ANNUAL REPORT 2023-2024
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ANNUAL
REPORT
2023-2024
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OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
INSIDE THIS REPORT
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3 Chair’s report
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5 Our year in review
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7 Our mission, purpose and strategy:
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8 Treatments
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10 Early detection
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11 Prevention 12 Equal care 13 Sharing the warning signs
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14 Looking to the future 15 The power of our supporters 17 Supporter thank yous 18 Director’s report 22 Auditor report 25 Statement of financial activities
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CHAIR’S REPORT
The great complexities of ovarian cancer need to be met with great ambition. Last year was one of our most successful to date, but it was just the beginning. This year we have continued our progress, adapted to new challenges and laid foundations for the future.
Ovarian cancer remains a cancer with many unmet needs. Research efforts need coordination. It doesn’t attract the funding levels needed to transform survival rates. It doesn’t get the attention it deserves. So, our mission continues.
Dr Wayne Phillips, Chair of Trustees
Increased focus on survival rates
Attracting the funding women deserve
Ovarian cancer, like so many other women’s health issues, does not attract the level of funding that it absolutely needs to improve survival. Funding for ovarian cancer research reduced by 14% in the UK between 2011 – 2021. Our impact goals show that research is the key to driving survival and that is why we continue our mission to fund world class research at OCARC and beyond. This year we invested £480k as part of our continued 5-year programme in 5 research projects investigating breakthroughs in treatment.
There is no doubt that some brilliant and hopeful work is happening that will improve survival rates. From better treatments to prevention, hope lies ahead. We continue to invest in cutting edge research at the Ovarian Cancer Action Research Centre (OCARC) at Imperial College London and beyond. However, in order to make faster progress we developed our impact strategy in summer 2023, which outlines 5 survival goals and we are delighted to report back on the work we are undertaking for each goal.
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The only way we can do what we do is to have certainty of increased income. Whilst there is strong growth in our core fundraising, the end of some significant funding from the Tampon Tax fund left a gap for us to fill. Ongoing challenges from the costof-living crisis and Covid-19 mean that regular giving to UK charities fell from 65% in 2019 to 58% 2023.
It’s therefore a testament to the commitment of our supporters, partners, and staff that our principal revenue streams continue to perform well. Particularly in areas such as community fundraising and events. People have had to make tough choices about where their money goes and we’re honoured to have received every penny. This was especially seen with our annual virtual walking challenge Walk In Her Name, which, despite these challenges was our biggest ever. Every step was inspired by a woman facing or lost to ovarian cancer and led by our amazing ambassador Beth Mead.
Increasing awareness
Ovarian cancer does not get enough attention despite the very poor patient outcomes and survival rates. Raising awareness is still an important part of what we do. In 2009 we led a campaign for the Department of Health to recognise the four main symptoms of ovarian cancer - ending
the myth that ovarian cancer is a silent killer. In 2023/4 we reached just under 1.2 million people with our symptom’s information on our social media channels. We also continue to raise awareness of the risk of ovarian cancer from those carrying a BRCA gene mutation and our hereditary risk calculator has had helped 8,500 people understand their risk factor this year
Adapting for the future
At I stand down as Chair in 2024 and pass the baton on to a new Chair with a new voice, new perspective, and a different set of life experiences the need for change continues. We are still in the midst of economic uncertainty, which makes planning challenging. However, women living with ovarian cancer face uncertainty every day in treatment and diagnosis.
I am proud of the many changes we have already made at Ovarian Cancer Action since I joined the board 10 years ago.
The Board has seen significant change with new Trustees and new experience. Professor Iain McNeish took up the helm as Director of OCARC and we have started and completed many groundbreaking research projects including the £1.1m 3-year IMPROVE project to tackle and improve health inequalities for women with ovarian cancer across the UK.
On a personal basis, the death of a friend with ovarian cancer earlier this year impacted on me - even more than before - the need for far earlier diagnosis and better treatments.
I am hugely honoured to end my time as Chair with our 15th Annual Helene Harris International Forum on ovarian cancer, bringing together the best global scientific minds in the field. I look forward to seeing their global scientific priorities published and for Ovarian Cancer Action to work with the global research community and other partners to improve survival more quickly.
Dr Wayne Phillips, Chair of Trustees
5 OVARIAN CANCER ACTION ANNUAL REPORT 2023-2024 Total spent on charitable activity Total spent on OUR YEAR IN raising funds NUMBERS C Total income: 1,117,500 people reached with our symptoms information We were one of £2.6m Legacies 30% 60 Individual giving 12% charities campaigning the UK Government for a cancer strategy Community 8,500 £250,000 and events 30% completed our raised through genetic risk tool Walk In Her Name Corporate and trusts 8% Government grants 16% 33 5 143 Donated goods =? professional GPs have taken and services 2% ? footballers new our updated supported Walk In impact symptom and Other 2% Her Name goals diagnosis course
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THE CHALLENGE ~ I women a year are diagnosed with 7,500 ovarian cancer in the UK There is a Ovarian cancer incidence rates are expected to rise by 5% in the UK between now and 2040 of women diagnosed at stage 1 survive five years beyond lifetime risk for[95] their diagnosis[%] = ovarian cancer
34% of diagnoses are at stage 1 and 2
Ovarian cancer kills more women every year in the UK than all five gynae cancers combined
women die from
ovarian cancer each year. That’s one every two hours in the UK
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OUR MISSION, PURPOSE AND STRATEGY
Late diagnosis. Limited treatment options. 70% chance of recurrence. Some of the unacceptable reasons women are dying from ovarian cancer and why we’re committed to putting a stop to it.
From our research centre we’ve sparked life-changing discoveries across the globe. But there’s much more to do. Our goal is to make sure by 2032 half of women live more than 10 years after diagnosis. So, we’re supercharging progress.
WE’RE INNOVATING TREATMENT
New drugs. Personalised treatment. We’re developing and trialling new approaches to cure and manage ovarian cancer. One of our teams is seeing if a successful breast cancer drug can be used to treat ovarian cancer.
WE’RE CREATING NEW WAYS TO DETECT CANCER EARLY
When cancer is found early women have a much better chance of surviving for longer. We’re making discoveries to make an ovarian cancer screening test a reality.
WE’RE MAKING PREVENTION A POSSIBILITY
We’re discovering and sharing information on risk. So, every woman knows her options and can take control of her future.
WE’RE MAKING CARE EQUAL
No woman should lose her life to ovarian cancer because of her age, her race or where she lives. We’re driving change to make sure every woman has the best treatment possible. Our IMPROVE programme is levelling up the quality of care across UK.
WE’RE SHARING THE WARNING SIGNS
We were the first charity to share the four most common symptoms of ovarian cancer and have them recognised by the UK department of health. And we won’t stop until all women know what to look for.
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INNOVATING TREATMENT
Developing new groundbreaking new treatments in the lab
INCREASING SURVIVAL BY HELPING WOMEN GET THE RIGHT TARGETED TREATMENTS
New targeted drugs have provided a breakthrough for some patients, but many who could also benefit are missing out. This project will discover how ovarian cancer changes as it spreads, to create new tests so that all patients who can benefit receive the right lifesaving treatments.
UNCOVERING OPPORTUNITIES TO STOP CANCER RECURRENCE
Seven in ten women with ovarian cancer experience their cancer coming back, and when this happens, the cancer stops responding to treatment. We still don’t fully understand how cancer becomes resistant, but our scientists are developing a new tool to give us vital knowledge to stop it.
REPURPOSING A FIGHTING BREAST CANCER OVARIAN DRUG CANCER WITH Our new pilot project is ADVANCED also making great progress at OCARC, which is looking VIRUS THERAPY
Our new pilot project is also making great progress at OCARC, which is looking at repurposing a breast cancer drug “Samuraciclib’ for ovarian cancer patients with advanced therapy resistant disease.
Our scientists at the University of Leeds are looking for a way to use ‘oncolytic viruses’ to stop the cancer from suppressing the immune system, allowing it to attack and kill the cancer. These viruses kill cancer cells and deliver molecules to restore the activity of the body’s immune cells.
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“I went ahead with the surgery to remove my right ovary and I had chemotherapy - all just after my 21st birthday and in my final year of university…I now have my PhD in Cancer Studies and am officially a Doctor. It's a really wonderful opportunity to be able to work at the centre…I am working on a device involving patient samples, so that we can test a combination of treatments on patient tissue. We’re hoping to use this research to offer a more personalised treatment for women with ovarian cancer.” Alexandria, OCARC researcher —4
HOW CAN WE BOOST THE IMMUNE SYSTEM TO FIGHT OVARIAN CANCER?
T-cells are a part of our immune system and attack foreign molecules including cancer cells. However, cancers are sneaky and can evade or suppress our immune system so the T-cells can’t do their job. Our scientists at the University of Oxford are researching how to develop a new treatment that would boost patient’s immune cells, and make them better at killing cancer cells.
TARGETING GIVING WOMEN OVARIAN CANCER’S MORE TIME WITH SUPPORTING CELLS LONGER-LASTING TO AVOID RELAPSE TREATMENTS
Despite going through gruelling treatments, a staggering 7 in 10 women experience their ovarian cancer coming back. Research is the key to overcoming this devastating reality. Our scientists are developing a ground-breaking approach to target the cells that help the cancer to grow, so we can stop the disease returning.
New targeted treatments called PARP inhibitors have helped many women to live longer after a diagnosis. However, for most women their cancer will eventually develop resistance to the treatment. Our scientists are testing whether combining this treatment with another existing drug could help keep PARP inhibitors working for longer.
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CREATING NEW WAYS TO DETECT CANCER EARLY
The long – but promising – road to early detection
The earlier ovarian cancer is detected, the better chance a woman has of survival. Professor Ahmed Ahmed and his team at Weatherall Institute of Molecular Medicine, University of Oxford are working to better understand how ovarian cancer starts so we can develop the world’s first ovarian cancer screening tool.
In cervical cancer, we know exactly where the pre-cancerous cells begin and how they develop over a number of years until they finally become cancer. The cervical smear test is so effective because doctors know exactly where to look, and what they are looking for. Unlocking this information for ovarian cancer is the key to developing a screening tool. Right now, the way ovarian cancer starts is unclear.
This research will take us a step closer to pre-cancer detection and the possibility of detecting and treating cancer at its earliest – and most treatable – stages.
1 IN 4 WOMEN MISTAKENLY BELIEVE THAT A SMEAR TEST CAN DETECT OVARIAN CANCER[*]
*2017 poll of 1,001 women by Censuswide
“I vividly recall a young patient, merely 22 years old, who faced an exceedingly rare form of ovarian cancer resistant to chemotherapy. Her unwavering zest for life and enduring hope remain a constant source of inspiration. And because of her determination, I am driven to tirelessly seek new avenues to combat this disease.” Professor Ahmed
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MAKING PREVENTION A POSSIBILITY
OVARIAN CANCER ACTION PLAYS MAJOR ROLE IN OVARIAN CANCER-SPECIFIC NICE GUIDELINES FOR GENETIC TESTING
For many years, organisations like us have been calling for genetic testing guidance specifically for ovarian cancer.
In July 2021 work on this guidance finally began. Ovarian Cancer Action had a representative on the committee to review all the evidence. Our Special Projects Manager, Jo Stanford, was a ‘lay member’ as she has personal experience with genetic testing.
In October 2023 draft NICE guidelines were released for consultation. Ovarian
Cancer Action was asked to comment on the guidelines and appointed as an official stakeholder. We wanted to represent the views of our supporters and anyone who this affected.
After a huge team effort, the final guidelines were published in March 2024. The guidelines have made some significant changes to who can access genetic testing, making it easier for some people to get tested.
PARTNERING WITH THE NHS TO SUPPORT JEWISH BRCA TESTING
Research shows that people with Jewish ancestry are about twice as likely to have a BRCA gene fault (also called a ‘gene mutation’) compared to others. But around 90% of those who have it don’t know that they do. Having a BRCA gene fault can raise the chances of getting ovarian cancer by up to 44%.
Until now, those with Jewish ancestry needed to have a family history of cancer to get NHS genetic testing. But in January 2024, NHS England launched the Jewish BRCA Testing Programme.
Ovarian Cancer Action has been the leading voice for those affected by BRCA gene faults for over a decade, so we partnered with the NHS and community organisations to support the rollout of the programme.
This new programme allows anyone with Jewish ancestry to access the testing even if it doesn’t run in their family. It empowers members of this community to find out if they carry a gene fault, and they can then make informed choices to prevent cancer.
We are working with Jewish community groups to share advice about genetic testing, gene faults, and the risk of ovarian cancer. We are also offering resources for those going through testing and those who learn they have a gene fault.
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MAKING CARE EQUAL
IMPROVE UK RESULTS ANNOUNCED AT BGCS CONFERENCE 2023
IMPROVE UK, funded by the Tampon Tax, launched in 2022. It focused on making care more equal in ovarian cancer care and improving survival rates across the UK.
ONE CANCER VOICE BRINGS TOGETHER 60 CHARITIES TO CALL FOR CHANGE
In May 2023 we submitted evidence to the UK Government to inform the Major Conditions Strategy. This is part of a long journey calling the UK Government to address the growing crisis in cancer care. This includes long waiting times, patient backlogs, and declining patient experiences.
In June we presented the first pilot project results at the BGCS annual conference. These pilots have shown promising outcomes for better care across the UK. This includes:
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setting up prehabilitation clinics that improve patients’ health before treatment
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creating “One Stop Shops” that streamline the diagnosis-totreatment process
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improving communication between healthcare teams, increasing the number of patients receiving surgery
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translating information about genetic testing into multiple different languages.
In 2022, the previous Government announced a “war on cancer” and promised a 10-Year Cancer Plan for England. Over 5,000 people, including many supporters of Ovarian Cancer Action, shared their thoughts for this plan. When the Major Conditions Strategy was announced we were disappointed as it covers many serious illnesses from mental health to cancer. This meant there was a risk of important cancer-related issues not being addressed.
In March 2023 One Cancer Voice launched a petition (hosted by Cancer Research UK), which was signed by over 75,000 people. Since then, work has been paused on the Major Conditions Strategy. Although the next steps for a cancer strategy are unclear, we are certain that we are part of a strong community dedicated to calling for positive change.
The conference highlighted the next steps in creating consistent care across the UK. Sharing these findings, especially in more isolated centres, would be key. These changes will offer equitable care to every woman no matter where she lives or her background. -
We will continue to share learnings from IMPROVE UK to improve outcomes for ovarian cancer patients.
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SHARING THE WARNING SIGNS 148
SUPPORTING GPS TO SPOT SYMPTOMS
GatewayC is an information and training platform that supports GPs, clinicians, and students. They specialise in sharing evidence-based information to improve early cancer diagnosis. Their aim is to improve patient outcomes.
In 2020 Ovarian
Cancer Action supported GatewayC to create their Ovarian Cancer - Early Diagnosis Course. Naturally, when they approached us to update the course in 2023, we agreed.
To date 143 GPs have taken the refreshed course, with some positive results.
GPs enrolled in our ovarian cancer detection course. After taking the course: 98%[75%]
of GPs that felt ‘very of GPs felt ‘very confident’ or ‘somewhat confident’ about referring confident’ recognising a patient to an ovarian the symptoms of cancer pathway ovarian cancer
1,117,500 people reached with our symptoms information via social media
“GPs are so stretched - but if only they’d had the knowledge… 90% 95% my mum could still be of women do not know chance of survival exists here.” the four main symptoms for a woman if diagnosed of ovarian cancer[[]] at stage 1[[]] Linsey*
of women do not know chance of survival exists the four main symptoms for a woman if diagnosed of ovarian cancer[[]] at stage 1[[*]]
- 2017 poll of 1,001 women by Censuswide ** NHS Digital, cancers diagnosed between 2016 to 2020
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LOOKING TO THE FUTURE
In 2023/4 we spent a lot of time strengthening our organisation for the future. Here is a taste of our exciting plans.
A NEW LOOK TO REACH MORE PEOPLE
We know that not enough attention is paid to ovarian cancer, and women are dying as a result. We know we need to make some noise and stand out, so that more people listen. To help us meet our ambitious goal, we started work updating how we look and sound in summer 2023. Along with our branding, the website is getting a much-needed facelift. It will be optimised so that more people can find us and re-organised so that all of our critical information is clear and easy to access.
HHMT INTERNATIONAL SCIENTIFIC FORUM ON OVARIAN CANCER
Every 4 years we host the Helene Harris Memorial Trust (HHMT) International Forum on Ovarian Cancer. During 2023/4 we started planning this landmark event. Our goal is to bring together the world’s leading ovarian cancer experts to discuss and debate
new directions in research, inspire the next generation of ovarian cancer researchers and ultimately, make ovarian cancer a survivable disease.
SURGICAL FELLOWSHIPS
Following on from IMPROVE UK, our next programme to address health inequalities in ovarian cancer is to launch a new UK wide Surgical Fellowship programme.
In its pilot phase selected fellows will be training with world renowned surgeon and co-director of our research centre, Professor Christina Fotopoulou.
DEVELOPING AN OVARIAN CANCER VACCINE
A pioneering team, led by Professor Ahmed Ahmed, at the University of Oxford is working to create a first-of-itskind vaccine, called OvarianVax, that could prevent ovarian cancer. The groundbreaking research behind this project was initially funded by Ovarian Cancer Action and has now secured funding from Cancer Research UK (CRUK) to help make it a reality.
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THE IMPACT OF OUR SUPPORTERS
We simply couldn’t do what we do without our incredible supporters. In 2023/4 we received some significant gifts, held bigger-than-ever events and celebrated phenomenal fundraisers.
Our corporate partners continued to provide unique opportunities for us to elevate our impact and reach. This is through aligned audiences and activities and a joint commitment to improving survival rates.
Our major individual and foundation funders, new and old, continued to provide essential investment into our core mission, to strengthen ourselves for the future.
And finally, our incredible community fundraisers continued to show us their commitment to our cause and their passionate determination to do something about this.
THE SIMPLYHEALTH WOMEN’S HEALTH CHARITY ALLIANCE
Simplyhealth is business committed to improving access to healthcare for all in the UK. They support businesses, individuals and families to navigate and fund their healthcare needs, through their health and dental plans. In September 2023 the Simplyhealth Women’s Health Charity Alliance was established and announced. We were lucky to be chosen from many applications as one of their partners, alongside Bloody Good Period, Miscarriage Association, Ovarian Cancer Action and Domestic Abuse Volunteer Support Services (DAVSS).
FLORENCE’S COMMITMENT
Florence Wilks was diagnosed with stage 3 ovarian cancer in 2010. She has been involved in several drug trials at Hammersmith Hospital (run by OCARC), which she credits for saving her life. As a symbol of her gratitude, she has held a fundraising event every year. An amazing achievement from an incredible woman.
As well as donating £100,000 that has been shared between the charities, Simplyhealth supported us to share important information and build awareness about ovarian cancer to their GP network and across the thousands of businesses they support. This partnership has supported our mission to share ovarian cancer warning signs with more health professionals and women.
“I was diagnosed in 2010 and given a prognosis of 12 to 18 months. It’s a miracle I’m still alive, but I’m alive because incredible scientists have made breakthroughs which have found solutions to this horrid disease. The more funding we have the more research can take place and the better the outcomes for more women.”
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A TOUCHING LEGACY
Denise Migliorini was just one of the incredible legacy gifts that we were left last year. Diagnosed with ovarian cancer in the spring of 2021, Denise faced her journey through treatment and recurrence with an unwavering spirit.
However, the harsh reality of this disease took her from those she loved on 30th January 2023. Yet, while Denise’s battle with ovarian cancer was heartbreakingly short, her legacy lives on. Before she died, Denise made a significant decision – she chose to leave an incredible legacy of more than £300,000 in her will, for which we are truly grateful.
LANGMUIR GRANT FUNDS GROUNDBREAKING OCARC PROJECTS
Among other things, the Langmuir Family Foundation aims to advance health by supporting university-based research into the causes, prevention, treatment and care of cancer. Having previously funded our research into new treatments in 2021, the Langmuir Family Foundation gave a grant of £50,000 in 2023 towards OCARC.
Without the support of funders like the Langmuir Family Foundation we would not be able to advance important research needed to improve survival rates for women.
OUR BIGGEST EVER WALK IN HER NAME
Our annual virtual walking challenge hit new heights in March 2024. We raised an amazing £250,000: our highest fundraising figure ever. It was all down to our incredible supporters – new and old – taking small steps every day to create one big movement.
This year we not only had incredible leadership from our captain and ambassador, Beth Mead, but from her professional friends and colleagues across the UK. Arsenal Women’s FC, West Ham women’s FC and Rugby Borough women’s FC all got involved.
RONTEC: EVERY ‘PENNIES’ COUNT
In March 2024, Ovarian Cancer Awareness month, we were selected as Rontec’s chosen charity for that month. Since 2014, Rontec have had a digital charity box (Pennies) across their network of over 260 roadside petrol forecourts. Pennies offers customers the opportunity to donate a few pennies via debit or credit card to a nominated charity.
In March Rontec and Pennies gave customers the opportunity to donate 30p to us and raised an amazing £32,000 towards ovarian cancer research.
The event also gained some fantastic coverage for us, including on Sky Sports, which featured Beth Mead talking about the loss of her mum in January 2023. We also gained some fantastic coverage on BBC, i The Mirror, OK! and numerous regional newspapers. We were also delighted that Hearst magazines continued to show their amazing support through some farreaching event adverts across titles such as Women’s Health, Good Housekeeping and Prima.
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SUPPORTER THANK YOU
A huge thank you to all our passionate and dedicated supporters who have continued to do incredible things this year.
Whether you have donated, taken part in a fundraising event or hosted your own, we are so grateful to you all. Your support will help transform the lives of women with ovarian cancer. Every single act of support helps to bring us closer to our vision of ovarian cancer being survivable for all women. We are hugely grateful to all our supporters, and we would like to especially acknowledge the companies and trusts who have helped us enormously in the past year.
Beth Mead Felicity Barr Florence Wilks Hearst Isle of Man Anti-Cancer Association Joanne Robinson Langmuir Family Foundation Louise Ballard Monica Coe Mr Howard Calvert Pam Newman Ruby Adler Revolt Rontec Roadside Retail SimplyHealth TBWA The Azouz Foundation The Bothwell Charitable Trust The Dorset Foundation in memory of Harry M Weinrebe The Exilarch’s Foundation The Maurice Hatter Foundation Tiffany Sequeira
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Our structure, governance and management
Legal entity
Ovarian Cancer Action is a company limited by guarantee registered as a Company in England and Wales on 24 March 2005, and as a registered Charity in England and Wales on 27 May 2005. On 11 October 2012 the Charitable Company registered as a Scottish Charity at the office of the Scottish Charity Regulator. Its governing document is the Memorandum and Articles of Association.
Organisational structure
Ovarian Cancer Action is governed by a Board of Directors whose responsibilities include setting the strategic direction and goals of the Charity and providing effective governance. The Board meets four times a year. We also established a number of sub-committees that report into the Board including an Audit and Risk Committee, a Fundraising and Communications Committee, a Research Committee and a Remuneration and Succession Planning Committee. The Chief Executive is supported by a small team of staff, with a fulltime equivalent of 16 Employees.
Role and contribution of volunteers
Ovarian Cancer Action is indebted to all those supporters who play a vital role in raising awareness of ovarian cancer in their communities, in the local and national media, and by raising funds for our work.
Appointment, induction and training of Directors
New Directors are appointed by the Board of Directors. Each new Director attends an induction session with the Chief Executive to confirm the role, responsibilities and expectations of Directors and highlight current governance and strategic issues. The session includes an overall view of the history of the organisation, current activities and future plans. New Directors are given internal training on the charitable activities of the organisation. Trustees are informed of relevant external training opportunities provided by organisations such as National Council for Voluntary Organisations (NCVO).
Grant-making policies
Ovarian Cancer Action invites applications for research funding from within and outside the Ovarian Cancer Action Research Centre. All grant applications are subject to rigorous peer review by the Scientific Advisory Board (SAB), which is an international, independent group of ovarian cancer research specialists chaired by Dr Elise C. Kohn, Head of the Gynecologic Cancer Therapeutics, Cancer Therapy Evaluation Program, at the National Cancer Institute (USA).
Relationships with other charities
The Board of Directors actively seeks to collaborate with other charities where this will accelerate improvements in survival. Active partnerships this year include working with the British Gynaecological Cancer Society, Jnetics, Chai, and Ovacome. Membership is held at Cancer 52, One Cancer Voice campaigning group, and the Association of Medical Research Charities (AMRC). Ovarian Cancer Action
is proud to work alongside Jo’s Cervical Cancer Trust and Breast Cancer Care through the Women V Cancer Partnership.
Risk management
The Board of Directors monitors the principal business and control risks to the charity and has completed a formal risk assessment. The principal risk to the charity is the challenging economic environment which makes it difficult to grow sustainable unrestricted income and to cover higher costs. Plans to manage this risk include investing in fundraising and data (both staff and direct expenditure) and focusing on growing unrestricted income. We are also developing a new brand strategy to help us differentiate and attract more funding. During 2022 we updated our reserves policy to set a minimum and maximum level of reserves and we seek to ensure that our free unrestricted reserves remain in this range. The Audit and Risk Committee, in operation since May 2021, monitors risks closely and ensures that they are managed and mitigated.
Directors
The Board of Directors during the year and at the date of signing this report are listed on page 21, as are the company and charity numbers of Ovarian Cancer Action.
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Financial review
The Directors report that for the year ended 31 March 2024, the charity’s total income was £2,609,197, a notable decrease from £3,408,297 in the previous year. This reduction was primarily due to the conclusion of the Government Grant following the second year of DCMS funding for the IMPROVE UK Project. However, this was partially offset by a £407,109 grant from the MRC and uplift in legacy donations, from £211,740 in 2023 to £749,512 in 2024. Additionally, we experienced a resurgence in our events activity and
Total expenditure on charitable activities, including research, awareness raising, and the IMPROVE UK project, decreased to £1,682,552 in 2024, compared to £2,794,493 in the prior year.
Expenditure on fundraising increased slightly to £635,243, compared to £581,177 in the previous year. This marks our second consecutive year of increased investment in fundraising as we aim to grow our income.
At year-end, the charity reported a surplus of £280,702 (2023: surplus of £23,971), mainly due to a £200,00 unrestricted legacy donation received at the very end of the year. The total reserves stood at £2,700,168, providing a solid foundation to support the charity’s ongoing work in the face of continued economic uncertainty.
Principal Funding Sources
A detailed breakdown of funding sources is given in Note 3 to the Financial Statements.
Reserves Policy
In accordance with Charity Commission guidance, free reserves are uncommitted reserves freely available which exclude restricted and designated funds and amounts invested in tangible fixed assets. Designated funds arise when the Directors set aside unrestricted funds for specific purposes. Restricted funds arise when conditions are imposed by the donor, or by the specific terms of appeal, and can only be spent on the activities specified. Ovarian Cancer Action relies almost entirely on voluntary income, which is subject to fluctuation. In order to ensure the continuance of the charity’s day-to-day activities, the Directors have established a policy to hold free reserves of between six and twelves-months’ expenditure excluding grants and expenditure from restricted funds planned for the year ahead, which equates to between £0.9m and £1.9m. This liquidity-based approach allows the charity to maintain sufficient funds to enable it to continue its work during any adverse period, which is especially important in the current uncertain economic climate.
At 31 March 2024 the charity held total reserves of £2,700,168 (2023: £2,419,466). These were split into restricted, designated and general funds. At 31 March 2024, restricted funds amounted to £108,095 (2023: £22,589) and these will be spent in the subsequent year on planned research and awareness raising activity. Designated funds amounted to £675,849 (2023: £861,931); these were funds set aside to fund future research expenditure which is explained in Note 14. The amount of the general fund available as a reserve against fluctuating income as at 31 March 2024 was £1,916,224 (2023: £1,534,946). The breakdown of the reserves is shown in Note 14 to the Financial Statements.
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Directors’ responsibilities
The trustees (who are also directors of Ovarian Cancer Action for the purposes of company law) are responsible for preparing the Directors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the directors are aware:
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there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Signed on behalf of the Board
Dr Wayne Phillips Chair, Board of Directors Date: 21 November 2024
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
21
OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Reference and administrative details
Directors
Dr Wayne Phillips (Chair) Nathalie Burdet, resigned 30 June 2023 Professor Emeritus Richard Hunt Jane Wolfson Jacqui Owens John Anson Angharad McKenzie Sally Williams (Treasurer)
Chief Executive Officer Cary Wakefield
Bankers Coutts & Co 440 Strand London WC2R 0QS
National Westminster Bank 1-4 Berkeley Square House Berkeley Square London W1A 1SN
Auditors
Registered office
483 Green Lanes London N13 4BS
Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP
22
OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 March 2024
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Notes | Funds | Funds | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Income from: | |||||
| Donations and legacies | 3 | 1,989,043 | 544,566 | 2,533,609 | 3,392,000 |
| Investment income | 75,588 | - | 75,588 | 16,297 | |
| Total income | 2,064,631 | 544,566 | 2,609,197 | 3,408,297 | |
| Expenditure | |||||
| Expenditure on raising funds | 4 | 635,243 | - | 635,243 | 581,177 |
| Expenditure on charitable activities | 5 | 1,223,491 | 459,060 | 1,682,552 | 2,794,493 |
| Total expenditure | 1,858,734 | 459,060 | 2,317,794 | 3,375,670 | |
| Net gains/(losses) on investments | 9 | (10,701) | - | (10,701) | (8,656) |
| Net income/(expenditure) | 195,196 | 85,506 | 280,702 | 23,971 | |
| Transfer between funds | 15 | - | - | - | - |
| Net movement in funds | 195,196 | 85,506 | 280,702 | 23,971 | |
| Total funds at 1 April 2023 | 2,396,877 | 22,589 | 2,419,466 | 2,395,495 | |
| Total funds at 31 March 2024 | 14 | 2,592,073 | 108,095 | 2,700,168 | 2,419,466 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
23 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Balance Sheet as at 31 March 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 9 | 854,336 | 845,982 | ||
| Current assets | |||||
| Debtors | 10 | 419,484 | 303,480 | ||
| Current asset investments | - | 255,000 | |||
| Cash and short term deposits | 2,199,055 | 2,410,001 | |||
| 2,618,539 | 2,968,481 | ||||
| Liabilities | |||||
| Creditors: amounts falling due within one year | 11 | 772,706 | 1,394,997 | ||
| Net current assets | 1,845,832 | 1,573,484 | |||
| Net Assets | 2,700,168 | 2,419,466 | |||
| Represented by: | |||||
| Unrestricted funds | 15(i) | ||||
| General fund | 1,916,224 | 1,534,946 | |||
| Designated funds | 675,849 | 861,931 | |||
| 2,592,073 | 2,396,877 | ||||
| Restricted funds | 15(ii) | 108,095 | 22,589 | ||
| 2,700,168 | 2,419,466 |
Approved by the Board of Directors and authorised for issue on 21 November 2024.
Dr Wayne Phillips Chairman of the Board Company Registration No. 5403443 The accompanying notes form part of these financial statements.
24 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Statement of Cash Flows for year ended 31 March 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Cash flows from operating activities | |||||
| Cash flows (used in)/provided by operating | |||||
| activities | 16 | (522,480) | (28,467) | ||
| Cash flows from investing activities | |||||
| Payments made to purchase investments in the | |||||
| year | (19,055) | (800,000) | |||
| (Increase)/decrease in current asset investments | 255,000 | (255,000) | |||
| Dividends received | 26,904 | - | |||
| Interest received | 48,684 | 16,297 | |||
| Net cash provided by investing activities | 311,533 | (1,038,703) | |||
| Net (decrease)/increase in cash and cash | |||||
| equivalents in the financial year | (210,946) | (1,067,170) | |||
| Cash and cash equivalents at the beginning | |||||
| of the financial year | 2,410,001 | 3,477,171 | |||
| Cash and cash equivalents at the end of the | |||||
| financial year | 2,199,055 | 2,410,001 |
25 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024
1 Accounting policies
Company information
Ovarian Cancer Action is a company limited by guarantee, registration number 5403443, domiciled and incorporated in England and Wales. The registered office is 483 Green Lanes, London, N13 4BS.
The principal accounting policies adopted in the preparation of the financial statements are as follows:
and have taken account of pressures on donation and grant income and the inflationary pressures on expenses. Annual budgets continue to take this into account with prudent figures for both income and expenditure. The charity holds significant reserves and has liquid assets in the form of cash held in short term deposits and based on this the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
1.1 1.1 Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) regulations 2006 (as amended) and the Companies Act 2016.
The financial statements are prepared in sterling which is the functional currency of the Charity, and rounded to the nearest pound.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised on receipt. Donations from fundraising ventures are shown gross, with the associated costs included in fundraising costs. Other income is accounted for on a receivable basis.
Income from government and other grants is recognised when the charity has entitlement to the funds, and any performance conditions attached to the grants have been met.
The Charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Legacies are recognised at the earlier of the date on which either the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the charity that a distribution will be made or when a distribution is received from the estate.
1.2 Going concern
The trustees have assessed whether the use of going concern is appropriate and have considered events or conditions that may cast significant doubt on the ability of Ovarian Cancer Action to continue as a going concern. The Trustees have given due consideration to the economic uncertainity and cost of living crisis, and are diversifying income streams and investing in growing sustainable income sources, as well as maintaining high unrestricted reserves.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
The trustees have made this assessment in respect of a period of at least one year from the date of approval of the financial statements and in particular, the trustees have considered the charitable company’s forecasts and projections
26 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
1 Accounting policies
1.4 Fund accounting
Value added tax is not recoverable and as such is included in the relevant costs in the Statement of Financial Activities.
The following funds are held by the charity:
-
unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Board of Directors.
-
designated funds - these are funds set aside by the Board of Directors out of unrestricted general funds for specific future purposes or projects.
-
1.6 Costs allocation Costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs other than support costs relating to a particular activity are allocated directly. Support costs are allocated on a direct cost basis to the expense categories. The apportionment is disclosed in note 6.
-
restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
-
1.5 Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and an apportionment of staff costs. Governance costs are allocated in proportion to expenditure on raising funds and expenditure on charitable activities.
-
1.7 Operating leases Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred.
-
Costs of raising funds comprise the costs associated with attracting voluntary income and the costs associated with fundraising purposes.
-
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support it.
-
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is recognised once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Directors.
1.8 Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on a straight line basis at the following annual rates in order to write off each asset over its estimated useful life:
Office equipment 20%
Fixed assets below £2,000 are expensed directly to the SOFA
1.9 Investments
Investments are stated at market value at the balance sheet date. Realised and unrealised gains or losses for the period are accounted for through the Statement of Financial Activities
1.10 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
27 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
1 Accounting policies
1.11 Cash and cash equivalents
- Cash at bank and cash in hand includes cash and short term highly liquid investments with a maturity of lessthan 95 days from the date of opening the deposit. Cash held with a maturity greater than 95 days is held ascurrent asset investment.
1.12 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
1.13 Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments which include trade and other receivables, trade and other payables and cash and bank balances. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
- 1.16 Key estimates and judgements In the application of the company’s accounting policies, the Trustee’s are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimatesare recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period ofthe revision and future periods if the revision affects both current and future periods.
Donated services
Where services are provided to the charity as a donation that would normally be purchased from suppliers this contribution is included at an estimate based on the value to the charity of the service provided within incoming resources and expenditure.
1.14 Pensions
Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme unless they have exercised their right to opt out of the scheme membership. The money purchase plan is managed by The People’s Pension and the plan invests contributions made by the employee and employer in an investment fund to build up over the term of the plan. The pension fund is then converted into a pension upon the employee’s normal retirement age which is defined as when they are eligible for a state pension. The charity has no liability beyond making its contributions and paying across the deductions for the employee’s contributions.
1.15 Foreign currency translation
- Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the average rate for the month in which the transaction occurred. All differences are taken to the Statement of Financial Activities.
Where possible the value of services are confirmed directly with the supplier however in some instances this information is not available and so a best estimate is made of the expected cost of such services based on what the charity would be willing to pay for similar services at a market rate.
In the opinion of the Trustees, there are no other estimates and judgements which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
2 Legal status of the charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity
28 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
3 Donations and legacies
| 3 Donations and legacies | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| General | Restricted | Total | Total | |
| Legacies | 749,512 | - | 749,512 | 211,740 |
| Gifts from Individuals | 274,074 | 41,607 | 315,681 | 342,589 |
| Challenge Events and Community | 754,443 | - | 754,443 | 818,034 |
| Coporate and Trusts | 197,131 | 197,966 | ||
| 101,281 | 95,850 | |||
| Government Grant income | - | 407,109 | 407,109 | 1,018,063 |
| Donated goods and services | 49,530 | - | 49,530 | 732,631 |
| Other income | 60,203 | - | 60,203 | 70,977 |
| 1,989,043 | 544,566 | 2,533,609 | 3,392,000 |
Income from donations and legacies was £2,533,609 (2023 - £3,392,000) of which £1,989,043
(2023 - £2,303,601) was unrestricted and £544,566 (2023 - £1,088,399) was restricted.
Donated goods and services, included in other donations consist of:-
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Advertising and awareness raising | - | 726,931 |
| Data & Training | - | - |
| Legal & professional fees | - | 3,900 |
| Other fees | 49,530 | 1,800 |
| 49,530 | 732,631 | |
| 4 Expenditure on raising funds | ||
| 2024 | 2023 | |
| £ | £ | |
| Staff costs (see note 8) | 371,905 | 370,297 |
| Direct costs | 135,264 | 145,350 |
| 507,169 | 515,647 | |
| Support costs (see note 6) | 128,074 | 65,530 |
| 635,243 | 581,177 |
Expenditure on raising funds was £635,243 (2023 - £581,177) of which £635,243 (2023 - £581,177) was unrestricted and £NIL (2023 - £nil) was restricted.
29 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
| 5 Charitable Activities | Staff | Direct | Support | Total |
|---|---|---|---|---|
| Costs | Costs | Costs | 2024 | |
| £ | £ | £ | £ | |
| (see note 8) | (see note 6) | |||
| Grants payable | ||||
| Ovarian Cancer Action Research Centre | - | - | ||
| Imperial College/Hammersmith Hospital | 399,677 | 100,929 | 500,606 | |
| University of Oxford | - | - | - | |
| University of Glasgow | 80,174 | 20,246 | 100,420 | |
| University of Leeds | - | - | - | - |
| - | 479,851 | 121,175 | 601,026 | |
| Other Charitable Activities | ||||
| Research Management | 96,164 | 16,642 | 28,487 | 141,293 |
| Awareness Activities | 469,083 | 137,863 | 153,270 | 760,216 |
| Improve UK | 115,076 | 3,112 | 29,846 | 148,034 |
| 680,323 | 157,617 | 211,602 | 1,049,542 | |
| Governance costs (see note 7) | - | 25,535 | 6,448 | 31,983 |
| 680,323 | 663,003 | 339,225 | 1,682,552 | |
| Staff | Direct | Support | Total | |
| Costs | Costs | Costs | 2023 | |
| £ | £ | £ | £ | |
| (see note 8) | (see note 6) | |||
| Grants payable | ||||
| Ovarian Cancer Action Research Centre | ||||
| Imperial College/Hammersmith Hospital | - | 155,339 | 19,741 | 175,080 |
| University of Oxford | - | 199,265 | 25,323 | 224,588 |
| University of Glasgow | - | 47,976 | 6,097 | 54,073 |
| University of Leeds | - | 114,429 | 14,542 | 128,971 |
| Grant underspend | - | - | - | - |
| - | 517,009 | 65,703 | 582,712 | |
| Other Charitable Activities | ||||
| Research Management | 100,477 | 10,963 | 14,162 | 125,602 |
| Awareness Activities | 351,654 | 787,773 | 144,803 | 1,284,230 |
| Improve UK | 105,731 | 572,194 | 86,153 | 764,078 |
| 557,862 | 1,370,930 | 245,118 | 2,173,910 | |
| Governance costs (see note 7) | 33,600 | 4,271 | 37,871 | |
| 557,862 | 1,921,539 | 315,092 | 2,794,493 |
Expenditure on charitable activities was £1,682,552 (2023 - £2,794,493) of which £1,223,491 (2023 - £1,476,040) was unrestricted and £459,060 (2023 - £1,318,453) was restricted.
30 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
| 5 Charitable Activities(continued) | ||
|---|---|---|
| Total | Total | |
| Reconciliation of grants payable | 2024 | 2023 |
| £ | £ | |
| Commitments at 1 April 2023 | 1,264,078 | 1,389,426 |
| Commitments made in the year | 479,851 | 517,009 |
| Research grants overspend/(underspend) | - | - |
| Grants paid during the year | (1,089,355) | (642,357) |
| Commitments at 31 March 2024 | 654,574 | 1,264,078 |
Commitments at 31 March 2024 and 31 March 2023 are payable within 1 year (note 11).
| 6 Support Costs | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Staff costs (see note 8) | 236,998 | 189,032 |
| Accountancy fees | 28,402 | 26,574 |
| Other (including office related costs, HR & IT) | 201,899 | 165,016 |
| 467,299 | 380,622 | |
| Support costs have been allocated on a direct cost basis as follows:- | 2024 | 2023 |
| £ | £ | |
| Raising funds | 128,074 | 65,530 |
| Grants payable | 121,175 | 65,703 |
| Other charitable activities | 211,602 | 245,118 |
| Governance costs | 6,448 | 4,271 |
| 467,299 | 380,622 | |
| 7 Governance costs | 2024 | 2023 |
| £ | £ | |
| Auditor's fees | 18,465 | 15,600 |
| Prior year under accrual | 2,200 | 3,560 |
| Other | 2,900 | 2,600 |
| Designer costs | 1,900 | 1,800 |
| Support costs (see note 6) | 6,448 | 4,271 |
| 31,913 | 27,831 |
31 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
8 Directors and employee information
No director received any remuneration from the Charity (2023 - Nil) No director was reimbursed for travel and subsistence (2023 - Nil)
One (2023: No) staff member was paid in the £160,000 - £170,000 band No (2023: One) staff member was paid in the £140,000 - £150,000 band One (2023: One) staff member was paid in the £70,000 - £80,000 band
The number of persons employed by the Charity during the year was 17 (2023 - 19)
| £ | £ | |
|---|---|---|
| Staff costs were as follows:- | ||
| Salaries and wages | 841,017 | 857,426 |
| Pension costs (see note 13) | 42,154 | 32,202 |
| Social security costs | 94,698 | 96,532 |
| Contractors fees | 311,357 | 131,031 |
| 1,289,226 | 1,117,191 |
The Charity considers its key management personnel comprise the CEO and the senior management team including the Director of Fundraising, the Head of Digital, Head of Brand and Marketing, the Head of Public Affairs and Research and the Head of Finance and Operations. The total employee benefits including pension costs of the key management personnel were £496,376 (2023 - £402,513).
| were £496,376 (2023 - £402,513). | ||
|---|---|---|
| 9 Investments | 2024 | 2023 |
| £ | £ | |
| Balance as at 1 April 2023 | 845,982 | 54,638 |
| Additions | 19,055 | 800,000 |
| Disposals | - | - |
| Movements in fair value | (10,701) | (8,656) |
| Balance as at 31 March 2024 | 854,336 | 845,982 |
| All the investments are held in the UK. Historical costs are £845,000 (2023 - £845,000). | ||
| 10 Debtors | 2024 | 2023 |
| £ | £ | |
| Trade debtors | 154,113 | 61,123 |
| Other Debtors | 20,572 | 213,082 |
| Prepayments & accrued income | 244,799 | 29,275 |
| 419,484 | 303,480 | |
| 11 Creditors | 2024 | 2023 |
| £ | £ | |
| Amounts falling due within one year | ||
| Trade creditors | 52,371 | 91,984 |
| Grants not yet paid | 654,574 | 1,264,078 |
| Deferred income | - | |
| Accruals | 35,394 | 25,326 |
| Other creditors | 30,367 | 13,609 |
| 772,706 | 1,394,997 |
32
OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
12 Financial Commitments
The charity has the following commitments under non cancellable operating leases.
| The charity has the following commitments under non cancellable operating leases. | ||
|---|---|---|
| Land and buildings | ||
| 2024 | 2023 | |
| £ | £ | |
| Within one year | 4,377 4,377 |
4,377 |
13 Pension Costs
The charity contributes to a defined contribution pension scheme.
The assets of the scheme are held separately from those of the charity in independently administered funds. The pension cost charge representing contributions payable by the charity to the funds amounted to £42,119 (2023 - £26,931). As at 31 March 2024 £11,894 (2023 - £8,409) remained unpaid.
14 Funds
(i) Unrestricted funds
Analysis of movements in unrestricted funds
| (i) Unrestricted funds Analysis of movements in unrestricted funds |
|||
|---|---|---|---|
| General fund | Designated | Total | |
| funds | |||
| £ | £ | £ | |
| At 1 April 2023 | 1,534,946 | 861,931 | 2,396,877 |
| Net income/(expenditure) for year | 675,048 | (479,852) | 195,196 |
| 2,209,994 | 382,079 | 2,592,073 | |
| Transfer | (293,770) | 293,770 | - |
| At 31 March 2024 | 1,916,224 | 675,849 | 2,592,073 |
Designated funds are in respect of planned research work in the next year at the Ovarian Cancer Action Research Centre. The transfer relates to adjusting total designated funds to be the commitment for 24/25 and 25/26 (from 23/24 and 24/25).
Analysis of movements in unrestricted funds - previous year
| General fund | Designated | Total | |
|---|---|---|---|
| funds | |||
| £ | £ | £ | |
| At 1 April 2022 | 1,330,525 | 793,213 | 2,123,738 |
| Net income/(expenditure) for year | 803,231 | (549,206) | 254,025 |
| 2,133,756 | 244,007 | 2,377,763 | |
| Transfer | (598,810) | 617,924 | 19,114 |
| At 31 March 2023 | 1,534,946 | 861,931 | 2,396,877 |
33
OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
(ii) Restricted funds
Analysis of movements in restricted funds
| (ii) Restricted funds Analysis of movements in restricted funds |
|||||
|---|---|---|---|---|---|
| Movements in Funds | |||||
| As at 1.4.2023 | Income | Expenditure | Expenditure Transfer between funds |
As at 31.3.2024 |
|
| £ | £ | £ | £ £ |
£ | |
| University of Oxford - Early detection SOX | - | ||||
| University of Oxford- Early detection STICS | - | ||||
| University of Oxford - Immunotherapy | - | 10,000 | - | - - |
10,000 |
| University of Glasgow | 4,802 | 2,950 | 7,752 | - | - |
| Imperial College London | - | - | - | - - |
- |
| Leeds University - Immuno project : | - | - | - | - - |
- |
| -OCARC 22-27 General | - | 189,070 | 165,976 | 165,976 - |
23,094 |
| -OCARC 22-27 Project 1 | - | 67,970 | 67,970 | 67,970 - |
- |
| -OCARC 22-27 Project 2 | - | 66,890 | 66,890 | 66,890 - |
- |
| -OCARC 22-27 Project 3 | - | 35,597 | 35,597 | 35,597 - |
- |
| -OCARC 22-27 Project 4 | - | 76,589 | 76,589 | 76,589 - |
- |
| Health Equality Project | - | - | - | - - |
- |
| Improve UK Project | - | 15,000 | 15,000 | 15,000 - |
- |
| Surgical Fellowships | - | 75,000 | - | - - |
75,000 |
| Public/regional Awareness | - | - | - | - - |
- |
| Staying Aware | - | - | - | - - |
- |
| Staying Connected | - | - | - | - | - |
| Hereditary Risk Awareness | 17,787 | 5,500 | 23,287 | - | - |
| Core costs | |||||
| Julia & Hans Rausing | - | - | - | - | |
| 22,589 | 544,566 | 459,060 | 459,060 - |
108,095 |
34 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
Analysis of movements in restricted funds - previous year
| Movements in Funds | Movements in Funds | Movements in Funds | |||
|---|---|---|---|---|---|
| As at 1.4.2022 | Income | Expenditure | Expenditure Transfer |
As at | |
| between funds | 31.3.2023 | ||||
| £ | £ | £ | £ £ |
£ | |
| University of Oxford - Early detection SOX | - | ||||
| University of Oxford- Early detection STICS | - | ||||
| University of Oxford - Immunotherapy | 116,154 | 68,112 | 184,266 | - | - |
| University of Glasgow | 72,976 | 12,000 | 80,174 | 80,174 - |
4,802 |
| Imperial College London | - | 175,408 | 156,294 | (19,114) | - |
| University of Leeds | 46,715 | 67,804 | 114,519 | - | - |
| Improve UK Project | 12,679 | 718,725 | 731,404 | - | - |
| Public/regional Awareness | |||||
| Staying Aware | 3,897 | - | 3,897 | - | - |
| Staying Connected | - | - | - | - - |
- |
| Hereditary Risk Awareness | 19,336 | 46,350 | 47,899 | 17,787 | |
| 271,757 | 1,088,399 | 1,318,453 | 1,318,453 (19,114) |
22,589 |
Funds
University of Oxford Early detection SOX - A project to research early detection biomarkers. University of Oxford Early detection STICS - A project to research pre-cancerous lesions for early diagnosis. University of Oxford Immunotherapy - A research project to develop new immunotherapy treatments. University of Glasgow - A research project to support sample collection for research. Imperial - Prevention and treatment research projects based at the Ovarian Cancer Action Research Centre. Univeristy of Leeds - A research project to develop new immunotherapy treatments. Improve UK Project - a project to tackle health inequalities for women with ovarian cancer. Staying Aware - A programme to promote symptoms awareness of ovarian cancer. Staying Connected - A programme to support ovarian cancer patients during the Covid-19 pandemic.
Hereditary Risk Awareness - a programme to raise awareness of hereditary cancers and the genetic conditions that cause them
Government Grants
In the current year, a total; amount of £407,109 was received from government funding. This grant has been restricted. The grant was received at year end, therefore not spent during the financial year.
In the prior year, a total amount of £1,018,063 was received from government funding. £718,844 via DCMS in relation to the Tampon Tax funding for the Improve UK project and £299,219 via the Medical Research Council for direct funding of medical research as part of the government's Covid response for medical research charities. Both grants have been restricted and the full amount was spent during the year.
35 OVARIAN CANCER ACTION
ANNUAL REPORT 2023-2024
Notes to the Financial Statements for the year ended 31 March 2024 (Cont)
15 Analysis of net assets between funds
| 15 Analysis of net assets between fundsysis of net assets between fundssis of net assets between funds | ||||
|---|---|---|---|---|
| Restricted | Unrestricted Funds | Total | ||
| General | General Designated |
Designated | ||
| £ | £ | £ £ |
£ £ |
|
| Investments | - | 854,336 | 854,336 - |
- 854,336 |
| Current assets less liabilities | 108,095 | 1,061,888 | 1,061,888 675,849 |
675,849 1,845,832 |
| 108,095 | 1,916,224 | 1,916,224 675,849 |
675,849 2,700,168 |
|
| Analysis of net assets between funds -previousyear | ||||
| Restricted | Unrestricted Funds | Total | ||
| General | General Designated |
Designated | ||
| £ | £ | £ £ |
£ £ |
|
| Investments | - | 845,982 | 845,982 - |
- 845,982 |
| Current assets less liabilities | 22,589 | 688,964 | 688,964 861,931 |
861,931 1,573,484 |
| 22,589 | 1,534,946 | 1,534,946 861,931 |
861,931 2,419,466 |
|
| ANALYSIS OF CHANGES IN NET DEBT | ||||
| As at 1 April | Cash flows | Other non- | As at 31 March | |
| 2023 | cash changes | 2024 | ||
| Cash and cash equivalents | ||||
| Cash | 2,410,001 | (210,946) | - | - 2,199,055 |
| Cash equivalents | - | - | - - |
- - |
| 2,410,001 | (210,946) | - | - 2,199,055 |
|
| Borrowings | ||||
| Debt due within one year | - | - | - - |
- - |
| Debt due after one year | - | - | - - |
- - |
| - | - | - - |
- - |
|
| Total | 2,410,001 | (210,946) | - | - 2,199,055 |
| 16 Cash generated from operations | 2024 | 2023 | ||
| £ | £ £ |
|||
| Net Movement in Funds for the Year | 280,702 | 280,702 23,971 |
||
| Adjustments for: | ||||
| Interest income | (48,684) | (16,297) | ||
| Dividend income | (26,904) | - | ||
| (loss)/Gain in fair value of investments | 10,701 | 10,701 8,656 |
||
| Movements in working capital: | ||||
| (Increase)/Decrease in debtors | (116,004) | 210 | ||
| (Decrease)/Increase in creditors | (622,291) | (45,007) | ||
| Cash flows provided/(used in) by operating | (522,480) | (28,467) |
17 Related party transactions
In 2024, amounts totalling £23,724 (2023: £67,850) were donated from trustees and their related parties. This amount was included in other income and individual giving in the SOFA as unrestricted income. There were no other related party transactions in the period under review that require disclosure in the financial statements.
36 OVARIAN CANCER ACTION WHO WE ARE, CHAIR’S REPORT ABOUT OVARIAN CANCER ACTION
We are the UK’s leading ovarian cancer research charity. In the UK only 1 in 3 women live more than 10 years after diagnosis. We are working to better prevent, treat and detect ovarian cancer, so that by 2032 at least half of women with ovarian cancer live for 10 years.
Annual report and Audited accounts, year ended 31 March 2024. A company limited by guarantee and not having share capital, registered in England and Wales 5403443. Registered charity numbers 1109743 (England and Wales) and SC 043478 (Scotland).
Contact us: 020 7380 1730 info@ovarian.org.uk ovarian.org.uk
@OvarianCancerUK ovariancanceraction ovariancanceraction