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 Inde￿ndent 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$tratlon Number Auditor G￿nI Harrod Lerm8n Da¥ls LLP Chartered Acewntants 1st Floor H$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 Indr￿dual $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 gen￿ne 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 b￿y, 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 O￿oSed, 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 Strat￿1¢ 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 raqUIr￿entS 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 ch￿ty 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 reSpon￿bI1￿Y 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 lndhidu￿S for appointment of trustees. Ile. trusteès must have regard to th? $k'dl$, knth¥ièdge and experienceneeded fortho eff8cbve adminislralion ol the charity. Indi￿d0ft 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 fundrai￿ng 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 cOm￿nY is exposed, In partt￿lar 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 p￿crea￿l 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 SU￿1val 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-l￿dO0r. privale or street fundraising. Nor does il employ professional fvndraiser8 or ccfflmerrrbe& Golng concem After making appropriate enquiries. the trustees have 8 ￿asonab￿ expectation that lh8 company has adequate resources to continue in OF¢rattonal exlstence for thè foreseèable future. For this reason they continue to adopt th8 going Conwn basis In preparin9 the finane4al statements. Further detsils r8garding the adoption of Ihe golno concern basis e4n be found in the Ac¢ounts"ng Pdkle¥. The annu81 report was appmved by the tnJ8tegs of the charity on .......... behaff ty. and slgned on its Mrs Margaret Blanks Chief exeoutive officar and trustee Page 7 Pancreatic Cancer Research Fund Independgnt Auditors, Report to the Memberts of Pan¢rÈatic Cancer ReSea￿h 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 aC￿r(lance vhth UnJted Klngdorn G•narally Accepted Accounting Pract¢e', ond - have been prepar&J in a￿rdanc• tho requiTen*nts 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 ft*r the audit of the finandal $tstemènls 8e¢tion of our report. We ara independent of the charitable company in a¢cordan¢e the 8thteAI requirements that a￿ relevant tts our audit of the f*nancial statements In the UK, includlng the FRC'S Elhieal Standard. and we have fulfilled our ciher ethicai responsb1lit￿S n accordance wth these reqUir￿)$nts. We believe t￿t the audit evid8nc8 we havo obtair￿d is sufftient ond appfcprtate to prowdg a basis for our oplnion. Cancluslons r•l*lng tv golng con￿M In audit¢ng th* f￿anCial 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 Identrf*d any materfal uncthalft￿eS relating to events or corbdibons tha( Indwidually or cn11ectively, may Cast significant doubt on the ¢haritable companls abilty to continue as a gcr as80s8ing the chaiitable cornpanls abilty tr) continue as a going conc￿, éisdo8in9, a$ applicable, matters related to golng on￿rn and using the going ¢oncern basis of a¢tr)unting untess tho trustee8 either intend to liquldate the Gharita￿t 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 inSp￿lOn 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$. - Uslng anaw'cal pnxedures to identlfy any unusual or unexpected relatton8hips Page 9 Pancreatlc Cancer Research Fund Independent Auditors. Report to the Membors of Pancreatic Cancer Research Fund We communicated idenllfied fraud rlsks throughout the audit team and Temoined dert lo ￿Y indicationT* of fraud throughout the aud As raquired by auditing standards, we perfomi procedyre5 to address the rfsk of manag￿lent override of controls. In pBrtiGular the risk that management may be in a posllion to make inappropriate ae¢ounling entries. On this audf( we do not belitrve there is a fTau¢J risk ￿￿ed to revenua reGogftilKJn because the ChatttyB revenua tr8nsadions are simple and k)w value wilh few, if any, judgment81 aS&￿ts lo rèvenue recognilton. We are not 8wara of any incèntives or pressures linkod to revenue recognition. We did not idenllfy any additional fraud tsks. In detemiining the audit procedures. I￿k into account the ￿$￿Ets of our waluslion and testing of the operating effeciiveness of traud risk managemetsteontrols. We also perfomied procedures inctudlng ￿￿en￿fyhn9 joumal entries and clher adjusknenL8 to test based on rbsk criteria anrj comparing the idonlrfied èntries lo supporting do￿￿￿ntatIon. Th￿t cluded those posted to unusual 8ccounts. klenlifying and responding to dsks of material mi8$latement due to nonJul the charity's abllty to continue 05 a going Goncern n¢X any signrfThnt 8reas of uncertainty that affect the rarryin9 vdue of as¥¢ts held by the charbty. Incom• amd endowments Al iicome is rec£onised once the tharity h¥$ 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 r￿gnIsed 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 ¢t￿traI of the tharity and (( is probabEe that thesa conditions will fvlfllled in the reportlng period. Legacy glfts are recogni$ad on 8 case by c8se basis following the grant of PTobate when the administratorlexecLrtor for the estate has communicated in writing both the amount and setttemont date. In the event th81 the grft is kn the form ol an gsset other than cash or a financial asssl traded on a Tecognised stod( exchangè, recc¥anrfon Is Subj￿ to the value of the gift being rel￿blY measurable with a de9ree of ￿asOnable accuraw and the trfe to the as84t having be*n Irarsferred to the charity. Investmènt Incon Oividends are recogntsed onGe tha diNidend has beorl dedar¢d and notif￿at￿n h88 been received of the d1wdend Expènditure All e¥pendituro is Tecogni8ed once there 13 a legal or consfructiv8 obligation to th8t expondiluTe. il ks probabla Settlement is réquired and the amount can b& measured Teliably. All costs are allocated to the applicabla expendrture heading th31 aggragata simllar costs lo that e*eg¢Jry. Where costs c*nnot b8 directty athbut￿l to partKL¢lar headings Ih¢y have boen allocated on a basis oonsislenl v￿h the Use of resources, wKth central staff c0519 all¢cated on the b8sls of time spent, and deprecwlion charges alocaled on the portlon of the Ass•Y8 use. Other 8UPPOrt ¢ost$ are allcKatd based on the spread of Staff costs. Ralslng funds These we costs incurred in attrkcting Vo￿nI•ry IN￿Me, the management of investments and those incurred In trading a¢livitieB that rabe funds. Charitabte tsxpendi￿re 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 defin￿On 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 T￿e1V￿￿ Y4rfhln categorie8 covered by Chapter 3 Part 11 of the co￿OratiOn 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 GoMp￿te 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 Lx*rrowings are subsBquentty ￿rried at 8mortised cost, with the difference between the prc*eeds. net of transaction costs, and tha amount due on redempllon being recognised a5 a charge to the St*m¢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. Borrob*ings 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 currW￿le3 are ra¢orded 81 tho rate of exchange at the date of the transaction. Monetary assets and ilabilnlas den¢Jninaled in I0￿gn ¢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 laU￿buted to non-controlling interests as 4Jproprialel. Other exch2nge differences ar8 reccgnised in the Slaement of Final￿•1 A￿1￿1105 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 mOn￿ary iiems receivable from or payablè to a fo￿1g￿ operation lor vthieh settlement is ne((h¢r p18nned nor likely to oc¢ur Ilherefore forrning part of the net inveslmonl in the for*i9n 0￿ratiOn), whiGh are recognised in other oomprehenswe income antJ r6ported under equity. Fund structure Unr¢strfeted income ftjnds are general funds lI￿t 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 be￿m￿S 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& th￿￿h profil or loss, whtch are initially measured al falr value (which is nomally the trall¥act￿n 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 va￿e of the fuiurg pa￿entS discwnted at a marf(et r818 ol Interest for a similar debt Instrument. Finandal assets and 118bil(1l￿ are only offset in the stat￿ent 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 rewa￿5 of ownership, has trensferred contrd of the asset to another party. Flnanc481 labilrties are dertwJnised only ￿en the obligation Spec￿ad 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 condltlc￿S 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 repa￿Trents 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?)nd￿on {a). Id) There 1$ no ¢ontractU￿ proviS￿n that could. by it8 term$, result in the holder loslng the principal amount or any interest attributable to the current period or prior wcKI {el contract￿81 provi$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$lNmanl. provided that the retum to the holdw and any olhef conlr•ctual provisions applScable dUl￿g the extended lemi Satisfythe condition8 of paragrnphs lal to {cl. Dabt Instrumènts trat are ¢laS$If￿ as payabk8 ￿ receNable Withtn one yew on Initial rtscognf(ion and whith meet the 8bove cOndi￿OnS 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 subS￿laneS and assorAates are measured at cost le85 imPAlm)enL For investments in 8ubsldiaries acquired for ￿nSIderat￿n indudin9 the issuè of shaTes qualtyng for M￿jer 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 p￿￿OSe5. 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 st*emenl 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 stat￿ent 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 $ignKicAnt cPiange in economic ¢i￿um$tsnCes or a signif￿an1 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 a￿1vItIeS Unrostrfcted Total 2023 Total 2022 General Trading and merchandising In¢om8 frcAn r8v6nue share agre￿nIS 4,150 20,647 24,797 4,150 20,*347 34.187 34.187 Page 21 Pancreatlc Can￿r 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.$00,643 3.735 Pagg 22 Pancreatic Cancer Research Fund Notes to the Flnanclal Statements for the Year Ended 30 November 2023 6 Grnnt4naklng Anatysis of grnnts Grants to Instltutlons 2023 2012 Anatysls Imporial College LC￿dOn Unlvèrslty College London Cardrff Universty Sclrool of Medecine Queen Mary University London University d LNerpool AddthoTral yrdnt payments 220,000 218,726 220.000 219,000 216,395 268,509 1.362,630 54S.799 545,799 a) £S45,796 eonslsls of addition31 payrnenls made to earftèr gmntees amounting to £181.779 av £364,019 as CDnlinuing payrnents to the tossue b8nk. 7 Anaty$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 cony￿eted 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 U￿￿tri¢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 ￿$tS of £15.790 {2022 . £2,750) wh￿h relate directly to CharItsb￿ adMtse$. S8e note 7 forfurther dgtails. 17 Imvostmont Incom• Unro$tri¢tèd lunds Total funds G•n•ral Interes1 reCeI￿ab]e and slmilar incom•'. Inteiest [￿e>Va￿le 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