Company registration number 07767248 IEngland and Wales) Charity registration number 1143743 {England and Wales) THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr Percy Beckley Mr Jonathan S M Craft Mr Maurice H Craft Mrs Rachel L Craft Mrs Michaela M Rees Jones Mr Laurence J F Tado Ambassadors Ms Tiffany Chawner Ms Nicola Floyd Mr Julian O'Dell Mrs Cheryl Whitehead Patrons Lord Alliance CBE Harry & Carolyn Black Barry Boas Roger Cadbury Family Harold & Daphne Cooper Charitable Trust Peter & Marilyn Cooper John Emery Alessandro Dusi Isabel Ettedgui The Fallon Family Charfes & Diane Herfinger Michael & Lottie Hunter Bevs Malim Martin O'connor Sir Paul & Lady Ruddock Chris Sharp Michaela M Rees Jones Secretary Mrs Joyce Fletcher (JPI Charity number 1143743 Company number 07767248 Principal address 2 Regency Chambers Jubilee Way Bury Lancashire BL9 OJW Registered office 2 Regency Chambers Jubilee Way Bury Lancashire BL9 OJW
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER LEGAL AND ADMINISTRATIVE INFORMATION Accountants JS. Accountants & Business Advisors Limited James House Stonecross Business Park Yew Tree Inlay Warringlon Cheshire WA3 3JD Bankers Virgin Money 17-21 Oxford Street Bolton Lancashire BL1 1RD
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER CONTENTS Page Chairman's slalement Trustees, report Independent examiner's report Statement of financial activities Balance sheet 10 ststemenl of cash flows Notes lo the financial statements 12-19
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Action Against Cancer was sel up in September 2011, 'TD promote and protect the health of the public, in particular by research into the prevenb"on, treatment and cure of all forms of cancer, including research into practical applications for the prevention, treatment and cure of cancer and lo disseminate the useful results of such research to the public.. The Trustees are pleased that the charity continues lo fulfil this role. and has in that time established a particular place in the cancer research sector. SLJPPOrting brand new projects with initial funding, as well as granting continued awards for ongoing pioneering work. Within this report there are details of achievements made with support from Action Against Cancer in laboratories al Imperial College London, the University of Sussex and al Anglia Ruskin University Cambridge. An exceptional breakthrough was made with the idenlificalion of a cancer off swtch. that offers much new hope for patients. One of our breast cancer projects was showcased al the 2025 European Association for Cancer Research. We are proud to support the incredible research of all of the dedicated scientists that we ftjnd. Fundraising continues to be challenging, but committed supporters and new donors gave generously during the year. I give my personal thanks to all of the Patrons, Ambassadors, individuals, companies, charitable trusts and foundations who continue to support Action Against canr. Mr Maurice H Craft Chalmian 24-Jun-2026
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustees present their report and financial statements for the year ended 30 September 2025. The financial slalements have been prepared in accordance with the accounting policies sel 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 Practi applicable lo charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelantl IFRS 1021 (effective 1 January 20191 Objectives and activities The objectives of the charity have remained unchanged. These are lo promote and protect the health of the public, in partiCLJlar by research into the prevention. treatrnent and cure for all forms of Canr. This includes research into practical applications for the prevention, treatment and cure of cancer and lo disseminate the useful results of such research to the public. The Charty Commission's general guidance on public benefit has been referred to when reviewing our aims and objectives and in planning our future aclivilies. Public Benefit We review our aims, objectives and activities each year. We have referred lo the guidance contsined in the Charity Commission's Charities and Publi¢ Benefit document. All of our charitable activities fows on promoting and protecty'ng the health of the publi¢, in particular applications for the prevention, treatment and ¢ure of Cancer. Scientific Advisory Board Aclion Against Cancer is privileged that the following scientists and clinicians have agreed to serve on OLJr ScienlificAdvisory Board.. Professor Heinz-Josef Lenz - Deputy Director for Research Program and Head of the Gastrointestinal Canr Program, USC Norris Comprehensive Canr Centre DrAbby Siegel - Assistant Professor, Department of Medicine, Columbia University Medical Cenlre, New York Dr Siddhartha Mukherjee- Associate Professor of Medicine, Columbia University Medical Centre, New York Professor Pramod K. Srivastava - Director, Carole and Ray Neag Comprehensive Cancer Cenlre, Connecticul 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 lo therapy ILMTK31 Understanding the Cancer Brain Melaslasis Cancer Stem Cells Cancer Stem Cells ICSCsl only ¢onslitule up to 5Q/o of a cancerous tumour, bul they generate the fast multiplying cells that make up the majority of the rest. CSCS are also linked to some of the most malignant features of Canr, including treatment resistan and the ability lo spread to other parts of the body. It can be many months or even years after successful treatment of a primary tumour, before secondary cancer spreads. This has been described as if the dandelion has been removed from the lawn, bul the CSC root is left below the surface lo regrow al a later date. Action Against Cancer is funding a number of projects examining CSCS, lo enable the development of treatments that specifically tsrgel them - lo more fully cul can¢ers out by the roots. The scientists are working lo gain a thorough understanding of how CSCS operate and to answer vital questions such as.. Vvhy do rtain patients not respond lo treatments? What conditions allow some lumours lo spread around the body. How could future talments specifically tsrgel the most malignant cells?
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 EXAMPLE OF PROGRESS.. Tacklin the Most A ressive Cancer Cells Cancer cells within the same lumour are not Identical, they carry different mulalions that can either work together or against each other during Cancer progression. A research team, funded by Action Against Cancer al Imperial College London, has been investigating the potential development of combination therapies that eliminate the most aggressive lIS while sparing heatthy tissue. They have SUesSfullY identified genes belonging to bNo known cancer-driving pathways. that when mutated together, lead to a more invasive and aggressive phenotype. The team will examine this phenotype in greater detail to understand why cells become more aggressive and how we can slop this by targeting both pathways. Led by Dr Nina Moderau, this research was one of 12 projects chosen out of 1,700 entries to be showcased al the European Association for Cancer Research Annual Congress 2025. Genetlc Swltches Since the mapping of DNA with the Human Genome Proje¢t, there is greater understanding within the scientific community of some aspects of Canr. In the past, the vast majority of DNA was believed to be 'junk' as it does not code for protein. It was thought only a small amount of DNA was significant, that which turns into single stranded RNA, and then into proteins responsible for the structures and functions we are familiar with (brown hair, blue eyes elcl. However, il is now known that much of DNA is in fact transcribed into non-coding RNAS, some of which play important roles in nomial biological function. gene regulation and ¢an¢er development. A¢lion Against Cancer is funding a range of projects related lo identifying non-coding RNAS that are operating as genetic switches causing cancer to grow or shrink. EXAMPLE OF PROGRESS.. FatTissue and Canr Cells The team al the Professor Slebbing Cell and Molecular Blo1Y Laboratory al Anglia Ruskin University Cambridge, are investigating how fat tissue affects the progression of breast and colorectal cancer. Their main hypothesis is that fat tissue offers fuel for the growih of specific POPLJlations of cancer cells with more aggressive capabilities, thus is more prone to spreading in the body. Comparing the cancerous fal tissue from lean people and from obese people may help identify new molecules from fal or cancer cells that play a key role in the development and progression of cancer, which could ultimately improve diagnosis and treatment for patients. Funded by Action Against Cancer, the team have developed a sophisticated 3D model and conducted numerous experiments revealing significant findings, including the identification of proteins that could be biomarkers for new drug targets for therapies and to identify higher-risk patient subgroups. Developing a drug for a totally new approach to therapy ILMTK31 The identification of a new cancer causing gene in 2011 by Professor Georgios Giamas was the earliest significant breaklhrDugh supported by Action Against Cancer. This gene called LMTK3 is new to humans, and is expressed more in cancer lIS than in nomial lIs. Those cancers that have high levels of LMTK3 are also much more aggressive. Since 2011 we have funded Professor Giamas, research aiming lo develop an anti-LMTK3 drug. This would be to overcome the resistance lo treatments that often develops wthin patients, bodies. Many patients respond well to initial treatment bul then develop resistsn¢e to il - this is when, with Currently available treatments, their cancer becomes much more difficult to treat. A potential anti-LMTK3 drug will be specifically designed lo work in conjunction with a patient's existing treatment, and in a way that overcomes chemotherapy or horrnonal therapy resislance, allowng these treatments to start working again. This would be a momentous slep in the history of canr treatment.
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 EXAMPLE OF PROGRESS.. Cancer°off switch. A study was published with a cancer "off switch" breakthrough in this research programme funded by Action Against Cancer. The team al the University of Sussex has revealed that blocking the LMTK3 protèin can prevent breast cancer lumours from tuming immune cells into 'friends'. In cancer, immune cells can be either 'friends' or Yoes,, depending on the specific 11 type and the lumour microenvironment. The team has discovered that high levels of LMTK3 in breast cancer cells can trick the body's defences - and that switching il off wf(h drugs could lurbLFcharge immunotherapy by fighting lumour cells, thereby delaying or preventing spread and ultimately prolonging lives. LMTK3 is also present in other parts of the body - including the lungs, thyroid, sloma¢h, colon, ovaries and skin meaning the findings could have positive implications on a range of cancers. Understandlng the Cancer Braln 11 is thought that canr 11$ have a 'brain', which is responsible for tuming the Cells 'on' or'off. We are funding research lo gain a comprehensive understanding of this cancer brain, by learning exactly what lakes pla during the onset and growih of cancer- one protein at a time. Proteins are present in all of the lIS in our body, including in canr 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 lo a given drug. One of the main approaches in studying cancer cells and Identifying new Irealmenl targets is lo analyse their protein content in great detail. Action Against Cancer supports research lo understand cancer cells, to pave the way for the design of drugs tsrgeling those proteins that are found lo play the most important role in the progression of cancer. EXAMPLE OF PROGRESS.. Immune S stem and Cancer Pro ression Over the years, research has often focused either on immunology or on canr biology. Supported by Action Against Cancer, a team led by Dr Biancastella Cereser al Imperial College London, is bringing these fields together lo examine how the Immune system influences cancer progression. Current understanding recognises that cancer can escape the body's immune system and continue lo multiply. The team are studying the mechanisms cancer cells develop to evade immune surveillance and how lumours use specific cells to survive- and crucially, lo find ways lo prevent them doing this. By engineering immune lIS and combining them with cancer cells that harbour defined mutations, they were able to analyse how immune cells transform into either a tumour-promoting or a tumour-inhibiting state. The team successfully discovered immune cells that respond differently to specific mulalions. They plan lo investigate the mechanisms behind immune evasion and identify ways to activate immune cells so they can attack cancer cells again. Metsstasls When cancer is said lo have spread this means it has melaslasised. This is when cancer cells break away from where they first formed and travel through the blood or lymphatic systems to fomi new tumours in other parts of the body. This development of secondary canr is called metasiasis. A metastatic tumour is the same type of cancer as the primary tumour. Action Against Cancer funds a number of projects that are linked lo understsnding the causes of metsstssis, in order to.. more effectively predict the likelihood of cancerous cells melaslasising Ispreadingl in each patient. tailor the lesling for patients with a high likelihood of their cancer melaslasising so as to improve the likelihood of earfy diagnosis. improve the treatment strategies for these patients On a propensity for melaslasis of their cancer has been identified, thus greatly Increasing their chances of survival.
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 EXAMPLE OF PROGRESS.. Pioneerin a Brain Tumour Blood Test Brain melaslases (when cancer spreads lo the brainl are a serious and often life-limiling development for many people living with Cancer. They are especially wmmon in individuals wlh lung Cancer, melanoma, and Certain types of breast cancer. Al the moment, the is no way lo predict who will develop brain melaslases, and diagnosis often means undergoing risky brain surgery. Even after diagnosis, regular MRI scans are used to check if the cancer has come back-bul these are expensive. sometimes inconclusive. and can be very stressftjl for patients and families. Action Against Canr is collaborating wf(h the Sussex Cancer Fund to support a potentially lif&changing research project- developing a simple blood lesl to detect and monitor the spread of brain cancer, removing the need for risky brain surgery and stressful MRI scans. Achievements and perforniance Income continues lo remain al a much lower level than during pre-covid pandemic times. However, committed and new donors gave generously during the year. Everyone involved with Action Against Cancer is enormously grateful to the individuals, companies and trusts and foundations that have donated towards our work. A small number of fijndraising events took place during the year, including notably a lecture arranged by Action Against Cancer, A Movable Feast and a charity ball organised by supporters, which combined with donations received raised £101,600. We are incredibly proud of the groundbreaking work the scientists in the laboratories al Imperial College London, the University of Sussex and Anglia Ruskin University Cambridge have achieved during the year. Below is a sample of published papers describing work wholly or partly funded by Action Against Cancer.. LMTK3 regulation of EV biogenesis and cargo sorting promotes tumour growth by reducing monocyte infiltration and driving pro-lumourigenic macrophage polarisalion in breast cancer (published 23rd May 2025 In Molecular Gance Preserving Fossilized Soft Tissues.. Advancing Proteomics and Unveiling the Evolutionary History of Cancer in Dinosaurs (published 3rd April 2025 In Biologyl 3. Spatial biology unravelling Complexity within the glioblastoma microenvironmenl Ipublished 101h February 2025 in Tr8nds in Mol8cular Medicine) Financial review During the year the Charity's income from all sources amounted to £267,904 12024.. £539,6761. In the same period. expenditure on charitable ath'vib'es totalled £500,923 12024.. £421,250), and the cost of raising ftjnds totalled £76,03312024'. £75,129). Accumulated funds as at 30 September 2025 lolalled £1,781,06012024.' £2,090,112). The Trustees consider that thè financial position as al 30 September 2025 15 satisfactory. Approximately tWO-Ihirds of these funds (including those in unrestricted fundsl have been awarded lo approved projects Is* Note 131. 11 is the policy of the ¢harity that unrestri¢ted funds which have not been designated for a spe¢ifi'¢ use should be maintained at a level equivalent to betteen three and six months expenditure. The TrLJStees 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 lo ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Plans for the future The Charity will ¢onlinue lo ftjnd all of the projects already approved, and lo fundraise lo support other research aiming to further understand canr 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.
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 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 charty carries out ils activities using the working name Action Against Cancer. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial stalements were.. Mr Percy Beckley Mr Jonathan S M Craft Mr Maurice H Craft Mrs Rachel L Craft Mrs Michaela M Rees Jones Mr Laurence J F Tarlo The Board of Trustees is authorised to appoint new Trustees to fill vacanaes arising through the resignation or death of an existing trustee. None of the Trustees has any benefi¢i81 interest In the company. All of the Trustees are members of the company and guarantee lo contribute £1 in the event of a winding up. The charity benefits from the provision of accommodation and administrative support from QF Holdings NW Limited, a company that is controlled by certain of the Trustees of the charity. No monetary value can be attributed to this support, and therefore il is not included in the financial slalements. There are no other transactions ¥Arith related parties. The Trustees maintsin a register of interests, which is updated al 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 lo the major risks. Internal control risks are minimised by the implementation of procedures for aulhorisation of all transactions and projects. Procedures are in place lo ensure compliance with health and safety of staff, volunteers, clients and visitors. On behalf of the board of Iruslees Mr Maurice H Craft Trustee Dated.. 19 June 2026
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED I report to the Trustees on my examination of the financial statements of The Hilary Craft Charitable Foundation Limited (the charityl for the year ended 30 September 2025. Responsibilities and basis of report As the Trustees of the charity land also ils directors for the purposes of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial slalements of the charity are not required lo be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 1451511bl of the CharitiesAct 2011. Independent examln&rfs statement Since the charity's gross income exeded £250,000, the independent examiner musl be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified lo undertake the examinats.on because l am a member of ICAEW, which is one of the Iisled bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that In any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. the financial slalements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the finanryal slalements give a true and fair view, which is not a matter considered as part of an independent examination.. or the financial slalements have not been prepared in accordance wth the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable lo charities preparing their financial slalements In accordan wth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this port in order lo enable a proper understanding of the financial slalements lo bè reached. (o JS. Accountants & Business Advisors Limited PeterAtkinson F.C.A James House Stonecross Business Park Yew Tree Way Warrington Cheshire WA3 3JD Dated.. 24-Jun-2026
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Current financial year Unrestrlcted Restrlcted funds funds 2025 2025 Total Total 2025 2024 Notes Income from- Voluntary income Investments 132,095 $4,469 71,340 203.435 64,469 464,881 74,795 Totsl Income 196,584 71,340 267,904 539,676 Ex endlture on: Raising funds 76,033 76,033 75,129 Charitable activities 299,996 200,927 500,923 421,250 Total 376,029 200,927 576,956 496,379 Net lexpenditurellincome for the yearl Net movement In funds 1179,4851 1129,5871 1309.052} 43,297 Fund balances al 1 October 2024 1,729,290 360,822 2,090,112 2,046,815 Fund balances at 30 September 2025 1,549,825 231,235 1,781,060 2,090,112 The statement of financial aclivilies indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Prior financial year Unrestrlcted Re$trlcted funds funds 2024 2024 Totsl 2024 Notes Income from- Voluntary income Investments 105,563 74,795 359.318 464,881 74,795 Totsl Income 180,358 359,318 539,676 Ex endlture on: Raising funds 75,129 75,129 Charitable activities 322,798 98,452 421,250 Total 397,927 98,452 496,379 Not lexpgndllurglllncome for th& yearl Net movement in funds 1217,5691 260,866 43,297 Fund balances al 1 October 2023 1,946,859 99,956 2,046,815 Fund balancos at 30 Sgptgmber 2024 1,729,290 360,822 2,090,112 The statement of financial activities indudes 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 2025 2025 2024 Notes Current assets Debtors Cash at bank and in hand 10 436 2,157,258 1,829,262 1,829,262 2,157,694 Creditors- amounts falling due within one year 11 148,2021 167,5821 Net current assets 1,781,060 2,090,112 Funds of the charlty Restricted funds Unrestricted funds.. General unreslricled ftjnds Designated funds 231,235 360,822 567.950 981,875 567,881 1,161,409 1,781,060 2,090,112 The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2025. The directors acknoTMedge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have not required the company lo obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordan with the provisions applicable lo companies subject to the small companies regime. The financial statements were approved by the Trustees on 19 June 2026 Mr Maurice H Craft Trustee Company Registration No. 07767248 10-
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Notes Cash flows from operatlng actlvltles Cash absorbed by operalions 18 1392,4651 117,5571 Invgstlng actlvltl&s Investment income reiVed 64,469 74,795 Net cash generated from investing activities 64,469 74,795 Nat Cash ggngrat9d from flnan¢lng actlvltl8s Net Idecreasevlncrease In cash and cash equlvalents 1327,9961 57,238 Cash and cash equivalents at beginning of year 2,157,258 2,100,020 Cayh and cash equivalents at end of year 1,829,262 2,157,258
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies Charity inforniation The Hilary Craft Charitsble 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 OJW. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charity's governing document. the Companies Act 2006 and °Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021° las amended for accounting periods commencing from 1 January 20161. The charity is a Public Benefit Enlily as defined by FRS 102. The financial statements are prepared In slerfing, which is the functional currency of the charity. Monetary amounts in these financial stslemenls are rounded lo the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the time of approving the financial ststemenls, 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 at the discretion of the Trustees in furtherance of their charitable objectives. Reslricled funds are subject lo speafic conditions by donors as to how 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 lo 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 condrfcions require deferral of the amount. Income lax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or othenNise rf 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 mel, 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 reipt, 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 lo pay lo obtain ServIS or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. 12-
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng pollcles Icontlnuedl 1.5 Expendltu Expenditure is recognised on the accruals basis. Fundraising costs are those incurred in generating funds and do not include the costs of disseminating information in support of the charitsble aclivilies. 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 aclivily. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call wlh banks, olhei short-lerm liquid investments with original malurilies of the months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. 1.7 Flnanclal 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 ils finanaal instruments. Financial instruments are recognised In the charity's balance sheet when the charity becomes party lo the conlraclual provisions of the Inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial slatemenls, when there is a legally enfOrable right to sel off the recognised amounts and there is an intention to sellle on a nel basis or to realise the asset and setue the liability simLJltaneously. 8aslc flnanclal assets Basic finanaal assets, which include debtors are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslitules a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted al a markèt rale 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 flows from 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 enb'ty, or if some significant risks and rewards of ownership are retained but control of the asset has transferred lo another party that is able lo sell the asset in its entirely to an unrelated third paty. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised al transaction price unless the arrangemènt conslitules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 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 CLJrrent liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derècognised when the charity's contractual obligations expire or are discharged or cancelled. 13-
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng pollcles Icontlnuedl 1.8 Employee beneflts 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 lo lerminale the employment of an employee or to piovide lerminalion benefits. 1.9 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Income from donatlons and legacles Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Donations and gifts Fundraising events 77,837 54,258 71,340 149,177 54,258 80,301 25.262 359,318 439,619 25,262 132,095 71,340 203,435 105,563 359,318 464,881 Income from Inv&stments Unrestrlcted Unrestrlcted funds funds 2025 2024 Interest receivable 64,469 74,795 Raising funds Unrestricted Unrestricted funds funds 2025 2024 Costs of generating voluntary income Travelling and subsisten Printing, stslionery and postsge Fundraising expenses Other expenses Advertising Stsff costs Insurance 1,250 1,035 305 93 410 168 737 72,827 987 72.177 1,173 Costs of ganerating voluntary income 76,033 75,129 14-
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2025 Charitable activitie5 Unrestricted Restricted 2025 2025 Totsl Unrestricted Restricted 2025 2024 2024 Total 2024 LMTK3 drug development Cancer stem cells research Pancreatic cancer research Genetic switches Breast cancer research Understanding the cancer brain ARU Laboratory 119,509 119,509 567 11,267 17,255 140,922 50.599 57,231 50,599 61,220 567 10,000 3,989 1,267 17,255 127,642 42,671 169,430 2,389 25,790 45,040 195,220 13,280 24,188 24,188 177,080 177,080 66,304 66,304 289,861 200,927 490,788 319,931 98,452 418,383 Cost of fundraising activities Share of governance costs (see note 61 8,970 6,970 3,165 3,165 2,867 2,867 299,996 200,927 500,923 322,798 98,452 421,250 Analysis by fund Unrestricted funds Restricted funds 299,998 299,996 200,927 322.798 322.798 98,452 200,927 98,452 299,998 200,927 500,923 322,798 98,452 421,250 Support costs Governance costs 2025 2024 Independent examination fees Bank charges Professional fees 2,000 820 345 2,000 820 345 2,000 570 297 3.165 3,165 2,867 Analysed between Charitable activities 3,165 3,165 Govemance costs include £2,00012024.. £2,000) in relation lo accountancy fees payable lo the Independent examiner. These services were donated by the independent examiner and hence are included within voluntary income. 15-
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2025 Trustees None of the Trustees lor any persons connected wth them) received any remuneration or benefits from the charity during the year. A close family member of a trustee was remunerated for adminislralive services provided In the year lolalling £15,00012024.. £15,000). Employees The average monthly number employees during the year was.. 2025 Number 2024 Number Management Employment costs 2026 2024 Wages and salaries Social security costs Other pension costs 68,810 2,046 1,321 69,690 1,816 1,321 72,177 72,827 No employees had annual remuneration of £60,000 or more. Action Against Cancer is currently funding a number of PhD sludenlships and fellowships al Imperial College London. the University of Sussex and Anglia Ruskin University Cambridge lo support the research work. Taxation The charity is exempl from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. 10 Debtors 2025 2024 Amounts falling due within one year: Prepayments and accrued income 436 16-
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2025 11 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other creditors 46,375 1,827 65,762 1,820 48,202 67,582 12 Restrictèd funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as to how they may be used. Movement in funds Income Expendf(ure Balance at l October 2024 Movement in funds Income Expenditure Balance at 1 Octob8r 2023 Balance at 30 Septemb8r 202S ARU Laboratory Cancer stem cells research Breast cancer research Genetic switches Pancreatic cancer 95,967 331,159 166,3041 360,822 17,500 1177,0801 201,242 3,989 13,9891 125,7901 12,3691 30,560 13,280 15671 113,2801 29,993 25,790 2,369 10,000 110,0001 99,956 359,318 98,452 360,822 71,340 200,927 231,235 The research work being undertaken is described in detail in the Trustees, Report under Research Themes. 17-
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2025 13 Designated funds Out of the lolal funds of £1,781,060 available, including unrestricted income, funds have been awarded lo approved projects where planned ftjlure expenditure over the next years is calculated lo be £1.213,110. Of this, £231,235 are restricted funds and £981,875 are unrestrided funds. Designated fvnds were awarded to projects wthin the research themes shown in the table below. Programme area Genetic Swtches LMTK3 CSC'S UCB Metastasis ARU Laboratory Total Funds designated 170,755 685,896 104,769 34,302 9,388 208,000 1,213,110 Restricted 29,993 Unrestricted 140,762 685,896 104,769 34.302 9,388 6,758 981,875 14.1 56.5 201,242 231,235 17.1 100 14 Analys1$ of net a$$gts betW99n funds Unrestricted funds 2025 Restricted funds 2025 Total Unrestricted funds 2024 Restricted funds 2024 Total 2025 2024 Fund balances al 30 September 2025 are represented by.. Current 1,549,825 231,235 1,781,060 1,729,290 360,822 2,090,112 1,549,825 231,235 1,781,060 1,729,290 360,822 2,090,112 15 Related party transactlons Other than as disclosed in note 7, there were no disclosable related party transactions during the year12024 - none). 16 Cash absorbed by operatlons 2025 2024 {Defirytllsurplus for the year 1309,0521 43.297 Adlustments for: Investment income recognised in statement Df financial activities 164,4691 174,7951 Movements In worklng capltsl: Decrease in dèbtors IDecreasellin¢rease in creditors 436 119,3801 13,941 Cash absorbed by operations 1392,4651 117,5571 18-
THE HILARY CRAFT CHARITABLE FOUNDATION LIMITED ACTION AGAINST CANCER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2025 17 Anatysis of changes in net funds The charity had no material debt during the year. 19-