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← Target Ovarian Cancer

2024-06-30-accounts

Target Ovarian Cancer Annual report and accounts to 30 June 2024

Target Ovarian Cancer

Annual report and accounts for the year ended 30 June 2024

Registered charity number 1125038 (England and Wales) and SC042920 (Scotland)

A company limited by guarantee registered in England and Wales 6619981 targetovariancancer.org.uk

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Target Ovarian Cancer

Annual report and accounts to 30 June 2024

About us ....................................................................................................................................................... 2 A message from the Chair .......................................................................................................................... 3 2023-2024 highlights in numbers: ............................................................................................................. 4 Report of the trustees ................................................................................................................................. 5 Objectives and activities......................................................................................................................... 5 Our achievements ................................................................................................................................... 5 Our impact in 2023-24 ............................................................................................................................. 6 Fast Forward new treatments: ............................................................................................................... 7 Fast Forward support: ............................................................................................................................ 7 Influencing for change:........................................................................................................................... 8 Building a community of support: ........................................................................................................... 9 Rising to the challenge ahead .............................................................................................................. 10 Governance, structure and management ........................................................................................... 10 Financial review ..................................................................................................................................... 15 Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements .............................................................................................................................. 17 Financial Statements ............................................................................................................................. 22 Notes to the financial statements ......................................................................................................... 25 Reference and administrative details ..................................................................................................... 33 Acknowledgements ................................................................................................................................. 34

About us

At Target Ovarian Cancer, we target what’s important to stop ovarian cancer devastating lives. We're the only ovarian cancer charity working across all four nations of the UK. We work with everyone affected by ovarian cancer and health professionals to ensure we target the areas that matter most for them.

We stand together as a powerful community for everyone facing ovarian cancer across the UK, sharing stories and raising voices, to make sure that ovarian cancer becomes a health priority.

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

A message from the Chair

Ovarian cancer continues to be one of the most deadly cancers for women, and yet it is one of the least well-known. In the UK, one in seven women will not live beyond two months after they receive the devastating news that they have ovarian cancer. That is a statistic we refuse to accept, because we know that change is possible.

As a result, we have been tirelessly striving for change since the charity was founded in 2008. In 2023 we published a three-year plan to Fast Forward progress and over the past year we have taken significant strides forward in the areas that we know will make the biggest difference - diagnosis, treatment and support. Throughout the challenges of the last year, our passionate and determined staff team and our many volunteers, supporters and campaigners have found ways to ensure that progress continues and that their voices are heard, and we are hugely grateful for their dedication and tenacity.

In the face of ongoing pressures on the NHS, our frontline support services have been used more than ever before over the last year. We have provided thousands of women and their families with expert information, personalised support and a sense of community, whether they were accessing information, connecting with others, or speaking to our expert nurse advisers.

Together with our community we have raised the profile of ovarian cancer in all four nations of the UK, and shared the symptoms of ovarian cancer with millions thanks to billboard space donated by our generous partners. The research project we funded at Imperial College London completed its first year, and continues to advance understanding of potential immunotherapies.

In striving for an early diagnosis for everyone with ovarian cancer this year we have grown our Early Diagnosis Network of primary care professionals, enabling best practice to be shared and embedded more widely. During the year, our GP training programme reached the significant milestone of having trained half the number of current UK GPs since it was established - an important step forward on our way to ensuring an early diagnosis for all.

We also bought our community together for some fantastic fundraising events including our annual Carol Service at the Tower of London, and enjoyed A Summer’s Evening at the Races at the prestigious Royal Windsor Racecourse. We are profoundly grateful to everyone who has been moved to fundraise, make a gift or work in partnership with us this year to help us go further, faster. The progress outlined in this report is thanks to your generous support, and we truly could not have achieved this without you.

We are also deeply grateful to our founding Chief Executive Annwen Jones, who led the charity through the period of this report before standing down in November 2024, for her significant contribution to the charity’s achievements over its history.

As we press onward into the second half of our strategy period, we do so with huge optimism for what we can achieve for everyone affected by ovarian cancer. We will face challenges on the road ahead, but alongside our community we know that we have the passion, insight and expertise to overcome them, and with your continued support we will be unstoppable.

Sonya Branch Chair

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

2023-2024 highlights in numbers:

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

Report of the trustees

Objectives and activities

We’re targeting what’s important to beat ovarian cancer and stop this devastating disease.. We are Target Ovarian Cancer and we work to fast forward diagnosis, treatment and support.

Our achievements

Target Ovarian Cancer’s objectives for 2023-24 Achievements
Fast Forward diagnosis by:
�
Expanding our Early Diagnosis and GP networks to improve education,
knowledge, and ultimately outcomes in ovarian cancer.
�
Developing and promoting educational modules and intervention tools to
increase early diagnosis.		 ✔
✔
Fast Forward development of, and access to, new treatments by:
�
Funding groundbreaking research through our research grant at Imperial
College London.
�
Campaigning for access to new innovations in treatment.		 ✔
✔
Fast Forward support by:
�
Expanding our life-changing supportive services.
�
Producing high-quality informational guides to address unmet needs.		 ✔
✔
Fast Forward awareness by:
�
Advocate strongly for UK governments to invest in awareness campaigns.
�
Amplifying the experiences of those living with ovarian cancer.		 ✔
✔
Fast Forward equity by:
�
Addressing inequalities in access to diagnosis, treatment and support so that
everyone affected by ovarian cancer receives excellent care.		 ✔
✔
Fast Forward progress in ovarian cancer by:
�
Harnessing digital innovation which will increase our income so that we can
do more to Fast Forward diagnosis, support and research.

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

Our impact in 2023-24

We are relentless in our work to fast forward progress in ovarian cancer.

Working hand-in-hand with our community, partners, healthcare professionals and researchers, we have delivered impact across our three strategic programmes: driving for more women get an early diagnosis, improving access to and developing new treatment options, and reaching more people with the support they need, when they need it.

Fast Forward diagnosis

Early diagnosis of ovarian cancer saves lives: if diagnosed at the earliest stage, nine in 10 women will survive. But we know that too many women are not getting that early diagnosis, because awareness of symptoms is too low, and there are too many delays in getting access to vital diagnostic tests.

We act to ensure more women receive the fastest and earliest possible diagnosis, so they get access to life saving treatment.

In 2023-24 we:

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Target Ovarian Cancer

Annual report and accounts to 30 June 2024

Fast Forward new treatments:

New, personalised treatment options for ovarian cancer are key to improving survival.

We act to ensure everyone has access to the very best treatments, equipping women with ovarian cancer to have the information and support they need to discuss their treatment plans, and we invest in translational research that has the potential to lead to more effective treatments in the near future.

In 2023-24 we:

Fast Forward support:

In our Pathfinder survey, 60 per cent of women with ovarian cancer reported it had a negative impact on their mental health - but over half reported not being asked about their mental health by anyone involved in their treatment.

We act to ensure everyone affected by ovarian cancer – whether worried about symptoms, managing treatment or supporting a loved one – has the emotional and practical support they need, when they need it.

In 2023-34 we:

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

online communities, attending an event or ordering an information guide, every engagement makes a difference. At a time of continuing pressure on NHS services, we saw an increase of 82 per cent in views of our support events, more visits to our online health information and more orders of our information guides.

Influencing for change:

We stand alongside a growing community demanding change in ovarian cancer. Our campaigns have engaged elected representatives and decision makers across all four nations of the UK, sharing the latest evidence, pressing for commitments in national cancer plans, and securing improvements that will make a lasting difference in ovarian cancer awareness, diagnosis and treatment.

Making a difference in every area of the UK

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

alongside 11 elected representatives Champions from Scotland, Wales and Northern Ireland in making the case for ovarian cancer.

Our campaigns network of over 12,000 people continue to make the case for ovarian cancer awareness, diagnosis and support in their constituencies and with their local health teams. Together, we can ensure that action is taken at a national, regional and local level to fast forward progress and ensure everyone gets the best care and treatment.

Building a community of support:

We can only deliver our work thanks to the partners, funders, supporters and fundraisers who are tireless in their efforts to raise vital funds for ovarian cancer.

We are grateful to everyone who helped us raise more than ever before this year. It is your support that powers our work and means we can reach even more people when they need us.

In 2023-24, together we:

Thank you for your support

Many incredible supporters have gone above and beyond in their fundraising this year – a huge thank you for everyone for helping us do more for everyone affected by ovarian cancer.

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

Janet Gibson

Janet began supporting Target Ovarian Cancer in 2023. She wanted to raise vital funds and awareness after sadly losing her sister, June Mead, to ovarian cancer in January of that year. Janet, alongside her friend Sally and their amazing fundraising committee, organised a coffee morning and raffle at Hinderwell Village Hall which raised over £26,500, as well as helping raise vital awareness in their local community.

Bocca’s Legacy - Gill and Frank Williams

After sadly losing their daughter Rebecca (Bocca) to ovarian cancer at the age of 30, Gill and Frank Williams set up ‘Bocca’s Legacy’ to help keep Rebecca’s memory alive. They also wanted to raise awareness of ovarian cancer and raise money to help us target what’s important to the people impacted by ovarian cancer: early diagnosis, research and support.

Over the years they have attended countless craft fairs, organised music nights and concerts and run the Bocca’s Legacy website, as well as having friends and supporters kindly making and donating items – all in aid of Target Ovarian Cancer. To date they have raised almost £40,000 in Rebecca’s memory.

Adam Webber

Adam first got involved with Target Ovarian Cancer after his wife Shelly sadly lost her short battle with ovarian cancer, only 10 months after diagnosis. Along with Shelly’s sister, Kayla, and other close friends, Adam has taken on several challenges to raise funds and awareness, including the Great North Run, London Marathon, and the Three Peaks Challenge, raising almost £20,000 to date. He continues to raise awareness of symptoms and the importance of early diagnosis through his Facebook page, ‘Running for Shelly’ which has over 800 members.

Rising to the challenge ahead

As we enter the second half of our strategy, we will not rest in pursuit of our goal to double survival by 2050, and to ensure that more women live well with ovarian cancer.

To achieve this, for the rest of 2024 and into 2025 we will continue to fast forward progress through:

Governance, structure and management

Legal entity

Target Ovarian Cancer is a company limited by guarantee registered as a company in England and Wales on 13 June 2008 (no. 6619981). It was registered as a charity in England and Wales on 17 July 2008 (no. 1125038) and in Scotland on 6 February 2012 (no. SC042920). The

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

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, 14 April 2016 and 12 December 2024.

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

Sonya Branch, Chair, is Executive Director at the Bank of England, with risk custodianship of the Bank’s Legal Directorate and sits on the Bank’s Boards and Committees. Sonya was previously an Executive Director/Board member at the Competition and Markets Authority and the Office of Fair Trading. She has also held several leadership roles across Whitehall, including No 10, at the Cabinet Office and DEFRA. Prior to leadership roles across Government, Sonya was a Partner at the global law firm Clifford Chance LLP. In addition to her work with Target Ovarian Cancer, she is a trustee, Chair of the Audit, Risk and Finance Committee of the national charity, NowTeach and a Fellow of the Royal Society of Arts.

Raj Bhogaita, Honorary Treasurer, 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. A number of members of Raj's family have been impacted by cancer, and his wife's grandmother died from a gynaecological cancer.

Joanna Barker MBE founded Target Ovarian Cancer in 2008 and has over 30 years' experience in business and finance. Joanna's mother and sister died from ovarian cancer in 2005. In 2014 she was awarded an MBE in the Queen's birthday honours for services to people with cancer.

Angie Ma (appointed 29 February 2024) is a physicist by training, and brings nearly two decades of experience in science and technology. She co-founded Faculty - Europe’s leading applied AI firm and a world leader in AI safety and responsible AI deployment. Having worked on transforming organisational performance through safe, impactful and human-first AI in the past decade, she is well-versed in navigating the intricacies of technology’s role in driving impact and achieving strategic goals for organisations.

Saswati Mitra (appointed 29 February 2024) brings experience from her role as Director of Research at WhatsApp and a passion for global inclusion and using technology to better connect and serve large populations. This has led her to drive innovation and growth for some of the world’s most innovative companies – Uber, Google, Vodafone, Intel, Nokia and the Bill and Melinda Gates Foundation. Outside of work, Saswati supports children of migrant backgrounds, helping them integrate in society for Family Action. She is on the Board of an upcoming children's theatre (Peut-Être Theatre) and mentors multiple tech and non-tech startups, including those in the healthcare sector both in the UK and globally.

Jo Paice (appointed 29 February 2024) is a Clinics Director at Bupa Health Clinics where she has worked for 20 years. Formerly she was Finance Director, having qualified as a chartered accountant at Deloitte. Jo hopes to use her expertise in both finance and the healthcare industry to help the charity achieve its ultimate goal – to save more lives.

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

Emma Kane, former Chair (resigned 29 February 2024) was first appointed as a trustee for Target Ovarian Cancer in March 2015 and was awarded the position of Director Emeritus upon her resignation. She is the CEO of SEC Newgate UK as well as holding a number of roles across the not-for-profit sector including Deputy Chair of The Elton John AIDS Foundation and Acting Chair of the Green Finance Institute. Emma's stepchildren's mother, Heather Ash, died from ovarian cancer in 2007 at the age of 52.

Anabel Fielding (resigned 26 March 2025) is a successful entrepreneur and business leader with over 30 years' experience working in music, entertainment and luxury events.

Miriam Jordan Keane (resigned 26 March 2025) is a marketer and communications expert with over 30 years' experience in the UK and international markets.

Trustees: appointment, induction and ongoing training

Target Ovarian Cancer recognises that a robust, independent and effective Board of Trustees is essential if the charity is to achieve its objectives and that the Board must have the knowledge and skills required to govern the charity. New trustees are recruited based on the organisations needs, and in line with the charity’s policies and processes. Trustees are appointed for a threeyear term, after which they are eligible for re-election for one further three-year term (with the exception of the founding Chair who is permitted to remain in post indefinitely, unless removed by one of the provisions in the Articles of Association).

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, they 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. They also attend an external trustee leadership training programme during their first year on the Board, and further training throughout their term as required. The Board is committed to continuing to recruit trustees to reflect the diversity of the communities supported by Target Ovarian Cancer.

Trustees receive no remuneration and are only entitled to expenses in line with the charity’s expenses policy. No expenses were claimed in the year ending 30 June 2024 [2023: £0].

Charity Governance Code

Target Ovarian Cancer is committed to embedding the highest standards of governance within the charity. The charity has adopted the Charity Governance Code following an internal review and monitors adherence to the Code. Overall the Board is satisfied that the charity’s policies and practices conform to the best practices of governance set out in the Code.

Organisational structure

The Board of Trustees is responsible for setting Target Ovarian Cancer’s strategic objectives, the activities to achieve them and the major policies of the charity. It is responsible for guiding and advising the senior leadership team, monitoring performance and impact, and for identifying and managing the major risks facing the charity. The Board meets four 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. This process applies to all staff, including key management personnel. The salary budget is approved by the Board of Trustees as part of the annual budget setting process.

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

The Chief Executive is supported by an expert team of staff. The total number of staff employed at 30 June 2024 was 42 [2023: 47].

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 and Primary Care Advisory Board; 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 those affected by 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. Trustees take an active interest in the wellbeing of staff and the senior leadership team ensure career development opportunities as well as taking care to celebrate staff successes.

Diversity, equity and inclusion

Target Ovarian Cancer exists to support everyone affected by ovarian cancer. We recognise the inequities and inequalities faced by many of those we aim to support and know that 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 everyone affected by ovarian cancer.

We are committed to:

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

Principal risks and uncertainties

The Board uses an established risk framework to identify the major foreseeable risks faced by the organisation, assess their likely impact and, where appropriate, implement measures to mitigate these risks.

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Annual report and accounts to 30 June 2024

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

The Board has reviewed the charity’s major risks and is satisfied that appropriate actions have been taken, and that appropriate systems and mitigations are in place to manage these risks on a continual basis.

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 everyone impacted by 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 for the high quality of our peer review process.

Public benefit

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 has a diverse fundraising portfolio, offering a range of ways for supporters to contribute to our success with a financial gift. The charity always applies the highest standards when interacting with supporters, including careful, individualised and appreciative stewardship of key donors, and remains incredibly grateful for every gift received.

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

We comply with all best practice standards including the Fundraising Regulator’s Code of Fundraising Practice and the Institute of Fundraising’s ‘Treating donors fairly’ guidance which looks particularly at the needs of vulnerable people, as do any third parties contracted on the charity’s behalf. Our safeguarding policy includes procedures for the safeguarding of vulnerable donors and is reviewed on a regular basis by our safeguarding lead, supported by our safeguarding panel. The charity also has agreed policies in place on the acceptance and refusal of donations and working with corporate partners, to ensure that it acts in a legal and compliant way at all times, which are carefully adhered to.

We ensure that our staff, volunteers and third parties acting on our behalf are aware of our fundraising approach. No complaints were received in the period to 30 June 2024 [2023: 0].

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.

Target Ovarian Cancer works with the following organisations: Northern Ireland Cancer Coalition; Association of Medical Research Charities (member); British Gynaecological Cancer Society; Medical Research Council; NHS Digital; National Institute of Health and Care Excellence (NICE); National Institute for Health and Care Research; NHS 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; Macmillan Cancer Support; Ovacome; Ovarian Cancer Action; and Wellbeing of Women.

Target Ovarian Cancer is a co-founder of the World Ovarian Cancer Coalition and World Ovarian Cancer Day. In December 2021, Annwen Jones OBE (the charity’s Chief Executive until 11 November 2024) was appointed Chair of the World Ovarian Cancer Coalition, and in December 2024 she came a Director after her term as Chair came to an end.

Financial review

Our fundraising income rose to £3.29m, 20 per cent more than in the prior year [2023: £2.74m] despite a challenging external environment, with total income including donated services at £4.38m – growth of 9 per cent compared to the prior year total [2023: £4.02m].

We spent £2.8m in 2023/24, 11 per cent less than in the prior year [2023: £3.15m], as expenditure was curbed to ensure that the charity remained in a stable cash position ahead of accrued income being received in cash, and as teams found more cost effective ways to deliver. The charity continued to deliver everything possible to make a difference for women with ovarian cancer. In addition to our spending, we also secured donated services worth £1.07m [2023: £1.27m] – mainly billboard space which raised awareness of the symptoms of ovarian cancer and our supportive services.

Reflecting the figures above, the charity made a surplus of £288k [2023: deficit of -£396k] which will be invested strategically in future periods. This surplus took the charity from opening total reserves of £1.01m to closing total reserves at the end of June 2024 of £1.54m, of which £1.25m were unrestricted, comfortably within our reserves policy.

Income

Our total income, including donated services, increased to £4.40m [2023: £4.02m] – growth of nine per cent. This increase of £380k was made up of a £549k increase in fundraised income due largely to a number of significant legacy gifts, offset by a £179k reduction in donated services which we recognise in the accounts by adding the value of the services to both our income and expenditure (in line with charity accounting standards). These services are primarily

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

billboard and media advertising space, which supports the charity to achieve one of its key objectives to ensure that as many people as possible are aware of the symptoms of ovarian cancer, and that the charity is here to support them. We remain extremely grateful for the generous pro bono support of our corporate and media partners.

Despite the very challenging external environment, as above our fundraised income grew by 20 per cent to £3.29m [2023: £2.74m]. While there was a sector-wide drop in public donations this year which impacted our income from individual giving, events and community activities which fell by £272k or 18 per cent, all other areas of fundraising showed growth compared to the prior year. Legacies grew by £653k or 241 per cent due to a number of significant gifts recognised in the period, income from major donors and trusts grew by £134k or 14 per cent; and corporate donations by £34k or 55 per cent. We continue to be deeply grateful for the gifts we receive from all of our supporters, and the trustees wish to acknowledge and thank all donors and volunteers for their invaluable support during the past year.

Expenditure

Our total expenditure fell from the previous year, including donated services, to £3.87m [2023: £4.42m], with our charitable expenditure falling by 14 per cent to £2.80m [2023: £3.26m]. We recognise donated services in the accounts by adding the value of the gifts to both our income and expenditure in line with charity accounting standards. Our expenditure excluding donated services also decreased by 11 per cent to £2.80m [2023: £3.15m] as expenditure was curbed to ensure that the charity remained in a stable cash position ahead of accrued income being received in cash. Once accrued income is received as cash, those funds will be invested strategically.

The expenditure related to donated advertising and billboard space for 2023/24 was split between early diagnosis and supportive services given that these gifts enabled us to grow awareness of the symptoms of ovarian cancer, and to direct people to our supportive services. Excluding donated services our expenditure on early diagnosis decreased by 11 per cent to £731k [2023: £823k] while expenditure on our supportive services of £906k decreased by 11 per cent [2023: £1.02m], again reflecting the factors above.

Our expenditure on research of £99k decreased by 33 per cent [2023: £147k], due to the phasing of our research programme.

The charity’s spend on fundraising decreased by 8 per cent to £1.07m [2023: £1.16m] as the team found more cost effective ways to raise funds for the charity. The senior leadership team and the Board of Trustees continue to ensure that our fundraising expenditure generates an appropriate return and maximises the impact the charity has for women with ovarian cancer.

Reserves policy

We hold financial reserves to ensure that we are able to continue to fund our vital work if our income is lower than expected, and to ensure that the charity has working capital to meet upfront expenditure during the year before income is received.

The Board of Trustees has agreed a policy to hold a minimum of three months of salary costs and six months of rent and support costs in unrestricted funds. The total of these amounts at 30 June 2024 gives a target minimum unrestricted reserves figure of £628k, which the charity’s closing unrestricted reserves of £1.25m fully complies with.

Restricted funds are donations given to the charity for use only in a specific way, which might be due to specific terms set by donors or due to the wording of a fundraising appeal. On 30 June 2024 restricted funds amounted to £287k [2023: £215k].

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

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 longterm 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.

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

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

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.

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

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.

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

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

they have taken all the steps that they ought to have taken to make themselves aware of that information

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 2 July 2025 and signed on their behalf by:

Sonya Branch Chair, Board of Trustees

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Target Ovarian Cancer Annual report and accounts to 30 June 2024

Independent Auditor’s Report to the Trustees and Members of Target Ovarian Cancer

Opinion

We have audited the financial statements of Target Ovarian Cancer (the ‘charitable company’) for the year ended 30 June 2024 which comprise of the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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).

In our opinion the financial statements:

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 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

19

Target Ovarian Cancer Annual report and accounts to 30 June 2024

Opinions on other matters prescribed by the Companies Act 2006

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

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 strategic report or the directors’ report included within the trustees' report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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:

We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates and considered the risk of the Charity not complying with the relevant laws and regulations including fraud in particular those that could have a material impact on the financial

20

Target Ovarian Cancer Annual report and accounts to 30 June 2024

statements. This included those regulations directly related to the financial statements, including financial reporting, and tax legislation. In relation to the operations of the Charity this included compliance with the Charities Act 2011, SORP 2019 and Charities and Trustee Investment (Scotland) Act 2025.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management and officers of the Charity and a review of the risk management processes and procedures in place. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission.

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/descriptionof-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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, and to the charitable company’s trustees, as a body, in accordance with 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 and trustees 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, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Cooper-Davis (Senior Statutory Auditor)

For and on behalf of Price Bailey LLP, Chartered Accountants, Statutory Auditors

3rd Floor, 24 Old Bond St, Mayfair, London

4 July 2025

21

Target Ovarian Cancer Annual report and accounts to 30 June 2024

Financial Statements

STATEMENT OF FINANCIAL ACTIVITIES
(incorporating an income and expenditure account)
For theyear ended 30 June 2024		 STATEMENT OF FINANCIAL ACTIVITIES
(incorporating an income and expenditure account)
For theyear ended 30 June 2024		 Charity Number: 1125038
Company Number: 6619981		 Charity Number: 1125038
Company Number: 6619981
Notes
Income from:
Donations, grants & legacies
3
Investment Income
Total income
Expenditure on:
Raising funds
Charitable activities
Research
Earlier Diagnosis
Supportive Services
Total expenditure
4
Net surplus/(deficit) for the year
5
Funds brought forward
Transfers
Total funds carried forward		 Unrestricted
£
4,125,131
22,186
_
4,147,317
1,067,745
-
1,237,961
1,382,406
_
3,688,112
459,205
795,125
-
1,254,330		 Restricted
£
256,453
-
_
256,453
-
99,263
27,500
57,400
_
184,163
72,290
215,489
-
287,779		 2024
£
4,381,584
22,186
4,403,770
1,067,745
99,263
1,265,461
1,439,806
___
3,872,275
531,495
1,010,614
-
1,542,109		 2023
£
4,011,499
12,163
4,023,662
1,157,696
147,597
1,458,792
1,655,941
4,420,026
(396,364)
1,406,978
-
1,010,614

All of the above results are derived from continuing activities. There were no 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 2023 can be seen in Note 21.

22

Target Ovarian Cancer Annual report and accounts to 30 June 2024

BALANCE SHEET Charity Number: 1125038 Charity Number: 1125038
Company Number: 6619981
As at 30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible fixed assets 9 11,728 24,777
Current assets
Debtors 10 1,016,171 209,734
Cash at bank and in hand 11 774,203 1,146,592
1,790,374 1,356,326
Liabilities
Creditors: amounts due within one year 12 (259,993) (370,489)
Net current assets 1,530,381 985,837
Total assets less current liabilities 1,542,109 1,010,614
Net assets 14 1,542,109 1,010,614
Funds 14
Restricted funds 287,779 215,489
Unrestricted funds 1,254,330 795,125
Total charity funds 1,542,109 1,010,614

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Approved by the Trustees on 2 July 2025 and signed on their behalf by

Sonya Branch - Chair Raj Bhogaita - Treasurer

The notes on pages 25 - 32 form part of the Financial Statements.

23

Target Ovarian Cancer Annual report and accounts to 30 June 2024

STATEMENT OF CASH FLOWS

for theyear ending30 June 2024 2024
2023
£
£
(394,575)
(352,755)
22,186
12,163
-
(13,299)
22,186
(1,136)
(372,389)
(358,891)
1,146,592
1,500,483
774,203
1,146,592
2024
Cash flow
movement
2023
£
£
£
774,203
(372,389)
1,146,592
(259,993)
110,496
(370,489)
514,210
(261,893)
776,103
Note
Cash provided by (used in) operating activities
19
Cash flows from investing activities
Dividends, interest and rents from investment
Purchase of property, plant and equipment
Cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the year
20
Cash and cash equivalents at end of year
Note
Analysis of changes in net debt
Cash and cash equivalents
11
Debt due within one year
12
Total

24

Target Ovarian Cancer Annual report and accounts to 30 June 2024

Notes to the financial statements

For the year ended 30 June 2024

  1. Accounting policies

  2. a. 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 (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 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 note(s).

  3. b. The trustees are of the view that there are no material uncertainties regarding the charity’s ability to continue as a going concern and therefore the assessment of the trustees is that the charity is a going concern.

  4. c. Preparation of the accounts requires trustees and management to make significant judgement and estimates. Judgment and estimates have been applied in the accounts in the following areas:

  5. Estimating the probability of the receipt of legacy income and estimating the amount to be received

  6. Entitlement to income on multi-year grants received

  7. Estimating the liability of any multi-year grants payable

  8. Estimating the useful economic life of tangible fixed assets

  9. Estimating dilapidation costs on cessation of the premises lease

  10. d. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Transfers between restricted and unrestricted funds are only made when written instructions have been received from the original donor.

  11. e. Unrestricted funds are donations and other income received or generated for specific charitable purposes.

  12. f. Donations and legacies are recognised in the financial statements when the charity is entitled to the income, it is more probable than not that the charity will receive the income, and the amount can be measured reliably.

  13. g. Donated services are only included in income (with an equivalent amount in expenditure) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. The value of help from volunteers is not included in the accounts but is described in the Trustees’ annual report.

  14. h. Raising funds relate to the costs incurred by the charitable company in encouraging donations, as well as the cost of any activities with a fundraising and publicity purpose.

  15. i. Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.

  16. j. Grants are recognised to the extent that a liability is incurred from a constructive or a legal obligation.

  17. 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 office functions such as finance, HR and general management.

  18. l. Expenditure is allocated to the particular activity where the cost relates directly to that activity. Support costs are re-allocated to each of the activities based on direct staff costs.

  19. m. Governance costs form part of support costs and are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

  20. n. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. A full year's depreciation is charged in the year of acquisition. The depreciation rates in use are as follows:

Furniture, fixtures and office equipment 3 years Digital assets 3 years Website upgrade 5 years

25

Target Ovarian Cancer

Annual report and accounts to 30 June 2024

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2024

3 Donations & legacies

Donations & legacies
Legacies
Gifts from individuals and trusts
General donations
Corporate donations
Subtotal
Donated services
TOTAL
Gifts in Kind
Professional Services
Web advertising
Outdoor advertising space
Other advertising space
TOTAL		 Unrestricted
Restricted
TOTAL 2024
TOTAL 2023
£
£
£
£
924,266
-
924,266
270,994
852,633
210,400
1,063,033
928,542
1,161,821
44,553
1,206,374
1,479,283
94,902
1,500
96,402
62,174
3,033,622
256,453
3,290,075
2,740,993
1,091,509
-
1,091,509
1,270,506
4,125,131
256,453
4,381,584
4,011,499
23,992
-
23,992
-
90,042
-
90,042
117,752
896,354
-
896,354
848,099
81,121
-
81,121
304,655
1,091,509
-
1,091,509
1,270,506
Legacies
Gifts from individuals and trusts
General donations
Corporate donations
Subtotal
Donated services
TOTAL		 Unrestricted
Restricted
TOTAL 2023
TOTAL 2022
£
£
£
£
270,994
-
270,994
510,504
628,525
300,017
928,542
768,919
1,477,578
1,705
1,479,283
1,355,314
62,174
-
62,174
25,747
2,439,271
301,722
2,740,993
2,660,484
1,270,506
-
1,270,506
607,546
3,709,777
301,722
4,011,499
3,268,030

26

Target Ovarian Cancer Annual report and accounts to 30 June 2024

Gifts in Kind
Professional Services
Web advertising
Outdoor advertising space
Other advertising space
TOTAL		 -
-
-
541
117,752
-
117,752
83,966
848,099
-
848,099
392,250
304,655
-
304,655
125,930
1,270,506
-
1,270,506
607,546

Of Gifts in kind totalling £1,091,509, £1,067,516 relate to publicity of the symptoms of ovarian cancer to encourage earlier diagnosis (£533,758) and publicity of our services to women with ovarian cancer (£533,758) provided at the estimated 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.

4. Total expenditure

Total expenditure
Fundraising Research Earlier Supportive
& Publicity Diagnosis Services TOTAL 2024 TOTAL 2023
£ £ £ £ £ £
Staff costs 492,728 60,981 427,890 553,554 1,535,153 1,572,453
Direct costs 409,971 17,856 13,235 68,906 509,968 770,383
Advocacy - - 110,303 73,535 183,838 162,232
Support Costs 165,046 20,426 180,275 210,053 575,800 644,452
Subtotal 1,067,745 99,263 731,703 906,048 2,804,759 3,149,520
Donated services - - 533,758 533,758 1,067,516 1,270,506
TOTAL 1,067,745 99,263 1,265,461 1,439,806 3,872,275 4,420,026

Support costs includes £235,538 of staff costs (2023: £262,799), and the Advocacy line also includes £183,838 of staff costs. Total staff costs are £1,954,529 (2023: £1,954,704) as disclosed in Note 6. The approach to valuation of donated services is consistent with the prior year.

Analysis of Support

Analysis of Support
Costs 2024 2023
£ £
Staff costs 235,538 262,799
Governance costs 57,700 15,600
Office costs 245,918 329,165
Legal & professional 20,712 21,070
Depreciation 15,932 15,818
TOTAL 575,800 644,452

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

5.
Net income for the year
This is stated after charging:
Depreciation
Operating lease rentals: Property
Auditors' remuneration:		 2024
£
13,049
96,798
33,300
143,147		 2023
£
15,818
69,860
15,600
101,278

No trustees reclaimed expenses in 2024 (2023 £0). No trustees have been paid any remuneration or received any other benefits from an employment or a related entity (2023 £0). During the year donations of £165,524 were received from related parties (2023 £171,336).

27

Target Ovarian Cancer Annual report and accounts to 30 June 2024

6. Staff costs and numbers

Staff costs were as follows:
Salaries and wages
Social security costs
Pensions
Total emoluments paid to staff were:		 2024
£
1,696,251
181,029
77,249
1,954,529		 2023
£
1,698,884
183,389
72,431
1,954,704

The key management personnel of the charity comprises the trustees, the Chief Executive, the Deputy Chief Executive, the Director of Finance & Corporate Services, the Director of Development, the Director of Communications and the Deputy Director of Services. The total employee benefits of the key management personnel of the charity were £496,977 (2023: £594,588), a per annum decrease of 16 per cent as the Director of Communications post was only active for the first eight months.

In 2024 no employee earned between £100,001 and £110,000 (2023: one). One employee earned between £90,001 and £100,000 (2023: none). Pension costs relating to this employee amounted to £4,757 (2023: £5,304). In 2024 one employee earned between £80,001 and £90,000 (2023: none). In 2024 two employees earned between £70,001 and £80,000 (2023: one).

Fundraising
Research
Supportive Services
Earlier Diagnosis
Advocacy
Governance
Support		 No.
11.8
0.7
12.8
7.9
3.7
1.2
4.1
42.2		 No.
13.8
1.4
12.1
10.3
3.5
0.1
6.0
47.2

At 30 June 2024 the charity employed 42 staff (2023: 47 staff). The average number of staff in the year was 45 (2023: 44).

7.
Grant making
Research Grants
Costs of managing the grant making
programme		 2024
£
13,737
85,527		 2023
£
35,638
60,813

In 2022/23 the Scientific Advisory Board agreed to award a medical research grant of £229,999 to Professor Sadaf Ghaem-Maghami, Imperial College London to investigate DCAF15 amplification as a therapeutic target to unleash local anti-tumour immunity.

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.

28

Target Ovarian Cancer Annual report and accounts to 30 June 2024

9. Tangible fixed assets 2024 2023
£ £
Furniture, fixtures and equipment
Cost
At the start of the year 243,321 230,022
Additions in the year - 13,299
At the end of the year 243,321 243,321
Depreciation
At the start of the year 218,544 202,726
Charge for the year 13,049 15,818
At the end of the year 231,593 218,544
Net book value
At the end of the year 11,728 24,777
At the start of the year 24,777 27,296
10. Debtors 2024 2023
£ £
Prepayments 31,003 38,957
Other debtors 985,168 170,777
1,016,171 209,734
11. Cash at bank and in hand
2024 2023
£ £
Current accounts 505,527 546,080
Short term bank deposits 268,676 600,512
774,203 1,146,592
12. Creditors and accruals Amounts due within one year
2024 2023
£ £
Trade creditors 44,680 96,999
Deferred income - 5,434
Grants payable 98,866 141,697
Taxation and social security 39,808 46,981
Accrued expenditure 76,639 79,378
259,993 370,489
There were no creditors due after one year.
Deferred income 2024 2023
£ £
Opening deferred income 5,434 76,497
Released in the accounting period (5,434) (76,497)
Deferred to future periods - 5,434
Closing deferred income - 5,434
Analysed as deferred income falling due
Within one year - 5,434
After one year - -

Grants Payable at 1st July 2023

141,697

29

Target Ovarian Cancer Annual report and accounts to 30 June 2024

----- Start of picture text -----
Grants awarded -
Grant payments made in year (42,831)
Total Grants Outstanding at 30 June 2024 98,866
----- End of picture text -----

Total Grants Outstanding at 30 June 2024 98,866
13.
Financial Instruments
Cash
Financial assets held at amortised cost
a)
Financial liabilities held at amortised cost
b)
Net financial assets		 2024
2023
£
£
774,203
1,146,592
952,951
142,729
(98,866)
(141,697)
1,628,288
1,147,624

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

2024
Tangible fixed assets
Current assets
Current liabilities
Net assets at the end of the
year
2023
Tangible fixed assets
Current assets
Current liabilities
Net assets at the end of the
year
14.
Movements in funds
2024
Restricted funds:
Supportive Services
Research Programme
Earlier diagnosis
Total restricted funds
Total unrestricted funds
Total funds		 Unrestricted
Funds
£
11,728
1,403,729
(161,127)
1,254,330
Unrestricted
Funds
£
24,777
999,140
(228,792)
795,125
At the start
of the year
£
-
205,489
10,000
215,489
795,125
1,010,614		 Restricted
Funds
£
-
386,645
(98,866)
287,779
Restricted
Funds
£
-
357,186
(141,697)
215,489
Income
£
57,400
181,553
17,500
256,453
4,147,317
4,403,770		 Total funds
2024
£
11,728
1,790,374
(259,993)
1,542,109
Total funds
2023
£
24,777
1,356,326
(370,489)
1,010,614
Expenditure
£
(57,400)
(99,263)
(27,500)
(184,163)
(3,688,112)
(3,872,275)		 Transfers
£
-
-
-
-
-
-		 -
At the end
of the year
£
-
287,779
-
287,779
1,254,330
1,542,109

30

Target Ovarian Cancer

Annual report and accounts to 30 June 2024

14.
Movements in funds
2023
Restricted funds:
Supportive Services
Research Programme
Earlier diagnosis
In Touch
Peter Sowerby Foundation
Julia and Hans Rausing
Trust
Total restricted funds
Total designated Funds
Total unrestricted funds
Total funds
Purpose of funds
Supportive Services
Research Programme
Earlier diagnosis
In Touch
Peter Sowerby Foundation
Rausing Charitable Trust		 At the start
of the year
Income
Expenditure
Transfers
£
£
£
£
19,550
53,268
(72,818)
-
312,637
120,950
(88,669)
(139,429)
-
22,620
(12,620)
-
12,866
-
(12,866)
-
23,263
44,884
(68,147)
-
60,000
(60,000)
-
368,316
301,722
(315,120)
(139,429)
451,019
-
-
(451,019)
587,643
3,721,940
(4,104,906)
590,448
1,406,978
4,023,662
(4,420,026)
-
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 provide information and support to women with ovarian cancer.		 At the end
of the year
£
-
205,489
10,000
-
-
-
__
215,489
-
795,125
1,010,614

15. Contingent assets

During the year, the charity was notified of a legacy gift for which the total value to be received remains uncertain at the date of these accounts being signed. Therefore the charity has accrued only the first interim payment (a partial amount paid to the charity while tax affairs and estate administration are finalised), as it was not possible to quantify the final total value of the gift.

16. Contingent liabilities

During the year 2022-23, the charity entered into a long-term grant arrangement with the Department of Surgery and Cancer at Imperial College London. The Scientific Advisory Board awarded a grant of £229,999 over 36 months. All grant funding is subject to annual review by the Scientific Advisory Board before each year of funding is released.

  1. Commitments under operating leases

As at 30 June 2024, the charity had the following annual commitments under non-cancellable operating leases. 2023 figures for 2-5 years which were incorrectly stated in the 2023 financial statements have been corrected.

0 - 1 years
2 - 5 years		 Land & buildings
2024
2023
£
£
52,586
52,586
76,934
129,520

  1. Related party transactions

  2. Donations from trustees and on their behalf of £165,524 (2023: £171,336) were received during 2024.

31

Target Ovarian Cancer

Annual report and accounts to 30 June 2024

19.
Reconciliation of net income/(expenditure) to net cash flow
from operating activities
2024
£
Net income /(expenditure) (as per the statement of
financial activities)
531,495
Adjustments for:
Depreciation charges
13,049
Dividends, interest and rents from investment
(22,186)
(Increase)/Decrease in debtors
(806,437)
Increase/(Decrease) in creditors
(110,496)
Net cash provided by/(used in) operating activities
(394,575)
20.
Analysis of cash at bank and in hand
2024
£
774,203
21.
SOFA 2022-23 comparator
STATEMENT OF FINANCIAL ACTIVITIES
Charity Number: 1125038
(incorporating an income and expenditure account)
Company Number: 6619981
For the year ended 30 June 2023		 19.
Reconciliation of net income/(expenditure) to net cash flow
from operating activities
2024
£
Net income /(expenditure) (as per the statement of
financial activities)
531,495
Adjustments for:
Depreciation charges
13,049
Dividends, interest and rents from investment
(22,186)
(Increase)/Decrease in debtors
(806,437)
Increase/(Decrease) in creditors
(110,496)
Net cash provided by/(used in) operating activities
(394,575)
20.
Analysis of cash at bank and in hand
2024
£
774,203
21.
SOFA 2022-23 comparator
STATEMENT OF FINANCIAL ACTIVITIES
Charity Number: 1125038
(incorporating an income and expenditure account)
Company Number: 6619981
For the year ended 30 June 2023		 19.
Reconciliation of net income/(expenditure) to net cash flow
from operating activities
2024
£
Net income /(expenditure) (as per the statement of
financial activities)
531,495
Adjustments for:
Depreciation charges
13,049
Dividends, interest and rents from investment
(22,186)
(Increase)/Decrease in debtors
(806,437)
Increase/(Decrease) in creditors
(110,496)
Net cash provided by/(used in) operating activities
(394,575)
20.
Analysis of cash at bank and in hand
2024
£
774,203
21.
SOFA 2022-23 comparator
STATEMENT OF FINANCIAL ACTIVITIES
Charity Number: 1125038
(incorporating an income and expenditure account)
Company Number: 6619981
For the year ended 30 June 2023		 19.
Reconciliation of net income/(expenditure) to net cash flow
from operating activities
2024
£
Net income /(expenditure) (as per the statement of
financial activities)
531,495
Adjustments for:
Depreciation charges
13,049
Dividends, interest and rents from investment
(22,186)
(Increase)/Decrease in debtors
(806,437)
Increase/(Decrease) in creditors
(110,496)
Net cash provided by/(used in) operating activities
(394,575)
20.
Analysis of cash at bank and in hand
2024
£
774,203
21.
SOFA 2022-23 comparator
STATEMENT OF FINANCIAL ACTIVITIES
Charity Number: 1125038
(incorporating an income and expenditure account)
Company Number: 6619981
For the year ended 30 June 2023		 2023
£
(396,364)
15,818
(12,163)
77,662
(37,708)
(352,755)
2023
£
1,146,592
Notes
Income from:
Donations & legacies
3
Investment Income
Other income
Total
Income
Expenditure on:
Raising funds
Charitable activities
Research
Earlier Diagnosis
Supportive Services
Total expenditure
4
Net deficit for the year
5
Funds brought forward
Transfers
Total funds carried forward		 Unrestricted
£
3,709,777
12,163
3,721,940
1,157,696
58,928
1,378,025
1,510,257
4,104,906
(382,966)
1,038,662
139,429
795,125		 Restricted
£
301,722
0
301,722
0
88,669
80,767
145,684
315,120
(13,398)
368,316
(139,429)
215,489		 2023
£
4,011,499
12,163
4,023,662
1,157,696
147,597
1,458,792
1,655,941
4,420,026
(396,364)
1,406,978
0
1,010,614		 2022
£
3,268,030
2,532
3,270,562
1,069,805
392,412
785,992
1,245,895
3,494,104
(223,542)
1,630,520
0
1,406,978

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.

32

Target Ovarian Cancer Annual report and accounts to 30 June 2024

Reference and administrative details

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).

Trustees

Sonya Branch (Chair) Raj Bhogaita (Treasurer) Joanna M. Barker MBE Angie Ma (appointed 29 February 2024) Saswati Mitra (appointed 29 February 2024) Jo Paice (appointed 29 February 2024) Emma Kane (former Chair, resigned 29 February 2024) Anabel Fielding (resigned 26 March 2025) Miriam Jordan Keane (resigned 26 March 2025)

Chief Executive

Annwen Jones OBE (resigned 11 November 2024, employed for handover until 28 November 2024) Catherine Hart (appointed 11 November 2024)

Company Secretary Annwen Jones OBE (resigned 29 February 2024) Kate Martin (appointed 29 February 2024)

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, 14 April 2016, 12 December 2024.

Registered office 30 Angel Gate, London, EC1V 2PT 020 7923 5470 info@targetovariancancer.org.uk www.targetovariancancer.org.uk

Bankers National Westminster Bank Plc 250 Bishopsgate London EC2M 4AA CAF BANK Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ Coutts & Co 440 Strand London WC2R 0QS Flagstone Investment Management 17th Floor New Zealand House 80 Haymarket London SW1Y 4TE

Auditor Price Bailey 3rd Floor 24 Old Bond St Mayfair London W1S 4AP

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

33

Target Ovarian Cancer Annual report and accounts to 30 June 2024

Acknowledgements

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

Celebrity ambassadors Annette Badland Directors Emeriti Emma Kane Lisa Attenborough Margaret Chamberlain

Honorary patrons Professor Sir Kenneth Calman KBE PhD MD FRCS FRCP Dame Janet Gaymer DBE KC Sarah Greene

Patrons’ Circle Jennie Allen Joanna Barker MBE Patricia Beecham Margaret Chamberlain Nicole and Graeme Coll Judy Craymer CBE Anabel Fielding Portia Forte Felicity Howard Allen Adam Jones Emma Kane Carol Kennedy June and Robin MacGeachy Nabil and Suzanne Naaman Sir Hugh and Lady Stevenson

Trusts and Foundations The Ardeola Charitable Trust The Childwick Trust The Eveson Trust The Freddie Green and Family Charitable Foundation Edith Murphy Foundation St James’s Place Charitable Foundation The James Tudor Foundation

----- Start of picture text -----
Scientific Advisory Board Primary Care Advisory Board
Professor Fiona Thistlethwaite (Chair) from Dr Nigel Sparrow OBE (Chair), Former Senior
Dec 2023, Medical Oncology Consultant, The National GP Adviser, Care Quality Commission
Christie, Honorary Professor of Experimental
Immunotherapy, University of Manchester,
Clinical Director of Manchester CRF, The
Christie.
Professor Richard Edmondson, Clinical Miss Beena Abdul, Consultant Gynaecological
Professor in Gynaecological Oncology Surgeon, Oxford University Hospital
Oncology, Manchester University
Dr Ros Glasspool (to October 2023), Chair of Jenny Aston QN, Advanced Nurse Practitioner
the ovarian cancer sub-group, National Cancer and RCGP Nurse Champion
Research Institute, Consultant Medical
Oncologist and Honorary Clinical Senior
Lecturer, University of Glasgow
Professor Maurizio D'Incalci, Laboratory of Dr Victoria Barber, General Practitioner,
Cancer Pharmacology, Humanitas Research Northamptonshire
Hospital, Milan
Dr Rebecca Kristeleit (to October Dr Nina Craft, General Practitioner,
2023), Consultant Medical Oncologist, Guy's Woodbrooke Medical Practice, Belfast
and St Thomas' NHS Foundation
Professor Chris Lord, Deputy Head of Division Dr Elise Lang, General Practitioner and
and Leader of the Gene Function Team at The Macmillan GP Cancer Lead for Velindre NHS
Institute of Cancer Research, London Trust, Macmillan GP Adviser Wales
----- End of picture text -----

34

Target Ovarian Cancer Annual report and accounts to 30 June 2024

Dr Charlotte Badescu, General Practitioner, North West England Dr Hilary Morrison, Patient representative Professor Debbie Sharp, Professor of Primary Health Care, University of Bristol

Thank you to the dedicated professionals and groups who have helped deliver our services and health improvement projects this year:

Find out more and join us in our mission to stop ovarian cancer devastating lives

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

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 July 2025

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).

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