GYNAE-ONCOLOGY RESEARCH AND CLINICAL EXCELLENCE (GRACE) Charitable Incorporated Organisation
Registered Charity Number 1189729
Report and Financial Statements
For the year ended 31 March 2022
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GRACE (Registered Charity No 1189729)
Report of the trustees for the period ending 31 March 2022
The trustees are pleased to present their annual report together with the financial statements of the charity for the ten month period ended 31 March 2022.
The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102)(effective 1 January 2019).
Chair’s Report
Research
The charity continues to support research into gynaecological cancers and help supply local hospitals with vital surgical equipment. Current research projects continue to be supported and with the effects of Covid still lingering fundraising activity has been slow to re-establish itself. However, new researched proposals are being assessed if they can be supported within the charity’s existing cash flow predictions. Note 7 highlights the current support being given by GRACE.
Fundraising
Fundraising is the Charity’s key source of funds. In addition to all the generous individual donations and third-party fundraising activities GRACE also organises fundraising activities throughout the year. However, following Covid and various stages of lock-down, fundraising activities have slowly started to re-emerge. It is anticipated that fundraising activities within GRACE will accelerate over the coming months and years under the direction of GRACE’s fundraising manager.
Trustees
The Charity would not exist without the trustees who voluntarily give their time and effort to help run and manage the Charity. My thanks go to them.
Simon Butler-Manuel Chair
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GRACE (Registered Charity No 1189729)
Our purposes and activities
GRACE was established in 2005 to improve the prognosis and survival rates for women with gynaecological cancers, a desperately neglected area of medicine. Since then a unique service for the gynaecological cancers has been established at St. Luke’s Cancer Centre, Guildford, supporting a clinical network across Surrey, Sussex and Hampshire delivering equity of high-quality care. GRACE uses its funds to raise awareness, purchase equipment, fund research and has contributed to the development of a centre of excellence for the treatment of gynaecological cancers, with a growing national and international reputation.
GRACE’s Mission
GRACE supports women with gynaecological cancers by raising awareness, funding research and providing local hospitals with vital surgical equipment.
Its mission is to
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Raise standards of gynaecological cancer care and treatment for women across Surrey, West Sussex and Hampshire.
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Promote early diagnosis and treatment through awareness.
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Raise funds to support ground-breaking research into the cause, progression and treatment of gynaecological cancers.
Achievements and performance
Over the last twelve months the Charity has spent £84.1k (2021: £74.6k) funding research and research related projects.
Financial review for the period
Total deficit for the twelve month period was £65,213 (ten months of 2021:deficit £59,615). The deficit is partly due to the impact of COVID-19 on fundraising income; this year £11,685, last year was £3,009, and pre-Covid £63,898, and the planned increase and full year cost of employing a fundraising and communications manager and the committed expenditure of research projects.
Overall, the financial position of the Charity remains cautious. With current annual running costs of £138k and existing net assets of £126k there are sufficient funds to cover its running costs for at least ten months. The charity endeavours to retain sufficient reserves to continue running the charity and its research funding for at least twenty-four months. Given the impact of COVID-19 and the continuing uncertainty how fundraising will resume, future and proposed research projects are being evaluated in the light of GRACE’s cash forecast position. With the employment of a fundraising and communications manager GRACE is hopeful fundraising will pick up.
Investment powers and policy
The trustees, having regard to the liquidity requirements of the charity, maintain funds which are readily accessible.
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GRACE (Registered Charity No 1189729)
Reserve’s policy and going concern
The Charity is in a fortunate position where it is not committed to any long-term liabilities. Nevertheless, it is deemed prudent for the Trustees to ensure there are sufficient reserves to ensure the continued running of the Charity and its research funding for at least twenty-four months. As mentioned above the charity has sufficient funds to cover twelve months of running and committed research costs, this falls short of the trustees’ desire to maintain at least twenty-four months cover.
However, this is not unexpected given the world post COVID-19 pandemic crisis and the expected slow recovery of the industry. It is anticipated GRACE’s reserves will remain below the desired twenty-four months cover for the coming years whilst fundraising resumes and depleted reserves are replenished.
A further exercise has been undertaken to consider the future expected cash flows of the charity and its status as a going concern. Following this exercise, using conservative assumptions, the trustees conclude the charity remains a going concern.
Reserves Policy will be reviewed annually at the end of each financial year.
Plans for future periods
When circumstances allow, GRACE will continue to provide funding support and awareness of gynaecological cancers. The Charity is looking to expand its fund-raising capacity and expertise in order to grow its research support.
Structure, Governance and Management
The Trustees are responsible for managing the affairs of the charity.
The Board of Trustees are governed by the Charity’s constitution which is the Model Constitution of a Charitable Incorporated Organisation.
Trustees are appointed for a fixed term at which point they may be re-elected or resign. In appointing a new individual as a Trustee, the Trustees must have regard to skills, knowledge and experience needed for the effective management of the Charity.
The Trustees confirm that they have had due regard to the Charity Commission’s guidance on public benefit in reviewing the charity’s aims and objectives, in planning future activities and in compiling this report.
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GRACE (Registered Charity No 1189729)
Reference and administrative details
Charity number: 1189729 Registered office: Department of Gynae-oncology, The Royal Surrey County Hospital Egerton Road Guildford Surrey, GU2 7XX Our advisors Independent examiner Anne Jenkins FCA, Darbyns Brook Littleford Lane Shamley Green GU5 0RH Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Our trustees Trustees: Simon Butler-Manuel (Chair/Director) Richard Willacy (Treasurer) Caroline Hobbs Dr Agnieszka Michael Hellen Revenko Katrina Mack Helen Nicks Dr Adrian Franklin
Trustees’ responsibility in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable Charity Law, Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity Law and the Charities Act 2011 requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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GRACE (Registered Charity No 1189729)
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitable website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
By order of the committee of trustees
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Katrina Mack (Trustee)
Date:
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Independent Examiners Report on the Accounts Report to the Trustees of GRACE (Reglstered Charity No 1189729) I to the charity tnjstees on my examination of the accounts of the Charitsble Incorporated Organisation, GRACE, for the ten-month period ended 31 March 2021, which are set out on pages 8 to 17. Responsibllltles and basls of report As the charity's trusteesi YOU a responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Acti. I report in respett of my examinatiofi of the Charity's accounts carried out under section 145 of the ACL En carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Att. Independent examlner's statement I have completed my examination. I confirrn that no material matters have come to my attention in connection with the examination giving me cause to belleve that in any material $pert.. accounting records We not kept in spect of the Charity as reqUId by settion 130 of the Act; or 2. that the accounts do not accord with those COrdS,. or 3. that the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the qUIreMent that the accounts give a "ttue and fair view- whlch is not a matter considered as part of an Independent examination. I have no concerns and have come across no other matters in connection with the examlnation to which attention should be drawn in this report in order to enable a proper understanding of the ac(Dunts to be reached. Signed Date Anne Jenkins FCA, t)arbyn$ arook Littleford Lane Shamley Gen GUS ORH
GRACE (Registered Charity No 1189729) Statement of Financial Activities (SOFA) For the Period Ending 31 March 2022
| Notes Income: Donations and legacies 2 Income from charitable activities: Fund raising 3 Income from other activities: Grants Investment income 4 Total income Expenditure Cost of raising funds Cost of generating voluntary income 5 Fund raising costs 5 Expenditure on charitable activities 5 Total expenditure Net movement in funds from operating activities Net gains/(losses) on investments Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Funds transferred Total funds carried forward |
Unrestricted Funds 12 Month Period to 31 March 2022 £ Restricted Funds 12 Month Period to 31 March 2022 £ 61,346 - 11,685 - - - 6 - 73,037 - (47,856) - (2,760) - (87,634) - (138,250) - (65,213) - - - (65,213) - - - (65,213) - 191,352 - 126,139 - |
All Funds 12 Month Period to 31 March 2022 £ All Funds 10 Month Period to 31 March 2021 £ 61,346 44,098 11,685 3,009 - - 6 16 73,037 47,123 (47,856) (32,158) (2,760) - (87,634) (74,580) (138,250) (106,738) (65,213) (59,615) - - (65,213) (59,615) - - (65,213) (59,615) 191,352 250,967 126,139 191,352 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure are derived from continuing activities and are unrestricted funds.
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GRACE (Registered Charity No 1189729) Balance Sheet For the Period Ending 31 March 2022
| Notes Fixed Assets: Tangible assets 8 Total Fixed Assets Investments Current Assets: Debtors 9 Cash at bank and in hand 10 Total Current Assets Liabilities Creditors due within one year 11 Net Current Assets Total assets less current liabilities Net Assets The funds of the charity: Unrestricted Fund 12 Restricted Fund 12 Total charity funds |
31 March 2022 £ 249 249 - 1,912 138,414 140,326 (14,436) 125,890 126,139 126,139 126,139 - 126,139 |
31 March 2021 £ 399 399 - 2,080 192,134 194,214 (3,261) 190,953 191,352 191,352 191,352 - 191,352 |
|---|---|---|
The notes on pages 11 to 17 form part of these financial statements.
Approved by the Board of Trustees on __ and signed on its behalf by: 10/10/2022
Richard Willacy Treasurer
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GRACE (Registered Charity No 1189729) Cash Flow For the Period Ending 31 March 2022
| Cash flows from operating activities Cash flows from investing activities Dividends and interest Purchase of property, plant and equipment, investments Net cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Analysis of cash and cash equivalents Cash in hand Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds for the reporting period (as per the statement of financial activities) Adjustments for: Depreciation charges Dividends and interest (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by (used in) operating activities |
12 months period to 31 March 2022 £ (53,726) 6 - 6 (53,720) 192,134 138,414 31 March 2021 £ 138,414 10 Month period to 31 March 2021 £ (65,213) 150 (6) 168 11,175 (53,726) |
10 months period to 31 March 2021 £ (59,296) |
|---|---|---|
| 16 (449) |
||
| (433) | ||
| (59,729) 251,863 |
||
| 192,134 | ||
| 31 March 2021 £ 192,134 |
||
| 10 Month period to 31 March 2021 £ (59,615) 50 (16) 933 (648) |
||
| (59,296) |
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GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2022
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 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) and the Companies Act 2006. GRACE 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(s). GRACE accounts have been prepared on the basis of being a going concern.
[b] Fund Accounting General funds are unrestricted funds that are available for the use, at the discretion of the trustees, in furtherance of the objectives of the charity and have not been designated for other purposes. Designated funds comprise of unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or that have been raised by the charity for particular purposes. Costs relating to such funds are charged against specific funds.
[c] Incoming Resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income, there is reasonable certainty of receipt and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income.
- i. Donations/Collections
These are accounted for when received or where there is reasonable certainty of receipt.
ii. Legacies
Entitlement is the earlier of the charity receiving the final estate accounts or the legacy being received.
iii. Donated Goods/Services
This is included at the value to the charity where this can be quantified.
iv. Grants
Where these are related to the performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance. Where income is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, the income is accrued.
[d] Resources Expended
All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of the resource. The following specific policies apply to categories of expenditure.
- i. Tangible fixed assets and depreciation
Tangible assets held by the charity for its own use are capitalised and
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GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2022
depreciated on a straight-line basis. This permits the write-off of their costs over their useful lives as follows,
- Office/Computer equipment – 3 years
ii. Cost of generating voluntary income
These costs are those costs, be it fixed or variable, incurred in seeking voluntary contributions.
- iii. Fundraising trading costs
Are those costs incurred for products sold to raise funds for the Charity.
iv. Charitable activities cost
These are the cost incurred directly funding the aims of the Charity. It also includes the directly associated costs incurred in running GRACE’s charity events.
[e]
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.
[f]
Creditors
Creditors 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.
[g]
Financial instruments
The trust 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.
[h] Taxation
GRACE is a registered charity and is therefore potentially exempt from taxation of its income and gains to the extent that they fall within section 505 of the Income and Corporation Taxes Act 1998 and section 256 of the Taxation of Chargeable Gains Act 1992. No tax charge has arisen in the year.
2. Income from donations and legacies
| Donations | 12 Month Period to 31 March 2022 £ 61,346 |
10 Month Period to 31 March 2021 £ |
|---|---|---|
| 44,098 |
All income from donations and legacies was unrestricted.
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GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2022
| 3. | Income from charitable activities: Fundraising | Income from charitable activities: Fundraising | Income from charitable activities: Fundraising | Income from charitable activities: Fundraising | Income from charitable activities: Fundraising | ||||
|---|---|---|---|---|---|---|---|---|---|
| 12 | Month | 10 | Month | ||||||
| Period to | Period to | ||||||||
| 31 | March | 31 March | |||||||
| 2022 | 2021 | ||||||||
| £ | £ | ||||||||
| Fundraising/Products | 11,685 | 1,929 | |||||||
| Other | - | 1,080 | |||||||
| 11,685 | 3,009 | ||||||||
| All fundraising activities | represent unrestricted funds. | ||||||||
| 4. | Investment income | ||||||||
| 12 | Month | 10 | Month | ||||||
| Period to | Period to | ||||||||
| 31 | March | 31 | March | ||||||
| 2022 | 2021 | ||||||||
| £ | £ | ||||||||
| CAF Deposit Account interest | 6 | 16 | |||||||
| 5. | Analysis of resources | expended | |||||||
| All | Funds | ||||||||
| 10 | Month | ||||||||
| 12 | Month Period to | Period to | |||||||
| 31 March | 31 | March | |||||||
| 2022 | 2021 | ||||||||
| £ | £ | ||||||||
| Unrestricted | Restricted | Total | Total | ||||||
| Cost of generating voluntary | |||||||||
| income: | |||||||||
| PR, web site costs, IT | 14 | - | 14 | 250 | |||||
| Insurance | 231 | - | 231 | 350 | |||||
| Bank charges | 96 | - | 96 | 59 | |||||
| Salary/Sub-Contracted costs | 45,691 | - | 45,691 | 30,637 | |||||
| Administration costs | 1,674 | - | 1,674 | 777 | |||||
| Depreciation | 150 | - | 150 | 50 | |||||
| 47,856 | - | 47,856 | 32,158 | ||||||
| Fundraising trading costs: | |||||||||
| Products | 2,760 | - | 2,760 | - | |||||
| Sundry | - | - | - | - | |||||
| - | - | - | - | ||||||
| Charitable | activities: | ||||||||
| Funded projects/research | 87,634 | - | 87,634 | 74,580 |
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GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2022
6. Staff Costs
| taff Costs | ||
|---|---|---|
| Salaries and wages Social security costs Pension costs (defined contribution scheme) Average headcount Fundraising Charitable activities Total |
12 Month Period to 31 March 2022 £ 43,044 2,123 524 45,691 4 - 4 |
10 Month Period to 31 March 2021 £ |
| 40,826 2,019 218 |
||
| 43,063 | ||
| 4 1 |
||
| 5 |
7. Analysis of support given (included in the cost of charitable activities)
| Projects | 12 Month Period to 31 March 2022 Grants to individuals £ Support Costs £ Total £ 15,297 433 15,730 17,120 - 17,120 9,805 - 9,805 41,462 - 41,462 83,684 433 84,117 |
10 Months to 31 March 2021 Total £ |
|---|---|---|
| MIRRORS Study Adipocytokines and their relationship to endometrial cancer. Targeting Chemotherapy resistance using HTL01 (HOX/PBX) inhibitor in combination with MPK1 (DUSP1 inhibitor) in platinum resistant ovarian cancer. Research Assistant |
16,216 27,000 12,964 - |
|
| 56,180 |
The above grants primarily help support PhD (Doctor of Philosophy) and MD (Doctor of Medicine) students who study areas of cancer supported by GRACE.
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GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2022
8. Fixed Assets
| Cost or Valuation At 1 June 2021 Additions Disposals At 31 March 2022 Depreciation At 1 June 2021 Charge for the year Disposals At 31 March 2022 Net Book Values At 1 June 2021 At 31 March 2022 9. Debtors Accrued Gift Aid Prepayments 10. Cash at bank and in hand CAF Bank current account CAF Bank deposit account |
Office, Computer Equipment £ Total £ 449 449 - - - - 449 449 50 50 150 150 - - 200 200 399 399 249 249 As at 31 March 2022 £ 1,655 257 1,912 As at 31 March 2022 £ 101,758 36,656 138,414 |
Total £ |
As at 31 March 2021 £ |
|---|---|---|---|
| 449 - - |
|||
| 449 | |||
| 50 150 - |
|||
| 200 | |||
| 399 | |||
| 249 | |||
| 2,046 34 |
|||
| 2,080 | |||
| As at 31 March 2021 £ |
|||
| 155,484 36,650 |
|||
| 192,134 |
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GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2022
11. Creditors due within one year
| Accounts payable Accruals Other creditors |
As at 31 March 2022 £ 9,500 436 4,500 14,436 |
As at 31 March 2021 £ |
|---|---|---|
| - 3,261 |
||
| 3,261 |
12. Analysis of movements in unrestricted and restricted funds
| Unrestricted General fund Restricted fund Represented by: Fixed Assets Investments Current Assets Current Liabilities |
Transferred Balance 31/03/2021 £ Income £ Expenditure £ 191,352 73,037 (138,250) - - - General Fund £ Designated Fund £ Restricted Fund £ 249 - - - - - 140,326 - - (14,436) - - 126,139 - - |
Transfer | Balance 31/03/2022 £ |
|---|---|---|---|
| - | 126,139 | ||
| - | - | ||
| All Funds £ |
|||
| 249 - 140,326 (14,436) |
|||
| 126,139 |
13. Description of Reserves
Unrestricted Fund Funds held available for the ordinary purposes of the charity.
Designated Fund The designated fund comprises resources invested in the charity’s fixed assets. It is therefore, not readily available for other purposes. Restricted Fund These funds represent a number of donations received which carry specific restrictions imposed by the donor.
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GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2022
14. Reserves Policy
There are a number of predictable costs involved in the running of GRACE. These include PR, IT, website, insurance, administration and ongoing research project costs. As we rely heavily upon fund raising and donations for our income, which can lead to irregular cash flows, we need to maintain adequate reserves to meet these costs. To this end we endeavour to hold reserves to meet regular expenditure for twenty-four months.
Expenditure for GRACE, based on the period to 31 March 2022 is £138,250 which implies reserves cover ratio of ten times (2021: Eighteen times). This is not unexpected given the world COVID-19 pandemic crisis and expected slow recovery of the industry. It is anticipated GRACE’s reserves will remain below the desired twenty-four months cover for the coming four years, at least, whilst fundraising resumes and depleted reserves are replenished.
15. Trustees Remuneration and expenses
Trustees are not remunerated for their time and no expenses have been claimed.
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