occto us OXFORD COLON CANCER TRUST OCCTOPUS OXFORD COLON CANCER TRUST Re8lstered tharlty no.1104702 TRUSTEES, ANNUAL REPORT AND FINANaAL STATEMENrs YEAR TO 310ECEM6ER 2025
OCCTOPUS OXFORD COLON CANCER TRUST TABLE OF CONTENTS Reference and AdministratNe Details Trustees, Annual Report Statement of Trustees, Responsibilibe5 li Independent Exarninerfs Report 12 Statement of Financial Actfvitle5 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financlal Statements 16 Page I
OCCTOPUS OXFORD COLON CANCER TRUST REFERENCE AND ADMINISTRATIVE DETAILS Patrons: Professor Sir Walter Bodmer Professor Peter Atkins Mr Neil Ashley Trustees: Professor Sir Neil Mortensen (Chairman) Ms Katherine Baker PrOfeSr Christopher Cunningham Mr Nicholas Han(ty (Trea5urerl Mr Simon Holland Mr Rob Jonckheer Mr Oliver Jone5 Ms Marianne Julebin Professor Tim Mau8han Professor Bryan Morton CBE Mr Mark Rowse Dr Michael Stein Mr Philip Williams (retired 9 June 2025) Secrètary: Independent Examlner: Prlnelp•l office: Mr Rob Jonckheer Mr Stephen Dexter FCA Colorectal Centre The Surgery & Dlagnostlc Centre Churchill Hosp¢tal Headington Oxford OX3 7U HSBC Bank plc 65 Cornmarket Street Bankers: Oxford OXI 3HY occropus Oxford Colon Cancer Trust l July 2¢JM Inumber 11047021 http'.//bWWW.OCCtopus.org.uk Name Re8lstrat(on as a charlty: Website: Page 2
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNUAL REPORT The trustees present thelr annual report and finantial statements forthe year ended 31 Dember 2025. The financial statements have been prepared in accordance with the accounting policies set out on pa8es 16 to 19 and comply with the chariW5 trust deed. the Accounting and ReptIng by Chartties.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, and applicable law as discussed more fully in note l on page 16. Oblectlves and actlvltles The aims of the charity are to improve the dla8nosls and treatment of colorectal cancer. infiammatory bowel disease, and bowel continence by promoting education, Innovatlon and researth as well as through the provlslon of speclallst equipment to allow new treatments to be delr¥ered to patients. Thls Is achièved through providing grants and equlpment to the colorectsl surgery department and Its cllnical partners at the Oxford Unlversbty Hospltals NHS Foundation Trust I"OUH") and prowding grants to the Unlversity of Oxford and other academk and professional instttutions. The trusteestonfirm that they have referred tothe Charity Commission's guidance on public benefit when reviewing the tharws aims and objectives, in planning future activities, and providin8 8rants for the year. The charlty furthers Its charitsble purposes for the publlc benefit through tts 8rant-makln8 policy whlch looks to.. fund research related to the early dlagnosls and tatment of Sufferers wlth colorectal canr and related condltlons provlde support for educatlon and trainln8 in treatlng colorectal cancer and related condltlons,. and fundlng the purchase bythe OUH of speclallsed surgical equipment for the treatment of colorectal cancer, and inflammatory bowel conditions such as ulcerative colltis and Crohn's dlsease. Grant rnakI and fvndlry polkv The charity has established tts grant making p)liry to athieve its objects for the publlc benefit. The ultlmate beneficiarles of the grant making programme are those who suffer from colorettal Cancer. ulcerative colitis, Crohn's dlsease. inflammatory bowel. bowel continence problems ènd those at risk of developing these diseases. According to the latest data from the World Health Organisation, cancer is the second most common cause of death worldwide, and the incidence of cancer 15 increasing in all countries. Canceraccounted for nearly 10 milllon deaths in 2020. nearly one in six death5. The global cancer burden is experted to reach 29 million new cancer cases per year by 2040. a 60% increase on the estimated 18.1 milllon cènors in 2018 IV4lHO Wofld Cancer Report 2022). Colorertal cancer is the third most common cartcer in both men and women. In figures published by CRUK for the period 2017-2019, there Vre 44,ICKI new cases each year, and around 53% survived 10 years. The charlty provides grants to fund postgraduate research fellowships focussed on the objective5 of the charity. The amount and temi of the reward is decided bythe trustees based on the advice of those trustees with clinical expertise. Typically. the research fvnding will cover a period of two years. though this may be longer or shorter at the trustees, discretion. The beneficiaries of the fellowship5 are monttored through regular reporting to the trustee meetings on progress. Page 3
' OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNVAL REPORT IcoNfiNUED) The charity funds equipment and training for those invofved in treating medical conditions that are within the scope of the charws work. The charity provides one off grants for individual postgraduate research in the field of colorectal cancer and its reloted conditions. These grants are assessed by the clinical trustees and, rf considered appropriate, are reviewed by the trustee body who determine whether to proceed with the grant. The charity funds the purchase by the OUH of specialised surgical equipment to expand knowledge of new and innovative techniques that improve treatment of colorectal cancer and tts related conditions. Any private benefflt received by research institutions. researchers and healthcare bodies is purely Incidental to the objects of the charitS work. The charity reviews the grant making pollcy annually to ensure that it reflects the charitys objects and therebv advances public benefit. Strurture, governance and maDwm•nt Strurture, moftaqementand communlcatlon The ¢harity is a reglstered charlty. number 1104702, and is constltuted under a trust deed dated 23 December 2CK)3 and by an Amended and Conformed Declaration of Trust entered into by the Trustees dated 13 March 2024. The charit5 operations are controlled by the trustees. Professor Sir Neil Mortensen Is Chalrman and provldes medlcal direction. Mr Rob Jonckheer acts as Secretary, providin8 SUPPOrt on charitsble legal, regulatory and governance aspects. Mr NScholas Handy acts as Treasurer, provldlng support on all financlal aspects of the charitys artlvltles. The charity has a part time communication, PR and marketing consuhant I'administratorti to asslst wlth the administration, publicity and fund raising of the charity. who provides these servlces on a contracted basis. The admlnlstrator ensures the charity media profile is kept up to date. The trustees hold formal meetings at least three times a year to consider all aspetts of the charltrfs activities, and to monitor pro8ress on the charivs strategic and operational plans (see athievements and performance below). These plans help trustees and supporters to work towards a shared and sustainable vision for the future, agreeing priorities and identlfylng approprlate activlties to achieve them. A Nominations Committee. compr151ng Professor Sir Nell Mortensen and other trustees as requlred, is responsible for recornmendatlOll5 to the trustees on the appointment of new trustees. Trustee perfomance and re-appoSntment is considered annually. Trustees are appointed through meeting With the Nominations Committee and, where practicable, through structured visits to the colorettal surgery department at the OUH. Trustee trainin8 IS throu8h peer support and attendance at relevant conferences or seminars. Communicationswith svpporters and other interested parties are condurted through various means including tailored mailing, a quarterly newsletter, the charl5 webstte. Just Givin& the annual report and events such as open days at the colorectal cancer department at the OUH. Feedbatk from supporters is solicited in personal correspondence and communication. Page 4
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES. ANNUAL REPORT (copillNVED Governan¢e During the year, the charity has maintained its emphasis on its own and tts partners, accountability. The trustees seek to follow the good practlce'CharityTru5tees Gurde. issued by ICSA.. The Governance Institute. The trustees meet regularly lat least three times a year fom)ally. additionally as needed) to revlew the status of Inltlative5 in hand and the charitls financial and investment posrtion. These meetings are held either in person or. where appropriate, through electronic means. The development of strategit options which could affert planning Is also discussed. The trustees remaln commltted to mlnimi5ing administrative costs and to monitoring the performance of initiatives implemented in association with the OUH. Mr Stephen Dexter FCA is the currently appolnted Independent examiner of the charity. A¢hle¥ements and perf4rmaThce In 2025 the tharity malntalned its fund-raising artivities in order to enable It to continue to provide grants and resources In accordance wlth Its oblertfves. The charity agreed to fund a new outpatient Hlth Resolutlon Anoscopy IHRAI servlce at the Churchlll Hospltal at a cost of £70,07012024 £Nill. It is a signlficant step fonvard for the wlon. enhandng early detection and management of anal pre-cancer and cancer. The service has helped move the care from an Inpatient general anaesthetlc to a more comfortable local anae5thetic day case and will reduce the need to travel. As part of the grant making process the charfty provided funds amounting to £25.0(KI12024 £30.OWl to the Royal College of Surgeons of England to part fund a Robotics research fellowship using some of the funds provided by the Dr Elman Poole Research Fellowship bequest. This year the fellowship has supported the University of Oxford department of Immuno-oncology to treate a platform allowlng Identification of novel cancer speciflc tsrgets for Immunotherapy. This was to be achieved by.- lil integratin8 exlstlng methodology for the spatial analysis of immunopeptidomes in a colorectal tancer tissue section; and lill chararterising the spatial distribution of the tumour micro environment usin8 hi8hly multiplexed immunofluorescent technology Itissue cytometryl. in an adjnt section. Together. these two approaches will provlde a detailed map of the cancer, highlightin8 the re8ional distrlbutlon of Immunopeptides. Durln8 the year the charlty contlnued to fund throu8h grdnts to the OUH a ainical Data Manager and Research Facilitator (the °Data Manage) at a cost of £24.24512024 £23.928). The primary role of the Data Manager supports data management. education and research in the Colorectal DepartmenL In partlcularthe Data Manager assists in the collection, collation and dissemination of cllnital data for purposes of clinical governance and submission to national and international audits. The Dats Manager provides dirert vislblllty of the work of the chartty within the Department. The charity continued to fund at a cost of £lO,C(i112024 £96,912) the two year study into a potential link betsveen the enteric nervous teM and Crohn's disease with the Unlversity of Oxford Medlcal Sciences Division 1.the ENS re5earch~l. The project investigates a potential link between the netwot* of special cells and nerves which pass alongsSde the blood vessels to theBut. It isthought this enteric nervous system IENSI influences gut secretion, motilitv, absorption and immune funrtion. There is some ewdence that the ENS does not perform optimally in Crohn's Disease but thls has never been properly studied before. On the 7 January 2026 the charity agreed to contlnue this research Page S
. OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES. ANNUAL REPORT IcopinNUED) under a new agreemen¢ subject to the achievement of annual milestones agreed between the charity and the University of Oxford Medical 5cience5 Division. at an amount of £60.0(Kl per yearfor three years. The charity also provided funding for the provisÉon of items requested by the nursing team to address speclflc Issues identified by those nurses. In 2025 these items amounted to £1212024 £7601. The charity measures its perforniance in two areas: in the provision of grants and the subsequent success of those grants in achievin8 the 8rant makin8 policies. The provision of grants is monitored at each trustee meeting where the trustees with clinical expertise will provide advice and the trustee tY as a whole will confimi whether the grant wlll be made. As eath grant provided tends to have unique circumstances the charity measures its performance on a case- by-case basis and at trustee meetings follows up the benefits from the grants. The charity continues to monltor and address opportunities for reseafch and the application of sur8l¢al technology In treating colorectal cancer and its related conditions. Its priorities at present are to- Identlfyin8 future grants and education projects continue to ralse funds to address its charitsble objertive5: and conseNe a fund for future technolo8ical deYelopments1see also under Reserves pollcy belowl. The charity continues to send e-newsletters to ensure past and potentlal donors are kept upto date wlth our actlvities. The website is re8ularty upjated to remove out of date links and to refresh content. Fundralslng The charity is committed to following the Fundraisin8 Regulatorfs"Code of Fundraisin8 Prartice" I'the Code") which sets the standard5 that apply to fundraislng carried out by all charitable instltutions and third-party fundraisers in the UK. The charity is registered with the Fundraising Regulator whlch fom)alises its commitment to follow the Code. The charfty'5 administrator Undertakes fundraising projects in compl13n with the Code. These projects include supportinR individuals who undertake sponsored activities. This support includes the provision of entrance to the Oxford Half Marathon and the provlsion of product5 branded with the charlty logo to IndSvlduals undertaking specific fundralsing activlties approved by the trustees. The charity a150 provide5 literature at the hospitals that it suPrtS giving contart details of the charity. The charity is grateful for any legaties provided but is not inVoed wtth the drafting of those legacies. Prlnclpql rfsks and uncertalntles The prlnclpal rlsks faced by the charlty have not changed significantly frorn last year,. primarily the impact of a global pandemic. the performance of investments and operational rlsks from norkeffectNe grant makinB and the capacity of the charity to make effectNe grants. The impart of COVID-19 has demonstrated that a global pandemic outside the control or influence of the charity can significantly affect the scale of its activities but not tts ability to continue to operate effectively. The trustees consider that as the charity has minimal ongoing commitments. an established core of donors and sufflclent reseNes it can contlnue to meet its charitable objectives for the foreseeable future. Page 6
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNUAL REPORT (COPfflNUED) The trustees consider the variabilty of investment returns on funds invested or deposited to constitute the charitws major financial risk. This is mitigated by having a diversified investment portfolio Ithrough investing in fund51 and monitoring the annualised returns of that investment portffolio included in the monthly management actounts, with a formal report by the treasurer at each of the trustee meetings. This diversification is achieved through the Investment In managed funds provided by the Charities Aid Foundation ICAFI with an approprlate mix of Equity and Fixed Interest investments. The operational rlsk from research and grant awards is that they may be non-effective in advancing knowledge and prartice to those treating colorectsl cancer and related conditions. This is managed through retaining trustees who are cllnlcal experts to whom the redpients of the awards provide regular and detailed report5. In addition, the reclpients provide re8ular reports to the trustee body as a whole. The process of reporting and review assists us, and those we support, in keepin8 track of how research and knowledge is developirvJ. This review process also focuses on the public benefit derived from our funding of their work. The operatlonal rlsks from the fundln8 of speclallsed sur86cal equlpment forthe use by the OUH are: the sur8lcal equlpment may be non-effertlve In treatlng the speclallsed conditlon of colorectal cancer and related conditlons the surgical equipment could be procured by the Natlonal Health servi as part of its nomal spendin8 and does not therefore meet the charitvs aim of innovative technique5,' and the surglcal equipment might be approprlated by other areas of the OUH whlch, whllst provldln8 a publ1¢ benefit. would not necessari¥ achieve the chariVs aims. The operatlonal risks from the fundln8 of speclallsed surgScal equlpment a managed by the appolntment of cllnlcal experts as trustees who advise the trustee5 a5 a whole on the efficacy of the equlpment and Its Innovative natu. The cllnical experts, as the primary usets of the equipment provide assuran that the equipment is not appropriated by others. All funding grants for specialised sur8ical equlprnent are agreed by the tnistee body as a whole to ensure the r15ks noted above are appropriatefy managed. Flnanclal re¥le•• The princlpal funding sources of the charrty is made up of corporate entlty donations (typically in respect of restrlrted fundlng of projects) and individual donations (typically from patients of the OUH or their relativesl together with 8ift aid where the donor has provlded the appropriate dedaration. In addition, events may be held to raise fvnds where income is generated both by the sale of tkkets to the event and charity auctions or other donations provided during the event. Where donations exceed the immediate funding requirements of the tharity the excess is invested in interest bearing bank accounts or investments in accordance with the investment policy (see below) and the dividends and interest from these investments provides funding for the charity. The grant making actiVFty is discussed in detail in the "Achievements and Performance. section of the report above. Durlng the year, the charity received £18.641 of unresuicted non-recurrlng donations12024 - £9.6621 and £720 of unrestricted recurring donations 12024 £7201. including relevant gift ald. Investment Income, all of which was unrestrlcted. amounted to £9,09312024 £13.6921. Page 7
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES. ANNUAL REPORT (CONTINUED) As part of its fund raising activities the charity received £12,022 in sp)nsorship income from participants in the Oxford Half Marathon12024 £3.3291 The charity continued rts commercial agreement wrth Everyclick where Everyclick makes a payment to the charity In return for being able to list that charity on their services and to use the charl$ trade mark for the services. £2 of income was received in re5pert of this12024 £21. The Data Manager, employed by the OUH and funded throu8h a grnnt by the charity of £24.24512024 £23,9281, supports an established research tearn of dinicians. speciallst nurses and research nurses to artively initiatei promote and drtve the recrultment of OUH patlents for induslon In natlonal and Intemational clinical trials. The charity agreed to SUPPOrt the role of an additional research nurse at the Translational Gastroenterology and Liver Unit which is part of OUH focused on research and clinlcal care related to gastrointestinal and liver disease5, workin8 to translate s¢ientrficfindings into new and better clinical treatments. Should OUH continue the postfor a second year, Ocrtopus would donate up to £59,547 to OUH towards funding that second year. The charlty agrèed to fund a new outpatlent Hlgh Resdution Anoscopy IHRAI seThlce at the Churchill Hospital at a cost of É70,07012024 £NIII. As the chartty ha5 no employees ft ha5 no ernploent or penslon obligatlons. The overall result of the actlvlty durlng the year was a deficlt for the year of £79,11012024- deflclt of £155,205> of whlch £24,119 was represented by net galns on Investments12024- Gains of £25.0831. The balance of fvnds decreased to £423.847 at 31 December 2025 from £502,957 at 31 December 2024. Total funds included a surplus of £72,29512024- £97,223) of restricted income funds Unrestricted funds amounted to £351,552 12024- £405,734). Further detai15 are discussed In the reserves wllcy sectlon which follows. As noted in the reserves policy section which folk*WS the tharity has sufficient reserves to fulfil Its commltments. Investments and Investmentpolky The trustees review the investment wlicy on èn annual basis to ensure that it refiects the needs of the chartty. The objertive of the p)licy is to invest funds that are not anticipated to be used within the next 12 months. The tru5tee5 hove approved a Treasury Policy where cash antlclpated to be required within the current and followin8 months should be held in Instant 3ccess accounts provlded by the charivs bankers. It is at the dlscretlon of the treasurer as to how much should be held in an interest-bearin8 account. In determining the anticipated requirement, the most recent approved budget or reported latest estimate should be the basis of the assessment. Cash not anticipated to be required within the nexttwo years should be held in a portfolio of Equity and Ftxed Interest nvestments held wlthln a Fund avallable whhln the IFSL CAF portfolio. The trustees determined. based on the advlce of the treasurer, that the IFSL CAF ESG Income and Growth Fund met the investment objectNes of the charity. The aim of the IFSL CAF ESG Income and Growth Fund is to InCaSe the value of an investment over a minimum of five years through a combination of capitsl growth - which 15 profit on investments held, and income received by the Fund - which is money paid out of investments, such as dividends from sha$ and interest from bonds. The Fund also aims to deliver, over any rolling five year period, an average of inflation plu5 3% per annum. The Investment Manager Page 8
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNUAL REPORT ICONTINUED) seeks retums by investing in companies that are focused on driving and improving E5G change and are a150 well posltloned to grow proflt and overall company value. Investments are Shown in the balance sheet at rnarket value of £346,461 at 31 December 202512024- £322.342). Cash balances at the end of the year5tood ot £150,52412024- E226.2831 of whbch £22.59412024- £22.2311 wa5 held in an interest-bearin8 account. The galns arlslng during the year from the revaluatlon of the chariV5 investments were £24.11912024 gains of £25,083). Investment income from Investments and interest was £9,09312024- £13,6921. A recent Fund Managerf5 report (issued in respect of the quarter ended 30 September 20251 relatlng to IFSL CAF ESG Income and Growth Fund, Stated: "Market Commentary At a glance Global equltles rallled In Q3. driven by strong eamings and Al momentum Fed cut rates for the flrst tlme thls year, s18nalling a dovish pivot Inflation pressures re-emerged due to tariffs, but employment remalns the Fed's key concern Equities & Bonds Al-led tech stotks powered US markets hl8her, with Chlna. Japan. and the UK also postlng solld gains. Europe underperformed, dragged down by polrtical instabiltty in France. Globalty. equities benefited from robust earnings, easing trade tensions, and falllng US b)nd yields. The Fed's September rate cut- its first this year- highli8hted growing concerns over a softenin8 I1T market. Shortdated bonds outperformed, whlle long-dated government bonds saw mlxed results. Al & Earnln8S Corporate earnings were buoyed by a88ressive Al investment. Tech glants - Alphabet, Amazon, Apple. Meta. and Microsoft- collectively spent over $92 billion in Q2. a 68% year-on-year inttea5e. These inve5tsnents, larger than the GDP of many mld-si2ed nations, underscore the scale of the Al ra. While the long-term revenue impart remains uncertaln, the short-term boost to sentiment Is clear. Bond Market Moves Two-yearTreasury yields peaked near 4% in July before retreating to 3.6% by quarternd. The 10-year yleld followed similar path, dropping from 4.48% to 4.15% after the Fed's rate cut. In contrast, long-dated US bonds were flat. Globallys yields on longer maturitles rose, particularly in France. where budget tensn$ tri88ered a cabinet reshuffle- hlghlighting the political challenges of f15cal tightening. Q4 Outlook As we enterthefinal quarter, key watchpoints indude central bank rate decisions. the durability of corporate e3min8S. and geopolltlcal fla5hpoints- especially in Europe and the Middle East. A successful and more enduring result of tarlff negotiations with major tradin8 partners like China will colour the ba(drop of global markets toward year-end. Investors will be watching for signs of economic resilience. inflation moderatKin, and fiscal clarty." The chariws investment perfomiance over 2025 has refiected the turmoil in the markets throu8h the year. with a year-end overall positive return of 10.2% induding dividend income received12024 - negative return 8.0%). The Page 9
OCCTOPUS OXFORD COLON CANCER TRUST TRUSTEES, ANNUAL REPORT (CONTINUED) trustees have been carefully monitorin8 the situation as it has develo&*d over the year and have taken the view that in the lon8-term funds not specifically required withhn a year have the best probability of exceedlng inflation bv retaining the Investments in their cuThent funds. No additional investments were made in the year. The trustees continue to monitor returns on a Month basis and still consider that on a long-temi basis the current investment policy remains appropriate to generate a return over the life of the investments in excess of inflation. raxatlon The charity is entitled to those exemptionsfrom UK taxation which are available in law to charf(ies. Reserve5 polky The trustees. polTrcy Is that so far as possible the annual Income of the charity should be applled exclusively towards Its charltable artivltles, as at present It has minimal adminlstratlve expenses. However, the trustees reco8nise that reserves will fluctuate, as its income in any year is to a large extent unpredictable and unlikely to match precisely opportunitles for expenditure to meet its objertives. The balance of funds at the 31 December 2025 amounted to £4237{20z4- £502,957) of which: £60,00012024- £85,0(Kil restricted to the Dr Elman Poole Research Fellowshlp £10,05412024 - £10,0541 restrlcted to the Exosome Projects £2.24112024- £2.1691 was restritted to supporting the stoma and colorectal nursing teams In Oxford, The balance of £351.55212024- £405.7YI} was unrestricted. As noted above and In note 14 below there Is a potentSal contlnuatjon of the ENS project at an amount of £60.C()O per nnum for three years and an additional research nurse at the Tran51attonal Gastroenterolo8y and Liver Unlt at potential cost of £59.547. Over the nèxt year these tntIal liabilities could amount to a maxlmum of £119.547. The balance of £232,005 Is considered a free feseNe and s avallable to pmwde 8rants that meet the charitS policles. Remunen7tlon polky 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-to4ay basis. All trustees give of thelr time freety and no trustee rernvneratn or expenses were paid in the year. Trustees are required to disclose all relevart interests and register them with the Chaiman and in accordance with the charivs policy withdraw from decisions where a conflict of interest arlses. Page 10
OCCTOPUS OXFORD COLON CANCER TRUST STATEMENT OF TRUSTEES. RESPONSIBIUTIES The charity trustees are responsible for preparing a trusteg annual report and financial ststements In accordance wlth applicable law and United Kingdom Accounting Stsndards Iunited Kingdom Generally Accepted Accounting Practlce}. The law appltcable to charities in England and Wales requires the charity trustees to prepare financlal statements for each year whlch Elve a true and fair view of the state of affairs of the charty and of the Incomlng resources and applbcatlon of resources. of the charity for that period. In preparing the financial statements, the trustees are required to: select sultable accounting policies and then apply them consistentlv observe the methods and principles in the applicable Charities SORP make judgements and estimates that are reasonable and prudent stste whether applicable accounting stsndards have been followed, subject to any material departures that must be disclosed and explained in the financial statements- and prepare the flnanclal statements on the going concern basis unless It Is Snapproprlatè to presume that the chartty wlll continue in business. The trustees are responsible for keeping properaccountin8 rrfords that disdose with reasonable accuracy at any tlme the flnancial position of the charty and to enable them to ensure that the finandal Statements comply wlth the Charities Act 2011, the appllcable Charltie5 (Accounts and Reports) Regulatlons, and the provlslons of the Trust deed. They are a150 responsible for safe8uardin8 the assets of the charrty and taking re850nable steps for the prevention and detectlon of fraud and other irregularities. The trustees a responsible for the maintenance and integrity of the charity and flnancial Infomiatlon included on the charlty's webslte In accordance wlth le8lslatlon In the United Kingdom governln8 the preparation and di55emination of financlal statements. Approved by trustees on 18 March 2026 and slgned on their behalf by: Professor Slr Nell Morte sen Oxford Page 11
OCCTOPUS OXFORD COLON CANCER TRUST INDEPENDENT EXAMINER'S REPORT to the Trustees of the Ocrtopus Oxford Colon Cancer Trust I report on the accounts of the OcttOPUS Oxford Colon Cancer Trust forthe year ended 31 December 2025, whlch are set out on pages 13 to 25. Respectlve responsibilities of trustee5 and examlner The charltvs trustees are responsible for the preparation of the attounts. The CharlstrUstees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed. It Is my responsibllity to.. examlne the accounts under section 145 of the Charities Act: follow the procedures laid down in the general Dlrertions gfven bythe Charty Commission (under sertion 145 15llbl of the 2011 Artl,. and state whether particular matters have come to my attention. Basls of Independent examlnerfs stateme My examlnatlon was carried out In accordance with the general Dlrertions given by the Charity Commission. An examinatlon include$ 3 revlew of the accounting records kept by the charity and a comparison of the accounts presented with those records. It a150 Includes consideration of any unusual items or dlsclosures In the accounts and seeking explanations from you as trustees concerning any such matters. The procedu$ undertaken do not provlde all the evidence that would be required In an audit and consequently no oplnlon Is 8lven as to whether the accounts present a'true and fair vlev/. and the report 15 limited to those matters set out in the next statement. Independent examlnerfs statemènt In connection wth my examination, no matter has come to my attention: 111 which gives me reasonable cause to believe that in. any material respect. the requirements.. to keep accountin8 records in accordance with section 130 of the 2011 Act; to prepare accounts which accord with the accountir8 records and comply with the ac¢ountin8 requirements of the 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, other than Note l on page 16 which state5 that the financial statements have been prepared to give 'true and fairf view and have departed from the Charities IAcrnunts and Reports) Regulations 2LIJ8 only to the extent required to provlde a 'tnse and fair vie. This departure has involved following Accounting and Reporting by Charitles preparin8theiraccounts in accordantewith the Flnancial Reporting standard appllcable In the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rnther than the Accounting and Reporting by Charities.. Statem nt of Recommended Practice effectNe from l April 25 which has since been withdrawn. Stephen Dexter FCA Grove 18 March 2026 Page 12
OCCTOPUS OXFORD COLON CANCER TRUST STATEMENT OF FINANCIAL AcnvmES For the year ended 31 December 2025 2025 2024 Restrirted Not• Incom• Uniestrkted T¢)tsl Re5tActed Income Unrestrirt•d Total Inwme and endowments from: Donations and le8a¢ies Other trading actlvltles Investments 88 19,361 12.024 9,093 40.478 19,449 12.024 9.093 40,566 2,723 10,382 3,331 13,692 27,405 13,105 3,331 13.692 30.128 Total 2,723 Exp•ndltur• on: Ralsin8 funds Charltable actlvlties Totsl N•t •xp•ndlturn and n•t movement In funds before g•lns •nd losses on Investments 14,464 104,315 118,779 14,468 129,327 145.795 59 13,827 125,770 139,597 13,886 196,530 210,416 25.012 25.016 70,760 70.819 124.928) 178,301) 1103.2291 168,0961 1112,1921 1180,2881 Net galns on Investments N•t Movement In funds R•¢on¢lllatlon of funds.. 24,119 24.119 {54.1821 179,1101 168,0961 25,083 25,083 187.1091 1155,205) 124.9281 Total funds brou8ht forward Total funds urrled forward 12 97,223 72,295 405.734 351.552 502,957 423,847 165,319 97,223 492,843 405.734 658,162 502,957 12 The notes at pages 16 to 25 form part of these accounts. Page 13
. OCCTOPUS OXFORD COLON CANCER TRUST BALANCE SHEEr At 31 December 2025 2025 2024 Restricted In¢¢me Unrnstrirted Restricted Income Total Total Note Unrestrlcted Flxed assets Investment5 346.461 346,461 322.342 322,342 Current aets Debtor5 Cash Tot•1 current assets Current Ilabllltl•s Credltors and accruals 4.135 78.229 82,364 4.135 150,524 154,659 1,803 89,060 90,863 1,803 226,283 228,086 72.295 72,295 137.223 137,223 io li 77.273 5,091 77.273 77,386 40.OIXI 97,223 7,471 83.392 47,471 180.615 N•t ¢urr•nl •ss•ts 72,295 Not Ass$ 72,295 351,552 423,847 97,223 405,734 502.957 The Funds of the Ch•rSty Total Income 12 72,295 351,552 423W7 97,223 405,734 502,957 The notes at pages 16 to 25 form part of these accounts. Approved e.trust 18 March 2026 and signed on their behalf by- Professor Sir Neil Mort fl5en Page 14
OCCTOPUS OXFORD COLON CANCER TRUST STATEMEKf OF CASH FLOWS For the year ended 31 December 2025 2025 2024 Restrlcted Income Note Incorne unrestricted Total Unrtstrlcted Total C•shflows from Operatlnq Artlviti•s: Net cash (Ltsed Inllprovided by operating activities Cash flows from Inv•stln8 •ctlviti•s: Proceeds from sale of Investments Dlvldends and Interest from Inve5trnents 13 164,9281 119,9241 184,8521 128.0961 1148,8321 1176,9281 180,000 180,000 9,093 9.093 13,692 13,692 Change In cash and $h equlvalents In the year Cash and eash equlvalent brou8ht forward Cash and ¢ash equlvalent carrled forward (64,9281 (10.8511 175.7591 128.096) 44,860 16,764 io 137,223 89.060 226.283 165.319 44,2CN) 209,519 io 72.295 78,229 150,524 137,223 89,060 226,283 The notes at pages 16 to 25 fom) part of these accounts. Page 15
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for ihe year ended 31 December 2025 AccounttnB polkle5 (o) Basi5 of prept7ration and ossessment of going concern The finantlal statements have been prepared under the htstorlcal cost convention with items recognised at cost or transartion value unless otherwise stated in the relevant notelsl to these accounts. The flnancial statements have been prepared in accordance with the Statement of Recommended Practlce: Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Rewrting Standard applicable In the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Art2011 and UK GenerallyAccepted Prartice as it applies from l January 2015. The flnancial statements have been prepared to glve a 'true and fairf view and have departed from the Charltles (Accounts and Reports) Regulations 2cNJ8 only to the extent required to provide a 'true and fair vie. This departure has Involved followlng Accountlng and Reportlng by Charitles preparlngtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Prartice effective from l Aprll 2005 whlch has since been withdrawn. The charity constltutes a public beneflt entlty as defflrd by FRS 102. The trustee5 considerthatthere are no material uncertaintiesabout the charirfsabllityto continue as a goingconcern. With respect to the next reportlng perSod, 2026, the most significant areas of uncertainty that affect the carrying value of assets held by the charlty are the level of investment return and the performance of investment markets (see the Investment policy and risk mana8ement sections of the trustees, annual report for more Information). (b) Funds strutture Restricted funds are funds whlch are to be used in accordance with specific restrictions Imposed by the donor or through the temis of specific appeals. Unrestricted Income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charltable oblerts. (c) Income recognltlon All income is recognised once the charity has entitlement to the ineome, It Is probable that the income wlll be received and the amount of income recelvable can be measured reliably. Donations are recognised when the charity has been notified in writing of both the amount and Settlement date, ora cheque has been received. In the eventthat a donation is subject to conditions that require a level of perforniance before the charity is entitled to the funds, the Income is deferred and not recognised until either those conditions are fully met. or the fufftlment of those condition5 15 whollv wlthin the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Legacies are reco8nised on a case by case basisfollowin8 the grantingof probate when the adminlstratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift 15 in the fomi of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the Page 16
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL sfATEMEKrs fiyr the year ended 31 December 2025 {Contlnuedl value of the gift being reliably measurable with a degree of reasonabte accuracy and the title to the asset having been transferred to the charity. Interest on funds held on deposit is included when receivable and the amount can be measured rellably bythe charlty; this is nomially upon notiftstion of the interest paid or payable by the bank. Dlstrlbutlons are recognlsed once the dlstrlbutlon has been declared and notlflcatlon has been recelved of the distrlbutlon due. This Is nornially upon notification by the fund manager. Id) Expenditure recognition Liabilitles are recognised as expenditure as soon as there Is a legal or construrtive obligatlon commltting the ch3rlty to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured rellablv. All expenditure is accounted for on an accrua15 basis. expenses induding sUPPOrt Costs and govemance costs are allocated or apportioned to the applicable expenditure headings. For more infomiation on this attributlon refer to note (fj below. GrAnts payable are payments made to third parties in the furtherance of the charitable objects of the tharity. In the case of an uncondltional grant offer this is accrued once the recipient has been notified of the grant award. The notlflcatlon 8lves the reclpient a reasonable expectation thatthey will recefve the on&year or muki-year Brant. Grants awards that are subject to the recipientfulfilling performance conditions are only accrued when the recipient has been notified of the grant and any ma[nIng unfvlfilled Condition attKhing to that grant Is outslde of the control of the charity. ProvlsSons for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timin8 of the grant or the amount of Brant payable. The provlslon for a multl-year grant15 reco8nlsed at its present value where settlement Is due over more than one veaT from the date of the award. there are no unfulfilled perfomance conditions under the control of the charity that would permit the charity to avoid making the future paymentlsl. settlement 15 probable and the effert of discounting Is material. The dlscount rate used Is the average rate of investment yield in the year in which the grant award is made. Thls discount rate is regarded by the trustees as providing the m05t current available estimate of the opportunlty cost of money reflectlng the time value of money to the charity. fe) Irwoverable VA T The charity is not registered for VAT so irrecoverable VAT Is charged against the expenditure heading for whlch rt was Incurred. ffJAllocotion of supportand governonce costs The Charity has no specific governance costs, whlch tomprise all costs involving the public accountability of the ch3rity and its compliance with regulation and Bood practice. as there are no trustee costs and the Independent Examiner Charges no fee5 for the examination. Other support costs in respert of charttable activities have been apportioned Page 17
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 t>etember 2025 (Contlnued) based on an assessment of the Individual cost and related activity it supwrts. The allocation of support and governance costs is explained In note 6. (g) Costs of raisingfunds The costs of generatlng funds conslst of the allocation of support costs identified as directly related to the cost of generating funds and the costs of specific events whose purpose is to raise funds. fh) Choritoble ortivities Costs of charitable aciivitles include grants made. surgical equipment provided and an apportlonment of support costs. (IJ Flxed asset Investments Investments are a fom of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date uslng the closlng market price. The statement of flnanclal artivities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire put options. dÈrlvattves or other complex financlal Instruments. The maln forni of fFnancial rfsk faced by the charity is that of volatility in equtty markets and investment markets due to wlder economlc condltlons. the attitude of investors to investrnent risk and changes in sentiment toncernln8 equltles and withln particular 5ertors or sub sectors. J Investment goins and losses All galns and losses are taken to the Statement of Flnandal Attlvfitles as they arlse. Galns and losses are calculated as the difference between the fair values * the current and prevlous 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 Ikj Penslons The charlty has no employees and no pension obli8ations. (IJ Debtors Oebtors are recognised at theSr recoverable amount (the amount the charity anticipates it wlll recelve from a debt or the amount it has paid in advance for goods and services). (m) Cosh ot bonk ond In hond 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 readi convertible to known amounts of cash and are subject to an insi8nificant change in value. A cash equNalent has a short temi maturity which is not expected to exceed three months. Page 18
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL sfATEMEpirs for the year ended 31 De¢ember 2025 (Continued) (n) Liabilities Liabilities are amounts due to creditots and any provision made as è result of an obligation to transfer economic beneflt. nonnally as a cash paymenL to a third party- A liability is recognised as the amount thatthe charity anticipates it wlll pay to settle the obligation or the amount it has reNed as an advanced payment for goods or services it must provlde. (o) Continqent liobilities A contingent Ilability is identlfled and dlsclosed forthose grants resultlng from- a posslble obligatlon whlth wlll only be conflm)ed by the ocCurnte of one or more uncertain futu 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 communlcated in the grant offer and that amount cannot be estimated feliably. Related party trnrnsactlons and trustee< remunerat11 arbd expenses The trustees all give freely theirtime and expertlse without any fomi of remuneration or other benefit in cash or kind 12024 £NIII. The trustees have made no claims for expense5 during the year12024 £Nil). Professor Chrlstopher Cunnln8ham, Mr Ollver Jone5 and Ms Katherlne Bakerare dlrertlyemployed by. and hold senlor positions at, the OUH which the tru5tee5 nsider to be a related party. Professor Slr Neil Mortensen is an Honorary Consultant Surgeon at the OUH and was President. Royal College of Surgeons of England. Donatlons and legades 2025 2024 Restrkted INMe Unrestrfrted Restrirted Income Totsl UDr•strfrt•d Total Recurrtng donatlons Under gift aid Not under Bift aid Tax recoverable 480 480 480 120 120 120 120 120 120 120 120 720 720 720 720 Other donations Under gift aid Not under 8ift aid Tax re¢overable 9.241 8,987 413 9,241 9.062 426 8,420 992 8,420 3,617 348 75 2.625 98 13 250 88 18.641 18,729 2.723 9,662 10,382 12,385 13,105 Total donations 19.361 19A49 2.723 Page 19
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL 5fATEMENTS for the year ended 31 December 2025 Icontinued) Other tradlng actfvltles 2025 2024 5ponsor5hip Licence fee income 12,022 3.329 12,024 3,331 Other trading artivities were unrestrirted. Investment Income 2025 2024 Fund dlstrlbutlons Interest on bank deposlts 8.730 363 13.269 423 9,093 13,692 Investment Income was unrestrlcted. Allocatlon of governance and support eosts All governance artivities are carrfed out by the tru5tee5 or the independent examlner and as they are rt remunerated and have claimed no expenses the governance c05ts are £NII12024- £Nill. The allocation of support costs between expenditure on an activity basls Is shown In the tsble below.. Cost Typ¢ R•lsln8 funds ch•rtt•ble •rtl¥ltles Don•tlons and l•g•cies Educ•tlon and tr•lnlni UrrI£t•d in¢om• fun incom• funds Basls rimè s Actual cost Actual cost Actu31 tost AdmlnSstrator's cost Just Giving charges Web slte maSntenance Printing and statlonery IcKJ% loo% loo% tnt The time spent by the Administrator wa5 alk)cated between the various activities based on an assessment of the time taken in undertaking those activities Page 20
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 December 2025 (Continu) ExpendFture on raising funds ZQZ5 2024 Restrirted Nursing fun(ts Donatlons and legacies Just Glvlng charges 59 59 Unrestricted funds Donations Ind le¥acle5 Administrator costs Bank and Just Glvin8 charges Advertlsln8 and Publi¢lty Web glte development Printin8 and stationery Insurance Regulatory and assoclatlon Costs 10,427 770 12,174 721 1,593 664 183 183 85 13.033 13,827 other trndln8 •Ctlvitl•$- fvndr4lslni ents JustGiving charges Sponsored actlvitles Admlni5trator recharges 365 1,066 1.066 1.431 14,464 13,827 Page 21
. OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 Icontlnued) 8. Expenditure on charitable activities 20Z5 2024 Restrkted Income Unrestrirt•d Total Restrfcted Income Unrestrlcted Total Restrirted fund$ Funding research fellowshlp Grant fundln8 Enterlc Nervous System IENSI in Crohn's dlsÈas* Indlvidual projects 25,000 25.lJ(Kl 70.otyj 70,000 10.000 io.c 96,912 96,912 iO,OCM) 10.000 96,912 96,912 Medli•l support Stoma team and ¢olorerfal nurslng staff 12 12 760 760 12 12 760 760 Educatlon and tralnlng ClSnlcal Data Mana8er and Research Facilitator Other grants 24.245 70,070 94.315 104.315 24.245 70,070 94,315 129,327 23,928 4,930 28,858 125.770 23,928 4,930 28,858 196,530 25,012 70.760 Flxed asset Investments 2025 2024 Movements In Investments comprlsed: Falr value at the beglnnlng of the year Dlsposal Net galns Falr value at the end of the year 322,342 477,259 1180,0001 25.083 322,342 24,119 346.461 Investments •t falr value comprlsed: Market Valu• Sale •nd Revaluation Purch• 2025 2024 IFSL CAF ESG Income and Growth Fund Income 346A61 24.119 322.342 Fixed asset investments were unrestrirted. The significance of financlal Instruments to the ongoing financial sustainabllity of the charity is considered in the financial review and investment policy and performance sections of the trustees. Annual Report. Page 22
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL StATEMEKts for the year ended 31 December 202S {Continuedl The main risk to the charity from financial instruments lies in the perfomiance 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 The charity's investments can be traded through Investment Fund Servits5 Ltd with settlement typical within six days and consequently have good liquiditv. The charlty has no Investment holdlngs In markets subject to exchange controls or tradlng restrictlons. The charity manages these Investment rlsks by operating an investment policy that provides for diversification of holdings between income and equty funds. The charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer temi totsl retum. 10. Current assets 2025 2024 R•strkt•d Income Unrestrlrted Restrlrted Inrne Unr•5trlct•d Tot•1 Total Debtors and prepayments Current account 4,13S 55.635 22,594 78,229 82.364 4,135 127,930 22,594 150,524 154,659 1,803 66,829 22.231 89,060 90,863 1,803 204,052 22,231 226,283 228,086 72,295 137.223 Deposlt account Cash at bank 72.295 72.295 137,223 137,223 Cash at bank balances are the sole components of cash and cash equlvalents. The charity has no debt. 11. Credltors falllng due wlthln one year 2025 2024 Restrfcted funds Fundlng research fellowshlp Unrnstrlcted funds Administrators charge5 cisnlcal Data Managèr and Research Facilitator Costs Accruals and deferred Income Other credltors 700 7.126 6,693 70,147 77.273 78 7.471 Page 23
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMEMtS for the year ended 31 December 2025 Icontlnued) 12. Analysls of fund movements Balance carri•d forward Balance carried forward Type R or UR. G•lns and losses Fund names Income Expendiwre Tr•nsfe Dr Elman Poole Research Fellowship Exosome Projects Nurslng team Support Re5trlcted Income Unrestrlcted 85.CM)O 10,054 125.0ty)1 60,0) 10,054 2.169 {16} 97,223 125,0161 405,734 40,478 1118.7791 Total 502.957 40.566 { 143,7951 * Key.. R. restrtcted IncorneAunds, including spec1 trusts, of the chority,- ond U- unre5trKtedfvnds 2,241 72,295 351,552 423,847 88 24,119 24.119 Purpose and Restrlctlons Dr Elman Poole Re5ear¢h Fellowshlp Exosome Projects A legacy from the late Or Elman Poole to fund a research fellow to pursue the oblects of the charfty A le8ary from the late Dr Elman Poole to fund researdi prolects Into exosomes and related re5ear¢h. Enhanced post r$try care support for the stoma and tolorectal nursln8 team at the Oxford Unlverslty Hospltals NHS Foundatlon Trust. Any actlvlty of the charlty as approved by the trustees and In accordance wlth the alms and objertlves of the charity. Nursln8 team support Unrestrlrted Page 24
OCCTOPUS OXFORD COLON CANCER TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 Iconlinued) 13. Reconclllailon of net movement tn fvnd5 to net cash fl¢>w from opelatlng acti¥itie5 2025 2024 Restrirted Income Unrestrlcted Total Income Unrestrlrted Totsl Net movement in funds {•s per the statement (rf flnanclal actlvltles) Dlvidends and interest from Investments 124.9281 154.182) 179.1101 168,0961 187,1091 1155,2051 19.093) { 9.093) 113,6921 113.6921 Galns on Investments 124.1191 124,1191 125,0831 125,0831 Increase In debtors Increaselldecreasel Sn creditors 12,3321 12,3321 13411 13411 { 40,0001 69,802 29,802 122,6071 17,393 N•t c•sh lu$•d Inllprovlded by op•r•tlni •rtlvltles 164.928} 119.924} 184.8521 128.0961 1148.8321 1176,9281 14. Contlngènt Ilabllltles The charity agreed to support the role of an additional research nurse at Translational Gastroenterolo8y and Liver Unit which is part of OUH focused on research and clinical care related to gastrointestinal and liver diseases, workin8 to translate sclentlflc flndlngs Into new and betterclinical treatments. should OUH continuethe postfor a second year, Ocrtopus would donate up to £59,547 to OUH towards funding that second year. Pa8e 25