occto us OXFORD COLON CANCER TRUST OCCTOPUS OXFORD COLON CANCER TRUST Reystered tharity no.1104702 TRUSTEES. ANNUAL REpoirr AND F114ANaAL ATEmENTs YEAR TO 31 DECEMBER 2024
OCCTOPUS OXFORD COLON CANCER TRUST TABLE OF coKfEvffS Referentè and Administrae Details Trnstees. Annual Rew)rt Statement of Tluste Responsibilities li Independent Examinerfs RÈport 12 Statement of Flnancial Art4vibÈs 13 Balance She¥( 14 ststement gfcash Flows 15 Notesto the Flnancial StatEmei 16 Page I
OCCTOPUS OXFORD COLON CANCER TRUST REFERENCE AND ADMINISTRATIVE DEfAILS Professor PeterAtkins Mr Neil As PYofessN Sr Neil mOrte l£hèim)aTr} M5 Katherine Baker Professor Christopher Cunningham Mr Nicholas Handy ITreasurer} Mr Simon Holland Mr Oliverjones M5 Marianne Julebin lapFW)irted 18 March 20241 Professor Tim Maugham lJppointed 13 January 20251 Mrmark Row Dr Michael Stein (appointe(113 January 20251 Mr Philip Williams Mr Robjonckheer Mr Stephen Dexter FCA Colorectal Centre The sLtrery & Diagnostic Centre Churchill Hospitsl Headington Oxford OX3 7U HSBC Bank pk 65 Commarket Street (Axford Independent Examlner. Prfnclpal office: Bankers: OXI 3HY oC0PS0t0Yd Coton C3FLceF Trust ljuly 21XJ4 (number 11047021 httpJJwww.ocrtopus.or8.uk fteglstratkn as a dwrltr. webs1.
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEEY ANNUAL REPORT The trustees present thelr annual report and financial ststements for the year ended 31 December 2024. The financial statements have been prepared in accordan wtth the accounti policies setouton pages 16to 19 and complywith the charrvs trust deed, the Accounttng and Reporting by Charttse5: Statement of Recommended Pract[ appNcable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicab]e in the UK and Republicof Irela1 {FRS 1021. and aPe law asdixussed more fulty in fiote l<n pe 16. The aims of the tharity areto improvethe dta8nosFs bnd treatment of coknrectal (ancer. inflamrnatory bowel disease. and bowel continence by promoting education. innovation and re5earth as well as thro the wovision of specialist equipment to allow new treatments to be delivered to patients. This is achieved through providing grants and equipmentto the colorertal surgery department and Its clinical partners at the Oxford University Hospttals NHS Foundation Tnjst and providing grants to the University of Oxford and other academic and profe55iona) in5tilution5. The M)ttees confirm that they have referred to the Charity Commissiorfs guidan on public benefft when rerfiewing the ch5 aim5 and obiecti¥e4 in planning future activities. arKI providinggrants forthe w. The charity further5 tts chaitable Purpo fortt public benefft thro1 itsgw-making liCy¥ICh looksto: fund research related to the earfy dia8nosis and treatment of sufferers with cotorertal cancer and related conditions provlde support for education aTKI training in treatingcolorectsl cancer and related conditions: aNI funding the purchase by the Oxford Univetsity Hospltals NHS Foundation Trust of specialised surgical equipmentforthe treatmentof col0rertalcer. and rnllamlnatorybowelcondi$uChas ukeratiyecolitts and Crohn'5 disease. Grant making and fvnthng 1CV The charity has establis1 its grant fftaking poliry to achiebE its oblects for the publtc benefft. The ultimate beneficiaries of the grant making programme are those who suffer from cobre¢tal Cancer. ulcerative colitis. Crohn's disease, inflammatory tr1. bowel continence problem5and at r45kofdeveiopingthese diseases. AccOrdit0 the latest data from the World Heatth Organlsatlon. canr is the second most CoMnn cause of d&ith worldwide. and the incidenceof canr Isincreasi in all Countr5. Canceraccountedfor nearly 10 mlllion deaths in 2020. nearly one in six death& The global cancèr burden is expected to reach 29 million new cancercases per year by 2040. a 60% increase on the estimated 18.1 million Canr$ in 20181WHO World Canr Rep)rt 20221. In the figures published by Cancer Researth UK I°CRUK°I, durin8 the period 201&18. there was a continued increase in the numbers of new cancer diagnoses in End fr<>m 303.135 to 375AMI. Colorectal canr is the third most common canter in ljoth mefi and women. In figures published try CRUK for this same period there were 42 885 new case5 eath year. and around 53% 5u¥¥wed IOyear& The charity provides grants to fund Fraduate research fellowships focus5ed on the objectives of the charity. The amount andterm ofthe reward is decided bythetrustee5 based onthe advice of th05etrustee5with clinicalexpertise.
OCCTOPUS OXFORD COLON CANCER TRUST TRusfEES' AIINUAL REPORT IcopmNUED) Typically, the searCh funding will cover a period of two years. though this may be longer or shorter at the trustees, discretion. The benefiaaries of the fellowships are monitofed thfOU8h regular reporting to the trustee meetings on progress. The charity funds equipment and trdinirg for those involved in treing med•cal conditions that are w¥thin the scope of the charitys work. The dmrityprovides one off grants for Individual stgradUate research in thefield of colorectal Canrand its related conditions. These grants are 35sessed by the clinical trustees and, if considered appropriate. are reviewed by the trustee body who determi whetherto proceed wtth the 8ranL The charity ful& the purdAse by the Oxford Uni¥ersity Hospita¢s NHS Fourthtion Trust of speciauged surgical equipment to expand knowledge of new and innowative techniques that improve treatment of colorertal cancer and its related conditions. Any private benefrt reIVed by research institutions resear¢hers and healthcare bodies is purely incidental to the objects of the tharivs WOT The charity revlews the grdnt making polrry annually to ensure that it refleLts the charl$ objects ènd thereby advaftces public benefiL StNchKe. monagementarnl ¢ommunka(loft The charity 15 a registered charwty, number 1104702, and Is Constituted under a trust deed dated 23 December 2003. During the year. the 7rustees reviewed the Dedaration of Trust dated 23 Drnber 2003 constituiing the Charity. Following this review. they approved changes to the objects. dllrt1OQ and tnEstee beneffts dauses. to which the Chartty commi10 consented. and to some other administrative provisions. These changes were implemented by an Amended and Confomied Declarion 0fTn entered into bythe Trustees dated 13 Marth 2025. The key chae to the objects of the Chartty was to fer to "colorettal ca(r and other tntestinal conditions- lltead of "colorectal cancer and related condition<. All other changes to the Deed updated its terms to refiect the Charity Commission's Model Trust Deeds as currently issued by the Charrty Commission. The charlS operations are controlled bythetrustees. Professor Sir Neil Mortensen 15 Chairnian and provldes medical direction. Mr Rob Jonckheer acts as Secretary. provldlng support on d)arltable legal. regulatory and govemance aspects. Mr NidM)las Handy att5 as Treasurer. providingwpport on all fifian¢ial aspects of the charit¢s activitie5. The tharity has a part time administrator to assist with the administrat¥)n. publicity and fund vaisin8 of the charity. who provides these servtces on a contracted basis. The admlnistrator ensures charity media profile is kept up to date. The trustee5 hold form21 meetsngs at leasr three times a year to consider all wÈcts of the chaFiVs activities, and to monitor progre55 On the charitV5 strategic and operational plans (see achievements and perf0mnCe below). These plans help trustees and supporters to work towards a shared and sustainable vision forthe futrjre, agreeing Priorities and identifying appropriate actNities to a£hve them. A Nominations Committee. comprFsinE Professor Slr N7 Mortensen and Mr Philip lliams. 15 responslble for recommendations to thè trustees on the appointment of new trustees. Trustee F*rfonnance arKI re4ppointment is Page4
OCCTOPUS OXFORD COLON CANCER TRUST TRusfEE5' ANNUAL IIEPORT ICONTINUED} considered anRually. Trustees are appointed through meeting with the Nofftinations Committee and, whe practicable, through strurtured visits to the colorectal surgery department at the OxFord University Hospitals NHS Foundation Tnjst. Trustee training isthrou8h peer supix)rt and attendance at relevant conferences orsemtnars. Communications with SUPFM)rtÈrs and other interested parties are conductedthrough various means indudlngtailored mailin& a quarterly newsletter, the chariW5 website. Just Givin& the annual report and events such as open day5 at the colorectal carKer deparbxent atthe Oxford University Hospitals NHS Foundation Trust. Feedback from supporters is solicf(ed in personal correspondence and communication. During the year. the thaTity has mabntained Its emphasis on own and its partners, aCtsbIlJty. The tnee5 seek to follow the good practice'CharityTrustees Guide. issued by ICSA.. The Governance Institute. The trustees meet regularly lat least three times a year formalty, addFtronally as Ieded} to re¥W the ststus of initiativès in hand and the charitys financial and investment position. These meeting5 are held either in person or. where appropriate, through elertronic means. The development of Strategic Options whlch coukl affert planning is also discLWd. The trustees rèmain committed to mintmising administrative costs ai7d to Monitlg the perfom7ance of initiative5 implemented kn associatn with the Oxford Universty HospFtals Foundation T. Mr Stephen Dexter FCA is the currently appointed independent examiner of the charity. In 2024 the charity ffjairt¥ined its fund-raising activities in order to enable it to continue to prnvidÈ grants and resoulces in accordance with its objectives. As part of the grant making process the charity provided funds amounting to £30,(KM)12023 £Nil) to the R¢)yal Collège of Surgeons of England to part fund o Robotics research fellowship using some of the funds provided by the Dr Elman Poole Research Fellowship bequest. Charlotte El-sayed is a tninee surgeon with an interest in robotics, and thi5 is a two year project. She has so far carried out reviews on wneasures y5ed to a55ess performar metrics whilst learning robottc surgery. The REINVENT study. Robotic Surgery Innolon for EffKient TrnIn1 look at the barriers to and solutions for best trainir8 in roEx>tlC Surgery. The charity also committed to providingfunds affK>unting to £40,C4YJ1202a £ Nil) to the Uni¥ersity of Oxford to fund a project to study how cancer-causing epithelial cells interact with their neighbouring cells-fibroblasts in colorectal cancer and to expk)re therapeutic opportunittes by targeting this interaction. This was also funded through the Dr Elman Poole Research Fellowship in agreement with the estste of the late Dr Elman Poole. Using cuttingdge technologies including gene engineering techniques and 3D p3tient-derld cell models optimised in the lab. the project aims to reliabty model svbpopulations of colorert81 canrS. i.e., colorectal epithelial cells harbouring different driver mutations. Findings from this project will help identfy key proteins that are involved in colorertal cancer progression and ultimately may lead to novel personali5ed treatments that can benefit cancer patients. Duringthe yearthe charitycontinued to fvnd through grènts to the Oxford University Hospitsls NHS Foundation Trust a Clinical Dats Manager and Research Facilitator (the "Data Managerfl at a cost of £23,92812023 £23,0311- The primary rote of the Oata Manager supports dats mana8ernenL education and research in the Colorertal DepartmenL
OCCTOPUS OXFORD COLON CANCER TRUST TRIISTEES. ANNUAL REPORT (CONTINUED) In particular Data Manager assists In the collectton, collarlon and dissemination of clinical data for puOSe5 of clinical governance and submission to national and intsmational audÉts. The Data Manager provides dirert visibility of the work of the charity within the Department. The charity ¢ontinued to fijnd at a costof £96.912 {2023 £30.(KKII the twoyear stULty into a potential link between the enteric nervous system and Crohn's disease with the Universlty of Oxford Mediol Sclences DivisK+n. The project will look into a potentlal link between the network of special 115 and nerves which pass alongside the blood ves*ls to the guL It Ks thought this enteric neNous system IENSI influences gut secretion, motility, absorption and immune function. There is s¢)me evidence that the ENS does not perform optTrmalty in Crohn's Oisease tt this has never been properly studied before. The ¢harity provided fundlng of £4,93012023 £ Nil) for the Universrty of Oxford to help fvftd a Patient and Ptjbllc Information Group workshop. The objective of the workshop was to work with groups of patients to discuss priorities and agree a 'top IU of what matters most to people affected by tsrr. In addition to providing information about priority issues, the workshops establish Trlationships between the charity and an engaged group of patients. The tharity also prcwided fvnding for the pro¥ision of specvalised items requested by the nursing team to adllress speclfic Issues identlfied bythose nurses. lfi 2024 these items amounted to £76012023 £ NIII The charoty measure5 its perfom)ance in two are35: ir7 the provision of grants al the subsequent success of those gra¥)ts In achieving the 8rant maknng policie5. The provision of grants is monitored at each trustee meeting where the trustees With clinical expertise will provide advice and the trustee LKsdy as a whole will confirm whetherthe grant will be made. As each grant provided tendsto have tanlque circumstances the charity measures perforniance on a ¢ase- by-case basis and at trustee meetings ft)Ilows up the benefits from the grants. The charity continue5 to monitor and addre55 Opportunities for re5ear¢h and the application ot surgical technology in treatin8 colorectal cancer and its relèted conditions. 5ts PriOritS at present a to". identifyiry future grants and education proFcts continueto raise funds to address its chafitable objectives,. and conseFve a fund for future te¢hnologlc41 developments (see also under Reserves policy below). The charitycontinLFes to send e-newslettersto ensure past and potential donors are kept up to date with ouractivities. The website is regularfy Lspdated to remove out of date links and to refresh content. Fundraislry The charity is commltted to following the Fundraisin8 Regulatorfs "Code of Fundraising Practice" 1.the Code") which set5 the standards that apply to fLtndraising Carried out by all charitable institutions and third-party fundraisers in the UK. The charity is regIsted with the Fundraising ReBulatorwhich fornialises its commitment to follow the Code. The charl$ Administrator undertakes fijndraising projects in compliance with the Code. These projects ilde supporting individuals who undertake sponsored activities. This support includes the provision of entrance to the Oxford Half Marathon and the provision of Products branded with the charity1080 to iTrdTrv?duals undertaking specific fundraislng activitie5 approved by the trustee5. Page 6
OCCTOPUS OXFORD COLON CANCER TRUST TRusfEES'ANNUAL REPORT (CONTINUED) The charity also provides literature at the h)spitsls that it supwrts giving contsct details of the charity. The charity is grateful for any legacies provided but is not invol¥e(J with the drafting of those legacies. The principal risks faced by the charity have not changed significa*)tly from last year.. primarily the impact of a global pandemi¢, the perfornian of investments and operational risks from non-effettive grant making and the capaclty of the charity to make effective grants. The impatt of COVID-19 has demonstrated that a global pandemic outside the control or infiuence of the charity can significantly affett the scale of its activities but not its ability to continue to operate effettNely. The trustee5 Consider that as the chBrity has minimal ongoing commitments, an established ¢ore of donors 3nd sufficlent reseryes it can continfjje to meet its charktsble objettives forthe foreseeable future. The trustees consider the variability of investrnent returns on funds 4nve5ted or deposlted to constitute thè charitvs major finanal risk. This Is mltlgated by having a diversified investment portfolio (through investing in fundsl and monitoring the annualised returns of that Investment portfollo Included In the monthly management accounts. wlth o formal report by the treasurer at exh of the tnLStee meetings. This dir$ificatIOn is achieved through the investment managed fvnds provlded by the Charfties Aid Foundation ICAFI with an appropriate mix of Equity and Fixed Interest investments. The operational risk from research and grant awards is that they may be noffeCtive in advancing knowtedge and practice to those treating colorectal canr and related COrlti0ns. This is managed through retaining trustees are Clinical experts to whom the recipients of the awards provide regular and detailed reports. In addition. the recipients provide regular reports to the trustee bod¥ as a whole. The process of rep)rting and re¥Mv assists us, and those we support, in keeping track of how research and knowledge is developing. This review wocess also focuses on the public benefit derived from our funding of their wo. The operational risk5from the fundin8of specialised sur8ical equipmentforthe use bytheOxfoTd Uni¥ersity Hospitsls NHS Foundation Trust are= the surgical equipment may be non-effective in treating the specialised condition of colorectsl cancer and related conditwjns the surgical equipment could be pmcured by the National Health Seryi¢e as part of its normal sper1n8 and does not therefore meet the charlS aim of innovative techniques- and the surgical equipment might be appropriated ty other a3$ of the Oxford University Hospita15 NHS Foundation Trust which, whi15t providir8 a public benefit. would not necessariby achieve the charitys alms. The operational risks from the fur1n8 of 5pecialised 5urg4cal equipment are managed by the appoititment of elinical experts as trustees who a(fvisethe trusteesas a whole on the efficacy of the equipment and its irtnovative nature. The clinical experts. ès the primary users of the equipment. provide assuran that the equipment IS not appropriated by others. All funding grants for specialised surgi1 equipment are agreed bythe trustee body as a whole to ensure the risks noted above are appropriately managed. Page 7
OCCTOPUS OXFORD COLON CANCER TRUST 7RUSTEES' ANNUAL REPORT (CONTINUED) nandal review The principal funding sources of the charity is made up of corporate entity donations ltypically in respect of restritted funding of projects) and individual donations (typically from patients of the Oxford Unwersity Hospitals NHS Foundation Trust or their relatives) together with gift aid where the donor has provided the appropriate dedaration. In additlon. events may be held to raise funds where income is generated both by the sale of t4ckets to the event and charity auctions or other donations provided during the event. whe donations exceed the immediatefunding requirements of the charity the excess Is invested in interest bearin8 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- The grant making activity 15 discussed in detail in the"Achievements and Performènce" section of the port above. Dufing the year, the charity reiVed £9,662 of unrestricted non-rÈturring donations12023 £16.3821 and £720 of unrestrirted recurrinE donation5 12023 £7761, indudin8 relevant Eift atd. Investment income. of which wa5 unrestricted. amounted to £13.69212023 £16.4261. As part of its fund raisin8 activities the charity receNed £3.329 in swnsorship income from partldpants in the Oxford Half Marathon12023 £4291 The charity ntinUed its commercial agement vrith Everyclick where Everyclick makes a paymènt to the charity in return for being able to list that charity on their services and to use the thar1S trade mark for the services. £2 of income was received in spert of this12023 £ Nill. The Dats Manager, eloved bythe Oxford Urnivers(ty Hospitals NHS FoundationTrust andfundedthrou8h a grant bv the charity of £23.92812023 £23.0311. supports an ert3blished researth team of clinicians, specialist nurses and research nurses to actively initiate, promote and drlve the recruitmènt of Oxford University Hospita15 NHS Foundation Trust patients for inclusion in national and intematlon81 clinical trials. A5 the charity has no employees it has no employment or PenSn obtlgations. The overall re5Utt of the actiwty during the year was a deftdt for the year of £155.20512023- deficit of £29,100) of which £25,083 was represented by net gains on in¥estments12023-Gains of £19,914?. The balance of funds decreased to £502,957 at 31 December 2024 from £658,162 at 31 December 2023. Total funds induded a surplus of £97.22312023-£165.3191 of restricted income funds Unrèstricted funds arrmjunted to £405,734 12023- £492.843). Furtherdetaljs are discuss tn the feser¥es sx)lity section whtch follows. As noted in the reserves policy Section whlch follows the charity has sufficient SeNeS to fulfil its commitment5. Investments OndlnvestmentIkY The trustees review the illvestment policy on an annual basis to ensure that it refiects the needs of the charity. The objertive of the policy is to invest funds that are not anticipated to be used within the next 12 months. The trStee$ have approved a Treasury Policywhere cash anticipated to be required within the current and following months shoutd be held Èn instant access accounts provided by the charitls bankers. It is at the discretion of the Page 8
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNLIAL REPORT (CONTINUED) treasurer as to how much should be held in an intere5t-beartng account. In determin1r the anticipated requirement, the most recent approved budget or reported latestestimate should be the basisof the assessment. Cash not anticipated to be ruired within the next two years should be hetd in a wrtfolio of Equity and Fixed Interest investments held within a Fund available within the IFSL CAF rtfOlIo. The 4nvestments held within IFSL CAF sub funds atthe Start of the year were closed on 30 June 2024 al, following a review of alternative funds available withsn the IFSL CAF portfolio, the trLSiees detemiined that the IFSL CAF ESG Income and Growth Fund metthe investment obj'ectives of the drIty. The aim of the IFSL CAF ESG Income and Growth Fund is to irtuea5e the value of an investment over a minimum o flve years throu8h a combination of capital 8rowth- which is profit on investments held, and income received by the Fund- whlch is money paid out of investments, such as dividends from shares and interest from l)onds. The Fund also aims to deliver, overany rollrrtg five year perrod, an average of tnflatioft plus 3% per annL¢m. The Irwestment ManÈger seek5 returns by investing in companhes that are focused on driwng and improvtng ESG change and are abso well positioned to grow profit 4rKI o¥erall company Value. Investments are shown in the balan sheet at marketvalue of £322,342 at 31 t)ecember 202412023- £477.2S9}. sh balances at the end of the year stood at £226.28312023- £209,519) of which £22,23112023- £21.8071 was held in an interest-bearing accounL The gains arising during the year from the revaluation of the ¢hartVs irwestments were £25,083 12023 gain5 of £19,914). Investment income from investments aEYI Inte5t was £13,69212023- £16,426). with the funding of signifKant tharitable expendiwre during the year and plans to maintsin charitable expenditure it was decided to sell £180,CQO of investments12023 £ Nil) to ensure compliance with the charitys treasury policy. A rent Fund Managerfs report (issued in of the quarter ended 31 £knmber 2024} relating to IFSL CAF E5G Income and Growth Fund, state(I: "Market Commentsry Political upheavals caused some short-temi markèt vDJillty. Recent rlght-wlng politlcal uprisings in Europe come at a precèrious time during the Russian war in Ukraine. Europe also faces uncertainty over the US president-elecvs proposed tariffs, which may create further instability for the global economy and international relations. Tfump will inherit a strong ecoTWry. altlKJugh inflatlon remains elevated. and the budget deficFt is substantial. Tax cuts and deregulation tould benefit small companies. but it is worth remembering that while Trump's policies may appear market-friendly. his unpredictable behaviour can cause uncertainty and market volatllity. Although government shutdowns are often considered noise, investor5 Should watth government bond ylelds, as these indicate if markets are nef¥OUS ab)ut a (xJuntrf5 abilty to pay off debt. We Continue to monitor geopolitical risk when constNrting portfolios but maIn focused on quality companies well positioned to withstand politlcal turbuleTr. Ultimately, it isthe businesses and their ability to grow earn¢ that matter. The overall emphasis rernains on balanced portfolM)s of high-quality companies that can survive and thrive independently of economic and polttical cydes. We have a well-established preference for high-quality equities as we Page 9
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNUAL REPORT ICONTINVED) expect companies with pricing power. strong balance sheets. and durable competltive advantages to be better placed to add value overthe medium to longer temi.- The charitys investment performance over 2024 has reflected the tumioil in the markets through the year, with a year end overall wsÈtive return of 8.0% including dividend income received12023- negative return 7.9%). The trustees have been carefully monitoring the situation as it has developed over the year and have tsken the view that in the long-term funds not 4)ecificalty required within a yearhavethe best probabilityof exceedin8 Trnflatn by retainingthe investmersts in their current funds. No additional InStMentS were made in the year. The trustee5 continue to mor¢itor returns on a monthly basls and still consider that on a long-term basis the current investment poliq remains appropriate to generate a return o¥èr the life of the irNestments in excessof inflation. Taxotion The charity is entided to those exemptions from UK tsxation vthith awe available in law to charities. Reser*sPoIl The trustees. poliry Is that so far AS possible thè annual intome of th@ tharlty shoLiSd be applied exclusively towards its charitsble 3ctiwties, as at present it has minimal administrative expenses. However, the trLtstees recognise that reserves will fluctuate. as its income in any year is to a large extent unpredictable and unlikely to match preciselv opportunities for expenditure to meet tts objertNe& The balance of funds at the 31 December 2024 amounted to £502.95712023- £658.1621 ofwhith; £85,00012023- £155,000? restricted to the Dr Elman Poole Research Fellowship £10,05412023- £10,0541 rèstr¥cted to the Exos(iffle Projects £2.16912023- £2651 was restricted to supporting the stoma and colorectal nursing teams in Oxlord, The balance of £405.73412023- £492,8431 was unrestricted. Whilst there are no other identified slgnificant projects currently under review it is the opinion of the trustees that 3 minimum of £2.( is likely to be needed to meet the periodtcal needs for technologscal updates of existing e9uipment not funded by the National Heatth SeNice. The balan of £205,734 is consldered a free reserve and is available to provlde grants that meet the char$ policie5. Remunerntlonpollcy The trusteès consider the board of trLSStees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operatFng the Charity ors a day-to-day basi5. All trustees give of their timè 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 Chaifman and in accordance wlth the charity'5 policy withdraw from decisions where a conflict of interest arises. Page 10
OCCTOPUS OXFORD COLON CANCER TRUST STATEMENT OF TRusfEES' RESPONSIBILrriES The charity trustees are responsible for preparing a trustees. anrsual report and financial statements in accordance with 3pplicable law and United Kingdom Accounting Stsndards Iunfted Kingdom Generalty Accepted Accounting Prarticel. The law applicable to charÉties ill England and Wa$ requires the drIty trustees to prepare financial Statements for each year which give 3 true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity forthat pefiod. In preparing thefinanual ststements. the trustees are requlred to: selert suitable accounting policies and then appty them conslstentlv observe the methods and PTinciples the applicable Charities SORP make judgements and estimates that a reasonable and prudent state whether app5icable accounting standards have been followed, subjert to any material departures that must be disclosed and explained in the financial statements. and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Thetrustees are responsible for keeping properaccounting recordsthat disclose with reasonable accur3LV * anytime the financial position ol the charity and to enable thelrt to gnsure thèt the financial statemertrts comply with the Charities Act 2011. the applicable ChatitÈes (Accounts and Reports) Re8ulations, and the pro¥i5i0ns of the Trust deed. They are also responsible forsafe8uardingthe assetsof the charity and tskingreasonable step5forthe prevention and detection of fraud and other Èrregularities. The trustees are responsible for the malntenance and integrity of the charity and financial infomiation included on the charitVs webslte in actordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. Approved by the trustees on 17 March 2025 and signed on their behalf by: Professor Sir Nell Mortensen Oxford Page 11
OCCTOPUS OXFORD COLON CANCER TRUST INDEPENDENT EXAMINEJYS REPORT to the Trustees of the Occtopus Oxford Colon Cancer Trust I report on the accounts of the Occtopus Oxford Colon Cancer Trl for the year ended 31 Dmber 2024, which are set out on pages 13 to 24. Respecllve re5ponslbilities of trustees and examlner The charit¢s tTU5tee5 are pOnsIblef0rthe preparation ofthe accounts. The chaTity'Strustees considerthat an audit is not required for this year under ctIOn 144121 of the Charities Act 2011 (the 2011 Act). and that an independent examination is needed. t Is my responsFbility to.. examine the accounts under settion 145 of the Charities Actr, followthe procedures laid down thegeneral Direttions given by the Charity Commission lundersection 145 15llbl of the 2011 Artl- ar statè whether part4CL¢lar matters have come to my attention. Basls of Independent examinerfs statemert My examination was carried out in accordan with the general Direttions gFven by the Charity Commission. An examination includes a review of the accounting records ke0 by the charity and a comparison of the accounts presented with those record5. It also includes consider3tson of any untssual items or disclosures Én the accounts and seeking explanations from you as trustees concerning any such matters. The procedures iJndert3ken do not provide all the evidence that would be required in an audit and tonsequently no opinion Trs given as to whether the accounts present a'true fair vie, and the report is Ilmited to those matters set out in the next statement. Independent examinerfs statement In connection wtth my examinatttin, no matter has come to my attention: 111 which give5 me reasonable cause to belFeve that in, any material respect, the requirements: to keep aCCOLJnting record5 in accordance with section 130 of the 2011 Act- to prepa accounts which accord with the accounting records and comply with the atcounting requirements of the 2011 Act have not been met; or 121 to which, in my opinTron. attention should be drawn in order to enable a proper understanding of the accounts to be reached, other than Note l on page 16 which states that the financial stateTneTrts have been ppared to give 3 'true and fairf view and have departed from the Charities IAccoL*nts and Reports) Regulations 2008 only to the extent requTred to provide a 'true and fair vith¢. This departu ha5 involved following Accounting and Reportlng by Charities preparingtheiraccou In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS I issued on 16 July 2014 rather than the Atcounting and Reporting by Charities= State ntof ecom ded Practice Èffective from l April 2005 which has Since been withdrawn. Stephen Dexter FCA Grove 17 March 2025 Page 12
OCCTOPUS OXFORD COLON CANCER TRUST STATEMENf OF FINANCIAL AcnviTIES For the year ended 31 December 2024 2024 2023 Restritted Income Total Restrirted Income Total Note Unrestrirted Unrestrkted Income and endowments from: OonatlOll5 and legacies Other trading activtties Inve5tfnents 2,723 10,382 3.331 13.692 27.405 13,105 3,331 13,692 30,128 17.158 429 17,158 429 16,426 34,013 16,426 34,013 Total 2.723 Expenditure on: Rarsing funds Charitab5e activ*ties Total Net èxpenditure and net Movement in funds before gains and losses on investments 59 13,827 125,770 139.597 13,886 196,530 210,416 15,255 62.665 77.920 15,255 67,772 83.027 70,760 70.819 5.107 5.107 168.0961 {112.192) 1180.2881 {5.107) 143,9071 149.0141 Net gains on iRvestment5 Net Movement in funds Reconciliation of funds: Total fijnds brought forward Total funds carried forward 25.083 25,083 187,109) 1155.2051 19,914 19.914 {23.9931 129,1001 168,0961 {5.107) 12 165,319 97,223 492,843 405,734 658,162 502,957 170,426 165.319 516,836 492.843 687,262 658.162 12 The notes at pages 16 to 24 form part of these accounts. Page 13
OCCTOPUS OXFORD COLON CANCER TRUST BALANCE SHEEr At 31 December 2024 2024 2023 Restrirted Income Unrestricted Restricted Income Total Total Note Unrestricted Fixed assets Investments 322.342 322,342 477.259 477.259 Current assets Debtor5 Cash Total current assets CuFrent liabilitie5 Creditors and accruals 1.803 89.060 90,863 1,803 226.283 228.086 1.462 44,200 45.662 1,462 209.519 210.981 137.223 137,223 165.319 165.319 io li 40.000 97.223 7.471 83.392 47,471 180.615 30,077 15.585 30,077 180.903 Net current a55tts 165.319 Net Assets 97223 405.734 502,957 165.319 492,843 658.162 The Funds of the Charlty Total income 12 97.223 405.734 502.957 165.319 492.843 658.162 The notes at pages 16 to 24 form part of these accounts. Approved trustees o 17 March 2025 and signed on their behalf by- Professor Sir Neil Mortens Page 14
OCCTOPUS OXFORD COLON CANCER TRUST STATEMENT OF CASH FLOWS For the year ended 31 December 2024 2024 2023 Restrirted Note Income Unfestricted Restrirted Incolne Total Unrestrlrted Total Ca5hflows from Operatinq Acti¥itie5: Net cash used in operatlng activities 13 128,0961 1148,8321 1176.9281 15.1071 140.1711 {45,2781 Cash flows from investing activities: Proceeds from sale of investments Dividends and interest from investments 180,(MY) 180,0(K) 13,692 13.692 16,426 16,426 Chan8e in cash and (ash equivalents in the year Cash and cash equivalent brought forward Cash and cash equivalent carried fo¥ward 12&096) 44.860 16.764 15.107} (23.7451 128,852} io 165.319 44.2Ck) 209.519 170,426 67,945 238,371 io 137.223 89.060 226.283 165,319 44.200 209.519 The notes at pages 16 to 24 form part of these accounts. Page 15
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 Accounting pollcles lo) Bu515 ofpreporotion andassessment 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 notelsl to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Prartice.. Accounting and Reporting by Charitles preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} issued OTh 16 July 2014 and the Financial Reporting Stsnd3Fd applicable in the United Kingdom and Republic of [land IFRS 1021 ènd the Charrties Art 2011 and UK GenerallyAccepted practi as itapplies from ljanuary 2015. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2(M)8 only to the extent required to provide a 'true and faFrviev/. This departure ha5 involved following Accounting and Reporting by Charities prepartngtheir accounts in accordancewiththe Financial Rèporting Standar4J applicable in the UK and Republic of Ireland IFRS 1021 i55LTred on 16 July 2014 rather thBn the AccountinE and Reporting by Chalities: Statement of Recommended Practice effective from l April 2(X15 which has since been withdrawn. The charlty constitutes a public benefit entity as defined by FRS 102. ThetfU5tees considerthatthereare no material uncertaintiesaboutthe charit5 abilTtyto continueas a goingconcern. With respecttothe next reportin8 period. 2025. the mostSl8E)ifi£ant areas of unrertaintythat affettthe 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 mana8emer>t sections of the trustees, annual report for more inform3tionl. (b) Funds structure Restricted funds are funds whTrch are to be used actordance with specific restrictions imposed by the donor or through the temis of specific appeal5. Unrestricted income funds comprise those fund5 whith the trustee5 are free to use for any purpose in furtherance of the charitable objects. fc) Income reco9nition All intame is recognised once the charity has entitlement to the income, it is probable thatthe income will be received and the amount of income receivable can be meassjred reliably. Donations are re¢ognised when the charity has been notified in writingof boththe amount and settlement date, oracheque has been received. In the eventthat a donation is subject to conditions that require a level of perfomiance before the charity is entitled to the funds. the income is deferred and not recognised until eitherthose conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable thatthose conditions will be fulfilled in the reporting period. Legacies are recognised on a case by case basisfollowing the granting of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the fomi of an asset other than cash or a financial asset traded on a recoEnised stock exchange, recognition is Subject to the Page 16
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL sfATEMEpirs for the year ended 31 December 2024 IContinued} value of the gift being rèliabty measurable with a degree of reasonable acojracyand the title to the asset having been transferred to the charitv. Interest on funds held on depositls included when reIVable and the amount can be measured reliably bythe charity; this is norrFSally upon nOtifatIOn of the interest paid or payabk by the bank. Distributlons are recognised once the distribution has been declared and notification has been ceiVed of the distrTrbution due. This is normally upon notificat*on by the lynd manager. (dj Expenditure recognition Liabilities Bre recognised as expenditure as 500n as there is a legal or constructive obligation committing the charity to that expenditure, it is probable thatsettlement 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 thts attribution refer to note111 below. Grants payable are payments made to third partie5 in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the fecipient ha5 been notified of the grant award. The notification g¢vesthe recipient a reasonable expectstion that they will receive the one-year ormultl-year grant. Grants awardsthat are subjecttothe recipientfulfilling perfomiance conditionsafe onty accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grdnt is outside of the control of the eharity- Provisions for grants are made when the intentoon to make a grant has been communicated to the reapient but there is uncertainty as to the timlng of the grant or the amount of grant payable. The provision for a multi-year grant is cognIsEd èt its present value where 5ettlernent is due over more than one year from the date of the award, there are no ut)fvlfilled performance conditions underthe control of the charity that would peimit the charity to avoid making the future paymentl51. settlement is probable and the effect of discounting 15 material. The discount rate used is the average rate of investment yield In the yèar in which the grant award is made. This discount rate is regarded by the tTUStees a5 providing the most current available estimate of the opportunity cost of money reflecting the tlme value of money to the charity. (ej Irrecovemble VAT The charity is not registered forVAT so irrecoverableVAT 15 charged against the expenditure heading for whlch It was ncufred. (ft Allocation of support ond governan costs The charity has no specific governance costs. which comprise all costs Involving the public accountability of the charlty nd it5 Cgmpliance with regulation and good practice. as there are no tnjstee costs and the Independent Examiner charges no fees for the examination. Other support costs in respect of charitablè artivities have been apportioned Page 17
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (Continued) based on an assessment of the individual c05t aThJ related artNity rt supports. The allocation of support and governan costs is explained in note 6. (g} Costs of n7isingfund5 The costs of generating funds cor)slst of the allocation of support costs identified as directfy related to the cost of generating funds and the costs of specific events whose purpose is to raise funds. (h) Charitable octivities Costsof charitable 1VItieS include grants made, SUFgbcal equipment provided andan apporthonment of support costs. fi) Fixed ussetinvestments Investments are a fomi of basic financial in5tnJment and are initially recognised at their transartion valve and subsequently measured at their fair value as at the balante sheet date using tlie closin8 mèrket price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals through0 the year. The charity does not acqui 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 condition5, the attitude of investors to investment risk and changes in Sentiment concernlng equities and within particular sectors or sub sectors. } Investment gt7ins ond10sses All rnS and 5osses are taken to the Statement of Financial Artivities as they art5e. 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 prlee or sale5 proceeds (kj Pensions The charity has no employees and no pension obligations. (IJ Lkvbto Debtors are recognised at their recoverable amount Id)e amount the charity anticipates it will re1Ve from a debt or the amount it has paid in advance for goods and servicesl. {m) Ct7sh trt bonk andin hot Cash at bank and in hand is held to meet short temi cash commitments as they fall due. Cash equivalents are short term highly liquid investments readily tonvertibleto known amount5 of cash and are SL6bjertto an insignificant change in value. A cash equlvant has a short term maturity which is Tt expected to exceed three onthS. Page 18
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 {ContinuedJ (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 tash payment, to a third party. A liability is recognised as the amount thatthe 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. (oj Contingentliobilities A contingent liability is identified and disclosed forthose grants resulting from= a possible obligation which will only be confirmed 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 either not considered probable,. or the amount has not been communicated in the grant offer and that amount cannot be estimated reliably. Related party transartions and trustees, remuneration and e¥penses The trustees all give freeFy their time and expertise wtthout any form of remuneration or other benefit in cash or kind 12023 £Nill. The trustees have made no claims for expense5 during the year (2023 ENil)- Professor Christopher Cunningham. Mr Oliverjones and Ms Katherine Baker are directly employed by. and hold senior positions at, the Oxford University Hospltals NHS Foundation Trust which the trustees consider to be a related party. Professor Sir Neil Mortensen is an Honorary Consultant Surgeon at the Oxford UniversFiy Hospitals NHS Foundation Trust and was President, Royal College of Surgeons of Engl31. Donatlons and legacles 2024 2023 Restricted Income Restrscted Unrestricted Tot41 Income Unrestrirted Total Recurrlng donallons Under sift aid Not under gift a¢d Tax recoverable 480 525 525 120 120 120 120 120 120 131 131 720 720 776 776 Other donations Under gift aid Not under gift aid Tay recoverable 8,420 992 8,420 3.617 | 348 9,835 4,108 2,439 16,382 17.158 9.835 4.108 2,439 16,382 17.158 2.625 98 250 2.723 9,662 10,382 12.385 Total donations 2.723 13.105 Page 19
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year emled 31 December 2024 {Continued) Other trading actlvities 2024 2023 Sponsorship Licence fee income 3,329 429 3.331 429 Other tradlng activities were unrestricted. Investment income 2024 2023 Fund distributions Interest on bank deposlts 13,269 423 16.089 337 16.426 13,692 Investment Income was urbrestricted. 6. Allocation of governance and support costs All governance activities are carried out by the trustees orthe independent examiner and asthey are not remunerated and have claimed no expenses the governance costs are £Nil12023- £Nill. The allocation of support costs between expendtture on an activty basts Is shown in the table below: Cost Type Raising funds Donations and legaues UnrgstrTrrtèd intomo funds Restricted income funds Basis Administrator's cost Just Giving charges Web site maintenance Printing and stationery loo% 85% loo% Time spent Actual cost ',Actual cost 'Actual c05t 15% 0% loo% The time spent by the Administrator was allocate(I beeen the varlous activitles based on an assessment of the time taken in undertaking those activities Page 20
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 {Continuedl Expenditure on raising funds 2024 2023 Restrirted Nursing funds Donations and Segacie5 Just Givin8 charges 59 Unrestricted funds Donations and legacies Administrator costs 8ank and Just Giving charges Web site development Printing and stationery Insurance Regulatory and association Costs 12,174 721 664 11,943 644 1.534 137 183 85 14,526 183 85 13.827 Other trading attiviries- lundraising events Sponsored activities 729 13.827 15,255 8. Expenditure tyn thafltable actlvitles ZO34 Z023 Restricted Income Restricted Intome Unrestrirted Total Unfestrirted Total Restri¢ted funds Funding research fellowship Grant funding Enteric NeTVOUS System IENSI in Crohn's disease 70,000 70,000 96,912 96,912 30.000 5,369 35,369 30.000 S,369 35,369 Individual projects 96.912 96.912 Medical suppc•rt Operating theatre equipment Stoma team and colorettal nursÈng staff 4,265 4,26S 760 760 760 760 4.265 4.265 Educ4tion and training TaTME pilot training course Clinical Data Manager and Research Facilitator Other grant5 5,107 5.107 23,928 4,930 28,858 125.770 23,928 4,930 28,858 196,530 23.031 23.031 5,107 5.107 23,031 62.665 28,138 67,772 70.760 Page 21
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 (Continued) Fixed asset investments 2024 2023 Movements in investments comprised: Fair value at the beginnin8 of the year Disposal Ner gains Fair value at the end of the year 477,259 1180,0001 25.083 322.342 457,345 19.914 477.259 Investments at fail value comprised: Mafket Value Sale and Revaluation Pu¥thase 2024 2023 IFSL CAF ESG Incorne and Growth FLsnd Income 321.342 25.083 1180.oixI} 477,259 Fixed asset investments were unrestricted. The signrficance of finanthal instruments to the ongoing financial sustainability of the charity 15 consldered 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 Investment Fund Services Ltd with settlement typically within six days and consequently have good liquidity. The charity has no investment holdings in maet5 subjert 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 m3ke use of derivatives and similar complex financial instrurnents as it takes the view that investments are held for their longer tem) total return. 10. Current assets 2024 2023 Restrirted Income Restrirted Income Unrestricted Total Unrestrirted Total Debtors and prepayment5 Cijrrent account 1.803 66,829 22.231 89,060 90,863 1,803 204,052 22.231 226,283 228,086 1,462 22.393 21,807 44,200 45.662 1,462 187.712 21,807 209,519 210.981 137,223 165,319 Deposit accounr Cash at bank 137.223 137,223 165.319 165.319 Cash at bank balances are the sole components of cash and cash equivalents. The chartry has no debL Page 22
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 {Continued) 11. Creditor5 falling due within one year 2024 2023 Restricted funds Funding research fellowship Unrestricted funds Administrators charges Clin+cal Data Manager and Research Facilitator tosts 700 6.693 Accruals and deferred income Other creditors 30,000 77 30.077 78 7.471 12. Analysls ol fund movements Balance Type R or brought UR fonvaTd Balance carried forward Galns and losses Fund namts In¢orne Expenditur• Transfers Dr Elman Poole Research Fellowship Exosome Projects Nursing team support Restrirted Income 155.000 10.054 170.0001 85,000 10,054 265 2.723 18191 165,319 2.723 170,8191 492.843 27.405 1139.5971 658.161 30.128 1210A16) ' Key.. R- re5trirted incomeftsnds, including speciol trnsrs. of t17e clrIty.. ond U- unrestrirtedfunds 2,169 97,223 405.734 502,957 Unrestricted 25,083 25.083 Total Purpose and Ae5trirtion5 Dr Elman Poole Research Fellowship Exosome Projects A legacy from the late Dr Elrrtan Poole to fund a research fellow to P4Jrsue the object5 of the charitv A legacy from the late Dr Elman Poole to fund research projects into exosomes, in partiCLslar as they relate to tumours Erhanced post surgery care support for the stoma and colorectal nursing team at the Oxford Univer51ty Hospitals NHS Foundation Trust. Any atttvity of the charlty a5 approved by the trustee5 and in accordance with the aims and objectives of the charity. NursinE team support Unrèstricted Page 23
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE Fif+JANCIAL STATEMEhrrs for the year ended 31 December 2024 Iconlinued) 13. Re¢0111*10n of net movement in fvnds to net cash flow fr¢ffi operdtlng attivitles 2024 2023 Restrirted Income Restricted Income Unyestricted Total Total Unrestricted Net movement in funds {as per the statement of financial artivltiesl Divtdends and interest from investments 168.0961 187,1091 { 155,2051 15,1071 { 23,9931 129.1001 113,6921 113,6921 116.4261 116.4261 Gains on investments 125.0831 125.0831 119,9141 119,9141 Increase in debtors Decrease/llncrea5el in creditors Net cash used in operating activities 13411 13411 15701 15701 40,000 122,6071 17,393 20.732 20.732 128.096) 1148.832) 1176.928} 15,1071 { 40,171} {45.2781 Page 24