Company number: 04397137 Charity number: 1091480 THE HOPE FOUNDATION FOR CANCER RESEARCH (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE HOPE FOUNDATION FOR CANCER RESEARCH CONTENTS Pages Charity Reference and Administrative Details Trustees, Annual Report 5- 10 Independent Examiner's Report Statement of Financial Activities (including Income and Expenditure Account) 12 Balance Sheet Statement of Cash Flows 14 Notes to the Financial Statements
THE HOPE FOUNDATION FOR CANCER RESEARCH CHARrrY REFERENCE AND ADIVIINISTRATIVE DETAILS FOR THE YEAR TO 31 MARCH 2025 Charity registration number 1091480 Company registration number 04397137 Patrons Mr Martin Johnson Mr Matt Poole Mr Lars Tharp Presidents Mr Rick Moore Trustees Mr James Greenlee5 (Chair from April 2025) Mr Robert Marsh (Vice-chair from April 2025) Professor Nigel Brunskill Mrs Elizabeth Coates (appointed l July 2025) Mr Duncan Green Mr lan Guyler Professor lan Lauder Ms Kishani Navin (appointed 2) July 2024) Co-optee Professor Andreas Gescher Chief Executive Officer Mr Nig¢1 Rose oirice & Volunteer Manager Mrs Barbara North Corparate & Community Partnerships Managers MTS Tracey Hallam (appointed January 2025) Mr Martin Robinson Comms & Marketing Manager Mr John Nellis Registered office Knighton Lodg¢ 208 Knighton Road Leicester Independent Examiner UHY Hacker Young 14 Park Row Nottingham NGI 6GR
THE HOPE FOUNDATION FOR CANCER RESEARCH CHARITY REFERENCE AND ADMtNISTRATIVE DETAILS (CONTINUED) FOR THE YEAR TO 31 MARCH 2025 Bankers HSBC Bank Clock Tower Branch 2-6 Gallowtree Gate Leicester LEI IDA Investment managers Brewin Dolphin Limited I Sl Floor Waterfront House Wat¢rfront Plaza 35 Station Street Nottingham NG2 3DQ
THE HOPE FOUNDATION FOR CANCER RESEARCH TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 MARCH 2025 The Trustees present their report and the ind¢pendently examined financial statements of the charity for the year ¢nded ) l March 2025. Th¢ trustees have adopted th¢ provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of th¢ charity. The financial statements have been prep8r¢d in accordance with the accounting policies s¢t out in notes to the accounts and coinply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities- Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Trustees of the charity The directors of th¢ charitable company are its trustees for the purpos¢5 of charity law. The trustees who have served during the y¢ar and since the year end wer¢ as follows: Mr James Greenlees Professor lan Lauder Mr Rick Moore Mr Duncan Green Professor Nigel Brunskill Mr Robert Marsh Mr lan Guyl¢r Ms Kishani Navin MTS Elizabeth Coates (Resigned l July 2025) (Appointed 23 July 2024) (Appointed l July 2025) Estsblishment and Objectives The Hope Foundation for Cancer Research in Leicestershire and Rutland, ' Hope Against Cancer, ("the Charity") was registered as a charity and incoryK)rated as a company limited by guarantee in MaTch 2002. It was fornied in Order to provide funding for cancer research projects in Leicestershire and Rutland. The annual report CordS a further year of achievement of the objects of the Charity. Its objects are: the promotion and undertaking of research into the causes, propety, biology. detection, prevention and treatment of cancer and to publish and disseminate the results of such research. the r¢li¢f of pain and suffering of cancer patients through the implementation and improvement of medical andlor surgical procedures through the study of cancer and all its ramifications be they clinical, scientific, psychological, social or economic. and the ¢ncouragement and advancement of innovations for detection and treatment of cancer. Structure, Governance and Management The Charity is governed by it5 Memorandum and Articles of Association dated 18 March 2002 (as amended by a special resolution in 2005 and 2014). Membership is limited to 14 members who are its trustees and directors ("the trustees"). Trustees, including Chair and Vic¢-Chair are appointed on three-year ternis of service, with potential re-election depending on the governance needs of the Charity.
THE HOPE FOUNDATION FOR CANCER RESEARCH TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 IVIARCH 2025 There is an induction programme for trustees which includes provision of detailed infomiation and a description of roles and responsibilities, register of interests, procedures for meetings, code of conduct, stt7tegic plan and copies of previous r¢ports and minutes. The Board meets quarterly and makes decisions on research funding with the assistance of the Research Advisory Panel {"RAP"). experts in academic and clinical research, who are called upon and convened as and when necessary to advise the wider board on informing the Charity's research investment decisions. There is regular attendance and reporting from lead professionals in th¢ Leicester Cancer Research Centre and Hope Cancer Trials Centre. The day to day running of the Charity is delegated to a Chi¢f Executive Officer who manages a small staff team and volunteers. Aehievements and Performance Researeh Grants and other funding In 2024 The Leicester Cancer Research Centre had identified th¢ following priority areas for consideration of funding within the 202412025 period, aligning with and supporting its Bio-medical Research Council 'BRC") and Experimental Cancer Medicine Centre ("ECMC"). The following priority areas were identified.. HOPE Research Nurses - £1 00,000 This is an ongoing salary commitment to support two 'HOPE" nurses within the HOPE Cancer Trials Centre, Leicester Royal Infirniary. Contribution to funding of th¢5e two nurses helped to support priority areas of growth within the cancer portfolio which align with our Centre strategy. This model has been highly successful with Leicester recruiting a high number to multiple trials. Continued funding remained essential to the delivery of The Cenlre's expanding portfolio. We are proud to support a diverse portfolio of over 200 clinical trials that reflects the needs of our local population Clinical MD/PhD Studentship - £1 00,000 - Funds were allocated in three areas.. Provid¢ partial salary sup]x)rt for a clinical research fellow, Dr Shradha Bhagani (from August 2024 onwards for 2 years), to complete an MDIPhD; 2. To purchase a new -80 C freezer that will support key work within the Leicester ECMC. and To support pump priming of ) projects within the Leicester Canc¢r Research C¢ntr¢ aligned with th¢ir strategic objectives. Risk Management A risk management programme is in place. The Chair annually consults trustees individually to assist in identifying risks associat¢d with the charity's a¢tiviti¢s so as to incorporate appropriate actions into operational plans. A ski115 audit is used in the appointment of new trustees to ensure that skills required for continuing strategic leadership are available. Induction processes for trustees and volunteers are thorough. All are aware of the responsibilities associated with their role. Financial procedures are in place to protect cash and investments and risk of theft or fraud is thought to be low. The maintaining of unreslricted reserves al an agreed level will provide sufficient resource in the event
THE HOPE FOUNDATION FOR CANCER RESEARCH TRUSTEES, ANNUAL REPORT UNCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 MARCH 2025 of loss of voluntary income. An 'investment sub-cominittee, has been fonlled which includes the Chief Executive and two trustees with thorough investment and financial planning skills and experience to monitor and review investments and make recommendations to the full Board. Volunteer training programmes are on-going and volunteer recruitment, retention and dev¢lopment policies are regularly reviewed. Regular contact is maintained with researchers to ensure that the funds are spent in accordance with the conditions attached to each grant made. Grant application processes and reporting and monitoring arrangements have b¢¢n reviewed to ensure fitness for the major investments into the centre of excellence partnership for the medium terni (3-5 years). IT backup and protection systems aT¢ in place and maintained. A database and cloud-based server to optimise customer relalionship management and modernise secure data storage is operating. Property tenure has been secured with our partners at the University of Leicester and is reviewed annually. Impaet The Charity's strategy is to work in partnership with local universities and hospitals to ensure that Leic¢st¢rshire remains a centre of excellence for cancer research and treatment to achieve the greatest impact in the local and national fight against cancer. With public support and the support of public sector and charity partners, we have helped to achieve the following.. HOPE ha5 enabled the Centre to continue to recruit strongly to open trials, with a number exceeding their Tecruitment targets. It has been exciting to see some trials move onto the next stage of development due to early activity. Some of the HOPE-funded PhD students within the LCRC have also opened th¢ir studies (all ethically approved by UOL sponsors) which are part of their PhD project and the Hope team have helped to support through assisting with taking blood and identification of patients whom may be able to help with surveys and questionnaires. New research collaborations with Cambridg¢ and Birmingham Experimental Cancer Medicine Centres ("ECMCs") ar¢ und¢nvay to strengthen reach and ability to deliver. The Centre staff continue to receive wonderful feedback from patients and family members about the caTe and facilities that are provided. The nursing team have also helped with recruitment to the Canccr Biobank, supporting academic studies at the Univ¢rsity of Leicester. They have Ien identifying patTents not only for clinical trials but also patients that May k suitable to be considered for the Biobank. This has led to successful recruitment of patients with a diagnosis of head and neck cancers. The new -80 C freezer arrived as planned and is already 5UPPOrting a number of key ECMC sample collections. Having this freezer in place enables ability to support key activitie5 Wlthin the centre. From a sustainability point of view thTs is a much more en¢rgy-effici¢nt freezer and supports our commitment to reducing our environmental impact.
THE HOPE FOUNDATION FOR CANCER RESEARCH TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 MARCH 2025 Financial Review During the year th¢ Charity has received income of £627,669 (2024.. £428,845). The Charity spent a total of £812,674 {2024'. £524,770). including grants to the value of £517,215 (2024: £130,000) were funded. At the year end liquid funds of £1.147.594 (2024.. £1,342,796) were held. Brewin Dolphin Limited has acted as discretionary investment managers to take care of the shar¢ portfolio valued at the year end at £46J,258 (2024: £46i,65)) in accordance with the charity's Investment Policy. Public Benefit The trust¢¢s have monitOTed the way in which Charity funds are expended and consider that this is in line with the objects of the charity and for the benefit of the public. The Cl)arity's main objective is to fund cancer research that saves lives or improves the quality of life through earlier diagnosis. pr¢v¢ntion or better tr¢atm¢nt of cancer. This brings significant public health benefits to local communities. The directors consider that they hav¢ cornplied with their duties under the Charities Act 2011 to have due r¢gard to public benefit guidance published by the Charities Commission. Fundraising Regulator The Charity participates in the Fundraising Regulator's voluntary regulation scheme. The trustees consider the Charity has complied with The Code of Fundraising Practice as outlined on the Fundraising Regulator's w¢bsite at www.fundrai5ingregulator.org.uk/code. Investment Policy Sco This policy applies to all cash reserves and investmcnts held by the foundation. including funds placed in savings or deposit accounts, which are considered investments as per Charity Commission guidance. Ob'ectives Preservation of Capital: Protect the foundation's Cash reserves to ensure funds are available for operational and programmatic needs. Liquidity: Maintain sufficient liquidity to meet short-terni operational requirements and unforeseen circumstances. Income Generation: M&ximize interest income on cash reserves within low-risk paTarneters to support the charity's activities. Risk Management-. Diversify deposits acTOSS multiple institutions to maximize Financial Services Compensation Scheme ("FSCS") protection and minimize risk.
THE HOPE FOUNDATION FOR CANCER RESEARCH TRUSTEES, ANNUAL REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR TO 31 MARCH 2025 Guidelines: Funds will be placed in FCA-authorized UK banks or building societies using a mix of staggered 3- or 6- month fixed-tenn deposits and 30- OT 90-day notice accounts to balance interest income with short-tern] accessibility. We may place deposits exceedingthe £85,000 FSCS limit with well-funded, stable banks with strong credit ratings, diversifying across institutions to manage risk and prioritizing low-risk, FSCS- protected accounts where possible. Ethical considerations will guide bank selection, and a portion of reserves will remain in instant access accounts to meet immediate needs. Reserves Policy The basic requirement of the reserves policy is to maintain free res¢rves, in unrestricted general funds, at a level which ensures that the charity will be able to meet at least six months committed expenditure, including ¢v¢nt costs as well as funding grants which will arise in the coming year. The Trustees are satisfied that the unrestricted and undesignated general funds at the year-¢nd of £1,147,594 are appropriat¢. However it remains vital that we continue to raise funds to support cancer research. Plans for the future The Trustees will continue to supwrt the Hop¢ Cancer Trials Centre which is an internationally-r¢nowned and recognised research environment and will remain central to helping ensure continued success of all the Centre's national grant bids, leveraging income from national institutions and funding bodies, to be spent locally and Tegionally on the research efforts here. HOPE will also continue to respond to planned and timed annual funding requests that support the strategy of the Leicester Cancer Research Centre {"LCRC"), including some developm¢nt projects, funding vital medical research equipment that hekps speed up progress of research. We will also support a long-tem NHS plan on delivering a new cancer service5 centre at a site to be determined. Aeknowledgements The Board acknowledges and thanks all its volunteers, generous corporate sponsors and individual supporters and donors. It thanks the University of Leicester for providing the Charity's office accommodation. Trustees, responsibilities The trustees (who are also directors of The Hope Foundation for Cancer Research for the purposes of company law) are r¢sponsibl¢ for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial stat¢ments for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incorning resources and application of resources, including the income and expenditure, of the ¢haritabl¢ company for that period. In Preparing these financial statements, the trustees are required to-
THE HOPE FOUNDATION FOR CANCER RESEARCH TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR TO 31 MARCH 2025 elect suitable accounting policies and then apply them consi5tently' observe the methods and principles in the Charities SORP 2019 (FRS 102)- make j udgments and estimates that are reasonable and Prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to Presume that the charitable company will continue in operation. The trust¢¢s are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit infonnation of whicli the charitable company's auditor is unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomlation and to establish that the auditor is aware of that infom]ation. The trustees are responsible for the maintenance and integrity of the corporate and financial inforniation in¢lud¢d on the charitable coinpany's webslte. Legislation in the United Kingdom governing th¢ preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Diselosure of information to the independent examiners We, the directors of the company who held office at the date of approval of these Financial Stat¢m¢nts as set out above each confirm. so far as we are aware, that: there is no relevant audit infonnation of which the company's independent examiners are unaware. and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant infonmaiion and to establish that the company's independent examiners are aware of that infom]ation. On behalf of the board Mr James Gr¢enlees Chair of the Board of Trustees Date: Company Registration number: 04397137 Charity number: 1091480 10
UHY 41HV HKk•rY•uno LLP 14 Park f+(w Notlingham N616G THE HOPE FOUNDATION FOR CANCER RESEARCH INDEPENDENT EXAMINER'S REPORT FOR THE YEAR TO 31 IARCH 2025 I report on the accounts of the company for the year ended 31 March 2025 which are set out on pages 12 to 23. Respective responsibilities of trustees and examiner As the charity's trustees of tlie company {and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordanc¢ with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that th¢ accounts of the company are not required to be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in reS¢t of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (the '201 l Act,). In carrying out my examination I have followed the Directions given by the Charity Coininission under section 145{5)(b) of the 201 l Act. Independent examiner's report Since the Company's gross income exceeded £250,000 your examiner must b¢ a mernber of a body listed in section 145 of the 2011 Act. l confirni that l am qualified to undertake the examination caUSe l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no material matters hav¢ come to my attention in connection with the examination giving me cause to believe: ( l ) accounting records were not kept in r¢5P¢Ct of the company as requTred by section J86 of the 2006 (2) th¢ accounts do not accord with those accounting records. or (3) the acwunts do not comply with the accounting r¢quir¢m¢nts of section i96 of the 2006 Ad othcr than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. or (4) the accounts hav¢ not been prepared in accordance with th¢ m¢thods and principles of the Statement of Recommended practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R¢publi¢ of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Chris McKain FCA UHY Hacker Young Chartered Accountants Date: li. fvJvrf£M64&. 2v2S
THE HOPE FOUNDATION FOR CANCER RESEARCH STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AIYD EXPENDITURE ACCOUNT) FOR THE YEAR TO 31 MARCH 2025 2025 Unrestricted Funds 2024 Unrestricted Funds Note Income from: Voluntary income Investment income 58i,251 44,418 J91,J04 37,541 Total income and endowments 627,669 428.845 Expenditure on: Generating funds Charitable activities 295,459 517,215 J94,770 l)O,000 Total expenditure 812,674 524,770 Net expenditure (185.005) (95,925) Net (Ioss¢5) I gains on investments (10,197) 19,671 Net movement in funds 15 (195,202) (76,254) Reconciliation of funds: Total fund5 brought forward 15 1,)42,796 1,419,050 Total funds carried forward 15 .147 594 1,342,796 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The note5 on page5 15 to 23 form part of these financial staternent5. 12
THE HOPE FOUNDATION FOR CANCER RESEARCH BALANCE SHEET FOR THE YEAR TO 31 MARCH 2025 2025 2024 Iyote Fixed assets Tangible assets Investments io 5,411 46J,258 463,653 468,669 46J.65J Current assets Debto Cash at bank and in hand 12 8.995 I,J57,936 12,795 1,331,473 ,366,9i I I,J44,268 Creditors: amounts falling due within one year 13 (688,006) (465,125) Net current assets 678.925 879,14) Net assets ,147.594 I,J42,796 Charity Funds Unr¢stri¢ted funds 15 ,147,594 1,)42,796 Total charity funds 15 .147,594 1,342,796 For the financial year ended J l March 2025 th¢ company was entitled to exemption und¢r section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year ended J l March 2025 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act wlth respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to comwanies subject to the small coinpanies, Te Ine. The financial slatcm¢nts were approved and authorised for issu¢ by the Boardon..... Signed on behalf of the board of trustees by: Mr James Greenlees Chair of the Board of Trustees Company Registration number: 04397137 Charity number: 1091480 The notes on pag¢s 15 to 2J fonn part of these financial statements. 13
THE HOPE FOUNDATION FOR CANCER RESEARCH STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2025 2025 2024 Note Cash outflow from operating activities 16 (2,179) (172,587) Net cash oufflow from operating activities (2,179) (172,587) Cash flow from investing activities Purchase of tangible fixed assets Purchase of investinents Proceeds from sale of investments Interest received Dividends received (5.974) (101,807) 92,005 31,356 13,062 (96,8J6) 99,286 27,463 10,078 Net cash flow from investing activities 28,642 Net increase l (decrease) in cash and cash equivalents (1)2,596) Cash and cash equivalents at l April I,JJ1,47J 1,464,069 Cash and cash equivalents at 31 March l.J57,9)6 l ))1.47i Cash and cash equivalents consists of: Current account Money market deposits Broker's accounL Deposit account Charity bonds 13,169 8J4,577 7,884 287,767 214,539 E6,445 815,901 14,172 279,284 205,671 Cash at bank and in hand at 31 March l.J57,936 ,JJl,473 The notes on page5 15 to 23 form part of these financial statements. 14
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2025 Summary of significant accounting polieies (a) General information and basis of preparation The Hope Foundation for Cancer Research is a company limited by guarantee registered in England & Wales and a registered charity in England. The address of the registered office is given in the charity reference and administrativ¢ details on page 3 of th¢se financial statements. The nature of the charity's operations and principal activities are outlined on page 5. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recomm¢nded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 201 I, the Companies Act 2006 and UK Generally AWept Practice. The financial statements are prepared on a going concern b&8is under the historical cost convention, modified to include certain items at fair value. The financial statements are presented tn sterling which is the functional currency of the charity and rounded to the nearest £. Th¢ significant accounting policies applied in the preparation of thes¢ financial statements are set out below. Th¢s¢ policies have been consistently applied to all years presented unless otherwise stated. (b) Fund$ Unrestricted funds are available for use at th¢ discretion of the trustees in furth¢ran¢e of the general objectives of th¢ charity and which have not be¢n d¢signated for other purposes. Designated funds comprise unrestricted funds that have been set &side by the trustees for particular purposes. The aim and usc of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purpose5. No such funds are currently held. (e) Ineome recognition All incoming resources are included in the Stat¢m¢nt of Financial Activities (SOFA) wh¢n the charity is legally entitled to the income after any perfomance conditions have been met, the amount can b¢ measured reliably and it is probabl¢ that the income will be received. For donations to be recognised the charity will have been notified of the amounts and th¢ settlement date in writing. If there are conditions attached to the donation and this requires a level of perfomiance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of th¢ charity and it is probable that they will be fulfilled.
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 MARCH 2025 For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions. the legacy is treated as a contingent asset and disclosed. Income from trdding activities includes income earned from fundraising events and trading activtties to raise funds for the charity- Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right lo receive payment is established. (d) Gifts in kind The charity benefits from many hours given freely by trustees, patron5 and other volunteers. The charity is extremely grateful for all these gifts in kind. It is extremely difficult to place a value on the time gifted and accordingly, this not included within the Statement of Financial Activities. (e) Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure 15 recognised where there is a legal or constructive obligation to make payments to third parties. It is cat¢goris¢d under th¢ following h¢adings: Expenditure on generating funds includes costs incurred attracting voluntary income. and Expenditure on charltable activities includes grants and funding given in accordance with the Charity's aims and objectives. Grants payabl¢ to third parties aTe within the charitable objectives. Where unconditional grants ar¢ offered, this is accrued as soon as the rccipi¢nt is notified ofthe grant, as this gives rise to a reasonable ¢xpectation that the recipient will receive the grants. Where grants ar¢ conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. (D Tangible fixed assets Tangible fixed assets arc stat¢d at cost less accumulated depreciation. Cost includes cost5 directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, les5 estimated residual value, of each asset on a systematic basis over its expected useful life as follows: Fixtures and fittings Computer equipment Molor v¢hicle 200/0 straight line J3 % straight line 250/0 slraight line All assets with a value less than £1,250 are written off in the year in which they are acquired. 16
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FtNANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 IVIARCH 2025 (g) Investments Inv¢stments are recognised initially at fair value which is norrnally th¢ transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investinents, in the SOFA if the shares are publicly traded or their fair value can otheNiise be m¢asured reliably. (h) Cash and cash equivalents Cash and cash equivalent5 are basic financial assets and include cash in hand, deposits held at call with banks, other short-tenn liquid investments with original maturities of three months or less. (i) Taxation The charity is an exempt charity within the meaning of schedul¢ J of the Charities Act 201 l and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 201 O and therefore it meets the definition of a charitable company for UK corporation tax purposes. Voluntary income 2025 2024 General donations Events In memoriam Regular giving University of Leicester Books Tax refund J87,896 1)9,i54 8,522 6,964 7.854 1,665 251.987 82,072 6,564 8,472 896 29,920 583.251 )91.i04 All voluntary income received in 2024 and 2025 is unrestricted. Investment income 2025 2024 Bank interest Share divid¢nds 10,078 44,418 i7,541 All investment income received in 2024 and 2025 is unrestricted. 17
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 MARCH 2025 Cost of generating funds 2025 2024 Note General costs Events Capital development Costs 249,559 39,588 6,i12 255,884 57,114 81.772 295,459 394.770 Analysis of general costs 2025 2024 Staff costs Staff and volunteer training Staff and volunteer recruitment Equipment Utilities Postage and stationery T¢l¢phone and internet charges Insurance Marketing Travel expenses Bank charges Subscriptions Depreciation Miscellaneous Administrative costs Legal and professional fees 178,142 1,287 1,661 174,012 ,263 1,951 14,275 4,022 4,581 1,659 1,846 4,918 1.614 1,884 21.114 3,882 2,770 90) 4,139 4,002 8,165 1,200 249.559 255,884 Essentially all costs incurred relatc to fundraising for the charity and are unr¢stricted for both 2024 and 2025. Within the costs for the year a total of £6,J12 (2024- £81,772) was in relation to the designated fund for a capital projcct. Charitable activities 2025 2024 Note Grants awarded 517,215 130,000 All grants awarded for 2024 and 2025 are unrestricted.
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FINANCIAL STATEMENTS (CONTtNUED) FOR THE YEAR TO 31 IIIARCH 2025 Analysis of grants Period of Award 202512026 202412025 2025 2024 CTF Nurse 2025126 Salary support for Dr Shradha Bhagani-2024125 Salary support for Dr Niki Patil and Dr Shradha Bhagani-2025126 Aseptic Suite CTF Nurse 2024125 Precision Cancer Theme Support LCRC- 2021122 112,752 100,000 202512026 117,496 iOO,000 202412025 20221202J 202112022 i 00,000 ( i 00,000) { l ).O)J) iO,000 517,215 liO,000 Amounts awarded to date but still due for paym¢nt totalled.. 2025 2024 Due within one year Total due Due within one year Totsl due Salary support for Dr Niki Patil and Dr Shradha Bhagani - 2025126 Salary support for Dr Niki Patil and Dr Shradha Bhagani - 2024125 Aseptic Suite Dr Lynn Furber (Breast Cancer) CTU Nurse 2022123 CTU Nurse 202J124 CTU Nurse 2024125 CTU Nurse 2025126 LCRC- 2021122 Precision Cancer Theme Support Clinical PhD Fellowships 117,496 117,496 100,000 JOO,000 15,680 loo,000 300,000 15,680 15,680 1,005 i 00.000 i 00.000 15,680 1,005 loo.000 loo,000 112,752 12.189 112,752 12,189 29,464 i 00,000 100.000 29,464 loo,000 loo,000 658,117 658,117 446,149 446,149 Trustees, and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year (2024: £Nil). The trustees did not have any expenses reimbursed during the year (2024: £Nil). The total amount of employee benefits received by key management personnel is £62,694 (2024.. £62,694). The charity considers its key management personnel to be the Chief Executive Officer. 19
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 MARCH 2025 Staff costs and employee benefits The charity relies on the services of 5 (2024.. 5) employees. Th¢ total cost of these individuals in the year was £178,142 (2024.. £174,012). One employee received total employee benefits (excluding employer pension costs) within the range £60,000 to £69,999 (2024.. one). 10 Tangible fixed assets Fixtures and rittings Motor Vehicle Computer equipment Total Cost or valuation: At l April 2024 5,448 10,251 Additions 3,500 2.474 5,974 Disposals (1,472) (1,472) At J l March 2025 6,450 Depreciation: At l April 2024 5,448 10,251 Depreciation 220 343 563 Eliminated on disposal (1,472) (1,472) At 31 March 2025 220 4,319 9,342 Net book value: At J l March 2024 3.280 5,411 At J l March 2025 -20-
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 MARCH 2025 I l Fixed asset investments 2025 2024 Market value at l April Acquisitions at cost Sales proceeds from disposals Net (losses) I gains on revaluation in the year 46J.65J 101,807 (92,005) (10,197) 446,4J2 (99,286) 19.671 Market value at 31 March 463,258 46J.65J Historical wst as at 31 March 450,470 4)5.616 Investm¢nts at fair value compromise: 2025 2024 Listed investments in the UK Listed investments outside the UK 165,857 297,401 168,467 295,186 46J,258 46i,65J Listed investments held outside the UK include shares held in Guernsey which th¢ trustces consider to be an inactive market. The shares have been valued at the traded value nearest to the year end as, in the opinion of the trustees, this fairly reflects the value of shares at 31 March 2025. All oth¢r investments have been valued at the market value at J l March 2025. 12 Debtors 2025 2024 Prepayments and accrued income 8,995 12,795 21
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FINIINCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 MARCH 2025 13 Creditors: amounts falling due within one year 2025 2024 Notes Other tax and social security Accruals for grants payable Accruals Deferred income 658.117 4,573 20,995 446,149 4,047 11.561 14 688,006 465.125 Included within ¢rualS are unpaid pension contributions of £J27 (2024: £231). 14 Deferred income 2025 2024 At l April Additions during the year Amounts released to income 11,561 20.995 (11,561) 11.598 11,561 (11,598) At i l March 20,995 11,561 Incom¢ has b¢¢n defeed as it relates to events held after the year end. 15 Fund reconciliation 2025 Balance at l April Income 2024 Loss on Balanee at Expenditure investments 31 March 2025 Undesignated Designated 860.960 481,8J6 627,669 (506,J62) (306,312) (10,197) 972.070 175.524 Unrestricted I,J42,796 627,669 (812,674) (10,197) 1,147,594 £53.039 of th¢ 2025 unrestricted funds arc designated for a project to obtain additional don0. £122.485 of the 2025 unrestricted funds are designated for a capital appeals fund for a major and ambitious expansion project at the Hope Clinical Trials Facility at Leicester Royal Infinnary. 22-
THE HOPE FOUNDATION FOR CANCER RESEARCH NOTES TO THE FINANCIAL sTATE1VNTs (CONTINUED) FOR THE YEAR TO 31 MARCH 2025 2024 Balance at l April Income 2023 Gains on Balance at Expenditure investments 31 March 2024 Undesignat¢d Designated 855,442 563,608 428,845 (442,998) (81,772) 19,671 860,960 481,8i6 Unrestricted 1,419,050 428,845 (524,770) 19,671 1,342,796 £59,J51 of the 2024 unrestricted funds are designated for a project to obtain additional donors. £422,485 of the 2024 unrestricted funds are designated for a capital appeals fund for a major and ambitious expansion project at the Hope Clinical Trials Facility at L¢icester Royal Infirmary. 16 Reeonciliation of net expenditure to net cash flow from operating activities 2025 2024 Deficit for the year {195,202) (76,254) Depreciation Interest received Dividends received Fair valuation movement of investments Decreasel(incr¢ase) in debtors Increasel(decrease) in creditors due within one year 563 (31,J56) ( l J,062) 10.197 3,800 222,881 (27,46J) (10,078) (19.671) (2,099) (J7,022) Cash outflow from operating activities (2.179) (172.587) 17 Related party transactions There are no Telat¢d party transactions during the period (2024.. £Nil). 23