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2022-12-31-accounts

OCCTOPUS OXFORD COLON CANCER TRUST

Registered charity no.1104702

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR TO 31 DECEMBER 2022

OCCTOPUS OXFORD COLON CANCER TRUST

TABLE OF CONTENTS
Reference and Administrative Details 2
Trustees’ Annual Report 3
Statement of Trustees’ Responsibilities 12
Independent Examiner’s Report 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17

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OCCTOPUS OXFORD COLON CANCER TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

Patrons: Professor Sir Walter Bodmer Professor Peter Atkins Mr Neil Ashley Trustees: Professor Neil Mortensen (Chairman) Professor Christopher Cunningham Mr Nicholas Handy (Treasurer) Mr Rob Jonckheer Professor Bryan Morton CBE Mr Mark Rowse Mr Philip Williams Mr Simon Holland Mr Oliver Jones Ms Katherine Baker Secretary: Mr Rob Jonckheer Independent Examiner: Mr Stephen Dexter FCA Principal office: Colorectal Centre The Surgery & Diagnostic Centre Churchill Hospital Headington Oxford OX3 7LJ Bankers: HSBC Bank plc 65 Cornmarket Street Oxford OX1 3HY Name OCCTOPUS Oxford Colon Cancer Trust Registration as a charity: 1 July 2004 (number 1104702) Website: http://www.occtopus.org.uk

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT

The trustees present their annual report and financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 17 to 20 and comply with the charity’s trust deed, the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and applicable law as discussed more fully in note 1 on page 17.

Objectives and activities

The aims of the charity are to improve the diagnosis and treatment of colorectal cancer, inflammatory bowel disease, and bowel continence by promoting education, innovation and research as well as through the provision of specialist equipment to allow new treatments to be delivered to patients.

This is achieved through providing grants and equipment to the colorectal surgery department and its clinical partners at the Oxford University Hospitals NHS Foundation Trust and providing grants to the University of Oxford for the Nuffield Department of Surgical Sciences. The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives, in planning future activities, and providing grants for the year.

The charity furthers its charitable purposes for the public benefit through its grant-making policy which looks to:

Grant making and funding policy

The charity has established its grant making policy to achieve its objects for the public benefit. The ultimate beneficiaries of the grant making programme are those who suffer from colorectal cancer, ulcerative colitis, Crohn's disease, inflammatory bowel, bowel continence problems and those at risk of developing these diseases. According to the latest data from the World Health Organisation, cancer is the second most common cause of death worldwide, and the incidence of cancer is increasing in all countries. The global cancer burden is expected to reach 29 million new cancer cases per year by 2040, a 60% increase on the estimated 18.1 million cancers in 2018 (WHO World Cancer Report 2022).

In the figures published by Cancer Research UK, during the period 2016-18 , there was a continued increase in the numbers of new cancer diagnoses in England from 303,135 to 375,400.

Colorectal cancer is the third most common cancer in both men and women with 32,851 registered cases in 2017. Survival rates for colorectal cancer have improved over the last four decades, but even today only 60% of those people affected survive more than five years.

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT (CONTINUED)

The charity provides grants to fund postgraduate research fellowships through the Nuffield Department of Surgical Sciences (NDSS). The amount and term of the reward is decided by the trustees based on the advice of those trustees with clinical expertise. Typically, the research funding will cover a period of two years, though this may be longer or shorter at the trustees’ discretion. The beneficiaries of the fellowships are monitored through regular reporting to the trustee meetings on progress.

The charity funds equipment and training for those involved in treating medical conditions that are within the scope of the charity’s work.

The charity provides one off grants for individual postgraduate research in the field of colorectal cancer and its related conditions. These grants are assessed by the clinical trustees and, if considered appropriate, are reviewed by the trustee body who determine whether to proceed with the grant.

The charity funds the purchase by the Oxford University Hospitals NHS Foundation Trust of specialised surgical equipment to expand knowledge of new and innovative techniques that improve treatment of colorectal cancer and its related conditions.

Any private benefit received by research institutions, researchers and healthcare bodies is purely incidental to the objects of the charity’s work.

The charity reviews the grant making policy annually to ensure that it reflects the charity’s objects and thereby advances public benefit.

Structure, governance and management

Structure, management and communication

The charity is a registered charity, number 1104702, and is constituted under a trust deed dated 23 December 2003.

The charity’s operations are controlled by the trustees. Professor Neil Mortensen is Chairman and provides medical direction. Mr Rob Jonckheer acts as Secretary, providing support on charitable legal, regulatory and governance aspects. Mr Nicholas Handy acts as Treasurer, providing support on all financial aspects of the charity’s activities.

The charity has a part time administrator to assist with the administration, publicity and fund raising of the charity, who provides these services on a contracted basis. The administrator, together with a web editor when required, ensures the charity media profile is kept up to date.

The trustees hold formal meetings at least three times a year to consider all aspects of the charity’s activities, and to monitor progress on the charity’s strategic and operational plans (see achievements and performance below). These plans help trustees and supporters to work towards a shared and sustainable vision for the future, agreeing priorities and identifying appropriate activities to achieve them.

A Nominations Committee, comprising Professor Neil Mortensen and Mr Philip Williams, is responsible for recommendations to the trustees on the appointment of new trustees. Trustee performance and re-appointment is considered annually. Trustees are appointed through meeting with the Nominations Committee and, where practicable, through structured visits to the colorectal surgery department at the Oxford University Hospitals NHS Foundation Trust. Trustee training is through peer support and attendance at relevant conferences or seminars.

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT (CONTINUED)

Communications with supporters and other interested parties are conducted through various means including tailored mailing, a quarterly newsletter, the charity’s website, Just Giving, the annual report and events such as open days at the colorectal cancer department at the Oxford University Hospitals NHS Foundation Trust (when permitted). Feedback from supporters is solicited in personal correspondence and communication.

Governance

During the year, the charity has maintained its emphasis on its own and its partners’ accountability. The trustees seek to follow the good practice ‘Charity Trustees Guide’ issued by ICSA: The Governance Institute.

The trustees meet regularly (at least three times a year formally, additionally as needed) to review the status of initiatives in hand and the charity’s financial and investment position. These meetings are held either in person or, where appropriate, through electronic means. The development of strategic options which could affect planning is also discussed.

The trustees remain committed to minimising administrative costs and to monitoring the performance of initiatives implemented in association with the Oxford University Hospitals NHS Foundation Trust.

Mr Stephen Dexter FCA is the currently appointed independent examiner of the charity.

Achievements and performance

In 2022 in common with many other charities and organisations the charity continued to be impacted by the ongoing repercussions of the coronavirus disease (COVID-19) caused by the virus severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) and the measures taken to restrict the spread of the virus. In addition, fund raising activities remained curtailed and expenditure was reduced to match this lower level of income.

The Transanal Total Mesorectal Excision (TaTME) training, a pilot training initiative funded by the charity under the auspices of the Association of Coloproctology of Great Britain and Ireland (ACPGBI) for the training of surgeons and theatre practitioners in the technique of TaTME moved into its final stages of analysing the data held on the registry, at a total cost of £13,500 (2021 £ Nil). The trustees continue to consider the best way of concluding the programme in the light of current conditions

As part of the grant making process the charity provided funds amounting to £40,000 to the Royal College of Surgeons of England to part fund a Robotics research fellowship using some of the funds provided by the Dr Elman Poole Research Fellowship bequest. Charlotte El-Sayed is a trainee surgeon with an interest in robotics, and this is a two year project. She has so far carried out reviews on measures used to assess performance metrics whilst learning robotic surgery. The REINVENT study , Robotic Surgery Innovation for Efficient Training will look at the barriers to and solutions for best training in robotic surgery.

During the year the charity continued to fund through grants to the Oxford University Hospitals NHS Foundation Trust a Clinical Data Manager and Research Facilitator (the “Data Manager”) at a cost of £21,067 (2021 £19,732). The primary role of the Data Manager supports data management, education and research in the Colorectal Department. In particular Data Manager assists in the collection, collation and dissemination of clinical data for purposes of clinical governance and submission to national and international audits. The Data Manager provides direct visibility of the work of the charity within the Department.

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT (CONTINUED)

The charity measures its performance in two areas: in the provision of grants and the subsequent success of those grants in achieving the grant making policies. The provision of grants is monitored at each trustee meeting where the trustees with clinical expertise will provide advice and the trustee body as a whole will confirm whether the grant will be made. As each grant provided tends to have unique circumstances the charity measures its performance on a case by case basis and at trustee meetings follows up the benefits from the grants.

Despite the challenges of the current conditions the charity will continue to monitor and address opportunities for research and the application of surgical technology in treating colorectal cancer and its related conditions. Its priorities at present are to:

The charity continues to send e-newsletters to ensure past and potential donors are kept up to date with our activities. The website is regularly updated to remove out of date links and to refresh content.

Fundraising

The charity is committed to following the Fundraising Regulator’s “Code of Fundraising Practice” (“the Code”) which sets the standards that apply to fundraising carried out by all charitable institutions and third party fundraisers in the UK. The charity is registered with the Fundraising Regulator which formalises its commitment to follow the Code.

The charity’s Administrator undertakes fundraising projects in compliance with the Code. These projects include supporting individuals who undertake sponsored activities. This support includes the provision of entrance to the Virgin Half Marathon and the provision of products branded with the charity logo to individuals undertaking specific fundraising activities approved by the trustees.

The charity also provides literature at the hospitals that it supports giving contact details of the charity. The charity is grateful for any legacies provided but is not involved with the drafting of those legacies.

Principal risks and uncertainties

The principal risks faced by the charity have not changed significantly from last year; primarily the impact of a global pandemic, the performance of investments and operational risks from non-effective grant making and the capacity of the charity to make effective grants.

The impact of COVID-19 has demonstrated that a global pandemic outside the control or influence of the charity can significantly affect the scale of its activities but not its ability to continue to operate effectively. The trustees consider that as the charity has minimal ongoing commitments, an established core of donors and sufficient reserves it can continue to meet its charitable objectives for the foreseeable future.

The trustees consider the variability of investment returns on funds invested or deposited to constitute the charity’s major financial risk. This is mitigated by having a diversified investment portfolio (through investing in funds) and monitoring the annualised returns of that investment portfolio on a monthly basis, with a formal report by the treasurer at each of the trustee meetings. This diversification is achieved through the investment in at least two managed funds with different objectives.

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT (CONTINUED)

The operational risk from research and grant awards is that they may be non-effective in advancing knowledge and practice to those treating colorectal cancer and related conditions. This is managed through retaining trustees who are clinical experts to whom the recipients of the awards provide regular and detailed reports. In addition, the recipients provide regular reports to the trustee body as a whole. The process of reporting and review assists us, and those we support, in keeping track of how research and knowledge is developing. This review process also focuses on the public benefit derived from our funding of their work.

The operational risks from the funding of specialised surgical equipment for the use by the Oxford University Hospitals NHS Foundation Trust are:

The operational risks from the funding of specialised surgical equipment are managed by the appointment of clinical experts as trustees who advise the trustees as a whole on the efficacy of the equipment and its innovative nature. The clinical experts, as the primary users of the equipment, provide assurance that the equipment is not appropriated by others. All funding grants for specialised surgical equipment are agreed by the trustee body as a whole to ensure the risks noted above are appropriately managed.

Financial review

The principal funding sources of the charity is made up of corporate entity donations (typically in respect of restricted funding of projects) and individual donations (typically from patients of the Oxford University Hospitals NHS Foundation Trust or their relatives) together with gift aid where the donor has provided the appropriate declaration.

In addition, events may be held to raise funds where income is generated both by the sale of tickets to the event and charity auctions or other donations provided during the event.

Where donations exceed the immediate funding requirements of the charity the excess is invested in interest bearing bank accounts or investments in accordance with the investment policy (see below) and the dividends and interest from these investments provides funding for the charity.

During the year the charity funded the ongoing costs of the TaTME project as it moves into its final stages, discussed in more detail above. Related costs for the current year amount to £13,500 (2021 £ Nil) leaving a reserve of £5,107 (2021 - £18,607).The trustees are discussing with donors, trainers and trainees the most effective way of utilising these funds to successfully conclude the project.

As part of the grant making process the charity provided funds amounting to £40,000 for the Royal College of Surgeons of England to part fund a Robotics research fellowship using the funding provided by the Dr Elman Poole Research Fellowship as the project objectives met the terms of the bequest.

The charity continued to support the stoma and colorectal nursing teams in Oxford and raised £ Nil (2021 - £640) together with £125 of associated gift aid (2021 - £21) as restricted income. During the year the charity provided an appropriate equipment to support the nurses at a cost of £ Nil (2021 - £996).

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT (CONTINUED)

During the year, the charity received £17,448 of unrestricted non-recurring donations (2021 - £23,150) and £995 of unrestricted recurring donations (2021 £1,072), including relevant gift aid. Investment income, all of which was unrestricted, amounted to £15,139 (2021 £11,039).

The charity continued its commercial agreement with Everyclick where Everyclick makes a payment to the charity in return for being able to list that charity on their services and to use the charity’s trade mark for the services. No income was received in respect of this in either this year or last year.

During the year the charity provided grants of £ Nil (2021 – £8,310) for individual projects. The charity provided funding of £ Nil (2021 - £144) to maintain the Oxford Colorectal Department website.

The Data Manager, employed by the Oxford University Hospitals NHS Foundation Trust and funded through a grant by the charity of £21,067 (2021 £19,732), supports an established research team of clinicians, specialist nurses and research nurses to actively initiate, promote and drive the recruitment of Oxford University Hospitals NHS Foundation Trust patients for inclusion in national and international clinical trials.

As the charity has no employees it has no employment or pension obligations.

The overall result of the activity during the year was a deficit for the year of £104,985 (2021 – surplus of £203,897) of which £53,581 was represented by net losses on investments (2021 – gains of £21,505).

The balance of funds decreased to £687,262 at 31 December 2022 from £792,247 at 31 December 2021. Total funds included a surplus of £170,426 (2021 – £223,807) of restricted income funds Unrestricted funds amounted to £516,836 (2021 - £568,440). Further details are discussed in the reserves policy section which follows.

As noted in the reserves policy section which follows the charity has sufficient reserves to fulfil its commitments.

Investments and investment policy

The trustees review the investment policy on an annual basis to ensure that it reflects the needs of the charity. The objective of the policy is to invest funds that are not anticipated to be used within the next 12 months in a mix of Equity and Fixed Interest funds. The balance between Equity and Fixed Interest funds is reviewed during the trustees’ meetings and where more than 60% is invested in Equity funds the treasurer provides a report to the trustees to determine whether any additional action is required.

The trustees have approved a Treasury Policy where cash anticipated to be required within the current and following months should be held in instant access accounts provided by the charity’s bankers. It is at the discretion of the treasurer as to how much should be held in an interest-bearing account. In determining the anticipated requirement, the most recent approved budget or reported latest estimate should be the basis of the assessment.

Cash not anticipated to be required within the next two years should be held in a portfolio of Equity and Fixed Interest Funds with a target of not more than 60% held in the Equity Fund. Should the proportion of Equity Fund exceed 60% this should be reported to the trustees by the treasurer who will recommend any action to be taken. This cash is invested in the sub-funds of the IFSL CAF Investment Fund (“IFSL CAF”).

On 11 January 2023 the trustees were notified that the IFSL CAF sub funds would be closed by 30 June 2023 with any investments still held to be returned to investors by 31 August 2023. The trustees are reviewing alternative funds available within the IFSL CAF portfolio to consider the potential of re-investing the investments in alternative funds with an acceptable risk profile.

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT (CONTINUED)

The aim of the IFSL CAF Fixed Interest Fund is to increase the value of an investment over a minimum of five years. The sub-fund will do this through a combination of income received by the sub-fund, which is money paid out of investments, such as dividends from shares and interest from bonds and capital growth, which is profit on investments held. The provision of consistent income generation by the sub-fund is recognised as important for investors and the sub-fund will seek to maximise distributions whilst keeping within the scope of the investment objective and policy.

The Fixed Interest Fund will have exposure to at least 80% in global bonds, which are loans typically issued by companies, governments and other institutions. These may be either investment grade, where the issuer has a high and reliable capacity to repay the debt, or sub investment grade, which can be more vulnerable to changing market conditions but typically pay a higher rate of interest. This may include up to 20% in bonds held directly.

The aim of the IFSL CAF UK Equity Fund is to achieve capital growth, which is profit on investments held, over a minimum of five years. Due to the nature of investments held the sub-fund is also likely to provide an income, which is money paid out of investments such as dividends from shares and interest from bonds, however this will not be the primary focus of the sub-fund.

The UK Equity Fund is actively managed, which means the Investment Manager decides which investments to buy and when. It will invest at least 80% in other collective investment schemes, investment trusts and exchange traded funds. Currently 93.5% of its investments are UK based.

Investments are shown in the balance sheet at market value of £457,345 at 31 December 2022 (2021 - £510,926). These comprise holdings of £188,023 (2021 - £227,827) in the IFSL CAF Fixed Interest Fund and £269,322 (2021 - £283,099) in the IFSL CAF UK Equity Fund.

Cash balances at the end of the year stood at £238,371 (2021 - £294,046) of which £21,470 (2021 - £21,425) was held in an interest-bearing account.

The losses arising during the year from the revaluation of the charity’s investments were £53,581 (2021 gains of £21,505). Investment income from investments and interest was £15,139 (2021 - £11,039).

The most recent Fund Manager’s report (issued in respect of the period to 31 October 2022) relating to the Equity Fund, stated: “UK equities sold off heavily in the six months to 31 October 2022 in reaction to higher interest rates globally and amid turbulence in the UK’s financial markets after September’s fiscal update. A sweeping programme of tax cuts announced by the new Truss administration heightened investor fears about the UK’s public finances, causing UK government bond yields to surge and the pound to drop. In such an environment, large-cap global companies tended to perform more strongly while more domestically orientated mid and small-cap businesses lagged. The aggressive change in monetary policy over the period favoured value-orientated managers while growth-driven investment teams faced headwinds.

The sub-fund experienced a tough half-year in absolute terms, but on a relative basis managed to outperform the FTSE All-Share (5.75%) and the IA UK All Companies Sector average (-9.05%) with a return of-5.08%.

From an underlying fund holding perspective, the six months to 31 October 2022 were an incredibly challenging period. Funds that performed more favourably from a relative-return perspective tended to be tilted towards large-cap stocks that generate a large proportion of their revenues from outside of the UK. Funds that fall into this category were holdings such as the JPM UK Equity Core Fund and the iShares Core FTSE 100 Exchange-Traded Fund (ETF) and funds that were tilted towards an equity-income approach, such as the Artemis Income Fund and the CT UK Equity Income Fund. Funds that were more challenged (on a relative basis) largely had a more mid or small-cap exposure or had a

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT (CONTINUED)

quality growth style tilt. The funds included in this cohort were the TM Tellworth UK Smaller Companies Fund, Vanguard FTSE 250 ETF and Ninety One UK Alpha Fund. In the extreme market conditions that were faced over the period, there weren’t any holdings that performed outside of our expectations.”

The most recent Fund Manager’s report (issued in respect of the period to 31 October 2022) relating to the Fixed Interest Fund stated: “The sub-fund returned -7.83% over the period, outperforming the IA Sterling Strategic Bond sector by +0.44%. Persistently high levels of inflation in many regions led investors to reappraise expectations for central banks’ monetary policy response and caused government bond yields to rise sharply. Ten-year US Treasury yields rose from 2.93% at the end of April to 4.05% at the end of October, while 10-year UK gilt yields rose from 1.91% to 3.52%. This sharp increase in yields meant that developed market government bonds suffered sharp losses, with UK gilts returning -14.4%. Our fund selection was strong within gilts. The iShares UK Gilts 0-5 Year ETF, which focuses on less interest-rate-sensitive shorter-dated gilts, provided some protection against the sell-off, with losses of only - 2.9%.

Higher government bond yields were a headwind for credit, and this was exacerbated by corporate bond yields that widened over the periods. UK investment-grade bonds underperformed and were down 12.6%. Our positions in Fidelity Short Dated Corporate Bond Fund and Royal London Short Duration Credit Fund were more resilient than the broader market.

Our hard and local currency emerging market debt funds experienced mixed fortunes. The Barings Emerging Markets Sovereign Debt Fund was negatively impacted by higher interest rates and exposure to Russia and Ukraine. The Neuberger Berman Emerging Markets Local Currency Fund was the strongest performing fund in the portfolio over the period, with returns of +0.5%, benefitting from emerging market currency strengthening against sterling.

Portfolio activity was limited over the period, with most activity trimming positions to meet redemptions. The subfund continues to be positioned underweight UK government bonds and global government bonds, with a tactical overweight to UK investment-grade corporate bonds and local currency emerging market debt.”

The charity’s investment performance over 2022 has reflected the comments made above, with an overall negative return of 7.5% including dividend income received (2021 – positive return 6.6%). The trustees have been carefully monitoring the situation as it has developed over the year and have taken the view that in the long-term funds not specifically required within a year have the best probability of exceeding inflation by retaining the investments in their current funds. No additional investments were made in the year.

The trustees continue to monitor returns on a monthly basis and still consider that on a long-term basis the current investment policy remains appropriate to generate a return over the life of the investments in excess of inflation.

Taxation

The charity is entitled to those exemptions from UK taxation which are available in law to charities.

Reserves policy

The trustees’ policy is that so far as possible the annual income of the charity should be applied exclusively towards its charitable activities, as at present it has minimal administrative expenses. However, the trustees recognise that reserves will fluctuate, as its income in any year is to a large extent unpredictable and unlikely to match precisely opportunities for expenditure to meet its objectives.

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OCCTOPUS OXFORD COLON CANCER TRUST

TRUSTEES’ ANNUAL REPORT (CONTINUED)

The balance of funds at the 31 December 2022 amounted to £687,262 (2021 - £792,247) of which;

Whilst there are no other identified significant projects currently under review it is the opinion of the trustees that a minimum of £200,000 is likely to be needed to meet the periodical needs for technological updates of existing equipment not funded by the National Health Service. The balance of £316,836 is considered a free reserve and is available to provide grants that meet the charity’s policies.

Remuneration policy

The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration or expenses were paid in the year.

Trustees are required to disclose all relevant interests and register them with the Chairman and in accordance with the charity’s policy withdraw from decisions where a conflict of interest arises.

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OCCTOPUS OXFORD COLON CANCER TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Approved by the trustees on 27 March 2023 and signed on their behalf by:

Professor Neil Mortensen

Oxford

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OCCTOPUS OXFORD COLON CANCER TRUST

INDEPENDENT EXAMINER’S REPORT

to the Trustees of the Occtopus Oxford Colon Cancer Trust

I report on the accounts of the Occtopus Oxford Colon Cancer Trust for the year ended 31 December 2022, which are set out on pages 14 to 26.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’, and the report is limited to those matters set out in the next statement.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached, other than Note 1 on page 17 which states that the financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Stephen Dexter FCA Grove 27 March 2023

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OCCTOPUS OXFORD COLON CANCER TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2022

The notes at pages 17 to 26 form part of these accounts.

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OCCTOPUS OXFORD COLON CANCER TRUST

BALANCE SHEET

At 31 December 2022

The notes at pages 17 to 26 form part of these accounts.

Approved by the trustees on 27 March 2023 and signed on their behalf by:

Professor Neil Mortensen

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OCCTOPUS OXFORD COLON CANCER TRUST

STATEMENT OF CASH FLOWS

For the year ended 31 December 2022

The notes at pages 17 to 26 form part of these accounts.

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NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022

1. Accounting policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. With respect to the next reporting period, 2023, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return and the performance of investment markets (see the investment policy and risk management sections of the trustees’ annual report for more information).

(b) Funds structure

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or through the terms of specific appeals.

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

(c) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the charity has been notified in writing of both the amount and settlement date, or a cheque has been received. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the

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NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

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

Distributions are recognised once the distribution has been declared and notification has been received of the distribution due. This is normally upon notification by the fund manager.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (f) below.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payment(s), settlement is probable and the effect of discounting is material.

The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the charity.

(e) Irrecoverable VAT

The charity is not registered for VAT so irrecoverable VAT is charged against the expenditure heading for which it was incurred.

(f) Allocation of support and governance costs

The charity has no specific governance costs, which comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, as there are no trustee costs and the Independent Examiner charges no fees for the examination. Other support costs in respect of charitable activities have been apportioned

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OCCTOPUS OXFORD COLON CANCER TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

based on an assessment of the individual cost and related activity it supports. The allocation of support and governance costs is explained in note 6.

(g) Costs of raising funds

The costs of generating funds consist of the allocation of support costs identified as directly related to the cost of generating funds and the costs of specific events whose purpose is to raise funds.

(h) Charitable activities

Costs of charitable activities include grants made, surgical equipment provided and an apportionment of support costs.

(i) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors.

(j) Investment gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise.

Gains and losses are calculated as the difference between the fair values at the current and previous balance sheet dates or, if purchased or sold during the year, the difference between fair value at the balance sheet date the asset was held and the purchase price or sales proceeds

(k) Pensions

The charity has no employees and no pension obligations.

(l) Debtors

Debtors are recognised at their recoverable amount (the amount the charity anticipates it will receive from a debt or the amount it has paid in advance for goods and services).

(m) Cash at bank and in hand

Cash at bank and in hand is held to meet short term cash commitments as they fall due. Cash equivalents are short term highly liquid investments readily convertible to known amounts of cash and are subject to an insignificant change in value. A cash equivalent has a short term maturity which is not expected to exceed three months.

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OCCTOPUS OXFORD COLON CANCER TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

(n) Liabilities

Liabilities are amounts due to creditors and any provision made as a result of an obligation to transfer economic benefit, normally as a cash payment, to a third party. A liability is recognised as the amount that the charity anticipates it will pay to settle the obligation or the amount it has received as an advanced payment for goods or services it must provide.

(o) Contingent liabilities

A contingent liability is identified and disclosed for those grants resulting from:

2. Related party transactions and trustees’ remuneration and expenses

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021 £Nil).

The trustees have made no claims for expenses during the year (2021 £Nil).

Professor Christopher Cunningham, Mr Oliver Jones and Ms Katherine Baker are directly employed by, and hold senior positions at, the Oxford University Hospitals NHS Foundation Trust which the trustees consider to be a related party. Professor Mortensen is an Honorary Consultant Surgeon at the Oxford University Hospitals NHS Foundation Trust and President, Royal College of Surgeons of England.

3. Donations and legacies

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OCCTOPUS OXFORD COLON CANCER TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

4. Other trading activities

Other trading activities were unrestricted.

5. Investment income

Investment income was unrestricted.

6. Allocation of governance and support costs

All governance activities are carried out by the trustees or the independent examiner and as they are not remunerated and have claimed no expenses the governance costs are £Nil (2021 - £Nil).

The allocation of support costs between expenditure on an activity basis is shown in the table below:

The time spent by the Administrator was allocated between the various activities based on an assessment of the time taken in undertaking those activities

Page 21

OCCTOPUS OXFORD COLON CANCER TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

7. Expenditure on raising funds

8. Expenditure on charitable activities

Page 22

OCCTOPUS OXFORD COLON CANCER TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

9. Fixed asset investments

Fixed asset investments were unrestricted.

The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the trustees’ Annual Report.

The main risk to the charity from financial instruments lies in the performance of the instruments and the liquidity risks relating to the instruments.

Liquidity risk is assessed to be low as all assets are regulated by the FCA. The charity‘s investments can be traded through CAF Investments Ltd with settlement typically within six days and consequently have good liquidity.

The charity has no investment holdings in markets subject to exchange controls or trading restrictions. The charity manages these investment risks by operating an investment policy that provides for diversification of holdings between income and equity funds. The charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term total return.

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OCCTOPUS OXFORD COLON CANCER TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

10. Current assets

Cash at bank balances are the sole components of cash and cash equivalents. The charity has no debt.

11. Creditors falling due within one year

Page 24

OCCTOPUS OXFORD COLON CANCER TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

12. Analysis of fund movements

Page 25

OCCTOPUS OXFORD COLON CANCER TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022 (Continued)

13. Reconciliation of net movement in funds to net cash flow from operating activities

Page 26