Charity registration number 1143743 Compny rngistration number 07767248 (England and Wales) THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 111 111 *AD69G72Y* 291rw2024 cC￿PANIEs HOUSE A14 #236 THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER LEGALAND ADMINISTRATIVE INFORMATION Trusts•$ Mr Percy Beckley Mr Jonathan S M Craft Mr Mauri¢e H Craft Mrs Rachel L Craft Mrs Mi¢haela M Rees Jones Mr Laurence J F Tarfo Amba$$adors Ms Tiffany Chawner Ms N￿a Floyd Mi Julian O'Dell Mrs Cheryl Kthitehead Patrons L(￿dAIl￿ance C8E Harry & Carolyn Blad( Barry Boas Rcoer Cadbury Fam Harold & Daphne Cooper Charitable Tru$l Peter & Marityn C(x)per John ErT Alessandfo Ousi Isabel Ettedgui The Falkm FaNMty Chades & Diane Herlinger Michael & Lottie Hunter Bèvs Malim Martin O'connor Sir PaLJI & Lady Ruddo( Chris Sharp Michaela M Rees Jones S•¢rètsry Mrs Joyce Fletcher (JPI Charity numb•r 1143743 Company number 07767248 Princi￿1 oddress 2 Regency Chambe JU￿"1ee Way Bury Lancashi BL9 (XJW R•gist•r•d office 2 Regency Chambèrs JubilÈe Way Bury Lanix$hi BL9 OJW THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER LEGAL AND ADMINISTRATIVE INFORMATION Accountsnts JS. Actountants & BusinessA(l¥isors Limrted Jame5 House Stonecross Bus1r￿S Park Yew Tree Way Waffln9ton Cheshire WA3 JJD Bankern VITgin Money 17-21 Oxford Street Bohon Lancashife 8L1 1RD THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER CONTENTS Pag• Chairman's statement Trustees, report Independenl examine¢s report Statem￿t of finanual ath"7rfies 9-10 Balan￿ sheet 11 ststement of cash llows 12 Ncrt8S to the finanoal statemenls 13-19 THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Th8 Trustees are very pthsed thal the charity conb.nues to make a posrtive L¥Niiribution in the fiekj of research improving cancer diagnoslics and treatments. As in prevKJUS years. Act￿ Against Cancer funded groUndt￿kin9 research at Imperial Col*. LorKlon and at hyo laboratories at the UnNersity of Sussex. In addition. this year we part funded the eSta￿lshMent of a new research facility al Anglia Ruskin Univerw, CambrKlge fARU?. Excellenl progress has been made at this new laboratory. with the recruilment of iwo Postdoctoral Researth Fellows have begun promising projects. There are rnore details in this report. t*Jring this year a number of signfficant papers were published wrth results from research ftmded by Action Against Cancer. As staled in the a￿K>W￿dgrnents of one of ihese papers by the scientist leading the work, Ihe team Yhank the lat6 Htilary Craft OBE. th8 ￿s￿ary founder of AGlion Ag8inSi Cancer. whose unwaveiing supwrt made this research possible.- Fundraising has not as yel re0)ve￿d Sir￿ the Covid pandemrc. Howe¥er, committed supporters ofAct(on Against Cancer made generous donations and organised wonderful events. I woukj like to personalty thank them and all of the Patrons, Ambassadors, irLdNhluals. companies, Charitab￿ twsls and foundatk)ns who ry)ntinue to support Action Against Cancer. Working togelher we can make a tangible dTfferent* for cancer patients. Mr Maurice H Crafl Chainnan Date.. 28 June 2024 THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Trustees present Ihey report and finawal stslements lor Ihe yeai ended 30 September 2023. The financial ststements have been prepared in ac￿rd8￿ wrth the accounb.ng poliryes sel out in note 1 to the rinancial statements and cornpty with the ¢harity's goveming dwjment. the Gompanies A¢A 2006 and "Accounb'ng and Reporting by Chafilies." Statemenl of Recommended Pradicè applicable to charrties preparing their accounts in a(¥x)rdance with the Financial Reporb"ng Stsndard appli¢abk in the UK and Republi¢ of Irelan¢J {FRS 1021 (effetxive 1 January 20191"_ Objectives and •¢tivities The objedives of the charity have remainèd unchanged. These are lo promole and protecl the health of the public. in particular by research into the p[evenI￿n. treatsnenl and cwe lor all forrns of Can￿r. Thi5 includes research inlo pr8Ctical applications for the Pfe¥ention. treatment and cure of cancer and lo disseminale the useful results of such Tesearth to Ihe publbc. The Charbty Commission's general guKaancè on public benefrt has been ieferred lo when rewewing our aims and objecti￿$ and in planning our firture aclwits"ès. SeiÈntifi¢ Advisory Board Action Against Cancer is privileged Ihal the fc41owry scientists aThJ dir#￿anS have agreed to serve on our Scienlifi¢Advisory Board". Professor Heinz-Josef Lenz - Dewty D¥eclor for Research ProJram and Head of Ihe Gasirointestinal Cancer Program, USC Norris Comprehenswe Canw Cenlre DrAbby Siegel- Assistant Profes￿r. Oepanmerf of MedrAne. Colwnbia UnNersty Medical Cenlre. New York Df Siddhartha Mukheriee- A$S￿￿31e Professor of Medicane. CduThbi8 Unive(sity MedKal Cent￿. New York Profèssor Piamod K. Srivastava- Directot. Carde and Ray Neag Comprehensive can￿ Centre. Connectiojt Rèsèarth Them•s All work funded by Acttijn Against Canw fa115 ￿der the follwrvJ research theme5'. Cancer Stern fAIs Genetic Swtches Developing a drug for a tolaty rwi approach to theiapy ILMTK3) Understanding the c￿cer Brain Metastasis Can¢er Stem Cèlla Cancel Stem Cells ICSCsl On￿ conskn.tute up to S% of a cancerous tum(yJr, but they generate the fast multiplying Ils that make up the majorty ol the resl. CSCS are also linked to some of the most malignant fealures of carttr, induding treatment resistance and the ability to spread to other parts of the boty. It can be many months or even years afler suc£essful trealmenl of a primary tumur. before secondary cancer SPTeads. This has been desrJit*d a5 if the dandelion has been reTTr￿d frcrfn Ihe lawn. bul the CSC root is left beky the surface to regrow at a later date. Acts"on Again$1 Cancer is ftJn¢JiNJ a number of wojeds examinThJ CSCS. lo enable Ihe develowenl of treab))ents that sp￿￿CallY target them to more lully cut canrArs out by the roots. The saenb.sts ale working to gain thorou9h understanding Of how CSCS operate and to answer wtal quest￿ such as. Why do certain pat￿ntS not respond to trealments? at conditions alhjw sow* tumours io spread wound the toty? could fijture trealrnents speofKalty target the nK)St malKJnant (41$? THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 EXAMPLE OF PROGRE A research tearn funded by A¢tion Against Cancer ai ImFerial College. London has further developed a powerftjl genetic system they designed allowing them to manipulate genes in cancer cells. The next slage in the research has also now been achEved. with the developmenl and integraty.on of specialisl procedures and equipment. Using a time-lapse rnicroscDpy technKJue. detailed 3D images ol cancer cell cumures were captured al regular intervals over a SFeuffic lime penod. This allowed for detailed segmentation and da55thcation of cancer gene nuclei. In combination with other advanced analyss tethniques developed by the learn led by Dr Nina Moderau. they have gained a deeper underslandiThJ of the genelic diversty and cell ￿mpetitIon observed in certain Can￿rs. The aim is for this krtrowledge to inform the development of more effective therap￿$ and improve the ability lo predict and manage cancer trealrnent outcomes. S". Genelic d" of Is rese Genetk Swttches Since the mapping of DNA with the Human Genome Projeci, there is greater understanding wthin the scientsfi¢ community of some asF*ds of cancer. In thè past. the vast majority of DNA was bdieved to be 'jtJnk' as il does nol code fof protein. It was thought On￿ a small amount of DNA was $igntfi¢ant, that whit* tums into single Stranded RNA. and thon inta protwns respMsitle for the struclures and fvn¢bons we a￿ f￿lIK1r with {b[v￿n hair. bluè ÈYÈS Ètc}. However. il is now known that much of DNA is ￿ f*A tranwbed into norvcoding RNAS. sorne ol whith play important role5 in no￿al biological tunction. gene regulab.on and cancer development. Actton Against Cancer is funding a range of projects relaied to identfyry rnJnncer. The team is exploring the relalronship be￿een lumour cells and Ihe surrounding tissue. with a pa￿"(￿131 loojs ￿ the role of tslty tlssue. By studying how fatty lissue cells and tumour cells ￿}llabOrate in guiding communution pathways, the research airns to brjdge gaps in understanding Iheir molecular interactions. If the researth ideniifies new fatty andlor cancer molecules thal play a crucial ro￿ in thvse processes, improved di8grb)sb"cs arkl treatments C￿ be developed. Achlevements and perforniance Income c4Jnlinues to remain at a rnLK* ky4ver level than durirrfJ pr&Covid pandemic times. A smam number of lundraising events took place during the year. induding noiabty Catfesl and A Movabbe Feast, which combined raised more than £100.CQO. Everyone involved with Action Against Cancer is eno￿￿ gratefijl to the indi￿dUalS, companies and trusts and foundations that ha¥e donated towards our work. We are incredibly proud of the groundbreaking work the soentists in ihe laboratories at Imperial Col*e. London. the Universty ol Sussex and Anglia Rusknn UnNeisrty, Cambridge have achieved thjring the year. Below is a Samp￿ of published papers deScri￿ng work wholty or partty funded byActm Against CancEr.' 1. The mutational landscape of the adutt healihy parous and nulliparous human b￿aSt 2. Thè role of non-coding RNAS in extra￿llular vesides in breast cancer and their diagnostic implutions 3. Comparison of phenom￿ and CIDNA in a large breast screening pokxJlab"on." the Breast Screening and Moniloiing Study IBSMSI 4. The inhibitory propertes of a nosel sdeclNe LMTK3 knnase inhibrt THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Financial review During the year the tharity's income from au sources amounted lo £325.36S (2022.. £508.2261. In the same perii)d, expendilure on charitable adivibes totamed £389.577 {2022". £477,732), and the (x)st of raising funds lolalled £72,58612022'. £71,￿￿_ Accumulated funds as at 30 Septemter 2023 totalled £2,046.815l2￿22: £2.183,5931. Thè TnJstees consider thal the financia1 position as at 30 September 2023 is satisfactory. Approximately hvtsthirds of these lunds linduding those in Unrestr￿ted ftjnds) have been awarded to apwoved projects {see Note 131. 11 is the poliw ol ihe charity ihal unrestricted fvnds which have not been designated for a speufic use should be maintained al a level equivalent to be￿een ihree aTrJ SVA months expendilure. The Truslees CLJnsider that rèseNes al ihis level wll ensure that, in the event of a sgnrficanl drop in fvnding. they wll be able to continue the charity's currenl activities while consk1eration is given to ways in which add￿onal funds may be raised. This level of reserves has been mainlained throughoul the year. Plans for the future The chaiity will rA>ntin￿ to lund all of the projects already approve(l. and to fundraise io support other ￿searCh aiming lo further undèrstand cance¥ and how to bettei dognose and treat rt. The charty will continuè to disserninate rèsults of ￿searth in published s(jentif￿ papers. M the oryanisatw)n's websiiè wd in rÈgular e- newsletters. Structure, govemance and managem•nt The charily is a ¢x>mpany limiled by guarantee. WKxJfpoTated on 8 September 2011 and registered with the Charlty Comrnission on 9 Septembw 2011. The caff*s out it5 a(*ivities using the wryking name Action Against Cancer. The Trustees, who are also the directors for the purpose of cc*npany and who served during Ihe year and up to the date of signalure of the finartcial statements were.. Mr Percy B&Wey Mr Jonathan S M Craft Mr Mauric* H Craft Mrs Rachel L Craft Mrs Michaela M Rees Jones Mr Lauren¢e J F Tarbo The Board of Trustees is authorised lo appoint Trustees to fill vacancies arisin9 thiough Ihe resignatK>n death of an existsng trustee. None of the TwstÈes has any benefiual inlÈrÈst in ihe o)mpany. All of the Trustee$ are member5 of the cornpany and guarantee io contribute £1 ir) the event of a winding UP. The charity be￿ffts from the provision of *¢omNKMlation and admintstrative supwt from QF Holdings NW Limited. a company that is cnntrolled by r£rtsin of the Trustees of Ihe thaiity. Nr) monetary value can be attribuled lo this supwjrt, and Iherefore rt 15 r￿1 induded in the Iinaw* stslements. There ale no other transactions wilh relate(1 parbes. The Trusws maintain a register of interests, whtch is updated at meeting. The Trustees have assessed the maD)r risks to whith the d)arrty is exposed. and are satisfied that systems ￿e in pla￿ to miti.gale exposure to thè major rsks. Inlemal ¢ontrol ri$k$ are minimise<1 by th8 wnplementation of wcodures for aLrthorisation of all transactions and projects. Pro¢edure$ a￿ in place to ensu￿ complk4ice with heamh and safety of staff. vo￿nteerS. dients and MSTtors. THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 On behall of the board of Iruslees Mr Mauri¢e H Crdft Trustee Dated.. 28 June 2024 THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HILARY CRAFf CHARrfABLE FOUNDATION LIMITED I report lo the Trustees on my exarn1nat￿ of the ffinanual statements of The Hilary Craft C￿?￿lab￿ FoundatK•n Lirniled Ilhe charity) for the year ended 30 September 2023. RvJpon$ibilitiÈ# and basis of report A$ the Trustees of the charity land also lis direclois for thè KMMrx)ses of (xsmpany lawl you arè responsible for the preparation ol th8 finarKi¥l slalem$nts in accordance with the requitemenls ol Ihe Companies AL# 20C61th8 2006 Adl. Having satisfied mysew that the ffinancial stalements of the cw are r¥)t required to be audrted under Part 16 of the 2008 Act and are eligible for independent examinathm, I report in ￿SPect of my examination of the charrty's financial slalements carr￿d oui under section 145 of Ihe Chariiies Act 2011 (the 2011 Act). In carying out my examination I have lollowed all ihe applicable Directk)ns given by the Charity Comrnission under section 14515}Ibl of the 2011 Act. Independent exafflinerfs statement Since Ihe charity's gross incDme exceeded £250.CfKJ yfMJr examiner must be a member of a boty listed in section 145 of the 2011 Ad. I confirm that l am otJalrf*d to undertake the examinaiK>n t￿uSe l am a member of ICAEW. which is one of the lisled todJ"es. I have cofflpleted my examinalK)n. l ¢wfinn that no matters have come to my attentp)n in cA)nnectiw wilh the exarnination g￿ing me cause to belEve that in any material respeGt-. accounting records were not kept in respect oflhe chanty as required by section 386 of the 2006 Act," or the financial statemenis do not accDrd with those records., or Ihe finan(aal statements do not u)mply with the accounb"n9 rewKements of sect¢on 396 of the 2￿6 Ad other than any ￿qUiremen1 that the accounts gNe a Irue an¢J fair ts nol a malter considered as part of independent examination", or the finanaal statements have not been prepared in accordance with the methods and principles of the Stalement of RecOmme￿led Practice for aco)unling aThJ reporling by charib'es applicable to Charit￿s prepar¢ng Iheir accounts in accordance with the Financial Reporting Standard applicat48 in the UK and Republ¢c of Ireland IFRS 102). I have no ¢on¢ems and have come a¢ross no other malteTS ￿ ¢onnedb)n wrfh the examinab.on lo which attenlw should ￿ drawn in this repurt in order to enab￿ a woper urwjerstsnding ofthe finanaal stalernents lo be feached. (LS JS. Aceountsnts & 8usinÈss Advisoys Llmlted PetsrAtkinson F.C.A James House Stonecross Business Pa Yew Tree Way Wdrringlon Cheshire WA33JD Dated. 28 June 2024 THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Current financial ye•r Unrnstricted Restri¢tsd run lunds 2023 2023 Totsl Total 2023 2022 Income from: Volunlary in¢om• Investments 182,550 42.618 1W,197 282,747 42,618 501,221 7,005 Total income 225,168 1(￿.197 325.365 508,226 Ex endlture on.. Raising funds 72.566 71,907 Charrtable ath"vrt*s 377.059 12.518 389.577 477,732 Total 449.625 12.518 462,143 549.639 Net lexpenditure)fin¢om* tor the yearl Net mov•m•nt in funds 1224,45n 87.679 {136.778) {41,4131 Fund ba18nc*s at 1 October 2022 2.171,316 12.277 2.183.593 2.225.OC6 Fund bala￿e¥ at 30 Sèpt¢mbèr 2023 1.946.859 99.956 2,046.815 2.183.593 The statement of financial activities includes all gains and losses reccrfJnised in Ihe year. All income and expenditure derive from continuing activities. The slatement of financAal activities also Complie$ with the requirements for an irKome and expenditure attount undw the Companies Act 2CiI6. THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Prlorfinancial year U￿￿trIcted Restricted funds funds 2022 2022 Total 2022 Motes Voluntary income Investrnents 464.027 7.Tr)5 37.194 501.221 7.005 Total incom¢ 471,032 37,194 508.226 nditurè on: Raising funds 71.￿)7 71,907 charrt$b￿ aijwities 339.665 138.[￿7 477.732 Totsl 411.572 138.067 549,639 Net leMpenditure)finct)mt for the ye•rl Net movèment in funds 59.460 I1￿,873) 141,413) Fund balances at 1 October 2021 2.111.856 113.150 2,225.006 Fund balanc•s at 30 September 2022 2.171.316 12.277 2.183,593 The statement of finaThial actNities iThSudes all gains and losses recognised in the year. The slatement ol financial actiwties indudes all gans and losses re(J)gnised in the year. All *xome and expenditwe derive from continuing acliwlies. The statement of financial aC￿VitieS also complies wilh the reQ￿rementS for an irKome and exPend[tu￿ account under the Cornpanies Act 2006. 10- THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER BALANCE SHEET AS A T 30 SEPTEMBER 2023 2023 2022 Notes Current ass•ts Debtors Cash al bank and in hand io 436 2,1th).020 391 2,239,418 2,1￿,456 2,239,809 Creditors.. amounts falling due within one year 11 (53.641) 156.216) Nel current assets 2.046.815 2,183,593 Funds ofthe charity Restr￿ed fuThls Unrestricied funds.. General unrestrided fun(J$ DesKJnated fijnds 12 99.956 12,277 705.222 1.241.637 658.197 1,513,119 13 2.046.815 2.183.593 The company is eniiued to the exemption from the audrt requirement contained in section 477 of the Companies Acl 2CW)6, for the year ended 30 Septethr 2023. The directors acknowledge their respon￿bilrtieS for complyin9 wth the requirements of the Companges Act 2008 with respect to accounting records and the prepwat*)n offw)ancial statements. The rnembers have not required the company to obtain an audit of rts ffinanoal statements for the year in queslion in accoidance with section 476. These ffinanryal slalemènts have been p￿pared in attor￿ar￿ vrith the rMovisK)ns applicable lo o)mpanie$ stsbject to the small Companies regime. The financial statements wefe aPPToved by Il* Tnjstees on 28 JU[￿ 2024 Mr mauri￿ H Craft Trustetr Company Registration No. 07767248 11 THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Cash flows from operating activities Cash absorbed by operations 16 1182.016) 170.5781 Inve$ting aetlvftlg$ Investrnent income received 42.618 7,005 Net cash genernted from investing act[vi￿•S 42.618 Net cash used in financing activities Net d•cr•as• in cash ab)d Cash equivalents (139.3981 {63,5731 Cash and cash equNalents at beginning of year 2.239.418 2.302.991 C*¥h and caBh equivalents at end of year 2.1￿.020 2.239.418 12- THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies Charity Inforn)ation The Hilary Craft Charitable Fcl￿daI•)n Limited is a private c4Jmpany limited by guarantee incorporated in England and Wales and a registered charity in EnglaTrJ and wa￿5. The registered office is 2 Regency Chambers, Jubilee Way. Bury. Lancashire. BL9 OJW. 1.1 Accounting convention The financial Statements have been prepared in aC￿rdan￿ with goveming docurnenl, the Companies Act 2006 and 'AcLounling and Reporting by char￿"eS.. Slatemenl of Recommended Practice applicable to Charit￿s preparing Iheir accounts in aCt0rdan￿ with Ihe Fin8nryal Reporting Standaid applicable in the UK and Republic of Ireland IFRS 1021" {a5 arnended for accounting periods commencing from l Jarwary 20161. The charity is a Pubhc Benefit Entty as defined by FRS 102. The ￿nanc￿l statements are prepared in sterfing. which is the functional ￿Then¢Y of the charity. Monetary amounts in these finanual ststements ace rounded lo the nearest £. The financial statements have boen p￿pared under the histor￿1 cost convent*)n. The principal accounting policies adopted are set oul t*low. 1.2 Going eoncem At the lime ol appromng the finanaal siatements, the TNstees have a reaSona￿e expectation that the charity has adequate resources to continue in operational existence for the foreseeable fvture. Thus the Trustees continue to adopt the going concem basis Of￿)Unt￿g in preparing the finanaal statements. 1.3 Charitable lunds Unrestricted fvnds are avalable for use * the disc*eb"on of the TnJ$tees ift fvrtheran¢e of their charitable objectives. RestrNXed funds are subJ"e¢l to spe¢ifi¢ c4)ndilions by donors as to h(M Ihey may be used. The purposes an¢J usès of the restricteil lunds are sel out in the notes to the ￿Ounts. 1.4 Income Inwme 15 recognised when the charity is *alty enlitled to rt after any perf0rnan￿ condit￿nS have been met, the amounts can be meas¢Jred reliabty, rt is prOba￿e that income will be recewed. Cash donations are recognised on r￿1p1. Othei donabons are fe(x)gniseil once the tharity has been notffied of the donatK)n, unless performance conditions require deferral of the amount. Inwme lax recoverable in relab.on to donations receNed under GiftAKJ or deeds of covenant 15 recogni5ed at the time of Ihe donation. Legaaes are recognised on rw*ipt or otheMise rf the tharity has been notified of an impending ¢Jistribulk)n. the amount is known. and receipt 15 expected. If the amount is krx)wn. the le9￿ is Irealed as a ¢orbtingent assei. Donated seNees aTe re¢c*Jnrseime when the tharity has control over Ihe item. any cOr￿lI10n$ associated with the Jtem have been mel. thè reeèipt of thè e￿nOMiC bènèfrt from the use by the charity of the rtem is wobable and the the econoffl￿ be[￿ffi can be measvred reliabty. On ￿￿1pt, donated services are re￿nised on the basis of the value of the gift lo the Ch￿tY which is the amtsunl the charity woukl be willing to pay to oblain servrces or tsalit￿S of equivalent economic benefit on the open market". a Corresponding amount is then reco9nised in expenditu￿ in the period of re￿ipt. 13- THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting polici•s (Continued) 1.5 Expenditure Expenditure is recwised on Ihe ba&s. Fundraising costs ale those irtDJrred in generaling fund5 and do not indude the o)sts of disseminating information in support of the Charitab￿ aclwities. &Jpport costs a￿ thosè ujsl incajrred dwecty in SLwori of &xpendrtU￿ of the obie(as of ihe charity. Overhead costs are albcaled on the basis of Ihe actual Spend by acliwty. 1.6 Cash and eash •quivalÈnts Cash and cash equwalenls Èndude cash in hand. deFKJSts he￿ at call WTth banks, other short-terrn liquid inveslments with original maturities of th￿e rfy)nths or W. aTrJ bank overdrafts. Bank overdrafts are shown within borrowings in ￿J￿ent liabilrties. 1.7 Financial instruments Thè charity has elected to appty the prowsion$ of Sedion 11 'Basic F￿anUal Instruments, and Seclion 12 'Other Finanaal Instrnments Issues, of FRS 102 to all of its finanual instruments. Financial instruments are recogntsed in the charitys balance sheet when Ihe charity becnmes party to the contractual provissons of the instrument. Financial assels and liatslities are offsel. wilh the nel amoLtnts presented in Ihe finanaal statements, when there is a legally enforceable righl to set off the recognised amounts and there is an intention to settle on a net bas(s or to realise the asset and seltle the liabthty S1￿￿j11ane0u$ty. Basic flnancial assets Bast¢ financial assets, whi¢h indude debtors and cash and bank balan￿5. are initially measured at Irans8clDn pnce indudirvJ transadion costs and are subsequently carried at amortised CLJSt using the effective interest melh(xJ unless the afrangement ¢onstrtules a financing transactiorb. where the IransactDn is measured 81 the present value of Ihe futu￿ receipts dis(X)￿led al a market rate of interest. Financial assets dassified as r￿e7v31￿e wrthin one year afe ntx al￿Ntised. Derneognition olllnaneialassots Financial assets are derecognised onty when the contractual rights to the cash flows from the asset expire or are setued. of when the tharty transfers the finanual assel and subslanlralty all the risks and rewards of ownership to another entty, or rf sorne signfficanl risks and rewards of ownership are retained but control ol the asset has transferred to another pwty that is able to sem the asset In its entirety lo an unielated third party. Basic financial liabilities Basic finanaal liabilits'es. indLthg ueditors bank fv)ans are inth'ally recognised al transaction pricè unlèss the arrangement constrtutes a financiThJ transaction. where Ihe debt Inslrumenl is measured al the present value ol the future payments disCoL￿tell at a market rale ol interesl. Financial liatslities ckssrfie(l as payablè within one year are not amorti5ed. Debt instruments are sub5equentty carwie(l al arn￿￿ed cost. usry the effedjve inleresl ￿le method. Trade creditors are ob19atior￿ to pay for 9oods or seNces that have twi a(4uired in Ihe ordinwy course of operations from suppliets. Amounts paYa￿e are ClasSrf￿d as current liabilitiès rf payment is due within one year or less. If not, they a￿ presented as non-currenl liabilities. Trade ueditors are rerA)ynised irulialSy at Iransaclion pri¢e and subsequenuy measured al am0￿.sed ￿st usng the effe¢ttve inleresl method. 14- THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policie8 (Continued) Derecognition of financial liabilities Financial liabilities arè derecognised when the d)ariVs contractual oblwJ*ions expire or are discharged or can¢elled. 1.8 Employee beneffts The cost of any unused holKlay entitlement is recognbsed in ￿ wiod in whith the employee's SerV￿S are re￿Ived. Terminaiion benefrts are recognised immediatety as an expense wthen the charity is ￿eTr￿nstrab1y cormiitted to terminate the enwbyment of an employee or to provide temination beneffts. 1.9 Retirement benefits Payments to defined c￿nt￿bUt¢On retirement benefrt schemes a￿ charged as an expense as they fall due. Incn fèes Bank charges Professional fees 4.050 2.000 560 747 2.OLM) 560 747 324 3,307 3,307 5,017 Analysed befvleen Charitable actNities 3.307 3.307 5,017 Govetnartce wsts indude £2,(MJJ 12022." £4.0501 in relalion lo a¢¢ountsnw fees payablè to Ihè independent examiner12022'. auditor). These semces We￿ don*ed by the indÈpendÈnt Èxaminer and hencè are induded vrithin voluntsry irKx)me. Trustees Nonè of the Trustees lor any persons comeded V￿th them) received any remuneralh)n or beneffts frorn thè charity during the year. A close family member of a trustee was remunerated for athinistrative serv￿$ provided in the year tolalling £15,(KQ {2022.' £15.(￿1. Employeés The average monthly numbef employees during the yeai was: 2023 Number 2022 Numbèr Management Employmènttosts 2023 2022 Wages and salaries Soaal seujrity costs Other pens￿ costs 65,524 1,690 1.289 64.250 2,42S 1.283 68.503 67,958 No employees had anNJal remuneralion of£60.LIXJ ¢y more. Many of the r¢searth projects invofve the use of PhD students. Action Against Can¢er is currentty furnling number of PhD sludentships and fellowshps at lrnperial College. L￿7th)n and ARU, Cambridge to support the ￿search work 17- THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 T•x*tion The ¢h8rity is exempl from tax on income and gains lalling wrftiin section 505 of the Taxes Ad 1988 or section 252 of ihe Taxation of Chargeable Gains Aci 1992 10 the extent that these are applied to its ¢haritable objects. 10 Debtor¥ 2023 2022 Amounts falling due wilhin gno year. Prepayments and aclyued ino)me 391 11 Creditors: amounts falling due withln year 2023 2022 Trade creditors Olher ￿dItorS 51,728 1,913 54,422 1.794 53,641 56.216 12 Restrlcted lunds The restricted funds of the tharity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement In funds Mov•mènt in lunds B•lanc•ai Income Eywndituve Pa*nc¢ •1 Income Eyndilufg 1 Ocioter 1 October 2021 2022 Balan¢e at 30 SeptÈmbgT 202J ARU Laboratory Cancèr slem cells rèsearch Breast cancer research 95.￿7 95.￿1 113.150 11LKI,8n) 12.277 {37,194} 18.288} 14,230) 3.989 37.194 113.150 37.194 {138,C67) 12.277 1CQ,197 {12,5181 99,956 The research work being undertaken ts desuibed in detail n the Trustees. Rewt under Research Themes. 18- THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 13 Designated funds Out of Ihe total funds of £2,046.815 availabb, indudirrfj unrestn.cted ￿1x)rne, ftJnd$ have been awardèd to approve¢J proiÈcts where planned luturè expendrture ovèr the nèxt fv40 yèars is ¢alculated lo be £1,341.593. Of this, £99,956 are restrided funds and £1.241.637 are unrestricted funds Oesignaled fLmds were awarded to projects wthin the research themes sh(rwn in the table below. ramme area Genetic Swi1ches LMTK3 CSC'S UCB Metastasis ARU LatM)ratory Totsl unds desi 203.434 85S.(KH 8Q.034 14,618 ated cted n￿trIcted 203.434 856.004 76.045 14,618 388 95.968 1.241.637 15.2 3.989 187,115 1,341.S93 95,967 99.956 13.9 l(X).00 14 Analysis of nel ¥ss¢ts betwt•n funds Unrestn"¢ted funds 2023 R•strict•d lunds 2023 Totsl UnreStr￿ted Reslricted funds fLmds 2022 2022 Total 2023 2022 Fund balanres al 30 Septernbef 2023 are represÈnted by- CU￿nt asselsllliablities) 1,946,859 99.956 2.046.815 2.171.316 12.277 2,183.593 1,946,8YJ 99.956 2.046,815 2.171.316 12,277 2.183.593 IS Related party trdnsactions Other than as disdosed in note 7. there ￿re no disclosable related party transa¢lions during thè year (2022- none). 16 Cash generated from operations 2023 2022 Defityl for thè year 1136,7781 {41.4131 Adjuslments ft>r. Investment in¢ome recogThsed in statement of finanoal ac1￿￿11¢$ 142.6181 17.0051 Movements in workiThJ ¢apita'. (Increase) ￿ debtors IOe¢réasÈ) in ¢redrtors 1451 12.575} 1101 122,1501 Ca$h ab$orlJed by operations 1182,016} 170,5781 17 Analysis of ¢hanges In net funds The chafity had no malefol debt durrng the year. 19-