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2023-12-31-accounts

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Charity registration number 1189748

CHILDREN'S CANCER NORTH CIO

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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CHILDREN'S CANCER NORTH CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Chairman C Peacock
Trustees V Chatterton (Appointed 25 October
2023)
S Cowling
L Rosengarten
Q C Hewson
L Ollett
A W Craft
G A Shenton
D G Hood
P Bain
Charity number 1189748
Principal address University of Newcastle upon Tyne
Claremont Road
Newcastle upon Tyne
NE1 7RU
Auditor Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Bankers Metro Bank
One Southampton Row
London
United Kingdom
WC1B 5HA
Investment advisors Brewin Dolphin
Time Central
Gallowgate
Newcastle Upon Tyne
Tyne And Wear
NE1 4SR
United Kingdom

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CHILDREN'S CANCER NORTH CIO

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 8
Statement of financial activities 9 - 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

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CHILDREN'S CANCER NORTH CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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 in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The objects of the CIO are:

  1. To promote and support research into the causes and possible forms of treatment of cancer in children.

  2. To alleviate the suffering and promote the relief and care of children afflicted with the disease of cancer, particularly by the provision of equipment for the treatment of such children.

  3. To engage in any charitable activities which may lessen the suffering of such children and ancillary thereto, to protect and preserve the health of their families, friends, and helpers.

Public benefit

The charity awards grants to ‘The Newcastle University Centre for Cancer’ to assist in the research into causes and treatments for childhood cancers.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Grant making policies

As a grant making charity any reserves held are purely to support the infrastructure of running the charity, which is done so entirely by the trustees and its volunteers. The charity holds some of its reserves as Fixed Asset Investments, which provides a modest income to assist the charity to continue its fundraising activities, but these are readily available to be spent as required. "Free reserves" are therefore considered to be the aggregate of Investments and Current Assets, including amounts designated for future grant commitments.

Achievements and performance

The charity has had a very successful year raising funds to support its key objectives outlined above. Its flagship events 'The Children's Cancer Run' and 'Great North Run' raised over £304,000 and £129,000 respectively. Participant numbers continue to increase despite a challenging period for the charity sector following difficuly global and national conditions.

The charity also raised over £569,000 from wills and legacies and returned over £89,000 from its investments, making the year a resounding success with total income at £1.32m.

The charity’s Balance Sheet and financial position remains one of strength at 31 December 2023 with reserves of £1.63m. This is well in excess of the current reserves policy which is to hold two years in core grant funding of circa £900k.

Fundraising

The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors.

Financial review

During the period the CIO has a surplus of £375,855 (2022: deficit £20,242).

As at 31 December 2023 unrestricted reserves were £1,612,649 (2022: £1,236,794) and restricted reserves £15,228 (2022: £15,228).

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CHILDREN'S CANCER NORTH CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

As a grant giving charity, the trustees are happy to conclude that the charity is a going concern, since they control donations paid out based on fundraising income achieved to date and investments held.

On that basis they have continued to adopt the going concern basis when preparing the financial statements.

The charity has strong positive cash balances and is forecasting for this to continue to be the case.

The trustees remain confident that any uncertainties do not cast significant doubt on the company’s ability to continue as a going concern.

Policy on reserves

The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charity to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. The Trustees considered it would be appropriate to hold the equivalent of two years core grant funding which would equate to holding approximately £900,000 in free reserves.

At the year end, free reserves including fixed asset investments were £1,612,649 (2022: £1,236,794), an increase of £375,855 in the year. Being the third year of operating, the trustees believe this to be satisfactory.

Investment policy and objectives

The constitution does not place any restrictions on the investment powers of the trustees.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity and are satisfied that systems are in place to mitigate the exposure to the major risks.

Plans for future periods

The charity hopes to continue to raise funds to enable the donations to be made in line with the charitable objectives.

Structure, governance and management

The charity is a registered Charitable Incorporated Organisation, number 1189748.

The name of the Charitable Incorporated Organisation is ("the CIO") is Children's Cancer North.

The charity is governed by its constitution dated 19 September 2019 and amended 15 December 2020.

The trustees who served during the year and up to the date of signature of the financial statements were: V Chatterton

(Appointed 25 October 2023)

S Cowling L Rosengarten Q C Hewson L Ollett A W Craft G A Shenton D G Hood I Birtwistle (Deceased 12 February 2024) P Bain

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CHILDREN'S CANCER NORTH CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Recruitment and appointment of trustees

Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.

In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Election of Officers. Nominees will be proposed from amongst the charity trustees at a Trustee Meeting for election to the offices of Chair, Vice Chair and Treasurer. If an Officer resigns or is removed from office, nominees from existing trustees will be proposed and elected at the next meeting of Trustees.

Organisational structure

The members of the CIO shall be its trustees for the time being. The only persons eligible to be members of the CIO are its charity trustees. Membership of the CIO cannot be transferred to anyone else.

Any member and charity trustee who ceases to be a charity trustee automatically ceases to be a member of the CIO.

Induction and training of trustees

The charity trustees will make available to each new charity trustee, on or before his or her first appointment:

(a) A copy of the current version of this constitution; and

(b) A copy of the CIO’s latest Trustees’ Annual Report and statement of accounts.

Key Management Personnel

The board give their time freely and no trustees received remuneration in the year. They are in control of the management of the charity and therefore there are no Key Management Personnel receiving any remuneration.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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CHILDREN'S CANCER NORTH CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees' report was approved by the Board of Trustees.

David Hood 13 Nov 2024 18:42:29 GMT (UTC +0) .............................. D G Hood Trustee 13 November 2024 Date: .............................................

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CHILDREN'S CANCER NORTH CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CHILDREN'S CANCER NORTH CIO

Opinion

We have audited the financial statements of Children's Cancer North CIO (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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CHILDREN'S CANCER NORTH CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CHILDREN'S CANCER NORTH CIO

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the 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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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CHILDREN'S CANCER NORTH CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CHILDREN'S CANCER NORTH CIO

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: compliance with the UK Charities Act.

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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CHILDREN'S CANCER NORTH CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CHILDREN'S CANCER NORTH CIO

Simon Brown 14 Nov 2024 08:13:35 GMT (UTC +0)

Simon Brown BA ACA DChA (Senior Statutory Auditor) for and on behalf of Azets Audit Services

14 November 2024

.........................

Chartered Accountants Statutory Auditor

Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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CHILDREN'S CANCER NORTH CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Current financial year
Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
799,412
-
Other trading activities
4
435,740
-
Investments
5
39,595
-
Total income
1,274,747
-
Expenditure on:
Raising funds
6
440,458
-
Charitable activities
7
507,378
-
Total expenditure
947,836
-
Net gains/(losses) on investments
12
48,944
-
Net income/(expenditure) for the year/
Net movement in funds
375,855
-
Fund balances at 1 January 2023
1,236,794
15,228
Fund balances at 31 December 2023
1,612,649
15,228		 Total
2023
£
799,412
435,740
39,595
1,274,747
440,458
507,378
947,836
48,944
375,855
1,252,022
1,627,877		 Total
2022
£
566,758
404,053
17,556
988,367
412,997
451,950
864,947
(143,662)
(20,242)
1,272,264
1,252,022

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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CHILDREN'S CANCER NORTH CIO

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Prior financial year

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
566,758
-
Other trading activities
4
404,053
-
Investments
5
17,556
-
Total income
988,367
-
Expenditure on:
Raising funds
6
412,997
-
Charitable activities
7
451,950
-
Total expenditure
864,947
-
Net gains/(losses) on investments
12
(143,662)
-
Net income/(expenditure) for the year/
Net movement in funds
(20,242)
-
Fund balances at 1 January 2022
1,257,036
15,228
Fund balances at 31 December 2022
1,236,794
15,228		 Total
2022
£
566,758
404,053
17,556
988,367
412,997
451,950
864,947
(143,662)
(20,242)
1,272,264
1,252,022

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CHILDREN'S CANCER NORTH CIO

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2023
£
£
886,057
99,363
1,229,203
1,328,566
(586,746)
741,820
1,627,877
15,228
1,612,649
1,627,877		 2022
£
£
824,351
83,648
685,213
768,861
(341,190)
427,671
1,252,022
15,228
1,236,794
1,252,022		 2022
£
£
824,351
83,648
685,213
768,861
(341,190)
427,671
1,252,022
15,228
1,236,794
1,252,022
1,252,022
15,228
1,236,794
1,252,022

13 November 2024 The financial statements were approved by the Trustees on .........................

David Hood 13 Nov 2024 18:42:29 GMT (UTC +0) .............................. D G Hood Trustee

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CHILDREN'S CANCER NORTH CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
517,157
(88,851)
76,089
39,595
26,833
-
543,990
685,213
1,229,203		 2022
£
£
61,823
(207,043)
222,374
17,556
32,887
-
94,710
590,503
685,213		 2022
£
£
61,823
(207,043)
222,374
17,556
32,887
-
94,710
590,503
685,213
94,710
590,503
685,213

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CHILDREN'S CANCER NORTH CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Children's Cancer North CIO is a Charitable Incorporated Organisation.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments which are held at market value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

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CHILDREN'S CANCER NORTH CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff recharged costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. Other support costs are allocated on the spread of recharged staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

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CHILDREN'S CANCER NORTH CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 230,121 394,439
Legacies receivable 569,291 172,319
799,412 566,758

4 Other trading activities

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising events 434,753 404,053
Online shop income 987 -
Other trading activities 435,740 404,053

Fundraising events comprises £304,606 (2022: £282,109) from Children's Cancer Run, £129,461 (2022: £121,944) from sponsorship entries for the Great North Run and £686 Christmas events.

5 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Investment income 24,128 17,556
Interest receivable 15,467 -
39,595 17,556

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Raising funds

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Seeking donations, grants and legacies 86,583 77,972
Staging fundraising events 175,680 184,061
Other fundraising costs 137,330 121,567
Support costs 32,615 20,435
Fundraising and publicity 432,208 404,035
Investment management 8,250 8,962
440,458 412,997

7 Charitable activities

Children's Children's
Cancer Cancer
2023 2022
£ £
Ward associated expenses 140,012 50,759
Grant funding of activities 355,416 392,276
495,428 443,035
Share of governance costs (see note 8) 11,950 8,915
507,378 451,950

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8
Support costs
Support
costs
Governance
costs
2023
Support
costs
Governance
costs
£
£
£
£
£
Office costs
21,981
-
21,981
9,025
-
Training
1,413
-
1,413
6,967
-
Telephone and internet
6,355
-
6,355
3,148
-
Subscriptions
2,866
-
2,866
1,295
-
Audit fees
-
8,000
8,000
-
7,300
Accountancy
-
3,827
3,827
-
1,460
Bank charges
-
123
123
-
155
32,615
11,950
44,565
20,435
8,915
Analysed between
Fundraising
32,615
-
32,615
20,435
-
Charitable activities
-
11,950
11,950
-
8,915
32,615
11,950
44,565
20,435
8,915
9
Net movement in funds
2023
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial
statements
8,000
10
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2023
£
Audit of the charity's annual accounts
8,000		 2022
£
9,025
6,967
3,148
1,295
7,300
1,460
155
29,350
20,435
8,915
29,350
2022
£
7,300
2022
£
7,300

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration, reimbursed expenses or benefits from the charity during the year.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Net gains/(losses) on investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Gain/(loss) on sale of investments 48,944 (143,662)

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2023 824,351
Additions 88,851
Valuation changes 47,850
Disposals (74,995)
At 31 December 2023 886,057
Carrying amount
At 31 December 2023 886,057
At 31 December 2022 824,351

Included within investments are the following holdings which account for greater than 5% of the total portfolio: Vanguard Funds Plc S%P 500 UCITS ETF USD DIS: £103,651 (11.4%) Dodge & Cox Worldwide Funds Plc U S Stock Inc Nav: £46,202 (5.1%)

15 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
3,194
-
96,169
99,363		 2022
£
-
14,793
68,855
83,648

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16
Creditors: amounts falling due within one year
Notes
Deferred income
17
Trade creditors
Accruals
17
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 January 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 December 2023		 2023
£
25,805
5,624
555,317
586,746
2023
£
25,805
2023
£
25,805
25,449
(25,449)
25,805
25,805		 2022
£
25,449
19,885
295,856
341,190
2022
£
25,449
2022
£
25,449
-
-
25,449
25,449

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement
in funds in funds
Balance at Incoming
Balance at		 Incoming Balance at
1 January 2022 resources 1 January 2023 resources 31 December
2023
£ £ £ £ £
Bone Marrow Transplant 15,228 - 15,228 - 15,228

The balance on the Bone Marrow Transplant Unit fund of £15,228 which was set up for the provision of care and major items of equipment for the Bone Marrow Unit at the Newcastle General Hospital, now located at the Great North Children's Hospital, was transferred as restricted funds to the charitable incorporated organisation, Children's Cancer North from unincorporated charity Children Cancer Fund on 30 April 2021.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
December 2023 are
represented by:
Investments
886,057
-
Current assets/(liabilities)
726,592
15,228
1,612,649
15,228		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
886,057
824,351
-
741,820
412,443
15,228
1,627,877
1,236,794
15,228		 Total
2022
£
824,351
427,671
1,252,022

20 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

21
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of investments
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase in deferred income
Cash generated from operations		 2023
£
375,855
(39,595)
(48,944)
(15,715)
245,200
356
517,157		 2022
£
(20,242)
(17,556)
143,662
35,366
(104,856)
25,449
61,823

22 Analysis of changes in net funds

The charity had no debt during the year.