2022-03-31-accounts - Cancer Research Wales

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

	Page
Report ofthe Trustees
Report ofthe Independent Auditors	18
Statement of Financial Activities	23
Balance Sheet	24
Cashf low Statement	25
Notes to the Cashf low Statement	26
Notes to the Financial Statements

Trustees	Trustees
Mr	SPearson	Chair
Mr	G Moore	Finance Committee	Chair
Mr	I Sharp
Dr	C Gaffney	Scientific Committee	Chair
Professor C.
Fegan
Ms	R Whiting	Hon Legal Advisor
Ms	C Nicholls
Mr	C Fegan	Appointed 3 November		2021
Senior Management
Ms	A Tate	Chief Executive Officer
DrL		Head ofResearch and		Science Communication
Campbell
Mr	M Bobbett	Head of Finance and	Corporate Services
		Resigned 19December		2021
Mr	R Davies	Head of Income Generation,			Marketing	and Communications
Ms	A Yandall	Head of Finance
		Appointed 9 May 2022

					2022	2021
			Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
		Notes	E			E
income and Endowments
from
Donations and legacies			1,442,352	14,892	1,457,244	1,726,2?4
Other trading activities			695,727	-	695,727	324,408
Investment income			84,906		84,906	104,967
Other income			1 223		1,223	59,362
Total			2,224,208	14,892	2,239,100	2,215,011
Expenditure on
Raising funds			665,291		665,291	583,814
Charitable activities
Research Projects			1,895,184	26383	1 921,567	892,092
Total			2,560,475	26,383	2,586,858	1,475,906
Net gains/(losses)	on	18	19,771		19,771	756,570
investments
Net (Expenditure)/income			(316,496)	(11,49I)	(327,987)	1,495,675
Reconciliation of	funds
Total funds brought	forward		4,959,106	357,011	5,316,117	3,820,442
Total funds carried	forward		4,642,610	345,520	4,988,130	5,316,117

					2Q22	2021
			Unrestricted	Restricted	Total	Total
			Funds	Funds	Funds	Funds
		Notes			F	E
Fixed Assets
Intangible assets		16				4,889
Tangible assets		17	92,010		92,010	25,752
Investments		18	4,865,674		4 865,674	4,801,865
Total			4,957,684		4,95?,684	4,832,536
Current Assets
Debtors			645,228		645,228	749,258
Cash at bank and in hand			1,980,215	420,554	2,400,769	3,173,168
Total			2,625,443	420,554	3,045,997	3,922,426
Creditors
Amounts falling due within		20	(476,590)	(10,242)	(486,832)	{628,825)
one year
Net current	assets		2,148,853	410,312	2,559,165	3,293,601
Total assets	less current		7,106,537	410,312	7,516,849	8,126,13?
liabilities
Provision for	liabilities	22	{2,463,927)	{64,792)	(2,528,719)	(2,810,020)
Net Assets			4,642,610	345,520	4,988,130	5,316,117
Funds		23
Unrestricted	funds				4,642,610	4,959,106
Restricted funds					345,520	357,011
Total Funds					4988,130	5,316,117

				2022	2021
			Notes
Cash flows from operating	activities
Cash generated from operations				(718,514)	104,805
interest paid
Net cash provided by operating		activities		718,514	104,805
Cash flows from investing	activities
Purchase of intangible fixed	assets
Purchase oftangible fixed assets Purchase offixed asset investments Sale of intangible fixed assets				(94,753) (1,209,223)	(4,670) (1,064,361)
Sale oftangible fixed assets
Sale offixed asset investments				1,165,185	1,007,471
Interest received				51,120	18,064
Dividends received				33,786	86,902
Net cash (used in)/provided	by investing			(53,885)	43,406
activities
(Decrease)/Increase in cash and cash				(772,399)	148,211
equivalents
Cash and cash equivalents	at 1	April		3,173,168	3024,957
Cash and cash equivalents	at	31 March
				2,400,769	3,1?3,168

1. Reconciliation ofnet incomel ex enditure	1. Reconciliation ofnet incomel ex enditure	1. Reconciliation ofnet incomel ex enditure	1. Reconciliation ofnet incomel ex enditure	to net cash flow from	to net cash flow from	o eratin
activities
					2022	2021
				Notes	F
Reconciliation of net	income/{expenditure)				(327,987)	1,495,675
to net cashflow from	operating		activities
Net income/(expenditure)		for the year (as per
the statement offinancial		activities)
Adjusted for:
Depreciation charges					30,984	12,242
(Gain)/Loss on investments					(19,771)	(786,038)
Loss on disposal offixed assets					2,430
Interest received					(51,120)	(18,064)
Interest paid
Dividends received					(33,786)	(86,902)
Discounting of provisions						29,468
Dilapidation's provision					48,500
Decrease/(increase) in	debtors				104,030	(240,484)
(Decrease)/increase in	creditors				~471,794	~301,092
Net cash provided by	operations				718,514	104,805
Analysis ofchanges	in net funds
				At	Gashflow	At
				1 April		31 March
				2021		2022
Net cash
Cash at bank and in hand				3,173,168	(772,399)	2,400,769
Total				3,173,166	~772,399	2,400 769

							2022	2021
					Unrestricted	Restricted	Total	Total
					Funds	Funds	Funds	Funds
Donations					176,851	14,892	191,743	222,849
Trusts					2,550		2,550	13,600
Legacies					1,154,451		1,154,451	1,288,677
Grants					108,500		108,500	140,000
Donated services		and						2,969
facilities
Welsh Government			job					58,179
retention scheme
Total					1,442,352	14,892	1,457,244	1,726,274
Grants received	included			in
the above are as	follows:
Cardiff Council								95,000
Rhondda Cynon	Taff County							45,000
Borough Council
Public Health Wales			NHS				50,000
Trust
Bristol-Meyer Squib							57,500
Pharmaceuticals
Wales Cancer Network							1,000
Total							108,500	140,000
. Other tradin		activities
							2022	2021
Fundraising							285,126	242,238
Retail income							410,601	82,170
Total							695,727	324,408

		2022	2021
Income from shares	in listed	33,786	86,903
companies
Interest receivable	and similar	51,120	18,064
income
Total		84,906	104,967

. Other I	nco	me
			2022	2021
				E
Discounting	of	provisions		(29,468)
Insurance	claim			85,830
Miscellaneous		income	53	3,000
Royalties			1,170
Total			1,223	59,362

7. Raisin	Funds
			2022	2021
			Total	Total
			Funds	Funds
				E
Raising donations		and
legacies
Fundraising	staff costs		208,035	211,940
Gift aid and	legacy expenses		8,722	3,513
Events and	general		7,433	11,002
fundraising	expenditure
Advertising	and publicity		2,900	928
Other fundraising expenses			37,640	6,180
Depreciation				412
Total			264 730	233975
Other trading activities
Retail staff costs			178,467	151,434
Retail purchases			1,032	920
Retail premise costs			102,223	131,348
Other retails	costs		61,949	24,301
Merchandise	purchases		4,148	3,985
Dilapidations			'l,848
Depreciation			15,340	7,255
Loss on sale ofassets			2,430
Total			367,437	319,243

Investment costs	management
Investment	management	33,124	30,596
costs
Total		33,124	30,596
Total raising funds		665,291	583,814

8. Charitable	Activities co	sts
			Research	2022	Research	2021
			Projects		Projects
		Note
Direct costs		9	246,50?	246,507	126,302	126,302
Grant funding	of activities	10	1,020,907	1,020,907	456,287	456,287
Support costs		11	654,153	654,153	309503	309503
Total			1,921,567	1,921,567	892,092	892,092

		Research	2022	Research	2021
		Projects		Projects
Staff costs		134,454	134,454	96,568	96,568
Direct cancer research	expenditure	7,127	7,127	20,740	20,740
Science communication	costs	104,?23	104,723	8,719	8,719
Depreciation		203	203	275	275
Total		246,507	246,507	126,302	126,302

				2022	2021
Research	projects			1 020907	456,287
The total	grants paid to institutions		during the year
was as follows:
Velindre	NHS Trust			124,175	147,731
Cardiff University				462,604	266,132
Bangor University				6,016	47,000
Swansea	University			456,674
Grant underspends		written		(28,562)	(4,576)
back
Total				1,020,907	456,287

			Research	2022	Research	2021
			projects		projects
					E
Staff costs			272,751	272,751	243,109	243,109
Depreciation Other			15,441 116,814	15,441 116,814	4,300 56,749	4,300 56,749
Branding			78,196	78,196
Website	Development		29,004	29,004
ITcosts			60,824	60,824
Human	Resources		75,293	75,293	435	435
Governance		costs	5,830	5,830	4,910	4,910
Total			654,153	654,153	309,503	309,503

13. Staff Costs
				2022	2021
Wages and salaries				674,879	575,617
Redundancy costs				8,000	23,855
Social security				52,052	52,819
Pension				58,776	50,?60
Total				793,?07	703,051
The average monthly	number ofemployees		during
the year was as follows:
				2022	2021
				No.	No.
Science 8 Policy				3	3
Fundraising				6	5
Retail				5	7
Admin/Governance				4	4
Total				23	19
The number ofemployees		whose emoluments
amounted to a rate of	over	f60,000 during	the year
were as follows:
				2022	2021
				No.	No.
f60,001 —870,000				1	1
Pension contributions				F9,236	89,100

14. Com arative	s for the Stat	ement of Financia	l Activities
				2021
		Unrestricted	Restricted	Total
		Funds	Funds	Funds
			E
income and Endowments
from
Donations and legacies		1,726,274		1,726,274
Other trading activities		324,408		324,408
investment income		104,967		104,967
Other income		59,362		59,362
Total		2,215,011		2,215,011
Expenditure on
Raising funds		583,814		583,814
Charitable activities
Research Projects		883,695	8,397	892,092
Total		1,46?,509		1,4?5,906
Net gains/(tosses)	on	756,570		756,570
investments
Net (Expenditure)/Income		1,504,072	8,397	1,495,675
Reconciliation offunds
Total funds brought	forward	3,455,034	365,408	3,820,442
Total funds carried forward		4,959,106	357,011	5,316,117

	Computer
	software
Cost
At beginning ofyear	14,922
Additions during year
Disposals during year
At end ofyear	14,922
Depreciation
At beginning ofyear	10,033
Charge for year	4,889
At end ofyear	14,922
Net book value
At end ofyear
At beginning ofyear	4,889

		Leasehold	Fixtures 8	Motor	2022
		property	equipment	vehicles
		investments
					Total
					F
Cost
At beginning of	year	107,771	37,897	20,216	165,884
Additions during	year	61,545	33,208	-	94,753
Disposals during year		1,918	5,142	-	7,060
At end ofyear		167,398	65,963	20216	253,577
Depreciation
At begInning of	year	99,998	21,953	'l8,151	140,102
Charge for year		11,306	13,485	1,304	26,095
Depreciation on
disposals			4,630		4630
At end ofyear		111,304	30,808	19,455	161567
Net book value
At end ofyear		56,094	35,155	761	92,010
At beginning ofyear		7,773	'l5 944	2 065	25,782

				2022	2021
Historical	cost of	investments		3,590,880	3,586,443
Analysis	ofinvestments		between funds. "	2022	2021
Listed investments UK cash held as		part of	portfolio	4,800,482 65,192	4,780,526 21,339
				4,865,674	4,801,865
Cost or valuation		at 31	Ilarch 2022 is	2022
represented by:
Cost				3,590,880
Valuation	in 2020	—Net Gain		433,261
Valuation	in 2021	—Net Gain		756,570
Valuation	in 2022	—Net Gain		19,771
				4,800,482

19.Debtors:	Amounts fallin due within one	ear
		2022	2021
Other debtors		10,362	71,540
Legacies due		608,411	569,725
VAT
Prepayments	and accrued income	26,455	107,993
Total		645,228	749,258

20.Creditors:	Amou	nts	fallin due within on	e ear
				2022	2021
VAT				30,847	5,918
Social security	and other		taxes		13,223
Project funding	payments		due	276,543	279,081
Other creditors				81,163	150,346
Accruals and deferred		income		98,279	180257
Total				486,832	628,825

			2022	2021
Deferred	income brought forward		134,396
Released	to SOFA		(107,500)
Additional	income deferred	in the year	37,055	134396
			63,951	134,396

Minimum lease payments under non-cancellable	operating leases fall due as follo	ws:
	2022	2021
VVithin one year	102,750	59,000
Between one and five years	215,210	26,625
Total	317,960	85,625

2. Provision for liabilities
		2022	2021
Project grant commitments		2,402,007	2,659,024
Dilapidation's provision		126,712	150996
Total		2,528,719	2,810,020
project grant commitments:
Balance at 1 April 2021		2,659,024
Grants payable:		1,020,907
New project grant commitments	1,049,469
Grant underspend written	(28,562)
back
Grants payable in the year		(1,277,924)
Discounting of provisions
Balance at 31 March 2022		2,402,007

						At 1 April	Net	At 31
						2021	movement	March
							in funds	2022
						F
Unrestricted funds
General fund						4,959,1Q6	(316,496)	4,642,610
Total						4,959,1Q6	316,496	4 642,610
Restricted funds:
Brain Tumour	scholarship					150,000		150,000
Bowel cancer	research		fund			61,920		61,920
Tom Walker Fund —Acute Myeloid						100,000	(26,383)	73,617
Leukaemia
Tom VValker Fund -		unallocated				37,591	14,892	52,483
Millennium Stadium		charitable		trust		7,500		7,500
Total						357011	11491	345520
Total Funds						5,316,117	327,987	4,988,310
Net movement	in funds, included				Incoming	Resources	Gains and	Movement
in the above are as follows:					resources	expended	losses	in funds
Unrestricted funds
General fund					2,224,208	2,560475	19,771	316,496
Total					2,224,208	2,560,475	19,771	316496
Restricted funds. "
Brain Tumour	scholarship
Bowel cancer	research		fund
Tom Walker Fund					14,892	(26,383)		(11,491)
Millennium Stadium
charitable trust
Total					14892	26383		11,491
Total Funds					2,239,100	2,586,858	19,771	327,987

Comparative move	men	t in F	unds
					At 1 April	Net	At 31
					2020	movement	Ilarch
						in funds	2021
Unrestricted funds
General fund					3,455,034	1,504,072	4,959,106
Total					3,455,034	1,504,072	4,959,106
Restricted funds:
Brain Tumour scholarship					150,000		150,000
Bowel cancer research		fund			61,920		61,920
Tom Walker Fund					145,988	(8,397)	137,591
Millennium Stadium	charitable		trust		7,500		7,500
Total					365,408	8,397	357,011
Total Funds					3,820442	1,495675	5,316,117
Comparative net movement			in	Incoming	Resources	Gains and	Movement
funds, included in	the	above	are	resources	expended	losses	in funds
as follows:
Unrestricted funds
General fund				2,215,011	1,467,509	?56,570	1 504 072
Total				2,215,011	1,467,509	756,570	1,504,072
Restricted funds:
Brain Tumour scholarship
Bowel cancer research		fund
Tom Walker Fund —Acute					(8,397)		(8,397)
Myeloid Leukaemia
Millennium Stadium
Charitable Trust
Total					8,397		8,397
Total Funds				2,215,011	1,475,906	756,570	1,495,675