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

3. 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
4. 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
5. 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

6. OTHER INCOME
2026
2025
Discounting of provisions
Miscellaneous income
132,212
6,451
110.6111
2.520
463
Royalties
Total
138,663
17,6281
7. 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

8. 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
10. 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

11. 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).
12. 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

13. 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

14. 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

15. 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.
16. 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

17. 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

18. STOCK
2028
2025
Stock
18,453
18,453
2g,794
29.794
Total
19. 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
20. 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

21. 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)
22. 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

23. 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

23. 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

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236
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