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2021-06-30-accounts

Annual Report and Accounts For the year ended 30 June 2021

A year to remember: our highlights

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A message from the Chair and Chief Executive

We are extremely proud of Target Ovarian Cancer’s impact over the past year, in a period of unprecedented uncertainty. Through the Covid-19 pandemic, not only were we able to continue offering lifeline support to everyone affected by ovarian cancer, but we also achieved significant milestones in our drive to double survival from this disease once labelled ‘too difficult’.

To the many people who pulled together over the past year to support us, thank you. You made sure Target Ovarian Cancer could not only deliver frontline services in an extremely uncertain fundraising environment, but that we could continue to make progress in early diagnosis, treatment and support. We thank all those who made generous gifts, including legacy bequests and trusts and foundations; those who walked, ran, cycled to raise vital funds; our friends in the musical entertainment sector who provided outstanding support despite their own challenges; and to our wonderful gifts-in-kind supporters donating free advertising space to raise awareness of the symptoms of ovarian cancer and to promote our support line.

We also thank our extremely dedicated and expert staff team for working tirelessly to support our community, in very difficult circumstances, as well as securing milestone advances.

Our specialist nurse advisers provided vital frontline support as delays in diagnosis and treatment persisted, handling a greater than ever volume of people contacting us and needing support with issues of greater complexity. We also expanded our digital support and information services with the launch of a new website and our online Ovarian Cancer Community, helping significantly more women in exceptionally challenging times.

While we are proud of our achievements, we know there is so much more to be done. We are absolutely determined to build on our progress and therefore have developed an ambitious new strategy to drive the step change that is required so that everyone affected by ovarian cancer has the best possible chance of survival and the best possible quality of life.

We also played a leading role in delivering three landmark developments: the first governmentfunded national awareness campaign to include persistent bloating (the most common symptom of ovarian cancer); the approval of innovative drug niraparib for first-line treatment, the most significant treatment advance for over 25 years; and the achievement of the first national ovarian cancer audit. We also relaunched our UK-wide research programme, ensuring we continue to accelerate the discovery of new, life-extending treatments.

We are committed to making sure that Target Ovarian Cancer is a welcoming and inclusive place and over the past year we put a new diversity, equity, and inclusion plan in place to help us to reach and support everyone impacted by ovarian cancer.

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Annwen Jones OBE
Chief Executive
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Emma Kane Chair

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My mum Savita and I spoke Gujarati together, and her English wasn’t perfect, so sometimes I’d listen and explain things to her after. I always wanted to prepare so that I knew what might be coming and could explain it clearly. I decided to call Target Ovarian Cancer’s support line. It was brilliant – [Val] was so clear and answered every single question I had. We didn’t yet know that it was ovarian cancer, but by speaking to her I felt so much more prepared going into meetings with the gynae oncology team.

Lena, who called our support line

Our achievements

The work that you are doing means so much to me. You are doing such a great job and the passion and commitment comes across from all of you. I just hope this campaign reaches as many people as possible. With you all the way!

This group gives me hope and courage, as I am also having an op and will probably have a stoma, which I was dreading at first but reading your… comments has encouraged me to face it.

Anon, new member of the Ovarian Cancer Community

Target Ovarian Cancer’s plans for 2020-2021
Expand and digitise our GP awareness programme, training more healthcare ✓
professionals to spot ovarian cancer earlier.
Resume our transformational project to end the postcode lottery in early ✓
diagnosis of ovarian cancer.
Implement a digital-frst strategy for our support services, including the launch ✓
of an online support group and delivery of high-quality digital support events.
Ensure the continuation of our unique nurse-led support line and deliver
support to more women.		 ✓
Produce reports on regional variation in treatment and short-term
ovarian cancer mortality as part of the collaborative ovarian cancer
audit feasibility pilot.
Increase the profle of our policy and campaigns to help women receive the best
possible diagnosis, treatment and support.		 ✓

✓
Short-term ovarian cancer
mortality report deferred to 2022
Work to improve diversity, equity and inclusion across the charity. ✓
Review the impact of Covid-19 on the ovarian cancer research landscape and ✓
offer new grant funding.

Fran, one of our campaigners

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Improving early diagnosis

Early diagnosis is the holy grail in ovarian cancer – but the proportion of women diagnosed at an early stage varies from 62.9 per cent in the best performing areas, to just 21.8 per cent in the worst.[1] Addressing this postcode lottery in diagnosis will have an immediate impact. Together we can make sure everyone is diagnosed at the earliest possible stage.

• Less than a year after our call to action Time is running out – the need for early diagnosis in ovarian cancer , gained 14,000 signatures, NHS England announced a national awareness campaign. The campaign focuses on abdominal cancer symptoms, in particular bloating and tummy discomfort, two key symptoms of ovarian cancer.

1. England statistics. The Ovarian Cancer Audit Feasibility Pilot (2020) Disease Profile in England: Incidence, mortality, stage and survival for ovary, fallopian tube and primary peritoneal carcinomas. Available at: http://ncin.org.uk/cancer_type_and_ topic_specific_work/cancer_type_ specific_work/gynaecological_cancer/ gynaecological_cancer_hub/ovarian_ cancer_audit_feasibility_pilot_outputs

• Ovarian Cancer Awareness Month is a key time to raise public symptoms awareness. Our national media campaign reached millions in key publications including The Times, The Daily Mirror, The Sun, The Independent, and top-selling women’s magazines including Good Housekeeping. At the time we saw a 64 per cent increase in traffic to our website, as the public sought more information from a trusted source.

Early diagnosis is crucial to ensuring survival chances for women with ovarian cancer. Target Ovarian Cancer’s work in this area is unsurpassed.

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Finding new treatments

More women die from ovarian cancer each year than all other gynaecological cancers combined, and yet investment in ovarian cancer research has dropped drastically in the past decade.[2,3] Together we can fund life-saving research to transform treatments and improve survival rates.

• We worked hard to make sure our established research projects could continue through the precarity of the Covid-19 pandemic. We’re proud that our research at the Universities of Cambridge, Edinburgh, and Manchester could continue where so many others were halted. Our projects are tackling major challenges, from immunotherapy to treating rarer types of ovarian cancer.

2. Cancer Research UK website. Available at: www.cancerresearchuk.org/healthprofessional/cancer-statistics

3. National Cancer Research Institute. Available at: https://www.ncri.org.uk/ ncri-cancer-research-database/

Ovarian cancer is a challenging and complex disease. We desperately need to discover new and better treatments. The 2021 call for project proposals builds on the £1.5 million Target Ovarian Cancer has already invested in world-class research. Together we can accelerate the discovery of new, life-extending treatments and improve quality of life for women with ovarian cancer.

Professor Ruth Plummer, Chair of our Scientific Advisory Board and Professor of Experimental Cancer Medicine at Newcastle University.

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Providing much-needed support

There are 41,000 people living with a diagnosis of ovarian cancer in the UK.[4] Whether they’ve just been diagnosed, or are living through treatment, recurrence, or beyond, they all need access to the best support and information possible. We work hard to make sure everyone affected by ovarian cancer, including women with ovarian cancer and their loved ones, receives the right support at the right time, in the right way for them.

• The volume of people contacting our support line has been higher this year than ever – and has increased by over 40 per cent compared to two years ago. During this period of uncertainty, people needed support with issues of greater complexity than ever.

• As healthcare is devolved, specialist support is important for people in the different NHS systems. Our online Being Together events for Scotland and Wales brought in clinicians from the devolved nations to give advice and support directly to people living there.

4. Macmillan Cancer Support and National Cancer Registration and Analysis Service. Cancer Prevalence UK Data Tables. London: NCRAS; 2015. Available at: http://www.ncin.org.uk/about_ncin/ segmentation

I’m delighted to work with Target Ovarian Cancer towards earlier diagnosis, better treatment and support for everyone living with ovarian cancer. Their work improves quality of life and outcomes for patients across the UK every year.

Professor Sudha Sundar, President of the British Gynaecological Cancer Society, Professor of Gynaecological Cancer at the University of Birmingham and Consultant at the Pan Birmingham Gynaecological Cancer Centre.

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Our campaigning

Two thirds of women are diagnosed at a later stage, once ovarian cancer has already spread, and 11 women die every day from the disease.[5,6] Together we are campaigning to change the lives of everyone living with ovarian cancer right now, and thousands more who are yet to be diagnosed.

5. The Ovarian Cancer Audit Feasibility Pilot (2020) Disease Profile in England: Incidence, mortality, stage and survival for ovary, fallopian tube and primary peritoneal carcinomas. Available at: http://ncin.org.uk/cancer_type_and_ topic_specific_work/cancer_type_ specific_work/gynaecological_cancer/ gynaecological_cancer_hub/ovarian_ cancer_audit_feasibility_pilot_outputs

6. Cancer Research UK website. Available at: www.cancerresearchuk.org/ health-professional/cancer-statistics/ statistics-by-cancer-type/ovarian-cancer/ mortality#heading-Zero

• We welcomed the inclusion of ovarian cancer in NHS England and the Scottish Government’s cancer recovery plans. It is imperative that diagnosis and treatment, so affected by the onset of the pandemic and successive lockdowns, continues its trajectory of improvement.

– Niraparib (Zejula®) is now available to people with newly diagnosed, advanced (stage III or IV) ovarian cancer. This is the first time that a PARP inhibitor has been made available to all newly diagnosed women with advanced disease.

I work with Target Ovarian Cancer to campaign for increased awareness of ovarian cancer and for better treatment.

Campaigning is incredibly important to me because I want to help increase the number of women in Northern Ireland diagnosed correctly and early, and to make GPs aware of the symptoms.

Sinéad from Belfast was diagnosed with ovarian cancer when she was 21

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Our fundraising

Despite the challenges presented by a global pandemic and successive lockdowns, we were humbled at the generosity of our donors and fundraisers, who truly went above and beyond at such a difficult time. We were also proud to receive incredibly generous gifts in kind to the value of £1.5 million.

delivering bread to anyone in her local area who was unable to get out and about during lockdown.

The Ovarian Cancer Walk|Run may have looked a little different this year, but socially distanced routes and virtual options meant everyone was welcome. Our fourth Ovarian Cancer Awareness Month 11,000 steps challenge saw over 200 participants put their best foot forward. From teams of nurses and medical staff to women with ovarian cancer and their families, the 2021 cohort gave their all and raised £95,000.

Thank you to our friends at MAMMA MIA! The Musical for their unparalleled support, and to the WOMAN supergroup featuring Mazz Murray from MAMMA MIA! The Musical and Queen’s Brian May CBE for their fantastic single I am a woman, and for auctioning a signed vinyl record.

Thank you to everyone who donated, fundraised and supported us through this pandemic, before, during, and after the lockdowns. Thanks to you, we could be there for more people affected by ovarian cancer during an intensely challenging time.

Our spirits soared during lockdown when Ian Rosenblatt OBE generously organised a series of opera concerts available to watch from home, part of his project Rosenblatt Recitals, and raising £58,000.

We are very grateful for the gifts received this year from the estates of Susan Fowler-Crane, Caroline Hoopers, Judith Mary Humphries, Linda Layle, Shirley Morris, Carolyn Ann Rhodes and Margaret Williams. The generosity of Shirley Morris’ gift meant we could re-open our research grants programme, making sure ovarian cancer research stayed on track during the disruption of the pandemic.

We are so grateful to our community for their incredible support. They include the Rochdale Catenians, who did a Zoom quiz every week for the entire year, raising over £6,000 in honour of late member Pam Colligan. Thank you also to the members of Stoke Park Golf Club, who have now raised over £40,000, and to Christine Armstrong, who baked for change, raising over £1,000 and

We had an incredible response to an urgent trusts and foundations appeal so that we could meet the increasing demand on our services during the pandemic. Thank you to Julia and Hans Rausing for their generous gift of £160,000. We also received funding from the government’s Coronavirus Community Support Fund, distributed by The National Lottery Community Fund (£100,000), and the CAF Resilience Fund (£41,385) also gave us essential support during the pandemic. Thank you to the Eveson Charitable Trust who supported our work across the West Midlands (£3,500), and National Lottery Awards for All (£10,000) and the Halifax Foundation (£4,000) who supported our work in Northern Ireland. We’d like to extend special thanks to The Peter Sowerby Foundation for their grant of over £300,000, to support our sectorleading early diagnosis work, and to the Ardeola Charitable Trust for continuing to support our core costs and our goldstandard research programme.

Finally, we would like to thank our committed fundraisers and volunteers, including the members of the Patrons’ Circle, 360 Club, the Research Giving Circle and our Development Board. Thank you to everyone who supported us in a myriad of socially distanced ways during some of the toughest times we have experienced together. It means so much to us all.

Raising money for such a wonderful charity has meant so much to me. It’s helped me focus myself and see my recovery in a positive way. Before my diagnosis I was completely unaware of the symptoms, and now I hope the money I raised will help more people know them and get diagnosed as soon as possible.

Katy from Bury St Edmonds has raised £11,000 since her diagnosis

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Our future plans

Target Ovarian Cancer is the leading catalyst for change in the ovarian cancer landscape in the UK, driving systemic shifts in awareness, diagnosis, treatment and support. Despite an intensely challenging year, and the ongoing impact of the pandemic, we are in a strong position and determined to build on our achievements. We have set the following ambitious targets for 2021-22.

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Governance, structure and management

in the UK and international markets. She was the New York-based Chief Brand Officer of Weight Watchers and has held senior positions at Saatchi & Saatchi and British Gas. She is now the Chief Brand Officer at NCS Trust. Miriam is a trustee of Voice 21 and has a Master’s in English from Trinity College, Dublin. She lost her mother and one of her closest friends, way too young, to cancers that particularly target women.

Noble, a leading executive search, interim and talent solutions consultancy, for their expert and generous support in identifying two new trustees to complement the skills and commitment of the other trustees. The Board is committed to recruiting trustees to help reflect the diversity of the communities supported by Target Ovarian Cancer.

Organisational structure

Legal entity

Target Ovarian Cancer is a company limited by guarantee registered as a company in England and Wales on 13 June 2008. It was registered as a charity in England and Wales on 17 July 2008 and in Scotland on 6 February 2012. The governing document is the Memorandum and Articles of Association, dated 13 June 2008. New Articles of Association were adopted by special resolution, dated 29 December 2011, and were amended by special resolution, dated 21 November 2013 and 14 April 2016.

Charitable objects

The objects of the charity are the relief of sickness and the advancement of health for the benefit of the public, in particular, among women who have or are at risk of developing ovarian cancer or other gynaecological diseases by: the promotion of research into the causes, prevention, detection, treatment and cure of ovarian cancer and other gynaecological diseases and their effects and the dissemination of the useful results of such research; relief of suffering among women affected by ovarian cancer and other gynaecological diseases, their families and dependents, through the provision of support and information; and the education of the public on issues relating to ovarian cancer and other gynaecological diseases.

Trustees

Emma Kane, Chair, is the Chief Executive of Newgate Communications and Deputy CEO of SEC Newgate. She is also a trustee of Nightingale Hammerson and a board member of the Elton John Aids Foundation. Emma’s stepchildren’s mother, Heather Ash, died from ovarian cancer at the age of 52 in 2007.

Shona Spence, Honorary Treasurer, is an experienced Chief Financial Officer with over 25 years’ experience working in the financial services sector. Shona is a member of the audit and risk committee of an agerelated charity, a Fellow of the Institute of Chartered Accountants in England, and Wales and holds a BSc (Hons) degree in Immunology from London University.

Joanna Barker MBE founded Target Ovarian Cancer in 2008 and has over 30 years’ experience in business and finance. She is a lay member of the Council of Durham University, which awarded her an honorary

doctorate (D.Litt) in 2012. In 2014 she was awarded an MBE in the Queen’s birthday honours. Joanna’s mother and sister died from ovarian cancer in 2005.

Raj Bhogaita is an accomplished Chief Financial Officer. He has over 30 years’ experience in listed (FTSE, Nasdaq), blue chip and private equity organisations including Exova, Invensys, Sony and Unilever. His sector experience includes technology, fast-moving consumer goods, food and beverage, transportation and construction. A number of members of Raj’s family have been impacted by cancer, and his wife’s grandmother died from a gynaecological cancer.

Sonya Branch is General Counsel at the Bank of England and the Executive Director for the Legal Directorate. She is responsible for providing legal advice to both the Bank and the Prudential Regulation Authority. She is an Emeritus Director and member of the board of the national charity, Target Ovarian Cancer, trustee and member of the Audit and Finance Committee of NowTeach, and a former trustee and member of the Audit and Finance Committee of the British Institute Of International & Comparative Law.

Margaret Chamberlain is a solicitor and consultant at the London City law firm Travers Smith LLP, where she was a partner for 25 years, and a trustee of Parkinson’s UK until October 2021. Margaret has lost two beloved friends to ovarian cancer and this drives her to support Target Ovarian Cancer’s work on early diagnosis, more research and support for women with ovarian cancer.

Alexandra Cran-McGreehin is the Chief Operating Officer at the Whitehall and Industry Group. She previously spent twelve years in the civil service, and was a senior civil servant at the Department for Environment, Food and Rural Affairs and at the Department for Education. Alexandra’s mother, Penelope Cran, died from ovarian cancer in 2014.

Andrew Harrison is Head of Investor Relations at Silverfleet Capital, a leading European private equity firm specialising in mid-market buyouts. Andrew has been a longstanding supporter and fundraiser for Target Ovarian Cancer since his mother-in-law died suddenly from ovarian cancer in 2010.

Miriam Jordan Keane is a marketer and communications expert with over 30 years’ experience

Trustees: appointment and induction

Target Ovarian Cancer recognises that a robust, independent and effective Board of Trustees is essential if the charity is to achieve its objects; that the Board must have available to it all of the knowledge and skills required to govern the charity; and that individual trustees must have sufficient knowledge, both of trusteeship in general and of the charity’s activities to enable them to carry out their role. New trustees are recruited through advertisements on social media and a range of networks in line with the charity’s recruitment of trustees policy and equal opportunities policy. They are appointed by the Board and formally elected at a general meeting of the members. Trustees are appointed for a three-year term, after which they are eligible for re-election for a further three-year term.

All new trustees receive an induction session, arranged and co-ordinated by the Chief Executive, usually within one month of their appointment. During this session, new trustees are provided with a trustee induction pack that includes the charity’s governing document, business plan, core governance policies, the key financial statements and a collection of minutes of previous trustee meetings as well as Charity Commission guidance on effective non-profit governance.

Trustees receive no remuneration for their time and can claim only documented expenses incurred in carrying out their duties in line with the trustee expenses policy. No expenses were claimed in the year ending 30 June 2021 [2020: £0].

Charity governance code

Target Ovarian Cancer is committed to embedding the highest standards of governance within the charity. In 2018-19, the Board adopted the Charity Governance Code and undertook an internal review, using the Code’s diagnostic toolkit, to help identify any priority areas for improvement. The Board was satisfied that overall its policies and practices conformed to the best practices of governance set out in the Code.

In 2020/21 the Board of Trustees undertook a skills and diversity audit as part of its Board development and succession planning. In May 2021, Raj Bhogaita and Miriam Jordan Keane were appointed as trustees, with strong finance and digital skills respectively. The Board wishes to record its thanks to Holmes

The Board of Trustees is responsible for setting Target Ovarian Cancer’s strategic objectives, the strategy to achieve them and the major policies of the charity. It is responsible for guiding and advising the executive staff, monitoring the performance of, and for identifying and managing the major risks facing, the charity. The Board meets five times a year.

The Chief Executive supports and advises the Board in its activities and, in line with the charity’s Statement of Delegated Responsibility, is, subject to executive limitations, responsible and fully accountable for achieving strategic objectives including annual key performance indicators set by the Board.

The charity pays its staff market-rate salaries, which are determined by benchmarking across the sector and taking into consideration any specialist skills. The salary budget is approved by the Board of Trustees as part of the annual budget setting process.

The Chief Executive is supported by an expert team of staff. The total number of staff employed at 30 June 2021 was 31 (2020: 26).

Volunteers

The trustees recognise the extremely valuable contribution made by volunteers and wish to place on record their grateful thanks for that commitment. These include the many women living with ovarian cancer and their loved ones; others who undertake fundraising, networking, campaigning and media work on behalf of the charity and who inform the development of our services; members of Target Ovarian Cancer’s Scientific Advisory Board, GP Advisory Board, and Clinical Advisory Panel; the health professionals who support us producing our information and putting on our events; and those who have given pro bono advice and support across a broad range of activities. No amounts are included in the financial statements to reflect the value of work undertaken by volunteers.

Staff

The trustees are grateful to all members of staff for the outstanding work that they do on behalf of women with ovarian cancer. Target Ovarian Cancer seeks to be an employer of choice and reviews on an annual basis the level of remuneration and other benefits awarded to staff. The trustees engage actively with a view to ensuring the wellbeing of staff and regularly

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discuss the career development and progression of staff, as well as celebrating staff successes.

Diversity, equity and inclusion

Everyone deserves to be treated equally, fairly and with dignity. We recognise that many people are under-valued and treated differently because of who they are. This could be due to race, class, religion or belief, sex, gender, gender identity, age, sexual orientation and disability or a combination of these. By reaching and representing as many people as we can in our work, we will better reflect the communities we serve, make better decisions, be more innovative and have a greater impact on the lives of people affected by ovarian cancer.

Everyone is welcome at Target Ovarian Cancer. We are committed to:

We have identified three key areas of work that will help us understand where we are now, and how we can improve:

We will report back on our progress on an annual basis and set new goals going forward.

Risk assessment

The trustees have established a risk assessment process through which they identify the major foreseeable risks faced by the organisation, assess their likely impact and, where appropriate, implement measures to mitigate these risks. In our risk map, the principal risks are categorised under the headings Governance, Operational, Financial, External and Compliance.

The most significant risks to the charity have been identified as:

The charity moved rapidly to remote and agile working during the Covid-19 pandemic from March 2020 and invested in its IT infrastructure and cloud computing capabilities. Face-to-face fundraising events successfully moved online, as did support events for women with ovarian cancer. Our impact evaluation of our supportive services during this period showed a substantial increase in the scale of our reach and the impact of the support provided.

Salaries are regularly benchmarked to market rates and additional non-pay benefits are publicised to attract high quality staff. Flexible working solutions are in place to attract new staff, including from outside the South East. Specialist agencies are used to recruit key skilled staff with a robust interview and selection process and a detailed induction. The Board has approved the appointment of a Senior HR Officer whose responsibilities will include oversight of the recruitment process.

The trustees have reviewed the major risks to which Target Ovarian Cancer is exposed, in the areas where it operates and the activities it undertakes, and are satisfied that appropriate

actions have been taken, and that systems have been established to monitor and mitigate those risks.

Grant making policy

Target Ovarian Cancer launched its unique national ovarian cancer research programme in 2012. We aim to find and fund world-class research for the benefit of women with ovarian cancer, and our funding is open to researchers across the UK. Our gold-standard scientific review process ensures that we only fund the best doctors and researchers in hospitals and universities across the UK. The trustees award grants based on the recommendations of our Scientific Advisory Board, which considers further opinions from national and international experts in the field as well as patient representatives. Our membership of the Association of Medical Research Charities is an important mark of approval of the high quality of our peer review process.

Public benefit

From 1 April 2008, the Charities Act requires every charity to meet the legal requirement that its aims are for the public benefit. The Charity Commission in its ‘Charities and public benefit’ guidance states that there are two key principles to be met in order to show that an organisation’s aims are for the public benefit: firstly, there must be an identifiable benefit and secondly, that the benefit must be to the public or a section of the public. The trustees are satisfied that the aims and objectives of the charity, and the activities reported on in this Annual Report to achieve those aims, meet these principles.

Fundraising standards

The charity undertakes fundraising activity via a wide range of channels such as direct mail, treks, fundraising events, sponsored events, gala dinners, community events, and other such activities. The trustees abide by the Fundraising Code of Practice set by the Fundraising Regulator in overseeing the fundraising activities of Target Ovarian Cancer and any third parties fundraising on the charity’s behalf. They also follow the Office of the Scottish Charity Regulator guidance covering Scottish charity law in relation to fundraising and charity trustee duties.

During the year to 30 June 2021, the charity worked with two fundraising consultants on a shortterm basis in delivering fundraising activity. They adhered to the Fundraising Code of Practice and our policies and procedures regarding privacy and the treatment of supporters and donors as per their contractual terms. We monitored their activities on a regular basis to ensure compliance.

We train our fundraising staff and volunteers to reinforce our fundraising ethics, policies, and

procedures. Our volunteers are supervised in their activities by charity staff to ensure compliance.

One complaint regarding a minor administrative issue was received in the period to 30 June 2021. It was resolved according to our complaints procedure.

Target Ovarian Cancer’s fundraising abides by the four key principles of the Institute of Fundraising’s Treating donors fairly policy, which are:

We follow the Institute of Fundraising guidance if we suspect that a donor lacks the capacity to make a decision about the donation. We continued to review and implement our safeguarding policy, including safeguarding vulnerable donors. We have a lead officer for safeguarding and a safeguarding panel to review any cases where a vulnerable donor is suspected.

Working with others

Target Ovarian Cancer is committed to working in collaboration with others who share an interest in improving outcomes for women with ovarian cancer. The charity will not duplicate work that is already meeting the needs of women with ovarian cancer.

In addition to being a key driver in Ovarian Cancer Awareness Month every March, Target Ovarian Cancer works with the following organisations: All-Party Parliamentary Group on Ovarian Cancer (we provide the secretariat); Association of Medical Research Charities; British Gynaecological Cancer Society; Medical Research Council; National Cancer Registration and Analysis Service; National Cancer Research Institute; National Institute of Health and Care Excellence; National Institute for Health Research; NHS England; Public Health England; Royal College of General Practitioners; Royal College of Obstetricians and Gynaecologists; Royal College of Nursing; Scottish Cancer Coalition; Scottish Medicines Consortium; Wales Cancer Alliance; Specialist Cancer Charities CEO Group; Cancer 52; One Cancer Voice; Colostomy UK; The Eve Appeal; Hospice UK; Jo’s Cervical Cancer Trust; Macmillan Cancer Support; Maggie’s Cancer Centres; Ovacome; Ovarian Cancer Action.

Target Ovarian Cancer is a co-founder of the World Ovarian Cancer Coalition and World Ovarian Cancer Day.

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Financial review

Financial activities

The financial statements have been prepared in accordance with the accounting polices set out in the notes to the accounts and comply with the charity’s governing documents, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102), effective from 1 January 2019, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland.

Our 2020-2023 Business Plan had to be put on hold in March 2020 due to the coronavirus pandemic, and a one-year plan was agreed for 2020-21. Our successful financial strategy, together with the generosity of our supporters and our digital transformation, enabled the charity to achieve significant positive impact for women with ovarian cancer during the year and to resume our ambitious plans to achieve even greater impact in 2021-23.

We started our financial year on 1 July 2020 in a strong unrestricted reserves position, which secured the sustainability of the charity, and provided protection against income uncertainty arising from ongoing lockdowns during the year. We were able to build upon the achievements of the previous year, and grow our income beyond our expectations, leaving us in a position to resume with our ambitious growth plans for 2021-23.

Thanks to the ongoing support of our charitable donors, and the receipt of a substantial legacy, the charity ended the 2020-21 financial year with unrestricted reserves broadly in line with our unrestricted reserves target and in addition designated reserves of £736k for investment in our charitable activities. This will enable the charity to deliver a step change in the vital work we do to transform survival and wellbeing for women diagnosed with ovarian cancer.

Income

Despite the ongoing difficult economic climate, the charity increased its overall income by 23 per cent to £3,889,357 [2020: £3,163,456]. This significant growth includes a 41 per cent increase in donated services for charitable activities to £1,549,021 [2020: £1,097,799], an increase of 40 per cent in donations from individuals and trusts to £1,000,691 [2020

£716,335] and an increase in gifts from legacies to £240,201 [2020: £90,431].

The strategic priorities for the 2020-21 financial year were to ensure that we had sufficient resources to provide vital support to women with ovarian cancer through the pandemic and that the charity emerged from the pandemic in a strong enough financial position to enable it to resume our growth plans. We invested in our digital programme, developing both digital fundraising and services to our community to achieve this.

We received generous donations of £100,000 from the National Lottery Community Fund; £100,000 from Julia and Hans Rausing; and £41,385 from the CAF Resilience Fund to continue to provide symptoms awareness for earlier diagnosis, and support to women with ovarian cancer.

We had another substantial increase in our gifts in kind income, thanks to the extremely generous pro bono support of our corporate and media partners. This represents increased awareness of the symptoms of ovarian cancer in support of our mission to improve early diagnosis, and increased awareness of our support services to enable more women to access them. A full breakdown of funding sources is given in Note 3 to the financial statements.

The trustees wish to acknowledge all donors and volunteers for their invaluable support during the past year.

Expenditure

Our expenditure (excluding donated services) of £1,938,590 [2020: £2,099,748] fell by 8 per cent, in line with our financial plans to ensure the sustainability of the charity during the pandemic. We also received gifts in kind in the form of donated services which totalled £1,549,021. When these gifts in kind are taken into account, our total expenditure increased by 9 per cent overall to £3,487,611.

The focus of our 2021 donated services, mainly advertising, was split evenly between early diagnosis and supportive services; for 2020 this was entirely for earlier diagnosis. Our expenditure on early diagnosis fell by 29 per cent to £1,115,261 [2020: £1,581,158] as a result. Spend on our supportive services of

£1,288,202 [2020: £512,209] increased by 151 per cent as a result of the donated services.

Our expenditure on research £239,145 [2020: £366,041] fell by 35 per cent, due to the delivery of our existing research programmes being disrupted by the pandemic and our cancellation of a new research grant programme in April 2020 due to the financial impact of Covid-19.

The surplus for the year of £401,746 [2020: £(34,093)] includes a significant legacy of £220,000 which has been designated in full for our research programme for 2021-2023.

Reserves policy

The Board of Trustees has formulated a policy to maintain the general fund reserve level at a minimum while ensuring that it has sufficient funds to cover existing project commitments. This was revised upwards for 2021 from £356,865 [2020: £393,870] to £414,227, based on three months of budgeted salary expenditure and six months of budgeted rent and support costs.

The trustees have approved the designation of £736,000 of its unrestricted reserves to make targeted investments to accelerate its charitable mission. The areas of designation are research £520,000, the expansion of our support to women £90,000 and early diagnosis £36,000; and to advance our understanding of diversity, equity and inclusion to better reflect the community we serve.

Restricted funds arise when conditions are imposed by the donors or by the specific terms of the appeal and can only be spent on the activities specified. On 30 June 2021 restricted funds amounted to £406,253 [2020: £451,025], representing funding for the Target Ovarian Cancer research programme and funding from the Peter Sowerby Foundation for our ground breaking Shaping Local Pathways project.

Investment policy

The charity aims to secure as a matter of urgency the earliest possible improvements in survival and quality of life for women with ovarian cancer, so surplus funds are not committed to long-term investment but rather are deposited in savings accounts, so that they are readily available.

Going concern

Having reviewed budgets and cash flow forecasts for a period of 12 months from the date of signing of the accounts, the trustees are able to confirm that they are of the opinion there are no material uncertainties related to events or conditions that may cast significant doubt over the ability of the charity to continue as a going concern.

Trustees have carefully considered the strategic plans for the next two years, and have reviewed the income generation, cashflow and unrestricted reserves that underpin these plans, to ensure that we are still a going concern.

24

25

Statement of trustees’ responsibilities in respect of the trustees’ annual report and the financial statements

of the charitable company and to prevent and detect fraud and other irregularities.

The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and regulations.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Company law requires the trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland.

So far as each of the trustees is aware at the time the report is approved:

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure for that period. In preparing these financial statements, the trustees are required to:

The Trustees’ Report has been prepared in accordance with the special provisions relating to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the trustees on 25 November 2021 and signed on their behalf by:

Emma Kane

Chair, Board of Trustees

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, 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. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets

Independent auditor’s report to the members of Target Ovarian Cancer

Opinion

concern basis of accounting in the preparation of the financial statements is appropriate.

We have audited the financial statements of Target Ovarian Cancer for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

In our opinion, the financial statements:

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report and the Chair and Chief Executive’s statement. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going

26

Independent auditor’s report to the members of Target Ovarian Cancer (continued)

of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 19, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the

preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of noncompliances with laws and regulations related to the regulatory requirements of the Charity Commission and Office of Scottish Charity Regulator (OSCR), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, the Charity Accounts

(Scotland) Regulations (as amended), Charities SORP (2019), Companies Act 2006 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the recognition of voluntary income and grant commitments. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to

state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kathryn Burton (Senior Statutory Auditor)

As at 30 June 2021

Statement of financial activities

(incorporating an income and expenditure account) For the year ended 30 June 2021

Charity Number: 1125038 Company Number: 6619981

----- Start of picture text -----
Notes Unrestricted Restricted 2021 2020
£ £ £ £
----- End of picture text -----

Income from:
Donations, grants and legacies 3 3,371,738 514,614 3,886,352 3,157,489
Investment income 3,005 0 3,005 5,967
Total income 3,374,743 514,614 3,889,357 3,163,456
Expenditure on:
Raising funds 845,003 0 845,003 738,140
Charitable activities
Research 35,373 203,772 239,145 366,041
Earlier diagnosis 962,739 152,522 1,115,261 1,581,158
Supportive services 1,085,110 203,092 1,288,202 512,209
Total expenditure 4 2,928,225 559,386 3,487,611 3,197,548
Net surplus/(defcit) for the year 5 446,518 (44,772) 401,746 (34,093)
Funds brought forward 777,749 451,025 1,228,774 1,262,867
Total funds carried forward 1,224,267 406,253 1,630,520 1,228,774

Balance sheet

Notes £ 2021
£		 £ 2020
£
Fixed assets
Tangible fxed assets 9 25,684 4,295
Current assets
Debtors 10 181,969 116,959
Cash at bank and in hand 11 1,873,500 1,640,523
2,055,469 1,757,482
Liabilities
Creditors: amounts due within one year 12 (450,633) 533,003
Net current assets 1,604,836 1,224,479
Total assets less current liabilities 1,630,520 1,228,774
Net assets 14 1,630,520 1,228,774
Funds 14
Restricted funds 406,253 451,025
Unrestricted funds
Designated funds 15 736,000 -
General funds 488,267 777,749
1,224,267 777,749
Total charity funds 1,630,520 1,228,774

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the financial statements. The comparative SOFA from 2020 can be seen in Note 21.

Approved by the Trustees on 25 November 2021 and signed on their behalf by

Emma Kane Shona Spence Chair Treasurer

The notes on page 31 –47 form part of the financial statements.

30

31

Statement of cash flows For year ending 30 June 20219

Notes to the financial statements For the year ended 30 June 2021

Note 2021
£		 2020
£
Cash provided by (used in) operating activities 19 260,812 209,590
Cash fows from investing activities
Dividends, interest and rents from investment 3,005 5,967
Purchase of property, plant and equipment (30,840) -
Cash provided by (used in) investing activities (27,835) 5,967
Change in cash and cash equivalents in the reporting period 232,977 215,557
Cash and cash equivalents at the beginning of the year 20 1,640,523 1,424,966
Cash and cash equivalents at end of year 1,873,500 1,640,523

1. Accounting policies

1. Accounting policies
a) The fnancial statements have been prepared in accordance j) Grants are recognised to the extent that a liability is
with Accounting and Reporting by Charities: Statement of incurred from a constructive or a legal obligation.
Recommended Practice applicable to charities preparing
their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS
102) (effective 1 January 2015) - (Charities SORP (FRS 102)),
the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) and the Companies Act 2006.
Target Ovarian Cancer meets the defnition of a public beneft
entity under FRS 102. Assets and liabilities are initially		 k) Support costs are those costs which do not in
themselves constitute a charitable or fundraising
activity but are necessary to support these activities.
They will include central offce functions such
as fnance, HR and general management.
l) Expenditure is allocated to the particular activity where
the cost relates directly to that activity. Support costs
recognised at historical cost or transaction value unless are re-allocated to each of the activities
otherwise stated in the relevant accounting policy note(s). based on direct staff costs.
b) The trustees are of the view that there are no material m) Governance costs form part of Support costs and are the
uncertainties regarding the charity’s ability to continue costs associated with the governance arrangements of the
as a going concern and therefore the assessment of charity. These costs are associated with constitutional and
the trustees is that the charity is a going concern. statutory requirements and include any costs associated
c) Preparation of the accounts requires trustees and with the strategic management of the charity’s activities.
management to make signifcant judgement and n) Depreciation is provided at rates calculated to write
estimates. Judgment and estimates have been down the cost of each asset to its estimated residual
applied in the accounts in the following areas: value over its expected useful life. A full year’s
•Estimating the probability of the receipt of legacy depreciation is charged in the year of acquisition.
income and estimating the amount to be received The depreciation rates in use are as follows:
•Entitlement to income on multi-year grants received •Furniture, fxtures and offce equipment 3 years
•Estimating the liability of any multi-year grants payable •Digital assets
3 years
•Estimating the useful economic life •Website upgrade
5 years
of tangible fxed assets o) Items of equipment are capitalised where the purchase
•Estimating dilapidation costs on price exceeds £500. Depreciation costs are allocated to
cessation of the premises lease activities on the basis of the use of the related assets
d) Restricted funds are to be used for specifc purposes as
laid down by the donor. Expenditure which meets these		 in those activities. Assets are reviewed for impairment
if circumstances indicate their carrying value may
criteria is charged to the fund. Transfers between restricted exceed their net realisable value and value in use.
and unrestricted funds are only made when written p) The charity pays fve per cent employer contribution to the
instructions have been received from the original donor. Private Pension Company on behalf of qualifying employees.
e) Unrestricted funds are donations and other income is The pension cost charge represents contributions payable
received or generated for the charitable purposes. under the scheme by the charity to the Private Pension
f) Donation and legacies are recognised in the fnancial
statements when the charity is entitled to the income,		 Company. The charity has no liability under the scheme
other than for the payment of those contributions.
it is more probable than not that the charity will receive q) Rentals payable under operating leases, where substantially
the income, and the amount can be measured reliably. all the risks and rewards of ownership remain with the
g) Donated services are only included in income (with an lessor, are charged to the Statement of Financial Activities
equivalent amount in expenditure) where the beneft to the on a straight-line basis over the lease duration.
charity is reasonably quantifable, measurable and material. r) The charity only has fnancial assets and liabilities
The value placed on these resources is the estimated of a kind that qualify as basic fnancial instruments.
value to the charity of the service or facility received. The Basic fnancial instruments are initially recognised at
value of any voluntary help received is not included in the transaction value and subsequently measured at their
accounts but is described in the Trustees’ annual report. settlement value. Interest on funds held on deposit
h) Raising funds relate to the costs incurred by the charitable is included when receivable and the amount can be
company in encouraging donations, as well as the cost of reliably measured by the charity; this is normally upon
any activities with a fundraising and publicity purpose. notifcation of the interest paid or payable by the bank.
i) Expenditure is recognised in the period in s) The charity will designate funds at its discretion to fund
which it is incurred. Expenditure includes specifc programmes or activities. These designated
attributable VAT which cannot be recovered. funds can be undesignated at any time if required.

32

33

Notes to the financial statements

For the year ended 30 June 2021

2. Legal status

The charity is a company limited by guarantee and a public benefit entity which has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

3. Donations and legacies

----- Start of picture text -----
Unrestricted Restricted TOTAL 2021 TOTAL 2020
£ £ £ £
----- End of picture text -----

Legacies 240,201 0 240,201 90,431
Gifts from individuals and trusts 488,578 512,113 1,000,691 716,335
Grant income 0 0 0 21,457
Donated services 1,549,021 0 1,549,021 1,097,799
General donations 1,044,837 2,501 1,047,338 1,204,587
Corporate donations 49,101 0 49,101 26,880
3,371,738 514,614 3,886,352 3,157,489
Gifts in kind
Professional services 541 0 541 0
Web advertising 110,919 0 110,919 82,319
Outdoor advertising space 894,500 0 894,500 530,300
Other advertising space 543,060 0 543,060 485,180
1,549,020 0 1,549,020 1,097,799

3. Donations and legacies (cont.)

----- Start of picture text -----
Unrestricted Restricted TOTAL 2020 TOTAL 2019
£ £ £ £
----- End of picture text -----

Legacies 90,431 0 90,431 231,541
Gifts from individuals and trusts 307,670 408,665 716,335 642,982
Grant income 21,457 0 21,457 0
Donated services 1,097,799 0 1,097,799 555,707
General donations 1,175,623 28,964 1,204,587 1,318,853
Corporate donations 26,880 0 26,880 16,531
2,719,860 437,629 3,157,489 2,765,614
Gifts in kind
Professional services 0 0 0 11,548
Web advertising 82,319 0 82,319 47,759
Outdoor advertising space 530,300 0 530,300 404,000
Other advertising space 485,180 0 485,180 92,400
1,097,799 0 1,097,799 555,707

Gifts in kind totaling £1,549,020 relate to publicity of the symptoms of ovarian cancer to encourage earlier diagnosis (£774,220) and publicity of our services to women with ovarian cancer (£774,821) provided at the estimable market rate. During the year, the charity received donations of web advertising space, magazine advertising, professional and management services and outdoor advertising services. The charity has benefited from the contribution of unpaid general volunteers which have not been identified in these accounts. No commitments or other unrecognised contingencies have arisen from these donations.

34

35

Notes to the financial statements

For the year ended 30 June 2021

4. Total expenditure

----- Start of picture text -----
Fundraising Research Earlier Supportive TOTAL TOTAL
& publicity diagnosis services 2021 2020
£ £ £ £ £ £
----- End of picture text -----

Staff costs 501,194 112,756 94,144 280,188 988,282 902,875
Direct costs 115,536 8,366 84,634 26,043 234,579 412,122
Donated services 0 0 774,240 774,781 1,549,021 1,097,799
Advocacy 0 0 119,364 79,576 198,940 121,971
Medical research grants 0 66,667 0 0 66,667 265,892
Support costs 228,273 51,356 42,878 127,614 450,122 396,888
TOTAL 845,003 239,145 1,115,261 1,288,202 3,487,611 3,197,548

Analysis of support costs

----- Start of picture text -----
2021 2020
£ £
----- End of picture text -----

Staff costs 191,455 185,580
Governance costs 13,142 20,662
Offce costs 232,940 179,419
Legal and professional 3,133 5,387
Depreciation 9,452 7,840
TOTAL 450,122 396,888

Support costs are allocated on the basis of the staff costs of each department.

The increase in office costs includes additional investment in digital infrastructure.

----- Start of picture text -----
Fundraising Research Earlier Supportive TOTAL TOTAL
& publicity diagnosis services 2020 2019
£ £ £ £ £ £
----- End of picture text -----

Staff costs 389,270 58,051 197,003 258,551 902,875 896,684
Direct costs 177,754 16,580 127,786 90,002 412,122 322,751
Donated services 0 0 1,096,587 1,213 1,097,799 555,707
Advocacy 0 0 73,183 48,788 121,971 95,952
Medical research grants 0 265,892 0 0 265,892 123,296
Support costs 171,116 25,518 86,599 113,655 396,888 402,460
TOTAL 738,140 366,041 1,581,158 512,209 3,197,548 2,396,850

Analysis of advocacy costs

2021
£		 2020
£
Staff costs 193,606 113,767
Direct costs 5,334 8,204
TOTAL 198,940 121,971

Advocacy costs are allocated on the basis of the work performed. Earlier diagnosis 60 per cent Supportive services 40 per cent

36

37

Notes to the financial statements

For the year ended 30 June 2021

5. Net income for the year

----- Start of picture text -----
This is stated after charging: 2021 2020
£ £
----- End of picture text -----

Depreciation 9,451 7,840
Operating lease rentals: property 17,306 57,474
Auditors' remuneration: 9,554 9,840
36,311 75,154

No trustees reclaimed expenses in 2021 (2020 £0). No trustees have been paid any remuneration or received any other benefits from an employment or a related entity (2020 £0).

6. Staff costs and numbers

----- Start of picture text -----
Staff costs were as follows: 2021 2020
£ £
----- End of picture text -----

Salaries and wages 1,118,993 991,314
Social security costs 117,392 103,183
Pensions 50,710 44,219
Consultancy 86,053 62,585
Total emoluments paid to staff were: 1,373,148 1,201,301

The key management personnel of the charity comprises the trustees, the Chief Executive, the Deputy Chief Executive, the Director of Finance and Corporate Services, the Executive Director, Development, the Director of Programmes, and the Deputy Director of Services. The total employee benefits of the key management personnel of the charity were £446,930 (2020: £435,703), an increase of 2.6 per cent.

One employee earned between £90,001 and £100,000 in 2021 (2020: One employee between £80,001 and £90,000). Pension costs relating to this employee amounted to £5,269 (2020: £4,676). One employee earned between £70,001 and £80,000 in 2021 (2020: One employee between £70,001 and £80,000). One employee earned between £60,001 and £70,000 in 2021 (2020: Two employees between £60,001 and £70,000).

6. Staff costs and numbers (cont.)

----- Start of picture text -----
2021 2020
No. No.
----- End of picture text -----

Fundraising and publicity 10.0 8.6
Research 3.8 2.7
Supportive services 6.2 5.9
Earlier diagnosis 4.4 3.7
Advocacy 2.1 1.4
Governance 1.3 0.5
Support 3.1 1.5
30.8 24.3

At 30 June 2021 the charity employed 31 staff (2020: 28 staff). The average number of staff in the year was 33 (2020: 28).

7. Grant making

----- Start of picture text -----
2021 2020
£ £
----- End of picture text -----

Research grants 148,945 122,036
Costs of managing the grant making programme 13,250 13,285
In 2019/20 the Board, based on recommendations from the Scientifc Advisory Board, agreed to award the following medical
research grants:

(i) St Mary’s Hospital, Professor Richard Edmonson. Manchester - RE17 - Translating our knowledge of the DNA damage response into clinical benefits with patients with ovarian cancer, a two-year project. An additional year three funding extension of £13,309 was approved (2020-21).

(ii) University of Cambridge, Dr Martin Lee Miller. Unravelling the tumour-immune microenvironment for new ovarian cancer treatment strategies, a three-year project. Year three funding is £67,185 (2020-21).

In 2019/20 the Scientific Advisory Board agreed to award the following medical research grant: University of Edinburgh, Professor Charlie Gourley - Genomic drivers and novel treatment strategies in low-grade serous ovarian cancer, a two-year project. Year two funding £68,451 (2020-21).

8. Taxation

Target Ovarian Cancer is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2011 and, therefore, it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

38

39

Notes to the financial statements

For the year ended 30 June 2021

9. Tangible fixed assets

----- Start of picture text -----
2021 2020
Furniture, fixtures and equipment £ £
----- End of picture text -----

Cost
At the start of the year 184,177 184,177
Additions in the year 30,840 -
At the end of the year 215,017 184,177
Depreciation
At the start of the year 179,882 172,042
Charge for the year 9,451 7,840
At the end of the year 189,333 179,882
Net book value
At the end of the year 25,684 4,295
At the start of the year 4,295 12,135

10. Debtors

2021
£		 2020
£
Debtors control account 125 27,100
Prepayments 49,968 88,240
Other debtors 131,876 1,619
181,969 116,959

11. Cash at bank and in hand

2021
£		 2020
£
Current accounts 1,275,092 1,041,847
Short term bank deposits 598,408 598,676
1,873,500 1,640,523

12. Creditors and accruals

----- Start of picture text -----
Amounts due within one year
2021 2020
£ £
Trade creditors 121,946 71,335
Deferred income 4,949 27,149
Grants payable 209,722 221,841
-
Taxation and social security 109,748
Accrued expenditure 114,016 102,930
450,633 533,003
There were no creditors due after one year.
----- End of picture text -----

Deferred income 2021
£		 2020
£
Opening deferred income 27,149 27,000
Released in the accounting period 27,149 27,000
Deferred to future periods 4,949 27,149
Closing deferred income 4,949 27,149
Analysed as deferred income falling due
Within one year 4,949 27,149
After one year - -
Grants payable at 1 July 2020 221,841
Grants awarded 66,667
Grant payments made in year (78,786)
Total grants outstanding at 30 June 2021 209,722

40

41

For the year ended 30 June 2021

Notes to the financial statements

13. Financial Instruments

----- Start of picture text -----
2021 2020
£ £
----- End of picture text -----

Cash 1,873,500 1,640,523
Financial assets held at amortised cost a) 48,993 77,795
Financial liabilities held at amortised cost b) (445,684) (505,854)
Net fnancial assets 1,476,809
 1,212,464

a) Financial assets held at amortised cost included debtors, accrued income and other debtors but excludes prepayments. b) Financial liabilities held at amortised costs include trade creditors and all other creditors except deferred income and statutory taxes.

14. Analysis of net assets between funds

----- Start of picture text -----
Unrestricted Restricted Total
funds funds funds
£ £ £
----- End of picture text -----

2021
Tangible fxed assets 25,684 - 25,684
Current assets 1,365,610 689,859 2,055,469
Current liabilities (167,027) (283,606) (450,633)
Net assets at the end of the year 1,224,267 406,253 1,630,520
2020
Tangible fxed assets 4,295 - 4,295
Current assets 946,436 811,046 1,757,482
Current liabilities (172,982) (360,021) (533,003)
Net assets at the end of the year 777,749 451,025 1,228,774

14. Analysis of net assets between funds (cont.)

----- Start of picture text -----
Movements in funds 2021 At the start Income Expenditure At the end
of the year £ £ of the year
£ £
----- End of picture text -----

Restricted funds:
(a) Supportive services - 22,728 (22,728) -
(b) Research programme 338,378 210,301 (203,772) 344,907
(c) Earlier diagnosis - 40,200 (40,200) -
(d) In touch 12,866 - - 12,866
(e) Peter Sowerby Foundation 94,728 - (47,799) 46,930
(f) Ardeola Charitable Trust 3,502 - (3,502) -
(g) Pathfnder 1,550 - - 1,550
(h) Julia and Hans Rausing - 100,000 (100,000) -
(i) National Lottery Community Fund - 100,000 (100,000) -
(j) Charitable Aid Foundation - 41,385 (41,385) -
Total restricted funds 451,025 514,614 (559,386) 406,253
Total designated funds - - - 736,000
Total unrestricted funds 777,749 3,374,743 (2,928,225) 488,267
Total funds 1,228,774 3,889,357 (3,487,611) 1,630,520

Purpose of funds

To provide information and support to women with ovarian cancer. To fund research into aspects of ovarian cancer.

To raise awareness of the symptoms of ovarian cancer.

To provide support networks for women with ovarian cancer.

To identify and break down the barriers to the diagnosis of ovarian cancer. To support the IT infrastructure.

To support the evaluation of ovarian cancer services. To provide information and support to women with ovarian cancer. To raise awareness of the symptoms of ovarian cancer. To raise awareness of the symptoms of ovarian cancer.

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Notes to the financial statements

For the year ended 30 June 2021

14. Analysis of net assets between funds (cont.)

----- Start of picture text -----
Movements in funds 2020 At the start Income Expenditure At the end
of the year £ £ of the year
£ £
----- End of picture text -----

Restricted funds:
(a) Supportive services - 66,686 (66,686) -
(b) Research programme 536,939 123,339 (321,900) 338,378
(c) Earlier diagnosis - 11,025 (11,025) -
(d) In touch 12,866 - - 12,866
(e) Peter Sowerby Foundation 43,700 98,029 (47,000) 94,728
(f) Ardeola Charitable Trust - 137,000 (133,498) 3,502
(g) Pathfnder - 1,550 - 1,550
Total restricted funds 593,505 437,629 (580,109) 451,025
Total unrestricted funds 669,362 2,725,827 (2,617,439) 777,749
Total funds 1,262,867 3,163,456 (3,197,548) 1,228,774

Purpose of funds

To raise awareness of the symptoms of ovarian cancer.

To identify and break down the barriers to the diagnosis of ovarian cancer. To support the IT infrastructure.

To support the evaluation of ovarian cancer services.

15. Designated funds

The Board of Trustees agreed steps to accelerate our charitable mission and deliver a phased reduction in unrestricted reserves through the designation of £736k of the unrestricted reserves surplus as below.

----- Start of picture text -----
Designation £
Designation 1: Research 520,000
Designation 2: Supportive services expansion 90,000
Designation 3: Early diagnosis expansion 90,000
Designation 4: Diversity, equity and inclusion work 36,000
736,000
Schedule of spend 2021-22 2022-23
£ £
Designation 1: Research 310,000 210,000
Designation 2: Supportive services expansion 90,000 -
Designation 3: Early diagnosis expansion 90,000 -
-
Designation 4: Diversity, equity and inclusion work 36,000
526,000 210,000
Movement in funds 2021 At start Income Expenditure Transfer At end
of year £ £ £ of year
£ £
Designation 1: Research 520,000 520,000
Designation 2: Supportive services expansion 90,000 90,000
Designation 3: Early diagnosis expansion 90,000 90,000
36,000 36,000
Designation 4: Diversity, equity and inclusion work
- - -
736,000 736,000
Movement in funds 2020 At start Income Expenditure Transfer At end
of year £ £ £ of year
£ £
Designation 1: Legacy fundraising 42,050 - (42,050) - -
42,050 - (42,050) - -
----- End of picture text -----

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Notes to the financial statements

For the year ended 30 June 2021

16. Contingent liabilities

During the year 2016-17, the charity entered into a long-term grant arrangement with St Mary’s Hospital, Manchester, awarding a grant of £198,414 over a 36-month period. Following a successful review of the project, the trustees awarded a grant extension of £13,309 for St Mary’s Hospital in 2020-21. During the year 2018-19, the charity entered into a longterm grant arrangement with the University of Cambridge, awarding a grant of £199,546 over a 36-month period. Subject to a successful review of the annual objectives, the Scientific Advisory Board awarded the Year 3 funding of the University of Cambridge £67,185 in 2020-21. During the year 19-20, the charity entered into a long-term grant arrangement with the University of Edinburgh, awarding a grant of £190,490 over a 36-month period. Subject to a successful review of the annual objectives, the trustees awarded the Year two funding of the University of Edinburgh £68,451 in 2020-21. All grant funding is subject to annual review by the Scientific Advisory Board before each year of funding is released.

17. Commitments under operating leases

As at 30 June 2021, the charity had the following annual commitments under non-cancellable operating leases.

Schedule of spend
0 - 1 years		 Land and
2021
£
57,942		 buildings
2020
£
-
2 - 5 years 234,692 -

18. Related party transactions

19. Reconciliation of net income/(expenditure) to net cash flow from operating activities

----- Start of picture text -----
2021 2020
£ £
----- End of picture text -----

Net income/(expenditure) (as per the statement of fnancial activities) 401,746 (34,093)
Adjustments for:
Depreciation charges 9,451 7,840
Dividends, interest and rents from investment (3,005) (5,967)
(Increase)/decrease in debtors (65,010) 94,354
Increase/(decrease) in creditors (82,370) 147,456
Net cash provided by/(used in) operating activities 260,812 209,590

20. Analysis of cash at bank and in hand

2021
£		 2020
£
1,873,500 1,640,523

Donations from Trustees and on their behalf of £113,961 (2020: £264,260) were received during 2021.

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Reference and administrative details

Notes to the financial statements

For the year ended 30 June 2021

21. SOFA 2019-20 comparator

STATEMENT OF FINANCIAL ACTIVITIES

(incorporating an income and expenditure account)

Charity number: 1125038 Company number: 6619981

Target Ovarian Cancer

Registered charity number 1125038 (England and Wales) and SC042920 (Scotland). A company limited by guarantee, registered in England and Wales (No. 6619981).

For the year ended 30 June 2020

----- Start of picture text -----
Notes Unrestricted Restricted 2020 2019
£ £ £ £
----- End of picture text -----

Income from:
Donations & legacies 3 2,698,403 437,629 3,136,032 2,765,614
Investment income 5,967 0 5,967 3,323
Other income 21,457 0 21,457 -
Total income 2,725,827 437,629 3,163,456 2,768,937
Expenditure on:
Raising funds 725,900 12,240 738,140 721,802
Charitable activities
Research 44,141 321,900 366,041 303,894
Earlier diagnosis 1,450,378 130,780 1,581,158 859,531
Supportive services 397,020 115,189 512,209 511,623
Total expenditure 4 2,617,439 580,109 3,197,549 2,396,850
Net defcit for the year 5 108,387 (142,480) (34,093) 372,087
Funds brought forward 669,362 593,505 1,262,867 890,780
Total funds carried forward 777,749 451,025 1,228,774 1,262,867

Bankers

Trustees

Emma Kane (Chair) CAF BANK Ltd Shona Spence (Treasurer) 25 Kings Hill Avenue Joanna M. Barker MBE Kings Hill Raj Bhogaita (appointed 8 May 2021) West Malling Sonya Branch ME19 4JQ Margaret Chamberlain Alexandra Cran-McGreehin Coutts & Co Andrew Harrison 440 Strand Miriam Jordan Keane (appointed 8 May 2021) London WC2R 0QS

Chief Executive

Scottish Widows Bank PO Box 12757 Edinburgh EH3 8YJ

Annwen Jones OBE Alexine Horsup

Company Secretary

Shawbrook Bank Lutea House Warley Hill Business Park Great Warley Brentwood Essex CM13 3BE

Governing document

Memorandum and Articles of Association, 13 June 2008. New Articles of Association adopted by Special Resolution, 29 December 2011, as amended by Special Resolution, 21 November 2013 and 14 April 2016.

Registered office

Flagstone Investment Management 17th Floor New Zealand House 80 Haymarket London SW1Y 4TE

30 Angel Gate London EC1V 2PT

www.targetovariancancer.org.uk 020 7923 5470 info@targetovariancancer.org.uk

Auditor

Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place London EC4R 1AG

Solicitor

Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

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Acknowledgements

The Board of Trustees wishes to acknowledge the following for their outstanding support of Target Ovarian Cancer during the past year:

Director Emeritus

Lisa Attenborough

Honorary patrons

Professor Sir Kenneth Calman KBE PhD MD FRCS FRCP Dame Janet Gaymer DBE QC

Sarah Greene

Celebrity Ambassadors

Susan Calman

Gaby Roslin

Target Ovarian Cancer Patrons’ Circle

Jennie Allen

Patricia Beecham Margaret Chamberlain

Judy Craymer CBE

Anabel Fielding

Carol Kennedy

Anna and Chris Smith

Sir Hugh and Lady Stevenson

Target Ovarian Cancer Development Board

Joanna Barker MBE (Chair)

Alison Esse

Anabel Fielding

Emma Kane, Chair of Trustees Lisa Attenborough

Target Ovarian Cancer

Scientific Advisory Board

Professor Ruth Plummer (Chair)

Professor of Experimental Cancer Medicine at the Northern Institute for Cancer Research, Newcastle University

Professor Richard Edmondson Clinical Professor in Gynaecological Oncology, Manchester University

Dr Ros Glasspool

Chair of the ovarian cancer sub-group, National Cancer Research Institute, Consultant Medical Oncologist and Honorary Clinical Senior Lecturer, University of Glasgow

Professor Maurizio D’Incalci

Laboratory of Cancer Pharmacology, Humanitas Research Hospital, Milan

Dr Rebecca Kristeleit

Consultant Medical Oncologist, Guy’s and St Thomas’ NHS Foundation Trust

Professor Chris Lord

Deputy Head of Division and Leader of the Gene Function Team at The Institute of Cancer Research, London

Target Ovarian Cancer General Practitioner Advisory Board

Professor Nigel Sparrow OBE (Chair) Former Senior National GP Adviser, Care Quality Commission

Miss Beena Abdul

Consultant Gynaecological Oncology Surgeon, Oxford University Hospital

Jenny Aston QN

Advanced Nurse Practitioner and RCGP Nurse Champion

Dr Victoria Barber

GP Principal, Parklands Surgery Northants

Dr Nina Craft

General Practitioner, Woodbrooke Medical Practice, Belfast

Dr Elise Lang

General Practitioner and Macmillan GP Cancer Lead for Velindre NHS Trust, Macmillan GP Adviser Wales

Dr Hilary Morrison

Patient representative

Dr Dirk Pilat

General Practitioner and Medical Director for e-Learning, Royal College of General Practitioners

Professor Debbie Sharp

Professor of Primary Health Care, University of Bristol

Dr Alison Wint

General Practitioner and Clinical Lead for Cancer and Specialised Commissioning, NHS Bristol, North Somerset & South Gloucestershire CCG

Target Ovarian Cancer Clinical Advisory Panel

Dr Victoria Barber

General Practitioner, Kettering

Mr Janos Balega

Consultant Gynaecological Oncologist, Birmingham

Lynn Buckley

Clinical Nurse Specialist, Hull

Professor Richard Edmondson

Clinical Professor in Gynaecological Oncology, Manchester

Dr Alison Farmer

Psycho-oncology Nurse Specialist, Southampton

Professor Iain McNeish

Clinical Professor of Gynaecological Oncology, London

Dr Alex Murray

Cancer Genetics Lead Clinician for the All Wales Medical Genetics Service

Dr Jennifer Pascoe Consultant Medical Oncologist, Birmingham

Dr Marc Tischkowitz

Honorary Consultant, Department of Medical Genetics, Cambridge

Dr Sarah Williams Consultant Medical Oncologist, Birmingham

Lisa Young

Clinical Nurse Specialist, Southampton

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If you wish to donate to Target Ovarian Cancer, please visit our website www.targetovariancancer.org.uk or call 020 7923 5470

Symptoms of ovarian cancer

Need someone to talk to about ovarian cancer? Contact our nurse-led support line

Phone: 020 7923 5475 Website: targetovariancancer.org.uk/SupportLine

©Target Ovarian Cancer February 2022

Target Ovarian Cancer is a company limited by guarantee, registered in England and Wales (No. 6619981). Registered office: 30 Angel Gate, London EC1V 2PT. Registered charity numbers: 1125038 (England and Wales) and SC042920 (Scotland).