Charity no. 1176160 The Little Princess Trust Report and Audited Financial Statements 31 July 2023 The Little Princess Trust Forthe ear ended 31 Jul 2023 Pa Reference and administrative detsils Chairand CEO'S rep Rèport of the truste 5-30 Indèp8ndent auditors. rvport 31-34 ststwnont of flnan¢lal actlvrtlos 35 Balanco sheet ststemont ofcash flo 37 Nots• to the flnanclal $tat¢m•nts 38-56 The Little Princess Trust R•for8nc• and administrativ8 dolails Fortho ear ondod 31 Jul 2023 Charity number 1176160 Registered office and operational address The Hannah Tarplee Building 22-25 Berrington Street Hereford Herefordshire HR4 OBJ Trusteos The trustees served during the year and up to the date of this report were as follows". Timothy ￿eeler, Cha Kate Bliss Emma co￿ett Alison Goodwn Timothy Lowe Lauren Murrell Dr Francis Mussai Robert Pttii Caroline Shallow Simon Tarplee Mark Vickre$s Richard Wells liesigned 31 May 20231 (appointed 25 March 20231 (appointed 21 January 20231 (resigned 22 October 20221 (appointed 22 Odober 20221 (res￿￿ed 25 March 20231 (appointed 21 January 20231 lappoinled 22 October 20221 Chl•f ox8cutlv• ofllcor Philip Brxe Kgy managemgnt Por8onno1 Philip Brace, Chief Executive Officer Adam Houchen. Head of Operats'ons lapwinled November 20221 Wendy Tarplee-morris. Dire¢tor of Services and Impact Bankers Nalwest 12 Broad Street Hereford HR4 9AH Investmentmanagers Brwn Oolphin 2nd Fl Sl James House St James. Square Cheltenham GL50 3PR LGT Vestra Fourteen Comhill London EC3V3NR Auditors Godfvey Wlson ￿mited Chartered accountants and stalutory audrtors 5th Floor Mariner House 62 Prince Street Bristol BS14QD The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 THE CHAIR AND THE CHIEF EXECUTIVE REFLECT ON THE YEAR As we reflect once again on another year of progress, it is only nalural that there is a focus on the headlines. Of course, as an organisalion whose finance5 rely on the support and generosity of so many individual donors, il is essential that we collect and monitor key indicators of perfomiance. However, while those measurements are undoubledty imporLint, there is always a wealth ol detail which lies behind those headlines and, underpinning everything that we do. our obiects.ves and values remain unchanged. 8ehind those headlines is the realty that, every year, loo many parents wll hear the terrible news that their child ha5 cancer. No one could dispute that cancer 1$ a devaslaling disease but the knovAedge Ihal The kn'ttl& Princess Trust can offer hope in the darkest of circumstan¢e$ continually inspires us to do more. As an org8nisalion which is dealing every day wth children and famil*s impacted by cancer, we always want to ensure that we are doing the best that we can. 'Providing a wig does not solve all of the many complex issues these children and young people are going through...however. it canplayan Im[￿an*partin resl0ringtheirconf￿ence and idei?lrty.' (Wendy Tarplee-Morri$, co-founder) In a ty'me of global conflict, of Societsl disconnection and polarizats'on, a lime where there 1$ an ever- growing need for a sense of communty, we are mindful of how The Little Princess Trust was founded. In a lime of tragedy, a community came together and offered love and support., and arising from their care and compassion camefinancial supportvknich, in lum, ￿SUIte￿ in the firslwg funded by the charity. From this small beginning has grown the charity we see today and there is now so much more to The Lrttle Princess Trust. We remind our supporters of this wrth our messaging of Hair and Hope", 'hair' in the provision of wgs and 'hope' in the funding of vrtal childhood Cancer research. Everyone acknowledges that there should be more money available for paediatric cancer research and il is because of this significant lack of funding that we now find ourselves as the second largest UK charity funder of this area of research. This is not a statistic in which we take any pride but is one Ihat brings wilh it an enormous responsibilty, a responsibility lo ensure that we make the best use of those fvnds, that we are funding the best search available which wll achieve our objecbve of developing kinder treatrnents that wll impact on outcome. hen judging the perfomiance of the charity over a 12-month period, there are always two key measurements which guide our understanding of the year. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 These key measurements are the Stats'stics ￿1¢h lie behind the tjvo principal objecb'ves of The Little Princess Trust, that is, the numterof wigs given to chldren and young people and the amount offijnding provided for research. Based on these measurements alone. this has been an incredible year for the charty.. never before have so many young people received a free wig %thile the amount of funding given to chiklhood cancer research has never been greater. These numbers have been achieved in spite of various challenges. which induded the lingering effects of Covid-19 on the global supply of WKJS alongside the cosl-ol-ltving crisis and ￿cOrd levels of inflation in the UK which have resulted from the ongoing war in Ukraine. Against this backgrC￿nd. the lact that 1,931 y¢￿r￿j peorAe a wg- up from 1,747 the previous year hi9hlighls the derter who ensures we can do this. We continue to be amazed by the selfless acts of all those vtho donate hair and raise incredible sums of money lo ensure our wig provision service can not only Continue bul also grow. The other key area to experience grth￿h was our funding of childhood ¢an¢er research. Since 2016, The Little Princess Trust has been commiited to supporting research focused on finding kinder and more effective treatments for all childhood cancers. The amount of funding approved has steadily increased and everyone involved wf(h the charity was incredibly proud to see the amount rise yet again. 11 is also pleasing lo see our influence growing within the childhofxl cancer research community. This year, we joined Cancer Research UK and other partners in increasing the fvnding going towards the Experimental Cancer Medicine Centres IECMCI paediatric ne￿rk while our work wrth the Children's Cancer and Leukaemia Group was Sho￿ls1ed for the annual Third Sector Awards. Even more excrting news from the past 12 months came when we heard of the impact on five children involved in a Clinical trial at Royal Manchester Children's Hosprtal. vA)i¢h received ftjnding from The Little Princess Trust Professor Rob Wynn, a Consultant Paediatric Haemalologisl who leil the project. said that, without the ¢lini¢al trial. il is unlikely that any of the five children woukl sbll be alive today. Speaking lo Professor ￿nn and hearing the emotional words from the mother of one of the children involved were In¢redibty moving and powerful moments and ￿affimied our commrf(menl lo follow our mission ststemenl lo "give Hair and Hope to every Child and young person until the￿ is no longer a need for what we do.. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Sadly, the tragedy of Childhood cancer remains. However. every single Supporter. staff member and volunteer can be proud of doing more than ever before to fund the brilliant saentists searching for kinder and more effective treatments, and of helping an ever-increasing number of young people with hair loss through the charity's b*ig provision service. Tim Wheeler- Chair ofTrustees Philip 8race- CEO The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 The Trustees present their report along with the financial statements of the charity for the year ended 31 July 2023. The financial statements have been prepared in accordance wth the accounting policie5 sel out in note 1 to the financial stalemenls, and comply with the charity's goveming document. applicable law and Statement of Recommended Pracbce." Accounting and Repo￿ng by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 and the Financial Repo￿.n9 Stsndard applicable in the United Kingdom and Republic of Ireland IFRS1021. The Charitable Incorporated Organisation was registered in the Unrted Kingdom on 7 December 2017 and lay dormant until the assets and activities of the previous charity with the same name Iregislered chanty number 11131721, were transferred effect from 1 August 2018. The Little Princess Trust seeks to improve the lrfe of every child and young person wlh cancer. The charity's primary objectNe is to give real hair wigs, free of charge, to every child or young person experiencing hair Ioss due lo cancer treatment. The charity also provides wgs in the UK and Ireland to those have suffered hair loss due to other conditign$ such as alopecia, and ¢ontinue$ lo explore ways to extend the provision ol r($ Service for children with cancer in countries outside the UK. where there is no service available. The chanty works with specialist suppliers and experienced wg fitters. vkno offer wigs tailored lo the individual child's needs to give the most fealislic look and feel as close as possible to their original hair. The charity puts parents and carers in contact with wig fitters as local to them as possible in order to ensure the young person does not have to travel any further than necessary for their wig fitting. Parents or carers can ￿nIa￿the charty themselves by using the relevant contact information from The Little Princess Trust website or, aliernabvely, the child's treatment centre can make the initial contact. The chanly arranges for the manufacture of ils own range of wgs from donated hair. However, rf the charity does not have a wig suitable for a child or young person with cancer, il wll purchase one from a commercial SUP￿ler. In addition to provision. the chanty is committed to frjnding vital research which aims to deliver more effectwe and kinder treatments fow all childhood cancers. The charty invites applications for funding from academics and institutions involved in ￿Searching the causes of paediatric cancer. The charity engages with the Children's Cancerand Leukaemia Group ICCLGI to facilitate this process under guideline5 from the A5socwts"on of Medical Research Charrties IAMRC}. The Trustees have paid due regard to the Chanty Commissioners. guidance on publ￿ benefrt in deciding what activities are undertaken to further the charity's charitable purposes for the public benefit. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 HIEVEMENT AND PERF RMAN Th vi 'The prospeet of losing mi, hair felt particularlTr painful. It feli like a loss that I Mould nol be able to bide from m)'self or othe￿. 'My excitement at receii'in% mv wig Started to oi'ershadow the gadness of losing my hair. Wearing li helped me lo slowl!, accept ib#t, despite all the phvsical changes l still Mila. Mila - 4 wig recipient. Providing wigs lo children and young people wrth hair loss is the very reason The Little Princess Trust was started - and this service remains the number one objecb.ve for the charity. 11 was an incredibly busy and rewarding yearforthe staff who make up the wig referrals team and these 12 months saw more children and young people receive a wig than ever before in the charity's history. The lot81 figure of 1,931 was up from 1,747 in the prevp)us year and 1,769 in the 12 months before that period. This headline measurement is down to several factors and builds on the progress made in previous years with strong lie5 and partnerships established with children's hospital departments. wg-fitters and wig manufacturers. The table below $how$ how the lotsl number ofwig$ provided has gradually in¢rea$ed a¢ro$$ the past five year5 as the charity continues to follow its mission to offer a free real hairTrMg to every child or young person experiencing hair loss due lo cancer treatment. Year TOL4 number ofwigs provided 2022123 2021122 2020121 2019120 2018119 1.931 1,747 1.769 1.614 1.523 l figures cover a 12-monlh period from August 1 to July 31. As part of its mission to provide wgs to children with hair loss. the wg referrals department has a number of objectives lo ensure the charty's wig provision service is fvlly inclusive. The mission to offer our wg prowsion to all chibjren and young people in the UK and Ireland with hair loss has seen many efforts made to ensure our service is fully inclusive to children of all ethnicities and races. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 As well as developing wgs made from Afrtrtextured hair donatsons in 2020. the ¢harty has redesigned many of its wig-related leaflets to make them more Inc￿siVe as well as promoting the diverse nature of its available wigs on ils social media pages. 11 is the belief that these changes have had an infiuence on the number of non-white Bribshllrish wig recipients increasing from 207 in 2020121 to 383 in 2021122 to 458 in 2022123. Reaching more boys and young men has been another aim of the charty. The wig ￿ferra1$ team has worked hard to dispel myths and stereotypes that WTongly enforce a message that young males do not want or need a wg as a 'baseball cap or bandana wll do.. Previous years have seen steady prcgress made with more boys receiving a wg from The Little Princess Trust and the number of males supported by the wig referrals team increased from 126 in 2021122 10 137 in 2022123. There was more posrtNe news with the number of inlernatKsnal wig referrals also rising. Since 2019. The Little Princess Trust has maintained a position that it wll help chiklren who have lost their hair due lo cancer treatment and live in countries wth no wig provision. Partnership$ were previously established in sv￿￿en, Germany, Portugal and Bulgaria - and this past year Saw initial links begin wlh wg fitters in Slovenia lo help children in that wunlry. The number ol intemalional referrals rose from 98 in 2021122 10 123 in 2022123. Vists lo the countries where we have partnerships are needed lo ensure the service is being carried out lo the charity's high standards. A visit to Portugal, which also included meetings with the Portuguese children'5 cancer charity, Acreditar, has also helped lo Increase the profile of the eharrty's work and the number of children helped in Portugal rose from 8 10 28 over the past IVK) years. hile the chanty does provide wigs to children who have lost their hair to other conditions, such as alopecia, The Little Princess Trust's primary objectsve is to help children and young people who have 105t their hair due lo cancer treatment. The percentsge of people who have received a wg while undergoing cancer treatment has slowly increased over the past three years, going from 60% in 2020121 to 61% in 2021122 to 63% in 2022123. The recruilmenl of a new Chanty Outreach Repiesentative has undoubtedly had an impact on this area of the ¢harty's work with the new member of staff visrting 46 hospitals between January and the end of July. These visits. which had to be stopped during the Covi&19 pandemic. play a crucial role in maintaining key relationships with hospital staff who are able to explain to children and young people undergoing cancer Irealmenl that our wg provision service is freely available to them. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 The Little Princess Trust wll a￿VayS endeavor to provide a wig for a child or young person that closely resembles the recipient's hair before hair loss. The wigs are predominantly provide(l from the charity's own stock. which have been made from hair donated by $upporter$. However, on occasion5 the charity is unable to supply the type of wg - In terms of colour or length - that is being requested by the young person undergoing cancer treatment. ￿en this happens, the charity s*ill order commercial wgs lo lulfil the child or young person's request. The majority of the charity'5 own wgs are made by a specialist wig manulacturer in the Fir East and, due lo the strict conditions imposed there during the Covid-19 pandemic, there was a backlog with the supply of wigs. The Little Princess Trust was far from the only organisab.on affected by this backlog ag these implications had consequences on Ihe global supply chain of wgs. The problems the charty faced with its supply of wgs from the Far East saw the percentage of commercial wigs provided rise from 7% in 2021122 10 17% in 2022123. The Issues with supply, partially caused by many A*an w9-knotters finding alternative employment during the pandemic, highlighted the importance of the charrty's UK wg-knotting co-operative. Started in 2021, the ¢harty brought together $ome ol Ihe remaining wg knotters in the UK to start a freelance nefvlork of wi*knotters to help make the wigs needed by the charty. The strength of this partnership was increased this year when Nick Ajlen, Sales Director al Banbury Posts'che. became an official Ambassador for The Lfftle Princess Trust. 8anbury Posliche 1$ one of the oldest w*makers in the UK and, as well as training the freelance wig- knotters In the ctroperalive, also handle the operab.onal logist￿$ fow the distnbulion of the bespoke wigs. The wig referrals team has worked closely wth the communications department to increase the visual impact images and its range of printed products to promote the chanty's free wg provision service to children and young people. Lenticular cards and a new 'Arrange Your Wg, leafflet have been created in the past three years, but the issue of available imagery has long been a challenge vthen trying to promote the wg choice. A professional photo shoot was held this yearin the ¢harrty's Hannah Tarplee Building child models wearing Little Princess Trust wgs that were cut aThJ styled for the models. The models, frorn dTfferent age groups and from different genders, wore a number of varied wigs to show the many types of wigs available. Pictures from the shoot have been used lo great effect on the charity's social media pages to publiuse the charrty's free wg provision service. Meanwhile, the photograph5 wll also be used in printed marketing product5 which will be distn"buled to hospitsls and wig fitters to show young people ￿￿th hair l¢)ss of the help that can be offered. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 The Little Princess Trust is gralefvl lo recwve so many hair donations from supporters all around the world. Every single hair donation arrives at the charity's home in Hereford where they are sorted, by hand, by LPT staff and volunteers. The hair is measured before it is sorted into 13 colours and 4 lengths, and then sent to the wg manlrfacturers. Longer wigs are among the most requested by chikjren and young people. and with the charity already having a good stock of 7 to 11-inch hair, a concerted effort has been made by the ¢ommuni¢ats'on team lo encourage supporters to donate a minimum 0112 inches of hair. This messaging had the desired effect and the total number of hair donations measuring below 12 inches fell by 8.745 while the percenlage of hair donated measuring 12 inches and above equated lo 63.10 of all donats'ons received. One notsble donation in the 12-inth plus category came from an anonymous supporter. The 52-inch hair donation was the longest ever received. A post on this donation on social media was seen by tens of thousands of peopk and once again helped lo reiterate the message of the need for longer hair donations. The Little Princess Trust has a￿VayS been incredibty gratelul to ihe hairdressers across the county for the part they play in helping our free wg provision service. We know the￿ are many hair professionals who often cut hair for free then they become aware that the person having their hair cut is going to donate their long locks to The Little Princess Trust. Quite often, these hairdressers are self*mpk*yed and own small independent salons in small towns and villages. They give up their lime and provide their skills for free when we understand their profil margins must be small and, like many small busine$se$, must be fa¢ing many great pre$sure$ ￿USed by the cosl-of-living crisis. The charity wanted lo thank these people and. at the same time, highlight their kind offers of support so that anyone wanting to donate Iheir hair ￿Uld have thwr long I￿kS for free. A new page on the charity's website was created. Simply called 'Free Haircuts,, it sits wthin the salon network section ol the websrte and 15 updated when new salons contact the charity to say they will a150 kindly offer their services to help supporters of The ￿ttle Princess Tnjsl. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 in The Little Princess Trust fvnded MO￿ research than ever befo￿ in a record year that established the organisalion as one of the largesl and most significant charity funders of childhood cancer research in the UK. The lot81 sum ¢ommrtted in the past yearto research projects was £6.27 million. This was up from £5.91 million in the previous 12 months vknich had been in rtself a record fof the charity's childhood cancer research funding. This figure means the ¢harty has now given more than £23 million to ¢hilJhood cancer research since il began funding work that ￿11 lead lo kinder and more effective treatrnents for all childhood cancers in 2016. This record sum was given lo research rounds made up of 18 individual research project grants, three New Ideas Grant5, ￿ndIng for the ECMC nefv40rk and tsyo costed exlen5ion5. The past 12 months are not solety defined by the record amount given to ¢hildh¢)od cancer research as several milestone moments have made this a very special year to remember. One of the principal aims the charity has for the research it chooses to fijnd is that the supported project leads to new treatments that are more effective. A clinical trial led by Rob Wnn that received funding from The Little Princess Trust at Royal Manchester Children's Hospital IRMCHI is a great example of advances in new science that give hope to children with cancer. The pioneering trial showed dramatic resufts for treating children with high-risk leukaemia, who previously had lrtlle chance of recovery after all other Irealmenl opb.ons had failed. The success ofthe innovative treatment is down to the help of ne￿rn babies as the blood cells taken from the umbilical cord along with a series of white blo¢)d cell tran5fvsions, were shown to provide the m05t effective treatment ever thaled. Eighl-year-old Sarah Marica was just four years old vthen she was first diagnosed wlh acute myeloid leukaemia IAMLI, a rare type of childhood leukaemia which is diagnosed in approximately 100 children and young adutts in the UK each year. After all other treatments failed. including chemotherapy and a bone marrow Iransplanl, Sarah travelled to Manchester to receive the innovative treatment through the GRANS clinical trial. She has now been in remission for more than one year, and the team al RMCH and her famity are hopeful that this novel Irealmenl wll have cureil the leukaemia. Sarah. who also received a wig from The Little Princess Trust during her treatment. was one of 10 children in the fv40-year study to receive a cord blood stem cell transplant alongside a series of white blood cell Iran5fu5ions (known as granulocytes) wrth the aim of boosting the cancer fighting abilrties of the new cord bl¢)od. 10 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 The initial results from the study have been published in the Bribsh Joumal of Haemalology and the trial has been expanded to recrurt more patients from across the UK following the promising result. Professor Rob Wynn. Consultsnl Paedialric Haernalologist and Director of Paedialrie Bone Marrow Transplant Programme al RMCH. said".-We know from our previous research th* cord blood cells offer the most effective treatment for children wth hard-t￿treat blood cancer. 'The GRANS clinical trial builds on this rese7Ach and FKovides a treatment option for the sickest of children wrth AML, where no treatment opb.ons have been available. 'Sarah is one of five children from our trial ¥tho are alive and in remission as a result of this effective. experimental treatment. Wlthout this clinical trial, rt is unlikely that any of the children would still be alive. The amount of money a partnership gives to a clinical trials ne￿Ork searching for cutting*dge treatments for childhood cancers has dramatically risen thank5 to the Involvement of The Little Princess Trust. Twelve paediatric Experimental Canw MedKine Centres spread across the UK willre¢eive £6.6million across the next five years to deliver clinical trials into promising new treatments for cancers affecting children and young people. The funding for the network comes from a partnership between The Ltttle Princess Trust. Cancer Research UK and the National Institute of Health and Care Research INIHRI. Thanks lo The L￿le Prince$$ Trust jtyning as equal funders lo Cancer Research UK and the NIHR, there has been a significant uplrft in the total given to childhood cancer research, which had amgunted 10 £2.2 million over the previous five years. The paedialric ECMCS wll pul new drugs through early ¢lini¢al trials lo see if they are effective against different types of Cancer. If the trials are $u¢cessfvl. these medicines Can then become the Cancer treatments of the fvture. The increased bjnding for the paediatric nefv￿rk- vthich includes £2.25m from The Little Prince55 Trust will employ new research staff. induding nurses and data managers who a￿ ent￿al for delivering these trials lo patients. The funding for children's cancer will support ￿ntreS in Birmingham. Bristcl, Cambridge, Cardiff, Glasgow, Liverpool, London, Manchester, Newcastle. Southampton and London. The ECMC ne￿Ork is a pathership bets*en The Liltle Princess Trust, Can¢er Research UK, the Nats'onal Institute of Health and Care Research INIHRI in England, the Chief Scientist's Office in Scotland, Health and Care Research Wales and Northern Ireland's HSC Public Health Agency. The new partnership was revealed in January and re￿1Ve￿ coverage from national newspapers including The Guardian. Daity Mail and The Sun. 11 was also referenced by Lord James O'shaughnessy in a govemment report that 50ughl lo idenb.fy ways lo help the life sciences sector unlock UK growth and investment ¢)pportunilies. Among Lord O'shaughnessy's findings was an acknovAedgement of the progress being made by the ECMC5 across the country which were helping to improve and Speed up the process of starting clinical trials. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Phil Brace and Wendy Tarp￿e-M0rris later hekl a zoom meeting ￿th Lord O'shaughnessy %then il was explained that the charity's influence on childhood cancer research was not just its funding, but the way The Litue Princess Trust fvnds. The Little Princess Trust's work wth childhood cancer research is not restricted to simply funding science. One project the charity has financially supported focuses on trying to give a stronger voice lo the young people whose lives have been affe¢ted by cancef. The charity first partnered Ihe Children's Can¢er arKI Leukaemia Group ICCLGI and the James Lind Alliance IJLAI in 2019 with the objective of identifying the research questions that are most in need of answering. The aim for the JLA was lo produce a list of the 10 most important research priorities in children's ¢an¢er, from the perspectives of pats'ents, their families and carers, and the heatth professionals who treat and care for them. Topics of healthcare research in children's cancer are often driven by the interests of researchers and the phamiaceuli￿1 industry, meaning wh* 1$ mosl importanl to children, their families and the professionals who care for them, may sometimes be ovedooked. And so It was refreshing and revealing to hear from hundreds of people who gave their views on research and questions and topics which led lo a lop 10 of ￿searCh priortts'es for children's cancer. It was pleasing for the charty to see that so many of the points on the top 10 list were closely aligned to The Little Prineess Trust's own aims and objectives for childhood cancer research. The JLA'S final report was launched at the Children's Cancer Priority Setting Partnership IPSPI ¢onference in London and its findings wll be shared with an intemational audience around the globe. Wendy Tarple&Morris, the Founder of The L￿le Princess Trust who was a member oflhe JLA steering group. spoke in the capital and urged other research fvnders to use the findings lo help influence their future work. The Little Princess Trust introduced a new type of grant lo en￿Urage researchers lo explore unconventional and forward-thinking concepts to improve Ihe treatment and wel￿being ofyoung cancer patients. The new approach for this type of researth project was given the name of the New Ideas Grants and replaced the charity's former Innovation Grants. The funding amounts for the New Ideas Grants are smaller than for the Innovation Gran15 but wll give scientists far more freedom lo pursue projects and areas of ￿search that have never been previously explored. 12 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 The three innovative projects that were chosen as part ofthe first New Ideas grant Scheme were.. Dr Roisin Kelly-Laubscher, a University College Cork based researcher, is investigating whether 8 medicine could protect children's hearts if given before chemotherapy. Roisin said'.'Scients'sts have developed some realty good drugs fortrealing ￿ncer. Unfortunately, some of these drugs also damage the heart." This can mean that cancer survivors later develop heart problems which can have a negative impact on their qualty of lrfe. 'Il does not seem fair to me that, after surviving one major hearth condttion, survivors are more likely than the general population lo develop another serious health condition. "By developing a treatment that can prevent the loxi¢ effec¢$ of antI￿ance1 drugs, we hope lo U￿lMatelY improve the quality of life of cancer survivor$." Her New Ideas projed will lest whether the drug ethanolamine could prevent heart dam8ge rf given at the same lime as doxorubicin. a type of chemotherapy. Dr Kelly-Laubscher wll see how this medicine affects important heart cells, then find out what dose and timings would work best. I Inves Also workin9 on reducing the damage done by chemotherapy, Dr Marievchrisline Jones al the University of Bimingham is working on nanomedicines. This type of ITealment uses tiny parbcles to deliver Ihe antIcan￿1 medicines, which can be safer because they can slip through the gaps in leaky tumour bljod vessels. Marie-chrisline's project aims lo understsnd how nanome(Jicines work for child￿n, leam more about tumour blood vessels. and test nanomedicines in leaky blood vessel models lo find out which ones would work best. She said". .1 wll be testing blood samples from children wilh cancer lo see if we can pred￿1 how nanomedicines wll behave and confimi they can be tsrgeted specifically to the lumour. Its polenlialty reduce the side effects of cancer treatments. 'This work b*ill help reframe how we view nanomedicines and uncover their impact on improwng the tderabilily of cancer treatments for childTen. .1 feel really excited as this work could have a big impact on how anticancer drugs are administered to children, as well as improving our under5tsnding of how cancer develop5 and can be targeted in chik1￿n.° 13 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 3. Un(kntandi Professor Karim Malik, at the University of Bristol, is looking at a new way that cancer cells can alter the production of proteins in order lo help them grow unchecked. Researchers know that cancer cells can have more of the messenger molecules that cary the genetic code, which contains instructions for proteins which control cell behaviour. However, Karim proposes that they also have changes to how these instructions are translated into proteins. In his New Ideas projed, Karim 1$ focusing on understanding how tran￿all1)n ol the genetic code into proteins is altered by molecules calle¢J IRNAS. These are a vital part of the translation process, bringing together the components needed lo build each protein. Inhibition of cancer cell IRNAS may provide new cancer treatments in the future. He said. The scheme fills a vrtal gap for research scientists in that il enables experimental validats'on of cutting-edge ideas and technologies. 'Our prolecl will use the best modem technology to characterise IRNA modifications, which would not be possible wlhoul this grant. Our experiments will further define key attributes ol cancer cells, and the data generated will be crucial for larger translats'onal research projecis in the future. 'We hope it wll lead lo novel Iherapeulic approaches in near ffijtu￿.. The Little Princess Twst has been working wih the Children's Cancer and Leukaemia Group ICCLGI ever since it began funding childhood cancer research in 2016. CCLG has a vast range of experts and Cancer research professionals and can advertise The Little Princess Trust's grant rounds lo their members while also assisbng the charity to carry out the necessary scients'fic reviews of the grant applications. Working with CCLG not only helps the charty to furKI the best quality research, but also means that The Little Princess Trust isn't duplicating resources like scienlffjc advisory board5 and research managers, which would be very expensive. The collaboration means more ol the charity'$ money can be used to fvnd expert research, rather than spending it on the process that is required to do it. The importance and success of this partnership wa5 in evKlence Ythen it was named as a finali51 in the Third Sector Awards. Vmnners will be announced next year bLrt it was wonderfvl to see our work with CCLG praised as a finalist in the Charity Partnership of the Year category. The $uccessful working relationship between The Litue Princess Tnjsl and CCLG was also the locus of the opening event at the Festival of Partnerships in London. Organised by the Association of Medical Research Charrties IAMRCI, the feslwal showcased different examples of collaborations across the sector and share ideas and experiences on how organisations can work together to achieve common goals. 14 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Phil Brace. Chief Executive ofThe Little Princess Trust. and Ashley Ball-Gamble. CEO of CCLG. stsrted the event with a roundtsble discussion on how the charities, shared grant management and adminislralion functions have maximised impact for young people wth cancer. CCLG has ¢ontsnued to provKle excellent content for The Little Princess Trust's websrte and social media pages which has been a great asset to infomi the charity's supporters of rts fijnding of childhood cancer research. Meanwhile. visits continue lo be made by CCLG staff lo Hereford and we were very grateful lo Mr Balk Gamble for gimng a presentslion lo all Litue Princess Trust staff on the lalesl developments wi(hin childhood cancer research. There 1$ constant dialogue bets*en the tsvo charits.es and collaborab.ons %wth different projects. The Little Princess Trust was. lor example. very pleased to support a new campaign launched by CCLG called Teenage and Young Adult Cancer Awareness Month in April. The past 12 month$ saw a welcome relum for the annual congress of the International s￿letY of Paediatric Oncology ISIOPI. Previous ctsnferen¢es had been held digitally due lo the Covid-19 pandemic and we were delighted lo have a team from the charty al the event in Barcelona. Phil Brace, Wendy T4rpletrMorri$, Sim¢Jn TarFlee, the chanty's lead Trusteè for research, And The Littlè Princess Trust's new Research Administration Executive, Sarah Bainbridge. rnade contacts with some of the brighlesl scientists. oncologists. surgeons and clinicians from across the wodd. Mr Tarplee said the oveThvhelming feeling he took away from the inspirational event in Spain was the need for ath'on.. 15 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 BECOMING A MORE EFFECTIVE ORGANISATION One of the main re5ponsibilibes for the Trustees of the charrty 15 oversight of 51ralegy and, with thi5 very much in mind. The L￿le Pnncess Trust's Chiel Execvlive had been holding regular conversations wth Trustee$ on the ¢reation of a strategy for more than a year. An external strategist was appointed lo develop the project and spent lime speaking to each departmentsl head lo gather the necessary infomiab.on for a detailed strategy document. The new strategy document sets out Ihe ovefall aims of the charity and each department while also defining working practi¢e$, explaining how each leam will work lo a¢hieve the principal aim$ of The Little Pnncess Trust. The Little Princess Trust has made 9real efforts overthe past 12 months lo make ils fiJndin9 ofchildhood cancer research more w¢Jely known. A'Research Project ofthe Month. feature has been added to the website news blog while the research section of the website was completely redesigned. The new research page comes complete wrth a ¢Jigilal library of every research project fvnded by the charity. The comprehensive and detailed list has been Splrt into nine categories lo make it eas*r for supporters and researchers lo find the topics of particular interest. The charity has always ￿COgnISed the importance of ensuring that we engage wlh the age demographic of those that we serve. During the financial year we were finally able to form our youth panel that will allow us to now gain valuable feedback from the key cohort on all our key activities, social media content and campaigns. printed materials, newsletters, and promotion5 of our wig provision service for The Lrttle Princess Trust. Previous efforts to launch a group were paused due to the Covi&19 pandemi¢ and $0 r( ha$ been very pleasing lo see The Lithe Princess Trust's Youth Panel launch this year. The panel is made up of young people aged 13 to 22 and includes a fr)m)er wg recipient and others who have been aware ofthe workings of the charity for a long period of time. Department leaders a￿ en¢ourage(I to send ideas for di$￿$S1on to the charity's main point of ¢onla¢t for the youth panel and the charity has already received some excelknt feedback on its social media output and marketing collateral. One interesting point that the youth panel ma(le was on makrng rt easier for young people requesting a wig lo avoid the traditional forms of communication such as the telephone or ernail. 16 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 The panel felt that the Charity should open up other communication frJm)s such as text and Wnat$App to allow children to speak to the charity in a setb'ng that was more familiar- and comfortable- to them. This has been acted upon and a QR code has been added to many printed products, giving easy and direct access lo the 'Request a Wig. page of the chanty's websrte. The importance of social media is very well understood by all at the charity. The Little Princess Trust can reach many of ils key demographics on Tts different platfomis - and these are crucial tools when the charity wants to educate and mts.vale supporters. The communications team knows ￿lch kinds of messages need to be used on different platfomis and how to utilise the individualits'es of each platform for maximum gain. The ¢harily's Fa¢ebook page remains the platform with the most followers and all 81 the charity were pleased lo see the page welcome ils 100.OOOth follower this year. This milestone was celebrated on the charrty's Facebook page when prizes, donated by corporate supporters, wère given lo followers of The L￿le Princess Trust page. As of July 2023, The Little Princess Trust had 101.661 followers ¢)n Facebook lup from 98,216 the year beforel, 74,152 followers on Instagram lup from 68,3141, 14,968 followers on Twtter lup from 14,8761, 4,668 followers on Linkedln lup from 3,6421 and 12,589 followers on TikTok lup from 11.4801. v￿lIe social media has brought substantial benefits to the charity, it would be WTong for the communications team lo focus all their efforts solely on these new digital platforms. The charty receives great publicity through wional radio and local newspapers- and this year again received publicity from national newspapers and TV stations. Many of the requests received from the media come from young supporters themselves conla¢ling jtsumalisls close lo their home. Bul we do receive Calls and emails from the media who a￿ responding to items they have read on the ¢harity's websile and social media posts. On other occasions, the charity has WTitten press releases vthich have been sent out to journalists who have followed up on the stories. This was the case with the funding of the ECMC netr￿rk which led to widespread coverage in the printed media and included a fronl-page story in The Guardian. Other highlights from a busy year of media coverage included a feature on The Little Princess Trust on the CBBC show, Operation Ouch, an emotive account of the father of a wg recipient on Lorraine on ITV and a hair donor's big cul on the Chris and Rosey Ramsay show on BBC One. iv The charty 15 incredibly fortunate lo have dedicated volunteers who play a crucjal part in The Little Princess Trust's work. They sort the many incoming hair donabons and prepare the charity's fiJndraising packs while their personalities and attitudes perfecty align wrth the charrty's values. 17 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Great efforts are made to make sure each volunteer is ma¢Je to feel welcome and know their value lo the charity. This year, a volunteer handbook was created which aims lo answer the questions of any new or exisb.ng volunteer while also explaining why their role is so importanl lo the staff and the children supported by the charity. The charty wanted lo create new artwork lo help rt promote social media posts and web stories about ils lundin9 of childhood cancer research. To avoid expensive design costs that would have come about from working with an OLtside agency, the charity engaged %wth the Hereford College of Arts. Students were given a task of helping to create a Set of Cartoon researchers and digital research accessories, and were given access to The LTMe Princes5 Trust's brand guidelines. The work of students was selected and has now been used by the charity to promote its fvnding ofchildhtjod cancer search. The project showed the benefit of working wrth a mu¢h younger group of people as one of the ¢hosen students came up wth a selection of superhero child researchers. This simple ￿eak to make the characters much younger than those discussed In the onginal brief has really made the charity's social media posts sland out from other charrties fvnding medical resear¢h. The L￿le Princess Trust always aims to limit the amount of travelling that a child or young person musl undertake for their wg fitting. To ensure this can happen, we work with wg fftters all around the UK and Ireland. Before Covid-19, workshops were or9anised by the wi9 referrals team when wig filters were invited to Hereford to hear the lalesl developments wth regards to the charty's wg provigon service. The last 12 months saw a w*ome retum for the wig fftling workshops and 30 wg fitters visited The Hannah Tarplee Buikjing to discuss their work and best practice. The charty has buitt up a strong list ofambassadors who help to publicise the work ofThe Little Princess Tru51. They are from very dffterent backgrounds, are from varied age groups and are all known lo diverse audiences. Teiva Collins and Kiya Kanani are hyo former wig recipients who are now Little Princess Trust ambassadors. The charity 15 very grateful to these inspirational teenagers who have been interviewed on many occasions by joumalists in the ￿gIonal and nab.onal media. Pop star Kimberly Watt. a member of the Pussycat Dolls. has also used her public profile to help the charity. One example of this came when she appeared on the Bridge of Lies show on BBC One and donated her prize money to The Little Princess Trust. 18 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Celebrity hairdresser Andrew Barton is another ambassador who raised significant sums of money for the charity by running the Brighton Marathon. Andrew has been a fantastic supporter of the charity for many years and has also helped with social media campaigns and provided professional photographs for use in the ¢harty's printed products. The Board of Iru5tees approved the creation of a new senior strategical role that came lo fru￿"on in the autumn of 2022.The key objectives were to support the executive leadership team with logistical, HR and IT skill$ and experience in functionality. Of paramount importance was the oversight, selection process and scoping of a new, al￿e￿ompaSsIng backY)ffice system. After a detailed competitive process, Adam Houchen was appointed Head of Operations to ensure the efficient, effective, and compliant management ol the charity's operational aclivilies. 19 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 As the charty's mission is to offer a free real hair wg lo every child and young person experiencing hair loss due to cancer treatment, fvrther efforts wll be made to ensure more young people up to the age of 24 are aware of the charity's free wg provision service. This wll mean developing already strong links with child h05pilal departments and looking lor new wayg to make the process of requesting a as simple and Straightfo￿ard as possible for young people. The charity will look lo increase its digrtal opts'ons so young people who are more familiar wth mobile technology can communicate by means more familiar lo them with the charity'5wig referrals department. The charity will also work to increase the range of its prinled booklets and brochures for salons and hospital departments that show young people Ihe quality of the w￿S that are available to them. The charity is incredibty gratebjl to receive wonderful support from people working in salons across the UK and Ireland. Many ol these salons are small. independent businesses and yel so many offer free haircuts lo any of their clients vtho are donatirwd their hair lo The Litue Princess TN$l. Other hair professionals run lundraising days while the charity is aware that others employed in the hair industry help lo promote the charty's wig provision service by putting Ihe eharity'y posters, slickets and leallels on display. The importance ol the charity's links wth the hair industry 4fdS highlighted vthen a donation of £56,000 was made to The Little Princess Trust in February 2023 from the Julia and Hans Rausing Trust. This wonderful donation Came about %then Julia was in the hairdressers and became aware of a young girl who was don*ing her hair lo the charity. The charity'$ communicatKJns team wll l¢)ok to create printed and digrtal assets that can be shared with salons to formalise this mutual partnership to help more children and young people wth hair loss in the future. The charty would like to imwove rts data analytics to helpjudge ilsworking and identsfy way5 to improve ils systems. To do this, the recently employed Head of Operations will continue to develop a new centralised IT system. One of the areas ￿ere it is hoped that this new sofhyare TrMII prove benefiual is for the collation of supporter data. 11 is believed the technology wll help lo ￿ale stronger KPIS on the percentage of supporters who fundraise as well as donating their hair- and guide and educale the charity's social media teams. 20 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Another aim ol the new solN¥are is for a much dearer system of planning for the charty's wg referrals team who are in contsct a great number of people from different backgrounds. Develo the Funk Hair Funda cam ai The charity first created its Funky Hair Funday campaign in 2021. It was set up as a digital campaign with supporters able lo download asset5 from the charity's website which can be used to host their own funday lo raise money lor The Little Princess Tmst. The Comrnunicalions Manager and the Chief Executive believe the campaign would perfomi more effectively if supporters were able to ordera specialist Funky Hair Funday printed pack from the charity'5 websrte. Some work has already begun on designing this pack and this work will continue before the campaign is relaunched next year. The charrty is aware that it is heavily reliant on donatsons from sponsored haircuis for much of ils income and believes that the Funky Hair Funday campaign VAII alk•W people unable lo donate their hair lo still support The Little Princess Trust in a fun and inclusive manner. The Litue Princess Trust first began to heavity promote the need for longer hair donations during the first Covid-19 lockdown through its 'Lel11 Gr¢)w' Campaign. Progress has been made I￿1h the percentage of supporters donating more than 12 inches of hair increasing year-on-year but fvrther efforts will be made in the coming year. 11 1$ hoped that the ftxused efforts on creating new partnerships and ￿mpaign$ Trmlh $alon$ acro$$ the country will be an excellent opportunty to promote this message for longer lengths of hair. The charity has bvill up a steady number of generous and committed corporate supporters who have helped The Little Princess Trust immensety througlk)ul its hist(xy. One prominent relationship is that wrth Sally Europe and Ihi5 year marked the 10th anniversary of that successful partnership that has resulted in great support being given lo the charity. Other notable corporate supporters include Wahl, Cloud Nine. Starpowa and Great Lengths. The charty is aware that there is a lot of goodwill for The Litue Princess Trust wrthin the hair industry and conversation5 have begun with Wela. It is hoped that this develops into a long-lasting partnership wth such a respected global name vA)ile the charity s Corporate Relationship Managerwll continue to nurture and ￿rther the collaborations with The Li￿e Princess Trust's existing supporters from Ihe business wortd. lthile the charity is incredibly gratefijl to every person that d¢)nates their hair. The Little Prin¢es$ Trust can only provide its wig provision service thanks to the fijndraising that it also receives. 21 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Great efforts have already been made to encourage supw)rters lo get their haircut sponsored and changes to the websf(e have seen an increase in the number of fundraising packs being requested. Distribution costs and general inflation saw the esbmaled cost of providing a single wig rise from £550 to £700 and infomiing supporters ofthis change resutted in the average JustGiving page value rise from £440 to £476 over the past fv40 years. Further work and efforts from the chanty's communications department will aim to educate supporters on how their fundraising is vrtal for not onty the charity's wig provision service bul for ts funding of childhood cancer research. too. Enh nlin The charity introduced a small online shop in 2020 which allowed supporters lo tjuy a number of Little Princess Trusl-branded items such as T-shirts. baseball caps and pens. It has been very u5efiJl in helping to boost the profile of the charity. especialty through social media photographs. The Gharity would like lo corKluct a thorough intemal review of the online shop to improve the user experience and increase the variety of products for sale. )ilst lo dale, the online Shop's main purpose was lo offer products lo support our fvndraisers. the charity wll now explore the opportunities to develop and expl¢ye a f￿ngineerIng of the shop lo create a further income Stream. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Fin As ever we are mindful that financial income underpins our abilty lo deliver our key objectives and our financial responsibilit'es are critical to maintaining trust and integrity. Internal financial controls are important. The Little Prin￿SS Trust operate5 essential checks and procedures lo ensure the charity". Protects ts assets. including money and property" Makes informed decisions about the charity's financial posilion." and Meets legal duties and manages its charty'$ resour￿ responsibly. Fraud and financial mismanagement are mits"galed through maintaining suitable intemal financial eontrols that.. Identify and manage risks wth the charity's finances and assets.. Keep good quality a¢¢ounling records.. Prepare timely and relevant financial infomiation. and Make sure the charty's financial reports'ng complies with the relevant legal requirements. The board of Trustees and Executive leadership team are committed to maintain best praCt￿e in all the above. The Little Princess Tru81 Finance team Is experty led by the Finance Manager and 18 committed through all team members to ensure all poli¢ies and procedu￿$ are maintained. Ouring the last financial year, a key financial decision was taken to increase the charity's published wig manufacturing and provision ¢o$l to £700 per unil. The Increase was caused by extra manufacturing and distribution Costs along with associated increases in most supplies associated lo wg production. The accuracy of this cost is imperative as it not only demonstrates transpa￿ncY bul also encourages supporters, fundraising efforts to proV￿e SLfficient income to cover the cost of a wig￿lg￿. Fundraising is of course associated to fundraising pack requests amongst other activities. Following some informed decision making, The Litlle Princess TTU5t website was r&engineered on many pages to encourage the 'call lo action, of requesting fundraising packs. The result is that these requests have grown from 12,391 in the previous year to 16,470 in the reported year. Facebook fvndraising has decreased signrficantty from £457,155 to £237,792. The Facebook model continue5 to evolve but the charity believes that monie5 decreased on this platforrn have switched to others, so this is not seen as a major consideration. The Little Princess Trust now promotes many other events for fundraising opportunrties and, through this more inclusive approach, has seen other income opportunitses increase against the typical hair- related fundraising history. 23 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Investments The Little Princess Trust investments are continualty monitored and managed. Whilst the funds have appointed investment managers, The Little Princess Trust receives independent advice from Alislair Fitt Dip PHS.CertPFS IDMI who is a partrer of Hereford Pensions and Investments. Alislair offers his lime and expertise on a pro bono basis. Intemally the FAIR Subcommrttee has oversight and advises the board of Trustees accordingly. Investments are continually monrtored to ensure the charty's objectives are met, risk 1$ minimised, and reserves are appropriate and do not restrict the charrtable operational objectives. Overall income from donations and legacies reduced from £7,923,607 to £6.077,600 during the financial period 22123. However, this was sthll up on pr&covid levels despite record levels of Inflation and the 'co$l-of-livintrcri$i$'. The Little Princess Trust has an ethical and transparent approach wth regards lo its fundraising. The charity is registered wth the Fundraising Regulator and all staff follow the Code of Fundraising Practice. The charity does not use any extemal lundraisers and does not empby any fvll-lime fvndraising glaff. Out oflhe 33 employees, only the CEO and the member of slaff in charge of corporate partnerships are involved with active fundraising lalongside other duties that are not linked to fundraisingl. The Trustees are not aware of any failure by the Charity, or of any person acting on ils behalf, lo comply with fundraising stsn¢Jards. The charity monitors its fvndraising activities. and those of any person acting on its behalf. through online platfonns, such as JuslGiving. and aims to thank all of their donors - both hair and financial donors- within 48 hours of teing infomied of their supporters. efforts. Oversight of fundraising activities is the responsibility of the Board of Tnjstees and any new initiative5 or activities are di5CUS5ed al the board meetings which are held al regular Interyals through the year. The charity received no complaints relating to its fundraising aclivities during the year lo 31 July 2023. The charity strives to protect vulnerable people and other members of the public from behaviour thich is an unreasonable intrusion on a person's privacy, is unreasonabty persistent or which places undue pressure on a person to give rnoney by not undertaking cold calling, telephone campaigns or employing any third parties to raise funds on our behaw. The charity does not approach members of the public for fvndraising. The charity raises funds through individual donation5, corporate donor5 and a small number of fundraising 5POrting even15. This approach ensures it keeps to its fundamental aim of being low on overheads and high on impact. 24 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Totsl funds raised from donatsons and legacies during the year were £6.077,600. This figure was down on the £7.923.607 raised during the previou$ 12 months. Costs have been controlled well and £1.9m of all expenditure is on wigs / wig prodLth and services. The charity has a procurement poI￿Y lo ensure that it obtains best value in the use of ils resour¢es. It will always seek to gain best market value for each purchase in order lo apply the principal of best practice. 11 is the policy of the ¢harty lo agree prices and terms of payment Trmth ils suppliers ￿en the order for go¢xls and services is placed. and lo adhere to these arrangements when making payment. Strong internal controls exist lo ensure that all uders and payments are signed by aulhorised signatories. The Little Princess Trust undertakes lo provi¢Je wigs free of charge throvghoul the course of their treatment lo children and young people experiencing hair ksss as a result of cancer. Trustees consider the charity has an obligation to saleguard the wig provision service in order to fulfil this commitment. The Little Princess Trust is reliant on fundraising and donation inccme to support ils operats'ons. If income became uncertain, there may nol always be the necessary funds lo cover essential costs. In order to safeguard the wig provision service, the chanty's policy is to maintsin free reserves to cover between 12 and 24 months of oper*ional expenditure {excluding research expendi(urel. Trustees Consider free reserves in this context to wmpri$e Ihe lotal reserves available to the ¢harty, les$ those reserves whose uses are restricted or else designaled for specific purposes, and stock. These reserves would allow us to continue our provision service while necessary adjustments to the new circumstsnces could be made. At 31 July 2023, free reserves amounted to £3.7m. Imh a budgeted expenditure (excluding research) for the 2024 financial year of £3.3m per annum, free reserves are within policy guidelines. In the contexi of continuing economic uncertainty, and increasing pressure within the charity sector, Trustees consider this level of free reserves to be acceptsble. Trustees will continue to monitor the charity's financial position to ensure the level of reserves held maintains an appropriate balance bets%ten financial re5iller￿ whilst maximising charitable activities. Trustees have designated ftjnds lo ensure that other key strategi¢ prionties can be continued into the foreseeable future, irrespective of fluctuations in income. At 31 July 2023. designated funds as detsiled below amounted to £10.5m. LPT Childhood Cancer Research Fund.. £Sm is designated for spending on research projects 85 per the research strategy over the medium terrn$15 years). Thi5 fund is lo enable the charity lo fil￿11 ils strategic research objects'ves and make research fvnding commitments spanning multiple years. Fixed Asset Fund.. The fixed asset fund represents the net book value of fixed assets held by the charty to the year ended 31 July 2023. Professorial t￿t of Paediath"c Oncology- Oxford UniveT5rty". An endowment of £3.5m from The Little Princess Trust. along £1.75m of matched fvnding from the Unniersity of Oxford, 25 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 11 support the professorial post of Pae(liatric Oncology. The funds will support the salary and on-costs of the post-holder. This post is a new positson and brings an innovab've and exciting opportunity lo see Oxford University focused on new chiklhood cancer research discovery. Oxford have strong relalion5hip5 in place with the Harrington 1nsts.lule In North America which brings further opportunty for novel discovery science. iv. Restricted Income Funds.. £22,603 remain from a grant received from The Julia and Hans Rausing Trust of £56,000 towards the salary of the charity's in-house wg fitter and their associated annual vehicle costs, as well as the annual c05t of providing wg care boxe5 to wig recipients. Inv The Finance, Audit, Investrnenl and Risk Committee 1$ responsible for overseeing the overall investment strategy and for the oversight of its implementation. Investment areas are held as reserves. The Trustees seek lo invest across a range of assets and risk profi￿$ lo Suit the different investment requirements. The precise asset fange. distributson an¢y allocation will be left to the investment managers to decide, based on an agreed assessment of the charity's attitude lo risk. The Trustees aim lo build a range ol investments deswned lo ensure the long-lerm sustainability of the charity. by protecting the reserves of the charity and achieving an appropriate return. The charity has adopted an eth￿al investmenl policy to ensure Ihal its inve$tmenl$ do not conflict with its aims. In particukr, the charity 1$ keen to tske all steps to avoid investment in toba￿9 or related industries and companies. The charity seeks lo vdork wlh investment managers who can tailor investment portfolios wlhoul Confli￿Ing wth our ethical values and that Can hold assets that make a positive contribution lo society and the environment. Potential investments are screened lo ensu￿ that they do not ￿nfi1¢t any of the charity's chosen criteria while companies whose practices do not meet our moral obligab'ons are removed. Details of the address of the principal office of the Charity, the Charity registration number and the names and addresses of any other relevant organisations providing banking $ervice$ or professional advice to the Charity are shown on page 1. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 STRUCTURE GOVERNANCE AND MANAGEMENT The Little Princess Trust was estsblished in 2005 ar￿ became a registered charrty Inuwber 11131721 in March 2006. In December 2017. Ihe charity was incorporated into a new Charitable Incorporated Organisation I'the new CIO'_ registration number 11761601. Effective from 1 August 2018. all of the assets. liabilthes and activities of the previous charrty with the same name were transferred to the new CIO. The charity is govemed by its Constitution as a ¢haritable incorporaled organisation ICIOI registered with the Charty Commission on 7 Oecember 2017. The Board of Trustees is responsible for the overall govemance of The Little Prin¢es$ Trust and meet at least four times each year. The number of Trustees cannot be fewer than 3 or more than 12. If a vacan¢y arises, the trustees may appthnt any eligible person as a Trustee. New Trustees are appointed by a resolution of Trustees passed al a property convened meeting. In $ele¢ting future Trustees, account 1$ tsken of the skills, knovAedge and experience needed for the effective administration of the CIO. All new Trustees are provifJe¢J wlh an infomalton pack including the Con$tituliL)n and lalesl audited accounts. Each Trustee Is given appropriate induction and training relevant to their responsibility. TN8lees are also provided wth regular bnefings and inlomation ab¢)ul relevant events. The Trustee Board has established twy) SUL￿coMmIttee$ lo provide advice, manage process, and deliver more detailed scrutiny of certain areas than 1$ feasible and pra¢ll￿ble wlhin the Board's programme. The Board receives regular reports on all aspects of the charity's work. The Board's powers of aulhorty, remit and responsibilibes delegated lo these committees are defined in their respective Temis of Referen¢e. Whil$l the Board ha$ delegated aulhorty lo Ihe ¢ommrttee$ lo make ¢ertain decisions and lo rnake recommendations for approval. the Board retains overall accountability, responsibility, and control. Each committee is supported by trusted advisors who provKle advice in their field ol experbse on a pro bono basis. The terms of reference for these commitlees are summarised below. Tho Rosoarch Strate and Fundi Committoe {the 'RSFC"I takes delegated responsibility on behalf of the Board for the research strategy and ils delivery. ensuring that there Is a framework for accountabilty and that the charity is working smthin AMRC requirements and appropriate legal and eihical boundaries to fund research of the highest quality and of the greatest benefit. Tho Finance Invostmen Audit and Risk Committoo (the "FAIRC'I was established by the Board of Trustees lo maintain an oveNew of, and provide advice on, the financial, adminislralive, and tsperalional affairs of the charty. The committee takes delegated responsibilty on behalf of the Board of Trustees for ensuring that there is a framework for accountability.. for examining and reviewng all systems and rnethods of control both finanaal and otherwse including risk analysis and risk management,. and for ensuring that the charity is complying wth all aspects of the law, relevant regulats"ons, and good pracb"ce. The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 Robert Pizii served as Chair of the FAIR Committee from its inception in January 2021 unts'l his resignation as a trustee in March 2023. Followng the resignation of Mr Pyzii, it was decided not to appoint a new Chair of the committee, but rather to adopt a Lead Trustee model, wf(h Mark Vickress tsking the lead on finanual aspe¢ls of the committee's ￿mil and Richard Wells leading on audit and risk. The charity welcomed five new trustees in the year. Richard Wells, a fomier fighter pilot in the RAF. joined the board ofTrustees in October 2022. Asthe person in charge of Acute and Emergency Services at Hereford County Hospital he brings a wealih of new skills to the board of trustees and will take an immediate responsibilty for inlemal audit. Richard first met staff from The Litue Princess Trust during the pandemic lo see what his NHS staff could leam from the charty in dealing wth posrtivity in and exits'ng the pandemic. Dr Francis Mus5ai, a ¢lini¢al senior lecturer in paediatric 01￿0109Y in the Institute of Immunology and Immunotherapy and an Honorary Consultant in paediatric oncology at Bimingham Children's Hospital, was also appointed in October 2022. He ha¢J earlier stepped down on March 26, 2022, due lo a potential conflict of interest. The potential Conflict was subsequently resolved before he rejoined as a Trustee. Alison Goodwin, a qualthed solicitor who runs a famity storage business, became 8 Trustee in January 2023. Having grown up in Herefor¢J. she had followed the development of the charity wth great interest and runs half marathons to support The Little Princess Trust. Caroline Shallow also became a Truslee in January of 2023. As owner of Raoul Wigmakers, she has considerable experience in designing and crealing innovative technique5 for variou5 types of hair loss and played a central role in the development ofTrMgs made from Afro-lextured hair for the charrty's young wig recipients. Emma Corbett was the frflh new Trustee this year, having joined in March 2023. She run$ her own Strategy Consults'n9 business, working many organisations and charth'es to develop their strategic directson. Three Trustees left the charity in the 12-month period. TW were Kale Bli$$. Lauren Murrell and Robert Authorty to conduct The Litue Princess Trust's daY-t￿daY aCtiV￿.eS is delegated to the Chief Executs've Officer, supported by the key management personnel named on page 1. The remuneral￿n of key m8n8gemenl is rev*wed annually by the Board. The review is based on performance and benchmarked against the extemal markel. The ￿Muneration is sel to ensure that rt is fair but also that it will attract and retain staff of the appropriate caliber and experience required by the charity. 28 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 The charity has a policy of paying the living wage as a minimum. The pay of senior and other stsff is reviewed annually based on performance and is nomialty increased in line with average earnings. All Trustees give of their time freely and no Trustee received remuneration In the year in their capacity as a Trustee. Details of Tiuslees, expenses and related party transa¢tsons are disclose¢J in notes 8 and 22 to the accounts. Identifying and managing the possible and probab￿ risks the charty may face is a key part of our effective govemance. The responsibility for providing guidance to the Board on matters relating to risk is delegated to the CEO, who ￿nSIderS the Subject of risk management in the wder ￿ntext of charity management and governance. Internally, 8 risk register is maintained where all risks are identified. Risks are grouped into six categories." governance risks. extemal risks. reputabonal risks. regulatory and compliance risks, financial risks and operatsonal risks. Risks are identified and given ratings from low lo high a¢cor¢Jing lo the likelihood of their occurrence and the impact should they occur. The risk register is dynamic, showing movement in risk rating$ be￿een periods, and includes a traffic light system to illustrate confidence in the control. The risk register is regularly reviewed by Trustees to ensure that Control measures in place are appropriate Its mrtigale each risk. 29 The Littla Princ8ss TNst Report of the trustees. For thè year ond•d 31 Juty 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for Preparing the Trustees. report and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards. including Financial Reporting Standard 102". The Financial Reporting Standard applicab￿ in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year thich give a true and fair view of the state of affairs of the charity and of the incoming resources and applicabon ol resources, of the ¢hanty for thal period. In preparing the financial stalemenls, the Trustees are required to.. Select suitable accounting policies and then apply them consislentty., Observe the methods and principles in the applicable Charities SORP- Make judgements and estimates that are reasonable and prudent.. Slate whether applicable accounting standards have been folk)wed, subject to any material departures that must be disclosed and explained in the financial statements., and Prepare the financial slalemenls on the going concern basis unless it is inappropriate to presume th41 the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose wth reasonable accuracy at any time the financial position ol the charty and to enable them to ensure that the financial statements comply with the Charrties Act 2011, the applicab￿ Charities (Accounts and Reports) Regulations, and the provisions of the chanty constitub"on. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevents'on and detection of fraud and other irregularib"e$. The Trustees are responsible for the maintenance and inlegrity of the charity and financial infomiation included on the charty's websrte. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislalion in otherjurisdith'on$. Approved by order ofthe Board of Trustees on 3 February 2024 and signed on its behaw by.. Tim v￿eeler- Chair ofTrustees ## **Independent auditors' report** ## **To the members of** ## **The Little Princess Trust** ## **Opinion** We have audited the financial statements of The Little Princess Trust (the 'charity') for the year ended 31 July 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 July 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 31 ## **Independent auditors' report** ## **To the members of** ## **The Little Princess Trust** In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: sufficient accounting records have not been kept; the financial statements are not in agreement with the accounting records and returns; or we have not obtained all the information and explanations necessary for the purposes of our audit. ## **Responsibilities of the trustees** As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below: 32 ## **Independent auditors' report** ## **To the members of** ## **The Little Princess Trust** (1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance. (2) We reviewed the charity’s policies and procedures in relation to: - Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance; - Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and - Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud. (3) We inspected the minutes of trustee meetings. (4) We enquired about any non-routine communication with regulators and reviewed any reports made to them. (5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations. (6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error. (7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included: - Testing the appropriateness of journal entries; - Assessing judgements and accounting estimates for potential bias; Reviewing related party transactions; and - Testing transactions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 33 ## **Independent auditors' report** ## **To the members of** ## **The Little Princess Trust** ## **Use of our report** This report is made solely to the trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trustees as a body, for our audit work, for this report, or for the opinions we have formed. Date: 5 February 2024 ## **GODFREY WILSON LIMITED** Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD 34 ## **The Little Princess Trust** ## **Statement of financial activities** ## **For the year ended 31 July 2023** |Restricted
Note
£
**Income from:**
Donations and legacies
2
56,000
Other trading activities
-
Investments
3
-
Other income
-
**Total income**
56,000
**Expenditure on:**
Raising funds
-
_Charitable activities:_
Wigs
33,397
Research
-
**Total expenditure**
5
33,397
Net losses on investments
-
8
22,603
**Reconciliation of funds:**
Total funds brought forward
-
**Total funds carried forward**
22,603
**Net income / (expenditure) and net**
**movement in funds**|Unrestricted
£
6,021,600
14,366
334,849
36,962
6,407,777
676,692
1,892,524
6,446,733
9,015,949
(160,980)
(2,769,152)
18,281,789
15,512,637|**2023**
**£**
**6,077,600**
**14,366**
**334,849**
**36,962**
**6,463,777**
**676,692**
**1,925,921**
**6,446,733**
**9,049,346**
**(160,980)**
**(2,746,549)**
**18,281,789**
**15,535,240**|2022
£
7,923,607
16,320
195,107
13,753
8,148,787
636,827
1,690,147
6,019,068
8,346,042
(666,245)
(863,500)
19,145,289
18,281,789| |---|---|---|---| All income and expenditure in the prior year was unrestricted. All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18 to the accounts. 35 ## **The Little Princess Trust** ## **Balance sheet** ## **As at 31 July 2023** |Note
**Fixed assets**
Tangible assets
11
Investments
12
**Current assets**
Stocks
13
Debtors
14
Cash at bank and in hand
**Liabilities**
Creditors: amounts falling due within 1 year
15
**Net current assets**
**Total assets less current liabilities**
16
**Net assets**
17
**Funds**
18
Restricted funds
Unrestricted funds
Designated funds
General funds
**Total charity funds**
Creditors: amounts falling due after more
than 1 year|**£**
**1,254,368**
**207,849**
**7,166,882**
**8,629,099**
**(4,074,366)**|**2023**
**£**
**2,053,722**
**11,437,050**
**13,490,772**
**4,554,733**
**18,045,505**
**(2,510,265)**
**15,535,240**
**22,603**
**10,553,722**
**4,958,915**
**15,535,240**|2022
£
1,980,100
11,436,725| |---|---|---|---| ||||13,416,825
1,133,612
216,718
10,262,173| ||||11,612,503
(5,110,901)| ||||6,501,602| ||||19,918,427
(1,636,638)| ||||18,281,789
-
10,980,100
7,301,689| ||||18,281,789| Approved by the trustees on 3 February 2024 and signed on their behalf by Tim Wheeler - Chair 36 ## **The Little Princess Trust** ## **Statement of cash flows** ## **For the year ended 31 July 2023** |Note
**Cash used in operating activities:**
Net movement in funds
Adjustments for:
Depreciation charges
Net (gains) / losses on disposal of assets
Losses on investments
Dividends, interest and rents from investments
Increase in stock
Decrease / (increase) in debtors
(Decrease) / increase in creditors
**Net cash provided by / (used in) operating activities**
**Cash flows from investing activities:**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from the sale of investments
Proceeds from the sale of fixed assets
Purchase of investments
**Net cash used in investing activities**
**Increase / (decrease) in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**Analysis of cash and cash equivalents**
Cash at bank and in hand
Cash held in investment portfolios
12|**2023**
**£**
**(2,746,549)**
**88,213**
**(25,662)**
**160,980**
**(334,849)**
**(120,756)**
**8,869**
**(162,908)**
**(3,132,662)**
**334,849**
**(162,173)**
**3,535,599**
**26,000**
**(3,780,550)**
**(46,275)**
**(3,178,937)**
**10,628,631**
**7,449,694**
**7,166,882**
**282,812**
**7,449,694**|2022
£
(863,500)
104,844
447
666,245
(195,107)
(93,639)
(152,528)
997,122| |---|---|---| |||463,884| |||195,107
(185,504)
3,751,745
-
(3,778,062)| |||(16,714)| |||447,170
10,181,461| |||10,628,631
10,262,173
366,458| |||10,628,631| The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements. 37 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** **1. Accounting policies** ## **a) Basis of preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Little Princess Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. ## **b) Going concern basis of accounting** The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern. ## **c) Income** Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donations income from fundraising platforms is recognised on receipt of the funds into the charity's bank account. The charity intends to recognise donations income from fundraising platforms on the date the gift is made when the systems are in place to facilitate this. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. ## **d) Donated services and facilities** Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 38 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** ## **1. Accounting policies (continued)** ## **e) Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank. ## **f) Funds accounting** Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. ## **g) Expenditure and irrecoverable VAT** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## **h) Grants payable and grant commitments** Grants payable and grant commitments are recognised at the date the grant agreement is approved and signed by both the charity and the grant recipient. Grants are held at amortised cost using a cost of capital reflective of market risk. ## **i) Allocation of support and governance costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. Where these costs are not directly attributable to charitable activities, they have been allocated between cost of raising funds and expenditure on charitable activities on the basis of staff time, as shown below, or by use of resource such as space. ||**2023**|2022| |---|---|---| |Raising funds|**21.3%**|20.5%| |Charitable activities - Wigs|**71.2%**|76.9%| |Charitable activities - Research|**7.5%**|2.6%| 39 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** **1. Accounting policies (continued)** ## **j) Tangible fixed assets** Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Freehold buildings 2% straight line Computer equipment 33% straight line Office equipment 33% straight line Motor vehicles 33% straight line Computer software 20% straight line Plant and equipment 10% straight line Items of equipment are capitalised where the purchase price exceeds £2,000. ## **k) Investments** Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. ## **l) Stock** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. Donated hair is difficult to value in its raw state as it needs to go through a preparation process before it can be used in wig making. ## **m) Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **n) Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **o) Creditors** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **p) Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently recognised at amortised cost using the effective interest method, and grants payable, which are held at amortised cost. 40 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** ## **1. Accounting policies (continued)** ## **q) Pension costs** The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA. ## **r) Foreign currency transactions** Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. ## **s) Accounting estimates and key judgements** In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation (note 1j), the valuation of donated stock (note 1 l) and the discount rate applied to long term grant payable commitments (note 1h). 41 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** |**2.**
**Income from donations and legacies**
Restricted
Unrestricted
£
£
Donations*
56,000
5,331,888
Legacies
-
2,232
Gift aid
-
687,480
**Total from donations and legacies**
56,000
6,021,600
*Included within donations are gifts in kind comprising:
Wigs and wig-related products
Equipment|**Total 2023**
**£**
**5,387,888**
**2,232**
**687,480**
**6,077,600**
**5,795**
**-**
**5,795**|Total 2022
£
6,935,476
-
988,131
7,923,607
88,144
15,321
103,465| |---|---|---| All income from donations and legacies in the prior year was unrestricted. |**3.**
**Income from investments**
Deposit account interest
Dividends
**Total from investments**|**2023**
**£**
**88,543**
**246,306**
**334,849**|2022
£
7,292
187,815
195,107| |---|---|---| All income from investments in the current and prior year was unrestricted. ## **4. Government grants** The charity did not receive any government grants in the current or prior year to fund charitable activities. 42 o) tyj r I ￿Ta)0￿>¢D￿ J (n o) ￿ ¢7> w￿￿10￿)(0￿0 t4J 1 oa*LrJoth ECMC Clinical Trial Network
Grant withdrawn from institution
Less effective discounting|**2023**
**£**
**4,411,734**
**2,250,000**
**(199,971)**
**(190,078)**
**6,271,685**|2022
£
5,911,038
-
-
-| |---|---|---| |||5,911,038| Allocation of support costs to grant making activities is given in note 5. A breakdown of the research projects funded by the grants made to CCLG and ECMC during the year is given in note 23. ## **7. Grant commitments** |Grant commitments brought forward
Grants committed during the period (note 23)
Grants paid during the period
Grant commitments carried forward (notes 15 and 16)|**2023**
**£**
**6,578,858**
**6,271,685**
**(6,470,603)**
**6,379,940**|2022
£
5,438,792
5,911,038
(4,770,972)| |---|---|---| |||6,578,858| ## **8. Net movement in funds** This is stated after charging: |Depreciation and loss on disposal
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration (excluding VAT):
Statutory audit
Other services|**2023**
**£**
**88,551**
**1,971**
**Nil**
**818**
**11,000**
**2,620**|2022
£
105,291
2,336
Nil
706
9,400
2,964| |---|---|---| One trustee was reimbursed for expenses related to training, travel and sundry expenses (2022: 1 trustee reimbursed for training, travel and sundry expenses). 45 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** **9. Staff costs and numbers** Staff costs were as follows: |Salaries and wages
Social security costs
Pension costs
Employees earning more than £60,000 during the year:
Between £60,000 and £70,000
Between £70,000 and £80,000
Between £80,000 and £90,000|**2023**
**£**
**870,784**
**73,817**
**22,597**
**967,198**
**2023**
**No.**
**1**
**-**
**1**|2022
£
771,214
65,674
20,412| |---|---|---| |||857,300
2022
No.
1
1
-| The key management personnel of the charity comprise the Chief Executive Officer, the Director of Services and Impact and Head of Operations. The total employee benefits of the key management personnel were £194,156 (2022: £168,860, not including the Head of Operations as this was a new role in the charity in the current year). |Average head count
Average full time equivalent|**2023**
**No.**
**34**
**29**|2022
No.
29
26| |---|---|---| ## **10. Taxation** The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 46 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** ## **12. Investments** |Listed
investments
£
Market value at 1 August 2022
11,070,267
Additions
3,780,550
Disposals proceeds
(3,535,599)
Gains / (losses)
(160,980)
Movement in cash balance
-
**Market value at 31 July 2023**
11,154,238
Historical cost:
At 31 July
Investments comprise:
Investment assets in the UK
Investment assets outside the UK
Cash
**13. Stock**
Wigs
Merchandise
**14. Debtors**
Trade debtors
Accrued income
Prepayments
Other debtors
Amount due after more than one year included above|Cash
£
366,458
-
-
-
(83,646)
282,812|**2023**
**£**
**11,436,725**
**3,780,550**
**(3,535,599)**
**(160,980)**
**(83,646)**
**11,437,050**
**11,460,440**
**3,163,882**
**7,990,356**
**282,812**
**11,437,050**
**2023**
**£**
**1,215,546**
**38,822**
**1,254,368**
**2023**
**£**
**83**
**148,366**
**58,208**
**1,192**
**207,849**
**1,192**|2022
£
11,991,770
3,778,062
(3,751,745)
(666,245)
84,883| |---|---|---|---| ||||11,436,725
11,230,645
2,958,357
8,111,910
366,458| ||||11,436,725
2022
£
1,077,287
56,325| ||||1,133,612
2022
£
1,105
157,909
55,940
1,764| ||||216,718
1,764| 48 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** ## **15. Creditors : amounts due within one year** |Trade creditors
Grants payable
Other taxation and social security
Other creditors and accruals|**2023**
**£**
**124,045**
**3,869,675**
**20,602**
**60,044**
**4,074,366**|2022
£
92,061
4,942,220
17,782
58,838| |---|---|---| |||5,110,901| ## **16. Creditors: amounts due after more than one year** |Grants payable|**2023**
**£**
**2,510,265**|2022
£
1,636,638| |---|---|---| ## **17. Analysis of net assets between funds** |Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors falling due after one year
**Net assets at 31 July 2023**
**Prior year comparative**
Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors falling due after one year
Net assets at 31 July 2022|Restricted
funds
£
-
-
22,603
-
-
**22,603**|£
2,053,722
8,500,000
6,379,940
(3,869,675)
(2,510,265)
**10,553,722**
£
1,980,100
9,000,000
6,578,858
(4,942,220)
(1,636,638)
10,980,100
Designated
funds
Designated
funds|General
funds
£
-
2,937,050
2,226,556
(204,691)
-
**4,958,915**
General
funds
£
-
2,436,725
5,033,645
(168,681)
-
7,301,689|**Total funds**
**£**
**2,053,722**
**11,437,050**
**8,629,099**
**(4,074,366)**
**(2,510,265)**| |---|---|---|---|---| |||||**15,535,240**
Total funds
£
1,980,100
11,436,725
11,612,503
(5,110,901)
(1,636,638)| |||||18,281,789| 49 l o VJ i oc4 1-14 11 q41 WTJ JQJi)(iii aoo 000 00 000) VJ ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** ## **18. Movements in funds (continued)** ## **Purposes of restricted funds** ## The Julia and Hans Rausing Trust A donation from The Julia and Hans Rausing Trust to support the continued provision of The Little Princess Trust free wig provision service by contributing towards the salary of The Little Princess Trust wig fitter along with their associated annual vehicle costs and the supply of wig care boxes. ## **Purposes of designated funds** ## LPT Childhood Cancer Research Fund This fund is to enable the charity to fulfil its strategic research objectives and make research funding commitments spanning multiple years. The transfer has been made to increase the balance on the fund carried into 2023/24 to match the awards expected to be made in that year. ## Clinical Trials Infrastructure Fund £2m was designated to fund a national clinical trials network over a 5 year period starting in 2023. ## – Professorial post of Paediatric Oncology Oxford University £3.5m was designated to gift to the University of Oxford as an endowment which the University will use to fund a permanent professorial post of Paediatric Oncology. ## Fixed Asset Fund The fixed asset designated fund represents the total value of fixed assets held by the charity at the year ended 31 July 2023. Fixed asset additions are represented as transfers into the fund. Depreciation and loss on disposal of assets are represented as expenditure. ## **19. Financial instruments at fair value** |Financial assets measured at fair value - listed investments|**2023**
**£**
**11,437,050**|2022
£
11,436,725| |---|---|---| ## **20. Operating lease commitments** The charity had operating leases at the year end with total future minimum lease payments as follows: |Amount falling due:
Within 1 year
Within 1 - 5 years|**2023**
**£**
**1,957**
**2,025**
**3,982**|2022
£
2,336
1,529| |---|---|---| |||3,865| 52 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** ## **21. Capital commitments** At 31 July 2023, capital expenditure commitments were as follows: |_Contracted but not provided for in the accounts:_
Microsoft Dynamics project|**2023**
**£**
**23,899**|2022
£
-| |---|---|---| At 31 July 2023, Little Princess Trust had entered into a contractual agreement to complete the implementation of Microsoft Dynamics CRM system. The contracts run in line with the implementation period. There were no further capital commitments entered into in the post year end period. ## **22. Related party transactions** Caroline Shallow, a trustee, is Managing Director of R.H. Smith & Sons (Raoul Wigmakers) Limited (company number 01179968). During the year the charity made purchases of £105,296 with Raoul Wigmakers. At the year end the charity owed Raoul Wigmakers £179. All transactions were carried out at arms' length. 53 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** ## **23. Research projects funded** Grants of £4,411,734 were made to CCLG which allowed the following research projects to be fully funded by The Little Princess Trust. |**Institution**
**Purpose of grant**
University of Leeds
Edinburgh University
ICR
Newcastle University
Birmingham University
ICR
Edinburgh University
University of Southampton
University of Birmingham
University of Sussex
Sub-total
Suppressing neuroinflammation as a strategy to enhance
childhood cancer immunotherapy.
Brunel University of
London
UCL Great Ormond
Street Institute of Child
Health
Repurposing
of
drugs
targeting
drug
resistant
self
renewing
Ewing's
sarcoma
cells
to
accelerate
new
treatments into clinical trials to improve outcomes.
Exploring the role of CSF1R as driver of lineage plasticity
in MLL-r leukaemias.
Accelerating
TYA
precision
medicine
in
soft
tissue
sarcomas with integrative mass spectrometry based
proteomics.
Identifying new treatment options for therapy resistant
Burkitt lymphoma.
MonoGerm: A phase II trial of carboplatin or vinblastine
monotherapy
induction
prior
to
radiotherapy
for
intracranial germinoma.
Linking telomere maintenance to neural differentiation to
identify
novel
therapeutic
strategies
for
ALT
neuroblastoma.
Immunotherapy for infant leukaemia: investigating and
exploiting the leukaemia microenvironment to find new
therapies to fight the disease.
Combination therapies of switchable B7H3 CAR-T cells
with immunomodulatory imide drugs for paediatric brain
tumours.
Understanding and improving the mechanism of action of
anti-GD2 monoclonal antibody therapy in neuroblastoma.
Targeting
beta:catenin:RNA/RBP
interactions
in
paediatric acute myeloid leukaemia (pAML).
Investigating the potential of interfering with glutamine
addiction to better treat MYC-driven medulloblastoma.|**2023**
**£**
3,296
207,156
35,776
249,942
215,079
623,738
244,204
140,215
232,915
24,296
269,247
249,969
2,495,833| |---|---| 54 ## **The Little Princess Trust** ## **Notes to the financial statements** ## **For the year ended 31 July 2023** ## **23. Research projects funded (continued)** |Sub-total brought forward
University of Liverpool
University of Southampton
University of Cambridge
University of Sheffield
Imperial College London
Brunel University of London
University of Bristol
University of Nottingham
University College Cork
University of Birmingham
University of Bristol
Sub-total
Investigating
the
utility of
histone
post
translational
modifications and the proteins that regulate them as
therapeutic
targets
and
biomarkers
for
high-risk
neuroblastoma.
Nanomedicine stratification to decrease the toxicity of
anticancer treatment in children.
Molecular characterisation of cancer stem cells and their
microenvironment in Wilms tumour in the quest for new
cancer treatment strategies in high risk patients.
Tri-specific GD2/B7-H3 T cell engaging antibodies in
neuroblastoma
Protecting young hearts from drug induced cardiotoxicity.
The tRNA epitranscriptome: the missing link in MYCN-
driven tumours.
Deciphering the role of
chromosomal copy number
variants in paediatric tumour initiation.
Tumour-collagen targeted IL-12 cancer immunotherapy
for paediatric high grade glioma.
Identification of therapeutic targets in MNX1-rearranged
infant Acute Myeloid Leukaemia.
A
potent
synergistic
and
selective
combination
methyltransferase therapy for poor prognosis Wilms'
tumour.
Identifying and modelling the origin of therapy related
childhood leukaemia.|**2023**
**£**
2,495,833
170,788
198,167
249,965
222,949
299,991
145,412
229,004
248,299
52,097
49,313
49,916
4,411,734| |---|---| 55 ## **The Little Princess Trust** ## **Notes to the financial statements** **For the year ended 31 July 2023** ## **23. Research projects funded (continued)** |**Research projects funded (continued)**|| |---|---| ||**2023**| ||**£**| |Sub-total brought forward|4,411,734| A research grant approved in the 2022 financial year has been withdrawn from by the University of Bristol and all funds as detailed below, have been returned to the charity: |University of Bristol
Sub-total
**Institution**
**Purpose of grant**
Cancer Research UK
Effective discounting
A grant of £2,250,000 was made to the ECMC network via Cancer Research UK.
The ECMC network is a clinical trial network comprising
12 paediatric centres for early phase clinical trial activity
in the UK. The primary objective is to make more trials
available for more children throughout the UK over the
next 5 years. LPT is a co-funder of the ECMC paediatric
network together with Cancer Research UK, NIHR,
Health
& Care
Research
Wales
and
The
Scottish
Government Public Health Agency.
Withdrawal of grant for improving outcomes for childhood
AML using nanovector delivered therapy.|(199,971)
4,211,763
2,250,000
(190,078)
6,271,685| |---|---| 56