trials or pre-clinical research aimed at
Better treatments 0.4 0.5 - -
(0.9)
im rovin cancer outcomes or standard of care
p g
Horizons Seed Fund - 11.0 - 10.3 A fund that supports the translation of new scientific
(0.7)
discoveries into
p
atient benefit
A fund that will support research into Improving
- 1.5 - -
Improving immunotherapy for bowel cancer (1.5)
immunothera for bowel cancer
py
Research into a vaccine that could prevent
- 0.6 - -
OvarianVax project (0.6)
ovarian cancer
Funds for other research into clinical trials, diagnosis
0.3 4.2 0.3
(2.6) (1.6)
and treatment
Total funds for research into clinical trials, diagnosis
0.7 24.8 10.6
(10.2) (4.7)
and treatment
----- End of picture text -----

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Notes to accounts

27. Restricted funds (continued)

(e) Funds for the Charity's institutes and centres

----- Start of picture text -----
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April between 31 March
2024 funds 2025
£m £m £m £m £m
Supporting the research and running of the
Francis Crick Institute - 1.8 (1.8) - -
Francis Crick Institute
Funds for the Charity's other institutes and centres - 1.2 (1.1) (0.1) -
Total funds for the Charity's institutes and centres - 3.0 (2.9) (0.1) -
(f) Funds for patient and health information
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April between 31 March
2024 funds 2025
£m £m £m £m £m
Marie Keatin awareness units 0.9 1.1 0.9 - 1.1 Su ortin the Cancer Awareness Roadshow mobile units
g ( ) pp g
Funds for other atient and health information - 0.5 0.5 - -
p ( )
Total funds for patient and health information 0.9 1.6 (1.4) - 1.1
(g) Funds for other restricted purposes
Balance at Income Expenditure Transfer Balance at Purpose and restriction in use
1 April between 31 March
2024 funds 2025
£m £m £m £m £m
Intan ible income - 1.6 1.6 - - Donations in kind received for s ur oses
g ( ) p p p
ecific
Sundry funds for training - 0.8 (0.6) (0.2) -
Core activities such as research and patient and
6.6 1.2 - 7.1
Sundry other funds (0.7)
health information
Total funds for other restricted ur oses 6.6 3.6 2.9 0.2 7.1
p p ( ) ( )
----- End of picture text -----

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Trustees' report

Notes to accounts

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 A ril 2024 271.6 75.1 346.7 228.3 75.1 303.4
p
Net income before transfers and ains on investments 31.9 2.8 34.7 15.2 2.8 18.0
g
Transfers from to restricted funds 13.7 - 13.7 5.6 - 5.6
( )/ ( ) ( )
Net ains on investments 2.5 - 2.5 4.8 - 4.8
g
Actuarial losses on ensions - 61.5 61.5 - 61.5 61.5
p ( ) ( ) ( ) ( )
Funds at 31 March 2025 292.3 16.4 308.7 253.9 16.4 270.3
----- End of picture text -----

Included within the Group’s general funds are undistributed profits from trading subsidiaries of £16.6m (2024: £24.0m).

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Notes to accounts

29. Analysis of net assets between funds

Net Assets at 31 March 2025:

----- Start of picture text -----
Group Charity
General Pension Restricted Total General Pension Restricted Total
funds reserve funds 2025 funds reserve funds 2025
£m £m £m £m £m £m £m £m
Intan ible and tan 33.5 - 7.5 41.0 28.9 - - 28.9
g g
ible fixed assets
Investments 495.0 - - 495.0 494.9 - - 494.9
Current assets 330.6 - 50.3 380.9 298.4 - 30.2 328.6
Current and long-term liabilities and provisions (566.8) - (3.0) (569.8) (568.3) - - (568.3)
Pension asset - 16.4 - 16.4 - 16.4 - 16.4
Total net assets 292.3 16.4 54.8 363.5 253.9 16.4 30.2 300.5
Net Assets at 31 March 2024:
Group Charity
General Pension Restricted Total General Pension Restricted Total
funds reserve funds 2024 funds reserve funds 2024
£m £m £m £m £m £m £m £m
Intan ible and tan 32.6 - 8.0 40.6 28.1 - - 28.1
g g
ible fixed assets
Investments 496.9 - - 496.9 496.7 - - 496.7
Current assets 304.6 - 50.7 355.3 270.3 - 30.4 300.7
Current and long-term liabilities and provisions (562.5) - (2.9) (565.4) (566.8) - - (566.8)
Pension asset - 75.1 - 75.1 - 75.1 - 75.1
Total net assets 271.6 75.1 55.8 402.5 228.3 75.1 30.4 333.8
----- End of picture text -----

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Notes to accounts

30. Trustees and grant-making 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 research projects in which they have a direct interest or institutions with which they are associated.

Professor Pamela Kearns, a trustee of the Charity, was the lead researcher on a grant awarded to the University of Birmingham in 2023/24 until her retirement in August 2024. The total value of the grant awarded was £0.4m, of which £0.1m was paid in 2024/25, with the balance scheduled to be paid over the next four years with an end date of 2028/29. In the year, no new grant awards were made to Professor Kearns.

Professor Gerard Evan, a trustee of the Charity, is the lead researcher on a grant awarded to King’s College London in 2020/21. The total value of the grant awarded was £2.9m, of which £0.7m was paid in 2024/25, with the remaining balance of £0.4m scheduled to be paid in 2025/26. In the year, no new grant awards were made to Professor Evan.

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

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 . These transactions are conducted on an arm’s length basis.

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Trustees' report

Notes to accounts

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
Entity Connection Nature Opening
net
(creditor)/
debtor
At 1 April
2024
£m		 Receivable
by the
Charity
£m		 Payable
by the
Charity
£m		 Cash
(received
by)/paid
by the
Charity
£m		 Closing net
(creditor)/
debtor
At 31 March
2025
£m		 Opening
net
(creditor)/
debtor
At 1 April
2023
£m		 Receivable
by the
Charity
£m		 Payable
by the
Charity
£m		 Cash
(received
by)/paid
by the
Charity
£m		 Closing net
(creditor)/
debtor
At 31 March
2024
£m
Cancer Research
Technology Limited		 Subsidiary
undertaking		 (a) (12.5) 1.1 (0.7) 10.2 (1.9) (17.8) (6.1) - 11.4 (12.5)
Movements inyear:
Gift Aid of subsidiary profts - (0.7) 0.1 (7.1) - (13.5)

Cross-charge of salaries/ propertycosts		 1.1 - - 1.0 - -
Grant funding - 0.5
Movement in cash - - 10.1 - - 24.4
Cancer Research UK
TradingLimited		 Subsidiary
undertaking		 (b) 3.6 10.9 (1.9) (6.2) 6.4 3.4 11.0 (0.6) (10.2) 3.6
Movements inyear:
Gift Aid of subsidiary profts 1.6 - (1.7) 1.9 - (6.2)

Cross-charge of salaries vs shared costs		 9.3 - - 9.1 - -
Break-even credit - (1.9) - - (0.6) -
Movement in cash - - (4.5) - - (4.0)
Cancer Research UK
Scotland Institute		 Subsidiary
undertaking		 Grant funding
from the Charity		 (c) (1.0) - (19.8) 19.3 (1.5) (0.8) - (16.0) 15.8 (1.0)

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Notes to accounts

31. Related party transactions (continued)

In the year, Cancer Research Technology Limited made a Reward to Inventor (RTI) payment to Professor Gerard Evan, a trustee of the Charity, of £278 (2024: £367). The RTI scheme rewards inventors of scientific and medical intellectual property and research materials (such as antibodies) derived from their research activities carried out in the course of their employment. Rewards continue to be paid after termination of employment. This payment was made in December 2024 in relation to net sales generated in the financial year 2023/24. There were no other transactions during the year that fall within the FRS 102 definition of ‘related party transactions’.

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Trustees' report

Notes to accounts

31. Related party transactions (continued)

Other notable positions

The following third-party relationships do not meet the formal 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:

31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:		 31. Related party transactions (continued)
Other notable positions
The following third-party relationships do not meet the formal defnition of a related party because although the individual has a position of signifcance in the third
party, they do not exercise signifcant direction or control over the entity concerned. The Group has chosen to disclose these transactions due to their value:
Group
Third party
with other
notable position		 Connection
and
position held		 Nature Opening
(creditor)/
debtor
At 1 April
2024
£m		 Receivable
by Group
£m		 Payable
by
Group
£m		 VAT
£m		 Cash
paid
by
Group
£m		 Closing
(creditor)/
debtor
At 31 March
2025
£m		 Opening
(creditor)/
debtor
At 1 April
2023
£m		 Receivable
by Group
£m		 Payable
by
Group
£m		 VAT
£m		 Cash
paid by/
(received
by) Group
£m		 Closing
(creditor)/
debtor
At 31 March
2024
£m
The Francis Crick
Institute		 Dr Iain Foulkes
and Michelle
Mitchell
(trustees)		 Grant funding
from the
Charity		 (d) (56.8) - (67.3) - 67.1 (57.0) (56.8) - (59.7) - 59.7 (56.8)
The Francis Crick
Institute		 Dr Iain Foulkes
and Michelle
Mitchell
(trustees)		 Rent, lab and
research
costs		 (d) (0.2) - (1.3) (0.3) 1.4 (0.4) (0.2) - (1.3) (0.3) 1.6 (0.2)
Institute of Cancer
Research: Royal
Cancer Hospital		 Dr Iain Foulkes
and Professor
Nic Jones
(trustees)		 Grant
funding from
the Charity		 (e) (30.2) - (50.6) - 45.3 (35.5) (35.7) - (13.5) - 19.0 (30.2)
Institute of Cancer
Research: Royal
Cancer Hospital		 Dr Iain Foulkes
and Professor
Nic Jones
(trustees)		 Revenue
sharing
agreements
with Cancer
Research
Technology
Limited		 (e) 3.1 13.3 (7.6) (15.9) 11.8 4.7 2.8 11.5 (20.2) (1.9) 10.9 3.1

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Notes to accounts

31. Related party transactions (continued)

Other notable positions (continued)

Contents Introduction

Financial statements Additional information

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Trustees' report

Additional information

Introduction

Financial statements

Additional information

Cancer Research UK | Annual report and accounts 2024/25

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Contents

Trustees' report

Reference and administrative details

Company and charity names

We may operate under the following names:

Cancer Research UK Scotland Cancer Research UK Cymru Cancer Research UK Jersey Cancer Research UK Guernsey Cancer Research UK Northern Ireland

Company numbers

4325234 in England and Wales 5713F in the Isle of Man

Charity numbers

1089464 in England and Wales SC041666 in Scotland 1103 in the Isle of Man 247 in Jersey

Registered address

2 Redman Place London E20 1JQ T: +44(0)20 7242 0200

Patron

His Majesty King Charles III

Joint presidents

HRH The Duke of Gloucester, KG, GCVO

HRH Princess Alexandra the Hon.

Lady Ogilvy, KG, GCVO

Company secretary Habibunnisha Patel

Statutory independent auditors PricewaterhouseCoopers LLP 1 Embankment Place London WC2N 6RH

Bankers

NatWest Bank Plc 156 Fleet Street Holborn EC4A 2DX

Investment advisors

Goldman Sachs Asset

Management Plumtree Court 25 Shoe Lane London EC4A 4AU

Help us beat cancer

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© Cancer Research UK 2025

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We'd like to express our gratitude to the following individuals, organisations, trusts and foundations for their transformational support and partnership.

*These supporters have also generously pledged to leave a gift in their Will to Cancer Research UK

Our principal supporters

American Friends of Cancer Research, Inc

Nick and Carolyn Butcher in loving and grateful memory of Sarah Butcher and Raewyn Smith

Carol Carthy

The Chris Banton Foundation

Dangoor Education Dr Robert Easton

Emerson Collective

Gervase Forster via his company HepcoMotion Garfield Weston Foundation Peter and Janice George

Alison L Howe*

Ilham Foundation

The Kamini and Vindi Banga Family Trust Kuok Group

The Mark Foundation for Cancer Research

The Mike Gooley Trailfinders Charity Oak Foundation

Nick and Annette Razey Simon and Gillian Sadler

Bjorn Saven CBE and Inger Saven The Taylor Family Foundation

The Global Campaign Leadership Committee Sherry Coutu CBE (Co-Chair) Lord Simon Stevens (Co-Chair)

Kamini Banga

Lord Browne of Madingley Simon Collins

Janice George

Peter George

Alison L Howe*

Darren Redmayne Bjorn Saven CBE Warren Thompson

Our campaign ambassadors

Douglas Anderson Richard Anthony Gerry Brown Michelle Bryan-Low Andrew Campbell Katherine Coates

Keith Craig Conor Davis

The Rt Hon Jeremy Hunt MP Alistair James Rakshit Kapoor Dale Lattanzio Andy Leaver Daire Leonard

Phil Leonard

Kevin McGrath DL OBE

Ann Orton

Ian Ritchie OBE Kate Rowlinson

Mark Sorrell

Sir Martin Sorrell

Stephen Stanway

Our major supporters

In loving memory of Carolyn Ackroyd

Maggie Alexander

Douglas Anderson, Founder of Club Vita

Richard and Katrina Anthony

Jan and Peter Bligh Anthea Bond The Brewster Family

Gerry Brown

David Cadwallader

Neil and Catherine Carlile Rob and Christine Clayton Katherine and Andrew Coates

Simon and Simone Collins

In memory of Ann and Mike Davey Jonathan and Georgina de Pass In memory of Tom Downie Nick and Lesley Dumbreck Jane and Kevin Ellis

Gonzalo and Maria García Peter and Janice George Barry and Olwen Guest Sue Harrison MBE

Russell Healey

R.S. Hoffman

In memory of Kerry Hughes-Rees M R Jackson

Paul and Yvonne Jebson

Susan Jolly

Rakshit Kapoor

The Kirk Family

Family of Philip Langsdale Dale Lattanzio and Bevan Watt Linda Leaver

Charles and Pippa Lewington in memory of Gregor Mackay Alan MacKay

Chris and Lindsey Marriott Roger Matthews

Professor Howard Morris and Dr Maria Panico-Morris

Sir Keith Palmer KCMG OBE

In memory of Sonia Parker Alan Rattray Darren Redmayne Diana Shorey

In memory of Bernard Silverstone Helen Spittal in memory of Michael Cobby

The Stanway Family Graeme Varley

Ann Vernau

Robert and Felicity Waley-Cohen Professor Rosemary Walker In memory of Dermot Wilson Linus Wright

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Our major trusts and foundations

Anglo-American Charity Catherine Cookson Charitable Trust

Cecil Pilkington Charitable Trust Doreen and Ernie Wise Trust Elena Iliopoulou Giama Cancer Research & Scholarship Foundation

Hong Kong Cancer Fund Michael Cornish Charitable Trust In memory of Barbara Naylor Oil Brokerage Ltd ShareGift

The Ada Hillard Charitable Trust The Albert Gubay Charitable Foundation

The Alborada Trust

The Bascule Charitable Trust

The Birrane Foundation

The Brownsword Charitable Foundation

The David Dutton Foundation The E M Whittome 2013 Charitable Trust

The Edith Murphy Foundation The EH and PH Trusts

The Flat Iron Fund

The George Cadbury Trust The Jeffrey Kelson Foundation The Jon Moulton Charity Trust The Kathleen Smith Foundation The Lancashire Foundation

The Lidbury Family Trust

The Lord Leonard and Lady Estelle

Wolfson Foundation

The McGrath Charitable Trust The Peacock Charitable Trust The Ranworth Trust

The Richard Oatley Foundation The Schroder Foundation The Tanlaw Foundation The Woosnam Foundation The Wrentham Trust

The Zochonis Charitable Trust

The Cancer Research

UK Corporate

Partnerships Board

Zahra Bahrololoumi (Chair)

Olly Benzecry

Neil Clitheroe

Claudine Collins Brian McBride Joe Carroll

Our corporate partners

AIG

Amazon.co.uk

Amey

Aventumgroup BARRETT STEEL LTD Beiersdorf UK

Bellway Homes Birds Bakery

Bloomberg

Braiswick Photographic Co Ltd Cards Direct

Channel 4 Television Corporation

Chaucer Group

Citibank

Close Brothers Group Plc Head Office

Coinstar

Co-operative Legal Services Edwardian Hotels London

Electronic Arts

Emma Bridgewater English Bridge Union Fujitsu

FunkyPigeon.com GoFundMe Harkness Roses

Haven

In The Style Ipsos MORI

Live Nation Entertainment Microsoft

Miss Great Britain

NatWest Group

Neighbourly

Oasis Crescent Wealth

Omaze UK

PayPal

Professional Footballers’

Association

Quartz Project Services Restaurant Pine

Revolut

Rhenus Logistics Limited Royal London

Runners Need

Salesforce UK

ScottishPower

Scrap Car Comparison Secure Trust Bank Selco Builders Warehouse

SkyDemon Slimming World Sportsdirect

Standard Life, part of Phoenix Group

Story Homes Tesco Stores The AA

The Marketing Society Penguin Random House Ticketmaster UK

TJX UK

Toyota Manufacturing UK Charitable Trust

TSL Ltd

Vistry Group Warburtons

Wembley National Stadium / Football Association

Wetherby Preparatory School WHSmith

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Our individual supporters

Annie Chapman Duncan Batchelor

Irene Leslie

John McAvoy Jonathan Stephenson

Julie Fisher

Katherine Barnes Liam Zollino Neil Fitzpatrick Sharon Hart Will Frampton

Our Relay for Life committees

Relay For Life Aylesbury Relay For Life Ayrshire Relay For Life Bury St Edmunds Relay For Life Cirencester Relay For Life Colchester Relay For Life Dunbar Relay For Life Gwynedd and Anglesey Relay For Life Isle of Man Relay For Life Jarrow Relay For Life Legenderry Relay For Life Liskeard Relay For Life Peterborough Relay For Life Peterhead Relay For Life Plymouth

Relay For Life Pontypool Relay For Life Portsmouth Relay For Life Shetland Relay For Life York

Groups and committees

Alfreton Local Committee Ballymoney Local Committee Battle Cancer - London

Beaconsfield Friends

Beating Cancer Together North East Black Isle Local Committee

Blackburn District and Ribble Valley Committee

Bridgwater Friends

Business Beats Cancer Ayrshire Business Beats Cancer Belfast Business Beats Cancer Bristol Business Beats Cancer Chester Business Beats Cancer Cymru Business Beats Cancer Dundee Business Beats Cancer Edinburgh Business Beats Cancer Glasgow Business Beats Cancer Guernsey Business Beats Cancer Manchester Business Beats Cancer North East Business Beats Cancer Yorkshire Bude & Stratton Local Committee

Burghley Park & Peterborough Ladies for

Cancer Research UK

Bury & Radcliffe Local Committee Butterfly Events Local Committee Cancer Ninjas

Cheddleton Carnival Local Committee Chelmsford Local Committee Cheltenham Local Committee Churchill Partners

Coleraine Local Committee

Connecting for a Cure (Sandwich and Thanet) Fundraising Group Coventry Local Committee Crewe & Nantwich Local Committee Devizes Local Committee Guernsey Local Committee Halesworth Local Committee Hinckley & District Local Committee Isle of Lewis Local Committee Isle of Skye Local Committee Jersey Local Committee Kilkeel Local Committee

Kingsclere Cancer Research Fundraiser Leamington Spa & Warwick Local Committee

Leicester Local Committee Loose Change Buskers Louth Run for Life

Maghera Local Committee

Matlock Local Committee Moira Local Committee Newark Local Committee Newport Local Committee Newry Local Committee Nuthall & Kimberley Local Committee Portaferry Local Committee Salisbury Local Committee Selkirk Local Committee

Sidcup Ladies Luncheon Club Skegness Group of Friends Sport Beats Cancer - Cycling St Just & District Local Committee Stoke-on-Trent Local Committee Sweet Charity Taunton & District Local Committee Teesdale Local Committee

The Big Choir

The City of London Friends of Cancer Research UK Committee

The Nags Team

Thornbury & District Local Committee Wadebridge Local Committee Warley Local Committee Wimbledon Group of Friends Woodborough Local Committee Wyre Forest Local Committee

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Visionaries Edward Moorcroft Irene Olivo Our Visionaries are generous supporters who've pledged a David Palmer Jean Parsons significant gift in their Will. Michael Bates Katharine Pashler Mary Bell Betty Pavey Violet Brooks David Pearce Christopher Buckley Olive Pearson Joyce Coates James Pringle Sara Colville Valerie Reuben Elizabeth Crossan Jeannette Richards Eileen Davis Mabel Sewell Terence Dewing Francis Shelvey George Diver Anne Shire Joye Dyer David Spencer Mavis Forney Mary Taylor Ronald Taylor David Garfield Elizabeth Gould Peggy Thorne Joan Green Valerie Veitch Mary Haggart Jean Venting William Harrett Iris Ward Frank Hillman Elise Watson Colin Holmes Gabriele Weil Doreen Holt Joan Wilkinson Dorothy Jepsen Christine Woods Raymond Lamont John Yates Adam Little Nancy Yu

Our professional advisers donating their services BT Plc

Clifford Chance DLA Piper UK LLP Fieldfisher Foot Antsey Freshfields Latham & Watkins Osborne Clarke Withers

Thank you to all our supporters who wish to remain anonymous.

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