Lymphoma Research Trust Registered as The C(Foperalive Clinical Cancer Therapy Trust Fund Charty Registration No. 263424 Report and Accounts For the year ended 31 March 2023
Contents 1. Legal and administrtive infonnatKJn 2. Structure. govemance and management 3. Objectives and activrties 4. Achievemenls and perf0MnCe 5. Financial review 6. Plans for future periods 7. Statement of Trustees. reswnsibilities 8. Independent exaninerfs report 9. Statement of financial actNities 10. Balance sheet 11. Notes to the financial statements
Lymphoma Research Trust (Registered as The Co-operative Clinical Cancer Therapy Trust Fund) 1. Le9al and administrative infonnation Name of the charity The lull name of the Lymphoma Research Trust is The C¢werative Clinical Cancer Therapy Tru$t Fund. The Lymphoma Research Trust Is regislered wih the Charity Commissioners of England and Wales and its registration number is 263424. Trust8•S The Iru5tee5 vtho held office during the year were" Prof. Steve Schey (Chairman) Ms. Margaret Littlejohns (Resigned 8th November 2022) Prof. Steve Devereux Mr. Paul Smrth Dr. Christopher McNamara IAppoinled 17th May 2022) Dr. Graham Collins (Appointed 17th May 2022) Prfn¢lpal offico The principal office of the charity is 511 Floor East. 250 Euston Road, London NW12PG. Advisors Bankers Coutts & Co 440 The Strand London WC2R OQS Investment managers CCLA Fund Managers Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Independent examiner Geofftey Frost BS¢ (H$) FCA Blue Spire Limited ceY Priory SoLrth Pallanl Chichester West Sussex P019 1SY 2. StruCre, gov•manc• and manag•m•nt StrUCr• of th8 charity The Lymphoma Research Trust was set up as The Ctw)eralive Ch'nical Cancer Therapy Trust Fund by Deed of Trust dated 2 December 1971. In 1990 the trustees received permission from the Charity Commission to adopt the infomial name of the Lymphoma Research Trust vthich conveys the main interest of the charity more accurately than its Original and offiaal name.
Lymphoma Research Trust (Registered as The Co-operative Clinical Cancer Therapy Trust Fund Rocrultmant, appointment and tsaining of trustees Under the terms of its Deed of Trnst. the Lymphoma Research Tnjst must have at least five Iruslees. New trustees aTe appointed by the continuing trustees at their meetings, which are held al least "¢e a year. A majorty of the continuing tntstees is sutficient to elect a T1 trustee. Trustees are kept up to dale regulady wth d)anges lating to charity legislatson. Conferences organized by legal, financial and investment professionals are available for trustees to attend. The twslees delegate the day- to-day operation of the charity to the administrator. Risk managoment policy The Iruslees maintain a risk register and aclNety review the risks which the charity faces on an annual ba$i$. 3. ObJ•¢tlv•s and activities The principal obje¢b"ve of the Lymphoma Research Trust is to provtrde fvnding foi the study and relief of those suffering from Hodgkin disease, tumours of the tymph glands. leukaemia and similar or related diseases. In fomiulating and applying these objects, the trustees have regard for the guKlan¢e of the Charity Commission on Public Benefit. The Lymphoma Research Trust does this by making grants to research programmes. In particular, st has supported the work of the Haematology Trials Group, part of the Cancer Trials Centre at University College London. for many years. The Haemalology Trials Group is a leading reseaich centWhIch ¢o-ordinates clinical trials into all types of lymphoma- Hodgkin disease and non-Hodgkin fymphoma. Grantwmaking poli¢y The trustees welcome grant applications from ¢entres of excellence lor tymphoma research in the UK. Grant applications are reviewed agair451 Ihe objects of the charity and Whe revant or necessary, the trustees will arrange for peer review of appltcations. 4. A¢hlèv•m•nts and porforniance The Lymphoma Research Tnjst continues to support the Haematoty Trials Group at University College London. The charity continued with the second year of the £502,956 grant to provide fvnding for the group for the years from January 2022 to December 2024. This was to ftjnd a tumour group lead120%}. a dal2 manager {100%1. a senior trials co-ordinatOT1100%} and a database developer150%1 which facilitate the maintenance of the trials databases and trials where a Iong-lerm assessment of treatment efficacy, and Ireatment related toxicity 15 required. Thi5 enables them to improve patient care with the development and optimisalion of therapy resulb.ng in a redu¢b"on in morbidty and mortality. The charity also continued lo provide fvnding for a Lymphoma Clinical Trials Fellow. In August 2021, £67.915 was granted lor the years from FebnJary 2022 to January 2024. The Haemalology Trials Group [3 an active research group th 4 tymphoma trials open to recruitment and 5 at the set-up stage or grant application stsge or where pab'ents are being followed up fof Outcomes to treatment. In addition lo this, the group manages a further 14 trials where resutts are being written up or Presented al conferences. Further infomiation on the trials can be fourbd on the CR UK and UCL CancerTrials Centre website at htt ..I1%.CtC.uCI.aC.Uk. The continued support from the Lymphoma Research Trust has been fundamental in shaping the Haematology Trials Group and has helped the group succeed in running practic&changing trials. During the year. the trustees awarded £26.930 to Dr. Daniel Friedman of King's College London for his project on identifying subfraclions of Chronic Lymphocyb"c Leukaemia {CLLI lIS that are primed for activation in the tissue microenvironrnenl. They also awarded £45.755 lo Dr. E¢th¥ard Poynton of Barts Cancer Institute for his project on di35ecling the mdecular heterogenetty and evolution of central nervous system lymphomas.
Lymphoma Research Trust (Registered as The C04)perative Cllnlcal Cancer Therapy Trust Fund) 5. Finan¢ial r•vlew Duftng 2022-23, the Lymphoma Research Trust receNed many donabons from patients, their relatives and frienils. Donations amounted to £76.98912022'. £96,422). thout these donations, the Lymphoma Research Trust's ability to fund essentsal core research would be severety curtailed and the twslees are very gralefvl for the support of doncKs and fvndraiser5. The charity received legacies tolaling £5,000 (Juring the year12022". £3.6711. In February 2023 the charity was notified ofa potential legacy. At year*nd date itwas not possible to quantrfy the amount the charity may receive. Investment income was £47.56012022-. £42,63n. This brought incorne from all $OUTces in the year lo a total of £129,54912022'. £142,750). Expenditure on generating funds was £15,594 12022". £15.5981. Expendiivre on charitable a¢livilie$ wa$ £45,28412022." £558.6801. Total expenditure for 2022-23 came to £60.87812022'. £574,278}. R•sor48s policy The trustees, policy is to ensure that total assets ¢over at leastthree years. estimated ¢osts forthe management of trials, the cost of one Lymphoma Clinical Fellowship over a three-year period. and the full outstanding CQSts of specific proie¢ts to which the trustees are committed. The level of fvnds at 31 March 2023 after dedtIng grant ccrfnmitments alreaty made wa5 £1,047.95512022.' £1.045.9581. Investment policy The tw$tee$ have wide powers of investment conferred on them by the Deed of Trust. The Lymphoma Research TrLESt is invested in the CCLA COIF char"eS Investment Fund. The trustees e1Ve regular reports on the performance of their inve51ments and the investment managers meet the trustees once a year. Gsven the long-term nature of the work undertaken, the tru5tee5 have set an investment strategy for funds. beyond their immediate day to day requirements, vthich seek5 to balance current income wth longer term capital appreciation in order to seek lo pserye the real value of their fund$. The Iruslees monitor the cash llow of the charity d¢)sety. 6. Plans for future poriods The Lymphoma Research Trustwll continue to make grants lo support search into the causes and treatments of lymphoma. 7. Slat•m•nt of Trust•os' rnsponsibiliti•s The trustees are responsible for preparing the Trustee5' Annual Report and the financial slalements in accordance %wth applicable law and Unrted Kingdom A¢counkn"ng Stsndards (United Kingdom Generalty Accepted Accounting Practs"ce). The law applicable to charities in England & Wales wuires the truslees to prepare financial slalemen15 for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming sources and applicalion of resources ofthe charity for that period. Irb preparing these financial slalemenls, the trustees are required lo.. select suitable accounting 1CleS and then apY them ¢onsistenlly." observe the methods and prin¢ples in the Charities SORP,.
Lymphoma Research Trust (Registered as The Co-operative Clinical Cancer Therapy Trust Fund) make judgements and estimates that are reasonable and prudent; slate whether applicable accounting standards have been follthved. Subject to any material departures disclosed and explained in the financial slatemenls", prepare the financial statements on the goiNJ ¢on¢em basis unsS it is inappropriate to presume that the charrty wll continue in operabon. The Iruslees are responsible for kpIng proper accounb.ng records that ¢Jisdose th reasonable accuracy at any time the financial posrtion of the charity and enable them to ensure that the financial statements comply wth the Charities Act 2011, the Charty IA¢¢ounts and Reports) Regulations 2008 and the provision5 of the trust deed. They are also responsible for safegLbarding the assets ofthe chanty and hence for taking reasonable steps fo¥ the preventson de ction of fraud and other irregularits"es. Approved by the B s on 14 Kk4dkle13and signed on tis behalf by: Prof S. Schey Chairman
Lymphoma Research Trust (Registered as The Co-operative Clinical Cancer Therapy Trust Fundl 8. Indendant Examinerfs Report to the Trustees of LphOrna Re$ear¢h TN$t I report to the charity trustees on my examinats"¢)n of the accounts of the charity for the year ended 31 March 2023. R•spon$lblllllgs and basis of rnport As the chaiity's trustees you are resFonsible for the preparation of the accounts in a¢¢ordance wth the requirements of the Charities Act 2011 {'the ACY). I report in re3FCt of my examinion of the charity's a¢counls carried out under section 145 of the Act and in carying out my examination I have followed all the appltcable Directions given by the Charrty Commission under sects.on 14515llbl of the kt. Ind•pendont oxaminerfs statoment I have completed my examination. I confim) that no material matters have come to my attention in connection with the examination giving me Cause to believe that in any material respect.. accounting records were not kept in respect of the chanty as required by section 130 of the Act., or the accounts do not accord wth those records". the accounts do not comply the applicable requirements conceming the form and content of accounts set out in the Charrtie5 (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a knie and fair viev/ which is not a matier considered as part of an independent examination. I have no concerns and have come across no other matters ¢cmne¢tion the examination to vthich attention should be drawn in this report in order lo enable a proper understsnding of Ihe a¢¢ounts to be reached. 20 November 2023 Geoffrey Frost BSclHons) FCA Blue Spire Limited CavAey Priory South Pallant Chichester West Sussex P019 1SY Date
Lymphoma Research Trust 2022-23 9. Statement of Financial Activities for the year ended 31 March 2023 Unrestricted Funds Note5 2023 2022 Income and endowments from: Donations Legacies Investments Total 76.989 5.000 47,560 129.549 96,442 3,671 42.637 142,750 Expenditvre: Raising funds- investment management costs Raising funds - fundraising costs Charitsble ath"vities Total 8.438 7.156 45,284 60,878 9,140 6,458 558,680 574,278 Net gainsl(losses) on investments (66.6741 133,250 Net incomel(expendlture} 1,997 (298,278) Fund balances brought forward at 31 March 2022 1.045,958 1.344,236 Fund balances carrled fOard at 31 March 2023 1047 955 1045 958
Lymphoma Research Trust 2022-23 10. Balance sheet as at 31 March 2023 Unmirfthd Fund• 2023 2022 Notes Fixed assets Investments 1.431.391 1,$06.503 Current assets DebtOfS'. prepayments and accrued income Cash at bank 8rKI in hand 11,242 193.122 204,364 92,585 170,131 262.716 Total currènt assèts Current liabi14tl•s Accruals 18001 {49,8611 409,397 460,058 18001 129,5361 343.813 374,149 Other credrtois Grants payable Total current liabilittès Net current a¥sgts 255.694 111,433 Total assets le¥$ current liabiliti8¥ 1.175.697 1,39S.070 Creditors. amounts falling du8 after onè year 1127.7421 1349,1121 Net assets 1.047,955 1,045,958 Accumulated funds Brought forward at 31 March 2022 Surplusl{deficit} for the year 1.045.958 1.997 1.344.236 1298,2781 Totsl funds 1.047,955 1,045,958 The notes numbered 1 10 7 fo Approved by Ihe Board of T arml sigr*d on its behalf by.. Chairman...........
Lymphoma Rosearch Trust 2022-23 11. Notes to the Financial Statoments A¢¢ounting policies 1.1 A¢¢ountlng convention The Lymphoma Researth Trust is an unincorporated charty registered in England govemed by a conslilution. The address of the princrpal office is Sth Floor East. 250 Euston Road. London, NW1 2PG and the chafity's operations and prinapal activrties are sel OLrt in the trustees. report. The charity corbslilules a public benefit entty as defined by FRS 102. The financial statements have been prepared in accordan wth Accounting and Reporb"ng ty Charities". Statement of Recommended Practi applicable to charities prepafing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland iSsL1 in October 2019, the Financial Reporb"ng Stsndard applicable in the United Kin9dom and Republic of Ireland IFRS 1021. the Charities Act 2011 and UK Generally Accepted Prath'ce. The financial statements are prepared on a going corTrcem basis under the historical cost convenbon. modrfied to indude certain item5 al fair value. The finanual slalements are presented in slerting which is the functional currency of the charity and rounded to the nearest £. 1.2 ststement of cash Ilows The charity (loes not indude a cash flow statement on the grounds that it is applwng FRS 102 Section 1A. 1.3 Income recognltlon All inwning resour are included in the Slalement of Finanoal Activities ISoFA} when the Charity is legally entled lo the income after any perfoman(* conditions have been met. the amount can be measuied reliably and it is probable that the iiK4)me will be recwved. Investment income is eamed through holding assets for investment purw)ses such as shares. It includes dividends and interest. Vvhere it is r1 PTath"cable to idenb.fy investment management costs incurred wlhin a scheme with reasonable accuracy the investment income is reported nel of these costs. It is included when the amount can be meaSUd reliably. Interest income is Cognised using the effective interest method and dividend and nI income is recognised as the charity's right lo receive payment is established. 1.4 Recognition of expendlture All expenditure is accounted for on an accru$ basis and has been daswfied under headings that aggregate all cosls related to the category. Expendrture is recognised where there is a legal or conslruclive obligation to make payments to third pa"eS, il is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is calegollsed under expenditure on charitable aGtivits"es and includes upkeep of the Charity's properts'es and the cost of administering the activity of the charity. Support costs are those th81 assist the work of the charity but do not directly represent charitable activities and include office costs, and govemance ¢osls_ They are incurred directly in support of expenditure on the objects of the charity and on raising fvntls foi the charity. Support costs are allocated to expendilure on charitable ackn"vib"es and Taising funds on a basis consistent with the use of those funds.
Lymphoma Research Trust 2022-23 11. Notes to the Financial Statements A¢counllng poll¢lgs 1.5 Cash & cash equlvalents Cash & cash equivalents indudes cash at bank and in hand and cash held within the investment portfolio. 1.6 VAT The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded indusive of VAT wilhin the SOFA. 1.7 Fixed asset investments Investments are recognised initially al fair value vthich is normalty the transaction price excluding transaction costs. Subsequenuy, they are measured at fair value changes recognised in 'net gains I (losses) on investments, in the SOFA where investsnents are publidy traded or their fair value can otherwise be meaSUd reliably. 1.8 Debtors receivable and creditors payable withln one yoar Debtors and creditors wth no sLited interest rate and receivable or payable within one year are recorded al Iransadion price. Any losses arising from impaimient are renised in expenditure. 1.9 Taxation The charity is considered to pass the tests set out in seclions 521 to 536 Income Tax Act 2007 IA 200n. as such no income lax is payable on the chariws actiVieS. 1.10 Going concern The finanual statements have been prepared on a going concem basis as the trustees believe that no material uncertainties exist The trustees have considered the level of ftjnds held and the expected level of income and expenditure for 12 months from 8Uthorising these financial statements. The budgeted income and expenditure is suffiaent the level of reserves for the charity to be able to conts.nue as a ng concern.
Lyrnphoma Research Trust 2022-23 11. Notes to the Finantbal Stat•ments Icontlnued) Anatysi$ of charftablo •xp•ndllur• 2022-2$ 20.22 (>anls to Institulity'. Lymphoma CknIc lrials leknf Core Support (Canw Research UKJUCL C1 C) Dr. Ugo orrof- UrN¥. Nerfrtasl K ntOn- chri$1 NHS Foundakn Tnst Or. Oafil FrdM. Ws CrAege Lorxlon Dr. Ethbrd Poyrtrn. Barts C•cer In5ti1ute JA)ort costs IrM)le 3 Grant wite baths 67,915 502,956 ,762 12.697 26.930 45.755 2.461 2.281 157.9311 45.284 S58.680 Jlo¢atlon of¥ypwl GO#ts Total support Rai%rvJ Charitab araivit ExperMlilurÈ tyFe'. Staff costs Independenl exarrdnabw fÈÈs 10 siaff cosls Olher 1.440 190 4000 470 884 6.083 1.073 7.156 2.461 DSrett costs of raisiry fvrKts Fur rais9 costs Flx•d asset bmie8tmgn¢s 2023 2022 Movomgnts In the year Markel Val 811 WI 2022 ." Acquisitio al cosl Less" Th$posals at Carrry ¥ Unrealised Ih)ssesygains Market at 31 Matth 2023 1$,503 1.482.393 1.495.795 11.482.393) 10.708 1.506,503 1A31.391 Hl0C> 795 1.495.795 InYestrnÈnts e(*npre.' CCLA mad lurx15 IA31.391 1.506.503 2023 2022 Invèxtmeht IncLMno Di¥end irtome Bank depost interest 43.756 3.B04 47,560 42.684 53 42.637 1nd¢pendeAt•xahn8s remunorath)n GOverr[e ¢OSts iJJe amr4y4 ot £W PaYdtAE its thè ex I2.. £ffjJTr for iThJependenl exarrAnation. TN8tees' ruOI11 and rnlatad trangacllon5 to trustees12022.' £211.
Lymphoma Research Trust 2022-23 11. Notes to the Financlal Statements IntInUed Financial instrumènts The carying amounts of the charitys finanrAal instrurrwts arè as fol(hv5'. 2023 2022 Financial assets MeaSUd at lair value through net incorTEllexpendthrel.' Fixed asset investments 1.431,391 1.506,503 The income, expense, net gains and nel h)sses attsibutable lo th¢ eharrty's finanaal instruments are gummarised as follows: 2023 2022 Income and expense Financial assets rn8a5uied at fairvalue Ihrough net incomellexpendiiure) Investment income Investment ManagenI fees 43.756 8,438 35.318 42,584 9.1401 33,444 2023 2022 Net gains and losses ldding thanges In tsii value) Financial assets measured at fair valve through net incomellexpenditurel Net g8insl{105se$l i)n investments 166,674 133.250 Fixed asset investments are held al fair value wih valuations obtained by reference to marttet prIS from the appfopriale stock exchange. bid prices and la5ttraded prKe5 where apwicable.