Pancreatic Cancer Research Fund (A company limited by Share Capit) Annual Report and Finanrial St*ments ferth9 Year Ended 30 November 2023 RFM Associates Chortered Accountants 10 Cartw Woy Waiford HertfoTdshire IND19 58G
Pancreatic Cancer Research Fund Contents Refer¢rtt and AdministratNe Detsls 2to3 Straleglc Rep 4t07 Trustoes, Report 8t011 Indendent AudRors' Report StateThent of Fin8n¢Sal A¢triMi¥s 12 13 Balance Sheet Statement of Cash FIv•VS Notes to Ihg Financial Statements Isto28
Pancreatic Cancer R•sèar¢h Fund Roferenca and Admlnlstratlve Dgtai18 Chlef Executlve Offlcer Mrs Margaret Blanks Registgred Office 71-75 Shelton Street Covent Garden London WC2H 9JQ The charty is Incorporated In England and Wales. C¢mp4ny Reglstratlon Mumber 08731110 1155322 Charity R¢gi$tratlon Number Auditor GnI Harrod Lerm8n Da¥ls LLP Chartered Acewntants 1st Floor H$alih8id House Marlborough Hill Harrow HA1 1UD RFM A880Ciates Chartered Accountants 10 Carew Way Watford Hertfordshire WD19 5BG Accountsnts Pago 1
PanGreatic Cancer Research Fund strategi¢ Report for the Year Ended 30 November 2023 The trustees, who are directors for the purposes of ¢ompany18w, present their slrategi¢ rep)rt for Iho year ended 30 November 2023. in complian¢¢ th s414C of the Comp8nies Act 2006. Achl¢vements and perfomianco Resegrch Awwds The five grants arded at tho end of 2022 (for Unlversity of Verp¢O1 (21. Carditt University, Univer3ity College London Cancer In$lituts, and Imperial College London) got undern8y during 2023. These are predominantty three-yew prcie(ts &4dTe58ing earfy diagnosis or now treatments lor pancrèatic cancer. An award was made for the conllnued suppcrt and development of the PCRF fis$u• Bank {see belcwl, The value of this award 15 £364,01 The PCRF TI$8u8 BwA( The PCRF Ti33ue Bank w8J launchod in 2016 with an inilkql grant 01 £2.4 mlltin and porttcpallon from six NHS Hospital Trusts Wh panBreali¢ cancer surgery Icok place. Slnce that limo. more than 2.500 pèople have donated samples and dafa. Thi5 In¢ludes 720 pan¢reaUc cancer patients. 118150 includes a large number of healthy donors and donu3 With other pancreabc dSsea$es, whose donation$ act as vital comparisons for rn•ny re8earch prolects. Th8re are now over 62,000 Indrdual $ample8 Stored In the Bank, irKluding li5su¢, urine, $alNa and blo¢xl products such as plosma and serum. Professor Gareth Thomas, a cancer pathokjglst and reseathr ai the UnNersty of &wlhamplon was appointed a5 the new Chair of the 8ank's fissuvA¢cess Commrttee. which ensures that only the very bèst application8 are granted a¢cess to tho Bank's preaous Tesouices. Devgbpmenls fr¢Jm past research awards A prevlously PCRF-funded project has underpir¥d Ihe devebpmenl of a potgnual new dwug to tackle pancreatic Gan¢er soon to be tested in ditN¢al tri81s. Prof6ssor Stephgn Neidle and his team at UCL In London tested iwo compounds they had developed on MÉG• ond showad that thay t4od(ed the acih)ns of key gene5 respon$ibtè for drmng the can¢erfg Tho compounds work in a Corn¢te new way Current avBilable drugs, tsTgeting specTr abnomialities In the human genne that 8r seen in several cancers that are re5i5tsnl lo ¢hemolhernpy- Including p8n¢realic cancer. Since th8 PCRF grant ended, Prof Neidle has created ngw version of the compound with the most potsnlial to make rt even more potent In eady 2022. UCL licensed the eDrnpounds 8nd technology bÈhind it to a small US biu4e¢hnology ¢omparny who plannad (o take the drug into clinicaj tdals in the US, hopefulty in late 2023. and then in Europ& The US Tegulatory by, Ihe Amèrican Food and Drug Administratton. has given Ihe trials the green light to PTo¢eed. Patient recnJrtmgAt has stsrtad in several centreg across the USA and follow in Europe. Page 2
Pancreatlc Cancer Resèarch Fund Strateglc Report for the Year Ended 30 November 2023 Pl7ncIp rtsks and uncertalntiOS Risks The Trustees have assessed th• major risk8 to which the c¢mpany is OoSed, In parlicular those related lo the operations and finances ol the company, and are satisfied that Systems and procedures ar• Sn pla¢elo mitigate OUT exposwe to the major risks. The Strat1¢ Teport approved by tha trustee3 of the charity on .. half by= . and signed on ils iArs Margarét Blani(s Chw oxocutlvg officar and hv*e Page 3
Pancreatlc Cancer Research Fund Trusteos, Report Tho twsteos, who are dirxtors for the purposes of company law, present th6 annual report together wlth the financial st£lements of the ¢haritabla company for the year ended 30 November 2023. The Trustees confimi that the Annual Report ond finanu81 ststgments of th$ company comply with the current Statutory fequiremenls. the raqUIrentS of the companys gov¥ming documant and the provi$iors of the Statemenl of Racommended PTaCtKo ISORP}. OPF4icable to charities preparing their accounls in accordance with the Financial Raporting Stsndard 8ppb"cablÈ in the UK and R$public of Ireland (FRS 102) (effecbve 1 January 2015189 amand by Update 8ulleWn 1 (effective 1 January 20151. Since the ¢crfnpany qualifies as small under secthjn 383, the strategic report required of medum and large companles under The Companies Ael 2006 Islrategic Report and Directc¢g Reporti Regulationg 2013 is not required. The Pan¢reatk Cancer Re88arch Fund. d)arity no.. 1103253 thanged its Status lo a company Ilmited by guarantee on 1 st February 2014 with a new chty no:1155322. Tru$t8•s Mrs Margaret Blanks Petar Blanks stephen co1 Brian Raper Cbief Ex8cutive Officgr. Mrs Margar& Blanks Strnclure, governan managemènt Nature olgovominy doctsment Thè company Is registered as a charitable company linrted by guarantee , chatity number 1155322, and wa8 8et up by • Mem¢X8ndum of Asst>>8tion on 14 October 2013. Re¢rultment appolntm8nt of truste The management of the d)arrity is the reSponbI1Y of the Trustees who arg e10Ct¢d and CO<•Pted under Ihthemis d the Trust deed .There must be al 3st three trustees. Apart from the fifst trusteas, èvery trustee muGt b6 appointed for a t8Tm of years by a resolution of tre trustees passed at 6padal meoling. In selecting lndhiduS for appointment of trustees. Ile. trusteès must have regard to th? $k'dl$, knth¥ièdge and experienceneeded fortho eff8cbve adminislralion ol the charity. Indid0ft and tralnlng of tmstees Ther• is no policy currently for inductlng and Irdlnlng tru¥tees. Oryanis•tlonal structure As the chaNty Is a small organigati¢)n, complex structur8[ WOGedure$ aro not lelt to be neces$ary, Deci$lons regarding the strateg1¢ direction and fundraing actmligs of the chartty are taken ty Ihe Tiuste¢s' group, and th& day to day njnning of the charity is delegot&l to one of the trustees, Decisions regarding grants to be allocated are taken by the SGiantifi¢ Advisory Panel, usng 8 prwoss Clf pe8r review. These declslon¥ arg than presented to the Trusteèg (or their Input cn the allocalion or th& eharitls funds. Paga 4
Pancreatlc Cancer Rosear¢h Fund Trustees. Report Malor rfsks andmanagement of th059 rlsks The Trustees have assessed the m8lor risks to whlch the cOmnY is exposed, In parttlar those related lo the Lyerations and finarws of the ¢ompany. and aro satisfied that $ystems 8nd procedures are in place to mitigate our exposure ta the mafvr risks. Ob5ective$ #nd a¢tlvltlos Objects 4ndalms Publlc bénèfit The principal object of the charfty Is tho promoli¢)n of research Into the constitution and pathology of the pancreas (with partlcular reference to cancer of the pcreal and Into the causes, diagnosls and treatment of disease of the panerea8 on tems th81 r•suMs of su¢h research are PLtbknshed. Th? chartys aim 18 to improve the hoThendously low SU1val rate of pancreati¢ cancer p81ients through funding and promoting the best Indgpendent research throughout Ihe UK. The chanty a¢hleves this through grant mBking. The trustees confini) that they have complied with Ihe requiTemenls of secllon 17 ot the Chartties A 2011 to have due regafd to th8 public benefit guhtsnoè published by the Charity Commission for Enyland and Wale5. Fundralslng dis¢losuffts The tharity does not utilise door-ldO0r. privale or street fundraising. Nor does il employ professional fvndraiser8 or ccfflmer<ial participators. Its maln fundra68in9 sources are through in memory donations. supporters, ¢)wn personalty organised events such as coffee momingg. quLz nights etc., 8nd offering place¥ in nationally organised evants such 8$ Tuns and wles forwhich partiGipants plty8 to MSÈ sponsor8hlp. The charity 1$ not regisleTèd with the Fundralsing Regulator. a5 the Iwy is volunlary. As In previc4Js years, no fundraising c¢mplalnts werè received in this flnancial yfjar. The Charity reGognises the Code of Fundraislng Practke and la sne1 up to the Fundralsing PrelwenGe Seryice. Communications We are keen lo infomi supporters about all the research wojects Iheir donations are lunding and what they 8r¥ achieving. We continue. therefore. to Show all past. present and new PCRF-funded proieds on our webslla. New awards aro also highlighted on our social medla. The annual n8w3letter is also malled out to Supporte vjho have 5ioned up to tha m8ilin9 list. This gives details of new res8ar¢h fvnded by the ¢harily and of any funding subsequentty secured by paBI research8rs from other runders to develop findings from thr PCRF-funded pyolects. The newslatter al$0 fe¥turè8 some of thè fundrnlsing stDrfes of PCRF supportors pathularfy yovngstws. Page 5
Pancreatic Cancer Re8•arch Fund Tru5tees' Report A¢hievements and pgrfomiancè Research Awards The five grants awarded al the end ot 2022 (for un¢Tty of LNerpool 121. Cardrfl UnNersity, University Colege London Cancer Institute. and Imperial College London) got undeNMy durin9 2023. These are predominantty three-ygar projects addr•ssing earfy dlognosi$ or new Iraatments for pcreatIC Cancer. An wward VMS made for the cantlnuEd support a1 development of tho PCRF T1s6ue Bank 188e bebw). The value of Ihls award is £3e4.019. The PCRF fissue Bank The PCRF TIs8ue Bank was launched in 2016 with an in1 gr¥st of £2.4 million and particpalv) from six NHS Ho$pital Trusts there pancraatie cancer surgéry took place. SincA that time, morè than 2.500 people have doned samplès and data. This includes 720 pan¢reatic ¢ancer patiènts. It a150 cILhles a lge number of healthy donors and donors with other pancrealSG di3eas¢s. whgse donalions act as vitsl ¢omparfson8 for many resaarch projècts. There are now over 62.000 individuMI sampl05 Storad in the Bank. including tissue. urine. salThia and blood woducts such as plasma and serum. Profes5¢r Gareth Thomas, a cancer palhologi¥l and researcheT at the Universty of Southampton vrds appoinl&J #s the new Chair ofthe Bart$ fissue Art95s Gommittee, which ensures that only the very best appli¢ations are grnnted access to the Bank's precious resources. Developments from past research awards A previously PCRF4und8d project has undfjrpinned th8 develcyment of 8 potenlial new dnjg to tackle pancraalic cancer soon to be tegted in clinical trials. Prolessor Stephen Neidle and hls team al UCL in London tested two compounds thèy had developed on mKe and Show that Ihey blocked the 8¢ti¢ns L)f key genes reSpu1b1È for drft9 Ihe cartcels Thè compounds wtrrk in 3 completety naw way from Cumnt available drugs. tsrgeting specific thonralilies in the human genome that are seen in several cancers that are resistant to cherThJth8rapy-inclvding pancreatlc cancer. Since the PCRF grant end&d, Prof Neidle has cr¢atsd new verslon of the cempound with the most potenli81 lo make it even more potent. In aarly 2022, UCL lic&nsed thè compounds and lechn(Aogy behind kl to a small US blotechnoloyy compw)y who planned to tske the drug into dinical trials in the US. hop8fully in latè 2023, and then in Europe. Th& US regulat¢Jy body the Amarican Food and Drug MInIStrat)n, has giv8n the trlals the green IKJhl lo proceed. Patient recruitment has stsrted in $everAI centre5 acfOSS the USA and wThi follow in Europe. Page 6
Pancreatic Cancer Rèsearch Fund
Trustees. Report
Flnancial review
Prfnclpal Fundlng Souwes
The charitys income ¢omes almost enttrely from publi¢ donations. The main 80urce8 of income
ci)ntinue lo be donations from indivlduals. OLtr supporter base K8 primarily familigs and friends who
hsve lost someone to pancre8tl¢ cancer. Many are shocked by fhe low suNival rale and underfunding
ol research, and 50 look for a charity dedicated solely to pancreatic cancer. This bdngs In memory
donations. reguknr ging and donations from personal fundraising events. Lega¢les and merchandise
are additional sourcos of inccmo. ajthough fomilng a sm811 proportion of thè over811 total.
Pollcy on reserves
The trustees have Agreed that research awardg wll only be offered ff the full ¢051 of the award is
already avali able in the charitys funds. This witl minlmise Tisk and ensure ¢onllnuily for each research
project should the ¢h8riVs incorne be dramaticalty reduced. Rosave8, therefore, Ver the full 51 of
awards allocated in ea¢h annu81 award round.
PLANS FOR THE FUTURE
Th& Charity will aim to conlinue lo successfully deliver on its charitable oblertlv68. funding ond
promoliii9 world
Pancreatic Cancer Research Fund Independgnt Auditors, Report to the Memberts of Pan¢rÈatic Cancer ReSeah Fund Opinion We have audilwj the finanual ststemeTrts of P8nGreatfc Cancer Résearch Fund lthe thwt8ble eompanvl for the year ended 30 November 2023 comprise the Ststernenl of Financrdl A¢tNiiies. the Balance Sheet, the Cash Flow Statement and notes to the finandal statements. kncludlng a summary of signrficanl accounting pdicie$. The financial reporting frdmewoTk that ha¥ been 8pplied in thelr prep8r8tion Is appli¢?ble law and Unbtad Kingdom Accoununy Standard$ Iunited Kingdom Gen8rally Accapled Accounting Practice). In our oplnlon the fmanci81 statements.. - give 8 true and fair viaw of the state of the Gh81itable comp8ny's affairs 8$ al 30 M)vembor 2023 and rj ts incoming resources and applic9tion of resources, including its incomè and expenditure, for th r Ihen ended" - havo been pre¢wiy prepared in aCr(lance vhth UnJted Klngdorn G•narally Accepted Accounting Pract¢e', ond - have been prepar&J in ardanc• tho requiTennts of the Companlos Act 21Xfj. Basis for oplnion We ctsnducted our audli In scctsrdance with Inlemational StaThaards on Auditirng IUK) IISAS IUKII and Bppli¢able tow. Our respon5ibllttles under those standaiil$ are futther d88cribed in the Auditots. responsibiliti88 ftr the audit of the finandal $tstemènls 8e¢tion of our report. We ara independent of the charitable company in a¢cordan¢e the 8thteAI requirements that a relevant tts our audit of the fnancial statements In the UK, includlng the FRC'S Elhieal Standard. and we have fulfilled our ciher ethicai responsb1litS n accordance wth these reqUir)$nts. We believe tt the audit evid8nc8 we havo obtaird is sufftient ond appfcprtate to prowdg a basis for our oplnion. Cancluslons r•llng tv golng conM In audit¢ng th fanCial slalements, wa have concfuded that the trustees, use of the o)ing concem basls of accountlng in the pwaratitsn of the financial statements is appropriate. Based on th¢ work ho prfomiad, we have Trat Identrfd any materfal uncthalfteS relating to events or corbdibons tha( Indwidually or cn11ectively, may Cast significant doubt on the ¢haritable companls abilty to continue as a gc<ng nCeM lor a period of at leasl tWee months from then the finanrial statements ara aulhorised for issue. Our responsibil?$ and the responsibllities of the tntstees with respecl to going con¢em are dewbed in the rel8vant $e¢tlon8 of Il¥s report. Othèr informatlon The tTUStee$ are responsible for the other infc<m8tkn. The other Information compTkès the information included in the Annual Report. othgr than IhB financial sfalements and our Report of tho Ind¢pendenl Auditors Ihereon. Our opinlon on the Inancial 81at8ments d(*$ ng1 oJvor the othèr information and, ex¢ept to the 9Xtenl othe158 explicily ststed in our report. WÈ do not ¢xpres& #ny fomi of assuwce ¢¢ncfuyion thereon. In conneciton with our audit of the finandal ststentS. our sponSl Illty is to read Ihe other information and. In doing so. consider whether the othar Infomiation is malerfally inconsislenl vitth the financial statements or our knOwdge obtaiRed In the audA or othe¥18e 8ppears to be material m156tsted. If w8 identify such material incongistencies or apparènt rnalerial misstatemènts, we are required to determiné whethw this gwès to a matsrigl misstatement in the financ1 statsmènts themsew. If. based on the work we have p$rfomied, we condude that there i¥ a maleri81 m18Statemert of thi5 Oth8r infom)atlon. we are requW lo reptxt Ihat facl. We hav8 nothing 1¢ wsort In this ragard. Page 8
Pancreatlc Cancer Research Fund Indopendent Audltors, Report to the Members of Pancreatic Cancer Research Fund Oplnlon$ on oiher matters pres¢rfbed by the compani Aei 2006 In our opinion, b8$ed on the work undertaken In the course of the audit the Inforniallon given In the Report of the Trustees for the financial year for whth the finanal $talemènts arg prepared is consistent with the finanual slalement$', and - the Report ofthe Trustths has been prepared In a¢cordance with applKabl8 legal requirements. Matters on whlch wo are requlred to r•port by exception In the light of the knowledge and understsnding of the charitable conyony and its emilronment obtalned in the course ol the audit, w¢ hove not identified material rnisstalements in the Report of th9 Twstees. We have nothing to report In respect of the fe41Ning matter3 where the Companies Acl 200S requlres us to report lo you if. in our opinion.. - adequate accounting record5 hav¢ not been kept or return$ adequ8 for our audit have not been re¢oivod from branches not ¥i6ited by us., or - the financt81 stal¢ment$ are not in agreern8nt with the accounting records gnd r¥lum$.' or - Certa disclosu¥ of trustees. remuneration $pe¢ffied by law ar8 not made; or - we have not receNed all the informall¢)n and explanations we requlre for our authL Fiegp?nslbllltles of trnst¢es As explained more fully in the Statement of Trustses, Rèsponslbilitl&s. the tru51ees {whg are also the director5 of th8 charitable company for the purposes of company law) responsible for the preparallon of the financial Statements and for being s8tisfwJ that IhÈy grve a true and falr ew, and for such inlemal eonlrol 0$ the tntslees detemiM9 Is neco8sary to enable the prepaTotion of finanaal statemBnls that are free from material mk%slatemenl, whether to fraud or error. In proparing tho financial 8tatsymenls. the tru8tèa8 are reEpoll8lble ft>r as80s8ing the chaiitable cornpanls abilty tr) continue as a going conc, éisdo8in9, a$ applicable, matters related to golng onrn and using the going ¢oncern basis of a¢tr)unting untess tho trustee8 either intend to liquldate the Gharitat company or to cease operatfons. or hav8 no realisttc aliernative but to do 80. Our rn8ponslbilhle• ft¥r th¢ audit of thè fInan¢i statèmettts Our objective$ ore to obtsin reesonable assurance )out wh•ther the financi41 statements a$ a whole arè fr•e from fflaleriat ml8sialemonL thelher due to ffaud or erior, and lo Issue a Report ol the Independent Auditors that includes our opinion. Reasonable as8ufan¢e is a high level of assuran, bul 15 nol a guarantee that an audit conducted In accordance ISA5 IUKI will ahvBys delert a maeria mis3tstern¢nt when it •xisls. Misstatements can arise from fraud or ermr #nd are o)nsidered Mater if, indmdually or in the aggregate. they could ts8sonabty bé expgcted to influence the econamic decislons of user5 taken on th8 b8sis of the50 fmanaal statements. The extent to which our wo¢edures are ¢apÈble of detsdlng ErregUlarIts, indudwig froud 18 detslled below. To idenlify risks of material mlsstatemenl due to fraud Iyraud risks,? we a$8es8ed events or conditions that could indicate an In¢gntiv8 or pr&ssure to ¢ommit fraud or provlde an opportLmty to LX)mmlc fraud. Our risk a$sSMent procedures Included.. - Enqulring of Iwstges and inSplOn of policy documentation as to the Chanvs hlgNevel polic and pr(xgdures to prevonl and detect fraud, 8$ well 8$ whethw they hsve knowtedge of any octual, suspected or alleged fraud. - Reading Board minule$. - Uslng anaw'cal pnxedures to identlfy any unusual or unexpected relatton8hips Page 9
Pancreatlc Cancer Research Fund Independent Auditors. Report to the Membors of Pancreatic Cancer Research Fund We communicated idenllfied fraud rlsks throughout the audit team and Temoined dert lo Y indicationT of fraud throughout the aud As raquired by auditing standards, we perfomi procedyre5 to address the rfsk of managlent override of controls. In pBrtiGular the risk that management may be in a posllion to make inappropriate ae¢ounling entries. On this audf( we do not belitrve there is a fTau¢J risk ed to revenua reGogftilKJn because the ChatttyB revenua tr8nsadions are simple and k)w value wilh few, if any, judgment81 aS&ts lo rèvenue recognilton. We are not 8wara of any incèntives or pressures linkod to revenue recognition. We did not idenllfy any additional fraud tsks. In detemiining the audit procedures. Ik into account the $Ets of our waluslion and testing of the operating effeciiveness of traud risk managemetsteontrols. We also perfomied procedures inctudlng enfyhn9 joumal entries and clher adjusknenL8 to test based on rbsk criteria anrj comparing the idonlrfied èntries lo supporting dontatIon. Tht cluded those posted to unusual 8ccounts. klenlifying and responding to dsks of material mi8$latement due to non<omplICe with 184VS wd resulalions. We Identified areas of laws and régul¥tion$ that could r8880n8bly be ojperted to have a maierial effed on the finanu81 statements from our general comr¢ial and seclor experience, and through discussion with the directors and other management (as required by audillng standards). and discussed th thg directors and other managttmènt the poliaes and pYocedure$ regarding compbance with laws and regulations. WÈ commun1¢aled identrfl8d laws and regulations throughout our team aThl reMwn Jert to any indic¥lion8 of non4ompli8n¢e throughout the audit Context of tho ablllty of th• audlt to detect fraud or brna¢hes of law or regulatlon. Owing to the inhèrent limitatlons of an audit, there 1$ an unJvDidable risk Viat wo m8y not have detected some rnalorlal mlsstataments in thÈ financial statemerrts, even though we property planned and perfomed our oud(É in &ccdance with auditirtg stsndards. For ¢x#mple. the furth•f rgmoveLI non<ompliance with taws and regulalirJns is from the events and transadions reflecw In the fjn8nci¥l stslements, the 185$ 1iTr•ty the itharently limlled pro¢8durtS requi by 8uditSng Standards would Idonbfy In addibon, as with any audit, there remalned a hlgher rlsk ¢f non41etection of fraud. as these may involve collusion, forgery, intsntional oml$sions, misropresentations. or the oveNide of internal conlrols. Our Gudit procedure3 are designed to detect mataTial misstatemenL We are nd Sponsib for preventing non<ompliance or fraud and c2nnol be expected to detect non-compliane6 Mth av laws and regulations. A further de6¢ription of our responsibilities for the audh of the Ilnancial statsmenls i8 loc•ted on the Flnancial Reporting Coun¢ifs website at ww.fr¢0rg.uk18udltOT5respansIIi1Ie8. Th18 description ftmns part of our Report of the Indepertdenl ALvJitors. Page 10
Pancreatlc Cancer Research Fund Independent Audltors, Report to the Members of Pancr8atlc Cancer Research Fund Use ol our report Thls report 18 made sotely lo tho chitabla company's mnberB, a8 8 body, In artordan¢e with Chaptar 3 of Part 18 of the Companie8 Act 2006. Our audrt work ha5 been undertaken so that we might state to the ¢harilable cornpanl$ meynbers thoyè matters we are requlred to sle to them in an audltors, roport and for no Other pufpose. To the fullest extent pernitted by bw, we do not accepl or ¥ssume responsibilty to anyone other than the tharitable company 8nd the charitable companls members as a body, fe our audit work, forthis rewrt. N lorthe oplnions we have fornied. Jeremy Harrod FCCA IS¢nior Statutory Auditor} for and on behalf of Grant HwTod Lerman Davi5 LLP Chartered Accountsnt$ Statutory Auditors 1$1 Floor Heallhwd House 141arlborough Hlll Harrf)W mdIes9X HAI IUD Dale.. Page11
Pancreatlc Cancer Research Fund statement of Flnancial Activities for the Year Ended 30 November 2023 (Including Incoma and Expenditure Account and Stst8ment of Totsl Recognised Galns and Losses) Unrestrkted Total 2023 Total 2022 General RÈstrtctsd Note Income and End0vmits from: Donati¢6 and legacps Charitawe 8cllvities Inv8slm8nl inco Total Income 1,230,226 24,797 207,304 1.299.207 34,187 32.796 1.230.225 24,797 17 Expendlture on: Raising funds Char*able adivlties TO1 Expendlture Nel Inco116Penditure} Net movement in fvnds ReconGili•iictrn of funds Total fvrnds brought forward Tolal lunds caThled foThvar(I All oftho CharilS derive from ¢ontlnuing oPallOnS dutlng the above p¢riods. Thèfunds breakdown for 2022 is $hown in nate 14. 11.1241 111.124) 48,541 {30.992) 1,500,643 1,531,635 165.445 {165,445) 18 3,735 555.930 3,73S 3,735 806,396 806,396 <3,7351 802,661 3721 138 3,n4.673 3,890 317 3 724 872 14 The notes on pages 15 to 28 fom on Integral part of these finan¢lo15tatements. Page 12
Pancreatic Cancer Research Fund {Reglstration number: 08731110) Balance Sheat as at 30 Novembgr 2023 2023 2022 Current assets Stocks Cash ai bank and in hand 10 11 3.217 8,874,887 8.878.104 1,462.77S 6.407 .584,301 8.$9Q,708 11.632,351 Creditors: Amounts falllng due withln one yoar Total ass•ts1oss CUrrt Ilabllrties Credltors: Amounts falling due aftèr more lhan ono year 13 Net aysets 12 7.415,329 .887.79S 4,527 534 6,958.357 3,233,485 3,724.872 Funds of th• Charlty: Restrl¢tod Income funds Restrfctad 3,735 Unrestricted Income funds Unrestricted 4,527.534 4,527.534 3,721,137 3.724,872 Total lunds 14 The fin n481 slalemenl8 on pages 12 to 28 were approved ty the trustees, and authorised for i88ue Mrs Margaret Blanks Chief execullve officer and trustoe The note5 on pages 15 to 28 fomi an Integtsl port of these lln8ncial statements. Pago 13
Pancreatlc Canc•r Rèsearch Fund Statsmgnt of Cash Flows for the Year Ended 30 November 2023 2023 2022 Cash fiows from operatlng aGtivltlo8 Net cash Incomel(eypenditure) Adjustments to cash flows fmm non.cash Items Investrnent trthme 802.661 (165.445) 207.304 595.357 32,796) (198,241) 17 Worklng capltal adlu•tm•nts Oecr¢ase in stocks (Dewse)IincT&ase in c¥edllors cash fi¢)ws from wtlng activitwJ Cash flows from Investing •¢tivltles Interest rec&Nable and slmilar Income Nel incTeose th cash and cash equNalenl$ Cash and ¢98h eqvlvalenls at 1 Decernber Cash and cash equNalents at 30 November Out of balance to Cash al bank and in hand category Reconclliadon of net cash Ilow to movement In net funds Increase In 8h N¢1 fvnds at l December 2022 Net funds al 30 November 2023 All of the cash fi(yJA are deriv&J from continulng op8rations during the above two pgriads. 10 12, 13 3.190 151S.266 9.468 309.370 120,597 83,281 17 207,304 32,796 2,$85 8,584.301 8,874,886 153,393 8,430,908 8.$84,301 153,393 8,430,908 290.586 8.874,887 The note8 on pages 15 to 28 form an integral part of these finGiS1 statements. P8ge 14
Pancreatlc Cancer Research Fund Notes to the Flnan¢lal Statements for the Year Ended 30 November 2023 1 Charity status Thè eharfty Ss lThited by Share capital, incorporated in Englgnd arbd w0S. The 8ddress of ils registered office is.. 71-75 Shetion Street Covent Garden London WC2H 9JQ The printypal place of buslness is: PO Box 47432 London N21 1XP Authorised forsu¢31& 2 A¢countlng poll¢lps Summary of 8lgnlficanl aoUntIng polici•s and key a¢¢ountlng eslknates The prinupal a¢¢ounling policies appli&l In the prep8raÉion of tse finan¢ial ststements are set out below. These poliues have boen ¢onsistenUy 8pplied to the yeArs presented. unless otherwise statemènt of compllAnce The financial statements have been prepared in accordance with A¢counting and Reportlng by Charitie8.' Stslemenl of Rewmmended Pradlce lappli¢8ble to chartbes preparing their accounts in a¢rdance with th6 Financial Reportlng Standard applicable In the UK and Republic of Irelarfd {FRS 1021) lissued in October 20191 (Charilles SORP IFRS 102)), the Flnancial Raportiro Standard applicable in the UK and R4¢ublic of Irdand {FRS 102} and the Companie5 A¢t 2006. Basls of prèparation Pancreatic Cancer Research Fund meets the definiton a publlc benefit anuty under FRS 102. Assets and liabilibes are inilrally rocognl$8d al hlstoricBI cost or transadon Val unles5 otherwise stated in the relfjwant a¢untIng poliw note5. GoSng ¢on¢wn The trustees conslder that th*re are no malerfal unCertntIeS at>Jul the charity's abllty to continue 05 a going Goncern n¢X any signrfThnt 8reas of uncertainty that affect the rarryin9 vdue of as¥¢ts held by the charbty. Incom• amd endowments Al iicome is rec£onised once the tharity h¥$ entidement to the income,11 Is pmbable that the income 11 be recelved and the amount of the incomè receNable can be measur&1 rellabty. Page 15
Pancreatlc Cancer Research Fund Notes to the Flnanclal Statements for tha Year Ended 30 November 2023 D(vJations andlega¢les Donatksn8 are rgnIsed whon the charity has been notified in writing of both thg amount and S8ttlemenl date. In the event that a donat(on ts subjèct to ¢ondition$ that requlre a level of performance by the chailty befo the Charity is éntf(led lo the fundg. the income is deferred and not recognised until either tho$8 condttions are fvlly rnet, or the lulfilmènt of those conditi$ Is wholly within the ¢ttraI of the tharity and (( is probabEe that thesa conditions will fvlfllled in the reportlng period. Legacy glfts are recogni$ad on 8 case by c8se basis following the grant of PTobate when the administratorlexecLrtor for the estate has communicated in writing both the amount and setttemont date. In the event th81 the grft is kn the form ol an gsset other than cash or a financial asssl traded on a Tecognised stod( exchangè, recc¥anrfon Is Subj to the value of the gift being relblY measurable with a de9ree of asOnable accuraw and the trfe to the as84t having ben Irarsferred to the charity. Investmènt Incon Oividends are recogntsed onGe tha diNidend has beorl dedar¢d and notifatn h88 been received of the d1wdend Expènditure All e¥pendituro is Tecogni8ed once there 13 a legal or consfructiv8 obligation to th8t expondiluTe. il ks probabla Settlement is réquired and the amount can b& measured Teliably. All costs are allocated to the applicabla expendrture heading th31 aggragata simllar costs lo that eeg¢Jry. Where costs c*nnot b8 directty athbutl to partKL¢lar headings Ih¢y have boen allocated on a basis oonsislenl vh the Use of resources, wKth central staff c0519 all¢cated on the b8sls of time spent, and deprecwlion charges alocaled on the portlon of the Ass•Y8 use. Other 8UPPOrt ¢ost$ are allcKatd based on the spread of Staff costs. Ralslng funds These we costs incurred in attrkcting VonI•ry INMe, the management of investments and those incurred In trading a¢livitieB that rabe funds. Charitabte tsxpendire comprises those ¢osls incurred by the charity in the defvery of ts •ctiwtie$ and seNices for its boneficiaries. 11 inchJde8 r)oth costs that can be allocated directty to su¢h activities and those ¢os13 01 an indirect nature necesssry to Bltppurt them. Grantprovislons PTovi$Dns for grants are made when tha intention lo make a grant has beon cammunicaled lo thg recApi8nt but there Is un¢ertarty about either the timing of the gr#nt orthe amount of granl payable. Gov•rnan¢• costs These includè the wst$ attnbulable to the charitys compliance constitution81 and statutory rÈquwements. Induding audit. slrategtc management and Iiustees's meetings and reimbursed eypenBes. Page 16
Pancreatlc Cancer Research Fund Notes to the Flnanclal Statomonts for the Year Ended 30 November 2023 Taxatlon The charity Is Gonsidared lo pa58 the tesls sd out in Paragraph 1 ScheJJul8 6 of the Fin¢ Act 2010 and thèrefore it meets the definOn of a charitable company for UK corpJration lax puw$es. Accordiroly, the charity 1$ tthnlially exernpl from laxalion in raspe¢t of income or capital galns Te1V Y4rfhln categorie8 covered by Chapter 3 Part 11 of the coOratiOn Tax Act 2010 or Section 256 of the T8)ration of Charg¢0ble Gains Act 1992. to the extent Ihat such income or galns are applied exrlusNely to chariiable purpoges. stock Sl¢¢k is valued at the lower of c08t and estlmated selling price les$ cosis to GoMpte and sell. afier duo regard for obsolet8 and slow mowng stocks. Cost is determined using the first4n. fir8t-QUt (FIFO). Cash and Cash equlvalents Cash and cash qurvalents comprise cash on hand and Call deposit5, and other short4emi hlghly liqusd investrnEnts that are readity convertible to a known of cash and are subl8d to 8n insignsficanl risk of change in value. 8orrowing8 Interest-bearirrfJ borrowings ar¢ initTally recorded at fair valuè, nel of transaction costs. Intaresl-bearing Lxrrowings are subsBquentty rried at 8mortised cost, with the difference between the prceeds. net of transaction costs, and tha amount due on redempllon being recognised a5 a charge to the Stm¢nt of Firtandal Activihes ¢ver the period of the relevant bonowing. Inlaiest expensè Is recognised on the basis tsf the effectfve interest method and Is included in interest payable and similar tharges. Borrobings are classffled a8 ¢uThent Ilabl1•S unless the chanty has an uncondiliond right lo defer setttemenl of the liabdity for at ast e1ve months after th8 reporting date. Page 17
Pancreatic Cancor Research Fund Notss to the Flnanclal Statements for the Year Ended 30 November 2023 Foreign exchango Transadions In foreign currWle3 are ra¢orded 81 tho rate of exchange at the date of the transaction. Monetary assets and ilabilnlas den¢Jninaled in I0gn ¢wrencles ai the b8lan¢¢ sheet date are TepDrted al the rates of exchange prewailing al tsl dat¢. The rèsults of overseas operations aro translated at the average rates of exchange during the pericd and their balan¢e sheets al the rates ruling at the balance sheet date. Exchange differences artslng on translation of the opening nel assets and rasuRs of overseas opwations are reported in olhgr comprehen¥ive trwme )d gcGurrtulated in equty laUbuted to non-controlling interests as 4Jproprialel. Other exch2nge differences ar8 reccgnised in the Slaement of Final•1 A11105 In the period in which they except for. 11 exchange differences on transactions entered into to hedge certaln forelgn currency riyks 1888 above)", 216xchange drffeTences arising on galns or bsso$ cn non-monetary items which are recogntsed in olher ccmprehensNe income.. and 3) in thè case of the consolidated financial statsments. èxchange. differences on mOnary iiems receivable from or payablè to a fo1g operation lor vthieh settlement is ne((h¢r p18nned nor likely to oc¢ur Ilherefore forrning part of the net inveslmonl in the fori9n 0ratiOn), whiGh are recognised in other oomprehenswe income antJ r6ported under equity. Fund structure Unr¢strfeted income ftjnds are general funds lIt are available for use al thè truste¢s discretion i rtherancè ofthe objectives of the charity. Restrictéd income funds those donat•d for use In a particular area or for specitic purpos8s, the use of which is restricted to that area or purpose. FinanGial instruments Classiffcotlon Finanaal assets and finanaal liobKlitie$ are reeognised %%then the charity bemS a porty to the ¢ontTactual prowsions of the inslwmenL Finanual liabilities 8nd equity instruments are elas5Hled according lo the substBn¢e of tha contractual arrangements éntered Into. An equity in9tfumant Ss eny ¢ontract that eTr4ldences a [widu Interest in the assets of th8 charity after deducting all of its Ilabilitw. Page 18
Pancreatic Cancer Research Fund Notes to the Flnanelal Ststoments for the Year Ended 30 November 2023 Recognltlon andmeasurem•nt All findnclal assets and liqbiif(les arg initially meosvrod at tTansactiDn price (including lrnrbs8dion ¢gstsl, exeept for those finan¢lal assets classrfièd as al fair valu& thh profil or loss, whtch are initially measured al falr value (which is nomally the trall¥actn pric8 excluding transacti¢ coslsl, unless the arrangement constitute5 a financing transaction. If an 8rrangement constitutes a finan¢ing transadon. the financial asset or financial liability Is measured at the pre5¢nt vae of the fuiurg paentS discwnted at a marf(et r818 ol Interest for a similar debt Instrument. Finandal assets and 118bil(1l are only offset in the statent of finan¢t81 positlon wh. and on when thera exists 8 legalty enforce8bl& rtghl to sèt off the re¢ogni5ed amounts and the chaiity intends èither lo settle on a net basis, or to realise the 8sset and Settle the liabllty simullan•ou¥ly. Finandal assets are der¢wgnl$ed vthen and onty when a) the ¢ontra¢tual rights to the cash fiows from the Inanciai a55¢t expire or are settled, bl the charlty transfèrs to anoth8r paty gubstantialty al of the Yi$k8 and rewards of ownership of the finanaal assel, or cl the charity. despite having felained some, but not al, 8ignrficanl risks and rewa5 of ownership, has trensferred contrd of the asset to another party. Flnanc481 labilrties are dertwJnised only en the obligation Specad In the ccnlract k8 dischwged, ¢an¢dled or ayplre Page19
Pancreatic Cancer Research Fund Note8 to the Flnancial Statements for tho Year Ended 30 November 2023 Debt instNments Debt in51wment8 which med the folbwng condltlcS are subsequontly mea$urwJ at arnortised cost using the effgctwe Intere method: lal The conlr8Ctual return lo the hdder 1$ lil a fixed am. lil) a positwe fixed rate or a P05ibve variable rata; or11111 a combination of a po8itwe or a negatwe fixed rate and a positive varfoble rale. {bl The contract may provide for repaTrents of the prfncipal Dr the to th8 holder Ibut not both) lo be linked lo a $lngl6 relevant observable index of generAI piice inflation orth¢ currency in which the debt in$trum•nl is denominated, PTowded Such finks are not lever40d. Icl The contrdd may provide for a deleminable variation of the turn lo the holdèr during the life of the instrvmenl. provided that (11 the new rata satlsfie$ conditlon (a) and the varialion Is not conlingpnt on future events other than {11 a ehange of a ¢onlrddu¥l variable rate,. 121 to protsct tha hoKler against Gredit deleNoralion of issuer,. {3) thanges in levles applied by a central bank or arising from ehanges In relevant tsx8lion or law, or11S1 the nw rate Is a market rate of interest and satisfies c?)ndon {a). Id) There 1$ no ¢ontractU proviSn that could. by it8 term$, result in the holder loslng the principal amount or any interest attributable to the current period or prior wcKI {el contract81 provi$ions that pamiit the issuer lo prepay a d•bt instrument or permit the hotrder to put il back to the issuer befo maturity arg not mnlingenl on futur8 events, other than to proled tha holder against tho credit deterioration of trhe issu¢r or a chango in wilrol of the Issuer, or to protect the hL)Ider or ts6u¢r a9ainsl changes In 18thès appfb8d by a central bank or arfsing from changes in relevant taxati¢)n or Iw. (fj Contractual provisions m8y permit the exlensioft of the temi of tho debt In$lNmanl. provided that the retum to the holdw and any olhef conlr•ctual provisions applScable dUlg the extended lemi Satisfythe condition8 of paragrnphs lal to {cl. Dabt Instrumènts trat are ¢laS$If as payabk8 receNable Withtn one yew on Initial rtscognf(ion and whith meet the 8bove cOndiOnS are measured al the undiseounted OUnt d the cAsh or other con5hdoration expe¢ted to be pald or Teceived, nel of impalmienL With the exceplSon of some hedgi instruments, •)ther debt imtrumenls not meeting these ts)ndrtions are measured at fairvalue through profft or loss. Commffments to make and reLelve loan$ whiGh meet th•J ¢onditlons mèntKJned above are moasured at cost (whlch may be nil) le¥8 imp8imienl. Invesbnents Inve8tsnents in nt)llaconvertibie preference shares and non-puttable ordinary or pralerence ¥hare¥ (wherè shares are publidy traded or their faw valu¢ is reliab mea5ur8blel are m•asurèd at lair valuo through profit or 1¢$$. Wher¢ falr value cannot be measured reliabty, inve3tsmenls are mDasur8d at 81 less Impalmignt. Investments in subSlaneS and assorAates are measured at cost le85 imPAlm)enL For investments in 8ubsldiaries acquired for nSIderatn indudin9 the issuè of shaTes qualtyng for Mjer relief, Cost is measured by refer8nce to tho ncffllna value of the $hares issuad plus fair value of other con8ideralion. Any premlum is ignored. Page 20
Pancroatic cancer Research Fund Notes to the Flnanclal Statements for the Year Ended 30 November 2023 Dorivatfve finan¢l•l InstrumÈnts The Charity use$ tlertvative financial in5trument5 to reduce exp)sure to foreign exchange ri8k and interest rate movements. The charity does not hold or issue derivative flnancfjal instruments for Speculative pOSe5. Derivatives are inkn81 reeognis8d at falr value 8t thè dsta a derivat6ve contra¢t 15 entered into and are subsequentty remeaSUr to thew f8lr value al aach Teporting date. The resulliry galn or 1055 is r802gnlsed in stemenl of financial activities Immgdiotety unless the derivative is designated and effective as a hedging Instrument, in which event the l(mlng of th& r¥cognilton li statent gf fln8ncial ad.¥e5 depends on the nature oflhe hedge relationsh). Falr valu? measuroment The be9t evhlence of fair velue 18 a quoted prlce for an identical asset in an active martfjt. When quoted pricgs ore unavallable, the price of a recent tMsa¢tlon for an Identi¢81 asset provide8 avidence of lair value as lang as Ihere has not been a $ignKicAnt cPiange in economic ¢ium$tsnCes or a signifan1 lapse of time dnco the transaction look place. If the market Is not actrve and re¢ent transaGtions of an identical asset on their own arg not a gooty estimate of faw va5, the fair value 18 estimated by using a valuation technique. 3 Incoma from donatlons and legacies Unrestrfcted funds Totsl funds General Don8tions and lega¢ies' Donations f[( Individuals LegaThes 1.082.551 147.674 1,230.225 1,082,551 147.674 Total for 2023 1230,225 1,299 207 Total for 2022 1.299,207 4 Income from chaY5table a1vItIeS Unrostrfcted Total 2023 Total 2022 General Trading and merchandising In¢om8 frcAn r8v6nue share agrenIS 4,150 20,647 24,797 4,150 20,347 34.187 34.187 Page 21
Pancreatlc Canr Rosearch Fund Notss to the Financlal Statements for tha Year Ended 30 November 2023 5 Analys1$ of exp•ndlture by type Unr85trlcted Totsl 2023 Total 2022 Genernl Rostrlcted Note 16 86,952 86,952 135.283 Funthlsing Grant fijnding of activlties G¢)vemance costs 642.084 15,790 3,735 545,799 15.790 I,2,$30 2,750 1.$00,643 3.735 Pagg 22
Pancreatic Cancer Research Fund Notes to the Flnanclal Statements for the Year Ended 30 November 2023 6 Grnnt4naklng Anatysis of grnnts Grants to Instltutlons 2023 2012 Anatysls Imporial College LCdOn Unlvèrslty College London Cardrff Universty Sclrool of Medecine Queen Mary University London University d LNerpool AddthoTral yrdnt payments 220,000 218,726 220.000 219,000 216,395 268,509 1.362,630 54S.799 545,799 a) £S45,796 eonslsls of addition31 payrnenls made to earftèr gmntees amounting to £181.779 av £364,019 as CDnlinuing payrnents to the tossue b8nk. 7 Anaty$l$ of governance and support Costs Governance wsts Unrestricted fund$ Gener•1 Total Tolal 2023 Xi22 Audit fees Aud6t of the financial statements Legal fees 4,000 11,790 15,790 4,000 11,7SO 15,790 2.750 2.750 8 Trustses remuneration and expenses No trustees, nor Y persons conyeted thom. have recoived any remuneratoon from the charty during the year. 9 Taxatlon The ¢hafity is 4 registered charity 8lld Is thereth MptfroM tax8tknn. Page 23
Pancreatic Cancer Resèarch Fund Notss to the Financial Statements for the Year Ended 30 Novombor 2023 qo stDck 2023 2022 3.217 6,407 Stocks 11 Gagh and Gash equivalents 2023 2D22 8 874 887 8,584,301 Cash at k 12 Cr9dltorts: amounts fairing du? Irt one year 2023 2022 1,443.896 18,879 1.618,742 15,609 1632,351 Grants paya)le Accnjals 13 Creditors: amounts falllng du• after OD8 year 2023 2022 2 887,79S 3,233,485 Grants payab Pag¢ 24
Pancreatic Cancer Research Fund Notes to the Financlal Statements for the Year Ended 30 November 2023 14 Funds Balance at 1 Decembor 2022 Balan¢8 at 30 November 2023 In¢omlng resourees Resource expended Unrostrlrted fund$ General 2,721.138 3.735 1.462.328 1655.930> .7351 4,527.534 RestrScted funds Total funds 3 724.873 1462.326 659,665 4,527,534 Balance at 1 DÈcember 2021 Balance ot 30 Nov¢mber 2022 Incornlng rg5out¢è$ Regources èxponded LlnT95trlct•d funds Gen8r81 3,886.582 3.735 1,366,190 11.531,635) 3.721.137 3.735 RoBtrlctfjd funds Total funds 3 890,317 1 366,190 1.531,635 3,724.872 15 Anatysls of net funds Atl Decembér 2022 At30 Novembgr 2023 Flnanclng sh flows Cash at bank and in h¥r 8,564.301 8.584.301 8,584 301 Net debt Atl Decembèr 2021 At30 November 2022 Flnanclng Cash Cash at bank and in hand 8 430,908 8.430,908 8 430,908 Net debt 8 430 908 Page 25
Pancreatlc Cancar Research Fund Notes to the Financlal Statements for tho Year Ended 30 November 2023 16 Expendlturn on charitable activiU88 Utri¢t*d fund$ Rèstrict Total General funds funds Nota Fundraislng Grant funding of aclivitses Govèmance cosls 86,852 542.064 15,790 86,952 545,799 15,7go 648,541 3,735 Totsl far 2023 Total lor 2022 2023 2022 Telephone Computer costs Adverbsing and PR Fundrai5irvJ costs Printing postage and stalionery Accountancy fees Wago9 and salaries Subscriptions Bank charges 845 7,039 48,685 928 8.030 124,767 11,710 6,786 3.980 9,167 7.641 3.871 4.355 4,SC() 10,000 1,665 66,952 In additson lo th• expenditure anatysed above, there are a180 govemance $tS of £15.790 {2022 . £2,750) whh relate directly to CharItsb adMtse$. S8e note 7 forfurther dgtails. 17 Imvostmont Incom• Unro$tri¢tèd lunds Total funds G•n•ral Interes1 reCeIab]e and slmilar incom•'. Inteiest [e>Vale on bonk deposits Total for 2023 207,304 Total for 2022 32,796 32.796 Page 26
Pancreatlc Cancer Research Fund Notes to the Flnanelal Statsments for the Year Ended 30 November 2023 18 Exp¢ndlture on ralslng funds al Costs of tradlng actfvitl•s Unr•8trlcted funds Genornl Total funds Note Cc61s d goods Sold Totsl for 2023 11,124 11.124 11.124 11,124 Total for 2022 30,992 30,992 Page 27
PanGreatlc Cancer Research Fund Notes to the Flnancial Statements for the Year Ended 30 November 2023 19 Stsff eosts The monthty avernue number ol personB Ilnduding senlor manageMW l kndershlp team) ernplryyed by th8 charity during the yoar expws8d as full lime equivalents was as follows.. 2023 No 2022 No Administrators During the year Mrs M. Blanks receNed a Safary of £10,000 {2022.' £10,OCQI in respect cl her duiies as chief executivo ol the charity a5 pemstted in thè Artidey ol Assoclatlon ofthe c(Knparty. Blanks 18 d50 a Trustee but recaiv88 no remuneraticn in respect IhereDf. Page 28