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REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

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Cancer Research Wales
Registered Charity Number: 1167290
CONTENTS
Content
Page
Report of the Trustees
Report of the Independent Auditors
21
Statement of Financial Activities
26
Balance Sheet
27
Cashflow Statement
28
Notes to the Cashflow Statement
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Notes to the Financial Statements
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Report of the Trustees
For the year ended 31 March 2025
The trustees present their report with the financial statements of the charity for the
year ended 31 March 2025. The trustees have adopted the provisions of Accounting
and Reporting by Charities: Statement of Recommended Practi￿ applicable to
charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS102).
OBJECTIVES AND ACTIVITIES
Charity Objectives
The objectives of Cancer Research Wales (cRv￿ 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 techniques,
providing and supporting facilities for high quality cancer research in Wales and by..
Funding cancer research proposals submitted by scientific investigators associated
with 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 of trustees will use its best
endeavours to ensure that monies raised are for the benefit and furtherance of
research being conducted in Wales.
Cancer Research Wales Vision, Mission and Strategic Aims
> Our Vision:
A Wales united against cancer through world class research.
> Our Mission:
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.

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> Our Strategic Aims:
Increase the proportion of cancers diagnosed at an early stage and improve survival
rates
Transform patient outcomes through discovery and delivery of innovative diagnostic
tests, treatments, and strategies
Eliminate the inequalities of cancer incidence and mortality
Develop laboratory and clinical research capacity within Wales and help place
research at the heart of the NHS in Wales
Build a nationally recognised strong brand that is trusted and supported
Public Benefit
The Charity's trustees can confirm that they have complied with the duty in Section
17 of the Charities 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
independently assessed by external expert adjudicators.
Volunteers and supporters
We are funded by the people of Wales and none of our research would be possible
without the kind generosity of our supporters and volunteers.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Cancer Research Wales has had another successful year in funding over £2,124,875
(2024: £591,543) of new research across two major grant calls: one for new PhD
studentships, which aims to identify and develop the next generation of talented
cancer researchers for Wales. and a new brain tumour research initiative.

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Investing in the Future Generations of Cancer Researchers for Wales
As part of its continued commitment to develop the next generation of scientists and
build a thriving research environment in Wales, this year Cancer Research Wales
awarded almost half a million pounds for five new cutting-edge projects that will seek
to develop more effective treatments for cancer.
The new and exciting PhD studentships involve investigating how gut bacteria can
impact chemotherapy treatment for bowel cancer, with scientists at Swansea
University seeking to gain a clearer understanding of which bacteria can reduce the
effectiveness of chemotherapy and how they do it.
Bangor University has been awarded £100,000 to investigate ways of targeting the
MRE11 protein, which helps cancers to survive and grow. This project will develop
new drugs that block the activity of the MRE11 protein to enhance the effectiveness
common chemotherapy agents that are used for several different cancer types.
Two new PhD studentships have been funded in the School of Pharmacy and
Pharmaceutical Sciences, Cardiff University. One will support the engineering of a
model of prostate cancer that better mimics patient conditions to allow scientists to
study how non-cancerous cells that surround the tumour play a role in driving cancer
progression and resistance to current therapies. The other studentship will develop
new drugs to target a cancer associated protein called STAT3 which is known to
drive the most aggressive types of breast cancer and directly contributes to around
40 % of all breast cancer deaths.
Elsewhere at Cardiff University, a PhD studentship co-funded by the Wales Cancer
Research Centre, will engineer bacteria that serve as trojan horses to target cancer
cells to deliver drugs directly into the tumour, leaving normal cells unharmed and
reducing side effects.
New £1 million Brain Tumour Research Initiative Launched
Brain Tumours are the leading cause of cancer deaths in people under the age of 40,
yet the disease receives only about 1 % of all funding spent on cancer research each
year. In addition, survival rates for patients with brain tumours have hardly increased
in the last 30 years, unlike for many other can￿r types, which have seen big
improvements.
To address this inequality and to help fill the funding gap to support the talented pool
of brain tumour researchers we have in Wales, Cancer Research Wales launched
the Brain Tumour Research Initiative (BATRI) in April 2024.
The aim of BATRI is to establish Wales as a world-leader in brain tumour research
by bringing together scientists, clinicians and neurosurgeons from across Wales to

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drive fO￿ard discovery and innovation in brain tumour research. Research funded
by BATRI will also bring hope for people living with brain tumours and their loved
ones across the country.
As part of this new initiative seven groundbreaking brain tumour research projects
were awarded funding, totalling over £1 million.
Among the project's receiving funding is one that will see paediatric oncologists and
scientist collaborate to investigate the use of advanced MRI scans for children aged
8-16 with newly diagnosed low-grade glioma - one of the most common types of
brain tumour in this age group. The adVan￿d MRI scanner based in Cardiff - which
is one of only four in the world - will look at the tumour structure in more detail than
can currently be seen on standard scans.
It is expected the greater detail will help clinicians understand why some tumours
behave more aggressively and pinpoint treatments more accurately, with the aim that
more brain tumours can be cured and long-term quality of life of children improved
with fewer long-lasting side effects.
Other projects funded include the development of new therapies, improving our
understanding of how the immune system fights brain tumours and assessing the
most important factors in addressing the care needs of brain tumour patients
undergoing treatment.
The impact of the Brain Tumour Research Initiative is already being felt as its
creation and first funding call has helped the South Wales (Cardiff and Swansea)
Brain Tumour clinical teams gain the prestigious Tessa Jowell Centre of Excellence
status in recognition of the high standards of care, treatment and research for brain
tumours. As quoted, "The Committee commend the team in South Wales for
continued commitment to service development since first applying to Centre of
Excellence 3 years ago. Reviewers highlight evident developments in many areas,
ranging from rehabilitation, staff training and research, particularty given the
establishment of the Cancer Research Wales Brain Tumour Research Initiative in
March 2024"
Partnership with Tessa Jowell Brain Cancer Mission
Following the launch of the Cancer Research Wales Brain Tumour Initiative the
charity formed a new partnership with the Tessa Jowell Brain Cancer Mission, a
powerful and transformative body of organisations responsible for driving up
standards of brain tumour treatment, care and research across the UK.
Aligned with the Tessa Jowell Brain Cancer Mission's strategic aim to ensure equity
between the UK'S four nations, the new partnership formed with Cancer Research
Wales guarantees a dedicated voice for Welsh patients, clinicians and researchers
on the Mission's UK Joint Strategy Board and representation at the international

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level. The partnership will help facilitate collaborations and ensure that UK-wide
brain cancer initiatives benefit Wales and that the excellen￿ in Wales is shared with
the rest of the UK.
Launch of New 5-Year Research Strategy
Cancer Research Wales started its year with the launch of an ambitious new 5-year
research strategy that builds on the success of the previous decade. The research
strategy - 'Improving Cancer SuNival in Wales, Our Challenge, Our Opportunity'_
strives to deliver better and bolder solutions to cancer issues as they relate to Wales
and further afield, with a focus on the provision of patient centred research and
treatments and optimal performing can￿r pathways. The new strategy is built upon
four main pillars of research: Cancer Discovery and Translational Research;
Screening, Prevention and Early Diagnosis. Better Treatments,. Health Systems and
Cancer Outcomes Research.
Health organisations that are research-intensive always demonstrate better
outcomes for patients. Through this strategy we hope to create high quality research-
rich environments within the Welsh NHS that builds capacity with the overall aim to
irnprove cancer surdival.
Cancer Research Wales Clinical Trials Delivering for the People of Wales
Better cancer treatments and earlier detection of cancer are two of the five strategic
aims of Cancer Research Wales. Clinical trails are recognised as the pinnacle of
research that a new treatment or cancer test must pass before it can be used
routinely in clinical practice. We are currently funding four major clinical studies:
BICCC Trial- Preventing Relapse in Bowel Cancer
Cancer Research Wales is funding a clinical trial called BICCC (Brief intervention
with Cyclophosphamide in Colorectal Cancer), which investigates the use of the drug
cyclophosphamide, that when given at low doses has the potential to prevent relapse
of bowel cancer, following successful initial treatment.
Following a difficult start due to the infrastructural challenges of the clinical trial
landscape across the UK post-pandemic, the Phase111 BICCC trail has successfully
opened 8 recruitment centres across Wales, England and Scotland within the last
year, with several more due to open in 2025.
The first patients were treated successfully in Cardiff at the end of 2024, and patient
recruitment for the BICCC trial continued to increase through early 2025. The trial

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has the scope to offer future bowel cancer patients everywhere a safe new
intervention that can prevent dangerous relapses while preserving their quality of life.
Think Cancer Trial- Improving Cancer Detection in Primary Care
Over 60 % of all cancer patients will first see a GP with symptoms before receiving a
confirmed diagnosis. Therefore, Primary Care has a vital role to play in the early
detection of cancer. Professor Clare Wilkinson and her team at the North Wales
Centre for Primary Care Research, Bangor University, are working on Cancer
Research Wales Phase111 trial, co-funded with North-west Cancer Research.
Through a series of interventions that involve whole primary care practices, the Think
Cancer study is seeking to improve cancer awareness and knowledge of cancer
symptoms, especially those symptoms that are vague, amongst primary care staff
and introduce more robust safety netting procedures to ensure that no patient falls
between the cracks.
During 2024-2025, the teams have achieved great success in recruiting 99 primary
care surgeries from across Wales, and the North-west and South-west of England, a
remarkable achievement given the pressures that primary care face.
The team are currently analysing the final data which will hopefully provide the
evidence to roll Thinkcancerl out nationally, ensuring patients across Wales and the
UK can access the gold standard cancer care that GP surgeries can provide.
The PEARL Trial for Head and Neck Cancer
Unfortunately, following the standard treatment with radiotherapy for certain types of
Head and Neck cancer, many patients suffer with debilitating side effects due to
radiation damage of normal tissue during treatment. These effects can be
permanent, and can include difficulty in swallowing, loss of taste and numbness in
the mouth.
PEARL is a Cancer Research Wales funded clinical trial which is led by Professor
Mererid Evans and Dr Tom Rackley at Velindre Can￿r Centre. During the last 12
months PEARL successfully completed its recruitment and treatment of 45 patients
following disruption due to the pandemic.
The study investigated the use of a second specialised scan that allows the
radiotherapy plan to be updated mid-treatment as it considers the shrinkage of the
tumour following initial treatment. This helps to ensure that healthy tissues near to
the tumour are spared from the effects of the radiation as much as possible, leading
to a better quality of life.

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Brian Webber, a retired dentist and one of the first patient to be recruited onto the
trial commented, "In medicine things must progress, and all the way through the
health seNice we have progress - without clinical trials we'd still be doing the same
stuff that we've been doing for the last forty yearsl We've got to try new ways of
treatment"
When the trial reports its final results in late 2026, it is hoped they will pave the way
for establishing new ways of treating head and neck cancer that are kinder, reduce
long-term side effects, but ultimately still successfully treat the disease.
The Colospect Screening Trial- A Blood Test for Better Screening and Detection of
Bowel Cancer
A Cancer Research Wales funded screening and early detection study, Colospect, is
looking at the benefits of the addition of a simple blood test, called RAMAN, to the
current bowel cancer screening programme in Wales. So far, more than 1 ,200
patients have been recruited to the study and represents a great example of Welsh
research delivering for the people of Wales and beyond. It is expected that the
Raman blood test will be more accurate than the standard FIT screening test at
detecting polyps, the premalignant bowel lesions that cause cancer, as well as bowel
tumours.
Jeff Horton, a member of Health and Care Research Wales 'Public Involvement
community - adding: °Any test that improves early detection of bowel cancer is to be
welcomed. If it is caught early, then bowel cancer is largely curable. Studies like this
are important in helping to find new diagnostics and treatments and participation
from public members plays a vital role".
This study aims to recruit 2000 patients in total and when complete should help
improve the efficiency of screening across Wales and enable clinicians to prioritise
patients who need their colonoscopies quickly leading to earlier detection, while
reducing the need for unnecessary colonoscopies. The latter of which will save
considerable resource per year for the NHS and avoid inconvenience and time off
work for screening participants.
Looking Ahead Toward 2025-2026
The next 12 months represents an exciting time in the lifetime of the charity as
Cancer Research Wales will celebrate its 60th Anniversary in 2026. The total of life_
saving research funded in Wales to date exceeds £35 million.
To mark our Anniversary year Cancer Research Wales will aim to fund another £3
million on new research projects across Wales, a record amount for the charity in

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any given year. As part of this, Cancer Research Wales will seek to inaugurate new
5-year research fellowships.
These new positions will help high-quality and talented laboratory and clinical
researchers establish an independent research group and to become cancer
research leaders of the future. The fellowships will also help attract and retain
scientists in Wales and contribute to building a strong Welsh cancer research
environment that will better serve cancer patients and their families.
As part of the 60th Anniversary celebrations, Cancer Research Wales will hold a
cancer research symposium bringing together the researchers in Wales and further
afield, giving an opportunity to present their latest findings, share ideas and form new
lasting and fruitful research collaborations.
Fundraising activities
In November, the charity appointed a new Head of Income Generation, Lisa Buckley
who brings a wealth of experience to the Charity. Since her arrival, she has
expanded the Income Generation team, bringing in fresh talent and diverse skill sets
to enhance our efforts in securing funds that directly support our charitable
objectives. This expansion is a key investment in our long-term sustainability and will
enable us to reach more supporters and amplify our fundraising in the coming year.
Cancer Research Wales continues to significantly expand its engagement with mass
participation running events. We were thrilled to see over 700 dedicated runners take
part in the Cardiff Half Marathon (CHM) in 2024, proudly supporting our vital
research. We are the only Welsh charity in the top tier of CHM partnerships, and the
only cancer charity.
We have also expanded involvement with other running events across Wales
including the Wrexham 1 Ok, Newtown 1 Ok, and Swansea Half Marathon. 2025 marks
another exciting step forward as Cancer Research Wales has become the headline
partner for the Barry Island 1 OK and looking ahead, has also become an Associate
Partner for the Newport Running Festival in 2026.
In addition to working with external event suppliers, we are developing a range of
Cancer Research Wales in-house events including a new cold water dip event, a
festive concert and continuing to develop the 'My Curry Night, that was launched in
2024.
We continued to develop our community fundraising campaign, 'Stripe A Pose,,
which seeks to engage our supporters to wear stripes and make a donation, aligned
with the stripes in our logo. We enjoyed support from 'Prynawn Da, on S4C, schools
and businesses across Wales. This is a campaign with mass-appeal that we seek to
expand and continue to grow as we look ahead.
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We also continued to be supported by our long-standing fundraising committees in
Brecon & Sennybridge and Crickhowell who work tirelessly to rise funds in their
communities. The Brecon & Sennybridge Fundraising Committee celebrated a
fantastic milestone of raising over £300,000 since they started fundraising in 2008.
In line with the strategic expansion of our Income Generation team we are actively
developing our corporate, community, in-memory and legacy income streams. This
enhanced team presence throughout the country will enable us to forge deeper
connections with businesses, support more community-led fundraising initiatives,
and provide dedicated support for individuals wishing to donate in memory of loved
ones.
Trading activities
The Charity's retail operations continue to develop and grow. During the year we
opened a further five shops: four in North Wales (Llandudno, Wrexham, Bangor and
Caernarfon)., and one in South Wales (Chepstow). We ended the financial year with
a total of fifteen shops. At the end of the year all shops are now fully recruited.
We continue to develop and the implement our 'Best in Town, standards to ensure
our customers have a consistent positive experience. Additionally, we have improved
our performance measures, providing our shop teams with the necessary information
and tools to ensure operational, financial and administrative efficiency. As a result,
we have seen an increase in financial performance
We have further developed our footprint in the South Wales area by opening a new
shop in Chepstow. This area boasts a strong local community and a high presence
of tourists. This expansion has allowed us to increase our portfolio and awareness
across South Wales, bringing our total shop presence to 11.
In North Wales, we have strategically opened four shops in the main towns and
cities, bringing our total shop count to 15. This represents a 33 % growth in units.
Consequently, we have increased our total number of sales transactions by 40,000
in the last year, with the average transaction value raising from £3.01 to £3.13.
The wider benefits of our retail operations have also increased. For example, we are
now providing volunteering opportunities across Wales and last year we successfully
rescued 456,250 units from Landfill through sales through our shops. We have also
developed a new strategic partnership with Jessica Renault who runs the Deja Vu
pre-loved boutique in Cardiff, which means that any items not sold or collected from
her shop are kindly donated to the Cancer Research Wales Whitchurch shop. This
partnership has raised £1,488 for the charity so far.
Looking ahead to 2025-26, we are not planning to further expand through new shop
openings, however, our aim is to continue growing our presence in the community

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and deliver the 'Best in Town, experience and strategy across all our shops. This will
give us the opportunity to develop the team and increase our volunteer base.
Communications and marketing
The Communications and Marketing team have made progress with growing the
charity's brand and communicating the impact of our work this year, to inspire more
people to support us in the future.
Media coverage
The charity received widespread media attention for the launch of the new Brain
Tumour Research Initiative, with day-long coverage from BBC Wales Today, BBC
Wales's English and Welsh news websites, BBC Radio Wales, BBC Radio Cymru
and S4C's Newyddion. Dr Peter Henley was also a guest on BBC Radio 5 Drive to
discuss the Brain Tumour Research Initiative. A short film featuring our media case
study- Alex Aghili, achieved very good engagement on social media.
The announcement of our new ambassadors - 'The Magnificent Seven,, was a
successful media campaign with media coverage generated on S4C's Newyddion
programme, as well as BBC Radio Cymru, the BBC Cymru Fy¥V website and outlets
including Cardiff Life and the Carmarthen Journal.
We announced Adam Fletcher's appointment as our new Chief Executive Officer in
July and secured coverage for him in the Western Mail on his first day in the role.
During the year, cancer Research Wales also gave several reactive media
inteniiews. For example, we were approached by the BBC Wales presenter Lucy
Owen to speak about bowel cancer diagnosis which led to TV interviews for Dr Lee
Campbell and a radio interview for Iwan Rhys Roberts.
Media coverage was also secured for all our new shop openings in North Wales the
Daily Post, the Wrexham Leader, the North Wales Chronicle and other local media.
Cymru United campaign
We delivered the Cymru United campaign, which aimed to inspire more people
across Wales to sign up to a fundraising event or volunteer to support Cancer
Research Wales in 2025. The Communications and Marketing team organised a
photo and film shoot with fifteen people connected to the charity, including some of
our researchers, fundraisers and retail volunteers
Nation Radio was also involved in this campaign and helped amplify our message of
asking people to 'Sign up to Cymru United to help us unite Wales against cancer.,
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Digital marketing & social media
Our following on social media continued to grow but we did see the impact of trends
such as people leaving Twitter and Fa￿book in light of wider global developments.
The charity now has Bluesky account set up and Linkedln has been our fastest
growing channel this year.
We have expanded the use of our e-newsletters to now include 'single ask, editions,
which are issued in between the full newsletter and focus on signing up for events.
Public engagement events
The Communications and Marketing team led on planning and delivering our public
engagement activities at the Royal Welsh Show in Builth Wells and the National
Eisteddfod of Wales in Pontypridd last summer. We met and spoke to hundreds of
people across these events who reacted positively to our message that we are the
Welsh cancer research charity.
Our people
During the year we extended the lease of our offices to include the first floor. This
provides us with a multi-use space where we hold our Trustee Board meetings,
volunteer and staff meetings, as well as providing an excellent space for
collaboration. We continue to facilitate flexible and hybrid working for our head office
staff.
As a Wales-wide Charity that has expanded this year, we have continued to develop
innovative ways to communicate with each other. This includes staff meetings,
monthly CEO updates, and we have developed a staff portal where news and other
articles are shared.
We have invested in an online learning platform to enhance learning and
development opportunities to staff. We have also reviewed ourAppraisal process
ready forApril 2025
We continue to offer an Employee Assistan￿ Programme which offers confidential
support to staff 24tT as well as a cash medical plan. We are committed to become a
more inclusive organisation and have been working with Diverse Cymru on this
initiative. We are also currently working towards the Investing in Volunteers quality
standard.

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FINANCIAL REVIEW
Financial position
During the year ended 31 March 2025, Cancer Research Wales invested £2,909,683
(2024: £1,080,389) in charitable activities, principally the grant funding of research
projects. The total income for the year ended 31 March 2025 was £4,274,101 which
was a decrease from the previous year (2024: £4,366,629) due to grant income.
The charity received £762,788 from the UK Government COVID Medical Research
Support Fund in 2024.
Principal funding 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 Sour￿ of income and totalled £1,943,396 in
the year ended 31 March 2025 (2024: £1,968,200).
To mitigate some of the risk of the volatility of this income, the Charity is developing
strategies to maintain legacy income and increase the levels of committed-giving,
Movement in funds
Total net expenditure during the year to 31 March 2025 was £230,895 (2024:
£2,388,470 net income), Unrestricted reserves increased by £398,724 to £6,077,437
(2024: increased by £1,664,917 to £5,678,713) largely due to the use of restricted
reserves for some research project expenditure.
Investment review
There have been no material changes in the investment management policy
employed by the Charity during the year ended 31 March 2025. However, funds
have been transferred from cash at bank into the investment portfolio. The
investments are retained principally to ensure the ability of the charity to meet
liabilities associated with the future funding of current research projects. The value of
investments as of 31 March 2025 totals £6,564,803 (2024: £4,859,366).
Reserves policy
The free reserves of the charity comprise of the unrestricted funds excluding tangible
and intangible fixed assets, which at the year-end amounted to £5,875,380 (2024:
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£5,529,717). In addition to ring fencing funds for projects to which we have already
committed, the trustees are still targeting a minimum reseNe level of £1,500,000
which would cover about 18 months of regular operating expenses (31 March 2024..
£1,500,000).
The charity has reduced reserves for the year ended 31 March 2025 by £230,895
from the previous year.
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 Cancer Research Wales. In 2016, the
Charity become a charitable incorporated organisation (CIO) and is registered as a
charity with the Charity Commission (No. 1167290). We are governed by our
Constitution. Reference and administrative details are listed on page 18.
Appointment and training of trustees
The policy for the recruitment and appointment of new trustees is by way of
advertisement. Candidates are asked to submit a CV and covering letter by way of
application and are shortlisted for interview based on essential criteria within the
recruitment pack. Existing trustees, who believe an individual has the skills and
experience the Board has identified can also put potential candidates fO￿ard for
consideration.
Currently a potential trustee is interviewed by a panel consisting of the Chair and two
other Trustees. Formal approval of the appointment is made by the Board of Trustees.
The new Trustees and Patrons are required to confinn that they accept their
responsibilities in accordance with the Charity's constitution.
New trustees are given a Welcome pack and an induction plan. Elements of the
induction plan are mandatory including training in the Roles and responsibilities of a
trustee. In addition all trustees are added to the Charity Commission register and will
receive a Welcome pack and any updates ensuring that ongoing compliance and good
governance are achieved.
The Board of Trustees and 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 Constitution.
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There are two sub-committees: Finance Committee and the Scientific Committee.
Sub-committees are chaired by a trustee and are made up of Patrons" our name for
skilled volunteers who sit on our sub-committees. They meet at least quarterly to make
informed recommendations to the Board.
> Finance Committee
The Finance Committee takes delegated responsibility to make informed
recommendations to the Board of Trustees for assisting and overseeing all financial
aspects of the charity 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 PrO￿dUres.
Investments;
Agreeing the annual establishment and annual pay review;
Information Technology.
The charity's financial statements to assess the integrity of financial reporting;
The scope, results and effectiveness and independence 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 funding 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
Reviewing the prO￿5S for awarding and monitoring projects;
Reviewing scientific and research related risks.
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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 of Trustees.
Risk Management
The Charity has detailed organisational and departmental risk registers which are
reviewed monthly by the Senior Management Team and quarterly by each Committee
and annually by the Board of Trustees. Significant new risks are brought to the
attention of the Board as necessary to ensure they are being actively managed. A FZAG
rated system is used to rank the key organisational risks.
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 members should carry out all fundraising practices and are
registered with 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 which 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 guidance. 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 the Cancer Research Wales website to signpost supporters to
relevant information on health and safety, licen￿S, and risk management.
During 2024125 there were no formal complaints regarding the work of Cancer
Research Wales. There were no personal data related incidents reported to the Board
of Trustees in 2024125.
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REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Number
1167290
Registered address
22 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ
Trustees
Mr G Moore
Chair
Mr R Reynolds
Prof C Fegan
Ms R INhiting
Ms C Nicholls
Finance Committee Chair
Scientific Committee Chair
Hon Legal Advisor
Mrsman
Ms S Spence
Mr S Drinkwater
Appointed 12 March 2025
Appointed 12 March 2025
Mrs K Mann
Resigned 7 January 2025
Resigned 21 August 2024
Ms J MacLean
Senior Management
Mr A Fletcher
Chief Executive OffI￿r '
Ms A Yandall
Head of Finance & Corporate Services
Head of Research and Science Communication
Dr L Campbell
Ms L Boyd
Head of Retail
Mr l Roberts
Head of Marketing and Communications
Head of Income Generation (appointed November
2024)
Ms L Buckley
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Auditors
Menzies LLP
5th Floor
Hodge House
114-116 St Mary Street
Cardiff
CF10 1DY
Solicitors
Darwin Gray
9 Cathedral Road
Cardiff
CF119HA
Bankers
Unity Trust Bank PIC
Birmingham
B12HB
Investment Advisor
RBC Brewin Dolphin
Third Floor
2 Central Square
Cardiff
CF10 1FS

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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 Kingdom 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 statements for each
financial year which give a true and fair view of the state of affairs of the charity
and of the incoming resources and application of resources, including the
income and expenditure of the charity for that period. In preparing those
financial statements, the trustees are required to
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent.
state whether applicable accounting standards have been followed,
subject to any material departures disclosed and explained in the
financial statements;
prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the charity will continue 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 financial 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
safeguarding the assets of the charity and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
Approved by order of the Board of Trustees on 22 July 2025 and signed on
its behalf by..
G Moore
Chair of Trustees
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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')
for the year ended 31 March 2025 which comprise the Statement of Financial
Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial
statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at
31 March 2025 and of its incoming resources and application of resources,
including its income and expenditure, for the year then ended.
have been properly prepared in accordance 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 Standards on Auditing (UK)
(ISAS (UK)) 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 charitable company in
accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC'S Ethical Standard, and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
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Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the
going concern basis of accounting in the preparation of the financial statements is
appropriate.
Based on the work we have performed, we have not identified any material
uncertainties relating to events or conditions that, individually or collectively, may
cast significant doubt on the charitable company's ability to continue as a going
concern for a period of at least twelve months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going
concern are described in the relevant sections 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 the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise 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 financial statements
themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Matters on which we are required to report by exception
We have nothing 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 information given in the trustees, report is inconsistent in any material
respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our
audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trustees
are responsible for the preparation of the financial statements and for being satisfied
that they 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 misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the
charities, ability to continue 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 cease operations, or have no
realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011
and report in accordance with the Act and relevant 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 misstatement, 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 detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are
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considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these
financial statements.
The extent to which our procedures are capable of detecting irregularities, including
fraud is detailed below:
Our planning procedures identify the legal and regulatory frameworks applicable to
the operations and financial statements of the company. These are reviewed
internally with the audit team including relevant industry experien￿ and expectations
as well as externally with the client management. The key laws and regulations we
considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102)
and relevant tax legislation.
Once identified, we assess the risks of material misstatements in relation to the laws
and regulations, irregularities, including fraud and adjust our testing accordingly. Our
audit procedures include:
Discussing with Trustee and management which areas of the business they
believe to be more susceptible to fraud, and whether they have any
knowledge or suspicion of fraudulent activities.
Obtaining an understanding of the key controls put in place by the charity to
address risks identified, assessing the effectiveness of those and discussing
how these are maintained and monitored internally;
Assessing the risk of management override and review and testing of journal
entries made into the accounting system;
Challenging assumptions and judgements made by the charity in relation to
the significant accounting estimates employed in the preparation of the
financial statements;
Discussing with Trustee and Management the legal and regulatory obligations
of the business and whether they have any knowledge or suspicion of non-
compliance.
Despite the audit being planned and conducted in accordance with ISAS (UK) there
remains an unavoidable risk that material misstatements in the financial statements
may not be detected owing to inherent limitations of the audit, and that by their very
nature, any such instances of fraud or irregularities likely involve collusion, forgery,
intentional misrepresentation, or the override of internal controls.
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A further description of our responsibilities for the audit of the financial statements is
located on the Financial Reporting Council's website at
www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of
the Independent Auditors.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in
accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008.
Our audit work has been undertaken so that we might state to the charity's trustees
those matters 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 accept or assume
responsibility to anyone other than the charity company and the charity's trustees as
a body, for our audit work, for this report, or for the opinions we have formed.
Clive Edwards (Senior Ststutory Auditor)
for and on behalf of Menzies LLP, Statutory Auditors
5th Floor
Hodge House
114-116 St Mary Street
Cardiff
CF10 1DY
Date:
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Statement of Financial Activities
2025
2024
Unrestricted Restricted
fund
fund
Total
Total
funds
funds
Note
Income and Endowments from
Donations and legacies
Other trading activities
Investment income
Other income
Total
1,939,036
2,077,577
221,791
(7,628)
4,230,776
25,000
18,325
1.964,036
2.095.902
221,791
{7,628>
4,274.101
2.770,288
1,432,572
117,954
45,815
43,325
4,366,629
Expendlture on
Raising funds
1,717,666
1,717.666
1,152,780
Charitable aclivities..
Research projects
Total
2 236 739
3.954.405
672 944
672.944
2,909,683
4,627,349
1080 389
2,233,169
Net gainsl(losses) on investments
17
122,353
122,353
255,010
Net IncomellExpendlture)
398.724
(629,619) (230,895)
2,388,470
Transfers between funds
Net Movement In funds
23
398,724
(629,619) (230,895)
2,388,470
Reconciliation of funds
Total funds brought forward
5 678713
1069 641
6,748 354
4.359 884
Total funds carried forward
6,077 437
440,022
6,517,459
6,748,354
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Statement of Financial Position
2025
Total
funds
2024
Total
funds
Unrestricted Restricted
fund
fund
Note
Fixed Assets
Tangible assets
I nvestments
16
17
202.057
6,564,803
202,057
6,564,803
148,996
4,859,366
6 766,860
6,766,860
5 008 362
Current Assets
Stock
Debtors
Cash at bank and in hand
18
19
29,794
1,357,300
3,290,447
29,794
1,357,300
3,730,469
19,710
1,220,708
4,436,941
440,022
4,677.541
440,022
5,117,563
5,677,359
Creditors
Amounts falling due within one year
20
(1,215,818}
(1.215,818)
(698,883)
Net current assets
3,461.723
440 022
3 901745
4 978 476
Total assets less current liabllltles
10,228,583
440.022 10,668,605
9,986,838
Provisions for liabilities
22
(4,151,146)
(4,151,146)
(3,238,484)
Net Assets
6.077,437
440,022
6,517,459
6 748,354
Funds
Unrestricted funds
Restricted funds
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6.077,437
440,022
5,678,713
1,069,641
Total Funds
6,517 459
6,748,354
The financial statements were approved by the Board of Trustees and authorised for
issue on 22 July
and were signed on its behalf by:
GRJ Moore- C
RRey
Ids - Treasurer
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Cashflow Statement
2025
2024
Note
Cashflows from operating activities
Cash generated from operations
Interest paid
Net cash provided by operating activities
802,075
1,363,111
802,075
1,363,111
Cashflows from Investlng activltles
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash used in investing activities
(147,254)
(1,583,084)
(119,512)
1308,243)
245,436
27,816
178,343
43,448
(1,508,547)
(64.365)
(Decrease)Ilncrease In cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March
(706,472)
4,436,941
3,730,469
1,298,746
3138 195
4,436,941
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Notes to the Cashflow Statement
A. RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET
CAHSFLOW FROM OPERATING ACTIVITIES
2025
2024
Net incomel(expenditure) for the year (as per the statement of financial
activities)
(230,895)
2,388,470
Adjusted for:
Depreciation charges
Gains on investments
Interest received
Dividends received
Discounting of provisions
Dilapidations provision
Increase in stocks
I ncrease in debtors
I ncreasel(decrease) in creditors
Net cash provided by operatlons
94,186
(122,353)
(178,343)
(43,448)
10,611
25,166
(10,084)
{136,592)
1,393.827
802,075
66,491
1255,010)
(27,816)
(90,138}
(40,294)
69,808
(19,710)
(233,804}
494,886
1363,111
B. ANALYSIS OF CHANGES IN NET FUNDS
At 1 April 2024
Cashflow
At 31 March 2025
Net Cash
Cash at bank and in hand
4,436,941
4,436,941
{706,472)
706,472
3,730,469
3,730,469
Total
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Notes to the Financial Statements
1. STATUTORY INFORMATION
Cancer Research Wales is a registered charity, registered in England and Wales
under charity number 1167290. The governing document of Cancer Research
Wales is its Constitution, and it is a Charitable Incorporated Organisation {CIO). The
principal address is 22 Neptune Court, Vanguard Way, Cardiff CF24 5PJ. The nature
of the charity's operations and principal activities are disclosed within the Report of
the Trustees.
The financial statements are presented in Sterling (£), the charity's functional
currency, and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial
statements are set out below. These policies have been consistently applied to all
years presented unless othep#vise stated.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial 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 with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
(effective 1 January 2019),, Financial Reporting Standard 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 at market value, as
modified by the revaluation of ￿rtain assets.
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 the entity's ability to continue as a going concern exist.
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Income
All income is recognised in the Statement of Financial Activities once the charity has
entitlement to the funds, it is probable that the income will be received and the
amount can be measured reliably.
Donations and legacies income includes 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 charity has unconditional entitlement.
Income from other trading activities is recognised as the related services 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 service or event to which it relates.
Investment income is recognised on a receivable basis.
Expenditure and basis of recognition of liabilities
Liabilities are recognised as expenditure as soon as there is a legal or constructive
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 the obligation can
be measured reliably. Expenditure is accounted for on an accruals basis and has
been classified under headings that aggregate all cost related to the category. Where
costs cannot be directly attributed to particular headings they have been allocated to
activities on a basis Gonsistent with the use of resources.
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 delivery
of its activities and services for its beneficiaries. It includes both costs that 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 includes
governance costs which are those costs associated with meeting the constitutional
and statutory requirements of the charity and include the accountancy fees and costs
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linked to the strategic management of the charity as well as a proportion of salaries
based on an approximation of time spent in this area.
Expenditure includes any VAT which cannot be fully recovered and is reported as
irrecoverable VAT within support costs.
Grants offered subject to conditions which have not been met at the year end date
are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
Certain expenditure is directly attributable to specific activities and has been included
in the costs relating to that activity. Where costs cannot be directly attributed to a
specific activity, they have been allocated on a basis consistent with the use of the
resource.
Taxation
The charity is exempt from tax on its charitable activities.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and
risks of the ownership remain with the lessor are charged against profits on a straight
line basis over the period of the lease.
The benefits of lease incentives are recognised in the statement of financial activities
over the lease period.
Tangible fixed assets
All fixed assets are initially recorded at cost. Only assets which cost £500 or more
are capitalised. The exception to this will be where a new shop is opened and this
will be viewed as a project with all fixtures and equipment capitalised regardless of
individual item value.
Depreciation is calculated so as to write off the cost of an asset, less its estimate
residual value over the useful economic life of the asset as follows:
Asset Class
Leasehold
ro
Fixtures & e
ui
Motor vehicles
reciation rate
U to break clause of lease
200/0 reducin
balance133 % strai
25 % strai
ht line
rovements
ment
ht line
Intangible assets
All intangible assets are initially recorded at cost.
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Amortisation is calculated so as to write off the cost of an asset, less its estimate
residual value over the useful economic life of the asset as follows".
Asset Class
Software and website development
costs
De
reciation rate
330/0 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 the face of the
statement of financial activities.
Investment income is recognised on a receivable basis.
Stocks
In common with most 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 outweigh the benefit to users of the financial
statements. 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 instruments. Basic financial instruments are initially recognised at
transaction value and subsequently 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 probably 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 normally recognised at their settlement amount after allowing
for any trade discounts due.
Provisions
Provisions are recognised when there is a present obligation (legal or constructive)
as a result of a past event, it 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.
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The amount recognised as a provision is the best estimate of the consideration
required to settle the present obligation at the end of the reporting period, taking into
account the risks and uncertainties surrounding the provision.
Where the effect of the time value of money is material, the amount expected to be
required to settle the obligation is recognised at present value. The movement on the
provision as a result of this discounting 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 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 recognised
on a lease by lease basis and are based on the best estimate of the likely cash
outflow. 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 the 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 objectives at the
discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the
objects of the charity. Restrictions arise when specified by the donor or when funds
are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes
to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme with Royal London.
Contributions payable are charged to the statement of financial activities in the
period to which they relate.
Significant accounting judgements and estimates
Estimates and judgements are continually evaluated and are based on historical
experience and other relevant factors, including expectations of future events that
are believed to be reasonable under the circumstances.
The preparation of the financial statements requires management to make estimates
and assumptions concerning 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 carrying
amounts of assets and liabilities within the next financial year are discussed below..
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> Provisions are recognised when there is a present obligation (legal or
constructive) as a result of a past event, it 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 of the
consideration required to settle the present obligation at the end of the
reporting period, taking into account the risks and uncertainties surrounding
the provision.
Where the effect of the time value of money is material, the amount expected
to be required to settle the obligation is recognised at present value. The
movement on the provision as a result of this discounting 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 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 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 the provision will not match the grant funding that
will ultimately prove to be payable.
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3. DONATIONS AND LEGACIES
Unrestricted
Restricted
fund
2025
2024
fund
Total
Donations
217,377
2,200
1,698.819
20,640
1939,036
217,377
198,432
27,200
4,988
1.698,819 1,764,780
20.640
802,088
1,964,036 2,770,288
Trusts
25,000
Legacies
Grants
Total
Grants received, included In the above
are as follows:
2025
2024
Total
UK Government COVID Medical Research
Support Fund
Fixed Asset Grants
WCVA Volunteering Wales
Total
762,788
39,300
20,640
20,640
802,088
4. OTHER TRADING ACTIVITIES
Unrestricted
fund
Restricted
2025
2024
fund
Total
Fundraising
Retail Income
564,211
1,513.366
2,077,577
18,325
582,536
341,350
1,513,366 1,091,222
2 095,902 1432 572
Total
18,325
5. INVESTMENT INCOME
2025
2024
Total
Income from shares in listed companies
Interest receivable and similar income
43,448
178,343
221,791
90,138
27,816
117,954
Total
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6. OTHER INCOME
2025
2024
Total
Discounting of provisions
Miscellaneous income
(10,611)
2,520
463
40,294
5,067
454
Royalties
Total
45,815
7. RAISING FUNDS
2025
2024
Total
Ralslng donatlons and legacies
Fundraising staff costs
Gift aid and legacy expenses
Events and general fundraising expenditure
Advertising and publicity
Depreciation
129,814
8,466
126,810
109,267
14,649
72,557
13,485
1,297
266,387
209,958
other trading activltles
Retail staff costs
Retail purchases
Retail and warehouse premises costs
Olher retail costs
Dilapidations
Depreciation
809,039
4,522
375,433
130,963
25,166
85,984
1,431,107
454,756
8,123
233,118
93,877
69,806
52,681
912,361
The above depreciation is in respect of motor vehicles, office equipment
and leasehold property improvements
Investment management costs
Investment management costs
20,172
20,172
30,461
30,461
Total Raising Funds
1717 666 1,152,780
8. CHARITABLE ACTIVITIES COSTS
2025
2024
Total
Research
projects
Research
projects
Direct costs (note 9)
Grant funding of activities (note 10)
Support costs (note 11)
Total
140,712
124,972
2,101.830
342,532
667,141
612,885
2 909 683 1,080,389
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9. DIRECT COSTS OF CHARITABLE ACTIVITIES
2025
Total
2024
Staff costs
Direct cancer research expenditure
Science communication cosls
Total
111,612
12,765
16,335
140,712
106,568
14,893
3,511
124,972
10. GRANTS PAYABLE
2025
2024
Total
Research projects
Total
2,101,830
2 101830
342,532
342,532
The total grants paid to Institutlons during the year was as follows:
Velindre NHS Trust
Cardiff University
Swansea University
Bangor University
Swansea Bay University Health Board
Cardiff and Vale University Health Board
other adjustments on project closures
Total
275,854
1,225,077
(74,661)
759.798
167,967
100,000 (106,574)
39,946
40,000
40,000
{23,045)
2,101,830
342,532
All grants payable are to provide funding and to support facilities for cancer research
within Wales. The above grants payable include funding clawbacks for historic
overprovision of grant payments due.
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11. SUPPORT COSTS
2025
2024
Total
Research
projects
Research
projects
Staff costs
343,075
5,024
48,363
56.207
12,153
65,248
34,022
33,212
44,987
24,850
667,141
258,416
13,810
33,541
76,637
9,341
53,699
24,206
25,600
33,057
84,578
612 885
Depreciation
Other overheads
BrandinglAdvertisinglPublicity
Website Development
IT costs
Human ￿SOurCeS
Governance costs
Head Office premise
Consultancy
Total
Included within Governance costs were the costs of auditors remuneration of £7,500
(2024: £7,000).
12. TRUSTEES REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefits for the year ended 31 March
2025 or for the year ended 31 March 2024.
There were trustee's expenses of £Nil (2024 - £Nil) paid to trustees for the year
ended 31 March 2025 for reimbursement of travel expenses.
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13. STAFF COSTS
2025
2024
Total
Wages and salaries
Social security costs
Pension
1,203,601
99,508
90,429
1393 538
803,651
65,460
59,585
928,696
Total
The average monthly number of employees during the year was:
Science
Income Generation
Retail
Marketinglcommunications
Administration & Governance
Total
34
22
50
35
The number of employees whose emoluments amounted to a rate of
over £60,000 durlng the year was:
2025
2024
£70,000 - £80,000
£60,000 - £70,000
Pension contributions
The total key management personnel remuneration benefits for the year ended 31 March 2025 was
£297,560 (2024.. £255,834)
Key management personnel are defined as members of the Senior Leadership team, including the
chief executive and consisted of six individuals during the year {2024: 5)
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14. COMPARATIVES FOR THE STATEMENT OF
FINANCIAL ACTIVITIES
Unrestricted
Restricted
2024
fund
fund
Total
INCOME AND ENDOWMENTS
Donations and legacies
other trading activities
Investment income
1,958,233
1.432,572
117,954
45,815
3,554,574
812,055 2,770,288
1,432,572
117.954
45,815
812,055 4,366,629
Other income
Total
EXPENDITURE
Raising funds
Charitable activities
1,152,780
1,152,780
Research projects
Total
1,031,187
2,183,967
49.202 1,080,389
49,202 2,233,169
Net gainsl(losses) on investments
255.010
255,010
NET INCOMEI{EXPENDITURE)
1,625,617
762,853 2,388,470
Transfers between funds
39,300
(39,300)
NET MOVEMENT IN FUNDS
1,664,917
723,553 2,388,470
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
4,013,796
5,678,713
346,088 4,359,884
1,069,641 6,748,354
15. FINANCIAL INSTRUMENTS
2025
Total
2024
Financial assets
Financial assets that are debt instruments measured at am0￿.Sed cost
Financial assets measure at fair value
4,846,876 5,479,677
6,564,803 4,859,366
Financial liabilities
Financial liabilities measured at amortised cost
Financial liabilities measured at fair value
1,124,494
661,420
4 162 194 3,238,484
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Financial assets measured at amortised cost comprise cash at bank, trade debtors,
legacies, other debtors and accrued income. Financial assets measure at fair value
comprise 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 contractual liability.
16. TANGIBLE FIXED ASSETS
Leasehold
Fixtures &
Motor
2025
Property
Improvements
equipment
Vehicles
Total
COST
At 1 April 2024
Additions
Disposals
At 31 March 2025
222,389
68,663
61,545
229 507
147,453
78,584
34,708
191329
45,981
415,823
147,247
-(96:253
466 817
DEPRECIATION
At 1 April 2024
Charge for the year
Depreciation on disposals
At 31 March 2025
167,638
42,288
61.545
148,381
75,226
45,767
23,963
6,131
266,827
94,186
86,285
30,094
264 760
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
81,126
54,751
105,044
72,227
15,887
22,018
202 057
148,996
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17. FIXED ASSET INVESTMENTS
2025
Total
MARKETVALUE
At 1 April 2024
Additions
4,859.366
1,583.084
122,353
6 564,803
Revaluations
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
6,564,803
4.856,366
2025
Total
2024
Hlstorlcal cost of Investments
5,045,936 3,462,852
Analysis of Investments between funds:
Listed investments
UK cash held as part of portfolio
Total
5,342,753 4,517,922
1222 050
341444
6 564 803 4 859 366
Cost of valuation at 31 March 2025 is represented by
Investments
Cost
Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025
5,045,936
733,672
756,570
19,771
(361,512)
248,013
122,353
6 564,803
18. STOCK
2025
2024
Stock
29,794
29,794
19,710
19,710
Total
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19. DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Other debtors
1,290
994,738 1,041,456
33,759
26,731
328,803
151,231
1357 300 1,220,708
Legacies due
VAT
Prepayments and accrued income
Total
20. CREDITORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Social security and other taxes
Project funding payments due
Other creditors
16,997
513,587
98,927
69,372
698,883
844,262
257,288
114,268
1 215,818
Accruals and deferred income
Total
Included within accruals and deferred income above is deferred income of £63,877
(2024: £69,379). This relates to income received in advance for campaigns and
events taking pla￿ in the next financial year.
2025
2024
Deferred income brought foNard
Released to SOFA
69,379
23,515
(69,379) (23,515)
63,877
69,379
69,379
Additional income deferred in the year
Total
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21. LEASING AGREEMENTS
2025
2024
Minimum lease payments under non-cancellable operating leases fall due
as follows:
Within one year
Between one and five years
Total
282,060
340,343
622,403
176,357
201,523
377.880
Total operating lease payments charged to the Statement of Financial Activities in
the year amounted to £246,003 (2024: £155,216)
22. PROVISION FOR LIABILITIES
2025
2024
Total
Project grant commitments
Dilapidations provision
Total
3,831,658 2,939,588
319,488
298,896
4 151146 3,238 484
Project grant commltments
Balance as at 1 April 2024
New project grant commitments
Grants payable in the year
Grant underspend writlen back
Discounting of provisions
Balance as at 31 March 2025
2,939,585
2,197,392
(1,295,488)
(25,018)
15,187
3,831,658
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.
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23. MOVEMENT IN FUNDS
As at 1 April
2024
Net
movement
in funds
Transfers
be￿een
funds
Asat31
March
2025
Unrestricted funds
General fund
5.678.713
398,724
6,077,437
Restricted
Tom Walker Fund- Brain Tumour
Tom Walker Fund- General
92,673
9.967
(39,312)
18.325
53,361
28.292
Roe family - Leukaemia project
UK Government COVID Medical Research
Support Fund
Waterloo Foundation
50.000
917.001
(50.000)
(583,632)
333,369
25,000
629,619
25,000
440,022
1.069,641
TOTAL FUNDS
6,748,354
230 895
6 517 459
Net movement In funds, Included In the
above are as follows:
Incoming
resources
Resources
expended
Gains and Movement
losses
in funds
Unrestrlcted funds
General fund
4.230,776 (3,954,405)
122,353
398,724
Restricted
Tom Walker Fund- Brain Tumour
Tom Walker Fund- General
Roe family - Leukaemia project
UK Government COVID Medical Research
Support Fund
Waterloo Foundation
(39,312)
(39,312)
18,325
{50,000)
{583,632)
18.325
(50.000)
(583.632)
25,000
43.325
25,000
629 619
672 944
TOTAL FUNDS
4.274,101
4,627,349
122,353
230,895
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23. MOVEMENT IN FUNDS
Comparatives for movement in funds
As at 1 April
2023
Net
movement
in funds
Transfers
be￿een
funds
Asat31
March
2024
Unrestricted funds
General fund
4.013.796
1.625.617
39,300 5,678,713
Restricted
Tom Walker Fund -Acute Myeloid
Leukaemia
Tom Walker Fund- Brain Tumour
Tom Walker Fund- General
Roe family- Leukaemia project
UK Government COVID Medical Research
Support Fund
Capital Expenditure Fund
35,502
(35.502)
92,673
92,673
9,967
50,000
917,001
9,967
50,000
167,913
749,088
39,300
346,088
762 853
1.06g,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
Resources
expended
Gains and Movement
losses
in funds
Unrestrlcted funds
General fund
3,554,574 (2,183,967)
255,010 1,625,617
Restrlcted
Tom Walker Fund -Acute Myeloid
Leukaemia
Tom Walker Fund- Brain Tumour
Tom Walker Fund- General
UK Government COVID Medical Research
Support Fund
Capital Expenditure Fund
(35,502)
(35,502)
9,967
762,788
9,967
749,088
(13,700)
39,300
812,055
49.202
762,853
TOTAL FUNDS
4 366 629
2 233 169
255 010 2 388,470
Tom Walker Fund - Brain Tumour
Fundraising income was received during the year to fund research into two projects.
One project is trying to replicate brain tumours in context by creating mini brains,
with the second project engineering viruses to attack brain tumours. Both of these
are based in Cardiff University and are collaborating to maximise the benefits of both
projects.
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Tom Walker Fund - General
Fundraising income was received during the year to fund research in memory of Tom
Walker.
Specific projects are to be decided.
Roe Family - Leukaemia Project
A donation was received in the year which will fund research into the creation of a
new drug for acute myeloid leukaemia. This research is taking place at Swansea
University.
UK Government COVID Medical Research Support Fund
Grant was received to ensure that existing projects affected by the COVID pandemic
were able to continue. The funding aims to protect the pipeline of early career
researchers and future research leaders.
Waterloo Foundation
A grant was received to fund a feasibility study assessing the practicalities of using
an advanced MRI scanner at Cardiff University for children with brain tumours.
24. EMPLOYEE BENEFIT OBLIGATIONS
The charity operates a defined contribution scheme for employees of Cancer
Research Wales. The assets of the scheme are held separately from those of the
charity in independently administered funds.
The pension cost charge represents contributions paid by the charity to the funds
above and amounted to £90,429 (2024.. £59,585). Contributions outstanding at the
year end amounted to £Nil (2024: £Nil).
25. RELATED PARTY DISCLOSURES
A member of the board of Trustees is also a partner of Robertsons Solicitors, who
provide legal services to the charity. During the year £16,816 was paid for their
services (2024: £21 ,275). At 31 March 2025 the balance owed to Robertsons was
£Nil (2024: £3,685).
A trustee who stood down from the Board in January 2025 is an Associate Director
of Cowshed Communications, who act as the marketing agency for the charity.
During the year £15,000 was paid for their services (2024 £85,977). At 31 March
2025 the balance owed to Cowshed Communications was £Nil (2024: £Nil).
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26. CONTINGENT ASSET
At 31 March 2025 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
reliably and therefore no income has been recognised in these financial statements.
The legacies will be recognised as income when the criteria for income recognition
are met.
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