Charity R8gistration No. 1096491 (England and Wales) Charity Registration No. SC044013 (Scotland) Company Registration No. 04597114 (England and Wales) Ellen MacArthur Cancer Trust Annual Report and Financial Ststements For the year ended 30 November 2024
ELLEN MACARTHUR CANCER TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 CONTENTS Page Report of the Chair of Trustees Trustees. report Independent auditorfs report 9-12 Statement of financial activitss 13 Summary of income and expenditure account 14 Balance Sheet 15 ststement of cash flows 16 Notés to the ftnancial ststements 17-33 Legal and administrative infonnation
ELLEN MACARTHUR CANCER TRUST REPORT OF THE CHAIR OF TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024 We enter the final 12 months of our current thre&year business plan on track to achieve most of the ambitions we set ourselves in 2023.. In 2024. we supported mor8 young people in one summer than ever before - 671 across first-time four-day sailing trips, retum outdoor and sailing adventures, and our unique Irtps for siblings of young people we have support8d after canw. This was against the backdrop of one of the toughest financial and fundraising environments any of us, Nvho have been involved in the tharity sector for a long time. can remember. Achieving growth While it's always incredible to be supporting more young people year-on-year, growth for the Ellen MacArthur Cancer Trusl can never just be al)out numbers. In the past 12 months. there hav8 also been some pivotal advancements in the support VR are offering, increasing our impact and consolidating our position as sector leaders in the post-treatrnent support space. Our partnership with specialist youth menlal health charity, Mind Over Cancer. has gone from strength-ttrstrength. Following a SUC$sJ] pilot in 2023124. this year we have 23 young people involved in Mind Over Cancerfs online mental wellbeing support programme. These sessions rln outside of the trip season and provide a Spa for young people to conlinue conversations from their trip and get the tools in place to Ioc4k after their mental wellbein9. We have continued to invest in training and developing our volunteers and, in October, ran our first ever RYA Watch Leader course, and we now have more than 160 volunteers trained as Youth Mental Health First Aiders. As well as giving volunteers the chance to gain new skills and experiences. benefitting their Cvs and supporting education and career ambitions, the new Watch L8ader programme also enables the volunteers to support our sailing trips as Mates, which has a hyo-fold benefit. Firstly, having volunteers with a broad range of skills is key to having a positive impact on Yn9 people. Volunteers with sailing skills 8re integral to keeping young people safe, and being able to offer this course means we can develop those skills for existing volunteers vh)0 already understand our tsips and young people. Secondly. as we start training Mates in-house. rn(e opp)rtunities Jhqll open for new volunteers to support our trips as Crew Leaders, bringing increasingty diverse and different skj'lls and experiences to our volunteer pool. Follewing the publicaiton of a new State of the System report in June 2024 - research we had partnered with Young Lives vs Cancer. Teenage Canr Trust and Children's Cancer and Leukaemia Group (CCLG) to commission - we are grateful to now be part of a Collective Impact Initialive. which aims to apply'systems thinking- to address the gaps and challenges unearthed through the report. Led by Young Lives vs CarKer. this group will work to educate, influence. and involve stakeholder5 from every point of a young person's canr joumey. to cata]yse changes within the system to enhance the long-term wellbeing of children and young people with Canr, and their families. 2024125 forecast For the finanaal year 2024125 we have set a budget that aims to get us back to as close to a breakeven position as possible. Over the past few years, we agreed a5 a Board to make a planned deficit and to manag8 down our reserves from almosl 12 months expenditure in 2021r22 to Jusl over six months in this financial year. But this is only sensible and sustainable for so long. For 2024125 we have forecAst income of £1.79m and expenditure of £1.88m. a small deficit of £90.000 made up of a one-off £30,000 fundraising investment on top ofr depreciation of £60,000. This represents vthat we believe is the most accurate forecast for income and gro in young people numbers. in line with operational delivery capacity and recruitment, as we aim to support over 725 young people and siblings in
ELLEN MACARTHUR CANCER TRUST REPORT OF THE CHAIR OF TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024 2025. Inevitably, the challenges in raising funds affected decisi$ we h&18 made about the number of trip5 we oxn run and spaces we can offer in 2025. At the lime of writing, there is a retum trtp waiting list of 80 young peoplè. for whom we do not have a space this year. This is the first time in our history we have not been able to accomm(yJate everyone who wants to come back for a retum trip. Happily, this is still fewer young people than the initi'al 2025 waiti'ng list, thanks to the generosity of Ocean Yolrth Trust South. a partn8r sail training organisation, that has offered to fund a trip for our young people this summer at nominal cost to us. But it undersco5 how the pressure we are experiencing of increasing costs due to inflation, particularty on food. fuel, and transport, coupled with the squeeze on income. is having a real-time impact on the level of support we can offer. The whole team are working to tighuy control expenditure. but not to the detriment of our trip experience, and the fundraising team are focused on building our pipeline by income stream. It is not easy bui there is a clear plan, which, over the next 12 months, will hopefully see us retum to a more sustainable financial position while also supporting the most young people in our 22-year history. 2023124 accounts Last year we were grateful to receive a donation lo purchase a new yacht to add to our three-vessel fleet. Through the generosity of a gentleman who was an ardent sailor and who enthusiastically supported the Ellen MacArthur Cancer Trust over many years, we are absolutely delighted to be the reapient of the newly-built and SplalIY adapted 46ft yacht Kalooki. Kalooki was officially handed over to us in January 2025. As a result, this set of accounts indudes the £255.769 donation for Kalooki. irueasing our overall income to £1,901.242 and turning a £238,436 deficit into £17,333 Surplus. V*Jhile the accounts show an increase in our asset value, tt)ey should read as having made a deficit of £238.436 in term5 of underlying performance, which is in line with our Board strategy of making a planned defictt in this financial year. We are looknng forward to seeing Kalooki on the water for the first time in 2025. Because of her size and bespoke adaptations, she will make a real difference to both the number of young people we can support and the accessibility of our trips. Our Board It continues to be a huge privi18ge to work with such a supp(Yiive gr(yJp of Trustees on the Board. We were sad to say far8W811 to our friend and colleague. Joe Bumie. after nine years as Treasurer and were delighted to welcome Michelle Cutuer and Jane Ross as our new Trustee with lagal expertise and Treasurer respecb'vely. I would like to extend my thanks to Joe for his incredible support and contribution over the past decade and am thrilled Mi¢hell@ and Jane are already starting to mak8 thr mark with the ideas and accountsbility they are bringing. Their addition also means we now have a 60.'40 femalelmale split on the Board, something we are very proud of as we continue to improve our Board diversity. December 2025 marks the start of our next business cyde to take us to 2030 and work is well underway on identi"n9 the key ambitions for that penod. The Board is lookin9 forward to scrutinising and challenging these plans to ensure we can conlinue to have as big an impact as possible on as many young people as possib]e over the next five years and beyond. 'Please find an update on our 202>25 Ambitions on page 5 of this report. Dr Dave Hobin (Chalr of Trnsteesl
ELLEN MACARTHUR CANCER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024 The Ellen MacArthur Cancer Trust Infomiatlon The Ellen MacArthur Cancer Trust is incorporated as a company limited by guarantee and is regislered in England and Wales with the registered number 04597114. The Trust is registered with the Charity Commission with the registered number 1096491. and the Office of the Scottish Charity Regulator (OSCR) wtth the registered number SC044013. Objects The objects of ihe Ellen MaG4rthur Canw Trust are: to alleviate the suffering and pr(Nnote the well-being of children and young persons suffering from cancer, leukaemia, or other serious illness by providing facilities for sailirvJ trips. sailing holidays and other similar activities-, and to promote such other purposes being exdusively chatitable as the Trustees may from time to time detennine. Objectlves and Acuvltles For many young people. simply picking up from where they left off before cancerjust isn't possible. So, when treatment ends our work begins. The Ellen MacArthur Cancer Trust takes young people sailing and on ouldoor adventures to inspire them to believe in a brtghter future. living through and beyond Canr. The difference we make - Public Benefft In setting the Ellen MacArthur Cancer Trust's objectives and planning its annual activities. the Trustees give care1 consideration to the Charity Commission's general gUIdan on public benefft. Each day an average of 12 children and ywng peOe in the UK leam they have cancer (CRUK, 2023) - statistics show almost 84°h of children and 87% of young people will survive but many be left wtth lonterm psychological. physical, and social effeth. Research shows that 90% of young people in recovery from cancer feel isolated and over 60% are worried about the impact on their education or future employment. The impact of treatment on families and communits'es is significant and the lontemi socit>economic consequences to society are cosuy. There is growing reccNJnition that providing support for young people to help them Iransition befvrfeen treatment and 'normal' life can significanly improve mental and physical wellbeing, happiness and the Ihrough life, societal contribution of young people and their families and communities. The Ellen MacArthur CancerTrust provides this siJpport- using saifing, advenlure. and social interaction as an enabler of change. helping young people to re-engage with life after cancer treatrnent. improving mental wellbeing and helping them to cope with the impacts of long-temi treatment so Ihey can live fulfilling lives. The Ellen MacArthur CancerTrusfs impact is signiffinI. improving education. employment, and societal engagement for the young person and in turn improvtng the wellbeing of their farnilie5. We use an independently verified tool - the Short Warwick-Edinburgh Mental We]Ibeing Sca18 - to measure and 8vidence the impact of our trips on young people's mental wellbeing. This tool is used across a range of settings. including healthcare, education, and community seltings with people aged 14+ A set of seven questions are automali(2lly sent to every young person taking part in a trip, two weeks before they go on their trip. immediately after the trip arKI ihree months later. The results of these questionnaires are available to view on a live. real-time dashboard on our webstte at ellenmacarthurcancertrust.oWmpact. The data can be filtered in different yy$ to see the change made for different groups. The results from our first two years, data cleady show Iheir eyperience with us achieves a positive change for a young person's w811b8ing. with 73% of young people experiencing an wnprovemenL
ELLEN MACARTHUR CANCER TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Organlsallonal Structure The Ellen MacArthur CancerTrustwas estsblished by its Memorandum and Artides of Association and is incorporated as a company limited by guarantee. The Board The Ellen MaG4rthur Cancer Trust has a Boar(1 of Trustees, with day-to4ay management delegated to the CEO and Leadership Team. The Trustees are appointed following an open recruttment process. The Trust undertakes induction and training to their role as Trustees, which follows the Charity Commission guidelines. Trustees seNe for a period of threé years and are eligible for re-elecbon. Dr David Hobin and Ms Jo Grindley We leCt during the year. The group of 10 Trustees includes a parent of a young person supported by the Ellen MacArthur Canr Trust after treatment, two Board members who accessed the Trust's semces as young people, a paediatrtc oncology consultant, an accountant, a lawyer, and experts in fundraising and risk managemerrt investments, all of whom bring a broad spectrum of knoedge and experienc8 to the Board. Trustees. indemnity insurance was in place throughout the period. Th8 Board has four committee5 vthich make recommendations to the Board. Their temis of reference are summarised below.. HR and Personnel CommFttee The HR and Personnel Commrttee foSe$ on the charity's staff tsam and recommends to the Board the pay and remuneration of the Trust's key management Personnel using appropriate benchmarking data and industry guidan. The committee liaises with the Chief Executive Officer as to the salaries etc. of the other employ8és. Ramuneration is agreed annually in Nov8mber. Governance Commlttee The G0Veman Commtttee focuses on the charitys Policies and Procedures, its Codes of Conduct. and Data Proteth"on R8gulations. Investment and Flnance Commlttee The Investment and Finan Committee focuses on finanoal and operational performance and procedures, the Ellen MacArthur Cancer Trust annual plans and budgets. and its investments and reseNes. Equality, Div8rsity & Inclusion Committee The Equality. Diversty & Indusion Committee have responsibility for guiding the strategic development of Equality, Diversity and Inclusion within the charity. The Charity Governance Code Th8 Board of Trustees strives to adhere to the seven principles contained ¥thin the Charity Govemance Code for larger dlartbes. The Board of Trustees contains irKJividuals with a mix of skill sets. we openly recruit all new Trustees to encourage as a wide a set of applications as possible. We currently have three Trustees MrtK) have served for longer than nine years. The Board takes into account the need for progressive refreshing of the Board on the rppOIntMent of all Trustees. The Trustees liaise regulaty and meet at least four times a year. GNen our size it is not considered proportionate for there to be a three yearly exiemal review of the Board. However. in 2022 the Board und8rtook a review using The Governance App and we continue to Use the results to improve the govemance of the charity.
ELLEN MACARTHUR CANCER TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Fundralslng Code The Ellen MaGqrthur Canr Trust is regISted with the Fundraising Regulator. and we use the Regulators. Code to guide our fundraising. Atl our fundraising is undertaken by in-house fundraisers employed directly by the charity or our volunteers and we do not use any third parties to TKIraIse on our behalf. We have a mixed porttolio of fundraising activity" however, we do not undertake door to door or street fundraising and do not undertake any clothes collections. We have received no complaints about our fundraising in this financial year. Staff and volunteers receive training on treating people fairfy and with respect and how to explain the differen we make in a aY which does not mislead people, as well as being sensitive to people who may b8 in vulnerable circumstances. Etnployo8S The Ellen MacArthur Cancer Trust has 21 full-time and 3 part-time ernoYeeS (2023 - 18 full-time and 3 part-time) and also employs seasonal Operations Assistants in the summer. Our yacht skippers are employed on a freelan basis. Volunteers The Ellen MacArthur Cancer Trust Telies on the support of 250 volunteers (2023 - 200+) without whom we could not continue to inspire young people to believe in a btighter fvture living through and beyond Canr. The vast rnajority of our volunleers assist on our trips as medical volunteers, first mates or crew and group leaders giving up 4 or 5 days of their time to do so. We are also supported by volunteers helping with accompanying young people as they travel to the trips and those who assist with fundraising events. Ri8k8 and Uncertalntles The Trustees 6valuate and consider the impact of identifiable risks on the charity and have policies in plac8 to minimise these. The health and safety of lh8 young people on the Ellen MacArthur CancerTrusfs trips is of the utmost importance and is reflected in the chaTity's procedures and poliaes. The Twstees review the risk register regularly. Bigger Impart Brlghter Futures - Our Ambitions for 2023 - 2025 The financtal year 2023124 was the second of our three-year 'Bigger Impact. Brighter Futures - Our Ambitions for 2023-25. strategy. This aims to make us even more accessible and indusive to all young people with a Gancer diagnosis in the UK and ensure every youn9 person experiences belonging and improved mental wellbeing with the Ellen MaG4rthur Can¢er Trust. As we enter the final year, we are making excellent progres5 against these Ambltions as SUFnmarised belo. Build belonging - we published our Equity, Diversty, Indusivity and Belonging (EDIB) Plan- the bedrock to create true belonging for everyone involved wilh us - and our Racism and Idents"ty DIslMInation Policy and Reporting PrOs, so anyone can repor( and we can invesb'gate. incidents. The team also completed fomal EDIB training. Go further- we're now in the second year of outf-seaS0n free mentsl wellbeing support sessions delivered through Mind Over Cancer. with twice as many applirations for year t4VO {32 v 16). Drive impa¢t- our impact dashboard is becoming increasingty embedded in our work in temis of collecting young person responses, reporting for funderslpartners and building a robust data set to help infomi fvrture d8cisions. A Net Promoter Score (NPS) measure introduced this year found 80% of young people would recommend our trips to a friend (overall NPS score 75). Keep the maglc - with a renewed focus on makTng volunteertng as equilable and open as possible, 108 new volunteers joined our team for the 2024 season. including 54 new medics, while 160+ volunteers and skippers have trained as Mental Health First Aiders to better support young people.
ELLEN MACARTHUR CANCER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Ask questlons-we've continued to focus on addressing the gender imbalanc8 amongst our skippers while our EDIB P18n outlines recruitment best practice for volunteers, skippers and Youth Advisory Group. Thlnk planet- we've remained comrnitted to protect the environment. promote sustainability and minimise our carbon footprint, evidenced through consrious deCiOn making around purchasing, resourcing and everyday actions. In year three we will seek funding for extemal support to progress this Ambition. DIVeIfy Income- we've focused on increasing Trust and Foundations IT&F) applic8tions, induding adding another T&F fundraiser to the team, and growing our High Net Worth Individual network, while development of a new mid- value Giving Club and lega¢y programme are underway. Grow loyalty - our fundraising team undertook speciafised training on building supporter journeys and supporter experience alongside developing our data and lab'onship management Systems to support this. Successful 'see it yourself donorfftjnder sailing days were introduced too. Talk difference- our impact continued to be ai heart of our communications to connect with and attract young people to come sailing and inspire Feople to support us. Financial Review and results for the year The Statemant of Financial Activities (SOFA) sets out the results for the Ellen MaG4rthur Cancer Trust for the year. Income This year, incom8 incr8ased by 130A to £1.901,242 {2023 - increased by 17% to £1.687.363). Excluding the donation for Kalooki, income this year remained stable. The charity has a balanced portfolio of income principally from five sources: Grant making trusts, individual donations, rporale support, events, and communty events. The Board of Trustees VUld like to thank the charity's supporters. volunteer5. fundraisers, and colleagues for their continued commitment that has made this possible. THANK YOU. T&F grants account for around 54% of annual income from 45+ (xganisations (2023 - 560h of annual income from 38+ organisations) induding a substantial annual grant from the players of People's Postcode Lottery. in addition to grants from many charitable organisations including Mich*1 Cowan Foundation and EBM Charitsble Trust. Substantial support is also reiVed from individual donations from members of the public accounting for 27% of annual income (2023 - 31%). All figures for 2024 exdude the donats'on for Kalooki to provide a representativa view of the underlying portfolio of income forlhe Ellen MacArtlwr Cancer TtusL Expendlture The costs of supporting young people living through and beyond cancer was £1.524,939 (76% of total spend) in 2024 (2023 - £1.442,431 _ 790/0 of total spend). Summary The Trust incurred a surplus of income over expendriure of £17,333 (2023 deficit of £(137.624)} on combined funds. and a defirAt of £29,384 on unrestricted funds {2023- £{128,858)). The cash position shows a balance of £303,566 (2023 £502,800). Net assets of the Ellen MacArthur Cancer Trust in unrestricted funds amounted £1,823,672 at the year-end (2023 - £1,853,056). The expendable endowment funds are stated at £729.324 at the yearend (2023 - £698,587).
ELLEN MACARTHUR CANCER TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Reserrfes Pollcy The charity makes no charge for its services. receives tK) Statutory fuTrJing. and has no trading income. It is entirely reliant on voluntary donations to fijnd its life-changing trips, ensuring that it is able to uphold the long-temi commitments it promises the young people it supports. As a dynamK organisation retying entirely on voluntary income. the Trustees, objective is to hold adequate resetves so that the Ellen MacArthur Cancer Trust can react to challenging economic times, unexpected events, or unforeseen opportunities to further enhan its support for young people living through and beyond cancer. The Trustees regularly review and discus5 the level of reserves, f(Yecasts of secure and potential income, and committed and forecasted expenditure to ensuré that the Trust can fulfil all its commitments for the year ahead. For 2024. this revi indicated income levels would be lower and expenditure levels higher than in 2023. and accordingly reserves would be reduced. In addition. the Board has created a Designated ReseNe for Vessel Replament and Maintenance. The amounts to be transferred will be decided by the Board on an annual basis and it was agreed to transfer £100.000 to this Designaled Reserve at the end of the 2024 financial year. As a result, the Twsfs general unrestricted reserves dedined in 2024 and are set oui as ft)Ilows= General unrestricted reserves at the year-erKI are £1.723.672 (2023 - £1.853.056). Designated Funds for Vessel Replacement and Maintenance are £1(M).000 {2023 - £nil). Restsicied reseNes are £18.250 (2023 - £2.270). Expendable endowment funds are £729.324 <2023 - £698.587). Total funds are £2.571.246 (2023 - £2.553.913). Fre8 raserves being the total reseNes availablè less those reserves whose uses are restricted or allocated lo fixed assets. amount to £1.106,111 (2023 - £1,543,611). This level of free reserve5 represents approximatety 60% of total expendtture (exduding depreciation) committed to delivering all activities and support of young people in 2025. The Trustees consider this level of reserves to be adequate. taking into acrnunt forecxsts for future income. The Ellen MacArthur Cancer Trust is currently budgeting for a planned, smaller deficit again in 2025 as it progresses its objective of increasing the number of young people it supports each year. Investment Policy The investments of £1.422.502 (202& £1.496.470} as at the yÉar*nd (see note 16) held within the charity are invested to meet its long-term objectives. A professional Fund Manager undertakes the investment of the funds and ensures the objectives are met and invested prudendy over the long-term for the benefit of the Trust. The expendable endowment funds are held as fixed assets with an objective of maintaining capital whilst generating an income stream to further the activities of the Trust in the longer term. other funds are held in a mixtur8 of current asset investrnents and cash for the purpose of safeguarding the day-t(> day operations of the Trust, whilst generating capital growth and income to offset lh8 effects of inflation. Currently the investments are managed ty Cazenove Capital Management Limited. on a discretionary basis. vAth the exception of Ihe Grinton fund. The investment performance achieved by Cazenove is measured against a composile portfolio benchmark agreed by the Trustees. Cazenove is required to attend regular invesfment meelings with the Trust's Investment & Finance Committee to comment on its investment strategy and perfoan. No funds will be invested directly in companies promoling, producing (x manufaduring tobacco products. The Trustees are satisfied wth the perfomiance of the investments over the last 12 months. with income of 3% (2023 2Yo) and unrealised gains of £133.906 (2023- unrealised gain of £3.706).
ELLEN MACARTHUR CANCER TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Trustees, Responsibllltles The Trustees, vtho are also the direciors of Ellen MacArthur Cancer Trust for the purpose of company law, are responsible for preparing the Truste8s' Report and the financial statements in accordance with applicable law and United Ffjngdom Accounting Standards (Uniied Kingdom Generalty Accepted Accounting PractiC8). Company Law requires the Trustees to prepare financaal statements for each ffinancial year. Under company law the Trustees must not approve the finanrial statements unless they are satisfied that they give 8 tru8 and fair view of the state of affairs of the charitable company and of the incoming resources and application of reSoUrs, induding the income and expenditure. of the charitable company for that year. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 (FRS 102): make judgements and estr'mates that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financia statentS. and prepare the financial staternents on the going concem basis unless it is inappropriate to presume that the charitable company will conttnue in operalion. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any ts.me the finanaal position of the charitable company and enable them to ensure that the financial statements comply viith the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2DQ5 and the Charitses Accounts (Swuand) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hmce for taknng reasonable steps for the prevention and detection of fraud and other irregularities. statement as to Dlsclosure of Inforniation to Auditors So far as the Trustees are aware: there is no relevant infom7ati of which Ihe Twst's audttors are unaNvare: and the Trustees have taken all necessary steps that they ought to have taken in order to make themselves aware of all relevant audit infonnation and to establish that the auditors are aware of that infomiation. This report, which also meets requirements of the Directors, Report for company law purposes, has been prepared in accordan wth the speaal provisions applicable to small companies and the charites SORP 2019 {FRS102). Approved by the Trustees and signed as authorised on their behalf by: Dr David Hobln Chair of Trustees Eki M loi
ELLEN MACARTHUR CANCER TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF ELLEN MACARTHUR CANCER TRUST Opinion We have audited the financial statements of Ellen MacArthur Canr Trust (the 'charitable company.) for the year ended 30 November 2024 which comprise the statement of financial activibes, the summary income and expenditure account. Ihe balance sheet, the statement of cash flows and the notes to the financial statements. including a summary of significant accounting policies. The financia reporting framework Ihat has been applied in their preparation is applicable law and United lfjngdom Accounting Standards. including Financial Reporting standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi). In our opinion, the financial stat8ments: give a true and fair view of the state of Ihe charitable company's affairs as at 30 November 2024 and of its incoming resources and application of resour5, including it5 income and expenditure. for the year then have been properly prepared in accordan with United lfjngdom Generally Accepted Accounting Practi. and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charibes A(wunts (Scoiland) Regulations 20[ (as am8nded). Ba51s for oplnlon W8 conducted our audit in accordance wilh International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors respon&-bilities for the eudit of the financial statements section of our report. We are independent of the charitable company in accordance with th8 ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have lulfilled our other ethTcal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the finala1 statements. we have cOndled that the trustees. use of the going concern basis of accounting in the preparatwi of the finanaal statements is appropriate. Based on the vffjrk we have perfomied, we have not identified any material Unrtainl18S relating to events or conditions that. individualty or collectivety, may cast significant doubt on the charitable companws ability to continue as a golng concem for a period of at least twelve months from when the financial statements are authortsed for issue. Our responsibilities and the responsibilities of Trustees with respect to going concem are described in the relevant sections of this report. Other Inforniatlon The other infomiation comprises the infonnation irduded in the trustees, annual report other than the financial statements and our auditoes report thereon. The Trustees are responsible for the other infomiation contained within the 8nnual report. Our opinion on th8 financial statements does not cover the other inft>rmation and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomKqtion and. in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of th8 audit, or otherwise appears to be materially misstated. If we identtfy such material inconsrstencies or apparent material misststements. we are required to detemiine wh8ther this gives rise to a material mlsstatement in the financial statements themselves. If. based on the work we have perfomied. we conclude that there IS a mat8rial misstatement of this other information. we are required to report that fact. We have nothing to report in this regard.
ELLEN MACARTHUR CANCER TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF ELLEN MACARTHUR CANCER TRUST Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the cout5e of our audrt: the infomation given in tha trustees, report for the financial year for which the financial statements are prepared, which includes the directors, report and the strategic report prepared for the purposes of company law. is consistent with the financial statements" and the strategic report and the directors. report induded within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not idenlffied material misstatements in the strategic report or the directors, report included wtthin the trustees, report. We have nothing to report in respect of the followng matters in relation to which the Companies Act 20Q6 and the Charities Accounts (Scolland) Regulations 2006 (as amended) require us to report to you if, in our opinion: adequate and proper accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement vjith the accounting r8cords and r8tums; or Certain disclosures of trustees, remuneralion speGified by law are not made., or we have not received all the information arKJ explanations we require for our audit. Responsibilities of Trustees As explained more fully in the statement of trustees, resportsibilities. the Trustees. vtho are also the directors of the charitab18 company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees detemiine is necessary lo enable the preparation of financial statements that are free from material misstatement, whelher due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing th8 charitable companys ability to conb.nue as a going concem, di5dosing. as applicable. mattars related to going concem and using the going conrn basis of accounting unless the Trustees either intend to liquidate the charitsble company or to cease operations, or have no realistic altemative but to do so. Auditors responslbllltles for the audlt of the financial statements We have been appolnted as auditor under section 44{1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 20Cé and report in accordance with ihe Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran about thether the financial statements as a whole are free from mat8ri81 misstatement, whether due to fraud or error. and to ISSU8 an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS detect a material misstatement when rt exists. Misstatements can arisè from fraud or eOr and are considered material if. indiwdually or in the aggregate, they could reasonably be expected to influen the economic deasions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at: vthw.frc.org.uklaud1tcSresPQnsiblllties. description forms part of our auditor's report. Irregularities, induding fraud, are instsnces of nonwcompliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, to detect material misstatemenls in respect of irregulariti"8s, including fraud. The extent to which our procedures are capable of detecting Iegularities, Indudlng fraud Is detailed below: 10-
ELLEN MACARTHUR CANCER TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF ELLEN MACARTHUR CANCER TRUST Explanatlon as to what extent the audlt was considered capable of dotscting irregularities. including fraud The obj8ctiv8s of our audit in respect of fraud. are; to identify and assess the risks of material misstatement of the financtal statements due to fraud., to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks-, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemance of the charitable company. Our approach was as follows: The engagement partner selected staff for Ihe audit who had prior knowledge of the client and who had the required competence and skills to be able to identrfy or recognise non-compliance wtth lav and regulations. We assessed the risk of itregularities as part of our audit planning. and ongoing review, induding those due to fraud, management override identified as a significant fraud risk. This is due to the ability to bypass controls through inappropriate expenditure and accounting policies adopted. Some income received is restricted in its use and a significant risk V*BS identified regarding the correct classification of incom8 beiween restricted and unrestricted funds and that the expenditure against this income was in line with any specffied restridions. Revenue recognition was also identified as part of ow audit planning as a significant risk to Ihe audtt. Although the processing and recording of transactions is straight forward, there is the risk that revenue might not be recognised within Ihe correct accounting period. We obtained an understanding of the legal and regulalory requirements applicable lo the charity and we considered the most significant lo be Charites Act 2011. the Charity SORP. the Charities and Trustee Investment (Scotland) Act 2005. Charities Accounts {ScoUand) regulations 2006. UK finanaal reporting standards as issued by the Financial Reporting Council and UK Taxation legislation. We considered how the charitable company comFrfies with these requirements by discussions with management and those charged with governan. We inquired of management and those charged with governance as to any known InStanS of non- compliance or suspected non-complian vth laws and regulations. Consid8ration was also made of the internal controls in place to miti.gate Ihe identified risks. We assessed the control environment, documenting the systems. controls and prOsseS adopted. The audit approach incorporated a combination of controls where appropriate. ana]l¢al review and substanlive procedurès irwolving tests of transaclions and balances. Any irregularities Mted were discussed with management and additional corroborative eviden was obtained as required. To address the risk of fraud through management override we.. perfonned analytical pr4xedures to identify any unusua or UneX[ted relationships: tested joumal entries to identity any unusual transactions" tested items of expenditure to ensure that they were valid and appropriate; assessed whether judgements and assumptions made in detennining the accounting estimates were indicative of potential bias. in particular in respect of residual valu8s: and revtewed the disdosures wilhin ihe financial statements to ensure they me8t the fequirernents of the accounting standards and relevant legislation. In response to the classification of income between restricted and unrestricted we: agreed a sample of income recorded in the nominal ledger to source dOcumtation to ensure any restrictions were correctly identified. tested a sample of expenditure to ensure that they had been allocated to Ihe appropriate fund: confirmed expenses and payroll Costs allocated against restricted funds met the purpose for which the inGome was given" and reviewed the dients analysis of restricted funds ft)r any obvious misaljocations of income or expenditurè. 11
ELLEN MACARTHUR CANCER TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF ELLEN MACARTHUR CANCER TRUST In response to the rtsk of irregularities ryth regards to recognition of income we: vouched a sample of donab'ons and grants received in the year to supporting documentation., vouched a sample of donations and grants received around the balance sheet date to agree income has been included within the corTect accounting period; reviewed documentstion relating to legacies, ensure none were omitted from the accounts., and revi8wed supporting documentation for income deferr in the period. Use of our report This report is made solely to the charitable companrfs members, as a body, in accordance wth Chapter 3 of Part 16 of Ihe Companies Act 2006 and to the regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that V might state to the charitable companys members and trustees those matters we are required to stste to them in an auditorfs report and for no other purpose. To the frjllest extent permttted by law, we do not accept or assume responsibTlity to aryone other than the charitable company, the charitable companvs memberE as a body,and the charitable company's trustees as a body, for our audit work, for this report, or for Ihe opinions we have fomied. -oUL QR) ' Danlelle Grlffin (Senl¢r Statutory Audltor) for and on behalf of Moore (South) LLP 10 20 Chartered Aecountants Statutory Auditor Suiie 3. Second Floor Fnary Court 1 &21 High Street Guildford Surr8y GU13DG 12-
ELLEN MACARTHUR CANCER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2024 Unrestrictsd Restricted Endowment funds funds funds Total 2024 Total 2023 Income and endowments from: Donations and legacies Other trading activitie5 - fundraising events Investrnents other income 1.406,563 444,253 1.850,816 1.839.322 10.061 17.523 10,061 40,365 9,063 32.478 6,500 22,842 Total ineomè and endowments 1,434,147 444.253 22.842 1,901.242 1.687.363 endlture on: Raising funds 476.747 1,366 478,113 371.328 Charitable activities other 1.352.435 14.763 172.504 1.524.939 1,442,431 14.763 14.934 11 Total resources expended 1.843.945 172.504 2.017,815 1,828,693 Net gains on investments 14 102.583 31.343 133,906 3,706 Net (outgoing)fincoming resources before transfers (307,235) 271.749 52.819 17.333 (137.624) Gross Iransfers between funds 277.851 (255.789) (22.082) Net movement in funds (29,384) 15,980 30.737 17,333 (137.624) Fund balances at 1 December 2023 1.853.056 2,270 698,587 2.553.913 2,691,537 Fund balances at 30 November 2024 1.823,672 18,250 729,324 2.571.246 2,553,913 The statement of financial acttvities indudes all gains arKI tosses rec(y3nised in the year. All income and expenditur8 d8rive from continuing aCtItieS. -13-
ELLEN MACARTHUR CANCER TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2024 All income funds 2024 2023 Gross income Gains on investments Transfer from endowment funds 1.878.400 102,563 22,082 1,652,536 23,322 21,101 Totsl income in the reporting period 2,003,045 1,696,959 Total expenditure from income funds 2,016,449 1.827,346 Net exp8nditur6 for the year (13,404) {130,387) 14-
ELLEN MACARTHUR CANCER TRUST BALANCE SHEET AS AT30 NOVEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 15 16 617.561 729.324 309,445 698,587 1.346,885 1.008.032 Current assets Debtors Investments Cash at bank and in hand 18 16 352,918 693,178 303,566 385.203 797,883 502,800 1,349,662 1,685.886 Creditora: amounts falling due within one year 19 (125.301) {140.005) Net current assets 1.224.361 1.545.881 Totsl assets less current Ilabllitl•s 2,571,246 2.553,913 Capital funds Expendable endowment funds 729.324 698,587 Income funds Restricted funds Unresiricted funds Designated funds General unrestricted funds 20 18.250 2,270 21 100.000 1.723.672 1.853.056 1.823.672 1.853,056 2.571.246 2,553.913 These financial statements have been prepared in accordance with the provisions applicatAe to companies subject to the small companies regime. The finanaal stat ments were approved by the Tfttstees on ..... ......... sJMRoss Trustee Company Regtstratlon No. 04597114 15-
ELLEN MACARTHUR CANCER TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2024 2024 2023 Notss Cash flov from operatlng activlties Cash absorbad by operations (99,617) (217,708) Investlng actlvltles Purchase of tangible fixed assets Proceeds from disposal of tsngible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received (342.821) 6.501 (12,481) 104,515 32.478 202,817 40,365 Net cash (used inygenerated from investing activities (99,639) 131,013 Net cash used In flnanclng activities Net decrease in cash and cash equlvalents (199,256> (86,695) Cash and cash equivalents at beginning of year 505,685 592,380 Ca$h and cash equivalents at end of year 306,429 505,685 Relating to: Cash at bank and in hand Short teTh deposits induded in current asset investrnents 303,566 502.800 2,863 2,885 16-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policies Charity information Ellen MacArthur Cancer Trust is 8 private (x)mpany limited by guarantee incorporated in England and Wales. The regislered Offi is Units 5>57. East Cowes Martna. Off Britannla Way. East Cowes. Isle of Wight, P032 6DG. In the event of winding up. the members agree to contribute a sum towards settling its liabilities nol exceeding £1 each. 1.1 Accounting convention The financial slalements have been prepared in accordance viith the charitable companls Articles of Association. the Companies Act 2006. the Charities and Trustee Investment (Scotland) Act 2005. the Charibes Accounts (Scouand) Regulations 2006 (as amen(led}. FRS 102 Yhe Finanaal Reporting Standard applicable in the UK and Republic of Ireland. fFRS 102°) and the Charities SORP "Accounting and Reporting by Charities.. SLgtem8nt of Recommended Practice applicable to charities prepaling their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102. The financial stalements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these fjnancial statements are rounde(I to the nearest £. The financial statements have been prepared under Ihe historical cost convention, other than the revaluation of investments which is at market value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable futur6. Thus, in the absence of any material uncertainties, Ihe Trustees continue to adopt the going concem basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricled funds are available for use at lh8 discretion of the Trustees in furtherance of their charitable obJ8CtNes. Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the noles to the financial statements. Restricted funds are Subject to specific conditi.ons by donors or grantors as to how they may be used. The purposes and uses of the restficted fiJnd5 are set out in the rK•tes to the financial statements. Endowment funds are SUbjt to sp8cific conditions by donors that the capital must be maintained by the charitable company. Expendable Endowments pennit the Charity to spend the capital sum on 5Uttable capilal projects with the pemiission of the donor. ITKome arising on the endowment fjjnds can be used in accordance with the objects of the charity and is transferred to the general funds. Any capital gains or losses arising on the investmenls fo part of the fund. Inveslment management charges and legal advice relating to the fund are charged against the relevant fund. The purpose and use of eath expendable endowment fund is set out in the notes to the financial statements. 1A Income Income is recognised when the charitable company is legally entitled to it after any perfomiance conditions have been met, the amounts can be measured reliably. and it is probable Ihat income will be reiVed. Cash donations are recognised on receipt. Other dOnatiOr are recognised once the charitable comp8ny has been notified of the donalion. unless perf0rfflan conditions require deferral of the amount. Income tax recoverable in relation to datiOnS ceiVed under Gift Aid or deeds of )venant is recognised at thè time of the donation. 17-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Accountlng pollcies (Continued) Legacies are recognised as receivable once probate has been granted, notification has been received, and SLrfficient infomiation is available to make a realistic assessment of the value cf the charitable compan$ entitlement. Residuary legacies are subj&t to further redu¢bon to refl8Ct the impact on the valuation of unrealised estate assets of subsequent movements in property and investment markets. Income eamed from fundraising events and trading activities to raise funds for the charity are recognis8d when entitlement has occuffed. Income from Govemment and other grants are recogni5ed at fair value when the charity has entitiement after any perfonan condth'ons have been met, it is probable that Ihe income will be rec8lV8d and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Investment income is eamed Ihrough holding assets for investment purposes such as shares. bonds and cash deposits. It inctudes dividends and interest. 1.5 Expendfture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic beneffts will be required in setdement, and the amount of the obligation can be measured reliably. Expenditure is dassified by activity. The costs of each activty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activty. Direct costs attributable to a single activty are allocated diredy to that activity. Shared costs which contribute to more than one activity and support costs which are not atth'bulable lo a single activity are apportioned befvrfeen those activities on a basis consistent wth the use of resources. Central staff costs are allocated on the basis of b.me spent, and depreciation charges are allocated on the portion of the asseys use. All expenditure 15 accounted for on an accruals basis arKI has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to mak8 payments to third parties. it is probable that the settlement will be required, and the amount of the obligation Can be measured reliably. It is categorised under the following headings: Costs of raising funds includes details of the costs in relation to fundraising events. following up donations, and seeknng voluntary contributions and donations from supporters, and available scurces; Expenditure on charitable activits'es includes the costs of the charity's work wth young people, sailing trips and other sidential activittes indudir¥J all planning activib'es, maintenance of the ChariVs assets, preparation and follow up., and Other expenditure represents those items not fallirKJ into the categories atK>Ve. 4• Irreccverable VAT is charged as an expense agairtst the actiwty for which expenditure aros8. Support costs are those that a55iSt the work of the charity. but do not diredly represent charitable activits'es and include office costs, govemance costs. administrattve and payroll costs. Database developments and cornmunications cosls are deemed a support function, allocaled equally bebween charitable activitie5 and fundraising, to reflect the work wtth young people including recruitment, and raising funds. Support functions are incurTed direcily in support of expenditure on the objects of the charity and include project management carried out at the Charity's main bases 8t Cowes, and Largs. Where support costs cannot be directly attributed to particular headings. they have been allocated to cost of raising funds and expenditure on charitable acliviti'es on a basis consistent with use of the resources. Premises and other overheads have been aiocated on a basis relating to use and the proportion of staff time incurred on thr)se matters. 18-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting pollcles {Continued) 1.6 Tanglble flxed assets Individual fixed assets costing £1,500 or more are capiUised. Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaFrment losses. Assets in the course of constructy'on are not deplated until brought into use. Depreciation (s recognised so as to TIle off the cost or valuation of assets less their residual values over their useful lives on the fdlowing bases: Sailino craft Improvements to leasehold property equipment Motor vehicles Sailing equipment and fi*(ure and fittings 8 years Lrfe of the lease 2 to 5 years 8 years 3 years The gain or loss arising on the disposal of an asset is detemiined as the differen between the Sale proceeds and the carying value of the asse( and is recognised in the statement of financial activities. 1.7 FAxed asset Investments Fixed and Current asset inveslments are initialty measured at Iransaciion lee exduding transaction costs. and are subsequently measured at mid market value at the end of each period. Chang8s in value are recognised in net incomel(8xpel1IUre) for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of flxed assets At each reporting end date, the charitable company reviews the carying amounts of its tangible assets to determine whether Ihere is any indication that those assets have suffered an impaimient loss. If any such indication exists. the recoverable amount of the asset is eslimated in order to detemiine Iha extent of the impainnent loss (if any). 1.9 Cash and cash equivalents Cash and Gash equivalents indude cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Any changes in value in the year are recognised in nel irKomel{expenditure}. 1.10 Flnanclal Instruments The charitable company has elected to apply the provisions of Sectton 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the thatitable companys balance sheet when the charitable company becomes paty to the contractual proifjsions of instrumenl. Financial assets and liabilities are offset, with the net amounts pres8nt8d in Ihe financial statements, when there is a legally errforceable right to set off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and settle Ihe liability simultaneously. Baslc financial assets Basic financial assets, which indude debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finann9 transaction, where the transaction is measured at the present value of ihe future reIpts discounted at a market rate of interest. Financial ass8ts classified as receivable witlin one year ar8 not amortised. 19-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policies (Contlnued) Basic financial liabilities Basic financial liabilities, induding creditors arKI bank loans are initially recognised at transaction price unless the arrangement constitLrtes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rnte of interest. Finanaa liabilities dassified as payable within one year a not amortised. Debt instruments are subsequently carried at amortised cos( using the effectÈve interest rate method. Trade creditors are obligations to pay for goods or servi$ that have been acquired in the ordinary course ol operations from suppliers. Amounts payable are dassified as current liabilities rf payment is due within one year or less. If not, they are presented as non-current liabilities. Trade cr8ditors are recognised initially transaction price and subs8quently measured at amorti5ed Gost using the effective interest method. Derecognltlon of financial liabilities Financial liabiltlies ar8 der8cognised when the charilable company's contractual obligations expire or are discharged or cancelled. 1.11 Leases Rentals payable under operating leases. induding any lease incentives received, are charged as an expense on a straight line basis over the temi of the relevant lease. 1.12 Pension costs Staff and pension costs are Cognised as incurred with all associated costs. The retirement benefits for specific employees of the Trust are provided by a money purchase scheme wilh Scottish Equitable. The Trust's obligation is restricted to their contributions. 1.13 Taxatlon The charity is an exempt charity within the meanirg of sthedule 3 of the CharÈties Act 2011 and is considered to pass the tests set oui in Paragraph 1 Schedule 6 Finance Act 2010 and therefore li meets the definition of charitable company for UK corporation tax purposes. 1.14 Donated facilitles, goods and seNlces Donated facilities, goods and professional s8rvices are recognised in income at their fair valu8 when th8ir economic benefit is probable, they can be measured reliably, and the charity has control over the items. Fair value is detennined on the basis of the value of the gift to the charity. For example. the amount the charity would be willing to pay in the open market for such facli ities, goods and servitss. A corresponding amount is cognised in expenditure. No amount is induded in the financial statements for volunteer time in line wtth the SORP 2019 (FRS 102). Further detail is given in the Trusle8s' knnual Report. Crftlcal a¢counting estlmates and Judgements In the application of the charitable compary's accounting policies, the Trustees are requir8d to make judgements, estimates and assumpb'ons about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and afAooated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may (tiffer from these estimates. The estimates and underfying assumpts'ons are reviewed on an ongoing basis. Revisions to accounling estimates are recognised in the period in which the estimate is revised where the revision affects onty that period, or In the period of the revisi and flrture periods where the revision affects both current and future periods.
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Critical accounting estimates and judgements (Continued) Kay Sources of estimation uncertainty Resldual value of salllng craft Management consider the restdual value of the sailing craft annually. they utilise their own experien and also seek guidan from experts in the field. The sailing craft are then d8preciated over 8 years to the deemed residual value. This should have thè impacl of reflectiro the use af the assel and reducing significant gains and losses on disposal of assets. Donations and legacles Unrestrlcted Restrictsd Endowment funds funds funds Total 2024 Total 2023 Individual donations Individual donations through fundraising events Corporate donations Legacies receivable Charities and trusts Fundraising from festbvals 354.595 354,595 388.942 87,752 38,824 19,000 732,423 173,969 87.752 66,824 19,000 1,148.676 173,969 117.823 74.144 24.752 946,900 86,761 28,000 416.253 1.406,563 444.253 1.850.816 1.639,322 For the year ended 30 November 2023 1,487,545 139.277 12.500 1.639,322 Donations also indude gifts in kind of £44,230 (2023- £34.300) in resped of legal services. dothing, life jacket service, prinbng and travel costs (2023 in respect of legal services. clothing, life jacket Servi and travel costs}. Income from other trading actlvltles Unrestrlcted Unrestricted funds funds 2024 2023 Fundraising events 10.061 9.063 Income from investrnents Unrestricted Endowment funds funds 2024 2024 Total Unrestricted Endowmènt funds funds 2023 2023 Total 2024 2023 Other income 17,523 22.842 40,365 10.151 22,327 32.478 -21
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 other income Unrestrlcted Unrestrlcted funds funds 2024 2023 Net gain on disposal of tangible ffixed assets 6,500 Net movement in funds 2024 2023 The net movement in funds is stated after chargirol(crediting}: Depreciation of owned tangible fixed assets Lossl(profit) on disposal of tangible fixed assets 34,705 51,295 (6,500) Raising funds Unrestrlcted Endowment fvnds funds Total 2024 Total 2023 Fundraisin and ublici Fundraising costs to support young people with cancer Staff costs Support costs 98,660 312,968 62,053 98,660 312.968 62,053 98,287 211.747 56,849 Fundraising and publicty 473.681 473.681 366,883 Investment management 3.066 1,366 4,432 4,445 476,747 478,113 371,328 For the year ended 30 November 2023 Fundraising and publicity Investment management 366,883 4,445 3,098 1,347 369,981 1,347 371,328
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Charitable activities 2024 2023 Direct costs of supporting young people with cancer Stsff costs Support cost recharge 736.099 579,040 209.800 711.779 539.672 190.980 1,524,939 1.442.431 Unrestricied funds Restricted funds 1.352,435 172.504 1,301,825 140.806 1,524.939 1.442,431 10 Support costs 2024 2023 Basts of allocatlon Depreciation Insurance Rent and property costs Adrninistration and ststionery Database and communications Telephone. IT and compuier (xsts Accounting Advisory services Bank and card charges Other support costs 20.148 4,721 56,505 13.068 33.688 59,000 9.233 48.688 5,305 21.499 22,488 Resources expended 4.981 Resour expended 54.497 Office space 10.322 Resources expended 25.711 50=50 shared cost 55.024 Resources expended 9.195 Resources expended 44,572 Resources expended 4,583 Resources expended 16.456 Resources expended 271.853 247,829 Analysed between Fundraising Charitable activitse5 62,053 209.800 56,849 190,980 271.853 247.829 11 Other 2024 2023 Govemance costs Truslee liability insurance Auditovs remuneration 1.513 13.250 1,564 13.370 14.763 14,934 -23-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 11 Other (Continued) Other costs are InCued in meeting the govemance of the charitabl8 company. Auditols remuneration in relation to audit servi$ was £13,250 (2023 - £13,370) for the year and £8,425 (2023 - £8,250) for non audit services (Payroll, Systerns. Consulting. Advisory and Accounts). 12 Employees The average monthly number of employees during the year Vds as lOw. 2024 Number 2023 Number Full time Part time 21 18 Total 24 21 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs Subcorrtractor costs 766,898 62,838 41,842 20,430 663.771 53,623 34,026 892,008 751,420 The total costs attribLrtable to the five (2023 five) Senior Management Personnel posts amounled to £319,588 (2023 £296,146). Senior Management Personnel consists of the Chief Executive Officer, Operations Manager Scuth. Operats"ons Manager North, Fundraising Manager and Communications Manager. The Charity operates a defined contrsbution pension scheme and £62,526 (2023 - £53,039) was paid to th8 scheme in respect of the year. Th8 sum of £5,582 (2023 - £4.516) was owing at the year end. The numb8r of employees vthose annual remuneration vms m¢xe than £60,0(X) is as follows: 2024 Number 2023 Number £80,001- £90,000 £90,001- £100,000 -24-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 13 Trustees None of the Trustees {or any persons connected with them) reIVed any remuneration or benefits from the charitable company during the year {2023 - Nil). There were no expenses (2023- NID reimbursed to Trustees during the year. Trustees. indemnity insurarts is paid by the Crity at a cost of £1,513 (2023 - £1.564). During the year donalions from 6 (2023 - 5) Trustees totalled £3.646 (2023- £2,940). 14 Galns and losses on Investments Unrestrict8d Endovfflient funds funds 2024 2024 Total Unrestrlcted Endowment funds funds 2023 2023 Total 2024 2023 Gainsl(losses) atising on: Sale of investments 102.563 31,343 133.906 23.322 (19.616) 3,706 -25-
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ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 16 Fixed asset investments Investments Cost or valuation At 1 December 2023 Valuation changes Movemenl in cash available for investment Disposals 1.496,470 128,871 {22) (202,81n At 30 November 2024 1.422,502 Carrying amount At 30 November 2024 1.422.502 At 30 November 2023 1.496,470 2024 2023 Fixed asset investment Current asset investment 729.324 693.178 698,587 797,883 1.422,502 1,496,470 2024 2023 Investments at fair value comprise: Global Equities Mulli Asset Funds Cash available for investment 518,700 900,939 2,863 5(14,550 989,035 2.885 1,422,502 1.496,470 17 Financial instruments 2024 2023 Carrying amount of flnanclal assets Instruments measured at fail value through profit or loss 1,942,772 2.233.887 Carrylng amount of flnanclal Ilabilities Measured at amorhsed cost 125.301 140,005 -27-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 18 Debtors 2024 2023 Amounts falling due withln one year. Grant5 and donations receivable Gift aid debtor other debtors Prepayments and accrued incorne 203,200 5,367 8.136 136,215 216,097 2,416 16,104 150,586 352.918 385,203 19 Creditors: amounts falllng du• within one year 2024 2023 Other taxation and social security Trade creditors other creditors Accruals 15,133 80,083 8.934 21,151 16.687 92,112 11,676 19,530 125.301 140,005 20 Restricted funds The income ndS of the charity indude restricted fijnds comprising the following unexpended balances of donations and grants held on trust for specffiG purposes: At1 December 2023 Incomlng resources Resources expended Transfers At30 November 2024 Southem England Trips Northem England and Scottish Trips Equipment and Capital Expenditure Staff Salaries. Training and Development First Time Trips Other Specific Trips Kalooki 36,587 {36,587) 58,275 (58,275) 400 11.870 (12,270) 1.870 33,000 39.288 (18,935) (36,973> (9,464) 15,935 2,315 255.769 (255.789) 2,270 444.253 (172,504) (255,789) 18.250 -28-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 20 Restricted funds (Contlnued) Previous year: Incomlng Resources expended Transfers At30 November 2023 Decernber 2022 English Regions Trips Scottish Trips Equipment and Capital Expenditure Staff Salaries. Training and Development First rim8 Trips Other Specific Trips 3,799 16.175 28.601 (19,974) (28,601) 400 36.452 34.929 22.720 {34.582) (34,929) (22.720) 1,870 3.799 139,277 (140,806) 2.270 Southem England Trips- Trips being run from our Cowes base. Northern England and Scottish Trips - Trips being run from our Largs base. Equipment and capital expenditure - To suppty equipment and caiilal expenditure to aid th8 charitable objectives. Stsff Salaries. Training and Develowent- Monies towards the $t of staff salaries, training and development of staff members. Core Charity Costs- Central costs for the charity. First Time Trips (and Voyages>- Reflects donated funds towards specifically first time actiwties. Other Specific Trips - Relects donated funds towards other activities induding siblings, canal and waterpark trips. Kalooki - Purchase of the vessel Kalooki. Transfers from restricted funds to unrestricted funds An the period relate to capital spend. -29-
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 21 Unr8Stricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grarrtorE as to how they may be used. These inc]ude designated funds which hav8 been set aside out of unrestricted fiJnds by the trustees for specific purF)08es. At1 December 2023 Incoming resources Resources expended Transfers Galns and losses At30 November 2024 Vessel replacement and maintenance funds General funds 100,000 1TT,851 100,000 1.723,672 1,853,056 1,434,147 (1,843,945) 102,563 1,853.056 1,434,147 (1,843,945) 277,851 102,563 1,823,672 Previous year: At1 December 2022 Incoming Resource5 resources expended Transfers Galns and losses At30 November 2023 General funds 1,981.914 1.513,259 (1.686.540) 21.101 23,322 1,853,056 The Trustees have created a Vessel replacement and maint8nance fund to cover future replacement and maintenance of the yacht fleeL
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ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 23 Analysis of net assets between funds Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total 2024 At 30 November 2024: Tangible assets Investments Currenl assetsl(liabilitias) 617.561 617,561 729,324 1,224,361 729,324 1.206.111 18.250 1.823,672 18,250 729,324 2,571,246 Unrestrfctsd funds 2023 Restrfcted Endowment funds funds 2023 2023 Total 2023 At 30 November 2023: Tangible assets Investments Current assetsl(liabilities) 309.445 309,445 698,587 1,545,881 698,S87 1,543,611 2,270 1.853,056 2,270 698,587 2,553,913 24 Operating lease commrtments Lessee At the reporting end date, the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases. which fall due as follows. 2024 2023 thin one year Between and five years 24,434 28,612 15,434 24.434 44,046 25 Relatèd paty transactions Other than Trustee matt8rs disclosed in note 13. there wwe no further disclosable related paty transactions during the year. (2023 Nil). 26 Analysis of changes in net funds The charltable company had no material debt during the year.
ELLEN MACARTHUR CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 27 Cash generated from operatlons 2024 2023 Surplusl(deficit) for the year 17.333 (137,624) Adjustments for. Investment income recognised in statemenl of financial adiwties Gain on disposal of tangible fjxed assets {Gain)lloss on disrx)5al of investments Depreciation and impaimient of tangible fixed assets (40.365) (32,478) (6.500) 2,713 51,295 (128.871) 34.705 Movements in Ythng capitsl: Decreasel(increase) in debtors (Decrease) in creditors (Decrease) in deferred income 32.285 (14,704) {55.078) {35,036) {5,000) Cash absorbed by operatlons (99.617) {217.708)
ELLEN MACARTHUR CANCER TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms C Amaladoss Mr P Cazalet Ms M Cuttler Ms E L Francis Ms J Grindley Dr D Hobin Dame E MacArthur DBE Mr M Pluves MsJMRoss (Appointed 15 May 2024) (Appointed 29 November 2024) Mr M A Stevens Secretsry Mr M A Stevèns Senior management Mr F Fletcher Chief executive officer Charity number (England and Wales) 1096491 Charity number {Scotland) SC044013 Company number 04597114 Registsred office Unils 53-57 East Cowes Marina Off Britannia ivay East Cowes Isle of Wight P032 6DG Auditor Moore (South) LLP Surie 3. Second Floor Friary Court 1 >21 High Street Guildford Surrey GU1 3DG Bankers Lloyds Bank PIC 30 Commercial Road Totton Southampton S040 3TH Solicitors Payne Hicks Beach 10 New Square Lincoln's Inn London WCZ4 3QG