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2026-03-31-accounts

ymchwil canser cymru cancerresearch waLes Report of the Trustees and Financial Statements For the year ended 31 March 2026 cancerresearch.wales Registered Charity Number.. 1167290

Contents Report of the Trustees.................................... Report of the Independent Auditor............ 15 Statement of Financial Activities . 18 Statement of Financial Position . 19 Cashflow Statement......................................20 Notes to the Cashflow Statement............... 21 Notes to the Financial Statements.. .22

Report of the Trustees For the year ended 31 March 2026 The trustees present their report with the financial statements ol the charity for the year enijed 31 March 2026. The trustees have adopted the provisions of Accounting and Reporting by Charities." Statement of ecommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Objectives and Activities Cancer Research Wales Vision, Mission and Strategic Aims Our Vision: A Wales united against cancer through world class research. Charity Objectives The objectives of Cancer Research Wales are, for the benefit ol 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 and/or research inslitulions,. and providers of cancer treatment In giving èffect to the above objectives, the Board of trustees will use its best endeavours lo ensure that monies raised are tor the benefit and furtherance of research being conducted in Wales. 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. Our Strategic Aims: Increase the proportion of cancers diagnosed al 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 ancs 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. ymchwilcansel concerreseorch ujales Grant Making Policies Grants made by the charity are allocated to research projects that have been incjependenlly assessed by external expert adjudicators. Volunteers and Supporters We are funded by th& people of Wales and none of our research would be possible without the kind generosity of our supporters and volunteers.

Achievement and Performance PhD & Project Grants A further 10 research projects were awarded to researchers across Wales as part of the PhD and Project call. Continuing Cancer Research Waies's commitment to cleveloping the next generation of scientists in Wales. six PhD studentships were awarded. These include four projects aiming to design and develop novel therapies for a range ol cancer types. including two focused on Acute Myeloid Leukaemia and one on ovarian cancer, both of which are cancers which have very poor survival rates currently. A further PhD studentship will build upon a previously funded Innovation Grant and continue to explore the use of cutting-edge MRI scans for prostate cancer. Taking advantage of an aclvanced MRI scanner at Cardiff University, the only one of its kind in the world currently able to be used in this way, the project will use Al methods to produce highly detailed analysis of prostate tumours. Addressing the key strategic aim of tackling cancer inequalities in Wales, another PhD will focus on increasing cervical scre&ning uptake among autistic people. With evidence suggesting that autistic people are significantly less likely to partake in screening prograrnmes, this project will investigate the barriers to participation and design an intervention to address them. The goal is to ensure cervical screening is acceptable to autistic people and to increase uptake rates to save lives. Charitable Activities Racord-Breaking Research Funding In total, more than £2.86 million of new funding was approved, dividec) between four separate grant calls. This represents Cancer Research Wales's largest amount ol funding for a single year in its history - a terrific achievement. Can¢er Research Wales Fellowshlp For the first time, Cancer Ftesearch Wales launched a call for research Fellowships. With up to £500,000 available over a five-year period. these Fellowships aim to support the career development of a highly promising researcher, allowing them to start and grow their own research group conducting a significant body of work. The first Cancer Research Wales Fellowship was award6d to Dr Bruce MacLachlan of Cardiff University, lor his project titled.. °D&velopment and Structural Characlerisation of Immuno-oncology Biotherapeutics" A highly regarded researcher with expertise in structural iTnmunology, Dr MacLachlan has a strong traok record in the field of immunotherapy. His research will focus on understanding how the mmune system recognises cancers and how that knowledge can be used to design new treatments that harness the power of the itnrnune system lo its ILJII potential. Importantly. he aims to develop treatments that work universally, accounting for the genetic diversity seen across the population. The four Project Grants also cover a range of cancer types and all rnake use of advanced modem techniques. In 8angor, a research team will continue their work investigating how tumour cells repair their DNA to resist current treatrnents, while in Swansea another project will build upon previous Cancer Research Wales funding to further develop novel drugs targeting leukaemia stem cells. In Cardiff, a new project focused on bile duct cancer l¢holangiocarcinomal, a rare cancer that has very poor prognosis, will be conducted. Also al Cardiff University, a project will be undertaken developing new 'smart' viruses that Can deliver targeted therapies directly into pancreatic tumours, allowing the immune system to fight the cancer fflore effectively.

Innovation Grants there were almost 100 delegates from across Wales, Cancer Research Wales also funded three Innovation with many more expressing interest, representing Grants this year, which support early-phase and pilot a broad range of stakeholders including scienlisls, projects to help new ideas get off the ground. oncologists, surgeons and Patient & Public One of these projects will lake place at the University Involvement IPPII represenlalives. of South Wales, the first time Cancer Research The conference featured short talks from Wales- Wales has supported research there. The work based researchers along with four keynote will develop novel drugs, based on the natural presentations from invited experts, including two compound curcumin, tor use in gynaecological international speakers from Copenhagen and cancers. Meanwhile, at Bangor University, a project Leuven. There were also poster presentations investigating why different tumour types spread to covering a wide range of brain tumour topics, certain organs but not others will be undertaken, with including a number from BATRI-funded researchers, a view to enhancing our understanding of metastatic as well as ample opportunity for networking to build cancer. Finally, at Cardiff University, a project will collaborations for the future. investigate a probiotic supplement that appears to improve lung cancer survival, exploring how the probiotic impacts patients, immun& systems to enhance their anti-cancer function. Feedback from the conference was overwhelmingly positive. with 960/0 of participants reporting that it met or exceeded their expectations. Example responses included: BATRI The Cancer Research Wales Brain Tumour Flesearch Initiative IBATRII was establishecl in 2024 to address a huge unmet need. With very little in the way of new treatment options or improvements in survival rates over recent decades, combined with historically low levels of research funding, brain tumours represent both a key area of need and a huge opportunity for significant improvements. Following on frorn the successful first yeaf of BATRI funding, this year saw Cancer Research Wales award a further £720,000 of funcfing lo six research projects divided between Cardiff and Swansea Universities. Three of the projects are PhD sludentships, further reinforcing our support for the next generation of researchers. Two ol the projects will aim to develop new therapeutic options for brain tumours, based on potential weaknesses displayed by the cancer cells that could be exploited - one targeting Zinc transporter proteins and the other using nanoparticles to cause cell death. A further project will develop implantable gels, which can be inserted into the tumour cavity after surgery and can slowly release targeted drugs over a period of months, hopefully reducing relapse rates. Other projects will investigate the role of the immune system and its interactions with various brain cell types. in order lo improve our understanding of how aggressive brain tutnours can resist current treatments arid shape the design of future immunotherapies. "Amazing to start this conference, and the team should be very proud." °Good mix of research and clinical presentations. Broadens my knowledge of the scope of brain tumour research beyond my specialist area and strengthens a feeling of collaboration between academics and clinicians." "Delighted that we now have a brain tumour conference in Wales!" •• Brain Tumour Conforonco A key element of th& Brain Tumour Aesearch Initiative IBATRII, beyond just funding research, wa8 to foster a collaborative and innovative research ecosystem in Wales. To this end, through funding from BATRI, Cancer Research Wales hosted a brai tumour conference in Sèptember 2025. Hosted at Sophia Gardens in Cardiff, the conference was the first of its kind dedicated to brain tumours in Wales- a landrnark achievement. On the day

Partnershlps Cancer Research Wales has continued to work in partnership with a number of organisations to ensure the perspectives ol both the charity and Welsh researchers are heard and represented in the Senedd and on a UK level. Cancer Research Wales joined the Tessa Jowell Brain Cancer Mission ITJBCMI as a partner in early 2025, bringing increased visibility and credibility to the Brain Tumour Research Initiative IBATRII. The TJBCM operates a UK-wide network that supports both care and research into brain turnours. as well as lobbying governfflents for greater support for the brain tumour comfflunity. The TJ8CM last year awarded the South Wales Neuro-oncology Clinical Service - a collaboration between Velindre and Swansea cancer centres- Centre of Excellence status. Their report highlighted Cancer Research Wales's contribution to this achievement.. "The Committee commend the team in South Wales for continued commitment to service development since first applyir)g to Centre of Excellence 3 years ago. Reviewers highlight evident developments in many areas, ranging from rehabilitation. staff training and research, particularly given the establishment of the Cancer Research Wales Brain Tumour Research Initiative in March 2024." Cancer Research Wales has also been an active member of the Less Survivable Cancers Taskforce, a body with both UK and Wales-specific branches. The Taskforce focuses their attention on six cancers with very Poor survival rates, which account for around half of all cancer deaths. Within Wales, the group has held several events in the Senedd and continues to lobby policyrnakers to increase awareness and demand support for these less survivable cancers. Looklng Ahoad Toward 2026-2027 2026 represents the 60th anniversary of Cancer Research Wales, a landmark year. As well as record-breaking research funding of £2.86 million. including the charity's first Fellowship. the anniversary will be celebrated with a research conference in the latter half ot the year. The conference will be a fantastic opportunity to showcase the brilliant research that Cancer Research Wales is funding across the country, as well as a chance to highlight and celebrate the achievements of the past 60 years. Elsewhere, the charity will continue its mission to fund the best research in Wales with new grant Calls to be launched in the Spring. These will include the second iteration of the Pritchard & Moore Scholarship. a prestigious award for research into radiotherapy and related fields, named in honour of totemic figures in the charity's history. Professor John Pritchard and Professor John Moore. We also look forward to the final results from the PEARL tri￿. which are expected to show a significant benefit to patients from using the adaptive radiotherapy technique. Such a success would likely form the basis of a large-scale Phase111 Irial of this approach to provide the necessary evidence of its effectiveness for wider implementstion.

Cancer Research Wales Clinical Trials Delivering for the People of Wales f, The PEARL Trlal for Head and Neck Canc•r The PEARL trial, based at Velindre Cancer Centre, is a Phase11 trial aiming lo reduce side effects from radiotherapy treatment for oropharyngeal cancer patients. The trial makes use ol adaptive treatment planning, whereby the radiotherapy is adjusted over the course of the patient's treatment as their tutnour shrirTrks, reducing the damage to surrounding non-cancerous tissue. 42 patients were recruited to the trial and data analysis is ongoing, with initial results looking promising and final outcomes expected later in 2026. The Colospect Screening Trlal - A Blood Test for Beltor Screening and Detection of Bowel Cancer Cancer Research Wales is currently funding four major clinical studies trials, which between them hold real potential to benefit patients across a range of cancer types BICCC Trial - Preventlng Relapse in Bowel Can¢er Cancer Research Wales is funding a clinical trial called 8iCCC. The BICCC trial, led by researchers from Cardiff University, is using low-dose chemotherapy to reduce bowel cancer relapse rates. Based on knowledge from previous Cancer Research Wales funded research, the team are using low doses of cyclophosphamide Post surgery to stimulate the imrnune system. The expectation is that the immune system will clear any cancer cells left behind, thus preventing relapse. To date, the trial has recruited 107 patients from ils target of 500, with the recruitment rate steadily increasing. Think C8n¢•r! Trial - Improving Cancor Detection In Prlmary Care The Thinkcancerl trial, led by Bangor University researchers, is a Phase111 trial assessing the effectiveness of a primary care intervention to improve ancer detection. Based on knowledge and experience gained from previous Cancer Research Wales funded piojects. the Thinkcancer! team developed a series of workshops which are delivered to the whole staff of GP practices to increase cancer awareness and improve safety netting procedures, with the goal of ensuring more carTrcer patients receive a timely diagnosis and referral. To date. all of the required GP practices have been re¢ruiled and have received the workshops - the team are now in the process ol collecting and analysing the baseline and follow-up data. as well as conducting sub-studies including a health economic assessment. The COLOSPECT trial, based out of Swansea University, is investigating whether the Raman bloo(J test can improve upon current techniques for bowel cancer screening. The blood test, which has been supported by Cancer Research Wales for more than 10 years, looks for a 'molecular fingerprint, of bowel cancer in blood samples. The trial has recently finished its recruitment, with 2,017 patients recruited from across Wales, including patients from every health board - this makes COLOSPECT one ol the largest clinical trials ever undertaken in Wales. The team will now follow up these patients to assess the accuracy and reliability of the Raman blood lest compared to the current standard Faecal Immunochemical Test. With results expected in 2027, this trial has the potential lo transform bowel cancer screening in Wales in the near future.

Fundraising Activities support for individuals wishing to donate in mernory of loved ones. The income generation team have worked tirelessly throughout 2025126 to grow the charity's supporter base and income to record levels. Cancer Research Wales continues to significantly expand its engagement with mass participation running and challenge events, with over 1,500 participants taking On a run or challenge throLJghout the year. We were thrilled to see 870 dedicated runners take part in the 2025 Cardiff Hall Marathon ICHMI event, proudly supporting our vital mission. 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 10k, Newport Running Festival, Swansea Hdf Marathon and Llanelli Half Marathon. Cancer esearch Wales also became the headline partner for the 8arry Island 1 OK in 2025. We launched our own festive concert called Cherish which was hosted by Cancer Research Wales Arnbassador and TV presenter Mari Grug and was a sell-out. The charity also participated in Wales Week in London for the very first lime, running a successful and well attended event in conjunctlDn with Nathaniel Cars and MG Motors. In 2025, we were the proud Charity of th8 Year partners Df Merched y Wawr, Young Farmers Wales, Audit Wales, Welsh Languaoe Commissioner and Calsci and are dèlighted to receive this fantastic support. We also received excellent support from the Blackweir Live series of concerts in Cardiff throughout the summer of 2025, which enabled us to undertake bucket collections and receive additional donations when tickets were PLJrchased. We are delighted that this relationship continues in 2026. We were delighted to receive funding from a range of Trusts & Foundations including the Waterloo Foundation, the Hospital Saturday Fund, the Sylvia Aitkin Charitable Trust, the Frazer Foundation, Blackwood Engineering Trust and the Sylvia Waddilove Foundation. Thank you to all these partners who help us to directly funcj more vital research in Wales. We also acknowledge the fantastic support of the Owen Family who macje a significant donation in memory of their parents, Bryan ancl Barbara Owen. In their memory. they have begun their fundraising journey for the Charity and are incredibly proud to have raised and donated over £90,000. These funds will support a PhD project led by Dr Catia Neto titled °Immune-competent iPSC-brain organoids.. the dialogue between myeloid and lymphoid cells with Glioblastoma microenvironment.. We also continued lo be supported by our long- standing fundraising committees in Brecon & Sennybridge and Cri¢khowell who work tirelessly to raise funds in their communities. We were delighted to also welcome a new fundraising group in Maesteg and we look fopNard to working with the members of that group in the future. In line with the strategic expansion of our income generation team, we are actively developing our corporate, philanthropic, community. in- memory and legacy fun(Jraising income through continued investment in new staff and products. 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 cancerres wales IECON KRISZTIII

W•, Communications and Marketing The comtnunications and rnarketing team continued to make progress with growing the charity's brand and income by supporting all the charity's departments and communicating the impact of our work this year across our channels - including public events and print, broadcast, online and social media. We have secured a significant amount of media coverage in the last year to grow our profile as the independent Welsh cancer research charity dedicated lo funding research in Wales. For example, our cancer research funding shortfall story in December 2025 was covered by ITV Wales and Planet Radio, as well as by a range of online and print media outlets. We also secured significant broadcast meclia coverage lor the Brain Tumour Research Initialive18ATRII conference In September 2025 IS4C, BBC Radio Wales and Bauer Aadiol. On World Cancer Day 2025, BBC Radio Wales and BBC Radio Cymru promoted our work, with Cardiff Castle also lit up in our corporate colours on this day to celebrate the impact of our research. The team have attended a range of PLJblic engagement events this year, such as the Royal Welsh Show in 8uilth Wells and th& National Eisteddfod of Wales in Wrexham. We received valuable support from members of the Cancer esearch Wales Crickhowell Fundraising Committee al th& Royal Welsh Show. These events provided an opportunity for us to engage directly with thousands of meinbers of the public who reacted positively to our message that we are the Welsh cancer research charity. Our Communications and Marketing team l&d a major project that secured us the Welsh Language Commission&r's'Cynnig Cymraeg, status in recognition of our use of the Welsh language. We were subsequently made the Commissioner's charity of the year. Internally, other projects have b&en completed. For example, we have worked with new website hosts and developers Pobl Tech to migrate and improve the charity's website. Trading Activities The charity's retail operations continue to develop and grow our retail portfolio within local communities. For the first time we, explored the use of a pop- up shop and secured a unit within Trago Mills in the Merthyr area. Our shops in north Wales had a successful tirst lull year of trading following an expansion of our retail operations in this region in 2024-25. Including Trago Mills, we now have a n&twork of 17 shops across Wales and we have continued to implement our'Best in Town, standards to ensure our customers have a consistent, positive experience. Aclditionally, we have improved OLJr performance rneasures, providing our shop teams with the necessary information and tools lo ensure operational, financial and administrative efficiency. As a result, we have seen improved financial performance, alongside wider benefits such as enhanced community presence and supporter engagement. Year-on-year sales grew by 230/0 raising to £1,735,820 compared with £1,427,964 in the previous year. In terms of sustainability, we also have increased our environrnental impact by selling 573.607 units of stock lup by 117,357 units on the previous yearl. Our partnership with Jessica Renault at Déja VLI in Cardiff Ipre-loved boutique) has generated £1,982 to date arid demonstrates the value of collaborative working for improving our stock and attracting new customers. Alongside this, the expansion of our new goods has delivered over £2,900 in additional income. The launch Of eBay in October 2025 has also opened further growth potential, with plans to scale this offer across additional shops dtjring 2026127, maximising the value of donated stock and extending our online reach. Looking ahead, we are planning further expansion with a newv shop due to open in Caerphilly in summer 2026. As part of our continued focus on retail performance. we are also preparing for the closure of two of our sites.. Swansea, which Is approaching the end of their five-year lease In January 2027,. and Wrexham where we have a three-year lease break in March 2027. Thesg city centre locations have been challenging, and we will explore alternative locations in, or near, Swansea and Wrexham so we can continue to work with these communities to raise money for vital new research.

Our People Financial Review 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. Financial position During the year ended 31 March 2026, Cancer Research Wales inveslttd £3,893,69212025.. £2,909,683) in charitable activities, principally the grant funding of research projects. The total income for the year ended 31 March 2026 was £5,922,513 which was an increase from the previous year12025.. £4,274,101). We continue to Use the first floor space providing 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. 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 source of income and totalled £2,864,445 in the year ended 31 March 202612025.. £1,964,036). 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. We have invested in an online learning platform to enhance leaming and development opportunities to stsff. We have also reviewed our Appraisal process. We continue to offer an Employee Assistance Programme which offers confidential support to staff 2417 as well as a cash medical plan. We are committed to become a more inclusive organisation and have been working with Diverse CyrNrLJ on this initiative. We have recently been awarded the Investing in Volunteers quality standard. Movement in Funds Total net income during the year to 31 March 2026 was £75,00312025.. £230,895 net expenditure). Unrestricted reserves increased by £249,338 to £8,326,77512025.. increased by £398,724 to £6,077,437) largely due to the use of restr￿Cted 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 2026. 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 2026 totals 27,025,33212025.. £6.564,8021. Reserves Policy The free reserves of the charity compiise unrestricted funds excludin9 tangible and intangible tixed assets, which at the year-end amounted to £6,190.34012025.. £5,875,380). In addition to ring fencing funds for project8 to which we have already committed, the trustees are still targeting a minimum reserve level of £1,500,000 which would ¢over about 18 months of regular operating expenses131 March 2025.. £1,500.0001. The charity has increased reserves for the year ended 31 March 2026 by £75,003 from the previous year. 10

Structure, Governance and Management Flnan¢o Committee The Finance Committee lakes delegated responsibility lo make informed rBcommendations to the Board of trustees lor 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, bul not limited to, Financial Reporting, Taxation, the Charities Acts, and Health and Safety", Reviewing, agreeing, and recommending the annual plan and budget., Financial p6rformance and procedures., 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. 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 ICIOI and is registered as a charity with the Charity Commission (No. 11672901. We are governed by our Constitution. Reference and adrninistrative details are listed on page 13. 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 pul potential candidates forward for consideration. Currently a potential trustee is interviewed by a panel consisting of the Chair and two other trustees. Foimal approval of the appointment is made by the Board of trustees. New trustees and patrons are required to confirffl that they accept their responsibilities in accordance with the charity's constitution. Scientiflc Committee The Scientific Comfflittee is made up of experts within their field and takes delegated responsibility on behalf of the Board of trustees lo assure, assist and aclvise the Board of trustees of all research projects throLJgh overseèing, monitoring. and reviewing of all funded projects including- Assisting staff in th& 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 spend., Reviewing the pro¢ess for awarding and onitoring projects., Reviewing scientific and research related risks. New trustees are given a welcome pack and an induction plan. Elernents 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 Cornmission register and will receive any updates ensuring that ongoing compliance and good governance are achieved. The Board ol trustees and senior leadership 16am meet a minimum of every quarter to discuss all strategic charity matters which require the decision of the Board in accordance with the Constitution. There are two gUt￿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. 11

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 leadership team and quarterly by each Committee and annually by the Board of trustees. Significant new risks are brought to the attention of the 8oard as necessary to ensure they are being actively managed. A RAG rated system is used to rank the key organisational risks. Cancer Flesearch Wales aims to ensure that all our fundraising activities are open, fair, honest, and legal. We adh6re to the Institute of Fundraising guidelines which offer actvice on how their metnbers should carry out all fundraising practices and are registered with the Fundraising Regulator. We have worked lo ensure that data is protected in line with the Data Protection Act of 2018. CarTrcer 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 during the year. 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, licences, and risk management. During 2025126 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 2025126. yffl¢hwiiconse coiicerroswTEh li 12

Reference and Administrative Details Registered Charlty Number 1167290 Reglstered address 22 Neptune Court Vanguard Way Cardiff CF24 5PJ Trustees Mr G Moore..................................Chair Mr R Reynolds .............................. Finance Committee Chair Prof C Fegan..... . ......................... Scientific Committee Chair Ms R Whiting................................. Hon Legal A(Jvisor Ms C Nicholls Mrsman Ms S Spence Mr S Drinkwater Senior Management Mr A Fletcher................................Chief Executive Officer Ms A Yandall.................................. Head of Finance & Corporate Services Dr L Campbell............................... Head of Research and Science Communication Ms L 8oyd.......................... ........... Head of Retail Mr l Roberts . Head of Marketing and Communications Ms L Buckley................................. Head of Income Generation Audltors Bankers Soll¢ltors Darwin Gray 9 Cathedral Road Cardiff CF11 9HA Investment Advisor Menzies LLP 5th Floor Hodge House 114-116 Sl Mary Street Cardiff CF10 1DY Unity Trust Bank PIC Birmingham 81 2H8 RBC Biewin Dolphin Third Floor 2 Central Square Gardiff CF10 1FS 13

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 lor 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 lor 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 Charlty SOAP., 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 enabSe them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts 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 29 July 2026 and signed on its behalf by.. G Moore 14

yfftchwil cans8r ¢ymru cancqrreseorch woles epor epen en or the Trustees of Cancer Research Wales Opinion In our oplnion the financial statements: J give a true and fair view of the state of the charitable company's affairs as at 31 March 2026 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. We have audited the finarTrcial statements of Cancer Research Wales Ithe '¢harily'l for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balancè Sheet, the Cash Flow Statement and notes to the financi slalements, 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, including Financial Reporting Standard 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Practicel. The financial statements have been prepared in We conducted our audit in accordance with accordance with Accounting and Reporting by International Standards on Auditing IUKI IISAS Charities prgparing their accounts in accordance IUKII and applicable law. Our r&sponsibilities with the Financial Reporting Standards applicable under those standards are further described in in the UK and Republic of Ireland IFRS 1021 in the Auditors, responsibilities for the audit of the preference to the Accounting and Reporting by financial statements section of our report. We are Charities.. Statement of Recommended Practice independent of the charity in accordance with issued on 1 April 2005 which is referred to in the the ethical requirements that are relevant to our extant regulations but has been withdrawn. audit of the financial statements in the United This has been done in order for the accounts to Kingdom. including the Financial Fleporting Council's provide a true and lair view in accordance with the Ethical Standard, and we have fulfilled our other Generally Accepted Accounting Practice effective ethical responsibilities in accordance with these requirernents. We believe that the audit evidence we for reporting periods beginning on or after 1 January have obtained is sufficient and appropriate to provide 2019. a basis for our opinion. Basis for Opinion 15

Matters on which we are required to report by exception W& 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. Conclusions relating to Going Concern In auditing the financial statements, we have As explained more fully in the Stalernent of Trustees, concluded that the trustees, use of the going Responsibilities, the trustees are responsible for the concern basis of accounting in the preparation of preparation of the financial statements and for being the financial statetnents is appropriate. satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary Based on the work we have performed, we have to enable the preparation of financial statements that not identified any material uncertainties relating to are free from material misstatement, whether due to events or conditions that, individually or collecliv8ly, fraud or error. may cast Significant doubt on the charitable company's ability to continue as a going concern In preparing the financial statements, the trustee8 for a period of at least twelve months from when are responsible for ass&ssing the charities, ability to the financial statements are authorised for issue. continue as a going concern, disclosing, as applicable, matters related lo 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 lo do so. Responsibilities of Trustees Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other Information Auditor's Responsibilities for the Audit of the Financial Statements The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other Irifortnation and, except lo the extent otherwise explicitly slal&d in our report, we do not express any form of assurance conclusion ther&on. We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our obj&ctives ar& lo obtain reasonable assurance about whether the financial statements as a whole are free from matèrial rnisstatement, whether due to fraud or error, and to iSSLJe an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 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. 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 misslaled. If we identify such material inconsistencies or apparent material rnisstatemerits. 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 misslalement of this other information, we are required to report that fact. We have nothing lo report in this regard. Irregularities, including fraud, are instances of non- compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. 16

Kl The charity is subject to laws and regulations that Because of the inherent lirnitalions of an audit. directly affect the financial statements including there is a risk that we will not detect all irregularities, financial reporting legislation. We determined including those leading to a material misstatement that the following laws and regulations were in the financial statements or non-compliance rnost significant including the Charities Act 2011. with regulation. This risk increases th& more that Safeguarding Vulnerable Groups Act 2006. compliance with a law or regulation is removed Employment and Health and Safely legislation, from the events and transactions reflected in the GDPR. Fundraising Register and the UK Code of financial statements, as we will be less likely to Fundraising Practice. We assessed the extent of become aware of instances of non-compliance. The compliance with these laws and regulations as risk is also greater regarding irregularities occurring part of our procedures on the related financial due lo fraud rather than error. as fraud involves statement items. intentional concealment, forgery. collusion. omission We understood how the charity is complying with or misrepresentation. those legal and regulatory frameworks by, making A further description of our responsibilities for the inquiries to management and those responsible for audit of the financial statements is located on the legal and compliance procedures. We corroborated Financial Reporting Council's website at.. www.frc. our inquiries through our review of boarcl minutes. org.uk/auditorsresponsibilitie8. This description The engagement partner assessed whether forms parl of our Auditors. report. the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and Use of our Fteport regulations. The assessment did not identify any issues in this area. This report is fnade solely to the charitable We assessed the susceptibility of the Charity's company's trustees, as a body, in accordance with financial statements to material misstatement, Part 4 of the Charities IAccounts and Reports) including how fraud might occur. We considered Regulations 2008. Our audit work has been the opportunities and incentives that may exist undertaken so that we might state to the charity, within the organisation for fraud and identified the trustees those matters we are required to state greatest potential for fraud in the following areas.. to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we fictitious employees, fictitious suppliers, the posting do not accept or assume responsibility to anyone of unusual journals and cornplex transactions and the use of management override of controls to other than the charity company and the charity's trustees as a body. for our audit work. for this manipulate results, or to Cause the Charity to enter report, or for the opinions we have formed. into transactions not in its best interests Audit procedures performed by the engagement team included.. Identifying and assessing the design effectiveness of controls management has in place lo prevent and detect fraud", Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process: Challenging assumptions and judgments made by management in its significant accounting estimates., and Menzies LLP a￿ eligible to act as auditors in Idenlifyino and testing journal entries, in particular terms of section 1212 of the Companies Act 2006. any journal entries posted with unusual account combinations e E(fviard$ {Sgnlor Slatutory Audltor) for and on behalf ol Menzle8 LLP. Statutory Audltors 5th Floor Hodge House 114 - 116 St Mary Street Cardiff CF10 1DY Date-. 10 % 17

Statement of Financial Activities 2028 Total funds 2025 UnrestrI￿od fund R•strl¢tod lund Total funds Note Incomo and Endowments from Donations and legacies 2,723,445 141,000 2.864.445 1,964,036 Other trading activities 2.614.211 31,073 2,645,284 2,095,902 Investment income 274,121 274,121 221,791 other income 138,663 138,663 17,6281 Total 5,750,440 172,073 5,922,513 4,274,101 Expendlture on Raising funds 2.266,291 2,266,291 1,71T,666 Charitable activities.. Research projects 3,547,284 346,408 3,893,692 2,909.683 Total 5,813,575 346.408 6,159.983 4,627,349 Nel gainslllossesl on investments 17 312.473 312,473 122.353 Net Income/(Expendlture) 243,338 1174,335) 75,003 1230,8951 Transfers between funds 23 Net Movement In funds 243,338 1174,3351 75.003 1230,8951 Reconciliation of funds Total funds brought forward 6.077.437 440,022 6,517.459 6,748,354 Total funds carTlad forward 6,326,775 265,687 6,592,462 6,517,459 18

ststement of Financial Position 2026 2025 Total funds Unrestricted lund Restricted fund Total funds Note Fixed Assets Tangible asset5 Investments 136,435 7,025,332 136,435 7.025.332 202,057 6,564,803 17 7,161,767 7,161,767 6,766,860 Current Assets stock 18 18,453 1,311,924 4,566,377 18,453 1,311,924 4,832,064 29,794 1,357,300 3.730,469 Debtors 19 Cash at bank and In hand 265,687 5.896,754 265,687 6.162,441 5,117,563 Creditors Amounts falling due within on8 year 20 11.250,6541 11,250,654) 11,215,818) Net current assets 4.646.100 265,687 4,911.787 3,901,745 Total assetsloss current Ilablllll8s 11,807,867 265.687 12.073,554 10,668,605 Provisions for liabilities 22 15,481,092) 15,481,092) 14,151,1461 Net Assets 6,326,775 265,687 6,592,462 6,517,459 Fundg 23 Unrestricted funds 6.326,775 265.687 6.077,437 440,022 Restricted funds Totsl Funds 6,592.462 6.517.459 The financial statements were approved by the Board of trustees and authorised for issue on 29 July 2026 and were signed on its behalf by.. GRJ Moore- Chair R Reyno ds- Treasurer

Cashflow Statement 2028 2025 Nol8 Cashflows from operatlng oCtlvltle8 Cash generated from operations Interest paid Net cash provlded by operating activities 1,004,453 802,075 1.004,453 802,075 Cashllows Irom investlng adlvltles Purchase of tangible fixed assets Purchase of fixed asset investments 128,9231 1147.2541 1148,0561 11,583,084) Sale of fixed asset investments Interest recelved 202,603 178,343 71,518 43,448 97,142 11,508,547) Dlvidands received Net cash used In investlng actlvltles (Decrease)Ilncrease In cash and cash equivalents Cash and cash equlvalents at 1 April Cash and cash equivalents at 31 March 1,101,595 3,730,469 4,832,064 1706,4721 4,436,941 3,730.469 20

Notes to the Cashflow Statement A. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASHFLOW FROM OPERATING ACTIVITIES 2026 2025 Net income/lexpendilurel for the year las per the statement of financial activlties} Adjusted for.. Depreclatlon charges Gains on Investments 75,003 1230,8951 94,545 1312,4731 1202,6031 IT1,5181 1132,2121 94,186 1122,3531 1178.3431 143,4481 10,611 25.166 110,0841 1136,5921 1.393,827 802,075 Interest recelved Dlvidends received Discounting of provisions Dilapidations provision Increase in stocks 11,341 45,376 1.496,994 1.004,453 Increase in debtors Increaselldecreasel in creditors Net cash provided by operations B. ANALYSIS OF CHANGES IN NET FUNDS At 1 Aprll 2025 Cashflow Al 31 March 2026 Net Cash Cash at bank and in hand 3,730.469 3,730,469 1,101,595 1,101.595 4.832,064 4.832,064 Total 21

Notes to the Financial Statements 1. STATUTORY INFORMATION 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 suff icient reliability- Income is deferred when the amounts received are in advance of the delivery Df the service or event to which it relates. Cancer Research Wales Is a iegistered charity, registered In England and Wales under charity number 1167290. The governing document of Cancer Research Wales is ils Constitution. and it is 8 Charitable Incorporated Organisation ICIOI. The principal address is 22 Neptune CoLJrt, 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 (£1, 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 Liabilities are recognised as expenditure as soon as to all years presented unless otherwise stated. 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 settleinenl and the amount of the obligation Can be measured reliably. Expenditure 15 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 consistent with the use of resources. Investrnent income is recognised on a receivable basis. Expenditure and Basis of Recognltion of Uabllltles 2. ACCOUNTING POLICIES Basls of Preparlng tho Flnancial 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 IFRS 1021 '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 IFFIS 1021 leffective 1 January 20191,. 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 certain assets. 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 th& 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. There have been no material departures from the 8tandard. 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 inclucles governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs 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. Golng 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. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement lo 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. They are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such 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 al the year end dale are noted as a commitment but not accrued as expenditure. 22

Allocation and Apportlonment ol Costs Stocks Certain expenditure is directly attributable to specific In common with most charity shops, most goods in activities and has been inclucled in the costs relating stock have not been purchased. The trustees do not to that activity. Where costs cannot be directly consider it practical to place a value on this stock but attributecl to a specific activity, they have been have valued goods purchased for resale at the lower allocated on a basis consistent with the use of the of cost and net realisable value. resource. The trustees deem it impractical to measure the fair value of goods donated for resale and the cost of doing so will outweigh the benefit to users of the financial statements. Donated goods are therefore recognised when they are sold. Taxatlon The charity is exempt from tax on its ¢haritable activities. Operating Lease Agreements Aentals applicable to operating lease8 where substantially all of the benefits and risks of the ownership rerllain with the lessor are charged against profits on a straight line basis over the period of the lease. Flnancial Instruments The charity only has financial assets and financial liabilities of 8 kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The benefits of lease incentives are recognised in the statement of financial activities over the lease period. Trade and other debtors are recognised at the settlement amount due and prepayments are valued Tangible Fixed Assets at the amount prepaid. All fixed assets are initially recorded at cost. Only assets which cost £500 or more are capitalised. The Creditors and provisions are recognised where the exception to this will be where a new shop is opened charity has a present obligation resulting from a and this will be viewed as a project with all fixtures past event that will probably r6sull in the transfer of and equipment capitalised regardless of individual funds to a third party and the amount due to settle item value. the obligation can be measured or estifflated reliably. Creditors are normally rècognised at their settlement amount after allowing for any trade discounts due. Depreciation is calculated so as to write off the cost ol an asset, less its estimate residual value over the uselLJI economic life of the asset as follows.. Asset Class Dapr•clatlon rate Up lo break clause of lease Leasehold property improvements Fixtures & equipment 200/0 reducing balance1330/0 straight line Motor vehicles 250/0 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 ol financial activities. ymchwilcanser cymru cancer research wales Investment income is recognised on a receivable basis. 23

Pension Costs and Other Posl-Retirement Beneflls The charity operates a defined contribution pension scheme with Royal London. Contributions payable are charged to the statement of financial activitie8 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 managetnent 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.. Provlslons Provisions are recognised when there is a present obligation (lègal or constructivel as a result of a past event, it is probable that the charity will be required lo settle the obligation, and a reliable estimate can be made of the amount of th& 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 r&porting period, taking into account the risks and uncertainties surrounding the provision. Where the effect of the time value of money is material, the ￿0￿nt 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 flow8 and the estimation involved in determining the effective rate. Provisions lor dilapidations are recognised on a lease by lease basis and are based on the best estirnate of the likely cash outflow. The financial statements include a provision lor 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 Provisions are recognised when there is a present obligation (legal or constrLJCtivel 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 al the end of the reporting period, taking into account the risks and uncertainties surroLJnding the provision. Where the effect of the time value of money is material, the amount expected to be required lo settle the obligation is recognised at present value. The movement on the provision as a result of this discounting is recognised as other incorne. 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 an(J 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 th8 grant funding that will ultimalely 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. 24

  1. DONATIONS AND LEGACIES Unrestrl¢ted fund R•slrl¢ted fund 2026 Total 2025 Total Donations 123,797 149,128 2.450.520 91,000 214,797 149,128 2.500,520 21T.377 27.200 1,698,819 20.640 1,964,036 Trusts Legacies Grants 50.000 Total 2,723.445 141,000 2.8fj4,445 Grants rocoiv•d. included in the above are as follows: 2026 Total 2025 Total WCVA Volunteering Wales Totsl 20,640 20.640
  2. OTHER TRADING ACTIVITIES Unrestricted tund Restricted fund 2026 Total 2025 Total Fundraising Retail Income 721,739 1,892,472 2,614,211 27,830 3,243 31.073 749,569 1,895,715 2.645.284 582,536 1,513,368 2.095,902 Total

  3. INVESTMENT INCOME 2026 2025 Income from shares in listed companles Interest receivable and similar Income 71.518 202,603 274,121 43.448 178,343 221,791 Total 25

  4. OTHER INCOME 2026 2025 Discounting of provisions Miscellaneous income 132,212 6,451 110.6111 2.520 463 Royalties Total 138,663 17,6281

  5. RAISING FUNDS 2028 2025 Raislng donatlons and legaclos Fundraising staff costs Gilt aid and legacy expensas Events and general fundraising expendituro Depreciation 340.473 4,718 206,207 2,393 553,791 129.814 8.466 126,810 1,297 268,387 other tradlng a¢tlvltles Retail staff costs 1,004,977 8,373 368,560 215,117 809,039 4,522 375,433 130,963 25,166 85,984 1,431.107 Retail purchases Retail and warehouse premises Costs Other retail costs Dilapidations Depreciation 86.015 1,683,346 The above depreciation is in respect of motor vghicles. office equipment and leasehold prop8rty improvgments Investment rnanagement costs Investment management Costs 29,154 29.154 20,172 20,172 Totsl Ralslng Funds 2,266,291 1,717,666 26

  6. CHARITABLE ACTIVITIES COSTS 2026 2025 Research projects Research projects Direct costs Inotg 91 Grant funding of activities (note 101 Support costs Inote 111 Total 162,857 2,885.764 845.071 3,893.692 140,712 2,101,830 667,141 2,909,683 g. DIRECT COSTS OF CHARITABLE ACTIVITIES 2028 2025 Research projects Research projects staff costs 120,473 30,202 12,182 162,857 111,612 12,765 16,335 140.712 Direct cancer research expenditure Science communication costs Total

  7. GRANTS PAYABLE 2026 2025 Research projects 2,885.764 2,101,830 The total grants pald to institutions durlng th• year was as follows: Vellndre NHS Trust CardSff Unlverslty Bangor University Swansea Unlversity Cardlff and Vale University Health Board University of South Wales Other adjustments on project closures Total 2,277,466 246,073 328,819 1.225,077 100,000 759.798 40.000 39,596 16,1901 2,885,764 123,0451 2.101.830 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. 27

  8. SUPPORT COSTS 2026 2025 Research prolocts Research projects Staff costs 399,902 6,138 92,640 157.770 14,270 83,038 23.289 27.492 40,532 343,075 5.024 48,363 56,207 12,153 65,248 34.022 33,212 44,987 24.850 667.141 Depreciation other overheads Branding/Advertising/Publlclty Website Development IT costs Hulnan resources Governance costs Head Off Ice premise Consultancy Totsl 845,071 Included within Governance costs were the costs of auditors remuneration of £7,50012025.. £7,500).

  9. TRUSTEES REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2026 or for thè year ended 31 March 2025. There were trustee's expenses of 2Nil12025 - £Nill paid to trustees for the year ended 31 March 2026 for reimbursement of travel expenses. 28

  10. STAFF COSTS 2026 Total 2025 Wages and salaries Social security costs Pension 1,543,143 177,527 145,155 1.865,825 1,203,601 99,508 90,429 1.393,528 Totsl The averag• monthly number of employees durlng th• year was: No. No. Research Income Generation Retail 40 34 Marketinglcommunications Administration & Governance Totsl 61 50 The number of employees whose emoluments amount•d to a rate of over S60.000 during th• y•ar was: 2026 2025 No. £70,000- £80,000 £60,000- £70,000 Pension contributions £7,725 The total key management personnel remuneration benefits for the year ended 31 March 2026 was £428,53012025.. £297,560) Key management personnel are defined as members of the Senior Leadership team, including the chief executive and consisted of six individuals during the year12025.. 61 29

  11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslrlcted fund Reslricled fund 2025 Totsl INCOME AND ENDOWMENTS Donations and legacies Other trading activities Investment income 1,939,036 2.077,577 221,791 17,628) 4,230,776 25,000 18,325 1,964,036 2,095.902 221.791 17,6281 4,274,101 Other income Total 43,325 EXPENDITURE Raislng funds Charitable activitle9 Research projects 1,717.666 1,717,666 2,236,739 3,954,405 672,944 672.944 2,909.683 4,627,349 Totsl Net gains/llossesl on investment$ 122.353 122.353 NET INCOMEI{EXPENDITURE) 398,724 1629,6191 1230,8951 Transfers between funds NET MOVEMENT IN FUNDS 398,724 1629,6191 1230,8951 RECONCILIATION OF FUNDS Totsl funds brought forward TOTAL FUNDS CARRIED FORWARD 5.678,713 6.077,437 1,069.641 440,022 6,748,354 6,517,459 30

  12. FINANCIAL INSTRUMENTS 2026 2025 Flnanclal a$sgt$ Financial assets that are debt Instruments measured at amortised cost 5,795,680 7,025,332 4,846.876 6.564,803 Financial assets measure at lair value Flnancial liabilities Financlal Ilabilities measured at amortised cost 1.123,367 5,487,881 1,124,494 4,162,194 Flnanclal Ilabllitles measured at fair value Financial assets measured at amortised cost comprise cash at bank, trade debtors, legacies, other debtors and accrued income. Financial assets measLJred at fair value comprise fixed asset investments. Financial liabilities measured at amorlised cost comprise project funding payments due, other creditors and accruals. Financial liabilities measured at fair value comprise provisions arising from a contractual liability.

  13. TANGIBLE FIXED AssErs Leasehold Property Improv6ments Flxtures & equipment Motor Vehlcles 2026 Totsl 2025 Total COST At b9ginning of year Additions durlng y8ar Disposals during year Reclassification 229,507 191,329 5,728 110,0151 15,0601 181,982 45.981 23,195 115,0001 466,817 28.923 1130,8681 415,823 147,247 196,2531 1105.8531 5,060 128.714 At end of year 54,176 364.872 466,817 DEPRECIATION At beginning of year Charge for year Depreciation on disposals At end of year 148.381 29,268 1105.8531 86.285 54.046 110,0151 30.094 11,231 115,0001 264,760 94,545 1130,8681 266,827 94,186 196,2531 71,796 130,316 26,325 228.437 264,760 NET BOOK VALUE At end of year Al beglnnlng of year 56,918 81,126 51,666 105,044 27,851 15.887 126.435 202,057 202,057 148,996 31

  14. FIXED ASSET INVESTMENTS 2026 2025 MARKET VALUE At 1 Aprll Additions 6,564,803 148,056 312,473 7,025,332 4,859,366 1,583,084 122,353 6,564,803 Flgvaluations At 31 March NET BOOK VALUE 7,025.332 6.564,803 2026 2025 Hi8torlcal cost of Inv•stmonts 5,193,992 3,462.852 Analysls of Investmonts betweèn lunds: Listed Investments 5,226,648 1.798,684 7,025,332 5,342,753 1,222,050 6.564.803 UK cash held as part of portfolio Cost of valuation at 31 March 20261$ represented by Inv•stm•nts Cost 5,193,992 733,672 756.570 19.771 (361,5121 248,012 122,352 312.473 7.025,332 Valuation In 2020 Valuation In 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Valuation in 2025 Valuation in 2026 32

  15. STOCK 2028 2025 Stock 18,453 18,453 2g,794 29.794 Total

  16. DEBTORS= AMOUNTS FALLING DUE WITHIN ONE YEAR 2026 2025 Other debtors 1,355 902,645 26,912 381,012 1,311,924 Legacies duo VAT 994,738 33.759 328,803 1,357,300 Prgpayments and accrued income Totsl

  17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2026 2025 VAT Social security and other taxes Project fundlng payments due Other creditors 918,838 153,212 178,604 1,250,654 844,262 257.288 114.268 1,215,818 Accruals and d8ferred income Totsl Included within accruals and deferred income above is deferred income of £119,00512025'. £63,877). This relates to income received in advance for campaigns and events taking place in the next financial year. 2026 2025 Deferred income broLTrght forward Released to SOFA 63,877 163,8771 119,005 119,005 69,379 {69,3791 63,877 63,877 Additional income delerred in the year Total 33

  18. LEASING AGREEMENTS 2028 2025 Mlnimum lease payments und•r non-¢an¢•llabl• operating leases fall due as follows: Wlthln one year Between one and five years Total 273,017 285,296 558,313 282,060 340,343 622,403 Total operating lease payments charged to the Statement of Financi￿ Act￿vItieS in the year amounted to £295.72312025.' 2246,003)

  19. PROVISION FOR LIABILITIES 2026 2025 Project grant commltm8nts Dilapidations provision Total 5,161,604 319,488 5.481.092 3,831,658 319.488 4,151.146 Project grant commltmont$ Balance as at 1 April 2025 Ngw project grant commitments.. esearch Projects awarded Grant underspend written back Grants payable Research projects (Note 101 3,831.658 2,891.954 16,190) 2,885.764 Grants payable In the year Discounting of provisions Balance as at 31 March 2026 11,423,606) 1132,2121 5,161,604 Project grants generally run over a standard term ol up to 3 years. Given the nature of projects. the amount and liming of project payments is uncertain as it depends upon progress and expenditLJre. 34

  20. MOVEMENT IN FUNDS At 1 April 2025 Net movement In funds Transfers between funds At 31 March 2026 Unrestricted funds General fund 6,077,437 6.077,437 249,338 249,338 6,326,775 6,326,775 Tolal Restricted funds Tom Walker Fund 81,653 139,8921 41.761 Nichola5 Roe - Leukaernia Project UK Government COVID Medical Research Support Fund Waterloo Foundation 333,369 1291,8271 41,542 25,000 25,000 91,000 16,384 50,000 265,687 Owgn Family Merched Y Wawr 91,000 16,384 50,000 174,335 Price Family Total 440,022 TOTAL FUNDS 6.517,459 75,003 6.592.462 Net movomonl in funds, included In the abovo ar• as follows: Incoming Resources resources expended Galns and Movement losses in funds Unrastrictad funds General fund 5.750.440 {5,813,5751 5.750.440 15,813,575) 312,473 312.473 249,338 249.338 Ro$trl¢ted fund8 Torn Walker Fund 14,689 154,5811 139.8921 Nicholas Roe Leukagmia Project UK Government COVID Medical Research Support Fund Waterloo Foundation 1291.8271 1291,8271 Owen Family Merched Y Wawr 91,000 16.384 50,000 172,073 346,408 5,922.512 16.159,9831 91,000 16,384 50,000 174,3351 75,003 Price Family Total TOTAL FUNDS 312.472 35

  21. MOVEMENT IN FUNDS Comparatives for movement in funds Al 1 April 2024 Net movement In funds Transfers between funds At 31 March 2025 Unrestrlcted funds General fund 5,678,713 5,678.713 398,724 398.724 6,077.437 6,077,437 Total RoStrl¢tod funds Tom Walker Fund 102.640 50,000 917,001 120,9871 150.0001 1583.6321 81,653 Floe Family- Leukaemia Project UK Government COVID Medical Research Support Fund Waterloo Foundation 333,369 25.000 1629,6191 25.000 440,022 Total 1,069.641 TOTAL FUNDS 6,748,354 1230,8951 6,517,459 Comparative net movement in funds, Included In th• abov• aro as follows: Incomlng Resourcos resources expended Galns and Movement lo$$es In funds Unrestricted funds General fund 4,230,776 13.954,4051 4,230,776 13,954,405) 122,353 122,353 398,724 398.724 Total Restrfcted lunds Tom Walker Fund 18,325 139.3121 150,0001 1583,6321 120.9871 150,0001 1583,6321 wRoe family - Leukaemia project UK Government COVID M8dl¢al Research Support Fund Capital Expenditure Fund Total 25.000 43,325 25,000 1629.6191 1672,9441 TOTAL FUNDS 4.274,101 14,627,349) 122.353 1230,8951 36

Tom Walker Fund 23. EMPLOYEE BENEFIT OBLIGATIONS Braln Tumour Fundraising income was received during the year to fund research into two projects. One project is trying to replicate brain turnours in context by creating mini brains. with the second project engineering viruses to attack brain turnours. Both ol these are based in Cardiff University and are collaborating to ma¥imis8 the benefits of both projects. 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 £145,15512025.. £90,4291- Contributions outstanding at the year end amounted to gNil12025.. £Nill. Probiotic T-cells Fundraising incorne was r8c8ived during the year to fund research into the effect of specific probiotics on the immune system of lung cancer patients. 24. RELATED PARTY DISCLOSURES There are no rolalod party disclosures. General Fundraising income was received during the year to fund research in memory of Tom Walker. Specific projects are to be dècided. 25. CONTINGENT ASSET At 31 March 2026 the charity had receivecl notification of entitlement lo 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. UK Government COVID Medical Research Support Fund Grant was received to ensure that existing project8 affected by the COVID pandemic w&re able to continue. The funding aims to protèct 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. Owen Family The Owen family are lunding further development of the mini brain laboratory model to enhance its physiological relevance Merched Y Wawr Fundraising income was received during the year to fund Breast cancer or Wom&n's health. Specific projects are to be d&cided. Price Family The family are funding two projects, one In Cardiff University that is using their world leading MRI scanner to scan prostate cancer in greater detail than ever before. This will refine diagnosis and inform treatment decisions. The other project is in Bangor University and will analyse the genetic code ol vai'jiiuo nAncers to understand why they spread to specific organs aiid not others. 37

TIEllQllrnf 236 Noddwyd gan Sponsored by Br￿Qd¥r EVANS