**Charity Registration No. 1143743** **Company Registration No. 07767248 {England and Wales)** **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED** **ACTION AGAINST CANCER** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER LEGAL AND ADMINISTRATIVE INFORMATION** |**Trust s **|**Mr Michaela M Rees Jones**
**Mr Maurice H Cral**
**Mr Jonatan s M Crf**| |---|---| ||**Mr Percy Beckley**
**Mr Laurence J F Trlo**| |**Ambassador**|**Mrs Kirsty Etrick**| ||**Mrs Cheryl Whitehead**
**Ms Tifny Chawer**| ||**Ms Nicola Floyd**| ||**Mr Julian O'Dell**| ||**Mrs Caterna O'Dell**| |**Patrons**|**Lord Alliance CB E**| ||**Harr& Carlyn Black**
**Barr Boas**
**Roger Cadbur Family**| ||**Harold & Daphne Cooper Charitable Trust**
**Petr& Marlyn Cooper**
**John Emer**| ||**Alassandro Dusi**| ||**Isabel Ettedgui**| ||**The Fallon Family**| ||**Leonard & Renee Feinstein**| ||**Charles & Diane Herlinger**
**Mi cha el & Lotie funter**| ||**Bob Lefroy**| ||**Bevs Malim**| ||**Martin O'Connor**| ||**Sir Michael Parinson CBE**| ||**Sir Paul & Lady Ruddock**| ||**Ivor& Isabelle Seddon**| ||**Chris Sharp**| ||**Michaela M Rees Jones**| |**Secrekr**|**Mrs Joyce Fletcher (J.P.)**| |**Charit number**|**1143743**| |**Company number**|**07767248**| |**Principal address**|**2 Regency Chambers**| ||**Jubilee Way**| ||**Bury**| ||**Lancashire**| ||**BLS OJW**| ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER LEGAL AND ADMINISTRATIVE INFORMATION** ## **Registered office** **2 Regency Chambers Jubilee Way** Bury **Lancashire 8L9 OJW** ## **Auditor** **Jackson Stephen LLP James House Stonecross Business Park Yew Tree Way Warrington Cheshire WA33JD** ## **Bankers** **Yorkshire Bank 5-9The Rock Bury BL9 OYB** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER CONTENTS** ||**Page**| |---|---| |**Report on behalf of te Chairoman**|**1**| |**Trustees' repor**|**2-7**| |**Sttement of Trustees' rsponsibilties**|**8**| |**Independent auditor's report**|9-11| |**Statement of fnancial actvities**|**12 • 13**| |**Balanc sheet**|**14**| |**Statement of csh fows**|**16**| |**Nots to the fnancial statements**|16-23| ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER REPORT ON BEHALF OF THE CHAIRWOMAN** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_ **The Trustees are devastated to announce the passing of our wonderful Founder and Chairwoman, Hilary Craft OBE, from cancer. on 27 December 2020.** **Inspiring is a word perhaps overly used, but It truly describes Hilary Craft, who bore her cancer burden with grace, humour and without complaint for 22 years. Her striking combinalion of kindness and strength, seemed to fuel her endless energy for promoting Action Against Cancer and fundraising for the charity.** **She achieved incredible results. Action Against Cancer has raised more than £12million in less than 10 years, under her care and with her unwavering commitment. This has funded numerous important scientific breakthroughs and discoveries in the development of better diagnostics and treatments for cancer patients.** **By establishing Action Against Cancer, she has helped the funding of numerous projects, from PhDs to programmes in some of the most critical areas of tumour biology.** **As Hilary explained herself in early 2020: "I view setting up Action Against Cancer as** _my_ **life"s most important accomplishment. I would not have taken this path had it not been for my own experience of cancer, which I have been living with on and off since 1998. I know first hand what it is like for patients with various types of cancer.as I have had three prtmaiy tumours and various metastases including to the brain. I feel inspired and uplifted by the achievements of the hardworking scientists whose research we fund. Their determination to help patients motivates me to do my best to recruit new support for this life-saving work.•** **The Trustees will carry on raising funds in Hilary"s memory for Aclion Against Cancer, continuing her extraordinary legacy af supporting pioneering research.** **Personally, I am honoured to support the hardworking scientists in the laboratories who are working on pioneering research to save lives. I am enormously grateful to our Patrons, Ambassadors and to the individuals, companies and charitable trusts who continue to support Action Against Cancer. My hope is that together we will r make a difference for cancer s and their families. �HO.fl'--------­ Trustee 1 ... Dated: 29 June 2021** -1 - **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_ The Trustees present their report and financial statements for the year ended 30 September 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 2019)". ## **Objectives and activities** The objectives of the charity have remained unchanged. These are to promote and protect the health of the public, in particular by research into the prevention, treatment and cure for all forms of cancer. This includes research into practical applications for the prevention, treatment and cure of cancer and to disseminate the useful results of such research to the public. The Charity Commission’s general guidance on public benefit has been referred to when reviewing our aims and objectives and in planning our future activities. ## **Scientific Advisory Board** Action Against Cancer is privileged that the following scientists and clinicians have agreed to serve on our Scientific Advisory Board: Professor Heinz-Josef Lenz - Director for Clinical Research and Co-Head of the GI Cancers Program, USC Norris Comprehensive Cancer Centre, Professor of Medicine and Preventative Medicine, Keck School of Medicine, University of Southern California Dr Abby Siegel - Assistant Professor, Department of Medicine, Columbia University Medical Centre, New York Dr Siddhartha Mukherjee - Assistant Professor, Department of Medicine, Columbia, University Medical Centre, New York Professor Pramod K. Srivastava - Director, Carole and Ray Neag Comprehensive Cancer Centre, Connecticut ## **Research Themes** All work funded by Action Against Cancer falls under the following research themes: Cancer Stem Cells Genetic Switches Developing a drug for a totally new approach to therapy (LMTK3) Understanding the Cancer Brain Metastasis ## **Cancer Stem Cells** Whilst only up to 5% of a cancerous tumour is made of Cancer Stem Cells (CSCs), these generate the fast multiplying cells that make up the majority of the rest. Further to that, CSCs are linked to some of the most malignant features of cancer, including resistance to treatment and its ability to spread to other parts of the body. Secondary cancer spread can happen many months or even years after successful treatment of the primary tumour. This has been described as if the dandelion has been removed from the lawn, but the CSC root is left below the surface to regrow at a later date. Action Against Cancer is funding a number of projects examining CSCs, to enable the development of treatments that specifically target them - to more fully cut cancers out by the roots. The scientists are working to gain a comprehensive picture of how CSCs operate and to answer crucial questions such as: - Why do certain patients not respond to treatments? - What conditions allow some tumours to spread around the body? - How could future treatments specifically target the most malignant cells? - 2 - ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**R 2020 FOR THE YEAR ENDED 30 SEPTEMB**_ ## **Cancer stem ceHs example project: Stopping brea§I cancer in its tracks gespite coronavjrus** **Coronavirus Is disproportionately affecting cancer patients, Whose immunity is low making them more susceptible to the virus. In addition, surgical treatment has had to be postponed for many.** _The_ **pandemic has also understandably focused charitable spending towards tackling the direct impacts of the virus. However, cancer is not waiting for coronavirus to go away, and patients need support more than ever.** **At Action Against Cancer, we have seen a marked drop in income due to the pandemic. Despite this we are determined to meet the commitments we had planned to fund life-saving research. This includes support for a new key priority project in partnership with The University of Manchester, the Manchester Breast Centre, the Outreach Research and Innovation Group and The Christie Hospital, one of the largest cancer treatment centres of its kind in Europe.** **This innovative project aims to help patients with HER2+ type breast cancer whose tumours are not responding to treatment, by stopping their cancer in its tracks, Of the 55,200 or so new breast cancer cases diagnosed in the UK each year, more than 6,600 (12%) are HER2+,** **Many patients diagnosed with breast cancer are given treatment to shrink a tumour as a first step, before the main treatment, which is usually surgery. This initial treatment is called "neoadjuvant," and whilst this is very helpful for some patients, unfortunately it does not work effectively in up to half of HER2+ breast cancer cases. This project aims to understand why this is, assess new drugs in lab models, and then with this knowledge design new clinical trtals to test the effect of certain drugs with these patients to see What will work best.** **The team of scientists plan to analyse residual tumour samples from HER2+ breast cancer patients to discover the "signalling pathways• that remain active and drive the cancer. This can be thought of as similar to a train travelling to its destination through a number of stations. At most of the stations the signalling technology works flawlessly and there are no problems. However, if one signal has a fault, the train can go on the wrong track leading to tragedy.** **A signalling pathway is a series of chemical reactions In which a group of molecules in a cell work together to control an outcome, for example cell division or cell death. After the first molecule in the pathway receives a signal, ii activates another molecule, and so on until the cell function is carried out. Abnormal activation of signalling pathways can lead to cancer, and conversely, drugs targeting specific molecules in the pathway may help keep cancer cells from growing.** ## **Genetic Switches** **There is greater understanding within the scientific community of some aspects of cancer, since the completion of the Human Genome Project that mapped DNA. A small amount of DNA is turned into single stranded RNA, whicn then turns into proteins thought responsible ror tne structures and functions we are familiar with (brown hair, blue eyes etc). The vast majority of DNA was believed to be 'junk' as it does not code for protein. However, it is now known that much of DNA is in fact transcribed into non-coding RNAs, some of which play important roles in normal biological function, gene regulation and cancer development.** **Action Against Cancer is funding a range of projects related to identifying non-coding RNAs that are operating as genetic switches causing cancer to grow or regress.** ## **Genetic switches examole oroiegt: Preanancy and breast cancer** **A study led by Professor Justin Stebbing at Imperial College London has for the first time demonstrated how rapid growth of breast cells during pregnancy, allows expansion of existing mutated cells and contributes to pregnancy associated breast cancer risk. The research funded by Action Against Cancer shows that pregnancy in older women is a breast cancer risk too.** **- 3 -** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**R 2020 FOR THE YEAR ENDED 30 SEPTEMB**_ **Resul1s of whole genome sequencing on normal breast tissues have never been shown before. The findings contribute to growing evidence that age contributes to the accumulation of mutations in the healthy breast and contributes to breast cancer risk.** **One of the unique features of the Imperial CoNege study is that the team performed IMlole genome sequencing on the breast epithelial cells (the growing edge of an organ) and separately on the stroma [the cells that hold It together). Working with breasttissue is notoriously difficult because of the high fat content.** **It is hoped that in future, if the age of the patient is deemed at higher risk for developing breast cancer, a surveillance programme could be implemented to closely monitor any changes in the breast after a late pregnancy and impro,e early cancer detection. Earty diagnosis is very often key to successful cancer treatment.** ## **Developing a dn,g for a totally new approach to therapy (LMTK3)** **The earliest significant breakthrough supported by Action Against Cancer was the identification of a new cancer causing gene in 2011 by Professor Georgios Giamas. Called lemur tyrosine kinase 3 [LMTK3}, this gene is new to humans, and is expressed more in cancer cells than in normal cells. In addition, those cancers that have high levels of LMTK3 are much more aggressive.** **Since this time we have funded research aiming to develop an anti-LMTK3 drug. This would be to overcome the resistance to treatments that often develop within patients' bodies.** **Many patients respond well to initial treatment but then develop resistance to it - this is when, with currently available treatments, their cancer becomes much more difficult to treat A potential anti-LMTK3 drug will be specifically designed to work in conjunction with a patient's existing treatment, and in a way that overcomes chemotherapy or hormonal therapy resistance, allowing these treatments to start working again. This would be an enormous step in the history of cancer treatment.** ## **Deyeloping a new drug example project: Drug compound identification** **The team at the University of Sussex have now successfully identified a drug compound that binds to and effectively inhibits LMTK3, resulting in anticancer effects, These results were published in the prestigious journal Science Advances.** **The research in,olved scientists from se,en institutions in three countries and was led by Professor Georgios Giamas, who said: "We are now in the process of taking this research to the next stage by developing LMTK3 specific drugs. We hope that in the next five years we will be undertaking clinical trials, which is incredibly quick for this type of process."** **The research suggests that LMTK3 inhibitors can be an effective treatment for breast cancer initially, and potentially other types following further study. It is expected that the oral LMTK3 inhibitor will have the potential for a broad range of clinical uses for patients, as a stand alone treatment, or in combination with chemotherapy, immunotherapy or endocrine treatments.** **At present, cancer patients often develop resistance to treatments over lime, and It is the anticipated ability of LMTK3 inhibitors to overcome this resis1ance that offers enormous hope for huge numbers of people.** -4- ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_ ## **Underslanding the Cancer Brain** **It is thought that cancer cells have a 'brain', which is responsible for turning the cells 'on' or 'off. We are funding research to gain a comprehensive understanding of this cancer brain, by learning exactly what takes place during the onset and growth of cancer- one protein ala time.** **Proteins are present in all of the cells in our body, including in cancer cells. The types of proteins, their quantity, and the level of their activity can differ between normal cells and cancer cells. Proteins enable cancer cells to grow very fast or they can cause them not to respond to a given drug. One of the main approaches in studying cancer cells and Identifying new lreatment targets is to analyse their protein content In great detail.** **Some of the research that Action Against Cancer supports uses a technique called Slable lsotape Labelling with Amino Acids in Cell Culture (SILAC). This method allows scientists to perform large-scale Identification and qualification of proteins in cells they are studying. The team aims to eliminate, one by one, the enzymes in the human kinome and investigate how abolishment of each one individually affects both the quantity of different proteins within a cancer cell and their activity.** **This information is crucial for understanding cancer cells and we hope h will be a true legacy experiment which will pave the way for the design of drugs, targeting those proteins that are found to play the most important role in the progression of cancer.** ## **Understanding the cancer brajn example project Hope for breast cancer patients** **A team funded by Action Against Cancer at the University of Sussex have used a SILAC based analysis to study an enormous number of proteins. This has revealed multiple enzymes implicated in the development and progression of breast cancer. Some of these enzymes were anticipated to be detected, but excitingly, the learn were also able to identify new potential targets that may play a role in breast cancer.** **Action Against Cancer has committed to funding this groundbreaking research until the end of 2025 at leas!.** ## **Metastasis** **When cancer is said to have spread this means it has melasll!lsised. This is when cancer cells break away from where they first formed and travel through the blood or lymphatic systems to form new tumours in other parts of the body. This development of secondary cancer is called metastasis. A metastatic tumour is the same type of cancer as the primary tumour.** **Action Against Cancer funds a number of projects that are linked to understanding the causes of metastasis, in order to:** - **more effectively predict the likelihood of cancerous cells metastasising (spreading) in each patient.** - **tailor the testing for patients with a high likelihood of their cancer metastasising so as to improve the likelihood of early diagnosis.** - **improve the treatment strategies for these patients once a propensity for metastasis of their cancer has been identified, thus greatly increasing their chances of survival.** .5. ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**2020**_ **FOR** _**THE YEAR ENDED 30 SEPTEMB**_ ## **Achievements and perfonnance** **Due to the coronavirus pandemic, Action Against Cancer has had a marked drop in income. A number of planned fundraising events organised by supporters !or Action Against Cancer across the country were postponed or cancelled. Support from individuals, companies and trusts and foundations was also significantly reduced, resulting in less funds raised for research into cancer.** **However. all at Action Against Cancer are hugely grateful to those donors and supporters who were still able to donate towards our work. We are also proud of the great work the scientists were able to continue despite the many difficulties they faced.** **Below is a sample of published papers describing work wholly or partly funded by Action Against Cancer.** - **PIK3C0 expression by fibroblasts promotes triple-negative breast cancer progression** - **2. Mutational landscapes of normal breast during age and pregnancy determine cancer risk** - **3. A cell-cycle signature classifier for pan-cancer analysis** - **4. Breaking through the glioblastoma micro-environment via extracellular vesicles 1.** ## **Financial review** **During the year the charity's income from all sources amounted to £202,525 (2019: £1,145,929). In the same period, expenditure on charitable activities totalled £735,594 (2019: £1,404,948), and the cost of raising funds totalled £73,740 (2019: £92,260}.** **Accumulated funds as at 30 September 2020 totalled £3,034,109 (2019: £3,640,918). The Truste s consider that the financial position as at 30 September 2020 is satisfactory. Approximately three-quarters of these funds (including those in unrestricted funds) have been awarded to approved projects (see Note 13).** **It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been mainlllined throughout the year.** ## **Plan" for the future** **The charity will continue to fund all of the projects already approved, and to fundraise to support other research aiming to further understand cancer and how to better diagnose and treat it. The charity will continue to disseminate results of research in published scientific papers, on the organisation's website and in regular e-newsletters.** ## **Structure, governance and management** **The charity is a company limited by guarantee, incorporated on 8 September 2011 and registered with the Charity Commission on 9 September 2011. The charity carries out its activities using the working name Action Against Cancer.** **The Truste s, who are also the directors forthe purpose of company law, and who served during the year and up to the date of signature of the financial statements were:** **Mrs Hilary S Craft OBE (Chairwoman) (Deceased 27 December 2020) Mrs Michaela M Rees Jones Mr Maurice H Craft Mr Jonathan S M Craft Mr Percy Beckley Mr Laurence J F Tarlo** -6- ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES' REPORT {INCLUDING DIRECTORS' REPORT) {CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_ **The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through the resignation or death of an existing trustee.** **None of the Trustees has any beneficial interest in the company. All of lhe Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The charity benefits from the provision of accom odation and administrative support from Regency Factors pie, a company that is controlled by certain of the Trustees of the charity. No monetary value can be attributed to this support, and therefore tt is not included in the financial statements. There are no other transactions with related parties. The Trustees maintain a register of interests, which is updated at every meeting.** **The Trustees have assessed the major risks to which the charity Is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.** **and projects. Internal control risks are minimised by the implementation of procedures for authorisation Of all transactions** **Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors.** **The auditor, Jackson Stephen LLP, is deemed to be reappointed under section 487(2) of the Companies Act Auditor 2006.** **Disclosure of information to auditor Each of the Trustees has confirmed that there is no infOrmation of which they are aware which is relevant to the audit, but of which the audttor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. On behalf of the b s �2!p:** ✓ - (__ **H Craft _** _ **Dated: 29 June 2021** **-7-** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF TRUSTEES' RESPONSIBILITIES** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_ **The Trustees, who are also the directors of The Hilary Craft Charitable Foundation Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).** **Company Law requires the Trustees to prepare financial statements For each financial year which giVe a true and fair view of the state of alfairs of the charily and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.** **In preparing these financial statements, the Trustees are required to:** **- select suitable accounting policies and then apply them consistently;** **- observe the methods and principles in the Charities SORP;** **- make Judgements and estimates that are reasonable and prudent; and** **- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity wil continue in operation.** **The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.** **-8-** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER INDEPENDENT AUDITOR'S REPORT** ## **TO THE TRUSTEES OF THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED** ## **Opinion** **We have audited the financial statements of The Hilary Craft Charitable Foundation Limited (the 'charity') for the year ended 30 September 2020 'Mlich comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has beell applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102** _**The Financial Reporting Standard app/ieab/e in the UK and Republic**_ **al** _**Ireland**_ **(United Kingdom Generally Accepted Accounting Practice).** ## **In our opinion, the financial statements:** - **give a true and fair view of the state of the charitable company's affairs as at 30 September 2020 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared In accordance with the requirements of the Companies Act 2006.** ## **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 Auditors 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.** ## **Conclusions relating to going concern** **We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:** - **the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate: or** - **the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.** ## **Other infonnation** **The other information comprises the information included in the 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 fonn of assurance conclusion thereon.** **In connec6on 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 **haw 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.** ## **Opinions on other matters prescribed by the Companies Act 2006** **In our opinion, based on lhe work undertaken in the course of our audit:** - **the infonnation given in the Trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and** **the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.** -9- ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED** ## **Matters on which we are required to report by exception** **In the light of the knowledge and understanding or the charity and its environment obtained in the course of the audit,** we **have not identified material misstatements in 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 requires us to report to you if, in our opinion:** - **adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agre ment with the accounting records and returns; or certain disclosures of trustees' remuneration specified by law are not made; or** we **have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and** - **the Trustees were not entiUed to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.** ## **Responsibilities of Trustees** **As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 fre from material misstatement, whether due to fraud or error.** **In preparing the financial statements. the Trustees are responsible for assessing the charity'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 fre from material misstatement, whether due to fi'aud or error, and to issue an auditor's report that includes our opinion. ReasonaDle assurance is a high level or assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when ii 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 lhe economic decisions of users taken on the basis of these financial statements.** **A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https:l/www.fi'c.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.** **-10-** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED** ## **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_ 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 auditors' 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 charltable company and the charitable company's members as a beefy, for our audit work, for this report, or for the opinions we have formed.** **Peter Atkinson F.C.A. (Senior S1atutory Auditorj for and on behalf of Jackson Stephen LLP** **Chartered Accountants Statutory Auditor** **29 June 2021** "•�···· .. ··········"··· **James House Stonecross Business Park Yew Tree Way Warrington Cheshire WA33JD** **-11 -** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FDR THE YEAR ENDED 30 SEPTEMBER 2020**_ |**Cu"ent financial year**||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total**|**Total**| |---|---|---|---|---|---| |||**2020**|**2020**|**2020**|**2019**| |Income from;
**Voluntary Income**|**Notes**
**3**|
£
**160,021**|£
**15,019**|£
**175,040**|£
**1,118,632**| |**Investments**|**4**|**27,485**||**27,485**|**27,297**| |**Total Income**||**187,506**|**15,019**|**202,525**|**1,145,929**| |**Expenditure on:**|||||| |**Raising funds**|**5**|**73,740**||**73,740**|**92,260**| |**Charitable activities**|**6**|**702,751**|**32,843**|**735,594**|**1,404,948**| |**Total**||**778,491**|**32,843**|**809,334**|**1,497,208**| |**Net expenditure for Uie year/**|||||| |**Net movement in funds**||**(588,985)**|**(17,824)**|**(606,809)**|**(351,279)**| |**Fund balances at 1 October 2019**||**3,548,592**|**92,326**|**3,640,918**|**3,992,197**| |**Fund balances at 30 September 2020**||**2,959,607**|**74,502**|**3,034,109**|**3,640,918**| **The statement of financial activtties includes all gains ancl losses recognised in the year.** **All income and expenditure derive from continuing activities.** **The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.** **-12-** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**R 2020 FOR THE YEAR ENDED 30 SEPTEMB**_ |**Prior financial year**||**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---| |||**funds**|**funds**|| |||**2019**|**2019**|**2019**| |Income trom:
**Volunlory income**|**Notes**
**3**|£
**907,145**|£
**211,487**|£
**1,118,632**| |**Investments**|4|**27,297**||**27,297**| |**Total income**||**934,442**|**211,487**|**1,145,929**| |**Expenditure on:**
**Raising funds**|**5**|**92,260**||**92,260**| |**Charitable activities**|**6**|**998,201**|**406,747**|**1,404,948**| |**Total**||**1,090,461**|**406,747**|**1,497,208**| |**Net expenditure for the year/**||||| |**Net movement in funds**||**(156,019)**|**(195,260)**|**(351,279)**| |**Fund balances at 1 October 2018**||**3,704,611**|**287,586**|**3,992,197**| |**Fund balances at 30 September 2019**||**3,548,592**|**92,326**|**3,640,918**| |**The statement of financial activities includes all gains and losses recognised in the year.**||||| **All Income and expenditure derive from continuing activities.** **The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER BALANCE SHEET** ## **AS** _**AT 30 SEPTEMBER 2020**_ |||**2020**||**2019**|| |---|---|---|---|---|---| ||**Notes**|£|£|**£**|£| |**Current assets**|||||| |**Debtors**|10|**381**||**381**|| |**Cash at bank and in hand**||**3,133,361**||**3,693,602**|| |**Creditors: amounts falling due within**
**one year**|11|**3,133,742**
**(99,633)**||**3,693,883**
**(52,965)**|| |**Net current assets**|||**3,034,109**||**3,640,918**| |**Funds of the charity**|||||| |**Restricted funds**|**12**||**74,502**||**92,326**| |**Unrestricted funds**|||**2,959,607**||**3,548,592**| |**The financial statements were approved by the Trustees**
c:::::::::::;--_J
**1 ....-z:**
**Maurice H Craft**
**tee**||**3,034,109**
**on 29 June 2021**|||**3,640,918**| |**Company Registration No, 07767248**|||||| **-14-** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER** STATEMENT OF CASH FLOWS _**2020 FDR THE YEAR ENDED 30 SEPTEMB**_ **----- Start of picture text -----**
2020 2019
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 16 (587,626) (407,435)
Investing activltles
Investment income received 27,4B5 27,297
Net cash generated from investing
activities 27,485 27,297
Net cash used in financing activities
Net decrease in cash and cash equivalents (560,141) (380,138)
Cash and cash equivalents at beginning of year 3,693,502 4,073,640
Cash and cash equivalents at end of year 3,133,361 3,693,502
**----- End of picture text -----**
-15 - ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_ ## **1 Accounting policies** ## **Charity information** **The Hilary Craft Charitable Foundation Limited is a private company limited by guarantee incorporated in England and wales and a registered charity in England and Wales. The registered office is 2 Regency Chambers, Jubilee way, Bury, Lancashire, BL9 0JW** ## **1.1 Accounting convention** **The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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)" (as amended for accounting pertods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.** **The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest£.** **The financial statements have been prepared under the historical cost convention. The prtncipal accounting policies adopted are set out below.** ## **1.2 Going concern** **At the time of approving the financial statements and despite the effect of Covid-19, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements,** ## **1.3 Charitable funds** **Unrestricted funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives.** **Restricted fund• are subject to specific condition• by donors as to llow they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.** ## **1.4 Income** **Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.** **Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.** **Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.** **Donated services are recognised as income when the charity has control over the item, any conditions associated with the item have been met, the receipt of the economic benefit from the use by the charity of the item is probable and the the economic benefit can be measured reliably.** **On receipt, donated services are recognised on the basis of the value of the gift to the charity which is the amount the charity would be willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.** **-16-** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}** _**R 2020 FOR THE YEAR ENDED 30 SEPTEMB**_ ## **1 Accounting policies** ## **1.5 Expenditure** **Expenditure is recognised on the accruals basis.** **(Continued)** **Fundraising costs are those incurred in generating funds and do not include the costs of disseminating information in support of the charitable activities.** **Support costs are those cost incurred directly in support of expenditure of the objects of the charity.** **Overhead costs are allocated on the basis of the actual spend by activity.** ## **1.6 Cash and cash equivalents** **Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.** ## **1.7 Financial instruments** **The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.** **Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of !he instrument.** **Financial assets and liabilities are offse� with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there Is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.** ## _**Basic financial assets**_ **Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenny carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.** ## _**Derecognition of financial assets**_ **Financial assets are derecognised only when the contractual rights to the cash nows rrom the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.** ## _**Basic financial liabiffties**_ **Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest Financial liabilities classified as payable within one year are not amortised.** **Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.** **Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.** -17- ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** **FOR** _**THE YEAR ENDED 30 SEPTEMBER 2020**_ ## 1 **Accounting policies** **{Continued)** ## _**Derecognition of financial liabilities**_ **Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.** ## 1.8 **Employee benefits** **The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.** **Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.** ## 1.9 **Retirement benefits** **Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.** ## **2 Critical accounting estimates and judgements** **In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other so1,uces. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.** **The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.** **The trustees consider there to be no critical accounting estimates or judgements made.** ## **3 Voluntary income** |**Voluntary income**||||||| |---|---|---|---|---|---|---| ||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total**|**Unrestricted**
**funds**|**Restricted**
**funds**|**Total**| ||**2020**|**2020**|**2020**|**2019**|**2019**|**2019**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Donations and gifts**|**159,116**|**15,019**|**174,135**|**882,422**|**211,487**|**1,093,909**| |**Fundraising events**|**905**||**905**|**24,723**||**24,723**| ||**160,021**|**15,019**|**175,040**|**907,145**|**211,487**|**1,118,632**| -11l - ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**R 2020 FOR THE YEAR ENDED 30 SEPTEMB**_ ## **4 Investments** |**Investments**||| |---|---|---| ||**Unres1ricted**
**funds**|**Unrestricted**
**funds**| ||**2020**|**2019**| ||£|**£**| |**Bank account switch incentive**
**Interest receivable**|**6,563**
**20,922**|**7,219**
**20,078**| ||**27,485**|**27,297**| |||--| ## **5 Raising funds** |**Raising funds**||| |---|---|---| ||**Unrestricted**
**funds**|**Unrestricted**
**funds**| ||**2020**|**2019**| ||**£**|**£**| |**Costs of generating voluntary income**||| |**Travelling and subsistence**|**1,566**|**3.439**| |**Printing, stationery and postage**|**1,255**|**1,135**| |**Fundraising expenses**
**other expenses**
**Adver1 sing**|**536**
**85**
**634**|**518**
**1,395**
**1,763**| |**Other fundraising costs**
**Staff costs**|**272**
**68,545**|**3,340**
**80,458**| |**Insurance**|**847**|**212**| |**costs of generating voluntary income**|**73,740**|92,260| **-19-** **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 2020** _**FOR THE YEAR ENDED 30 SEPTEMB**_ ## **6 Charitable activities** ||**2020**|**2019**| |---|---|---| ||**E**|**E**| |**LMTK3 drug development**|**124,039**|**439,725**| |**Understanding the cancer brain**|**21,835**|**8,514**| |**PhD and other student bursaries**|**60,595**|**101,786**| |**Ovarian cancer research**|**19,870**|**79,627**| |**Pancreatic cancer research**
**Biliary duct cancer research**|**56,332**|**190,494**
**15,683**| |**Cancer stem cells research**|**23,569**|**71,478**| |**Genetic switches**|**129,136**|**198,975**| |**Breast cancer research**|**279,117**|**280,989**| |**Other research project**|**16,310**|**12,317**| ||**730,803**|**1,399,588**| |**Share of governance costs (see note 7)**|**4,791**|**5,360**| ||**735,594**|**1,404,948**| |**Analysis by fund**||| |**Un restricted funds**|**702,751**|**998,201**| |**Restricted funds**|**32,843**|**406,747**| ||**735,594**|**1,404,948**| **The other research project is mainly in relation to project on tumour micromanagement.** ## **7 Support costs** |**Support costs**||||||| |---|---|---|---|---|---|---| ||**Support**
**costs**|**Governance**

**costs**|**2020**|**Support**
**costs**|**Governance**
**costs**|**2019**| ||**£**|
**£**|**£**|£|£|**£**| |**Audit fees**
**Bank charges**||**4,050**
**483**|**4,050**
**483**||**4,050**
**822**|**4,050**
**822**| |**Professional fees**||**258**|**258**||**488**|**488**| |||**4,791**|**4,791**||**5,360**|**5,360**| |**Analysed between**||||||| |**Charitable activities**||**4,791**|**4,791**||**5,360**|**5,360**| **Governance costs Include £4,050 (2019; £4,050) in relation to audit fe s payable to the auditor. These services were donated by the auditor and hence are included within voluntary income.** **-20-** **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_ ## **8 Trustees** **None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. A close family member of a trustee was remunerated for administrative services provided In the year totalling £15,000 (2019: £15,000).** ## **9 Employe** ## **The average monthly number employees during the year was:** ||**2020**|**2019**| |---|---|---| ||**Number**|**Number**| |**Management**|**2**|**2**| ||=|=| |**Employment costs**|**2020**|**2019**| ||**£**|| |**Wages and salaries**
**Social security costs**|**63,425**
**3,831**|**74,490**
**4,928**| |**Other pension costs**|**1,289**|**1,042**| ||**68,545**|**80,458**| ||=|| |**The number of employees Y..tlose annual remuneration was £60,000 or more were:**||| ||**2020**|**2019**| ||**Number**|**Number**| |**£60,000 • £70,000**||**1**| **Many of the research projects involve the use of PhD students. Action Against Cancer is currently funding a number of PhD studentships and lelloWShips at Imperial College to support the research work.** |**10**|**Debtors**||| |---|---|---|---| |||**2020**|**2019**| ||**Amounts falling due within one year;**|**£**|**£**| ||**Prepayments and accrued income**|**381**|**381**| ||||=| **-21-** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** FOR _THE YEAR ENDED 30 SEPTEMBER 2020_ ## **11 Creditors: amounts falling due within one year** ||**2020**|**2019**| |---|---|---| ||**£**|**£**| |**Trade creditors**|**97,999**|**50,985**| |**Other creditors**|**1,634**|**1,980**| ||**99,633**|**52,966**| ## **12 Restricted funds** **The Income funds of the charity include restricted funds comprising the following unelCpended balances of donations and grants held cm trust for specific purposes:** |
**donations and**|
**grants held cm**|
**trust for spe**|
**cific purpose**|
**s**|
**:**||||| |---|---|---|---|---|---|---|---|---|---| ||Balance at
**1 October 2018**|**Movement**
**Income**|**in funds**
expenditure|
1|**Balance at**
O<:tober 2019|**Movement**
**Income**|**in funds**
Expenditure||Bafan.ce ilt
**30 September**| ||||||||||**2020**| ||**£**|**£**|**£**||**£**|**£**||**£**|**£**| |**PhD and**|||||||||| |**other student**|||||||||| |**bursaries**
**Bmary duct**|**68,654**||**(68,654)**||||||| |**cancer**|||||||||| |**research**
**Cancer stem**
**cells**|**10,683**||**(10,683)**||||||| |**research**||**154,530**|**(71,478)**||**83,052**||**(23,569)**||
**59,483**| |Genetic;|||||||||| |**switches**|**208,249**||**(198,975)**||**9,274**||**(9,274)**||| |**Pancreatic**|||||||||| |**cancer**|||||||||| |**research**||**56,957**|**(56,957)**||||||| |**Breast**|||||||||| |**cancer**|||||||||| |**research**||||||**15,019**|||**15,019**| ||**287,586**|**211,487**|**(406,747)**||**92,326**|**15,019**|**(32,843)**||
**74,502**| **The research work being undertaken is described in detail in the Trustees' Report under Research Themes.** ## **13 Designated funds** **Out of the total funds of £3,034,109 available, including unrestricted income, funds have been awarded to approved projects where planned future expenditure over the next two years is calculated to be £2,528,248.** **To dale, approximately 83% of total funds have been allocated to charitable projects.** **-22-** ## **THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES** TO THE **FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_ |**14**|**Analysis of net assets**|**betwe n funds**
**Unrestricted**
**funds**|
**Restricted**
**funds**|**Total**|**Unrestricted**
**funds**|**Restricted**
**fl.Inds**|**Total**| |---|---|---|---|---|---|---|---| |||**2020**|**2020**|**2020**|**2019**|**2019**|**2019**| |||£|**£**|**£**|**£**|**£**|**£**| ||**Fund balances at 30**||||||| ||**September 2020 are**
**represented by:**
**Current assets/**
**(liabilities)**|**2,959,607**|**74,502**|**3,034,109**|**3,548,592**|**92,326**|**3,640,918**| |||**2,959,607**|**74,502**|**3,034,109**|**3,548,592**|**92,326**|**3,640,918**| ## **15 Related party transactions** **other than as disclosed in note 8, there were no dlsclosable related party transactions during the year (2019 - none).** ||**other than as disclosed in note 8, there were no dlsclosable related**
**(2019 - none).**|**party transactions dur**|**ing the year**| |---|---|---|---| |**16**|**Cash generated from operations**|**2020**|**2019**| |||**£**|**£**| ||Def**i**c t for the year|**(606,809)**|**(351,279)**| ||**Adjustments for:**
**Investment income recognised In statement of financial activities**|**(27,485)**|**(27,297)**| ||**Movements in working capital:**||| ||**(lncrease)ldecrease in debtors**
**lncrease/(decrease) in creditors**|**46,668**|**2,119**
**(30,978)**| ||**Cash absorbed by operations**|**(587,626)**|**(407,435)**| **17 Analysis of changes in net funds The charity had no debt during the year.** **-23-**