REGISTERED CHARITY NUMBER." 1167290 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR CANCER RESEARCH WALES MHA Statutory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS
CANCER RESEARCH WALES CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees 1 to 12 Report of the Independent Audltors 13 to 14 Statement of Financial A¢tivltles 15 Balance Sheet 16 Cash Flow Statement 17 Notes to the Cash Flow Stslement 18 Notes to the Financial Statements 19 to 34
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report(ng Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Charity Objectives The objects of Cancer Research Wales ICRW) are, for the benefit of the public, to relieve sickness and promote good health by advancing knowledge and understanding of cancer and its possible treatment and prevention lechniques, providing, and supportFng facilities for high quality cancer research in Wales and by= Funding cancer research proposals submitted by scientific investigators associated wth other organisations in Wales. including those linked to.. the National Health Service., universities and other academic andlor research institutions- and providers of cancer treatment In giving effect to the above objectives. the Board wll use its best endeavours to ensure that monies raised are for the benefit of research or Ihe furtheran of research being conducted in Wales. Ymchwil Canser Cymru - Cancer Research Wales $10n and Mission Our Vision is.. A Wales united against cancer through wotld-dass research. Our Mission is- We are making sure that the people of Wales do not have to accept cancer as a life-threatening disease. In partnership with scientists. health care professionals and the people of Wales we are making scientific discoveries that are transforming lives_ Public Benefit The charity's trustees can confirm that they have complied with the duty in Section 17 of the Charitie5 Act 2011 to have due regard to public benefit by the Commission. The charitable objectives outlined above, and the activities of the charity demonstrate public benefit. Grant Making Policies Grants made by the charity are allocated to research projects that have been independentiy assessed by external expert adjudicators Volunteers and Supporters We are funded by the people ofwales and none ofour research would be possible without Ihe kind generosity ofoursupporters and volunteers. Page 1
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Research Funding and Impact During the year ending 31 March 2024, Cancer Research Wales committed £591,543 for seven new research projects across Wales (31 March 2023.. £2.186.327}. New Research Funded for 2023-2024 The new projects funded comprised four innovation grants and three radiotherapy and medical imagining projects, covering a range of cancer types including brain, ovary, head & neck and triple-negative breast cancer. New Innovation Grants One of the new innovation grants fijnded included a research project Ihat aims lo use near-jnfrad light to improve cancer surgery. This approach, being developed by scientists in Swansea. will allow surgeons to instantly tell the difference belween cancerous and healthy bssues. Current protocols require pathologists to examine the removed tissue to check for cancer spread, meaning patients remain under anaesthesia while the surgeons await the results. leading lo unneSSary delays. If susSfUl. this research wll remove these delays increase the precision of tumour removals, helping to redu relapse rates. Another innovation grant will seek to rec¥uit patients being investigated for gynaecolo9ical Can{s to determine the accuracy of a novel blood test. which has previously shown SU5$ in detecting bowel Canr. The test promises to be a valuable lool for GPS to use to identify potential cancer patients sooner to improve Olrtcomes. especially for patients that present with vague symptoms, such as bloating and atrxjominal pain. Radiotherapy and Medical Imaging Projects To honour the legacies of Professor John Moore and Dr John Pritchard, who were instrumental in the history of CRW. a Radiotherapy Scholarship has been created in their name, with projects fijnded in the inaugural year. Radiotherapy trealment success depends on the quality of the treatment plan, so improving plan quality and decreasing variation should significantly improve palient outcomes and reduce side effects. The first Pritchard and Moore Scholarship aims to address this by implementing and evaluating a new audit approach. Currently radiotherapy plans are often drawn up manually, which is a complex prO5S that results in clinically significant variations in quality. In this study, conventional human-generated treatment plans wtll be compared against standardised plans generated by advanced computing techniques, in order to objectively measure both the quality and variation of plans. Based al Velindre Canr Centre, the study will audit plans from prostate and anal Lxncer patients from 6 centres nationwide. Results and quality improvement opportunities will be shared with the participants. wth the expectation this wtll lead to meaninglul improvements in radiotherapy plan quality. If successful. it is anticipated that the automated computer-generaled approach to creating treatment plans will be adopted across the UK. The second Pritchard and Moore scholarship aims to develop a new therapy lo sensitise cancers to radiotherapy, resulting in better treatrment response and ultimately improved SUNival. Based at Swansea University, the scientists wtll undertake a detailed analysis of several lead compound5, in combination with radiation, to identify those with the greatest clinical promise for further drug development. The new drug wtll be designed to incorporate PARP inhibitor activity, an estsblished drug mechanism used in similar clinical settings. Importantly, the new agents are being developed for use in triple-negative breast cancer, the subtype with the worst prognosis and few Gurrent treatment options. The third radiotherapy and medical imaging project is the MIMOSA trial which is a new brain tumour study for Wales. There is an urgent need to improve our understanding of glioblastoma. the most aggressive form of brain cancer, lo allow the development of better treatment strategies. Key to this is understanding the way brain tumours manipulate their environment into supporting tumour growth and survival. Page 2
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Transfomiing Primary Care Into Centres of Diagnostic Ex¢ellence for Cancer In 2023, the Cancer Research Wales-funded WICKED {Wales InleNentions and Cancer Knowledge about Early Diagnosis) study reported its results. This major primary care study PreSented a cornerstone of our Health Systems & Outcomes research theme. The findings revealed that the use of the NICE referral guidelines for suspected cancer varied across Wales with some GPS preferring to lean on their own experience instead of the guidelines. Concerningly, almost half of the GPS surveyed lacked Confiden in their ability to successfully refer patients wth vague symptoms. such as unexplained weight loss, for several difficult lo detect cancers. Significant variation in safety netting procedures been GP practices was also found. Using the knowledge gained, Ihe research team developed and delivered training Workshops to address the problems they found. As part of the workshops. each GP practice made at least 3 changes to their safety netting procedures. usually including the appointment of a cancer champion. The findings from this work provide critical evidents of the need to reduce variation in primary care and informed the development of the Single Cancer Pathway. Cancer Research Wales are now funding the ThInkCanrI phase111 clinical trial, which wll test the effectiveness of the training workshops in improving early diagnosis of cancer in primary care. Improving Cancer Policymaklng In Wales Cancer Research Wales was a founder member ofthe Wales Cancer Alliance and is also an active member of both the Cancer and Medical Research Cross Party Groups in the Senedd. This year we have continued to lobby on behalf of the research community in Wales. Along with other organisations. we have helped to create new policies and position statements seeking to protect academic and clinician-led clinical trials. lo ensure equity and to sustain the open access of trial dats for the benefit of all. In October. Cancer Research Wales was invited to give the opening talk at the bi-annual Westminster Cancer Policy Forum for Wales -'Next Steps for Cancer Care in Wales,. Through examples of innovative projects in primary care, cancer screening and earty diagnosis. the charity informed key stakeholders of the necessity of research in building resilient cancer pathways that can withstand shocks and workforce pressures while meeting increasing patient demand. Addresslng Cancer Inequalilies in Wales One of the key strategic aims of Cancer Research Wales is to reduce cancer inequalities in Wales. This year, two funded studies that sought to address this issue reported their findings. Investigating Novel Ways lo Raise Cancer Awareness in Areas of Socloeconomlc Deprivation It has long been recognised that new ways of raising cancer awareness are needed, as Iraditional cancer awareness ampaigns have limited SUC$. Cancer Research Wates )lJnded the TIC-TOC study (Targeted Intensive Community-based campaign To Optimise Cancer awareness) to address this_ The team developed a Community-based intervention. which included training members of the public to become 'G3ncer champions,, to raise awareness of vague canr symptoms. The intervention was tested in Cwm Taf Morgannwg, which has areas of high deprivation and a significant burden of cancer. Five community 'canr champions. were trained lo deliver messaging and disseminate inteNenlion materials, taking advantage of their local knowledge. Over 100,000 bags were distributed to community pharmacies within the region. The phannacy bags were well reIved and delivered a clear and consistent message to the general PLtblic. "The bags, ivs a similar sort of nice. clean, nice language, easy to read. I think the easier il is for the patient to understsnd, and they don't feel too embarrassed to tslk about it then. Because il's in their language." (Community phamiacisll. Over the course of the nine-month intervention, the study's Facebook pages publicising infomation and advice on vague cancer symptoms had a lotal of 763.649 impressions, with a reach of 237,023 and engagements of 18.672 within the Cwm Tal area. Page 3
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The study culminated in a workshop which brought together stakeholders from across the UK including the third sector, patient and public representatives. healthcare staff, government and researchers. Discussions covered preliminary findings, possible improvements to the intervention and study design and future directions for the work. Stakeholders praised the delivery of the stLEdy and the workshop- "TIC-TOC has been vèry successful and at a difficult time. A lot has been leamed to build upon in the next steps, and this meeting has been delivered impeccably." (Attendee). Would a Rapid Diagnostlc Cllnlc Work in Rural Wales? Developing systems that expedite cancer diagnoses are vital to improving outcomes. Rapid Diagnostic Clinics {RDCs} provide one possible solution. RDCS offer a holistic assessment. with access to a range of diagnostic tests, in a one-stop settin9 for patients with vague but Conrning symptoms that could indicate cancer. All of the health boar¢Js in Wales have established an RDC, except for Powys. Rural areas such as Powys pose parhcular challenges for early diagnosis, access lo healthcare semces often more difficult. Therefore, Cancer Research Wales funded a study of national strategic Importan exploring the feasibility of introducing an RDC to Powys. Initially, the study undertook an audit of current diagnostic capacity in Powys. While there are eight community hospitals, supported by GPS and visiting consultants. with X-ray and ultrasound factlities, there is no general hospital to accommodate an RDC and no CT scanners. Surveys conducted showed the public reported a Preferen for care close to home and a desire forfairer access to healthcare through improved transport links. Over 40°k of GPS in Powys reported referring patients to an RDC in another health board, but indicated a clear PrefereTr frjr a local alternative. The study went on to explore seveTrl different RDC mode15 that are used in other rural areas across the UK. These included nurse and GP led virtual clinics, both th and without an in-person option. as well as a one-stop in-person clinic supported by mobile CT scanners. At the end of the study, the different options were presented lo the Powys Heatth Board Executive for consideration. Importantly. the study found some people in Powys are not referred to RDCS in other health boards in Wales but instead are referred to hospitals in England, where provision of these serVIS is less advanced. This highlights a clear geographical inequality within Powys. Since the study was conducted, extra provision of RDC services for Powys palients in neighbouring Welsh heallh boards have been agreed. Science Communication and Public Engagement Throughout the year, Cancer Research Wales took part in more than 20 public engagement events across the country. These ranged from Scien cafés to presenlations lor community groups. reaching hundreds of people with a message about the exciting research happening here in Wales. Some highlights from the year include the Darganfod Festival in Wrexham, where we exhibited our inflatable bowel. The festival was attended by around 800 people and the infiatable bowel was a huge hil particularly with families. and inspired many positive conversations. We also put on lab tours in both Cardiff and Swansea, which were brilliantly hosted by our funded research teams. In Cardiff. students from Haberdashers Monmouth schools. along with long-time supporters Ihe Walker family, were provided with both demonstrations and hands-on laboratory experiences that showcased the wotk we fund. This year we also partnered wth Public Health Vvales to support their HPV vaccination campaign. With Cancer Research Wales funded studies providing pivotal evidence for the benefits of vacctnaling schoolboys against HPV, we were asked to contribute to promotion of the campaign. As well as sharing social media content, we provided them with a case study and Dr Lee Campbell was quoted in the press release, which received coverage on Walesonline. undraisin A¢tlvities It has been a busy year developing our Events income stream. During the 2023-24 year, nearly 300 supporters participated in events including Running, Sky Dives, Treks and Walks and Cycling. Our London Marathon team secured income of over £30.OW and our new Welsh 3 Peaks trek raised £34.000. Page 4
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Our increased investment in places for the 2023 Cardiff Half Marathon, saw the number Ofcanr Research Wales fundraisers participating in the event grow from 50 to 100, which helped with increased brand awareness and generating an income of over £56,OIXI. Stripe a Pose was launched in Au9USt 2023 to link with World Canr Research Day in September. This simple conpt of donating and wearing something striped is something we plan to grow. S4C's Prynhawn Da produced a striped fashion feature wrth our branding and logo and Philippa Tuttiett shared images from the Rugby World cup wearing stripes in the commentsry box. We launched our first ever Reimagined fashion competition. working closely with Cardiff Metropolitan University. University of South Wales and Cardiff & Vale College. This helped promote our brand to a wider, younger audience and linked fundraising with our retail colleagues and volunteers. In addition to these events, we had schools, sports clubs. cornpanies and other individuals raising money for the Charity - for example, hosting events such as golf days. bake sales. and quizzes to mention just a few. Our volunteer fundraising groups, Brecon & Sennybridge and Crickhowell organised sever81 successftjl events in their local communities. Retail Our Retail arm contsnues to develop and grow. During the 2023-24 year we opened another three new stores in Penarth, Killay and Blackwood, and we started planning for more new stores to open during 2024-25, moving into North Wales. We ended Ihe financial year wtlh a total of ten shops. We continued to develop our Best in Town, standards lo ensure our customers have a consistent positive experience. We also continued to develop our performance measures, providing our shop teams with the infomiation and tools they needed to ensure the operational. financial and administration aspects are delivered in an efficient manner. As a Consequen of this, we have seen an improved financial perfonnance. Our Peo We are supported in the delivery of our activities by our staff, volunteers and partners. We have 100 active volunteers who support us in our Retail shops. The dedication, hard work and generous donation of our volunteers, time is invaluable to us as a Charity. LOOKING AHEAD TO 2024-25 New Research Funding Initiative During 2024-2025, the Charity will be launching the Cancer Research Wales Brain Tumour Research Initiative {BATRI), an exciting new chapter for the Charity. The BATRI will fund up to £1 million each year to support research into brain tumours and build a critical mass of academic and clinical research to establish Wales at the forefront of this field. By bringing together and supporting scientists. clinicians and neurosurgeons from across Wales, we will provide a platfomi to drive discovery and innovation. The research wÉll provide scientists with a greater understanding of the disease, develop more accurate diagnostic tests and generate new treatments for patients. as well as improving understanding of how best to support people living wilh brain tumours. Our goal is a fijture where there are improvements not only in survival rates for brain tumouFS, but also in the support and the quality of life of brain tumour patienls everywhere. Fundraising A¢tlvitles Building on the success from 2023-24. one of our ambitions IS to Continue to grow the participation in our running events. In line with our growth ambitions. we were pleased lo have secured the headline sponsorship of the Cardiff Bay 10K 2024, as well as Associate Charity Partner for the Cardiff Half Marathon which will give us 500 pla$ for October 2024. A5 headline charity for the Cardiff Bay 10K we will be increasing the awareness of our brand and recruiting a team of fundraiser who will take on the largest 10K race in Wales. We will link our fundraisers to our researchers by having a team of researchers al the event, handing out medals as well as asking a senior researcher to start the race. Page 5
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The associate charity partnership with Cardiff Half marathon wtll increase our charity runners from 100 to 500 in 2024, which is a major increase in one year. With the support of Run4Wales we are confident we can achieve this and support the additional income generation this will give us. We are the only Welsh charity in the top tier of partnerships and also the only cancercharity. We will continue to develop other fundraising event partnerships across Wales. induding through investing in pla$ in the Wrexham IOK and Newiown 10K for the first time. We continue to build our presence at the Swansea Half as well as promoting own place fundraising for runners. Stripe A Pose has been reviewed and we are building on the 2023 pilot year. New branding has been produced and we are now focused on the third Friday of September as Ihe key date. Promotional activity has been added to our stands at the Royal Welsh show and Eisteddf¢)d and we continue to look at other marketing options including radio. We are looking to repeat the Reimagined fashion competition, with Cardiff Metropolitan university adding this to the first year course content. We will continue lo develop this product to look at ways to develop the brand awareness and fundraising. Our Welsh 3 Peaks trek wll return as well as options for supporters to take on other challenges, overseas treks. bike rides, skydives and more. Working with external partners, we will reintroduce the 'My Cury Night, and evening with celebrity guest Q&A sessions. A larger quiz event is also being developed with the same partners. We wll continue lo support all community and corporate fundraising. with our new fundraising guides and promotional materials available to help at these events. Retail In 2024-25, we will continue to grow the charity's retail operation. moving into North Wales. an¢J developing our presence through the support of our stakeholders. y September 2024, we will have our first three stores in North Wales: Llandudno, Wrexham, and Bangor. We have also continued to develop our retail operation in the S¢)uth Wales area by opening a new store in Chepstow. Chepstow has a strong local community. but it also has a high presence of tourism in the area to boost footfall. We continue to look at other locations with an ambition to end 2024-25 with 15 stores across North and South Wales. Our People In April. Cancer Research Wales appointed a new Chief Executive, Adam Fletcher, who brings a wealth of experience to the Charity. Adam has previously worked as the Head of British Heart Foundation Cymru and held senior academic positions in Cardiff and London. We have also employed a Voluntser C(kordinator to help us transfomi our approach to volunteer¢ng, creating a sustainable volunteerin9 culture to underpin our day-day work. Equality. diversity and inclusion is a priority that we will be progressing wth during the year, ensuring that we maintain a positive working environment that is equal and fair to all with our culture of respect and dignity. Page 6
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial position During the year ended 31 March 2024. Cancer Research Wales invested £1,079.158 (31 March 2023.. £2.979,385} in Charttable Activities, prinapally the grant fvnding of researth projects. The total income for the year ended 31 March was £4,368,629 which was an increase from the previ¢)us year (31 March 2023: £3,766,815). due to increased retail inrne. Princlpal fundlng sources The principal sources of income are legacies and donations from the public, and income from fundraising activities and our chain of charity shops. Legacies and donations are. by their nature. a volatile source of income and totalled £1,968,200 in the yearended 31 March 2024131 March 2023.. £2.251,1211. To mitigate some of the risk of the volatility of this income, Ihe Charity is developing strategies to maintain legacy income and increase the levels of committed-giving. Movement In funds Tot81 net income durin9 the year to 31 March 2024 was £2,388,470 (31 March 2023.. net expenditure £628,246). Unrestricted reserves increased by £1,664.917 to £5,678,713 (31 March 2023.. reduced by £628,814 to £4.013.796) lar9ely due to grant income and the timing of project fijnding. Investment review There have been no material changes in the investment management policy employed by the Charity during the year ended 31 March 2024. The investments are retained principally to ensure the ability of the charity to meet liabilities associated wth the future funding of Current research projects. The value of investments as of 31 March 2024 totals £4,859,366131 March 2023.. £4,541,549} Reserves policy The free reseeS of the charity comprise of the unrestricted funds excluding tangible and intangible fixed assets, which at Ihe year-end amounted to £5.529,717131 March 2023.. £3.917.8211. In addition to ring fencing funds for projects to which we have already committed, the trustees are still targeting a minimL¢m reserve level which would cover about 18 months of regular operating expenses (31 March 2024-. £1,500,000). The chartty has increased reselves for the year ended 31 March 2024 by £2.388.470 from the prevlous year. Page 7
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Charity was originally established in 1966 under the name of The South Wales Cancer Research Council and later became Canr Research Wales. In 2016, the Charity become a charitable incorporated organisation (CIO) and is registered as a charity Wth the Charity Commission (No. 11672901. We are governed by our Constitution. Reference and administrative details are listed on pages 10-11. Appointment and training of trustees The policy for Ihe recruitment and appointment of new trustees is by way of recommendation from existing trustees, who believe an individual has the skills and experien the Board has identified wtll enhance the Board's current skill mix and through advertisement. Currently a potential trustee is interviewed by the Chair and the CEO and invited to meet other Trustees and senior members of staff to ask questions and gain an understanding of how the charity works. Formal approval of the appointment is made by the Board of Trustees_ The new Trustees and Patrons are required to confirm that they accept their responsibilities in accordance with the Charity. New trustees are given an introductory pack containing all required documentation to ensure the trustee appointee understsnds their individual fiduciary duty. in addition all Charity Commission updates are provided to Trustees to ensure ongoing compliance and good govemance is achieved. The Board of Trustees and vknen required. members of the Senior Management Team meet a minimum of every quarter to discuss all strategic charity matters which require the decision of the Board in accordance with the Constilulion. There are kn sUtCOmmittee$.' Finance Committee and the Scientific Committee. Sub-committees are thaired by a trustee and are made up of Patrons., our name for skilled volunteers who slt on our sub-committees. They meet quartedy to make informed recommendations to the Board. Page 8
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Appolntment and tralnlng of trustees Finance Committee The Finance Committee takes delegated responsibility to make informed recommendations to thè Board of Trustees for assisting and overseeing all financial aspects of the tharity and broad direction of Cancer Research Wales's financial affairs including.. Monitor compliance with relevant legislation including, but not limited to. Financial Reporting, Taxation, the Charities Acts, and Health and Safety. Reviewing, agreeing, and recommending the annual plan and budget. Financial performance and pr0dUreS. Investments. Agreeing the annual establishment and annual pay review. Information Technology. The charity's financial statements lo assess the integrity of financial reporting. The scope, results and effectiveness and Independen of external and any internal audit. Reviewing, assessment and management of risk on financial control. Scientific Committee The Scientific Committee is made up of experts within their field and takes delegated responsibility on behalf of the Board of Trustees to assure, assist and advise the Board of Trustees of all research projects through overseeing. monitoring. and reviewing of all funded projects including.. Assisting staff in the development of the scientific strategy. Recommending fijnding of research projects which fulfil the aims and objectives of Cancer Research Wales and the scientific strategy and have been rigorously peer reviewed. Monitoring all funded research projects. Making recommendations to the Board of Trustees with regards to research spend. Reviewng the process for awarding and monitoring projects. Reviewing scientific and research related risks. Delegation There is a delegation of authority agreed by the Board for the operational responsibilities of the business to be conducted by the Chief Executive and Senior Leadership Team. The Chief Executive reports to the Board Chair. Page 9
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Charity has detailed organisalional and departmental risk registers which are reviewed monthly by the Senior Management Team and quartedy by each Committee and annually by the Board ofTrustees. Significant new risks are brought to the attention of the Board as ne$Sary to ensure they are being actively managed. A RAG ratsd system is used to rank the key organisational risks. Considering the pandemic this was revised into a new fomiat. Cancer Research Wales aims to ensure that all our fundraising activities are open, fair. honest, and legal. We adhere to the Institute of Fundraising guidelines which offer advice on how their membets should carry out all fundraising practices and are registered ¥Mth the Fundraising Regulator. We have worked to ensure that data is protected in line with the Data Protection Act of 2018. Cancer Research Wales treats all supporters with respect. and we do not Use fundraising methods thich intrude on privacy. are unreasonably persistent or put undue pressure on potential donors. No professional fundraisers carried out fundraising activities on our behalf. We never sell or share data outside the Charity. unless required to by law. In addition to events organised by Cancer Research Wales. we are fortunate to be supported by groups and individuals who raise money on our behalf. Where possible, we ask supporters to notify us in advance of their activities. so that a staff member can support them and offer guidan. However, there are many occasions when we are not aware of such events until after they have taken place. we therefore provide a fundraising guide on Ihe Cancer Research Wales website to signpost supporters to relevant information on health and safety, licences, and risk management. During 2023124 there were no formal complaints, regarding Ihe work of Cancer Research Wales. There were no personal data relatsd incidents reported to the Board of Trustees in 2023124. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1167290 Principal address 22 Neptune Court Vanguard Way Cardiff County of Cardiff CF24 5PJ Trustees Mr G Moore Ms R Whiting Mr R Reynolds Ms C Nicholls Prof C Fegan Mrs K Mann Ms J MacLean Mrsman Mr S Pearson Dr C G Gaffney Chair Hon Legal Advisor Finance Committee Chair Appointed October 2023 Scientific Committee Chair Appointed October 2023 Resigned September 2023 Resigned September 2023 Senlor Management Mr A Fletcher Ms A Yandall Dr L Campbell Chief Executive Officer Head of Finance & Corporate Services Head of Research and Science CommunicAtion Head of Retail Marketing and Communications Appointed July 2024 Ms L Boyd Mr l Roberts Appointed November 2023 Page 10
CANCER RESEARCH WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Audltors MHA Statutory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS Bankers Unity Twst Bank Pl BIRMINGHAM B12HB Solicitors Robertsons 6 Park Place CARDIFF CF24 1LE Darwin Gray 9 Cathedral Road Ponta(anna CF119HA Investment Advisorlstockbroker Brew7n Dolphin 5 Callaghan Square Cardiff CF10 5BT STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United "ngdoM Generally Accepted Accounting Practice). The law applicable to charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial slatements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming reSoUrS and application of resources, including the income and expenditure. of the charty for Ihal period. In preparing those financial slatements. the trustees are réquired to select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP.. make judgements and estimates that a reasonable and prudent., state whether applicable accounling standards have been followed, subjed to any material departures disclosed and explained in Ihe financial statements.. prepare the financial statements on the going concern ba515 unless it is inappropriate to presume that the charity will ontinue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financ¢al statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safegLtarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 11
CANCER RES&4R¢H WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDeD 31 MARCH 2024 Approved by orderof the l>)ard of Iruslees on 13 January 2025 and signed on Its behalf by." G R J Mi)ore- Tmstee Page 12
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF CANCER RESEARCH WALES Opinion We have audited the financial statements of Cancer Research Wales (the 'charity'i for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balan Sheet, the Cash Flow Slalement and notes to the financial statemenls, induding a summary of significant accounting policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practi). In our opinion the financial statements.. give a true and fairview of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resour$, for the year then ended- have been properly pPared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Slandards on Auditing (UK) IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of Ihe financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other elhical responsibilities in accordance these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going conrn basis of accounting in the pparatIOn of Ihe financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainb'es relating lo events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least twelve months from when the financial statements are authorised frjr issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sectiorFS of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover Ihe olher information and. except to the extent otherwise explicitly stated in our report we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislent wth the financial statements or our knowledge obtained in the audtt or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the finanual statemenls themselves. If. based on the work we have performed, we conclude that Ihefe is a material misstatemenl of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nolhing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infonxation given in the Report of the Trustees is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept.. or Ihe financial statements are not in agreement with the accounting records and retums.. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fijlly in the Statement of Truslees, Responsibilities, the trustees are responsible for the preparation of the finanGial statements which give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatèmenl, whether due to fraud or error. In preparing the financial statements, the Injstees are responsible for asse55ing the charity's ability to conlinue as a going concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to ase operations, or have no realistic altemative but to do so. Page 13
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CANCER RESEARCH WALES Our responslbllltles for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Art 2011 and report in accordance with the Act and felevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always delect a material misstatement when it exists. Misstatements rAn arise from fraud or error and are considered material if, indivtdually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users tsken on the basis of Ihese financial statements. Irregularities, including fraud. are instances of non-compliance wth laws and regulations. We design produreS in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, induding fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiries of management. those charged with govemance around acbjal and potential litigation and daims., Performing audit work over the risk of management override of controls. indvding testing of joumal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the nomial course of business.- Reviewing minutes of meetings of those charged wth govemance., Evaluating the reasons for any large or unusual transactions-, Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.to undedying supporting documentation. Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities. including those leading to a material misstatement in Ihe financial statements or non-complian(* with regulation. The risk increases the more that Complian with a law or regulation is removed from the events and transactions reflecte(l in the financial slatements as we will be less likely to become aware of instances of non-complian. The risk is also gater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional COnarMent, forgery, collusion. omission or misrepresentations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.froorg.uklauditorsresponsibilities. This description frjrms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charity's trustees, as a body. in accordance with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those mattets we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not apt or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. MHA Statutory Auditor Cardiff CF23 8RS MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wale5 (registered number OC312313) Page 14
CANCER RESEARCH WALES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,958.233 812,055 2,770,288 2,419,034 Other trading activities Investment ino)me Other income 1,432,572 117,954 45.815 1.432.572 117,954 1,198,818 80,131 68.832 Total 3.554.574 812,055 4,366,629 3,766.815 EXPENDITURE ON Raising funds 1,152,780 1,152.780 1,054,164 Charltsble activities Research projects 1,029.956 49.202 1.080.389 2.979,385 Total 2.183.967 2.233,169 4.033.549 Net gainslllosses) on investments 255.010 255.010 361,512} NET INCOMEIIEXPENDITUREI Translers between funds 1.625,617 39.300 762.853 39,300 2.388.470 {628,246) 24 Net movement in funds 1.664,917 723,553 2,388,470 1628,2461 RECONCILIATION OF FUNDS Total funds brought forward 4.013,796 346.088 4.359,884 4,988.130 TOTAL FUNDS CARRIED FORWARD 5.678.713 1.069.641 6.748,354 4.359.884 The notes fomi part of these financial statements Page 15
CANCER RESEARCH WALES BALANCE SHEET 31 MARCH 2024 2024 Toial funds 2023 Toial lund8 Unrg$lrkled lund Restrk funds Nol69 FIXED ASSETS Tangible assets Inve51ments 17 18 148.996 4 859 366 148.996 4 85g.366 95.975 5,008.382 5,006,362 4,637,524 CURRENT ASSETS Sttscks Debtors Cash at bsnk 8nd n hand 19 20 19,710 1,220.708 19,710 1.220.708 4 436.941 986,904 3.138 195 I C69.641 4,607,718 1,069.641 5,677,359 4.125,099 CREDITORS Amourkts falling duewiihin one yeor 21 (698,8831 (698,8831 I548,¢7) NETCURRENT ASSETS 1,069 648 4.978.476 3 577 042 TOTAL ASSETS LESS CURRENT LIABILITIES 8.917.197 1,069,641 9.986.838 8.214,566 PROVISIONS FOR LIABILITIES 23 {3,238,484) 13,238,484) 13.854,6821 NEY ASSETS 5.678.713 1,069.641 6.748 354 4 359 884 FUNDS UnreslrKted funds Restricted funds 24 5.678.713 1069 641 4.013,796 TOTAL FUNDS 6 748 354 4 359 884 The ftnanoalslatements were approved by the Board ofTruslees and aulhorised for issue on 13 January 2025 and were sign on its behalfby= - TDJStèe G R J Moore- Tfusi The notes foThn part of these fmancial slaiem8nts Page 16
CANCER RESEARCH WALES CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating actlvltles Cash generated from operations 1,363,111 737.416 Net cash prowded by operating activities 1.363 111 737,416 Cash flov from investing actlvlties Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends recenied 1119,512) 1308.243) 245.436 27.816 90.138 142,734) {1,086,4741 1,049,087 15.040 65,091 Net cash (used inllprovided by investFng activities 10 Cash flov from financing activities Loan repayments in year Net cash provided by financing activtties Change in cash and cash equivalents in the reportlng perlod Cash and cash equivalents at the beglnning of the reporting period 1.298.746 737.426 3.138.195 2.400.769 Cash and cash equivalents at the end of the reporting period 4.436,941 3.138.195 The notes fomi part of these financial staternents Page 17
CANCER RESEARCH WALES NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net in¢omel(expenditure) for the reportlng period (as per the Statement of Flnancial Activities} Adjustments for: Depreciation charges (Gain)O$seS on investments Interest received Dividends received Discounting of provisions Dilapidations provision Increase in stocks Increase in debtors (Decrease)fincrease in creditors 2,388,470 1628.246) 66.491 (255.010) 127.8161 190,138) 140.294) 69,808 {19,710} (233,804) 494,886 38.769 361,512 {15.0401 (65.0911 (66.7351 102.376 1341.676} 1.351,547 Net cash provlded by operations 1.363.111 737,416 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank and in hand 3.138.195 1.298.746 4,436.941 3.138 195 1298 746 4.436.941 Totsl 3.138,195 1.276,955 4.436.941 The notes foTh part of these financial statements Page 18
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STA TUTORY INFORMATION Canr Research Wales is a registered charity. registered in England and Wales under charity number 1167270. The goveming document of Cancer Research Wales is its Constitution and it is a Charitable Incorporated Organisation ICIO). The principal add$S is Velindre Hospital, Cardiff, CF14 2TL. The nature of the Charity's operations and principal activities are disclosed wilhin the Report of the Trustees. The financial statements are presented in Steding (£1, the charity's functional currency, and rounded to Ihe nearest pound. The significant accounb'ng policies applied in the preparats'on of these financial statements are set out bel¢)w. These policies have been consistently applied to all years presented unless otherwise ststed. ACCOUNTING POLICIES Basis of preparing the financlal statements The )Inancial statements of the charity. which is a public benefit entity under FRS 102. 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 wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019),, Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included al maTkel value, as modified by the revaluation of certain assets. The charity has prepared the financial statements in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS 102) {effective 1 January 2015) in preferen to the Accounting and Reporting by Charities.- Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlant regulations but has Sin been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practi effective for reporttng periods beginning on or after 1 January 2015. There have been no material departures from the standard. Going Concern No material uncertainties related to events or conditions that may cast significant doubt upon Ihe entity's ability to ontinue as a going concem exisL Income All income is recognised in Ihe Statement of Financial Aclivilies once the charity has entitlement to the fijnds, it is probable that the income will be received and the amount can be measured reliably. Donations and legacies income indudes donations, gifts and grants that provide core funding or are of a general nature are recognised where there is entitlement. probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has imposed conditions which must be met before the charty has unconditional entitlement. Income from other trading activities is reo)gnised as the related ServIS are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the delivery of the Servi or event to which it relales. Investment income is recognised on a receivable basis. Expendlture and basls of recognition of liabilitie$ Liabilities are recognised as expenditure as soon as there is a legal or conslrucb've obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe obligation can be measured reliably. Expenditure is accounted for on an accnjals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attllbuted to particular headings they have been allocated to activities on a basis consistent wth the use of resources. Page 19 conkn'nued..
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Expenditure and basls of recognltlon of liabilities Expenditure on raising funds includes fundraising. advertising and event costs as well as staff costs for the fundraising team. Other trading activities expenditure. included within expenditure on raising funds, relates to staff. premises, and other costs incurred in running the charity shops. Charitable expenditure comprises those costs incurred by the charity in the deltvery of ils activities and servi$ for ils beneficiaries. It inGludes both StS Ihat can be allocated directly to such activities and those costs of an indirect nature to support them. Support costs are those costs that, whilst necessary to deliver an activity. do not themselves produce or constitute the output of the charitable activity- This indudes governance costs whith are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountsncy fees and costs linked to the strategic management of the charity as well as a proportion of salaries based on an approximation of lime spent in this area. Expendilure indudes any VAT which cannot be fully recovered and is reported as irrecoverable VAT wthin support costs. Granls offered subject to conditions which have not been met at the year end date are noted a5 a commilment but not accrued as expenditure. Allocation and apportionment of costs Certain expenditure is directly attributable to spectfic activities and has been included in the costs relating to that activity. Where costs cannot be direclly attributed to a specific activity. they have been allocated on a basis consistent with the use of Ihe resource. Taxatlon The charity is exempt from tax on its charitable activities. Operating lease agements Rentals applicable to operating leases where substantially all of the benefits and risks of the ownership maIn with the lessor are charged against profits on a straight line basis over the periiKI of the lease. The benefits of lease incentives are recognised in the statement of finanaal activities over the lease pertod. Tangible fixed assets All fixed assets are initially recorded at C05t. Only assets which cost £500 or more are capitalised. Depreciation is calculated 50 as to write off the cost of an asseL less its estimate residual value over the useful economic life of the asset as fr)Ilows- Leasehold propety improvements Up to the break clause period ofthe lease Fixtures & equipment - 20% reducing balan33°/ts Straight line Motor vehides - 250/0 reducing balance Intangible assets All intangible assets are initially recorded at cost. Amortisation is calculatsd so as to write off the cost of an asset. less its eslimate residual value over the useful economic life of the asset as follows.. Sofre and website development costs 33 % straight line Investments Investments are included at market value at the balance sheet date. Realised and unrealised gains or losses on investments are shown separately on Ihe fa of the statement of financial activities. Investment income is recognised on a receivable basis. Page 20 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Stocks In common with mosl charity shops, most goods in stock have not been purchased. The trustees do not consider it practical to place a value on this stock but have valued goods purchased for resale at the lower of cost and net realisable value. The trustees deem it impractical to measure the fair value of goods donated for resale and the cost of doing so to outNeigh the benefit to users of the financial ststements. Donated goods are therefore recognised when they are sold. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrnments. Basic financial instruments are initially recognised at transaction value and subsequenuy measured at their settlement value. Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probabty result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are nom7ally recognised at their settlement amount after allowing tor any trade discounts due. Provisions Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, Ft is probable that the charity will be required to settle the obligation. and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate oflhe consideration required to setue the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the provtsion. Where the effect of the time value of money is material, the amount expecled to be required to settle the obligation is recognised at present value. The movernent on the provision as a resuFt of this discounling is recognised as other income. Provisions are discounted to present value based on expected future cash flows. with the effective rate being the charity's average retum on investments. This represents a risk given the uncertainty of the timing of cash flows and the estimation invofved in detsrmining the effective rate. Provisions for dilapidations are recognised on a lease by lease basis and are based on the best estimate of the likely cash oufflow. The financial statements include a provision for project grant commitments payable. The amount and timing of project payments is uncertain as it depends upon progress and expenditure. and so there is a risk that Ihe provision will not match the grant funding that will ultimately prove to be payable. Fund accounting Unrestricted funds can be used in accordance with the charitable objertives at the discretion of the Irustees. Restricted fijnds can only be used lor part(cular restricted purposes within the objecls of the charity. Restrictions arise when specified by the donor or when funds are rais6d for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial staternents. Page 21 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Penslon costs and other post-retirement benefits The charity contributes to two separate pension schemes. The NHS Pension Scheme, a defined benefit mulli-employer scheme for employees. The trustees are unable to confirm the charity's share of the undetying assets and liabilities of the scheme and therefore the scheme is accounted for as a defined contribution scheme. The assets of the scheme are held separately from Ihose of the charity. The annual contributions payable are charged to the ststement offinancial activities. The charity also operates a defined contribution pension scheme with Royal London. Contributions payable are charged to Ihe statement of financial activities in the period to which they relate. Signlflcant accounting judgements and estimates Estimates and judgements are conbnually evaluated and afe based on historical experience and other relevant factors, induding expectations of future events that are believed to be reasonable under the circumstsnces. The preparation of the financial statements requires management to make estimates and assumptions conceming the future. The resulting accounting estimates will, by definition. be likely to differ from the related actual results. The estimates and assumptions that have significant risk of causing material adjustment to the carying amounts of assets and liabilities within the next financial year are discussed below.. Provisions Provisions are diso)unted to present value based on expected future cash flows. with the effective rate being the charity's average return on investments. This represents a risk given the uncertainty of the timing of cash flows and the estimation involved in determining the effective rate. Provisions for dilapidations are reco9nised on a lease by lease basis and are based on the best esbmate ofthe likely cash oufflow. The financial statements include a provision for project grant commitments payable. The amount and timing of project payments is unrtain as it depends upon progress and expenditure. and so there is a risk that the provision will not match the grant funding that will ultimately prove to be payable. DONATIONS AND LEGACIES 2024 2023 Donations Trusts Legacies Grants 198,432 4,988 1,764,780 802.088 258.484 2,600 1,990.037 167.913 2.770,288 2.419,034 Grants received, included in Ihe above, are as follows: 2024 2023 UK Government COVID Medical Research Support Fund Fixed Asset Grants 762,788 39,300 167.913 802,088 167,913 Page 22 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 2024 2023 Fundraising Retail income 341,350 1.091,222 475.820 722 998 1.432.572 1.198,818 INVESTMENT INCOME 2024 2023 Income from shares in listed companies Interest receivable and similar incotne 90.138 27,816 65,091 15.040 117.954 80.131 OTHER INCOME 2024 2023 Discounting of provisions MISlIaneoUS income Royalties 40,294 5.067 454 66.735 1,797 300 45.815 68.832 RAISING FUNDS Raising donations and legacies 2024 2023 Fundraising staff costs Gift aid and legacy expenses Events and general fundraising expenditure Advertising and publicity 109,267 14,649 72,557 13,485 224,396 11.214 86,515 12,162 209.958 334,287 Other tradlng activities 2024 2023 Retail staff costs Relail purchases Retail and warehouse premise5 Costs Other retail costs Merchandise purchases including Christmas cards Dilapidations Depreciation 454.756 8,123 233,118 93.877 319,328 1,276 171,605 62,153 6,217 102,376 26,346 69,806 52.681 912.361 689,301 The above depreciation is in respect of motor vehicle5, offi equipment and leasehold propety improvements. Page 23 Ccsntinued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS- contlnued Investment management costs 2024 2023 Investment management costs 30,461 30.576 Aggregate amounts 1.152.780 1.054,164 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 10) Direct Costs (see note 9) Support osts (see note 11) Totals Research projects 124.972 342,532 612,885 1.080.389 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Dirert cancer research expenditure Science communication costs 106.568 14,893 3,511 131.123 17.567 18.232 124.972 166,922 10. GRANTS PAYABLE 2024 2023 Research projects 342.532 2,186.327 The total grants paid to institutions during the year was as follows-. 2024 2023 Velindre NHS Trust Cardiff University Swansea University Bangor University Wales Cancer Network Betsi Cadwaladr University Health Board Swansea Bay University Health Board Cardiff and Vale University Health Board 275.854 {74,661) 167.967 (106,574) 637.601 347,813 1,130,413 20,000 50.5 39,946 40,000 342.532 2,186.327 All grants payable are to provide funding and to support facilities for cancer research wthin Wales. The above granls payable figures include funding clawbacks for historic ovefprovision of grant payments due. Page 24 conb'nued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 11. SUPPORT COSTS staff costs Depreciation Other Research projects 258,416 13.810 290 853 Human resources Governance costs Totals Research projects 25,600 612.885 Included within governance costs were the costs tor auditors femuneration - £7.000 (2023: £4,550) 12. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 March 2023. Trustees. expenses There were trustee's expenses of £Nil (2023 £Nil} paid to trustees for the year ended 31 March 2024 for reimbursement of travel expenses. 13. STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension 803,651 65.460 59.585 828,533 70.664 86.029 928 696 965.226 The average monthly number of employees during the year was as follows.. 2024 2023 Science & Policy Fundraising Retail Administrationl Governance 22 15 35 29 The number of employees whose emoluments amounted to a rate of over £60,000 durin9 the year were as follows: 2024 No. 2023 No. £60.001- £70,000 Pension conlribulions 7,465 The total key management personnel remuneration benefits during the year was £255.834 (2023 - £256,911). A non contractual payment was made to an employee who left the charity in August 2023. The value of Ihe non ontractual payment was £8,269. Page 25 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 14. COMPARATIVES FOR THE STA TEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 2,177,911 241,123 2,419,034 Other trading activities Investment income Other income 1.198.818 80,131 68.832 1,198,818 80,131 68.832 Totsl 3.525.692 241,123 3.766.815 EXPENDITURE ON Raising funds 1,054.164 1,054,164 Charitable activities Research projects 2,926,270 53.115 2 979.385 Total 3.980.434 53.115 4,033.549 Net gainsl{losses) on investments 361.512} 361.512 NET INCOMEI(EXPENDITURE) Transfers between funds {816.254) 188.008 187.4401 1628,246) Net movement In funds (628.814) 568 {628.246) RECONCILIATION OF FUNDS Total funds brought foard 4,642,610 345.520 4,988,130 TOTAL FUNDS CARRIED FORWARD 4.013.796 346.088 4.359.884 Page 26 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 15. FINANCIAL INSTRUMENTS 2024 2023 Flnanclal assets Financial assets that are debt instrumenls measured at amortised cost Financial assets measured at fair value 5,479,877 4,859,366 3,967,482 4.541.549 2024 2023 Financial liabilitles Financial liabilities measured at amortised cost Financial liabilib'es measured al fair value 661.420 3,238,484 524.544 3.854.682 Financial assets measured at amortised cost comprise cash at bank. trade debtors. legaues, otherdebtors and accrued income. Financial assets measured at fair value cnmprise fixed asset investments. Financial liabilities measured at amortised cost comprise project funding payments due, other creditors and accruals. Financial liabilities measured at fair value comprise provisions arising from a conlractual liability. 16. INTANGIBLE FIXED ASSETS Computer software COST At 1 April 2023 Disposals 14,922 14.922) At 31 March 2024 AMORTISATION At 1 April 2023 Eliminated on disposal 14,922 14,9221 At 31 March 2024 NET BOOK VALUE At 31 Mard) 2024 At 31 March 2023 Page 27 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 17. TANGIBLE FIXED ASSETS Leasehold propety Fixtures improvements & Equipment Motor vehicles Totals COST At 1 April 2023 Additions 191,450 30,939 84,645 62.808 20,216 25.765 296.311 119,512 At 31 March 2024 222.389 147 453 45,981 415.823 DEPRECIATION At 1 April 2023 Charge for year 134,951 32.687 45,739 29.487 19.646 4.317 200,336 66,491 At 31 March 2024 167.638 75.226 266.827 NET BOOK VALUE At 31 March 2024 54.751 72.227 22.018 148.996 At 31 March 2023 56,499 38. 570 95.975 18. FIXED ASSET INVESTMENTS Investments MARKET VALUE At 1 April 2023 Additions Revaluations 4,541.549 69.804 248.013 At 31 March 2024 4.859.366 NET BOOK VALUE At 31 March 2024 4,859,366 At 31 Marth 2023 4.541,549 2024 2023 Historical cost of investments 3,462,852 3,393,048 Analysis of investments between funds: 2024 2023 Listed investments UK cash held as part of portfolio 4,517,922 341,444 4,508,193 33.356 4.859.366 4.541,549 Page 28 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. FIXED ASSET INVESTMENTS - continued Cost or valuation at 31 March 2024 is represented by-. Investments Valuation in 2020 Valuation in 2021 Valuats'on in 2022 Valuation in 2023 Valualion in 2024 Cost 733.672 756,570 19,771 (361.512) 248.013 3.462.852 4,859.366 19. STOCKS 2024 2023 Stod( 19,710 20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Olher debtors Legacies due VAT Prepayments and accrued income 1,290 1,041,456 26,731 151.231 58,803 809,278 1.365 117.458 1.220.708 986,904 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social security and other taxes Project fLtnding payments due Other creditors Accruals and deferred income 16.997 513.587 98,927 69.372 13.470 416.671 68.729 49,187 698,883 Included within accruals and deferred income above is deferred income of £69.37912023'. £23.515}. This relates to income received in advance for campatgns and events taking place in the next financial year. 2024 2023 Deferred income brought fotward Released to SOFA Additional income deferred in the year 23,515 {23.5151 69.379 63.951 (63.951) 23.515 69.379 23,515 Page 29 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 22. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year Beeen one and five years 176.357 201.523 96,148 180,130 377,880 256.278 Total operating lease payments charged lo the Statement of Financial Activities in the year amounted lo £155,216 {2023- £93,653). 23. PROVISIONS FOR LIABILITIES 2024 2023 Project grant commitments Dilapidations provision 2.939,588 298,896 3,625,594 229.088 3.238.484 3,854,682 Project grant commitments Balance at 1 April 2023 New project grant commitments Grants payable in the year Grant underspend written back Discounting of provisions 3.625,594 591.543 1988.247) (249.011} 40.294) Balance at 31 March 2024 2.939.585 Project grants generally run over a standard term of up to 3 years. Given the nature of projects. the amount and timing of project payments is uncertain as it depends upon progress and expenditure. Page 30 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 24. MOVEMENT IN FUNDS Net movement in funds Transfers beleen funds At 3113124 At 114123 Unrestricted funds General fund 4.013.796 1.625,617 39,300 5.678,713 Restricted funds Tom Walker Fund - Acute Myeloid Leukaemia Tom Walker Fund - Brain Tumour Nicholas Roe - Leukaemia Project UK Govemment COVID Medical Researth Support Fund Tom Walker Fund - General Capital Expenditure Fund 35.502 92.673 {35,502} 92.673 50.000 167.913 749.088 9.967 39.3CM) 917.001 9,967 39,3001 346.088 762,853 39,300 1.069.641 TOTAL FUNDS 4.359.884 2.388.470 6.748.354 Net movement in funds. included in the above are as follows.. Incoming resources ReSoUrS expended Gains and losses Movement in funds Unrestricted funds General fund 3.554.574 (2.183.967} 255.010 1.625.617 Restricted funds Tom Walker Fund - Acute Myeloid Leukaemia UK Government COVID Medical Research Support Fund Tom Walker Fund - General Capital Expenditure Fund {35.5(r2) {35,502) 762.788 9.967 39.300 {13,7¢XJ) 749.088 9,967 39,300 812.055 49.202 762.853 TOTAL FUNDS 4,366.629 2.233,169) 255.010 2,388,470 Page 31 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDEO 31 MARCH 2024 24. MOVEMENT IN FUNDS- continued Comparatives for movement In funds Net movement in funds Transfers beleen funds At 3113123 At 114122 Unrestricted funds General fund 4,642,610 (816.2541 187,440 4,013,796 Restricted funds Brain Tumour Scholarship Bowel Cancer Research Fund Tom Walker Fund - Acute Myeloid Leukaemia Millennium Stadium Charrtable Trust Tom Walker Fund - Brain Tumour Nicholas Roe - Leukaemia Project UK Govemmenl COVID Medical Research Support Fund Waterloo Foundation 15Q,000 61.920 (150,000) (61,9201 73.617 7,500 52,483 (38, 1151 (7.5WI 23.210 50.OCt) 35,502 16.980 92.673 50,000 167.913 7.500) 167,913 7.500 345.520 188 008 346.088 TOTAL FUNDS 4.988.130 628,246) 4.359.884 Comparative net movement in funds. included in the above are as follows- Incoming resources Resources expended Gains and losses Movement in fijnds Unrestricted funds General fund 3,525.692 {3,980,4341 {361,512) 1816,254) Restricted funds Tom Walker Fund - Acute Myeloid Leukaemia Millennium Stadium Charitable Trust Tom Walker Fund - Brain Tumour Nicholas Roe - Leukaemia Project UK Govemment COVID Medical Research Support Fund Waterloo Foundation (38.115) 17.500) 138,115) {7,500} 23,210 50,000 23,210 50.000 167.913 167,913 7.500 500} 241,123 53,115 188.008 TOTAL FUNDS 3.766.815 4,033,549) 361,5121 628,2461 Tom Walker Fund - Acute Myeloid Leukaemla Fundraising income was received during the year to fund research into acute myeloid leukaemia in memory of Tom Walker. Page 32 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - conlInued FOR THE YEAR ENDED 31 MARCH 2024 24. MOVEMENT IN FUNDS - contlnued Tom Walker Fund- Braln Tumour Fundraising income was received during the year to fund research into hvo projects. One project is trying to replicate brain tumours in context by creating mini brains, with the second project engineering viruses lo attack brain tumours. Both of these are based in Cardiff University and are collaborating to maximise the benefits of both projects. Tom Walker Fund- General The Walker family continue to fvndraise for the Charity and as with previous funding it is restricted in nature. The family are in the prO$S of determining the purpose of Ihe funding. the Charity will hold the funds until the restrictions on expenditure are nfirmed. Nicholas Roe - Leukaemla Funding A donation was received in the year which will fund research into the creation of a new drug frjr acute myeloid leukaemia. This research is laking place at Swansea University. UK Government COVID Medical Research Support Fund Grant was received lo ensure that existing projects affected by the COVID pandemic were able to continue. The funding aims to protect the pipeline of early Caer researchers and ftjture research leadets. Capital Expenditure Fund Grants were received during the year from a group of individual ftjnders specifically towards purchase of fixed asset additions. these were all purchased during the financial year. Prior year restricted funds: Braln Tumour Scholarship A legacy was received in the 2018 financial year to fund a Brain Tumour Scholarship award. Bowel Cancer Research Fund A donation was received from Poundland in the 2018 financial year for the purpose of funding a bowel Cancer research project_ The Millennium Stadium Charitable Trust Twst income was ceiVed from The Millennium Stadium Charitable Trust in Ihe prior year to Purchase uipMent for science communication purposes. Waterloo Foundation A grant was ceiVed in a prioryear to undertake public engagement events, typically delivered through Science Café's. Transfers been funds: A transfer was made from the Capital Expenditure Fund to unrestricted reseNes to reflect that the fund balance of £39,300 had all been spent on fixed asset purGhases during the period. Page 33 continued...
CANCER RESEARCH WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 25. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contriblrtion scheme for employees of Cancer Research Wales. The assets of the scheme are held separately from those of the tharity in independently administered funds. The pension cost charge represents contributions paid by the charity to the funds above and amounted to £59,585 {2023 - £66,029}- Contributions outstanding at the year end amounted to £Nil (2023- £6,929). 26. RELATED PARTY DISCLOSURES A member of the board of Trustees is also a partner of Robertsons Solicitors, vtho provide legal seNices to the charity. During the year £21.275 was paid for their ServI$(2023- £8,988). At 31 March 2024 the balance owed to Robertsons was £3.68512023- £Nil}. Another of the trustees is a d1ctOr of Insight HRC, who provided consultancy services to the charity. During the year £2.574 was paid for their services (2023- £2,574). At 31 March 2024 the balan owed to Insight HRC was £Nil (2023: £Nil}. One trustee is an Associate Director of Cowshed Communications. who act as the marketing agency for the charity. During the year £85.977 was paid for their services (2023- £60.0761. At 31 March 2024 the balan owed to Cowshed Communications was £Nil {2023'. £Nill. The wife of a trustee was employed as a shop manager by the charity. They were on a nomial contract of employment and remunerated as per their contract. 27. CONTINGENT ASSET At 31 March 2024 the charity had received notification of entitlement to a share of a number of legacy estates. The monetary value of the legacies cannot be measured reliabty and therefore no income has been recognised in these financial statements. The legacies will be recognised as income when the crTrteria for income recognition are met. Page 34