KF.r=Ta LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) ACCOUNTS 310ECEM8ER 2023
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Trustees, Report Accountants, Report Balance Sheet statement of Financial Activities Notes lo the Accounts 10
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 R¢gi$tsrod Charity Numb¢r 1101823 Prlnclpal Addrèss rjo Kreston Re8ves LLP, 168 Shorediich High Street, 2nd Floor, London. E1 6RA Governlng Do¢umont Setdement Deed dated 20th January 2(JM How Constituted As a trust Objects of the Charity The assets are held on trust to fund dinical laboratory and ephlemiological research into the causes, prevention and treatment of Lung Cancer. In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission's general guidance on wbli¢ benefit. Accountants Kr8slon Réeves LLP 2n¢J FIr. 168 Shoredilth High Street London E1 6RA Bank•r8 HSBC Bank Pl¢ 12 Hampstead Huh Street Hampstgad London NW3 1PY Tru8t••8 Robin Ellison Ajastair Meeks Trusts• Sel•ctlon Apw'ntmenl by 8XlSting truslg9S MISSION STATEMENT Introdu¢tlon Lung Cancer Research was established as a rogislered charity in 2004 lo support tha resaarch in th8 field of lung cancer. Lung cancer is p(K>rfy supported by the mainstream cancer charili8s. pardy b8¢ause il is Soon as a self- inflicted disease in many cases. There are three Iruslees of the charity. Professor Robin Ellison Mr Alastsir Meeks Professor Michael Seckl Ms Nicci Wyborn Professor Ellison and Mastsir Meeks a experienced trust lawyers. Professor Seckl is 8 wodd-leading researcher in the field of lung cancer. Ms Wybom is a lung caryr survivor.
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Purpo$• The intention of the charity is lo support SearCh in the f*ld of lung Cancer which is now showing signs of signrficanl clinical advances. One of the original purposes. lo raise funds lo support clas5 action liligalion the proceeds of which were to be used for the purposes of research (following similar experience in the United States) has now been suspended after changes in English law and practice. History The charity bonefits from legacies, arKI al present Ihe Wicy is not lo raise funds direct from the public. In March 2021. a grant application from Professor Seckl was apwoved by the trustees (after external peer review) for research targeting the activity of the kinase RSK4 and its downstream mediators as novel therau.¢ str81egies for lung cancer. The research required the recruitment ol one tx)st4o¢toral research associate for four years and one PhD sludenl for three and a half years. A grant of £430.000, lo be paid over 4 years, was awarded. A one year in advance payTnent was made in August 2021 for £107,500 and Ihis has been shown in the accounts accordin91y. The Lung Cancer Research Charity ILCRC) has been supporting hyo proiecls one lead by Dr Olivier Pardo Dr Pardo's work follows on from the discovery Ihat a molecule in lung cancer cells called RSK4 la kinas81 is a critical mediator of resistance lo existing treatments as well as enabling cancer ce115 to spread lo other parts of the body a Process called meiastasis. In this prior work published in a leading scientrfic journal called Sci Translational Medicine in 2021, Dr Pardo's t8am werè able to show that RSK4 could b8 inhibited both 9enelically and by drugs lo reverse $•$18n¢e lo existing treatments and pvent melaslasis. As we now move lo establish a trial le51ing our RSK4 targeting drugs it remains important that we understand more about the biology of RSK and how it might become resistant to our dnJg treatments. Therefore, in work supported by the LCRC, his team have investigated the molecular mKhanisms through which RSK4 Is Involved in promoting lung cancer progression and focused on Iwo separate pathways that were identified as altered by this kinase.. glucose metabolism and DNA damage response. For glucose metabolism. his team fovnd that inhibilion of RSK4 to restncl lung cancer viability Iriggored a metabolic rescue response, where cells increased their usage of glucose though glycolysis coupled lo the Tri Caboxylic Acid ITCAI cycle. This enabled the cancer cells lo try and survive the loss of RSK4 and involved a pseudo-hypoxi¢ response that promole(J the expression of metabolic enzymes driving the increased use of gluc05e. Our preliminary experiments 5ugge51 Ihal inhibiting thi5 mel8iK)lic adaptation together with RSK4 would be synergistic and lead to more efficienl killing ol lung cancer cells. For DNA damage response, Dr Pardo's leam were able to show Ihat RSK4 inhibilion is accompanied by DNA damage and this may be triggered by the interaction of RSK4 with an enzyme involved in nucleotide synthesis, CAD. Conversely. his team demonslraled Ihal DNA damage trigged an upregulalion of RSK4 expression, demonstrating that this kinase is part of a prTrsurvival response that enables the cell lo survive the stress of chemotherapeutic drug trealmenl. We are now testing how combining RSK4 with CAD inhibition. or inhibitson of DNA repair 8nzym8s. may synergistic in our survival assays. Hence, our work so far has identified Th)vel Iherapeulic combinations thal are currenlly being validated and if positive will r6suIt in further improvements for lung cancer paInt outcomes in th6 clinic.
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Dr Ghorani's tearn have been using the LCRC furKls to support sample olection within the NatH)nal Institute of Health Research REFINE-Lung sludy. This trial is testing whether we can safely reduce the frequency of giving the eXtmElY expensive immunotherapy agent mbrI2mab for lung cancer patients. If positive, the trial will save the NHS up lo a billion pounds per year. However. the NIHR does not cover sample collection and research based on these samples. The LCRC funding is fortunately enabling us to collect blood samples so that we can learn within the trial how to better select patients for immLJnothèrapy treatments which only help about 25% of the lung cancer patients who receivè it although all individua15 will start this therapy. The LCRC is pawng for UK hospital siles to take blood5, record clinical information and send blood samples and tissues to our centre at Imperial College. The funds also support Ihe processing and banking of these samples. We have been focused on sample collection and slorage, but have also been running pilot flow ffjometry experimenls lo develop a novel PCk1 receptor occupancy assay that we intend lo run on banked Samples now th81 we 8re approaching the interim 8n8lysis of this large national lung cancer trial. We will also be njnning more immune fluorvscence on the tissue blocks and continue to work with digital pathology collaborators on developing a novel biomarker approach. The rgSLJlts of this work should improvè patiènt strabfication to the most appropriate therapies, reduce patient toxicity, improve p81ienl qv81ity of lile and help $8V8 the NHS ts.me and money.
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Tho Tru$t¢¢s Professor Ellison Robin Ellison is a practising solicitor and academic. He specialises in the development of pensions and related financial services producls for insurers and other providers. and in European and international pensions, nsionS trust88 law and p8nsions in matrimonial matters. He acts lor a ntlmber of forèign governTnents and government agen9$. He is a founder of several Companies. inclu¢Jing Pondran Professional Infomiats"on, publisher ol Perspective, the electronic regulatory and legal publisher to the pensions industry. and ol the London & Colonial insurance group, and is tnjstee of several pension fvnds, lincluding those of Cambridge Colleges and Public Service Pension Fund) both as independent tnjstee and as chaimian. He also practices as a commerci81 mediator, and was Chairman of amongst others the Really Useful Theatres and the Carillion pension schemes, and gave evidence lo the Work aryj Pensions Select Committee following the collapse of Carillion. He was a founder of the Association of PensnS Lawyers. b&ing awarded its Wallace Prize in 1995 and in 1997 hg was elected the firsl solicilor Honorary Fellow of Pensions Management Institute. He was awarded the Industry Achievement award by Portfolio Inslitulional in 2013 and was European Pensions Personality of the year in 2017. H8 IS the author of numerous books on pensions includir¥J a four volume I(¥)1?3f Pensions Law and Practice. (Sweet & Maxwelll, the PgnsKJn Truslegs H8ndk17th ed, 2013, Thorogoodl and is editor of Ptsnsions Bènefits Law Reports. His book. Pension Fund Investment Law. was publishwj by Bloomsbury Professional in 2008, and he Covaulhored Pensions and Divor ILime Legall published in 2010. His rnore recent books, Pensions for you and your business, (Crimson) and Halsbury's Laws Volume 80.. Pensions (Butterworthsl were published in 2013, and his study of wulation Red Tape.. managing excess in law. regulation and the courts was published by Cambridge University Press in 2018. He wrote a rTK)nlhly column on pensions law for Pensions Workl for forty yea. He Is a Visiting Professor in Pensions Law and Economics 81 Cass Business School, City. University of London, and an oc¢asion81 broadcasler on radio and televisic on pS1onS matters. He is a former Chairman of the Pensions and Lifetime Savings Association Ifomierfy the Nalional Association of Pension Funds) and has particular experience in chaimianship, trusleeship. corporate govemance, relationships with regul810ry bodies, the law of pensions, insurance arKI financial services, and negotiation and dispute resolution. Alastair Meeks Alastair Meeks is a retired sdicitor. Until May 2020 he was a parlner in Pinsent Masons and praclised pensions law. He was chair of the Association of Pension Lavryers from 2(K17 10 2009 and is a Fellow of the Pensions Managgment Institute. He acted in relation to many landmark pension cases, induding the ITN case and BESTruslees v Stuart, bolh of which explored the interaction beiween explanatory literature and trust documentalion. He acted for the tnjstees of Anglo Unrted Pension S¢heme and the DexK)n Stheme, and in the process helped prompt the estsblishment of the DWP'S Financi¥l Assistance Scheme. He is the author of Tolleys Pensions Cases, the definitive work on Ihe subject and currenuy edits the pensions cases section of Tolley's Pensions Law. He is now taking up a role as a professh)nal Irustee with Zedra as from October 2023.
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Professor Sèckl Michael Sèckl, MD, PhD, FMSU trained medicinè arKI scienc£ at University Coll8 London (Unitèd Kingdom) obtaining a Bsc in immunol(KJy in 1983 and his MBBS in 1986. He did his general professional and specialist medical oncology training on the London circuit, and became a fellow of the Royal College of Physicians. He obtained his PhD in b1(heMistry in 1995 from ihe London Research Instilute (now known as the CRICKYUniversity College London and was that year appointed as a senior lecturerlhonorary consultant in medical oncology at Charing Cross Hospitsl in Lonth)n, now part of Imperial College London. He then established his own research groups wofkir4J on cell signalling in luThJ cAnr and Irophoblastic cancers supported by grants from Cancer Research UK, the Medical Research Council, Wellcome Trust, Wellbeing, industry, and others. He was promoted lo reader in 2002 and professor of molecular oncology in 2004, when he also took on the directorship of the Charing Cross Gestational Trophoblaslic Disease Centr8 and the supraregional Tumour Markef Assay Service. Professor Se¢kl also leads the IMn81 College Experimentsl C8n¢er Medicine Cant. the Impeftal Cancer Trials unil, runs the London Lung Cancer Mliance and has nJn multiple Phase 1.111 trials. He is on the editorial board of several joumals and chairslsits on several grants committees. He is the immediate pasl-presidenl of the Royal Society ol Medicine Oncol(¥Jy seclion and European Or9anisalion lor the Treatment of Trophoblaslic Disease. He was also p8s1 pS1{jen1 and is the Current treasurer of the International Society for the Study ol Trophoblastic Disease and hdS an honorary professorship wrth the Pgking Union Medical College in China. He also established and now c¢>leads Ihe gynaecological cancer domain wilhin the Europoan Rare Adult Cancer Network IEURACANI. Educationally. hè was dirèctor ol poslgradu81e studiès for thè Dèpartment of Surgery and Cancer with overall resFM)nsibility for 200 MSclMRes and 4(K) Pho studenis beeen 2012. 2022. Wllhln hls own research group. he and his team have received numerous nalional and inlemalional awards and in the past S years have raised over £18M of grant income. He has published over 280 peer reviewed manuscripts many appearing in leading scientsfic and medical joumals such as Lancet. Lancet Oncology, New England J of Medicine. Nature communications, Saence Translats'onal Medicine and J Clinic81 On¢ol(vJy. In CognItion lor his Conlribulions lo medical science and his inlemalional leadership he was made a Fellow of the Academy of Medical Seiences in 2017. He remains committed lo leaching, research, and his patients. Nlccl Wyborn Nicci is a Senior Pensions Consultant in the Pinsent Masons Pensions Solulions business at Pinsent Masons. In her current role she specialises in risk, governance and project management services for cliènts with both dèfinèd b8n81it IDBI and dèfinèd contribution (DCI pension schèmes, working closèly with trustee boards, Pensions M8n8gers and HR Directors. Clien15 indude a £5.5 billion pension scheme IDBIDCI, a £1 billion pension scheme IDBlwith AVCs}. a £700 million pension scheme lopen DBI and £300 million pension scheme IDBIDCI. Nicci had been at Pinsenl Masons for nearty 23 years starting her ¢arogr as a PA in the pensions group, before moving to Pinsent Masons Pensions Solutions in 2017. Nicci had lung surgery in 2018 for a carcinoid lung lumour so the work fundeil by the charity is extremely important lo her.
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 I declare that in my capaaty of chariiy trustee. that.. - the Trustees have approved the report al., 8rwJ hava authorisgd me to sign it on thgir beham. OottuSion•d by.. tsIK dL4St Ro In Trustee Ison
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) ACCOUNTANTS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 In accordance with the engagement letter of 3 September 2013 we have prepared the accounts, set out on pages 8 10 10. from the accounting records of the Trustees and infom)alion and explanations given lo us. These accounts have been compiled in accordance with the accounting policie5 set out in Note 1 to these accounts. These accounts are not intended to comply fully with the provisions of'UK Generally Accepted Accounting Principles,. This report is made to the Trustees of Lung Cancer Research Trust. in accordan with the terms of our engagement. Our wort has been undettsken so Ihal we might prepare the accounts, report that we have done so and slate those matters which we feel should be drawn to the Trustees, attention and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibilily lo anyone, other than the Trustees, for our work or for this report. We have carried out this engagement in accordance with technical guidelines issued by the Institute of Chartered Accounlanls in England & Wales and by the Society of Trust and Estate Practitioners. We have compiled this report with ethical guidance laid down by those bodies. We have not been instructed to carry out an audit of these accounts. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations given lo us and we do not, therefore, express any opinion on these accounts. Il,,k eeLugs LL Krèston Ra•v•s LLP Chartered Accountants 2nd Floor 168 Shoredilch High Street London E16RA ACCOUNTS APPROVAL CERTIFICATE We approve these accounts and conffimi that we have made available all relevant records and information for their preparation. Do¢u8*dby'. Ison ALl$
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) BALANCE SHEET AS AT 31 DECEMBER 2023 UNRESTRICTED FUNDS UNRESTRICTED FUNDS 31 December 2023 31 December 2022 Note Current assets HSBC Bank PIC 370,100 473,636 Total cash fvnds Creditors within one year Accountancy and Independent Examination charges 4,080 1,980 Net assets Funds ofthe Charlty Cash funds brought forward, 310ecember 2022 Nel rec8lPtsllpaymenls) during the year 471,656 (105,6361 466,357 5,299 Total funds IINSERT DATEI Signed by the Trustees on....... ALl5
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) STATEMENT OF FINANCIAL ACTIVITIES (SOFA) FOR THE YEAR ENDED 31 DECEMBER 2023 UNRESTRICTED FUNDS UNRESTRICTED FUNDS 31 December 2023 31 December 2022 Note Incomlng resources Bank Charges refund Donations received 9,071 11,960 Total incoming resources Resources expended Accountancy and Independent Examination charges Solicitors Charges Bank charges Imperial College for funding for lung cancer research Administration Expenses Registration with the Fundraising Regulator 2.100 1,980 4,560 121 133 111.507 917 50 Total rosources expended Net movement In funds 1105.636) 5,299 Total fund8 brought forward, 31 Decembèr 2022 471.656 466,357 Total funds as at 31 December2023
LUNG CANCER RESEARCH (CHARITY COMMISSION NO. 1101823) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Provision is included for all known current liabilities. Contingent and future liabilities are not included. except where menlioned below by narrative nole. Assets are shown at their value al the balance sheet date. Income Tax {ITI. Capltal Galns Tax ICGT) and Inherltance Tax IIHTI The trust, as a charity. is exempt from IT and CGT on its investment income and capital gains. None of the reslricts'ons on this relief. imposed by tax legislation. apply for this year. The trust is also exempl from IHT while its fvnds continue to be held or applied for charitable purposes. 3 DonatSons The Trustees received the following donations during this year'.- 2023 2022 Multiple payments Charities Trust Charitable Giving Charities Aid Foundation Paypal Giving Fund Other 603 120 110 4,216 4,022 240 119 413 Single payments Charities Aid Foundation Donatis 122 Legacies from eslales Mabel Foster Patricia Regrulo Cyril Knight 8,230 2,677 159 10