occto4us OXFORD COLON CANCER TRUST OCCTOPU5 OXFORD COLON CANCER TRusr Reglstered tharity nth1104702 TRusfEES' ANNUAL REPORT AND FINANCIAL STATEME￿5 YEAR TO 31 DECEMBER 2023 OCCTOPUS OXFORD COLON CANCER TRUST TABLE OF CONTENTS Reference and Admlnistrative Details Trustees, Annual Report Statement of Trustees. Responsibilities li Independent Examiner's Report 12 5tstement of Financial Act¢vities 13 Balance Sheet 14 Statement of Cash Flows 15 Nots5 to the Fina￿la￿ Ststements 16 Page I OCCTOPUS OXFORD COLON CANCER TRUST REFERENCE AND ADMINISTRATIVE DEfAILS Professor Sir Walter Bodmer Professor Petef Atkins Mr Neil Ashley Professor 51r Nell Mortensen Ichairman) Professor Christopher Cunningham Mr Nicholas Handy {Treasurer) Mr Rob Jonckheer Professor Bryan Morton CBE Mr Mark Rowse Mr Philip Willlams Mr Simon Holland Mr Oliver Jones M5 Katherine Baker Setretary: Independent Examiner: Mr Rob Jonckheer Mr Stephen Dexter FCA Colorectsl Centre The Sur8ery & Diagnostic Centre Churchill Hospital Headington Oxford OX3 7U HSBC Bank plc 65 Cornmarket street kers: OXI 3HY occropus Oxford Colon Cancer Trust l July 2LX)4 Inumber 11047021 http:IlwMw.occtOPUs.org.uk Name Reglstration as a ¢havlty. Website: Page 2 OCCTOPUS OXFORO COLON CANCER TRUST TRusfEE5' ANNUAL REPORT The trustees present theirannual report and financial statements for the yearended 31 December 2023. The financial statements have been prepared in accordance with the accounting poliaes set out on pages 16 to 19 and comply with the charivs trust deed, the Accountin£ and ReportirE by Charitles: Statement of Retommended Prattl￿ applicable to Charities preparing their actounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021, and applÉcable law as discussed MO￿ fully in note l on page 16. Objertlves and activi The alms of the charity areto improve the diagnosis and treatment of cohjrectal cancer, inflammatory bowel disease, and bowel continence by promoting education. innovation and research as well as through the provislon of weciallst equipment to allow rew treatments to be delivered to patients. This is athieved through providing grants and equipmentto the colorectsl surgery departw*nt and it5 Clinic￿ partner5 at the OxFord University Hospitals NHS Foundation Trust aThJ providing grantsto the University of Oxford. The truste confirni that they have feferred to the Charlty Commi55ion'$ 8uidants on public benefit when reviewing the chartt¢s aim5 and obierti¥es, in planning future artivities. and providing grants for the year. The charity furthers its ch#itsble purposes for the public benefit through its grant-making policy which looks to: fund research related to the earty diagnosis and treatment of SLrfferers with colorectsl cancer and related conditions provide support for education and training in treating cok)rectal cancer and related conditions: and funding the purchase by the Oxford Uni¥eT5ity Hospitals NHS Foundation Trust of specialtsed surgical equipment forthe treatment ofcolorectal Can￿r. and Infiammatorybowelconditions such a5 ukerative coliti5 and Crohn's disease. Grant M•￿n8 and fundlng pollcy The charity has established its gfant makin8 Fdicy to achieve its objects for the public benefit. The ultimate beneficiaries of the grant making programme are tlb)se who suffer from colorectsl cancer. ukerdtive coliti5, Crohn's disease, inflammatory bowel, bowel continence problems and those at rbSk of devek>ping these diseases. According to the latest data from the World Health Organisation. cancer is the second most comtTh)n cause of death worldwide, and the incidence of cancer is irLcreasing in all countries. Cancer accounted for nearsy 10 million death5 in 2020. nearly one in si¥ death5. The gk)bal cancer burden is expected to reach 29 million new cancer case5 per year by 2040, a 60% increase on the estimated 18.1 million cancers in 2018 (WHO World Canter Report 20221. 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 375.4Th). Colorectal cancer is the third most common cancer in b)th rnen and women. In figures published by CRUK for this same period there were 42￿ new cases each year. and around 53% sur4i¥ed 10 years. The trustees welcome the openness with which His Majesty King Charles has announced his cancer diagnosis which has significantly raised public awareness of the possible si8ns and symptoms of cancer. In the 24 hour$ following the PaBe 3 OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNUAL REPORT ICOPrnNUED) Buckingham Palace aftnouncement Vlsits to an NHS page on cancer signs and symptom5 rose to 14,668 compared to daily average of 9.737 the previou5 week- an increase of 51% The tharlty provides grar*ts to fund postgraduate research fellowships focussed on the objectlves of the ch8rlty. The amount and term of the reward is decided irythe trustees based on the advice of those trustees with clinical expertise. Typically* the researth fvn(El￿ will co¥er a period of two ye3rs, though this may be longer Of sliorter at the trustees, disc￿tiOn. The bene￿la[￿S of the fellowships are fflonitored throu8h regular reporting to the trustee meetings on progress. The charity funds equipment and train•ng for those in¥ofved in treating medical conditions that are within the scope ofthe tharitls work. The charity provides one off grants for indl¥ldual postgraduate research in the field of colorectal cancer and its related conditions. These grants are assessed by the clinical tTUStees and, if considered appropriate. are reviewed by the trustee body who determhY* whether to Pr￿d with the gyènt. The charity funds the purchase by the Oxford Unlvefsity H05Pitals NHS Foundation Trust of speciali5ed sur8ical equipment to expat)d knowledge of new ar¢d innovative technique5 that tmprove tre*ment of colorectsl can￿1 and its related conditions. Any private benefft received by researth institutions. researchers and healthcare l￿dieS is PU￿1¥ incidental to the objects of the charitws work. The charity revlews the grant making policy annual￿ to ensure that it reflects the charl￿$ objerts aftd thereby advances public benefft. Stru¢ture. n7anaqement andcommunkatloft The charity is a registered chartty. number 1104702. and is CO[￿ltuted under a trust deed dated 23 December 2003. The charivs operations are controlled bythe trustees. Professor Sir Nell Mortensen is Chairman and provides medical direction. The trustee5 congratulate the Chè1¥ of lknopus, Professor Sir Nell Mortensèn, who was retognised as Knight Bachelor in the KIn￿S New Year Honours for services to surgery and in recognttion of his contribution during the pandemic. Mr Rob Jonckheer acts as Secretary. providing support on charitable legal. regulatory and governance aspects. Mr Nicholas Handy acts ès Treasurer. providin8 SUPPOrt on all financial asFerts of the charitvs artivities. The charity has a part time adminlstTator to assist wlth the admlfilstration. publicity and fund raising of the charity. who provides these seplices on a mntrarted basis. The administrator ensures the charity media profile is kept up to date. The trustees hold formal meetlngs at leastthree t(mes a year to consider all aspects of the tha¢iWs activities, and to monitor progress on the charIt￿S strategic ènd operati4)fial ￿3fis Isee achievements and performance below). These plans hèlp trustees and supporter5 to work towards a shared and sustainable vision for the f￿￿re. agreeing prioritbes and identrfying appropriate artiviiie5 to achieve them. A NomiTratw)ns Committee, comprtsing Professor Sir Neil Mortensen and Mr Philip Williams, is responsible for retommendatKsns to the tfUStees on the appointment of new trustees. Twstee performance and re-appointment is P4e4 OCCTOPUS OXFORD COLON CANCER TRUST TRLISTEES, ANNUAL REPORT ICONTINUED) considered annualty. Trustees are app)inted thrO￿h meeting with the Nofflinations Committee and, whe prarticable. through structured visits to the colorertal surgery department at the Oxford Unrversity H05Pltals NHS Foundatton Trust. TNstee training is through peer support and attendance at relevant conferences or seminars. Communications with supwrters and other interested parties are condurted through various means includingtailored mailing, a quarterty newsletter, the charitvs website, Just Givin& the annual repyjrt and events such as open days at the colorectal cancer department at the Oxford Universty Hospita15 NHS FoundatKsn Twst. Feedback from supporters is solicited in personal correspondence and communication. Durin8 the year. the c￿rity has maintsined it5 empha5¢5 on its own and its ￿rtners. accountsbility. The trustees Seek to follow the good practice'charity Tmstees Guide. issued by ICSA.. The Governance Institute. The trustees meet regularly lat leart three times a year formally. additionally as needed) to review the ststus of initiatives in hand and the charity's financial and investment position. These meeting5 are hekl either in person or. where appropriate, through electronic Means. The d￿elOpment of slrategic optK>ns whlch could affett planntng 15 also discussed. The tTUStees remain committed to minimising administrative ct)sts and to monitoring the perfomjance of initiatives implemented in ass￿latIon with the Oxford unive￿Ity Hospitals NHS Foundation Trust. Mr Stephen Dexter FCA is the currently appointed independent examiner of the tharity. Achleb*merts and perforniance In 2023 in common wlth many other charities and Organ￿tionS the charlty continued to be impacted by the ongoing repercussions of the coronavirus disease ICOVltk191 caused by the Virus severe acute respiratory syndrome coronavirus 2 ISARS-CoV-21 and the measures taken to restritt the spread of the virus. The Tran5anal Total Mesorettal Excision ITaTME) trainlnL 3 pilot training inltiative fund￿ by the charity under the auspices of the Association of Coloprortolo8y of Great Britain and Ireland IACPGBII for the training of surgeons and theatre practitioners in the tethnique of TaTME moved into its final stsge of analy5in8 the data held on the registry. at a total cost of £5,107 {2022 £13.5Crf)I. As part of the giant maklng process the charty provkled funds èmounting to £Nil12022 £40.IXKII to the Royal College of Surgeons of England to parr fund a Robotics research felk)wship tssing some of the funds provided by the Dr Elman Poole Research Felb)wship 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 measure5 Used to a55es5 performance metrics whilst learning robotic surgery. The REINVENT study, RobotK Surgery Innovation for Efficlent Training will look at the barrlers to and 501utions for best training in robotic surgery. During the year the charity continued to fund through grants to the Oxford University Hospita15 NHS Foundatlon Trust a Clinical Data Manager and Research Facilitstor (the 'Data Managerfl at a cost of £23.031 12022 £21,067). The primary role of the Data Manager sUPPOrts dèta management. education and researth in the Colorectal Department. In particular Dèta Manager assbsts in the collection, collation and dissemination of clinical data for purposes of clinical govemance and submission to national and international audits. The Dats Manager provide5 direct visiblllty of the work ofthe charity within the DepartmenL Page 5 OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNUAL REPORT {COlmNUED) The charity committed to an initial grant of £30,0￿{2022 £Nil) to commence a two year sttbdy into a Fotential link between the enteric nemus sy51em and Cmhn's disease wilh the Univer51ty of Oxford MedKal Scien￿5 DNislon. The full cost of the stuty isexpected to amountto£136,912 based on achkwing agreed milestones and ifthe stuty achieves those milestones the charity will fund the agreed fvll cost. The projert will I¢￿ into a potential link between the network of special cells and nerve5 which pass alongsbde the blood vessels to the gut. It isthought this enteric nervous system IENSI inlluencesgut ￿retion, motility. absorption ènd immune funrtion. There is some eviden￿ thatthe ENS does not perfomi optimally in Crohn's Disease but this has never been property studied before. The charity funded a one-off grant for research into patient choice of rectum-preseNing treatments at a lotal wst of £5,36912022 £Nill. The research's aim was to obtain an in-depth understanding of patients. wellbein& experiences and needsfollowingthe dia8nosis and treatmentof rectal Ca￿er with different modalities. Thiswill be usedto develop aids for patients and clinicians which will assist decision-making and improve our understandin8 of the impart of these different modali¢ie5 of Ireatmentto provide a patient-centred approach to counselling. Thu5 far23 patients have been enrolled in the study looking at trade offs between very large scale operations. and much smaller Minimal￿ invasive ones which might have a h￿her risk of recurrerKe but a lower risk of complications and malfunth"on. Patients felt they had been activety Involved In the decision makin& were satisfied with their declsions and hail low levels of decision regret. Atreatment decislon gri(t is belng constn￿ted. The charfty measures its perfomance in two areas.. in the provision of grants and the Subsequent success of those grants In achieving the grant making polioes. The provision of grants is monitored at each try5tee meeting where the trustees with dlnlcal expertise will provlde advice and the trustee body as a whole wlll confirn whether the grant will be made. As each grant prowded tends to have uniquecircumstances the charity measures its perfomance on a case- bY￿se basis and at trustee meetings follows up the benefrt5 from the grants. Desplte the d)allenEes of the Current conditions the charity wlll continue to monitof and address opportunities for reseafch and the appllcatK>n of surgica1tectrm￿l0￿ in treating toknrertal cancer arKI its related condltions. tts priorities at present are to: identifwng future 8rants and education projetts continue to raise funds to address its tharitable objectives: and consef¥e a fund for future technological developments (see also under Reserves polK¥ below). The charity continuesto send e-newsletters to ensure pèst and potential donors are kept upto date with ouractivittes. The webswte is regularty updated to remove out of date links and to ￿treSh content. The charity is committed to following the Fundraising Regulatorfs "Code of Fundraising Prartice" I'the Code.) whith sets the standards that appty to fundraising carrted out by all charitsble institutions and third party fundraisers in the UK. The charity is reglstered with the Fundraising Regulator whlch formalises Its commitment to follow the Code. The chariWs Administrator undertake5 fundralsing projects in compliance wlth the Code. These projects include supporting individuals who undertake sponsored activlties. This 511PPOrt indudes the provision of entrance to the Virgin Half Marathon and the provision of products IKanded with the tharity1080 to individuals undertèking specific fundrdising actNlties approved by the trustees. Page 6 OCCTOPUS OXFORD COLON CANCER TRUST TRLISTEES. ANNUAL REPORT (CONTINUED) The charity also provides literature at the hospits15 that it supports giving contsrt deta115 of the charity. The charity is grateful for any legacies provtded but is not invofved wlth the drafting of those le8acie5. Prin¢¥ol risks und uncertai￿leS The principal risks faced by the charity have not chareed significantly from last year. primarily the ifflpact of a global pandemic, the performance of investments and operational risks from non*ffettive grant making and the capacity of the charfty to make effective grants. The impact of COVID-19 has demonstrated that a global pandemlc outside the control or influence of the charity can significantly affett the scale of Its attivities but not its ability to continue to operate effectlvely. The trustees consider that as the charity has minimal orgoing commitrnents. an established core of donors and suffiaent reserves it can continue to meet it5 charitable objectives for the foreseeable future. The trustees consider the variability of Investment retu￿ on funds invested or depostted to constitute the charl￿5 major financial risk. This is mttigated by having a diversified investment portfolio [thro￿h investing in funds) and monitoring the annualised returns of that investment portfolio on a monthly basis. with a formal re￿rt by the treasurer at each of the trustee meetings. This diversification 15 athieved through the investment in managed funds provided by the Charities Aid Foundation ICAF) with an appropriate mix of Equity and Fixed Inte￿5t investments. The Dperational risk from research and grant awards is that they may be no￿￿ffeCtIve in advancinE knowledge and practice to those treating colorectal cancer and relatsd 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 tntstee body as a wlK)le. The pnKess of reportinÉ 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 fundlng of their wo￿. The operational risks from the fundiftgof specialised surgical equipment for the use by the Oxford University Hospitals NHS Foundation Trust are- the surgical equipment may be non-effective in treating the speclallsed condltion of colorectal tanter and related conditions the surgical equipment could be procured by the National Health Service as part of its norn)al spending and does not therefore meet the charl￿$ aim of innovative techniques,. and the surgical equipment might be appropriated by other areas of the Oxford Unlversty Hospitals NHS Foundation Trust which, whilst providing a public ber*fit, would not necessarity achieve the charitvs aims. The operational risks from the funding of specialised surgical equipment are managed by the appointment of cllnical experts a5 tWStees who aLfvise the trusteesas a whole on the eff￿ary ofthe equipment and its innovative nature. The clinical experts, as the primary users of the equipment. provide assurance that the equipment is not appropriated bv others. All fvndtng grants for specialised surgical equipment are agreed by the trustee body as a whole to ensure the rlsks noted above are appropriately managed. Flnanclal revlew The principal fvnding sources of the charity is made up of corporate entlty donations ltypicalty in iespect of restricted funding of projects) and individual donatlons (typically from patients of the i)xford University Hospltals NHS Foundation Trust or their relative51 together with gift aid Whe￿ the donor has provided the appropriate declaration. Page 7 OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES. ANNUAL REPORT IcoKnt4UED) In addition, events may be held to raise funds where income is generatsd boih by the sale of tickets to the event and charity auctions or other d¢)nations provided during the ebEnt. Where donations exceed the immedlate funding requlrement5 of the charity the excess is Invested in Interest bearlng bank accounts or investments in accordance with the investment policy Isee below) and the dividends and interest from these investments pro¥idesfundin8 for the tha¥ity. During the year the charity funded the ongoing costs of the TaTME project a5 it moved into its final stages, discussed in more detail above. Related costs for the current yeaf amount to £5.10712022 £I3,S(￿) leavin8 a re5eThe of £ Nll {2022- £5,107). As part of the grant making prO￿S the charity committed to grant fundine amounting to £30.(K￿j for the University of Oxford to ￿Search a potential link between the enteric neM)us system and Crohn's disease as discussed above. During the year. the charFty received £16,382 of unrestrfrted non-recurTing donations12022 - £17,448) and £776 of unrestrirted recurring donations 12022 £9951. including relevant gift aid. Investment income, all of which was unrestricted, amounted to £16,42612022 £15,139). The charity continued its commercial agreement with Everycllck where Everydick makes a payment to the charity In return forbeing able to list that charity on theif se¥viw and to usethe charrws trade markfof the se￿￿e5. No Income wa5 received in respect of this in eitherthis year or last year. During the year the charty provided a grant of £5.369 (2022 - £ Nil) for researthlng patient Choi￿ of rectum- preserving treatrnents. The Dats Managef, ernployed by the Oxford University Hospitals NHS FoundationTrust and fvnded throu8h a grant by the charity of £23,031 12022 £21,067). supports an established research team of clinician5. specialist nurses and research nurses to artr￿lY initiate, promote and drive the recruitment of Oxford University Hospitals NHS Foundation Trust patients for Snclusion in national and internatlon?I clinical trials. As the charity has Th) employees it has no employment or pension obllgations. The overall result of the activity during the year was a deficit for the year of £29,IixI12022- deficlt of £104,985} of which £19.914 was represented by net gains on investments12022- losses of £53,581). The balance of funds decreased to £658,162 at 311)ecember 2023 from £687.262 at 31 December 2022. Total funds included a surplus of £165.319 12022 - £170,426) of restrirted Income funds Unfestricted funds amounted to £492.843 {2022- £516.8361. Further details are discussed in the reserves policy section which follows. As noted in the reserves FvlÉcy sertion which folk>ws charity has s￿￿leftt reserves to fulfil its commitments. In%￿lm￿ andIn￿51Mentp0IkY The trustees revlew the Investment polic¥ on an annual basis to ensure that It refiects the needs of the charity. The objettr4e of the policy is to invest funds that a￿ Trjt anticipated to be used within the next 12 month5 in funds provlding a mix Of Equity and Fixed Interest investments. The trustees have approved a Treasury Policy where cash anticipated to be requlred within current and followin8 months should be held in instant access accounts rthded by the charitys bankers. It 15 at the discretion of the Page 8 OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNUAL REPORT ICONTINUED) treasurer as to how much should be held in an interest-bearing account. In determining the anticipated requirement. the most recent approved bud8et or reported latest estimate should be the basis of the assessment. Cash not antiCi￿ted to be required within the nexttwoyears should be held in a p(thlio of Equity and Flxed Inteiest investments held within a Fund available within the IFSLCAF portfolio. The investments held within IFSL CAF sub funds at the start of the year were dosed on 30 June 2023 and, following o review of altematFve funds available within the IFSL CAF portfollo. the trustees detemiined that the IFSL CAF ESG Income and Gr0￿h Fund met the Investment objectives of the charity. The aim of the IFSL CAF ESG Income and Growth Fund is to increase the value of an investment over a minimum of five years thro￿1 a tombination of capitsl growth - which is Profit on In￿trnents held. and income recelved by the Fund- which is money pald out of Investments. such as dividends from shares and interest from bonds. The Fund also aims to deliver. over any rollin8 fNe year period, an average of inflation plus 3% per annum. The Investment Manager seeks returns by investing in companies that a￿ focused on driving and improving ESG change and are also well Posltioned to erow profit and overall company valve. Inve5trnents are shown in the balance sheet at market VBlue of £477.259 at 31 December 2023 {2022- £457.3451. Cash balar)ces at the end of the year stood at £209.51912022- £238,371) of which £21,807 {2022- £21.4701 was held in an interest-bearin8 acco￿￿. The gain5 arising during the year from the revaluation of the cha￿5 investments were £19,91412022 losses of £53,581). Investment income from investments and interest was £16,42612022- £15,139). A recent Fund Managenitoring the situation as it has developed over the year and have tsken the vwl that in the long-terni funds not specifically required within a year have the best probability of exceeding inflation by retainir* the investments in their current funds. No additional investments were made in the year. The trustees continue to monitor retums on a nM>nthly basis and still consider thèt on a long-tebTh basis the current investment ￿11￿1 remains apyoprtate to generate a re￿rn over the life of the investments in exce&s of inflation. The tharity is errtitled to tIKJse exemptions fr(xn UK which are available in law to charitie Reserve5poIiry The trustees, policy Is that so far as po55ible the annual incoffte of the charity should be applied exclusivety towards its dlaritsble artivities. as at present it has minimal adrniTristrative expenses. However, the trustees recognise that reserves will flurtuate. as its income in any year 15 to a large extent unpredictable and wilikety to match preciselv opportunitie5 for expenditure to meet ￿ objertives. The ba13nce of funds at the 31 De￿mbEr 2023 amounted to £658.162 (2022- £687.26ZI ofv4hith: £155,(1))12022 - £155,(MJOI restricted to the Dr Elman Poole Research Fellowship £10.054 {2022- £10.054} restricted to the Ex050me Projects £26512022- £2651 was re5trirted to supporting the stoma and colorectsl nursing team5 in Oxford. £ Nil12022- £5.1071 was restricted to the TaTME training pilot. The balance of £492.84312022 - £516￿36} was unrestricted. Whilst there are no other identified significant projects currentty under review it is the Opinion of the trustee5 that a minimum of £2Tr),IXN) 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 £292.843 is considered a free reserve and is available to provide grants that meet the chariW5 policies. 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-to4lay basis. All trustee5 give of their time freely and no tfustee remuneration or expenses were paid In the year. Trustees are required to disclose all relevant interests and register them with the ChalnTran and in accordance with the charit￿5 policywithdrdw from decisions where a corrflict of interest arises. Page 10 OCCTOPUS OXFORD COLON CANCER TRUST srATEMEpif OF TRusfEES' RESPONSIBIUTIES The charity trustee5 are responsible for preparing a tru5tees' annual report and financial sLitements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requlres the Charity trustee5 to prepare financial statements for each year which give a and fair view of the sL*e of affairs ol the tharity al￿ of the incoming resources and application of resources. of the charityfor that period. In preparingthe financial ststements. the trustees are required to: select suitable accounting ￿lItieS and then apply them consistently observe the methods and prtnciples in the applicable Charities SORP make judgements and estimates that are reasonable and prudent state whether applicable accounting st3ndaTd5 have been followed. subjert to any material departures that must be disclosed and explalned in the financial sratements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping properaccounting records that disclose with reasonable accuracy at any ttme the financial position of the charity and to enable them to ensure that ihe financial statements comply with the Charitie5 Att 2011, the applicable Charities IAccounts and Reports) Regulation5, and the provisions of the Trust deed. They are also responsiblefor safeguarding the assets of thecharity and taking reasonable step5forthe prevention and detection of fraud and other irregularitie& The trustees are responsible for the maintenance and integrity of the charrty and financial information induded on the chariVs website in accordance with legislation in the United Kingdom goveming the preparation and dissemination of financial statements. Approved by the trustees OTr 18 March 2024 and s￿ned on ihelr behalf by: Professor Sir Neil Mortensen Oxford Page 11 OCCTOPUS OXFORD COLON CANCER TRUST INDEPENDENT EXAMINER'S REPORT ts the Trustees ot the O£ctOPUs Oxford Colon Cancer Trust I report on the accounts of the Otrtopus oXf￿d Colon Canw T￿￿ for the year ended 31 December 2023. which are set out on pages 13 tr) 24. Resperti¥e responsiblllliw oftrustees and eXafi￿ner The charfvstrusteesare respon5iblefor the preparation of the accounts. The charltys trustees considerthat an audit Is not required for this year under section 14412) of the Charities Act 20111the 2011 Artl. and that an independent examination is needed. It is my responslbllity to: examine the accounts under section 145 of the Charities Act: follow the procedures laid down inthe general Directlons given ￿the Charity Commission (under section 145 15)Ibl of the 2011 Artl- and state WI￿ther particular matter5 ha¥e come to my attention. My examinatlon was carried out in accord•nce with the general Directions glven by the Charity Commission. An examinatii)n includes a review of the accounting record5 kept by the charity and a comparison of the accounts presented with those recofd5. It also includes consideration of any unusual items Of disclosures in the accounts and seeking explanations frorn you as trustees concerning any suth 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 re￿rt is limiied to those matters set out in the next statement. Independent examlnees statemert In connection with my examination. no matter has come to my attention: 11) whith glves me reasonable cause to believe thal in. any material respect. the requlrements: to keep accounting records in accordance with sertion 130 of the 2011 Art; to prepare accounts which accord with the attounting records and comply wÉth the accountiré requirements ofthe 2011 Act have not been met: or 121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. c>ther than Note l on page 16 which state5 that the financial statemenrs have been prepared to give a 'true and fairf view and have departed from the Charities IAccounts and Reports) Regul3tion$ 2￿)8 only to the extent required to provide a 'true and fair vithrf. This departure has involved following Accounting and Rewrting by Charities preparing theiraccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issu on 16 July 2014 rather than Accounting and Reporting by Charilies: Statement of Recommendéd PTrctice effettive from l April 2005 whith has since been withdtawn. Stephen Dexter FCA Grove 18 March 2024 Page 12 OCCTOPUS OXFORD COLON CANCER TRUST STATEME￿ OF FINANCIAL A￿1vME5 For the year ended 31 December 2023 2023 Aestwkted Note Income lJnvesthd•d Rè5trirted Income Unrestrlrt•d Total Tot41 Incom• and endowments from: Donations and legacies oiher iradin8 activitles Investmenis Totsl 17,158 429 17,158 429 125 18.443 18.568 16,426 34.013 16,426 34J113 15.139 33.582 15.139 33.707 125 Expenditure on.. Raising funds Charitable activities 15.255 62,665 77.920 15.255 67.772 83.027 10,538 21.067 31,605 10.544 74.567 85.111 5,107 5.107 53,500 53.506 Total et expendlture •nd net mov•m•nt In funds b*fore g•ins •nd lo￿•5 on in¥estments 15.1071 I43.￿￿ 149.014) I53￿1) L977 151.4041 Net gain￿{10$$*$I oth snvestments Net Movement In lunds Reconciliation ol funds: 19.914 19.914 123.9931 129,100} 153.3811 153.5811 {53,5811 151.604) 1104.985) {5,107) Total funds brought Forward Total funds t￿led forwwd 12 170.426 165.319 516.836 492A43 687,262 658.162 223.807 170.426 568,440 516.836 792.247 687.262 12 The notes at page5 16 trj 24 form part of these accounts. Page 13 OCCTOPUS OXFORD COLON CANCER TRUST BALANCE SHEET At 31 Decanber Z023 2023 2022 Tot•1 In¢ome UM•strirted Tot•1 Note Incom¢ Unrestricted FIM•d •ss*ts Investments 477259 477,259 457,345 457.345 rrent *ss•ts Debtor5 Cash Tot•1 cvThent assets Current Ilabilitles Creditor$ and accruals 1.462 44.200 45.662 1,462 209.519 210.981 892 892 165,319 165319 170.426 170,426 67,945 68,837 238,371 239.263 io li 30.077 15.585 30.077 180.903 9.346 59,491 9.346 229,917 165.319 170.426 Nei Assets 165319 491845 658,162 170.426 516.836 687,Z62 Th• Funds of th• thaiity Total income 165.319 49U43 658,162 170.426 516.836 687,262 The notes at pages 16 to 24 forni part of these accounts. Approved iry the trustees on 18 Marth 2024 and signed on their behalf by: Profes Sir eil Mort nsen Page 14 OCCTOPUS OXFORD COLON CANCER TRUST srATEMEMf OF CASH FLOWS For the year ended 31 December 2023 2023 2022 R•strkt•d Note Income Unw•strict•d T¢A Restrlrted IwoFne ljnwestiicted Tot•1 Cashflows from Operntlnl Artivilies: Net cash used in operating activities 13 15,1071 140.1711 145.2781 153.3811 117A331 170.8141 Cash flows from Investlni actNities: DSvidends and Interest from investments 16.426 16,426 15.139 IS.139 Chanie in fash and tash equivalents In the y••r Cash and cash equivalent brought forward 15,1071 123.745) I28￿51) 153.3811 12.294) {55.6751 io 170,426 67.945 238.371 223.807 70.239 294,046 Cash and cash equivalent carried forward io 165.319 44200 209.519 IYO.426 67.945 238.371 The notes at pages 16 to 24 form part of these accounts. Page 15 OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINAPICIAL STATEMEpirs for the year ended 31 December 2023 Acc(WDtin8 polkies (oj Bosls olpreporotion ond assessment of going concern The financial Statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless othenvi5e stated in the relevant notelsl lo these accoun￿ The financial statements have beèn prepaTed in accordance wlth the statement of Recommended Prartice: Accounting and Reporting by Chartties preparing their accounts in accordance with the Financial Reporting Standard applicable irk the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republitof Ireland IFRS 102) and the Charitie5 Act 2011 and UK GenerallyAccepted Practice as it applie5 from ljanuary 2015. The financial statements have been Pfepared to give a 'true and fairf ￿eW and have departed from the Charities (Accounts and ReFQrtsl Regulations 2LI)8 only to the extent required to provide a 'true and fréir view,. This departyre has inVo￿ed following Accounting and Reporting Lry ChaTities preparing theiT accounts in attordan￿With the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the AccoLsnting ènd Reportiryd by Charities.. Statement of Recommended Practice effertive from l April 21M)5 whtch has SIn￿ been withdrawn. The charity constitutss a public benefit entwty as defined ty FRS 102. The trusteesconsiderthatthereare no material uncertainties about the charity'sabilitytocontinuÈ as a goingconcem. With respect to the [￿xt ￿pOrtIng period, 2024. the most significant areas of uncertaintythat affect the carrying value of assets held by the charity are the level of investrnent return and the performance of investment markets {see the investment poliLry and risk management sections of the trustees, annual report for more information}. Ib} Funds strurtu Restricted funds are fund5 wkn￿h are to be used in accordance wtth specrfic restrittions inposed by the donor or through the ternis of specific appeabs. Unrestricted ino)me fvnd5 comprise those funds whith the trustees are free to use for any purpose in furtherance of the charitable objerts. (c) Income recognition All income is recognised On￿ the charity h3seThtitlementto the income. it is prijbable 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 LK>ththe amount and settlement date, or a cheque has been received. In the eventthat a donation s subject to conditions that require a level of perfomiance before the chartty is entitled to the funds. the incorne is deferred and not recognised until eFtherthose condltigns are ful￿ mel or the fulfilment of those conditions Is wholly wlthin the control of the charty and it is probable that those condition5 will be fulfilled in the reporting period. Legacies are recognised on a case by case basis following thegranting ol probate when the admini5trator/executor for the estate has communlcated in wrtting both the amount and settlement dale. In the event that the gift is in the fomi of an asset other than cash or a financial asset traded on a recognised st(xk exchange, recognltlon 1$ 5ublect to the Page 16 OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMEKrs for the year ended 31 December 2023 Icontlnued) value of the gift being reliably measurable with a degree of reasonable accurw arKI the title to the asset having been transferred to the charity. Interest on funds held on deposit is induded when receivable and the amount can be measured reliab￿ by the charrty: this is normally upon notsficatbon of the interest paid or payable by the bank. Dlstrlbutlons afe reco8ni5ed once the di#ribution has been dedared atKI I￿tIfiCatIOn has been recelved of the distribution due. ThFs is nomalty upoft notifltatKJn by the fund manager. fdl Expenditure recognition Liabilities are recogni5ed as expendfture as 500n as theTe is a legal Dr construetNe obli8ation committing thÈ Charity to that expendrture, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expendlture Is accounted on èn accNals basis. All expense5 irKludir¥ support costs and 8overnarKe costs are allocated or apportioned to the applicable expenditLwe headings. For more infomiation on this attribution refer to note (fj below. Grants payable are pèyments made to third parties in the furtheran￿ of the charitable objects of the charliy. In the Case of an unconditional grant offer this is acuued once the reciplent has been notified of the grant award. The notification gives the reclplent a reasonable expectatlon that they will re￿fve the OFwearormulti-yeargrant. Grants awards that are subject tothe reci&xentfulfilling perfomiance tonditions are onty a¢cnJed when the ￿elpiertt has been notified of the gfant and any remaining unfulfilled condition attaching to that grant is outside of the control of the d)arity. Provisions for grants are made when the intention to make a grant has beeTh c(Mnmunicated to the recipient but there Is uncertainty as to the tsming of the grant or the amount of grant payable. The provision for a multi-year grant is recognised at Fts present value where settlement is due over more thaft one year from the date of the award. there are no unfvlfilled performance conditions under the control of the thaTity that would permit the charity to avoid making the future paymentls). 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 mède. Thi5 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. (ej Irrecovemble VAT The charity is not ￿lStered for VAT so irrecoverable VAT is charged against the expenditwe heading for whith it was incurred. (f) Allocotion of support and governonce costs The charity has no specifK goVerna￿e costs, vthichcomprise all costs involving the public accountabilty 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 respert of d￿ritable activities have been apportioned Page 17 OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMEKrs for the year ended 31 December 2023 Icontlnued) based on an a5ses5ment of the individual cost and related artivlty it supports. The allocation of support and governance Costs is explained in note 6. (g) Costs of roisingfvnds The costs of generating funds consist of the allocation of support costs identified as directly related to the cost of generatin8 funds and the costs of specific events whose purpose 15 to raise funds. (h) Charitable ortivities Costs of charitable activities include grants made, surgical equlpment provided and an apportlonment of SUPF>Ort costs. (i) Fixed a55etinvestments 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 balan￿ sheet date using the closing market price. The Statement of financial attivitles 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 forni of financial risk faced by the charity is that of volatility in equlty markets and investment market5 due to wider economic conditions, the attitude of Investors to investment risk and changes In sentiment concernlng equitles and withln particular sectors or sub sectors. O'J Investment gain5 ond losses All gains and losses are taken to the Statement of Financial Activrties as they arise. Gains and losses are calculated as ihe difference between the fair values at the current and previou5 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 fk) Pensions The charlty has no employees and no penslon obligations. (l) Debtors Debtors are recognised at their recoverable amount Iihe amount the charity anti¢ipates it will receive from a debt or the amount it has paid in advance for 8oods and servltesl. (m) Cash at bonk and in ht7nd 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 amoLants of cash and are subjett to an insignificant change in value. A cash equivalent has a short term maturity which is not expected to exceed three months. Page 18 OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Decernber 20Z3 Icontlnuedl (nj Liabilitie5 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 15 fecognised a5 the amount that the charity anticipate5 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) Contlngent liobillties A contingent liability is identified and disclosed for those grants resulting from: possible obligatlon whlch wlll only be confimied by the occurrence of one or more uncertain future events not wholly within the trustees, control; or a present obligation following a grant offer where settlement is elther not consldered probable,. or the amount has not been communicated in the grant offer and that amount cannot be estimated reliably. Related party transactlons and trustees, remuneratlon and expenses The trustees all glve freely their tlme and expertise wlthout any form of remuneration or other benefit in cash or kind 12022 £Nill- The trustees have made no clairn5 for expense5 during the year12022 £Nill. Profe550r Christopher Cur¢ningham. Mr Oliver Jones and Ms Katherine Baker a￿ directly employed by. and hold senior P051tions at. the OxFord University Hospitals NHS Foundation Trust which the tru5tee5 consider to be a related party. Professor Sir Neil Mortensen is an Honorary Consultant Surgeon at the Oxford University H05Plta15 NHS Foundation Trust and was President, Royal College of Surgeons of England. Donatlons and legacles 2023 2022 Restflrted Income Unrestrlrted Restrlcted Income Total Unrestrlcted Total Recurring donations Under gift aid Not under gift aid Tax recoverable 525 525 660 660 120 120 170 170 131 131 165 165 776 776 995 995 Other donations Under gift aid Not under gift gid Tax recoverable 9,835 4,108 2.439 16.382 17,158 9,835 4,108 2,439 16,382 17,158 3,969 12,487 992 3.969 12,487 1.117 17,573 18,568 125 125 17,448 18,443 Totsl donltlons 125 Page 19 OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO ThE FINANCIAL STATEMENTS for the year ended 31 December 2023 Icontlnued) 2023 2022 Sponsorthip 429 Other trading artivities were unrestricted. 2023 2022 Fund distributsons Interest on bank deposits 16.089 337 16N26 15,093 46 15,139 Investment income wa5 unrestrirted. All governance activities are carried out bythe trustees orthe indeper￿ent examiner and as they are not remunerated nd have claimed no expenses the governance costs are £Nil12022- £Nill. The altOC3ti0n of support costs between expenditure on an actifft basis is sho%￿ in the table below: Rai5in8 fvnds Ch•ritabl• Cost Type Oonations and ￿a¢l¢S Education and training I Il•strict•d i incom• nd5 sis 0%. .'Time spent 0%. Aclual cost 0%. IAttual cost 0% Artual c05t Admin15trator'5 eC+St Just Giving charges iweb site maintenance Printing and stationery O%1 loo% The time spenl bythe Administrntor was alkx*ed ttheen thevarious attwities based on èn assessment ofthe time taken in undertaking tl¥)se activities Page 20 OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMEK15 for the year ended 31 Decem￿ 2023(Co￿l￿Ued) 2023 2022 Restrlrted Nursini funds D¢n•tlons and le8ades Just Giving char8es Vnrestrided lunds Donatlon$ and legades Administrator ¢ost5 Bank and Just Giving charge5 Web site development Printing and stationery In$uiance Regulatory and ass(Kiathon costs 11,943 644 7,870 470 1.872 39 1.534 137 183 202 85 85 14.526 Other tradin8 acthilties- fundralsing events Sponsored activities 729 15.255 10.538 2023 202Z Restrkted Income VnTestricted ReMwirted Income Unreslrfcted Totsl Totsl Gr•nt fvndin( Enteric Nervou5 System IENSI In Crohn's disease 30,OtsJ 5,369 35,369 30.O¢Y) ,' I IndividLtal prolects 35,369 Medical support Operatin8 theatre equipment Eduution and trainir Robotics Registry Robotics Research 4.265 4.265 40.000 13.SIKI 40.(M)O 13,500 TaTME pilot training course Clinical Data Mana8er and Research Facilitator 5.107 23.031 23.031 62,665 23,031 28.138 67,772 21,067 21.067 21,067 21.067 74.567 74,567 5.107 5.107 53,5 53.5 PaBe 21 OCCTOPUS OXFORD COLON CANCER TRUST NOTESTO THE FINANCIAL STATEMENTS for the year ended 31 De(￿￿ 20Z31C4Mrtlnued) 2023 2022 Movements in investments comwised.. Fair vallte at the beginning of the year Net gains/l105sesl on revaluation of investrnents Falr value at the end of the year 457,345 19.914 477,259 510,926 153.5811 457.345 Inv•stm•nts 4t hlr valu• compriwd: M•rket V•lu• sale •hd Rev•luatlon Purchase 2023 2022 IFSL CAF Fixed Interest Fur￿ IB Income) IFSL CAF UK Equity Fund IB Income) IFSL CAF ESG Income and Growth Fund Income 2A87 1190,5101 2.503 1271.8251 14.924 462.335 19,914 188,023 269.322 477,259 477,259 Fixed asset investments were uThrestrirted. The significance of financial instruments to the ongoij)g fjnanual suxainability of the charity is con55dered in the financial review and investment wlicy and perfomiance sections of the trustees, Annual Report. The maln risk to the charity from financial instruments lies in the yformance of the tnstfuments and the liquidity risks relating to the instruments. Liquidity risk 15 assessed to be low a5 all assets are regulated by the The charivs investments can be traded through CAF Investments Ltd with settlement typicalty within six days and Consequently have good liquidity. The charity has irniestment IM)Idings in markets subRrt to exchange contro15 or tradire restrictions. The charity manages these investment risks by operating an Investment policy that provides for diversification of holdings tween income and equty funds. The charity does not mèke use of derivatives and similar complex financial instruments as it takes the vlew that investments are held for thetr k)nger term total return. 2023 2022 Income Unrestrlrted Total Income Unrestricted Tot•1 Debtors and prepayments Current account 1.462 22.393 21.807 44,200 45.662 1.462 187.712 1 21.807 209.519 210.981 892 892 165.319 170.426 46.475 21.470 67.945 68,837 216.901 21.470 238,371 239,263 Deposit account Cash at bank 165.319 165.319 170,426 170,426 Cash at bank balances are the sole components of cash ar￿ cash equ1valen￿ The tharity has no debt. Page 22 OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANaAL sfATEMEpsf5 for the year ended 31 December 2023 Icontinued) 11. Credltors fallln8 due wlthln one year Z023 ZQZ2 Unrestrirted fvnds Administrators char8es Clinical Data Manager and Research Facilitator tosts Ac(ruals and deferred irKome Other creditors 3.050 1,824 30.(K)O 77 4.472 30.077 IZ. Analys15 of fund movements Balance brought foFw•Td Balance c•rried for*Jard Type R or UR. G•ins and Expenditwe Trnn51er$ losses Fund n•m*s Income TaTME trainlng Dr Elman Poole Research Fellowship Exosome Projerts NurstTr8 team SUPPOrt Restricted Income Unrestricted 5,107 15.1071 155,OlY) 10,054 155,000 10.054 265 265 170.426 516.836 34.013 687262 34.013 ' Key." R- restricred incomelunds, including specit71 trusts. of the chority.. t7nd U- unrestrictedfvnds 15.1071 177.9201 183.027) 165.319 492.843 658.162 19.914 19.914 Total Purpose Ind Restrktlons TaTME irainin The provision and support of TaTME training Dr Elman Poole Research Fellowship Exogome Projèct$ A legary from the late Dr Elman Poole to fund a research fellow to pursue the objects of the charity A legaty from the late Dr Elman PIM)le to fund research projects into exosomes, kn particular as they relate to tumours A legacy ffom rhe laie Dr Elman Poole to fund research into robotics as it applies to the objects of the charity Enhanced post surgery care support for the stoma and colorectal nuNng team at the Oxford Universiiy Hospiials NHS Foundation Trust. Any activity of the charity as approved by the trustees and in accordance with the alms and objectives of the charity. Robotic Research Nursing team supwrt Unrestricted Page 23 OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMEPITS for the year ended 31 IYe¢em￿ 2023 Icontinutd) 2023 2022 Restrirted Income Vnre$trided Total Income UTrrestrltted T¢xal Net movement In funds las p¢r the statement ol fin•nci•l •di¥itiesl Dividends and interest from investment5 15,1071 123,9931 129.1001 153,3811 151,6041 .'1104.9851 116,4261 116.4261 { 15,1391 115.1391 (Gains onl1losses +y) investments 119.9141 119,9141 53.581 53.S81 {Increaselldecrease in debto Inereaselldecreasel in creditors Net ¢ash used In oper*lni •rtivitie5 15701 15701 269 269 20.731 20,732 (4.5401 14,5401 15,1071 140.1711 145.2781 153.381) 117A331 {70.814) Page 24