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.
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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-jnfra￿d 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 unne￿SSary delays. If su￿sSfUl. 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 SU￿5$ in detecting bowel Can￿r. 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 prO￿5S 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 Can￿r 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.
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CANCER RESEARCH WALES
REPORT OF THE TRUSTEES
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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 be￿en 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 ThInkCan￿rI 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 can￿r symptoms. The intervention was tested in Cwm Taf Morgannwg, which has
areas of high deprivation and a significant burden of cancer.
Five community 'can￿r 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 re￿Ived 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.
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CANCER RESEARCH WALES
REPORT OF THE TRUSTEES
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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
Con￿rning 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 serVI￿S 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.
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CANCER RESEARCH WALES
REPORT OF THE TRUSTEES
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Our increased investment in places for the 2023 Cardiff Half Marathon, saw the number Ofcan￿r 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 Can￿r Research Day in September. This simple con￿pt 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.
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CANCER RESEARCH WALES
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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.
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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 in￿rne.
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 rese￿eS 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.
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CANCER RESEARCH WALES
REPORT OF THE TRUSTEES
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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
Can￿r 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 sUt￿COmmittee$.' 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.
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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 pr0￿dUreS.
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.
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CANCER RESEARCH WALES
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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
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CANCER RESEARCH WALES
REPORT OF THE TRUSTEES
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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 reSoUr￿S 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 p￿Pared 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 con￿rn basis of accounting in the
p￿paratIOn 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 con￿rn 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 pro￿dureS 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 g￿ater regarding irregularities occurring
due to fraud rather than error, as fraud involves intentional COn￿arMent, 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 a￿pt
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
Can￿r 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 ServI￿S 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 ag￿ements
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 balan￿33°/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..
Sof￿re 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
un￿rtain 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
MIS￿lIaneoUS 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 fo￿ard
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
Be￿een 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
bel￿een
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
ReSoUr￿S
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
bel￿een
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 Ca￿er 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 be￿￿en 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 d1￿ctOr 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