Company registration number., 08731110 Charity reglstration number: 1155322 PANCREATIC CANCER RESEARCH FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024
Pancreatic Cancer Research Fund Contents Page Reference and Administrative Details Trustees. Report Independent Auditor's Report Statement of Financial Actlvitles (including Income and Expenditvre Account) Comparative Statement of Financial Activltles (including Income and Expendlture Account) io Balance Sheet li statement of Cash Flows 12 Notes to the Statement of Cash Flows 13 Notes to the Financial Statements 14-19
Pancreatic Cancer Research Fund Reference and Administrative Details For The Year Ended 30 November 2024 Trustees Mrs Margaret Blanks - Chief Executive Mr Peter Blanks Mr Stephen Collen Mr Brian Raper CharFty Number 1155322 Company Number 08731110 Registered Offic• 71-75 Shelton Street Covent Garden London WC2H 9JQ Accountants RFM Associates Chartered Accountants 10 Carew Way Watford Herts WD19 5BG Auditors Grant Harrod Lerrnan Davis LLP 2nd Flwr Kirkland House 11-15 Peterborough Road Harrow Middlesex HAI 2AX Page I
Pancreatic Cancer Research Fund Company No. 08731110 Trustees. Report For The Year Ended 30 November 2024 The trustees present their report and the flnancial ststements for the year ended 30 November 2024. Objectives and Actlvlties Alms and ObJectlveJ Objects and aims Publlc benefit The principal object of the charlty is the promotlon of research into the constitutiDll and pathology of the pancreas {with partlcular reference to CBncer of the pancreas) and into the causes, diagnosis and treatment of disease of the pancreas on term5 that results of such research are publlshed. The charity's aim is to improve the horrendously low sutvival rate of pancreatic cancer patients through funding and promoting the best independent research throughout the UK. The charity achleves thi5 through grant making. The trustees confirm that they have cornplled with the requirements of section 17 of the Charities Act 2011 to have due regard to the public beneflt guidance published by the Charity Commlssion for England and Wales. Achlevements and Performance Charltable Activities Revlew of Charitable Activltles undertaken As the charity has a very small admini5tratlve set-upi the Tnjstees made the decislon to scale back the work of the charity in the light of the Chief Executlve's plan5 for future retirement. Options were explored concerning the future of the charity. Whlle active fundralslng through event5 will cease and no new grant5 wlll be awarded, the charity's reserves will enable the fundlng of the current research commitments, Including the development of the PCRF Tissue Bank. The Chief Executive will continue on a part-tlme basis to administer these commitments. In communicating these plans to SUPPOrters, the Trustees were keen to also offer a future way they could support the pancreatlc cancer cause If they wished. As the charlty Pancreatic Cancer UK {PCUK) had added funding research to its remit of patient support and infomiation some years earlier, and was announcing Its new 5-year research strategy to increase Investment in research each year, Trustees agreed to encourage the supporters to give their future support to PCUK. Discu55ion5 were held with PCUK'S Chief Executive to agree the messaging to PCRF supporter5 about the changes and the ways to contact PCUK. Researth Awards No awards were made for new research projects, but the following grants were awarded for ongolng commitments.. l.One-year cost extenslon for the prDJect 'The integrin ovP6 drives PDAC metsstasis: mechanisms and therapeutic insights, £98,213 Professor John Marshall, Queen Mary Unlverslty of London 1.7.2025 - 30.6.26 2.Three-year awzrd for the contlnued support and development of the PCRF Tlssue Bank (See below). 2025: £558,575.07 2026: £616,261.15 2027: £627,642.16 The PCRF Tissue Bank Applications fDr samples have been widened and now scientists from universitles, research institutes, blotechnology and phamiaceutical companies all over the world are able to apply for tissue samples from the PCRF-funded pancreas t15sue bank to help thelr research into improving the diagnosi5 and treatment of pancreas cancer. The Pancreatic Cancer Research Fund Tlssue Bank [pcRB). which launched in 2016, aimed to solve the research challenge of high quallty pancreas tumour sample5 being so scarce In the UK, The longer term ambition was to widen the scope of who could request samples, but thi5 was dependent on sufficient sample number5 being colletted. This milestone has now been reached, with over 10,500 pieces of pancreatic tumour and normal pancreas tissue donated and stored, along with other blological m8terials such as plasma and serum (both products derlved from blood samples), urine and sallva all of whlch are valuable for research. The Tissue Bank has a 5rnall CDre staff based at Barts Cancer Instltute, London, who liaise with the partner hospita15 whlch are contributing sample5. These are in Londoh, Lelcester, Southampton, Oxford and Newcastle upon Tyne. Derriford Hospital of the University Hospltals Plymouth NHS Trust has recently joined as a partner hospltal. ..CONTINUED Page 2
Pancreatic Cancer Research Fund Trustees. Report (continued) For The Year Ended 30 November 2024 Charltable Actlvltles - contlnued Each of the partner hospitals has a dedlcated Tissue Collection Officer (TCO) partly funded by the charity, and the international expansion is in large part thanks to their work. TCOS discus5 tissue donation with relevant surgical patients to obtain their consent for their removed tissue to be stored. They also ensure that the samples are processed to strict protocols and gather some 300 pieces of data about the patient, their medical history and treatment to date, all of which is key to the samples being such high value for research. In addition, special technique5 produce additionèl resources called 'patient-derived tissue sample5'. such as 'organoids'. These are patients, tumour cells that have been specially nurtured to grow into tiny 3-D structures. Very difficult to produce, and highly valuable for research, they enable much more accurate insight into the disease and how PDtential treatments might work in the body than traditional 2-dimension31 cell lines allow. To demonstrate and promote the quality of the Tissue Bank'5 safflple5 and data, the team will be applying for 150 certification. This involves a rigorous process of assefjsment by UKAS. the National Accreditation Body for the United Kingdom. Approach to fundralslng ad Communicjtions Approach to Fundrai$ing The charity doe5 not utili5e door-to-door, prlvate site or street fundraising. Nor does it employ professional fundraisers or commercial participators. Its main fundraising 50vrces are through in memory donations, indivldual giving and legacies. The charity 15 not registered with the Fundralsing Regulator, as the levy Is voluntary. As in previou5 years, no fundralsSng complaints were received in thls flnanclal year. The charity recognlses the Code of Fundraising Practice and Is slgned up to the Fundraising Preference Service. Communications We are keen to inform supporters about the research their donations are fundlng and what they are achieving. We continue, therefore, to show the detsils of all past, present and new PCRF-funded projects on our web51te, together wlth news of outcomes and developments from the research. Financial Rèvlew Reserves Policy Policy on reserves The trustees have agreed that research awards wlll only be offered If the full cost of the award is already available in the charity's funds. This will minimise risk and ensure continuity for each research projert should the charity's income be dramatically reduced. Reserves. therefore, cover the full cost of awards allocated in each annual award round. Risk Management Major risks and management of those ri$ks Risk5 The Trustees have assessed the major risk5 to which the company is exposed. in particular those related to the operations and finances of the company, and are satisfied that 5y5tetn5 and procedures are in place to mitigate our exposure to the major risks. Future Developments Plans for the future The charity will aim to continue to successfully deliver on Its charitable objectives, funding and promoting world-cla55 research into defeating pancreatic cancer. The focu5 of these will be.. the funding of current project grant commitments through to concluslon. the guaranteed funding of the PCRF TIs5ue Bank untll at least end 2027. reviewing progress of the fissue Bank towards self-sustainability and explorlng possible alternative source5 of funding for the longer term. Structure, Governance and Management Page 3
Pancreatic Cancer Research Fund Trustees, Report (continued) For The Year Ended 30 November 2024 Governing Document Nature of governlng document The company Is registered as a charltable company limited by guarantee , charity number 1155322, and was set up by Memorandum of Association on 14 October 2013. Trustee Selectlon M•thods Recrultment and appointment of trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under thetems of the Trust deed .There must be at least three trustees. Apart from the first trustees, every trustee must be appolnted for a term of two years by a resolution of the trustees passed at a special meeting. In selecting Individuals for appointment of trustees, the. trustees must have regard to the skills, knowledge and experlenceneeded for the effectlve admlnistratiDn of the charity. Organlsational Strurture Oryanisatlon31 structure As the charlty IS a small Drganisatlon, complex structural procedures are not felt to be necessary. Decisions regarding the strategic dlrertion and fundraising actlvitie5 of the charity are taken by the Tru5tees' groups day to day running of the charity Is delegated to one of the trustee5. Decisions gardIng grants to be allocated are taken by the Scientific Advisory Panel, using a process of peer review. These decisions a then presented to the Trustees for their input on the allocation of the charity's funds. and the statement of Trustees, R•sponsibiliti¢s The trustees (who are also the directors of Pancreatic Cancer Research Fund for the purposes of company law) are responsible for preparing the Tru5tees' Report and the financial ststements In accordance with applicable law and United Klngdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare finar¢cial statements for each financial year. Under company law the trustees must not approve the flnancial statement unless they are sètlsfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resource5 and application of resources, including the income and expenditure, of the char6tsble company for that period. In preparing the financial statement5 the trustees are required to.. select suitable accountlng policies and then apply them conslstentlyi observe the methods and principles In the Charity SORP; make judgments and accounting estimates that are reasonable and prudent,. and prepare the financial ststements on the going concern basls unless it is inappropriate to presume that the company will continue In business. The trustees are re5ponslble for keeplng adequate accounting records which disclose with re850nable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts cgmply with the Companies Act 2006. They ore also responsible for safeguardlng the assets of the company and hence for tsking reasonable steps for the prevention and detection Df fraud and other Irregularitie5. The trustees are responsible for the maintenance and integrlty of the corporate and financial information included on the charitable company's webslte. Leglslation in the United Kingdom governlng the preparation and dissemination of financial strdtements may dlffer from leglslation in other Jurisdirtions. Statement of Dlsclosure of Information to Auditors Each of the persons who are trustees at the time when this trustees, report is approved has confirmed that: so far as the trustee Is aware, there Is no relevant audit infomiation of whlch the charltable company'5 auditors are unaware. and they have taken all the 5tep5 that they ought to have tsken as trustees In order to make ihemselves aware of any relevant audit information and to establish that the charftable company's auditors are aware of that informètlon. Sn7all Company Rules This report has been prepared in accordance with the special provisSons relatlng to companles subject to the small companies regime within Part 15 of the Companles Act 2006. Page 4
Pancreatic Cancer Research Fund Trustees. Report (continued) For The Year Ended 30 November 2024 The trustees, report was approved by the board of trustees and signed on its behalf by: Date Page S
Independent Auditor's Report to the Members of Pancreatic Cancer Research Fund Opinion We have audlted the financial statements of Pancreatic Cancer Research Fund (the "charity") for the year ended 30 November 2024 whlch comprise the Statement of Financlal Activities (Including Income and Expenditure Account), Balance sheet, Cash Flow Statement and the related notes, including a summary of significant accounting policles. The flnancial reporting framework that has been applled in their preparation is applicable law and United Kingdom Accounting Standard5 (Unlted Kingdom Generally Accepted Accounting Prattice), includlng FRS 102 "The Financial Reportlng Stsndard applicable in the UK and Republlc of Ireland". In our opinlon the financial statements: give a true and fair view of the state of the charitable company's affalrs as at 30 November 2024 3nd of It5 incomlng resources and application of resources, for the year then ended,. have been properly prepared in accordance with Unlted Kingdom Generally Atpted Accounting Practice; and have been prepared In accordance with the requirements of the Companies Act 2006. Basis for Oplnlon We conducted our ovdit in accordance with Intematlonal Standards on Avditing (UK) {ISAs IUK)) and applicable law. Our responsibilltles under those standards are further described in the Auditor's responsibilities for the audit of the financial ststements section of our report. We are independent of the charitable company in accordance with the ethlcal reqLsirements that are relevant to our audlt of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, In the circumstances set out in note 18 to the financial ststements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffieient and appropriate to provide a basis for our opinion. Concluslons Relating to Golng Concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financlal statements is appropriate. Based on the work we have perfomied, we have not Identified any material uncertainties relating to events or conditlons that, indivldually or collectlvely, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorlsed for issue. Our responslbllities and the responslbllities of the tnjstees Wlth respect to going concern are described in the relevant sections of this report. other Informatlon The other information comprises the infomiation Included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responslble for the other Infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial Statements, our responsibility 15 to read the other infomiation and, in dolng 50, consider whether the other information is Materially Inconsistent with the flnancial statements or our knowledge obtained in the audlt or otherwise appears to be materially misstated. If we Identify such material incon515tencies or apparent materlal misstatements, we are required to determine whether this glves rise to a materlal misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other Snformation, we are required to report that fact, We have nothing to report in thls regard. Oplnions on Other Matters Prescribed by the CompJnies Act 2006 In our opinion. based on the work undertaken in the course of the audit- the Information glven in the Trustees, Report, which includes the Dirertor's Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Director's Report included wlthin the Trustees, Report have been prepared in accordance with applicable legal requirements. Page 6
Independent Auditor's Report (continued) to the Members of Pancreatic Cancer Research Fund Matters on Which We Are Required to Report by Exception In the Ilght of the knowledge and understandlng of the charitable company and its environment obtalned In the course of the audit, we have not identified material misstatements In the Director's Report included within the Trustees, Report. We have nothing to report In respect of the following matters in relation to which the Companles Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not V15ited by us. or the financial Statements are not in agreement with the accounting records or returns,. or certain disclosures of trustees, remuneration speclfled by law are not made,. or we have not received all the information and explanations we require for our audlt,. or the trustees were not entitled to prepare the financial Statements in accordance with the small companies regime and tske advantage of the small companies, exemptions in preparing the Trustees, Report and from the requlrement to prepare a Strategic Report. Responslbllltles of Trustees As explalned more fully in the Trustees, Responsibilities Statement Set out on page 2-5, the trustees (who are also directors of the charitable CDmpany for the purposes of company lawl are responsible for the prep8ratlon of the financial statements and for belng satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatlon of financial statements that are free from material rnis5tstement, whether due to fraud or error. In preparing the flnanclal statements, the trustees are responsible for assessing the charitable company's ability to continue as a golng concern. disclosing, as applicable, matters related to going concern and using the golng concern basis of accountlng unless the trustees either intend to liquidate the charity or to cease operation5, or have no realistic alternative but to do so. Audltor's Responslbllltles for the Audlt of the FinJnaal Statements Our objectives are to obtsin reasonable assurance about whether the financial statement5 as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor'5 report that Include5 our opinion. Reasonable assurance Is a hlgh level of assurance, but is not a guarantee that an audit conducted in accordance wlth ISAS (UK) will always detect a materfal mlsststement when it exists. Misstatements can arise from fraud or error and are consldered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to whlch our procedures are capable of detetting irregularities, including fraud Is detalled below.. We have considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and COTnpliance wlth laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularltles. We gained an understanding of the legal and regulatory framework applicable to the company and the industry In whlch it operates and considered the risk of acts by the company which would be contrary to applicable l?w5 and regulatlons, includlng fraud. These included, but were not IlmSted to, compliance with the UK'5 Companie5 Act regulations and tax legislation. We also communicated relevant identified laws and regulation5 and potential fraud risks to all engagement teèm members and remained alert to any indications of fraud or non-compliance wlth laws and regulations throughout the audlt. We focused on laws and regulations that could give rise to a material mi5Statement in the company financial statements. Our tests included, but were not limited to: Reviewing the financlal ststement disclosures and testing to supporting documentatlon to assess compliance with relevant laws and regulatlons dlscussed above. Enquirle5 of rnanagement. Reading minutes of meetlngs of the Board. In addressing the rlsk of fraud through management override of controls, testing the appropriateness of a sample of journal entrles other adjustments; Assessing whether the judgements made in makbng accounting estimates are indicative of a potential bias; Evalvating the business rationale of any slgnlflcant transactions that ore unusual or outside the normal course of business. A further descrlptlon of our responsibilities for the audit of the financial statements Is located on the Flnancial Reporting Councll's website www.frc.org.uk/audltorsresponsibilities. This description forms part of our audltor's report. Page 7
Independent Auditor's Report (continued) to the Members of Pancreatic Cancer Research Fund Use Of Our Report This report is made solely to the charitsble company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght state to the charitable company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitsble company's me s a body, for our audit work, for this report, or for the opinlons we have formed. Jeremy Harrod FCCA ACA BFP (Senior Statutory Audttorl for and on b hal of Grant Harrod Lerman Davls LLP, Statutory Auditor Date l* Grant Harrod Lernian Davis LLP 2nd Floor Kirkland House 11-15 Peterborough Road Harrow Mlddlesex HAI 2AX Page 8
Pancreatic Cancer Research Fund Statement of Financial Activities (Including Income and Expenditure Account) For The Year Ended 30 November 2024 2024 2023 Unrestrlcted funds Total funds Notes INCOME AND ENDQWMENTS FROM: Donatlons and legacles Other trading activities Investments 677,596 1,230,225 4,288 24,797 263,881 207,304 945,765 1,462,326 EXPENDrruRE ON: Raising funds Charitable activities.. Trading activities Grant funding of activities (32,725) [102,742) (11,124) (796.510) (545,799) (829,235) (659,665) NEf INCOME 116.530 802,661 NET MOVEMENT IN FUNDS 116,530 802,661 RECONCILIATION OF FUNDS: Total fund5 brought forward 4,527,534 3,724,873 TOTAL FUNDS CARRIED FORWARD 14 4,644,064 4,527,534 The notes on pages 13 to 19 form part of these financial statements. Page 9
Pancreatic Cancer Research Fund Comparative Statement of Flnancial Activitles (including Income and Expendlture Account) For The Year Ended 30 November 2024 2023 Unrestricted Restrirted funds funds Total funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacles Other trading activities Investrnents 1.230,225 24,797 207,304 1,230,225 24,797 207,31)4 1,462,326 1,462,326 EXPENDITURE ON: Raising funcjs Charltable activities: Trading actlvities Grant funding of activities 1102,742) (102,742) (11,124) (542,064) (11.124) {3,735) (545,799) {3.735) (659,665) (3.735) 802,661 (655,930) NEf INCOME B06,396 NEf MOVEMENT IN FUNDS RECONCILIATION OF FUNDS. Totsl funds brought forward 806,396 (3,735) 802,661 3,721,138 3,735 3,724,873 TOTAL FUNDS CARRIED FORWARD 14 4,527,534 4,527,534 The notes on pages 13 to 19 form part of these flnancial statements. Page 10
Pancreatic Cancer Research Fund Balance Sheet As At 30 November 2024 2024 2023 Unrestricted Restrlcted funds funds Total funds Total funds Notes CURRENT ASSETS Stocks Cash at bank and in hand 12 1,740 7,781,463 1,740 3,217 7,781,463 8,874,887 7,783,203 7,783,203 8.878,104 Creditors: Amount% Falllng Due Within One Year 13 (3,139,139) {3,139,139) [4.350,570) NEf CURRENT ASSETS (LIABILITIES) 4,644,064 4,644,064 4,527,534 TOTAL ASSETS LESS CURRENT LIABILITIES 4,644,064 4,644,064 4,527,534 NEf ASSETS 4,644,064 4.644,064 4,527,534 FUNDS OF THE CHARrrY Unrestricted Funds 4,644,OEA 4.527,534 TOTAL FUNDS 14 4,644,064 4,527,534 These accounts have been prepared in accordance wlth the provisions applicable to companies subject to the small cornpanies regime. On behalf of the board Date The notes on page5 13 to 19 form part of these financial statements. Page 11
Pancreatic Cancer Research Fund statement of Cash Flows For The Year Ended 30 November 2024 2024 2023 Cash flows from operating activities Net cash (used in)Igenerdted froTll operations Net Cash (used In)Igenerated from operatlng attivities Cash flows from Investing artivltles Interest recelved (1,357,305) 611,019 (1,357,305) 611,019 263,881 207,304 (Decrease)/increase in cash and cash equivalents Cash ond cash equivalents at beglnning of year Cash and cash equivalents at end of year (1,093.424) 8,874,887 818.323 7,781,463 818,323 Page 12
Pancreatic Cancer Research Fund Notes to the Statement of Cash Flows For The Year Ended 30 November 2024 l. Reconciliation of Income to ush (used In)Igenerated from operation5 2024 2023 Net income Adjustments for.. Interest income Movements in working capital.. Decreasel(increase) in stocks (Decrease)/increa5e In trade and other creditors Net cash (used In)Igenerated from operations 116,530 802.661 (263,881) (207.304) 1,477 (1,211.431) (3,217) 18,879 (1,357,305) 611,019 2. Cash and cash equivalents Co5h and cosh equivalents, as stated in the Statement of Cash Flows, relate5 to the following items in the Balance Sheet.. 2024 2023 Cash at bank and in hand 7,781,463 8,874,887 3. Analysls of changes in net funds Asati December 2023 Cash flows Asat30 November 2024 Cash at bank and in hand 8,874,887 (1,093,424) 7,781,463 Page 13
Pancreatic Cancer Research Fund Notes to the Financial Statements For The Year Ended 30 November 2024 l. General Information Pancreatlc Cancer Research Fund is a company limited by guarantee, incorporated in Englan¢J & Wales, registered number 08731110 ènd registered charity number 1155322. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. 2. Accounting Policies 2.1. Basis of Preparation of Financial Statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019)" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The charitable company is a Public Benefit Entity as defined by FRS 102. 2.2. Incoming Resources Donations and legacies Donations are recognised when the charity ha5 been notified in writing of both the amount and 5ettlernent date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income 15 deferred and not recogni5ed until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the chartty and it Ss probable that these condltions will be fulfilled in the reporting period. Legacy glfts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in wrlting both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift belng reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. 2.3. Stocks and Work in Progress seocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is determined using the first-in, flrst-out method, Cost includes all direct costs and an appropriate proportlon of flxed and variable overheads. Work in progress is reflected In the accounts on a contract by contract basls by recording turnover and related costs as contract activlty progresses. At the end of each reporting period stocks are assessed for impairment. If an item of stock is impalred, the identlfled Stock is reduced to its selllng price less costs to complete and sell and an impaim)ent charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed. up to the original impairment loss, and 15 recDgnised as a credit in the statement of financial activities. 2.4. Cash and Cash Equivalents Cash and cash equivalents are basic financial assets and inclvde cash in hand and deposits held at call with banks. other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. 2.5. Flnancial Instruments Classification Financial assets and financial Siabilities are recogni5ed when the charity becomes a party to the contrartual provisions of the instruTnent. Financial liabilities and equity instruments are classified according to the Substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the a55ets of the charity after deducting all of it5 liabilities. Recognition and measurement All financial assets and Ilabilities are initially measured at transaction price (Including transactlon costs), except for those financlal a55ets classified as at fair value through profit or10ss, whlch are initially measured at fair value (which is nom)ally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transactlon. If an arrangement constitutes a financing transartion, the financial asset or financial liability Is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. ..CQNTINUED Page 14
Pancreatic Cancer Research Fund Notes to the Flnancial Statements (continued) For The Year Ended 30 November 2024 2.5. Flnancial Instruments- contlnued Financial assets and Ilabllltles are only oftset in the statement of financial positlan when, and only when there exists a legally enforceable right to set off the recognised amounts and the charlty Intends either to settle on a net basis, or to reallse the asset and settle the liability simultaneously. Finanaal assets are derecognised when and only when a) the contractU81 rights to the cash flows from the financial asset expire or are settled, b) the charlty transfers to another party substantially all of the rlsks and rewards of ownership of the financial asset, or c) the charity, despite having retair>ed some, but not all, significant risks and rewards of ownershipi has transferred control of the asset to anather party. Financial liabilities are derecognlsed only when the obligation specified in the contract 15 discharged, cancelled or expires. Debt instruments Debt instruments which meet the following conditions are subsequently measured at amortised cost Using the effective interest method.. (a) The contractual return to the holder Is (i) a fixed amount. (ill a posltlve fixed rate or a positive variable rate. or (iii) a combinatlon of a posltive or a negative fixed rate and a posltlve variable rate. (b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable Index of general price inflation of the currency In which the debt instrument Is denominatedr provided such Ilnks are not leveraged. (c) The contract may provide for a determinable variatlon of the retum to the holder durlng the Ilfe of the instrument, provided that (i) the new rate satisfies condltion (a) and the variation is not contlngenton future events other than (l) a change of a contractual variable rate,. 12) to protect the holder against credit deterloratlon of the issuer. (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law,. or (11) the new rate is a market rate of interest and satisfiescondition (a). (d) There is no contractual provision that could. by its tem15, result in the holder loslng the principal amount or any interest attributable to the current period or prior periods. (e) Contrattual provlslons that permit the issuer to prepay a debt instrument or pemiit the holder to put it back to the issuer before maturlty are not contingent on future events, other than to protect the holder against the credlt deterioration of the issuer or a change in control of the issuer, or to protett the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant tsxatlon or law. {f) Contractual provlslons may permlt the extension of the term of the debt Instrument, provided that the return to the holder and any other contractual provisions applicable during the extended temi satisfy the conditions of paragraph5 (a) to (c). Debt instruments that are classlfled as payable or receivable within one year on Inltial recognition arbd which meet the above conditions are measured at the undlscounted amount of the cash or other conslderatlon expetted to be paid or recelved. net of impalrment. With the exception of some hedglng Instruments. other debt instruments not meeting these conditlons are measured at fair value through profit or Ios5. Commitrnent5 to make and recelve loans whlch meet the conditions mentioned above are measured at cost (which may be nil) le55 irnpairrnent. 3. Income from Donatlons and Legades 2024 2023 Unrestrlcted Unrestricted funds funds Donations and gifts Legacies 484,OB4 193,512 1,082,551 147,674 677,596 1.230,225 Page 15
Pancreatic Cancer Research Fund Notes to the Flnancial Statements (continued) For The Year Ended 30 November 2024 4. Income from Other Trading Activities 2024 2023 Unrestrlcted Unrestricted funds fund5 Income from other trading actlvities Income from revenue Sha agreements 1,007 3,281 4,150 20,647 4,288 24,797 5. Investment Income 2024 Unrestricted Unrestricted funds funds 2023 Bank Interest receivable 263,881 207,304 6. Analysis of Expenditure 2024 Grant fundlng of Support actlvities costs (see note 7) (see note 8) Total Raising funds Grant funding of activities 32,725 32.725 796,510 796,510 796,510 32,725 829,235 2023 Grant funding of Support ctivities costs (see note 7) (see note 8) Activitie5 undertaken dirertly Total Ralslng funds Trading activities Grant funding of actlvities 102,742 102,742 11,124 545.799 11.124 545,799 11,124 545,799 102,742 659,665 Page 16
Pancreatic Cancer Research Fund Notes to the Financial Statements (continued) For The Year Ended 30 November 2024 7. Grants Payable 2024 2023 Grants to Grants to Institutions Instltutlons Grant funding of activities 796,510 545.799 Grdnts paid to institutions, included above, are as follows: Research Awards No award5 were made for new research projects, but the following grants were awarded for ongoing commitments.. l.One-year cost extension for the project'The integrin ov@6 drives PDAC metastasis.. mechanisms arbd therapeutic insights. £98,213 Professor John Marshall, Queen Mary University of London 1.7.2025 - 30.6.26 2.Three-year award for the continued support and development of the PCRF Tissue Bank (See below). 2025: £558,575.07 2026: £616.261.15 2027: £627.642.16 2024 2023 Professor John Marshall, Queen Mary University of London 98,213 8. Support Costs 2024 Raising funds Employee costs General administration Governance costs 10.000 18,225 4,500 32,725 2023 Ralslng funds Employee costs General administration Governance costs 10,000 76,952 15,790 102,742 Page 17
Pancreatlc Cancer Research Fund Notes to the Flnancial Statements (continued) For The Year Ended 30 November 2024 9. Auditor's Remuneration RemuneratSon received by the choritable company'5 audltors and their asSOClates during the year was a5 follows: 2024 2023 Audit Services Audit of the company's financial statements 4,500 4.000 10. staff Costs staff costs were as follow5: 2024 2023 Wages and salaries 10,000 10,000 No employee5 received employee benefits (excludlng employer penslon costs) for the reportlng period of more than £60.000. During the year Mrs M. Blanks received a salary of £10,000 12023., £10,000) in respect of her duties as chief executlve of the charity as permitted in the Articles of Associatlon of the tompany. Mrs Blanks is also a Trustee but receives no remuneration In respert thereof. 11. Average Number of Employees Average number of employees during the year wa5.. 1 (2023.. 1) 12. Stocks 2024 2023 Finished goods 1,740 3,217 13. Creditors: Amounts Falling Due vfithin One Year 2024 2023 Accruals and deferred income Accruals for grants payable 19,899 3,119,240 18,879 4,331.691 3,139,139 4,350,570 14. Movement in Funds A5atl December 2023 Asat30 November 2024 Income Expendlture Unrestricted funds General: General unrestricted fund 4.527,534 945,765 (829,235) 4,644,064 Total funds 4,527,534 945,765 {829,235) 4,644,064 Page 18
Pancreatic Cancer Research Fund Notes to the Financial Statements (continued) For The Year Ended 30 November 2024 Asati December 2022 Asat30 November 2023 Income Expendlture Unrestrlcted funds General: General unrestrlcted fund Restrlrted funds Restricted 3,721,138 1,462,326 (655,9301 4,527,534 3,735 (3,735) Totsl funds 3,724,873 1,462,326 1659,665) 4,527,534 15. Transactions wlth Trustees None of the trustees received any remuneratlon or any other benefits from an employment with the charlty or a related entity during the current or previous year. No tnJstee expenses have been incurred. 16. Related Party Dlsdosures There have been no related party transactions in the reporting period that require disclosure. 17. Company limited by guarantee The company Is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1. 18. FRC'S Ethlcal Standard - Provision Available for Small Entlties In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and as515t wlth the preparatlon of the financial statements. Page 19