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and Consolidated Financial Statements

Yorkshire Cancer - ° Research :. be

REGISTERED CHARITY NUMBER; 516898 (England and Wales) REGISTERED COMPANY NUMBER: 1919823,

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Yorkshire Cancer - ee Research \@ 5,

Here for you. Here for Yorkshire.@

Yorkshire is one of the regions hardest hit by cancer. Together we can change this. Yorkshire Cancer Research is a charity dedicated to funding research so that you and those you love live longer, healthier lives.

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CHIEF EXECUTIVE’S

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Looking back at a year of great change and ambition at the charity, | must start by thanking the supporters who have made it possible - the fundraisers, donors, volunteers, researchers, cancer experts and people affected by cancer who have supported Yorkshire Cancer Research.

The year saw the charity launch its refreshed strategy, reinvigorating the focus upon funding research and pioneering new services that prevent, diagnose and treat cancer in Yorkshire. Importantly, we changed how we measure our impact, focusing on the years of life saved as a result of funding vital research and services. Work to date that has been funded by Yorkshire Cancer Research is estimated to lead to 5,300 years of life for people living with or beyond cancer. For families across Yorkshire every one of those years is precious and the charity is dedicated to saving even more.

This focus and purpose was reinforced when the charity opened its new headquarters in Hornbeam Park, Harrogate, from which it could directly provide the Active Together service. This builds on the success of the service in Sheffield, which was launched in February 2022, in partnership with Sheffield Hallam University’s Advanced Wellbeing Research Centre and Sheffield Teaching Hospitals NHS Trust. The service is helping people who have received a cancer diagnosis prepare for, and recover from, their cancer treatment. It represents a big step forward in our ambition to ensure everyone with cancer in Yorkshire can benefit from the very latest research and thinking in cancer treatment.

The charity continues to fund pioneering research, funding ten new projects in the last year. Their focus includes the use of innovative ways to support prevention, early diagnosis and treatment of cancer, while reducing the need for hospital and GP visits. Researchers anticipate this will benefit both patients and the NHS. All of these projects involve members of the public in their design and delivery, ensuring patients and the public are at the heart of what we do.

This year will mark the fifth year of the Leeds Lung Health Check carrying out screening across the city before this service is taken over by the NHS. It has been fantastic to see this programme go from strength-to-strength, with the research findings directly contributing to the decision to introduce a national lung screening programme in the UK. This was a regional project with national impact, a great example of Yorkshire Cancer Research delivering benefits to Yorkshire first, but influencing improvements in cancer prevention, diagnosis and treatment far beyond the region.

In November we shared the charity’s ambitious plans to tackle cancer in Yorkshire at the Palace of Westminster. MPs, supporters and world-leading academics and clinicians came together to discuss saving lives in Yorkshire and how the charity’s work will influence the national cancer agenda. This was a clear demonstration not only of Yorkshire Cancer Research’s impact, but the importance of collaborating with other research charities and organisations to share our findings and progress the global search for better cancer treatments and cures.

The engagement and enthusiasm of the charity's supporters has been a pleasure to witness, with more people than ever tackling events like the Great North Run, the Yorkshire Three Peaks, and the charity’s own Step Out for Yorkshire event to help raise vital funds.

‘More’ may be the best way to sum up the last year at the charity, and this is set to continue as we look to open more shops, provide more support services, fund more research and, most importantly, give people more years of life and save more lives across Yorkshire.

Dr. Kathryn Scott

4 yorkshirecancerresearch.org.uk

i) —a a i/ =. CHAIR’S eo REPORT

It has been a privilege to Chair the Board of Trustees as Yorkshire Cancer Research continues to work toward its vision of ensuring people in Yorkshire live longer, healthier lives free of cancer.

The trustees give their time on a voluntary basis and represent a wealth of experience from many relevant fields, including the NHS, universities, the legal profession, commerce, retail, marketing, and financial services. The Board ensures high standards of governance and financial stewardship, supporting high quality research and the provision of new services and cancer rehabilitation. It remains 100% committed to spending the charity's income wisely and effectively.

The past financial year has been one of growth and development, with the opening of a new centre for the charity’s groundbreaking Active Together service for people with cancer. This new centre, in Harrogate, complements the Active Together service at Sheffield Hallam University’s Advanced Wellbeing Research Centre which has been funded by the charity since 2022. Together, these centres are providing essential research data to help establish how exercise not only helps people with cancer recover from their treatment, but saves lives by reducing the risk of a recurrence by up to 66%.

The charity's shops welcome thousands of customers each month, helping to raise vital income. It is thanks to these customers, inspirational groups of volunteers and fundraisers, and extraordinary acts of philanthropy that the charity remains in a strong position to support cancer researchers and the people of Yorkshire in preventing, diagnosing and treating cancer more effectively.

As Yorkshire Cancer Research prepares to mark 100 years of research and service in 2025, it will do everything it can to ensure that the people of Yorkshire benefit from the latest programmes of research and clinical trials, and new approaches to cancer screening, exercise and smoking cessation. Doing so in collaboration with other cancer research organisations, it will also contribute to global understanding of every aspect of cancer care and the science that underpins it.

None of this would be possible without the humanity, commitment and hard work of the researchers and clinicians, the charity's supporters, employees, and volunteers and | take this opportunity to thank every one of you for all that you do.

Sir Alan Langlands

Trustees’ and Strategic Report

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BOARD OF TRUSTEES

EXECUTIVE TEAM

Sir Alan Langlands FRSE Hon FMedSci (Chair) Mrs Sandra Dodson BA (Hons) (Deputy Chair) Dr Yvette Oade CBE BSc (Hons), MBChB, FRCPCH Mr Bobby Ndawula BSc (Hons), FCA Ms Liz Richards BA (Hons), ACA Mrs Clare Field MA (Hons) Oxon Dr Paul Rice BA (Joint Hons), MSc, PhD, FBCS Mr Craig Bonnar MA (Hons) (Econ) Mr Sam Jenner BA (Hons) LLM TEP Mr Matt Johnson BSc (Hons)

Dr Kathryn Scott BSc, PhD

Chief Executive

Mrs Juliet Glendinning BA (Hons), DiP Director of Brand and Relationships Mrs Joanne Mornin BA (Hons), ACA Director of Finance and Corporate Services Dr Stuart Griffiths, BSc, PhD Director of Research, Services and Policy Mr Tony Graham Director of Retail and Operations

Ms Heather Jackson MA (Hons) Oxon Ms Sandy Needham OBE DL (appointed 1 Jan 2024) Mrs Jo Beagley BA (Joint Hons) (appointed 1 Jan 2024) Mr Martin Barkley MBA (appointed 1 Jan 2024) Mr Peter Southby MA Oxon, FCA Ms Amy Hacker BA (Hons), ACA

REGISTERED OFFICE

Yorkshire Cancer Research Hornbeam Square West Harrogate HG2 8PA

REGISTERED CHARITY NUMBER 516898 (England and Wales) REGISTERED COMPANY NUMBER 1919823

SOLICITORS

The charity engages the most appropriate solicitors for the given circumstances and does not retain a dedicated practice.

AUDITORS RSM UK Audit LLP C@"talt Square Sth Floor 29 Wellington Street

INVESTMENT MANAGERS

Evelyn Partners 45 Gresham St London EC2V 7BG

Quilter Cheviot Limited 4th Floor Bauhaus 27 Quay Street Manchester

Lloyds Bank Plc 6/7 Park Row Leeds LS1 1NX

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Vision and Values

Yorkshire Cancer Research exists so that more people in Yorkshire live longer healthier lives, free of cancer.

Thanks to supporters, the charity:

• e Works to prevent cancer and to detect cancer at the earliest possible opportunity when it’s often easier to treat and a full recovery is more likely

• e Funds vital cancer research and clinical trials so that more people in Yorkshire can benefit from new and innovative cancer treatments

• e Pioneers new services for people with cancer, helping increase recovery and cancer survival across the region

• e Attracts cancer experts and world-class researchers to Yorkshire, improving healthcare for the benefit of everyone in the region.

Stra tegic ° Aims

Yorkshire Cancer ; . Research Cs

1. Reduce incidence, cancer deaths and years lost to cancer

2. Ensure people in Yorkshire have access to the best cancer prevention, diagnosis and treatment — whoever they are or wherever they live

3. Deliver research and services that save lives and influence cancer treatment worldwide

4. People affected by cancer are at the heart of our work

Vision Mission People in Yorkshire Taking action today live longer healthier to prevent, diagnose lives, free of cancer. and treat cancer.

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Funding research and services to save lives in Yorkshire

Thanks to the generosity of supporters, Yorkshire Cancer Research plays a vital role in helping more people in Yorkshire get access to the very best cancer treatment and ground-breaking trials and programmes before they are available elsewhere in the UK. Through the programmes the charity funds we help attract the best cancer experts to reduce health inequalities and increase standards of care across our region.

=> Yorkshire Cancer Research Arr currently funds £64 million of enje the benefit of people in Yorkshire. aie(©) million cancer research and servicesfor The charity currently funds 58 active 1 , 5 OOO 175,000research peopl and s e rvicehave projects.the y opportunity to be involved in Qeople our clinicalices. YorkshireresearchC and cancerR h OS services. Yorkshire Cancer Researc has remained one of the biggest funders of cancer research study places in Yorkshire, giving more people access to new and innovative cancer treatments.

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710 researchers, cancer experts and cancer champions across the country are engaged in YorkshireprogrammesCancer funded byResearch, bringingknowledge vital to expertise our region. and

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To receive funding, each study must have the potential to save lives in Yorkshire. People affected by cancer are involved in the charity’s robust review process to help prioritise those projects most important to the people whom the research is looking to support.

The chosen studies included research into whether pharmacists can have a role in helping identify people with bowel cancer sooner, a study investigating whether patients’ outcomes could be improved with new on-line tools to report symptoms and side-effects and a study investigating the best way to support people to stop smoking.

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Funding pioneering research in Yorkshire

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Lung screening helps inspire national programme

More than 8,000 people across Leeds had their lungs scanned in a pioneering trial which took a crucial role in informing plans for a national programme.

Since the Leeds Lung Health Check began lung screening in 2018, the trial, funded by Yorkshire Cancer Research, offered thousands of people who were at a higher risk of lung cancer the opportunity to be scanned for early signs of the disease. In this time the trial, delivered in partnership with Leeds Teaching Hospitals and the University of Leeds, has detected almost 350 cancers, with the majority found at an early stage when they can usually be

“With the announcement of % : a national lung screening programme, we will see th ds of li dl ea ° age gh the country. This is a huge success story for Yorkshire. The Check played in paving the way for this development highlights F a 5 the significant impact of the charity's world-leading research ess A % and clinical trials that are taking place right here in our region.” Dr Kathryn Soot Soot Chief Executive Officer Executive Officer Officer

The trial’s success had an important role in providing evidence to the Government that a national luang screening programme would be successful, leading to the announcement of a national programme in June 2023. The programme has the potential to save thousands of lives through early diagnosis.

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‘catch up’ cervical tests

People who were previously eligible for cervical screening and who are likely to have missed out on HPV testing are being offered an opportunity to take part in a new ‘catch-up’ study funded by Yorkshire Cancer Research.

The ‘Catch up Screen’ study, run by researchers at the London School of Hygiene and Tropical medicine, aims to find out if women will use at home test kits and whether the tests can reduce the number of cancers diagnosed in older age groups.

The study is seeing thousands of women in Hull receive at-home urine tests through the post. Women aged 65 to 79, who are no longer automatically invited for screening as part of the national cervical screening programme and missed out on recent improvements in the standard NHS testing process, are invited to take part.

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Door-to-door transport to screening appointments

Lack of transport, time constraints and difficulty getting to appointments are often listed as reasons why women miss their screening appointments. The latest data showed that nearly 20,000 women in Hull and East Riding of Yorkshire were not up to date with their breast screening.

Thani: to a new trial, thousands of women in pal are “Offerin9g women free trans being offered free door-to-door transport to their i ‘i 0ort breast screening appointments. to their appointments could The trial trial will research whether offering bookable offering bookable bookable remove some of the barriers Hanser to and from breast screening to and from breast screening and from breast screening from breast screening breast screening screening is an etieetve an etieetve etieetve currently preventin way to to increase the number of women attending the number of women attending number of women attending of women attending women attending attending 9 them from their appointments. appointments. attending, and potentially The trial trial is led by researchers at Hull York Medical led by researchers at Hull York Medical by researchers at Hull York Medical researchers at Hull York Medical at Hull York Medical Hull York Medical York Medical Medical increase early diagnosis and School, the University of Hull, alongside the University of Hull, alongside University of Hull, alongside of Hull, alongside Hull, alongside alongside researchers ival rates.” from the University of Leeds and the University of Leeds and University of Leeds and of Leeds and Leeds and and Hull University cancer survival Fates.

The trial trial will research whether offering bookable offering bookable bookable Hanser to and from breast screening to and from breast screening and from breast screening from breast screening breast screening screening is an etieetve an etieetve etieetve way to to increase the number of women attending the number of women attending number of women attending of women attending women attending attending their appointments. appointments.

The trial trial is led by researchers at Hull York Medical led by researchers at Hull York Medical by researchers at Hull York Medical researchers at Hull York Medical at Hull York Medical Hull York Medical York Medical Medical School, the University of Hull, alongside the University of Hull, alongside University of Hull, alongside of Hull, alongside Hull, alongside alongside researchers from the University of Leeds and the University of Leeds and University of Leeds and of Leeds and Leeds and and Hull University Teaching Hospital.

Dr Charlotte Kelly Lead Researcher

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Along with the research it funds, Yorkshire Cancer Research is providing its own pioneering services aimed at helping more people survive cancer — in Yorkshire, and beyond.

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achievementsi Key Exercise based treatment to be available across Yorkshire Worldwide evidence has shown exercise before, during and after cancer treatment can increase treatment options, reduce side effects, speed up recovery and reduce the risk of cancer coming back.

In the the last year, Yorkshire year, Yorkshire Yorkshire Cancer Research began delivering a pioneering exercise and wellbeing support service service from its new centre in Harrogate.

In the the last year, Yorkshire year, Yorkshire Yorkshire Cancer Research began Foundation (SNF), an international philanthropic delivering a pioneering exercise and wellbeing organisation which has donated £835,000 over support service service from its new centre in Harrogate. three years to fund the service. The funding, The Active Together service offers free, Active Together service offers free, Together service offers free, service offers free, free, se= Shaw me eae Ae gional Beatin personalised fitness, nutrition and wellbeing support nutrition and wellbeing support and wellbeing support wellbeing support support neve ee oost eer eee to help people people with:: cancer respond to and and recover gift: Yorkshire Cancer Research has; received in fromrom treatment. its 99-year history. The partnership will also fund a new fellowship exchange programme between The programme, programme, first developed developed with Sheffield Sheffield Hallam University and a Greece-based Hallam University’s Advanced Advanced Wellbeing Research non-profit organisation called Regeneration and Centre (AWRC), (AWRC), is based on the based on the on the the latest evidence from evidence from from Progress. Through sharing knowlege and expertise, around the world. the world. world. the exchange will advance global understanding of More than 130 people have referred themselvesto _the benefits of exercise on cancer treatment. take part in the service in Harrogate already. The service in Sheffield has already offered more than “Going through cancer treatment 1000 people support with the benefits of exercise. ° can be tough, both physically In the coming year the charity will roll the service d tally. E : ft out further across Yorkshire, starting in Barnsley, ana menta iy. Xercise Arter Doncaster and Rotherham, with the programme cancer treatment — along with laterLehn toapbe ncofferedleein Wakefield, Pi Pontefract, psychological° and nutritionaloge Exercise can havea significant positive impact on aap)Pport — can help boost people recovering from cancer and increase the wellbeing.” likelinood of survival, reducing the risk of cancer coming back in the future by up to 66%. ‘ _ The oe ; ‘Through Active Together, our service in Harrogate was made possible Lhe 2 thanks to the generosity of the Stavros Niarchos aim is to impr[ove][ treatment][ for] people with cancer today, while Act ] VYe@eo ee a oe helpingcare ine Yorkshir to shap e futureand beyo ca n d.”cer Together. oOg e e r. Dr Stuart Griffiths Director of Research, Services and Policy

The Active Together service offers free, Active Together service offers free, Together service offers free, service offers free, free, personalised fitness, nutrition and wellbeing support nutrition and wellbeing support and wellbeing support wellbeing support support to help people people with:: cancer respond to and and recover fromrom treatment.

The programme, programme, first developed developed with Sheffield Hallam University’s Advanced Advanced Wellbeing Research Centre (AWRC), (AWRC), is based on the based on the on the the latest evidence from evidence from from around the world. the world. world.

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Yorkshire Gancer Research launched a campaign to raise awareness of the many benefits of exercise for people with cancer, by commissioning and releasing its own short film.

‘Exercise and Gancer’ set out to explore the facts and evidence from around the world in favour of exercisebased treatment, through the voices of national and international experts and directly through personal experiences.

The film, which has amassed thousands of views online, responded to the charity's survey of people living with and beyond caneer in the region. The survey found just 5% of this group had taken part ina specialised’ exercise programme following their cancer diagnosis, with 74% saying their healthcare team did not discuss exercise with them.

22 yorkshirecancerresearch.org.uk

achievements: Key

Helping Yorkshire to be smokefree

Every day, 19 people in Yorkshire die from smoking-related illness and 4,500 people are diagnosed with smoking-related cancers in Yorkshire every year.

Smoking causes at least 15 different types of cancer and is the biggest cause of cancer-related death inthe region. Although smoking rates are declining, nearly half a million people in Yorkshire still smoke.

— Following the service being set up in May 2023, it reported an increase in the number of people setting dates to quit smoking. One particular street in Halifax became known as ‘Quitters Street’ after a group of Neighbours joined forces to give up tobacco for good. joined forces to give up tobacco for good. forces to give up tobacco for good. to give up tobacco for good. give up tobacco for good. up tobacco for good. tobacco for good. for good. good.

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Yorkshire Cancer Research funds vital stop smoking Neighbours joined forces to give up tobacco for good. joined forces to give up tobacco for good. forces to give up tobacco for good. to give up tobacco for good. give up tobacco for good. up tobacco for good. tobacco for good. for good. good.
services in the region to help reduce the impact of
meeae Last year, over 1,800 people quit is ee = 4 z a eh ;aS ; anae
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Working alongside NHS Trusts, universities, itt L ‘ aan RESoeea
researchers and local councils, the charity is dedicated J i]K v4 a W ji} Bcc,AE aea af
to finding ways to help more people stop smoking. “AUT: ia \ nN pa YY ee Sie ay. / \ ‘.
Despite falling smoking rates, it is crucial to intensify ji mK S 5 1 | irh 4 A)
efforts to reduce smoking prevalence. Hospitals ip ae | a. 4\ fx) 7. & ‘4 i
provide opportunities to identify smokers and provide | AEN . > 7 hi) pe Me =é
support to help them stop. Since 2021 the charity has | eee | At ). awe =x SIea
funded 45 stop smoking advisors working over 9 NHS — ‘ pr KP X O. 2 : ‘ a. ‘ee
trusts to support patients to quit smoking and gain ‘. cte 4 , < 7v ) wa
the benefits that stopping smoking brings. ae iil BBs
Each year more than 120 people die from smoking-
related cancer in Calderdale. A stop-smoking trial “One of my doctors told me about
funded by Yorkshire Cancer Research and delivered .
by Yorkshire Smokefree Calderdale, a community stop the vaping programme. ! was
smoking service, offered people in Calderdale free inspired by the fact that Yorkshire
vaping kits alongside behavioural support to help
mere pesce ate Cancer Research and the NHS were
Vaping is substantially less harmful than smoking endor.sing it. Within day: [s] [|][ had][ my]
and is one of the most effective tools for quitting vape kit and my e-liquids and |
smoking. A person is roughly twice as likely to quit . ‘ z ps
smoking if they use a vape compared to other stop haven't had a cigar [ette] [since.]
smoking tools such as nicotine replacement patches
or gum. Sue
Smokefree Calderdale Service User
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The last year saw Yorkshire Cancer saw Yorkshire Cancer Yorkshire Cancer Cancer celebrate those who have been affected those who have been affected who have been affected have been affected been affected affected Research open its new centre in Hornbeam by cancer. The festive event, which Park, Harrogate. As well as the charity's included a performance by St Aidan‘s new head office, the centre also hosts a Festive Band, was the first of many public café, a retail shop, and exercise facilities events to be held at the centre. from which it can provide its Active The charity was also able to continue Together service to support people with to expand its retail network, thanks to cancer before, during and after treatment. _the dedication of volunteers and shop The centre where supporters donate managers. This year the charity opened ftems for sale in the charity's shops was a shop in Yeadon, with a new shop in also moved into the building, bringing its Richmond set to open in the summer of operational, office, retail and service offer 2024. The charity’s ambition to continue to all together under one roof. Goods can be open new shops across the region remains, donated in person or by Free Post, andthe — with a target of 40 shops across Yorkshire charity also offers home collections. The in the next ten years. new centre has become a hub for local people to come together, enjoy a drink, snack or to shop, and directly support saving lives in Yorkshire.

The new centre hosted the charity’s ‘Help Yorkshire Shine’ Christmas tree, decorated with hundreds of ‘Yorkshire Stars’ to

24 yorkshirecancerresearch.org.uk

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Campaigningee on behalf of people ine Yorkshireoe

Since launching its public affairs strategy and proven impact of the charity’s Leeds in 2023, Yorkshire Cancer Research has Lung Health Check trial. worked to widen its influence as anexpert The charity’s Active Together service in the field of cancer and to influence continues to add evidence of the positive policy at a regional and national level to impact of exercise on cancer outcomes improve cancer outcomes for people and recurrence, with the aim of it being across Yorkshire. included in all pathways as an adjunct The charity has forged charity has forged has forged forged links with MPs with MPs MPs treatment for cancer. for cancer. cancer.

The charity has forged charity has forged has forged forged links with MPs with MPs MPs treatment for cancer. for cancer. cancer. across Yorkshire, along with representatives Politicians, supporters and and potential within 10 Downing Street, the Department — change-makers were the audience for an change-makers were the audience for an were the audience for an the audience for an audience for an for an an of Health, NHS England and the Shadow event held held in Westminster, hosted Westminster, hosted hosted by the the Health Team. Through these meetings the charity, in November. Assembled November. Assembled Assembled guests charity has demonstrated its activity across heard about the challenges faced about the challenges faced the challenges faced challenges faced faced by the the Yorkshire and reinforced its intentions to region, as well as the steps that could be as well as the steps that could be well as the steps that could be as the steps that could be the steps that could be steps that could be that could be could be be improve outcomes in the region. taken to give Yorkshire more to give Yorkshire more give Yorkshire more Yorkshire more more life to to live.

Politicians, supporters and and potential — change-makers were the audience for an change-makers were the audience for an were the audience for an the audience for an audience for an for an an event held held in Westminster, hosted Westminster, hosted hosted by the the charity, in November. Assembled November. Assembled Assembled guests heard about the challenges faced about the challenges faced the challenges faced challenges faced faced by the the region, as well as the steps that could be as well as the steps that could be well as the steps that could be as the steps that could be the steps that could be steps that could be that could be could be be taken to give Yorkshire more to give Yorkshire more give Yorkshire more Yorkshire more more life to to live. yorkshire Cancer Research continues to work collaboratively with other cancer charities and Action on Smoking and Health (ASH) to push for a clear roadmap +oasmokefree future for Yorkshire.

This work has followed on from the positive announcement by the Government in June 2023 to implement the roll out of a lung screening programme across Yorkshire and England. Thiswasbasedon a recommendation from the UK National Screening Committee which used the data

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Hundreds ‘Step Out’ as fundraisers

The charity would like to recognise and thank the More than £45,000 was raised as fundraisers took incredible community of donors and fundraisers part in ‘Step Out for Yorkshire’ in May. Hundreds who support Yorkshire Cancer Research, many of of people committed to a personal challenge by whom have been impacted by cancer. walking, running or cycling 100 miles during the FundraisersF throughout the region: participatedBa :in month,i supportingPP g the charity's: ty, commitment: a ; : : to promoting the benefits of exercise to cancer range of events, including the Yorkshire Three F Peaks Challenge, climbingPumas Mount Kilimanjaro,a ' the Pprevention and treatment. Great North Run and a 14-hour golf challenge. Many more supporters organised coffee mornings and other community fundraising events to support the charity.

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26 yorkshirecancerresearch.org.uk

JIc￿￿[l￿ob ialldlr Ily•S I'm holping to sayo lives n Yoikshire Yorkshire Cancer Research

General Financial Review and Principal Sources of Funding

Oees ea

Financial Review

Funding research that saves lives in Yorkshire

The results for the year are set out in The charity is pleased to report that it has been the Statement of Financial Activities. able to provide £17.7m (£11.0m 22/23) of charitable The financial statements have been expenditure. Fundraising income was £5.5m (£8.2m prepared in accordance with the 22/23) with a rise in our total Royalty income to accounting policies set out in Note £24m (£23.3m 22/23). With careful stewardship of 1 to the financial statements and the money entrusted to the charity, there was an comply with the Charity’s Articles investment realised and unrealised gain of £4.4m of Association, the Charities Act Oe ontee 2011, the Companies Act 2006 and Future designations representing research awards Reporting by Charities’ Statement of approved by the Trustees which are not yet payable Recommended Practice applicable have not been included as liabilities. An appropriate to charities preparing their accounts amount of unrestricted funds has been Glee Reve in accordance with the Financial to cover these and future awards shown in note 6. 2 a x Designations for future awards totalled £58m at 31 ceeaesaree Bo ene aay peneMarch 2024, an increase of £2m from the prior year (effective January 2019).

In 2005, researchers at Sheffield University, funded by Yorkshire Cancer Research, successfully demonstrated how PARP inhibitors could be used as a tailored cancer treatment. The discovery was patent-protected and licensed to KuDOS, a pharmaceutical company later acquired by AstraZeneca, who continued the development process. Following clinical trials, drugs, including tailoredLynparza,treatments Zejula andfor Talzenna,cancer havepatients become with certain hereditary cancers. In 2021 Yorkshire Cancer Research set up two funds for use by the University

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of Sheffield, made possible following the success of | As stewards of Yorkshire Cancer Research’s capital, the discovery made at the university with funding it is important that our investment managers are from the charity, and which underpins the drugs. signatories of the UN supported Principles for The funds use an element of the charity’s revenue Responsible Investment (UN PRI) and that they received from its share of the university’s royalties have incorporated the six principles on.which it is derived from sales of the drugs to support cancer based into their investment process. In particular, research across the university for at least the next it is important that each investment made decade. They are referred to below as the Yorkshire considers Environmental, Social and Cancer Research Sheffield Pioneers Fund and the Governance (ESG) factors alongside traditional Yorkshire Cancer Research More Life to Live Fund. financial metrics. In 2023, a substantial investment was made into EnvironmentallsociaiandiGovernancel(ESG) the recruitment of cancer research specialists at ae the University of Sheffield,AESincreasing; the abilityBs criteria arei a set of; standardsP to assess a to deliver world-leadingE research. Funds were company’sae operations‘ that investors,Sat such: : also applied from the Yorkshire Cancer Research as: charities, considerj when reviewing their Sheffield Pioneers Fund to projectsas at the universitypedal, investments: for research relating to cancer. These funds ¢ Environmental criteria consider how a company together are referred to below as the Yorkshire performs as a steward of nature. Cancer Research Sheffield Deed of Amendment © Social criteria examine how it manages Fund. relationships with employees, suppliers, The net movement movement in funds for the year was funds for the year was for the year was the year was year was was a customers and the communities where surplus of £13m which when added of £13m which when added £13m which when added which when added when added added to the funds the funds funds it operates. operates.

The net movement movement in funds for the year was funds for the year was for the year was the year was year was was a customers and the communities where surplus of £13m which when added of £13m which when added £13m which when added which when added when added added to the funds the funds funds it operates. operates. brought forward results in fund balances to carry e Governance deals with a company’s leadership, forward of £114m. These total funds are split executive pay, audits, internal controls, and between general funds of £21m, designated funds of shareholder rights. £58m as noted above and restricted funds of £35m. As stated in previous reports, funding of research Oli Imes unten: DialsS ae oeeste) NO ENS . does not necessarily follow the pattern of income SSEoUING Or ESG ISSUES in their investment analysis which the charity receives from year to year. lite] CISteISleeLang) [MESESBES. The Trustees continually review investment Investment ° performance against appropriate benchmarks. At Portfolio Policy and athe yearwhole endwas the performancebehind the agreed ofoverallthe portfoliobenchmark as The main investment portfolio of the charity has OL.GE Se:a Tbe Trustess also-cinploy the services; been : ere of an external investment consultant on an annual 2013 managed by Quilter Cheviot since March eae aye i art ; ; and in December 2019, a new portfolio re ae 5 ie Se = ns pen was established, managed by Evelyn Partners He eee eae i cuatsreme a (previously Smith and Williamson). At 31 March 2024, the market value of the Yorkshire Cancer Research has a detailed Investment portfolio was £Stuanid inelded , 5 F an unrealised gain of £4.5m. The unrealised gain investment policy which governs how our funds : are :invested. The charity; adopts a prudent and arose fromk the increase‘ to global :stock markets: well diversifiedF a 4investment strategy, aimed3 at following; the previous years’Los decline. During the F : : i year, investment portfolio income was £2.3m, and balancing potential returns with appropriate levels : of risk.3 The portfolioareais invested :in a range of the realised loss was £35k. assets in line with pre-agreed asset allocations.

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Review
Financial |
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Organisational structure Grant Making Policy

The charity is governed by Articles of Association which set out the charity's objectives, its powers and its constitution. The charity is also governed by its Board of Trustees, the Trustees of the charity and the Directors of the charitable company. The Trustees have legal responsibility for the strategic direction and effective governance of the charity and for ensuring that the charity is focused on achieving its objectives, continues to be financially sound and uses its resources to deliver maximum benefit. The Board of Trustees met five times during the year either in person or via Microsoft Teams.

Research is at the heart of all we do. Each research Award that is funded must meet the charity’s strategic aims to reduce incidence, cancer deaths and years lost to cancer, and ensure people in Yorkshire have access to the best cancer prevention, diagnosis and treatment — whoever they are or wherever they live. The quality and strategic fit of applications is assessed in open competition with the help of the Research Advisory Panel. The assessment process is audited and approved by the Association of Medical Research Charities. Final approval of funding is Seee ed tothe Beata: Awards are made under the terms of a binding written framework including formal Award | Conditions and Policies for Awards. Applicants are required to adhere to best practice standards of research governance and ethics.

The Chairman of the charity works closely with the Chief Executive to ensure that Board decisions are acted upon and the charity is managed effectively; this includes developing and agreeing the strategic direction of the charity for approval by the Board.

Public benefit Other formal terms deal with the handling of intellectual property produced by the research Trustees confirm that they have referred to the and its potential exploitation, to ensure the Ghanity, Gemimissions\genetaliguidance on pull charity's interests are protected and that, where benefit when reviewing our primary activities and appropriate, a return on publicly donated funds objectives and in planning our future strategy and ieamadel direction. Public benefit is at the heart of what we do as a charity, and this is demonstrated in the lifeRegular meetings meetings are held during the conduct of the conduct of conduct of of giving medical breakthrough made through research _ the Award the Award Award with Award Award Holders to measure to measure measure progress and services funded by Yorkshire Cancer Research. against agreed agreed key performance performance indicators and and to The royalties we receive from the drugs developedas 2555S progress against Award Award impact. a result of these breakthroughs go back into funding further research that will change lives in the future.

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Regular meetings meetings are held during the conduct of the conduct of conduct of of
_ the Award the Award Award with Award Award Holders to measure to measure measure progress
against agreed agreed key performance performance indicators and and to
2555S progress against Award Award impact.
£.1 7e 7
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fu nding
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In 2005, Yorkshire Cancer Research funded a worldfirst.becameLynparza, the world’sa drug firstdeveloped licensed PARPin Sheffield, inhibitor drug, successfully extending the lives of women with a certain type of advanced ovarian cancer. Since its launch, the drug has also been licensed for use for some advanced breast cancers, pancreatic cancers and prostate cancers and trials are ongoing to see if it could be effective against several other cancers too. In addition, by showing that PARP inhibitors can be made to work, Lynparza has heralded the arrival of other similar types of cancer drugs, providing patients with vital additional treatment options.

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Grant making2 policy° forthe of °°professionalism when talkingeeewith potential ‘ é supporters. Mystery shoppers help us evaluate Sheffield Pioneers Fund the degree to which they achieve this and we will Made possible: by the success of cancer drugs workany complaints.in collaboration with them if we receive discovered at the University of Sheffield with funding from Yorkshire Cancer Research, the i Sheffield Pioneers Fund can be applied for by Risk Management principal researchers based at the university. The Board/andiExecutive Team regularly reviews Applications submitted by the university are the major risks to which Yorkshire Cancer Research assessed by Worldwide Cancer Research on behalf is exposed so that as a charity, we can be satisfied of Yorkshire Cancer Research in line with the that effective and adequate risk management Association of Medical Research Charities (AMRC) and internal control systems are in place. The peer review process. uncertainties include risks to income in the The fund fund is expected to support cancer-related expected to support cancer-related to support cancer-related support cancer-related cancer-related medium ualleng term, ie iiLy,HS) uuimes ualleng term, ie iiLy,HS) uuimes term, ie iiLy,HS) uuimes ie iiLy,HS) uuimes iiLy,HS) uuimesHS) uuimes uuimes Reins seinn research at Sheffield Sheffield University for at for at at least expenditure and and risks to reputation. The framework to reputation. The framework reputation. The framework The framework framework another is designed to manage the designed to manage the to manage the manage the the risks to our strategic aims to our strategic aims our strategic aims strategic aims aims ten years. years. and has proved to be effective to date. has proved to be effective to date. proved to be effective to date. to be effective to date. be effective to date. effective to date. to date. date. We will continue to to evolve our risk management management Fundraisingaising Standards as the charity continues to develop. the charity continues to develop. charity continues to develop. continues to develop. develop.

The fund fund is expected to support cancer-related expected to support cancer-related to support cancer-related support cancer-related cancer-related medium ualleng term, ie iiLy,HS) uuimes ualleng term, ie iiLy,HS) uuimes term, ie iiLy,HS) uuimes ie iiLy,HS) uuimes iiLy,HS) uuimesHS) uuimes uuimes Reins seinn research at Sheffield Sheffield University for at for at at least expenditure and and risks to reputation. The framework to reputation. The framework reputation. The framework The framework framework another is designed to manage the designed to manage the to manage the manage the the risks to our strategic aims to our strategic aims our strategic aims strategic aims aims ten years. years. and has proved to be effective to date. has proved to be effective to date. proved to be effective to date. to be effective to date. be effective to date. effective to date. to date. date. We will continue to to evolve our risk management management Fundraisingaising Standards as the charity continues to develop. the charity continues to develop. charity continues to develop. continues to develop. develop. At Yorkshire Cancer Research, we work hard to achieve best practice in fundraising. We want Response to risk our supporters, donors and anyone who comes : { in contact with us to feel they have been treated a) Managing strategic change with respect and consideration. We subscribe to It is of paramount importance that charities are the Fundraising Regulator and Code of Fundraising clear about their purpose and strategy and how Practice and actively follow their guidance in parallel they will manage strategic change. Without this with that recommended by the Charity Commission __ clarity, there could be a lack of adequate planning for England and Wales. Our Income Generation and inefficient use of resources and, ultimately, Committee focuses specifically on fundraising a failure to deliver the required public benefit. activity and the Director responsible for Yorkshire The Board reviewed a revised ten-year model in Cancer Research's fundraising activity reports to 2022 to support the strategy. This revised plan this Committee. We also take care to monitor and reflects the refreshed strategy and how the address changes in relevant regulation that may not —_ charity is moving more into the space of service be specific to charities, such as the GDPR legislation. delivery. The development and progress of the implementation plan is being carefully monitored Working with Third Party and the ouategy itself is reviewed ennually by the z Board and this review process may result in further Fundraisers strategic changes. Meeting and explaining our work to potential b) Demonstrating public benefit donors is important in funding our work that . ’ P , saves livesNah in Yorkshire.: To do this,; we work Yorkshire: é Cancer Research: is committed; : to funding : ated nan , innovative research and pioneering services that in partnership with specialist, market-leading 3 i ae cae : support people to live long and healthy lives free fundraising organisations. We require them to j : comply , a : from cancer. We do this through focusing on with fundraising regulation, reflect the ean 1 ° eva ah : a charity’s values and to display the highest levels sada tA ESL ciNaa orc tae ne ea oat

Financial Review treatment, ensuring that people across Yorkshire Reserves policy have access to the best cancer services no matter who they are or where they live. The public The charity has decided to have general reserves benefit we seek to deliver therefore covers two reflect the expected level of operational areas. Firstly, that research and services funded to expenditure and designated funds represent prevent, diagnose and treat cancer are effective Research Awards approved but not yet incurred in helping people avoid cancer, be diagnosed with as well as anticipated future Research Awards. CANT ELEM SEC HE MEEENS Treatment The level of general reserves reflects 18 months for cancer that extends or saves their life, and ade 3 secondly ners mney act te address Known health of futurereserves anticipatedat 31 March operating 2024 were costs. £21 million Gener a ndl disparities that exist in the region. are therefore in line with the policy. This year, based on the revised strategy from 2022, the charity continued to measure impact ° across the research and services portfolio using Complaints the overarching metric of life years gained. The Complaints, compliments and feedback are an methodology and processes for this continue to important source of information on how our work be developed as our fundraising portfolio grows. impacts on our supporters and members of the Our priority areas have been selected onthe basis Public, providing us with insight and lessons for future of delivering significant public benefit inthe space activity. There were two complaints in the year to 31 of prevention, diagnosis and treatment of cancer March 2024 resolved in line with our policy through and include smoking-cessation, lung screening and 9Ur complaints process. We take all feedback very cancer rehabilitation, with clinical trials embedded Seriously and act upon it wherever possible. throughout all priority areas. The Research, Services and Policy Team reports Safeguarding Members annuallyae on the impactP of the charityz and of the PublicB provides regular updates on the progress of key strategic areas. We are especially careful when engaging c) Compliance and regulation vulnerable Fee.people and those affected byy cancer. Yorkshire Cancer Research continues to grow in To supplementPP the usual ftqualificationia and order to comply with; regulation; and to mitigatear reference checks, we request; a criminal record 5 aren check as part of our recruitment process. risk, the structure, organisation, systems and 2 4 controlsBRIBE of GIEthe WArIEU Tare FOG AER EENICE ; For certain roles the check can also include : This ensures that theystandardsg ofymanagement information: held on the: DBS children’s3 and: adults’ and control are always maintainedFilet at the barred: lists, together: with any information: held by most appropriate‘ level for a charityé of our sizei police forces, that isX reasonably considered to be and 3importance. relevant to the applied for post. We continue to make significant progress as the ° af ¢ ° charitycaecontinues to grow,SE meetingrenew demands Subsidiaries for improvements in regulations relating to tax, Y.C.R. Promotions Limited (Company number data protection, donor and volunteer stewardship, 2618142) and Y.C.R. Scientific Developments health and safety, risk management andagreater — Limited (Company number 4194001), companies emphasis on good employment practices and registered in England and Wales and wholly-owned strengthening our governance framework. by Yorkshire Cancer Research, were dormant during the year.

33

Structureand governance Trustees, members of the Directorate and other senior managers, and independent special The charity is delighted to welcome Martin Barkley, advisers from outside the charity. Each of Sandy Needham and Jo Beagley who joined in these Committees is non-executive and has no January 2024, and Peter Southby and Amy Hacker —_ executive powers other than those granted in their who joined in October 2024. Their experience will respective terms of reference approved by the be a valuable addition to the Board. Trustees. They are currently: e the Nominations and Remuneration Committee, which has Trustee recruitmg ent, dutiesremuneration, in connection Trustee with Chief and Board Executive Committee and tenure employee and a2)po[ii][ntm][ent,][ind][Uu][ctio][na][nd] nominations and Trustee appraisal and development traininfe] e the ee sleet Risk CornniLtee: which has duties regarding oversight of the charity’s legal and regulatory The recruitment process for Trustees is carried out compliance and in connection with the charity’s risk by the Nominations and Remuneration Committee arrangements and new Trustees are appointed by the Board. e the Finance and Investment Committee, which has duties All Trustees give freely of their time and received to monitor and review the charity's financial planning, no remuneration. 5in the year. DetailsA of Trustee budgeting, financialx risks, management,hom statutory: accounts - d and external audit, the charity’s investment policy and the expenses and relevant third-party transactions performance of the charity's external investment managers are disclosed in notes 7 and 21 to the financial : S statements. Trustees are required to disclose and e the Incomeé Generation: Committee, which has dutieseae : 2 i regarding the review and assessment of the charity’s income register any relevant interests and the charity uses generation plans and its compliance with law and best appropriate procedures to assess and determine practice in that area un reper oe Oreteien whee a contict oh e the Strategy and Impact Committee, which has duties to interests arises or may be perceived to arise. review and assess the activities undertaken by the charity New Trustees are selected to fill any specific skills Il gris Cries pt SAME evERES UORSUSITMNEES cas aDalidentificdaProcnectivanitetcecerclaiventa chosen for prioritisation in the most recent strategic planning gaps is P } 9 nee process and to assess and review the impact that the charity comprehensive overview of the charity’s activities has actually delivered against that it hoped to make so that they fully understand the contribution - they are expected to make before they commit e the PARP Inhibitor Committee, which2 , has dutiesF to adviseF and : 2 : to make recommendations conceming certain matters relating becoming a Trustee. They are given guidance to the charity's share of revenue arising from the family of on the structure and governance of the charity, PARP inhibitors. meet with the Chief Executive and are appointed to a Board Committee. New Trustees receive R ti p li an induction pack of key documents, including emuneration Fo icy a contract of commitment, ahead of their first The charity has a responsibility to ensure meeting and work through these documents with —_remuneration is appropriate and affordable and a the Company Secretary. Any immediate training justifiable use of charitable funds. The objectives needs are identified and incorporated within our of the Remuneration Policy are to: Trustee development programme. ° reward all employees based on their skills, performance and contribution to the charity Trustee Delega tion e enable the recruitment, retention and motivation of high calibre employees in all areas of activity The Trustees are permitted to delegate their P powers to Committees,: which: report regularly e ensurewithin sensible,the proper affordableand effectivelimits usebasedof onresources the financialare to the Board. These Committees may include health and the strategic aims of the charity

Financial Revlew be falr and equitable In settlng and managlng pay levels so as to provlde a rellable and sustalnable framework for remuneratlon, free from dlscrlmlnatlon Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). • comply wlth all relevant regulations and employment legislatlon especlally In relatlon to Statutory obligatlons. entltlements and low pay Company law requires the Trustees to prepare financial statements for each financlal year which give a true and fair view of the state of affalrs of the charitable company, and of the Income and expenditure of the charltable company, for that period. In preparing these financial statements, Remuneratlon Is revlewed on an annual basis and the Trustees are required to.. agreed by the Board of Trustees. When setting pay • select sultsble accountlng pollcles and then apply them levels, the charity glves conslderation to external conslstenttr. benchmark comparators, changes In the national and reglonal average pay movements, affordabllity and other Internal and external pressures Includlng recruitment and retentlon. malntaln a competitlve p051tlon In the external employment market by paylng at or above the medlan level for comparable posts in the voluntary sector. observe the methods and princlples In the Charltles SORP: make 5udgments and accourtlng estlmates that are reasonable and prudent,. state whether appllcable UK Accoundng Standards have been followed, subject to any materlal departure5 dlsclosed and explalned In the flnanclal statements, and Management The Trustees have delegated responslblllty for the day-to-day management of the charlty to the Chief Executive who has the followlng re5ponsibilities'. TheTru5tee5are resr>Jnsble for malntslnlro proper strateglc- to provlde Input and challenge to the accL￿ntir¥3 records whlth dlsdose wlth reasonable development of the charlty's long-term strategy and the aC￿racY at arytime theflnandal F>2sltton of the translatlon of that strategy Into operatlonal plans charbtsble compary and enable them to enwre that the finanaal sLements compty wlth the Companies Act 2006. are afso reSF#J￿1bIÈ for safeguarding the assets oftr charltsbfe compary and hen￿ for ts￿ng prepare the Ilnanclal Statements on the golng concern bas15 unless It [5 Inapproprlate to presume that the charttable company wlll contlnue In buslness. leadershlp and delivery- to deliver the strategy and operational plans and manage the charity wlthln the delegated authorltles and accountablllty frameworks lald down by the 8oard Board support- to Implement Board declslons and ensure they recelve the Informatlon and advlce they need. fraud other lffegularltie In so farastheTrLStee5 are awarE there Is no relevant audlt Intormatlon of whlch the charftable company's auditors are unaware.. Statement of the Board of Trustees. Responsibilities and The Trustees (who are also directors of Yorkshire Cancer Research for the purposes of company law) are responsible for preparing the Trustees, Report (Incorporating the Strategic Report and Director's Report) and the financial statements In accordance with applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102: The Financlal Reporting Standard applicable in the UK and the Trustees have taken all steps that thry ought to have taken to make themselves aware of any relevant audlt Information and to establish that the auditors are aware of that informatlon. Auditors RSM will be pYop05ed for re-appK*intment in accordan Wtth the Companies Act 2CYJ6. 35 22 October 2024

Independent Auditor's Report

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,, Independent Auditor's Report |

Independent auditor’s report to the members of Yorkshire Cancer Research

Opinion

Conclusions relating to going concern

We have audited the financial statements of Yorkshire Cancer Research (the ‘charitable company’) for the year ended 31. March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

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 charitable company'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.

In our opinion the financial statements:

Our responsibilities and the responsibilities of the trustees with respect to going concern are described to going concern are described going concern are described concern are described are described described in the relevant sections the relevant sections relevant sections sections of this report. this report. report.

• give a true and fair view of the state of the charitable respect to going concern are described to going concern are described going concern are described concern are described are described described in the relevant sections the relevant sections relevant sections sections company’s affairs as at 31 March 2024 and of its of this report. this report. report. incoming resources and application of resources, including its income and expenditure, for the year then ° ° oneee: Other information ® have been properly prepared in accordance with United The other information comprises the information included in Kingdom Generally Accepted Accounting Practice; and the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the * have been prepared in accordance with the other information contained within the annual report. Our requirements ofthe Gompanies/ Act 2006. opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly BasIs° for opmionee statedconclusion in oures report, we do not express: any: form of assurance

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our Our responsibility is to read the other information and, in responsibilities under those standards are further described doing so, consider whether the other information is materially in the auditor’s responsibilities for the audit of the financial inconsistent with the financial statements or our knowledge statements section of our report. We are independent of obtained in the course of the audit or otherwise appears the charitable company in accordance with the ethical to be materially misstated. If we identify such material requirements that are relevant to our audit of the financial inconsistencies or apparent material misstatements, we are statements in the UK, including the FRC’s Ethical Standard required to determine whether this gives rise to a material and we have fulfilled our other ethical responsibilities in misstatement in the financial statements themselves. If, based accordance with these requirements. We believe that the audit | nthe work we have performed, we conclude that there is evidence we have obtained is sufficient and appropriate to a material misstatement of this other information, we are provide a basis for our opinion. required to report that fact.

We have nothing to report in this regard.

37

O ee th determine is necessary to enable the preparation of financial PpMmions ON O er statements that are free from material misstatement, whether matters prescribed by the SE OREN oe Companies ACt 2006 In preparing the financial statements, the trustees are In our opinion,Ae based on the work undertaken in the course of responsiblep for assessingA the charitable; ; company’s7 ability to a the continue as a going concern, disclosing, as applicable, matters audit related to going concern and using the going concern basis of e the information given in the Trustees’ Report, which accounting unless the trustees either intend to liquidate the includes the Directors’ Report and the Strategic Report | charitable company or to cease operations, or have no realistic prepared for the purposes of company law, for the alternative but to do so. financial year for which the financial statements are eerepared is consistent with the financial statements; Auditor’sH Z/ responsibilities‘hilt; for e the Directors’ Report and the Strategic Report included the audit of the financial within the Trustees’ Report have been prepared in sta tements accordance with applicable legal requirements. Our objectives are objectives are to obtain reasonable assurance about about whether the the financial statements as a whole are free from from Mattersrs on whichich we are material misstatement, whether due to fraud or error, misstatement, whether due to fraud or error, whether due to fraud or error, due to fraud or error, to fraud or error, fraud or error, error, Prequi0redequi0red0redreded to freport byeport byort byt by by andReasonable to issue assurance an auditor'iReasonable to issue assurance an auditor'i to issue assurance an auditor'i issue assurance an auditor'i assurance an auditor'i an auditor'i auditor'ii s report thata high level of includesassurance, our opinion. but is nota high level of includesassurance, our opinion. but is not high level of includesassurance, our opinion. but is not level of includesassurance, our opinion. but is not of includesassurance, our opinion. but is not includesassurance, our opinion. but is notassurance, our opinion. but is not our opinion. but is not opinion. but is not but is not is not not exception;tion;; a(UK) guarantee will always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs(UK) guarantee will always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs guarantee will always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs will always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs that an audit a material conducted misstatementin accordance when withit exists. ISAs an audit a material conducted misstatementin accordance when withit exists. ISAs audit a material conducted misstatementin accordance when withit exists. ISAs a material conducted misstatementin accordance when withit exists. ISAs material conducted misstatementin accordance when withit exists. ISAs conducted misstatementin accordance when withit exists. ISAs misstatementin accordance when withit exists. ISAsin accordance when withit exists. ISAs accordance when withit exists. ISAs when withit exists. ISAs withit exists. ISAsit exists. ISAs exists. ISAs ISAs In the the light of the of the the knowledge and understanding of the of the the Misstatements can can arise from fraud or error and from fraud or error and fraud or error and or error and error and and are considered considered charitable company and company and and its environment obtained environment obtained obtained in material if, individually or in the the aggregate, they could could the course of the the audit, we have we have have not identified material reasonably be expected expected to influence the economic decisions the economic decisions economic decisions decisions of misstatements in the the Directors’ Report or the or the the Strategic Report users taken on the taken on the on the the basis of these financial these financial financial statements. included within the Trustees’ Trustees’ Report. We have nothing to report in respect of the following matters The extent to which the where the Companies Act 2006 requires us to report to you if, audit was considered in our opinion: A capable of detecting e returnsadequates adequateaccountingforceiourrecordsaudithavehavenotnotbeenbeenkept,receivedaeor irregularities,° rin including9 g from branches not visited by us; or fraud ° the UGE! statements are UGE! statements are statements are are not in agreement with the agreement with the with the the —_—_jrreqularities are instances of non-compliance with laws and accounting records and and returns; or regulations. The objectives of our audit are to obtain sufficient e certain disclosures of trustees’ of trustees’ trustees’ remuneration specified appropriate audit evidence audit evidence evidence regarding compliance with laws and laws and by law are not made; or regulations that have a direct effect on the determination that have a direct effect on the determination have a direct effect on the determination a direct effect on the determination direct effect on the determination effect on the determination on the determination the determination determination of we have WSs received. have WSs received. received. al al the Miceli‘ Miceli‘ and : and tomaterial performamounts audit procedures andmaterial performamounts audit procedures and performamounts audit procedures andamounts audit procedures and audit procedures and procedures anddisclosures to helpin the identifyfinancial instancesstatements, of to helpin the identifyfinancial instancesstatements, ofin the identifyfinancial instancesstatements, of the identifyfinancial instancesstatements, of identifyfinancial instancesstatements, offinancial instancesstatements, of instancesstatements, ofstatements, of of disclosures to helpin the identifyfinancial instancesstatements, of to helpin the identifyfinancial instancesstatements, ofin the identifyfinancial instancesstatements, of the identifyfinancial instancesstatements, of identifyfinancial instancesstatements, offinancial instancesstatements, of instancesstatements, ofstatements, of of explanations we we require for our audit. for our audit. our audit. audit. non-compliance with other laws and regulations that may have other laws and regulations that may have laws and regulations that may have and regulations that may have regulations that may have that may have may have have a material effect on the financial on the financial the financial financial statements, and to respond RespOns!op.b!oplienetiesespOns!op.b!oplienetiesOns!op.b!oplienetiesop.b!oplienetiesb!oplieneties!oplienetiesoplienetieslienetiesenetiestieses of trustees trusteesusteestees appropriatelylaws and regulations to identified identified or suspected during the non-compliance audit.laws and regulations to identified identified or suspected during the non-compliance audit. and regulations to identified identified or suspected during the non-compliance audit. regulations to identified identified or suspected during the non-compliance audit. to identified identified or suspected during the non-compliance audit. identified identified or suspected during the non-compliance audit. identified or suspected during the non-compliance audit. or suspected during the non-compliance audit. suspected during the non-compliance audit. during the non-compliance audit. the non-compliance audit. non-compliance audit. audit. with

Our objectives are objectives are to obtain reasonable assurance about about whether the the financial statements as a whole are free from from Mattersrs on whichich we are material misstatement, whether due to fraud or error, misstatement, whether due to fraud or error, whether due to fraud or error, due to fraud or error, to fraud or error, fraud or error, error, Prequi0redequi0red0redreded to freport byeport byort byt by by andReasonable to issue assurance an auditor'iReasonable to issue assurance an auditor'i to issue assurance an auditor'i issue assurance an auditor'i assurance an auditor'i an auditor'i auditor'ii s report thata high level of includesassurance, our opinion. but is nota high level of includesassurance, our opinion. but is not high level of includesassurance, our opinion. but is not level of includesassurance, our opinion. but is not of includesassurance, our opinion. but is not includesassurance, our opinion. but is notassurance, our opinion. but is not our opinion. but is not opinion. but is not but is not is not not exception;tion;; a(UK) guarantee will always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs(UK) guarantee will always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs guarantee will always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs will always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs always detect that an audit a material conducted misstatementin accordance when withit exists. ISAs that an audit a material conducted misstatementin accordance when withit exists. ISAs an audit a material conducted misstatementin accordance when withit exists. ISAs audit a material conducted misstatementin accordance when withit exists. ISAs a material conducted misstatementin accordance when withit exists. ISAs material conducted misstatementin accordance when withit exists. ISAs conducted misstatementin accordance when withit exists. ISAs misstatementin accordance when withit exists. ISAsin accordance when withit exists. ISAs accordance when withit exists. ISAs when withit exists. ISAs withit exists. ISAsit exists. ISAs exists. ISAs ISAs In the the light of the of the the knowledge and understanding of the of the the Misstatements can can arise from fraud or error and from fraud or error and fraud or error and or error and error and and are considered considered charitable company and company and and its environment obtained environment obtained obtained in material if, individually or in the the aggregate, they could could the course of the the audit, we have we have have not identified material reasonably be expected expected to influence the economic decisions the economic decisions economic decisions decisions of misstatements in the the Directors’ Report or the or the the Strategic Report users taken on the taken on the on the the basis of these financial these financial financial statements. included within the Trustees’ Trustees’ Report.

• ° the UGE! statements are UGE! statements are statements are are not in agreement with the agreement with the with the the accounting records and and returns; or

e certain disclosures of trustees’ of trustees’ trustees’ remuneration specified appropriate audit evidence audit evidence evidence regarding compliance with laws and laws and by law are not made; or regulations that have a direct effect on the determination that have a direct effect on the determination have a direct effect on the determination a direct effect on the determination direct effect on the determination effect on the determination on the determination the determination determination of . ‘ : and *° we have WSs received. have WSs received. received. al the Miceli‘ Miceli‘ and tomaterial performamounts audit procedures andmaterial performamounts audit procedures and performamounts audit procedures andamounts audit procedures and audit procedures and procedures anddisclosures to helpin the identifyfinancial instancesstatements, of to helpin the identifyfinancial instancesstatements, ofin the identifyfinancial instancesstatements, of the identifyfinancial instancesstatements, of identifyfinancial instancesstatements, offinancial instancesstatements, of instancesstatements, ofstatements, of of explanations we we require for our audit. for our audit. our audit. audit. non-compliance with other laws and regulations that may have other laws and regulations that may have laws and regulations that may have and regulations that may have regulations that may have that may have may have have a material effect on the financial on the financial the financial financial statements, and to respond RespOns!op.b!oplienetiesespOns!op.b!oplienetiesOns!op.b!oplienetiesop.b!oplienetiesb!oplieneties!oplienetiesoplienetieslienetiesenetiestieses of trustees trusteesusteestees appropriatelylaws and regulations to identified identified or suspected during the non-compliance audit.laws and regulations to identified identified or suspected during the non-compliance audit. and regulations to identified identified or suspected during the non-compliance audit. regulations to identified identified or suspected during the non-compliance audit. to identified identified or suspected during the non-compliance audit. identified identified or suspected during the non-compliance audit. identified or suspected during the non-compliance audit. or suspected during the non-compliance audit. suspected during the non-compliance audit. during the non-compliance audit. the non-compliance audit. non-compliance audit. audit. with As explained more fully in the Statement of Trustees’ responsibilities set out on page 35, the trustees (who are also In relation to fraud, the objectives of our audit are to to fraud, the objectives of our audit are to fraud, the objectives of our audit are to the objectives of our audit are to objectives of our audit are to of our audit are to our audit are to audit are to are to to identify the directors of the charitable company for the purposes and assess the assess the the risk of material misstatement of the financial of material misstatement of the financial material misstatement of the financial misstatement of the financial of the financial financial of company law) are responsible for the preparation of the statements due to fraud, due to fraud, to fraud, fraud, to obtain obtain sufficient appropriate audit appropriate audit audit financial statements and for being satisfied that they give a evidence regarding the assessed the assessed assessed risks of material material misstatement true and fair view, and for such internal control as the trustees | due to fraud through designing and implementing appropriate

In relation to fraud, the objectives of our audit are to to fraud, the objectives of our audit are to fraud, the objectives of our audit are to the objectives of our audit are to objectives of our audit are to of our audit are to our audit are to audit are to are to to identify and assess the assess the the risk of material misstatement of the financial of material misstatement of the financial material misstatement of the financial misstatement of the financial of the financial financial statements due to fraud, due to fraud, to fraud, fraud, to obtain obtain sufficient appropriate audit appropriate audit audit evidence regarding the assessed the assessed assessed risks of material material misstatement

_, Independent Auditor's Report |

responses and to respond and to respond to respond respond appropriately to fraud or suspected to fraud or suspected fraud or suspected suspected fraud identified during the audit. the audit. audit.

responses and to respond and to respond to respond respond appropriately to fraud or suspected to fraud or suspected fraud or suspected suspected to testing manual joumal entries and other adjustments, fraud identified during the audit. the audit. audit. evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside However, it is the the primary responsibility of management, of management, management, with the normal course of business, challenging judgements and the oversight of those charged of those charged those charged charged with governance, to ensure governance, to ensure ensure estimates. Audit procedures performed in relation to the risk that the entity’s operations the entity’s operations entity’s operations operations are conducted conducted in accordance with accordance with with around completeness of legacy and donation income included the provisions of laws and of laws and laws and and requlations and for the and for the for the the prevention but were not limited to review post year end receipts, minutes and detection of fraud. detection of fraud. of fraud. fraud. and legacy pipelines to identify any donations or legacies that should have been recognised in the period under the SORP In identifying and assessing risks of material misstatement in criteria. respect of irregularities, including fraud, the audit engagement team: A further description of our responsibilities for the audit © _ obtained an understanding of the nature of the sector, of the WRENSEL staterents is located on the Financial including the legal and regulatory framework that the Reporting councils website at Rite fre org Uk! charitable company operates in and how the charitable Te ESSE FEE EIES This description forms part of our company is: complying7 withm the legal and regulatory auditor's report. framework; e inquired of management, and those charged with Use of this freport governance, about their own identification and ; i . assessment of the risks of irregularities, including any UNbrezenibae. eoEy)vou Gi=uElp Seals known actual, suspected or alleged instances of fraud; GieLSSS C5e eeeyp Meleeele EWES Tr[Er ICUTeN * discussed matters about non-compliance with laws 16 of the Companies Act cate. Our audit work has been and regulations and how fraud might occur including undertaken so that we might state to the charitable company’s oT oon iheroethedinancaletctements members those matters we are required to state to themin an may be susceptible to fraud. auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to Asa result of these procedures we consider the most anyone other than the charitable company and the charitable significant laws and regulations that have a direct impact on GENES ERS as GEL VTC BOG Tru the financial statements are FRS 102, Charities SORP (FRS eeae er eeee 102), Companies Act 2006, Charities Act 2011, the charitable i } company’s governing document, tax legislation and Charities LUCY ROBSON Genior Statutory Auditon (Protection and Social Investment) Act 2016. We performed For_and on behaif of RSM UK AUDIT) LF, Statutory Auditor audit procedures to detect non-compliances which may have Chartered/Accountants a material impact on the financial statements which included CoE PETS reviewing the financial statements including the Trustees’ Sun peor Report, remaining alertto new or unusual transactions which 29 Wellington Street may not be in accordance with the governing documents, SESS inspecting correspondence with local tax authorities and BL evaluating advice received from internal/external advisors.

However, it is the the primary responsibility of management, of management, management, with the oversight of those charged of those charged those charged charged with governance, to ensure governance, to ensure ensure that the entity’s operations the entity’s operations entity’s operations operations are conducted conducted in accordance with accordance with with the provisions of laws and of laws and laws and and requlations and for the and for the for the the prevention and detection of fraud. detection of fraud. of fraud. fraud.

Theindirect most impact significant on thelaws financial and regulations statementsthat are have those anin relation to GDPR. We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with requlatory authorities where available.

PEASE_ 04/ 1l/24

The audit engagement team identified the risk of management override of controls and the completeness of legacy and donation income as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed in relation to the risk of management override of controls included but were not limited

39

Consolidated Financial Statements

vonssiisalice! (3

F . , Consolidated Financial Statements

Charity Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 March 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |2024|2024|2024|2023| |Notes|£|£|£|£| |Income| |Income from|donations|and|grants|2|2,692,836|338,334|3,031,170|2,828,950| |Income from|legacies|3|2,439,199|5,018|2,444,217|5,340,537| |Investment|income|4|1,352,813|907,859|2,260,672|1,294,509| |Income from|charitable|activities|(royalties)|12,040,483|11,959,610|24,000,093|23,348,410| |Total|income|18,525,331|13,210,821|31,736,152|32,812,406| |Expenditure| |Expenditure|on|raising funds|5|5,346,507|641|5,347,148|3,536,566| |Expenditure|on charitable|activities|6|9,574,354|8,125,483|17,699,837|11,020,830| |Total|expenditure|14,920,861|8,126,124|23,046,985|14,557,396| |Net gains/(losses) on|investments|1|4,428,302|(2,437)|4,425,865|(1,476,409)| |Net income|8,032,772|5,082,260|13,115,032|16,778,601| |Transfers between funds|7|(131,811)|131,811|-|-| |Net movements|in funds|7,900,961|5,214,071|13,115,032|16,778,601| |Fund|balances brought forward|70,907,046|29,922,762|100,829,808|84,051,207| |Fund|balances|carried forward 31 March 2024|17|78,808,007|35,136,833|113,944,840|100,829,808|

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All of the above results are derived from continuing activities. All gains and losses recognised in the year are included in the above.

The notes on pages 44 to 60 form part of these financial statements.

41

Charity Balance Sheet as at 31 March 2024 Company number: 01919823

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|||||||| |---|---|---|---|---|---|---| |2024|2023| |Notes|£|£| |Fixed|assets| |Intangible|assets|9|34,465|35,618| |Tangible|assets|10|2,828,413|985,538| |Investments|11|87,616,452|72,441,666| |Programme|related|investments|12|599,275|1,074,486| |91,078,605|74,537,308| |Current|assets| |Stock|42,619|31,649| |Debtors|13|12,069,840|10,223,400| |Cash|at bank and|in|hand|14|15,260,433|19,496,438| |27,372,892|29,751,487| |Creditors: amounts falling due|within one year|15|(4,506,657)|(3,458,987)| |Net current assets|22,866,235|26,292,500| |Net assets|less current|liabilities|113,944,840|100,829,808| |Funds:| |General funds|17|20,960,547|15,024,936| |Designated funds|7|57,847,460|55,882,110| |Restricted funds|7|35,136,833|29,922,762| |Total|funds|113,944,840|100,829,808| |_———eee| |The financial statements were approved|by the|Board of Trustees and|authorised for|issue on 22 October 2024 and signed|on|its| |behalf by:|,|ie|

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‘
' ~ LAL 2
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Sir Alan Langlands — Chairman

The notes on pages 44 to 60 form part of these financial statements

‘ , , Consolidated Financial Statements

Charity Cash Flow Statement as at 31 March 2024

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|||||||| |---|---|---|---|---|---|---| |2024|2023| |Notes|£|£| |Net cash provided|by operating|activities|19|10,379,112|14,151,528| |Cash flows|investing|activities| |Investment|income|2,260,672|1,294,509| |Unrealised|investment gains|(3,985,728)|(7,785,757)| |Purchase|of tangible fixed|assets|(2,151,217)|(846,377)| |Purchase|of intangible|assets|(24,997)|(54,947)| |Purchase|of investments|(33,377,998)|(11,520,213)| |Sale|of investments|22,664,151|4,355,730| |(14,615,117)|(14,557,055)| |Change|in cash and cash equivalents|in the|(4,236,005)|(405,527)| |reporting|period| |Cash and|cash equivalents|at 1 April|2023|14|19,496,438|19,901,965| |Cash and cash equivalents|at 31 March 2024|14|15,260,433|19,496,438|

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|||||| |---|---|---|---|---| |Analysis|in|changes|in net funds| |At 1 April|Cash|flows|At 31 March| |2023|2024| |£|$a|£| |Cash and|cash|equivalents| |Cash|19,496,438|(4,236,005)|15,260,433| |Total|19,496,438|(4,236,005)|15,260,433| |pele|ee|ENN|EE|EE EEEEss|

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43

1 Accounting policies awards and awards approved but not yet payable. Charity information Restricted funds are funds subject to specific restrictive conditions nie r nthe raed imposed by donors or by the purpose of the appeal. The purpose and Vetecillie Cass (RESESTEn( ie emus /)Sacampenlimese sy use of any restricted funds are set out in the notes to the financial guarantee registered as a charity in England and Wales. The address of its principal place of business is Unitz A3, Hornbeam Square West, statements. Botrog ete NonhWorksnitehire, EEnglandid, aLGZgc , aan and theOREMnat ETiSi All income4 and expenditure2 Fiis shown ‘in the Statement of Financial: , operations are set out in the Trustees’ Report. eae Activities. Basisi of prepararation Income WEEEi rsts havenaeb es Psee ni pintadi wtithed Income is‘ recognised3 when Yorkshireé Cancer Research becomes entitled5 ae+i on: eae aariti ee; HeaPx g Aa ee 2 to income which can be quantified, and receipt is considered to be aEO EFAs Fs eeie ities faeeo ae ae Aue ; probable. Gifts received for resale are recorded when they are sold due 0ee ae ee Bi ee: te = a hewsan to the difficulty in estimating fair value of the high volume of items sec eet Se anual, ) donated. Services provided by volunteers are not brought into account - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable f - > in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and as the value of their service cannot be accurately measured. the CompaniesP Act 2006. Donations. and grants Yorkshire Cancer Research meets the definition of a public benefit Cancer Research meets the definition of a public benefit Research meets the definition of a public benefit meets the definition of a public benefit the definition of a public benefit definition of a public benefit of a public benefit a public benefit public benefit benefit Income from donations and grants is recognised when there is entity under FRS under FRS 102. Assets and Assets and and liabilities are are initially recognised recognised at evidence of entitlement to the gift, receipt is probable or completed historical cost'ortransaction value unless otherwise ctatedinthe unless otherwise ctatedinthe otherwise ctatedinthe ctatedinthe and its amount can be measured reliably. Entitlement usually arises relevant accounting accounting policy note. The financial statements have been The financial statements have been financial statements have been statements have been have been been immediately upon receipt, however some gifts may include terms or prepared in Pound Sterling Pound Sterling Sterling as this this is the currency of the primary the currency of the primary currency of the primary of the primary the primary primary conditions which must be met before the charity is entitled to economic environment environment in which the charity operates. which the charity operates. the charity operates. charity operates. operates. the resources.

Yorkshire Cancer Research meets the definition of a public benefit Cancer Research meets the definition of a public benefit Research meets the definition of a public benefit meets the definition of a public benefit the definition of a public benefit definition of a public benefit of a public benefit a public benefit public benefit benefit entity under FRS under FRS 102. Assets and Assets and and liabilities are are initially recognised recognised at historical cost'ortransaction value unless otherwise ctatedinthe unless otherwise ctatedinthe otherwise ctatedinthe ctatedinthe relevant accounting accounting policy note. The financial statements have been The financial statements have been financial statements have been statements have been have been been prepared in Pound Sterling Pound Sterling Sterling as this this is the currency of the primary the currency of the primary currency of the primary of the primary the primary primary economic environment environment in which the charity operates. which the charity operates. the charity operates. charity operates. operates.

The dormant subsidiary trading companies have not been consolidated on the grounds that they are immaterial (note 11). The dormant subsidiary companies are exempt from audit by virtue of section 479A of the Companies Act 2006.

Legacies Income arising from legacies is recognised in the financial statements when Yorkshire Cancer Research is notified of their entitlement, the amount receivable can be determined with reasonable accuracy and receipt is considered to be probable.

Yorkshire Cancer Research status

Yorkshire Cancer Research is a company limited by guarantee. The Royalties members are the Trustees. The liability in respect of the guarantee is ‘ Bohn. 4 hd Royalties are recognised in the financial statements when Yorkshire limited to £1 per member. 445 eae Cancer Research can confirm its receipt is probable and the amount Goinaconcern receivable can be measured reliably. Royalties are accrued in 9 accordance with the substance of the relevant agreement. The Trustees have Trustees have have reviewed the the charity's financial position and forecast activity for at least 12 months following approval of the financial for at least 12 months following approval of the financial at least 12 months following approval of the financial least 12 months following approval of the financial 12 months following approval of the financial months following approval of the financial following approval of the financial approval of the financial the financial financial Int t and dividend statements. In the light of reserve the light of reserve light of reserve of reserve reserve levels when compared to budgeted when compared to budgeted compared to budgeted to budgeted budgeted n ere:Ste IVI ences future expenditure, expenditure, the Trustees have confidence that the charity has Trustees have confidence that the charity has have confidence that the charity has confidence that the charity has that the charity has the charity has charity has has Interest and dividends are recorded when receivable at their net adequate resources to remain remain in operation operation for the foreseeable the foreseeable foreseeable future amount plus related tax deducted or tax credit. Yorkshire Cancer and can can continue to adopt the going adopt the going the going concern basis of accounting basis of accounting of accounting accounting in Research as a registered charity is not liable to taxation on this income preparing the the financial statements. The Trustees do not consider there The Trustees do not consider there Trustees do not consider there do not consider there not consider there consider there and is able to claim repayment of tax deducted and some be any material any material material uncertainties about the about the the entity's ability to to continue as tax credits.

Goinaconcern 9 The Trustees have Trustees have have reviewed the the charity's financial position and forecast activity for at least 12 months following approval of the financial for at least 12 months following approval of the financial at least 12 months following approval of the financial least 12 months following approval of the financial 12 months following approval of the financial months following approval of the financial following approval of the financial approval of the financial the financial financial statements. In the light of reserve the light of reserve light of reserve of reserve reserve levels when compared to budgeted when compared to budgeted compared to budgeted to budgeted budgeted future expenditure, expenditure, the Trustees have confidence that the charity has Trustees have confidence that the charity has have confidence that the charity has confidence that the charity has that the charity has the charity has charity has has adequate resources to remain remain in operation operation for the foreseeable the foreseeable foreseeable future and can can continue to adopt the going adopt the going the going concern basis of accounting basis of accounting of accounting accounting in preparing the the financial statements. The Trustees do not consider there The Trustees do not consider there Trustees do not consider there do not consider there not consider there consider there to be any material any material material uncertainties about the about the the entity's ability to to continue as a going concern.

Research projects Approved grants and expenditure on charitable objectives are accounted for as incurred during the year. Where grants are approved, subject to certain conditions, covering more than one year, no provision is made for the future liability until it becomes payable.

Fund accounting General funds are available for use at the discretion of the Board of Trustees in furtherance of the general objectives of Yorkshire Cancer Research. Designated funds comprise general funds which have been set aside at the discretion of the Board of Trustees to cover future

‘ , , Consolidated Financial Statements

Expenditure of Financial Activities on the basis that such investments are, in Costs of raising: funds iinclude those incurred iin seeking; donations effect, quasi grants paidi as a means to5 funding charitable; research. z ‘ and legacies. Governance costs comprise the cost of governance Where any such investments become3 listed on a recognised stock arrangements whichi relate to the Trustees’ general running< of the exchange, theyF i are accounted for in accordance with the quoted charity% and compliance‘ withJ statutory requirements.Z All costs :include investment policy shown above. an appropriate proportion of general overheads and employee costs directly attributable to the activity. Where costs cannot be Stock directly attributed, they have been allocated to activities on a basis Stocks of purchased goods are valued at the lower of cost and net consistent with the use of resources, principally employee costs. realisable value. No value is put on any donated goods held for resale due to the difficulty in estimating fair value of the high volume of Intangible fixed fixed assets and depreciation depreciation itemsidonated:

Intangible fixed fixed assets and depreciation depreciation Intangible assets acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation. Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives as follows:

Contributions to pension funds The pension costs charged in the income and expenditure account represent the amount of the contributions payable in the accounting period to defined contribution pension schemes.

Software 3 years

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful lives as follows:

Leasehold property 10 years Leasehold retail property 5 years Motor A vehicles 2 or 3 years Office furniture and equipmentns 5 years IT equipment3 years

Fixed asset investments Term deposits and investments in subsidiary undertakings are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. These are assessed for impairment at each reporting date. Any impairment losses are recognised immediately in expenditure.

Investments - quoted Investments are stated at market value less any provision for permanent diminution in value. Market value is taken to be the middle market price ruling at the balance sheet date.

As the policy is to keep valuations up to date, when investments are sold there is no resultant gain or loss arising relating to previous periods. As a result, the Statement of Financial Activities does not distinguish between the valuation adjustments relating to sales and those relating to continued holdings and they are together treated as changes in' the value of the investments- throughout the year.

Programme related investments Programme related investments are expensed through the Statement

Operating leases Rentals payable under operating leases are charged on a straight line basis over the term of the lease.

Financial instruments

f Pah 4 The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. x ‘ segue : Financial instruments are recognised in the charity’s balance sheet eat . ryt er he a when the[group] Seebe r A eo ractual Deapro the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other 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.

Basic financial liabilities ‘ ¢ : Basic financial liabilities, including trade; and other creditors and amounts owed to group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present

45

(Notes continued)

1. Accounting policies (continued)

value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Taxation Yorkshire Cancer Research is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 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. No tax charge has arisen|inithe year.

Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

The group contributes a percentage of salary to employees and pays this into the nominated Group Pension Plan, in compliance with regulations and the auto-enrolment framework. Costs are charged to the income and expenditure account as incurred. Leases Rentals payable under operating leases, including any lease incentives received, are charged to income ona straight line basis over the term of the relevant lease.

of legacies. If there have been any indicators of impairment in relation to assets, the Trustees have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Legacies are recognised when the income criteria are considered to be met. In some instances, the legacy has not been received at the year-end and is included within debtors. Due to the nature of some of the legacies receivable, there is judgement applied to the valuation of the legacy. In these cases, appropriate professional advice may be sought to assist with the valuation of certain assets.

Key sources of estimation uncertainty The estimates3 and underlyingi assumptions! are reviewed; on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are indicated below.

Determining residual values and useful economic lives of property, plant, and equipment The charity depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Determining the valuation of legacy debtors The charity recognises legacies when the income criteria have been satisfied. In some instances, the legacy includes assets which are required to be sold by the estate to realise the value of the legacy. Where there is an element of uncertainty in relation to the valuation °F Such assets, the charity may obtain professional advice to allow a more reliable estimate of the value to be obtained.

Critical accounting judgements

In applying the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities based upon the best and most reliable evidence available at the time. The Trustees adopt a prudent approach to unrealised or uncertain income and unless a statutory requirement would always be extremely cautious about inclusion.

The critical accounting policy judgements that the Trustees have made include assessing indicators of impairment and the recognition

‘ , , Consolidated Financial Statements

2. Income from donations and grants

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |2024|2024|2024|2023| |E|£|£|£| |Individual|giving|— donations|908,008|-|908,008|988,544| |Community donations|291,174|-|291,174.|115,005| |Retail|1,064,082|-|1,064,082|566,226| |Grants|received|76,220|338,334|414,554|783,893| |Events and|committee|income|332,887|-|332,887|363,773| |Other donations|20,465|-|20,465|11,509| |2,692,836|338,334|3,031,170|2,828,950| |NS|SS Ee|——————EEeE~_|EEE|

----- End of picture text -----

3. Income from legacies

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |2024|2024|2024|2023| |£|£:|a|£| |Individual|giving|-|legacies|2,439,199|5,018|2,444,217|5,340,537| |2,439,199|5,018|2,444,217|5,340,537| |Investment income income|Unrestricted|Restricted|Total|Total| |2024|2024|2024|2023| |if:|£|£:|£| |Dividends|and|interest on|investments|1,133,687|19,564|1,153,251|882,489| |Interest on|bank deposits|219,126|888,295|1,107,421|412,020| |1,352,813|907,859|2,260,672|1,294,509|

----- End of picture text -----

4. Investment income income

47

(Notes continued)

5. Expenditure on raising funds

	Restricted	Unrestricted	Total	Restricted	Unrestricted	Total
	2024	2024	2024	2023	2023	2023
	£	£	£	£	£	£
Publicityand fundraising	-	1,217,546	1,217,546	-	1,114,176	1,114,176
Staffcosts	-	2,253,616	2,253,616	-	1,411,906	1,411,906
Travel and motorexpenses	-	24,123	24,123	-	19,598	19,598
Officeaccommodation costs	-	127,474	127,474	-	64,019	64,019
Office repairsand renewals	-	37,650	37,650	-	13,981	13,981
Printing, stationery, postage,	=	646,376	646,376	-	232,617	232,617
& sundries
Legal and professional services	-	131,145	131,145	-	182,746	182,746
Depreciation, amortisation and loss	-	191,131	191,131	-	50,396	50,396
on disposal
Costsoftrading activities	-	467,356	467,356	-	304,176	304,176
Investment managementfee	641	250,090	250,731	1,081	141,870	142,951
	641	5,346,507	5,347,148	1,081	3,535,485	3,536,566

Consolidated Financial Statements |

6. Charitable activities		es
	Number of	Incurred	Incurred	Future
	Grants	Unrestricted	Restricted	designations
		£	£	£
Grants payable:
Research projects, programmesand facilities
UniversityofBradford	1	167,117	=	253,456
University ofHull	14	1,245,075	-	2,163,439
University ofLeeds	13	3,441,764	237,473	9,872,559
Leeds NHS	1	212,260	=	355,849
University ofSheffield	5	-	6,332,750	-
Sheffield CCG	2	783,345	=	710,814
ScHARR Evaluation	1	16,365	=	12,186
AWRC	4	1,059,334	=	6,390,758
University ofYork	1	105,045	E}	663,812
University College London	3	309,213	-	5,679,974
UniversityofManchester	1	(8,611)	-	24,694
UniversityofNottingham	2	471,475	cs	3,403,815
LeedsGP Confederation	1	143,956	-	162,934
SouthWestYorkshire Partnership NHS	2	11,553	-	12,357
Foundation Trust
York Health EconomicsConsortium	1	72,635	2	63,692
Bursaries,travel awardsand community health	i	110,361	=	17,928
Otherrestricted projects	-	(1,455,260)	1,455,260	-
Subtotal	58	6,685,627	8,025,483	29,788,267
Supportcosts (see below)	-	2,707,755	100,000	-
Governance costs	-	180,972	-	-
Total	58	9,574,354	8,125,483	29,788,267

The future designations represent research awards approved by the Trustees which are not yet payable. These have not been included as liabilities. However, an appropriate amount of unrestricted funds has been designated to cover these future awards as shown in note 17.

The future designations above do not include grants currently awarded or to be awarded in future from the restricted funds totalling £35,136,833 (2023: £29,922,762) in the Balance Sheet and as described in detail in note 17.

49

6. Charitable activities (continued)		Su
	Numberof	Incurred	Incurred	Future
	Grants	Unrestricted	Restricted	designations
		£	£	£
Grants payable:
Research projects, programmes, and facilities
University of Bradford	1	20,126	-	420,573
University of Hull	16	259,226	1,012,274	3,064,443
UniversityofLeeds	16	3,249,323	329,143	13,062,238
LeedsNHS	1	121,435	=	549,595
University ofSheffield	5	556,300	347,620	2,459,640
SheffieldCCG	4	1,203,338	=	1,606,738
ScHARR Evaluation	1	162,314	=	91,928
AWRC	1	478,400	=	1,213,916
University ofYork	1	185,263	-	781,301
University College London	4	204,801	-	5,552,701
UniversityofManchester	1	(16,102)	-	16,082
UniversityofNottingham	1	222,536	-	991,225
Northumbria University	-	691	-	-
Leeds CityCouncil	=	135,784	-	-
IP Monitoring	=	5,582	-	-
Subscriptions —AMRC	=	31,259	-	-
Bursaries, travelawardsandcommunity health	11	52,496	86,247	14,610
Subtotal	63	6,872,772	1,775,284	29,824,990
Support costs (see below)	-	2,143,324	100,000	-
Governance costs	-	129,450	-	-
Total	63	9,145,546	1,875,284	29,824,990

‘ . , Consolidated Financial Statements

6. Charitable activities (continued)

Support costs— charitableactivities	Total	Total
	2024	2023
	£	£
Fundraising	30,884	33,469
Staff costs	1,683,012	1,577,134
Travel and motor expenses	18,015	21,891
Office accommodation costs	95,198	71,511
Office repairsand renewals	28,117	15,617
Printing, stationery, postage, and sundries	482,088	259,840
Legal and professional services	327,080	207,570
Depreciation, amortisationand losson disposal	143,361	56,292
	2,807,755	2,243,324

All of the above support costs are allocated to charitable activities.

1. Employees

7. Employees
	Total	Total
	2024	2023
	£	£
Staffcosts
Wagesand salaries	3,540,282	2,558,081
Social securitycosts	334,113	266,010
Pension costs	217,691	169,963
	4,092,086	2,994,054

The average number of employees employed during the year was 102 (2023 - 73). The number of employees during the year whose gross pay and benefits (excluding employer pension contributions) fell within the following bands was:

			2024	2023
£110,001	-	£120,000	1	-
£100,001	-	£110,000	-	1
£90,001	-	£100,000	3	1
£80,001	-	£90,000	1	2
£70,001	-	£80,000	1	-
£60,001	-	£70,000	6	4

The Executive team of the charity comprise the Chief Executive, Director of Brand and Relationships, Director of Finance and Corporate Services, Director of Research and Services, Director of Retail and Operations and the Company Secretary and are deemed to be the key management personnel of the charity. The total employee benefits including the cost of Employer's National Insurance Contributions and Employer pension contributions of the Executive team were £583,337 (2023 - £546,315).

Trustees received no remuneration for their services during the year. There were no expenses reimbursed to the Trustees for costs incurred on behalf of Yorkshire Cancer Research during the year (2023 - £Nil).

The charity has purchased indemnity insurance in respect of all Trustees to cover any liability in respect of negligence, default, breach of duty or trust other than that caused by wilful or criminal negligence. The cost of the insurance was £1,185 (2023 - £1,920).

51

(Notes continued)

8. Netincoming resources for the year are stated after charging:

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Total|Total| |Unrestricted|Unrestricted| |2024|2023| |£|£| |Auditor's|remuneration| |Audit|Fees|28,500|22,050| |Non|audit|fees|2,400|2,200| |Depreciation of owned|assets|271,986|77,001| |Amortisation|of owned|assets|31,566|29,312| |Loss on|disposal|of tangible|fixed|assets|30,940|375| |Operating|lease|rent|paid|—|land|and|buildings|394,636|150,723|

----- End of picture text -----

9. Intangible Fixed Assets

----- Start of picture text -----
|||||| |---|---|---|---|---| |Computer|Total| |Software| |£|£| |Cost| |1|April|2023|84,280|84,280| |Additions|24,997|24,997| |Transfers|17,623|17,623| |31|March|2024|126,900|126,900| |Amortisation| |1|April|2023|48,662|48,662| |Charge|for the|year|31,566|31,566| |Transfers|12,207|12,207| |31|March 2024|92,435|92,435| |Net book value|34,465|34,465| |31|March|2024| |31|March|2023|35,618|35,618| |———erEE EE|

----- End of picture text -----

Management have reviewed the classification of assets during the year and identified software with a cost of £17,623 and accumulated depreciation of £12,207 that is more appropriately classified as intangible fixed assets. These amounts have been transferred as indicated in notes 9 and 10.

Consolidated Financial Statements |

10. Tangible fixed assets

	Leasehold	Office	Total
	property	furniture&
		equipment
	£	£	£
Cost
1 April 2023	789,962	446,954	1,236,916
Additions	1,620,343	530,874	2,151,217
Disposals	(95,470)	(117,096)	(212,566)
Transfers	(12,096)	(5,527)	(17,623)
31March2024	2,302,739	855,205	3,157,944
Depreciation
1April 2023	87,650	163,728	251,378
Charge forthe year	124,493	147,493	271,986
Depreciationondisposals	(89,939)	(91,687)	(181,626)
Transfers	Et	(12,207)	(12,207)
31March2024	122,204	207,327	329,531
Netbookvalue	2,180,535	647,878	2,828,413
31 March 2024
31 March 2023	702,312	283,226	985,538
a	EEE————EeE———EE		SE

11. Fixed asset investments

	Listed	Term	Total	Total
	investments&	deposits	2024	2023
	unittrusts
	£	£	£	£
Marketvalue at1 April 2023	42,403,236	30,038,430	72,441,666	57,788,535
Additions	18,002,097	15,375,901	33,377,998	35,347,590
Disposals	(10,464,661)	(12,199,490)	(22,664,151)	(19,141,322)
Changes in marketvalue	4,460,939	-	4,460,939	(1,553,137)
Marketvalue at31March 2024	54,401,611	33,214,841	87,616,452	72,441,666
nnn	eee

53

(Notes continued)

11. Fixed asset investments (continued)

Realised and unrealised gainson investment assets:	2024	2023
	£	£
Realised (loss)/gain	(35,074)	76,728
Unrealised gain/(loss)	4,460,939	(1,553,137)
Total realisedand unrealised gain/(loss)	4,425,865	(1,476,409)
Historical costof investments	46,439,688	40,041,491
Realised gain based on historic cost	38,629	76,728
The market value ofthe investment portfolio can be categorised as follows:
	2024	2023
	£	£
BritishGovernment securities	4,755,646	2,509,768
UKfixed interestsecurities — listedon a recognised Stock Exchange	3,949,158	3,399,661
Overseas fixed interest securities — listedon a recognised Stock Exchange	2,251,680	-
UKequitysecurities— listedon a recognised Stock Exchange	10,656,934	9,021,081
Overseas equitysecurities — listedon a recognised Stock Exchange	25,863,465	24,026,066
UnitTrustsand Other investments	6,924,728	3,446,660
	54,401,611	42,403,236

The market value of the investment portfolio can be categorised as follows:

British Government securities represent 8.7% of the total value (2023 — 5.9%).

At 31 March 2024, no one holding exceeded 5% of the value of the portfolio (31 March 2023 no one holding exceeded 5%). The investment portfolio was administered by Quilter Cheviot Limited and Evelyn Partners.

Subsidiary undertakings	2024	2023
	£	£
Y.C.R. Promotions Limited — cost at 31 March	2	2
Y.C.R. Scientific Developments Limited — cost at31 March	200	200
	202	202
en

Y.C.R. Promotions Limited (Company number 2618142) and Y.C.R. Scientific Developments Limited (Company number 4194001), companies registered in England and Wales and wholly owned by Yorkshire Cancer Research, were dormant during the year.

, . , Consolidated Financial Statements

12. Programme related investments

As described in the accounting policies, the charity expenses investments and loans in programme related investments each year directly to the Statement of Financial Activities. There were no payments of this nature during the year (2023 - £Nil). The charity has provided programme related investments to the following companies:

Cizzle Biotechnology Holdings plc
Charity	Investment	Total
	£	£
Valuation
1 April 2023	1,074,486	1,074,486
Decrease in marketvalue	(475,211)	(475,211)
31March2024	599,275	599,275

Investment in Cizzle Biotechnology Holdings plc’s shares. The investment represents 9.53% of the issued share capital. Its principal activity is focused on early detection of lung cancer via the development of an immunoassay test for the CIZ1 B biomarker.

13. Debtors

Amounts falling duewithinoneyear	Amounts falling duewithinoneyear	2024	2023
		£	£
Trade	debtors	3,435,607	584,889
Otherdebtors		87,376	152,575
Accrued legacyincome		1,360,926	3,050,580
Prepayments andotheraccrued income		7,185,931	6,435,356
		12,069,840	10,223,400
14.	Cash at bankand in hand
		2024	2023
		£	£
Cash	atbankandinhand	15,260,433	19,496,438

14. Cash at bank and in hand

55

(Notes continued)

15. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	246,546	529,559
Taxation and social security	141,974	69,315
Amountsowed to subsidiaryundertakings	202	202
Research expenditure accruals	3,809,084	2,633,458
Othercreditorsand accruals and deferred income	308,851	226,453
	4,506,657	3,458,987

Included within other creditors is an amount totalling £51,360 (2023 - £(283)) in relation to a pension creditor.

Research expenditure comprises accruals for amounts incurred by the recipient body up to the year end.

Deferred income comprises income whereby the charity must fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Deferred income	£
At 1April 2023	8,947
Amount releasedtothe Statement ofFinancial Activities	(8,947)
Amountdeferred in theyear	42,518
At31March2024	42,518

Deferred income has arisen in relation to donations that relate to events scheduled after the year end.

16. Operating lease commitments

Charity
The total e total co	commitments m	under	llable operating under non-cancella p	g	leas	es are:	5	2024
							£	£
Rent payable inthe coming yearon a property lease							356,415	394,636
Expiring intwo	twotofiveyears	years					1,060,337	972,964
							1,416,752	1,367,600

- , , Consolidated Financial Statements

17. Statement of funds

2024	General Fund	General Fund	Designated Fund	Designated Fund	Restricted University ofLeeds	Restricted University ofLeeds	Yorkshire Cancer Research	Yorkshire Cancer Research	Yorkshire Cancer Research	Yorkshire Cancer Research	Yorkshire Cancer Research	Yorkshire Cancer Research	Restricted Other	Total Funds 2024
							Sheffield Pioneers Fund	More Life ToLive Fund	Sheffield Deedof Amendment		Sheffield Deedof Amendment
									Fund	1	Fund	2
		£		£		£	iE	£		£}		£	£	£
At 1April 2023	15,024,936		55,882,110		659,217		18,229,759	9,779,117				-	1,254,669	100,829,808
Income	18,525,331			2	19,564		8,001,687	4,269,295	71,738		19,953		822,584	31,736,152
Expenditure	(5,527,476)		(9,393,385)		(238,114)		(5,280,989)	1,300	(1,053,061)			-	(1,555,260)	(23,046,985)
Net investment	4,428,302			=	(2,437)		=	-		=		=	=	4,425,865
gains/(losses)
Transfers	(131,811)			=	131,811		(4,000,000)	=	2,500,000		1,500,000		=	“
between funds
Transfers	(11,358,735)		11,358,735			-	-	-		-		-	-	-
- Funds
designated
GTA ENS SET? _		a					a
At 31 March 3024	20,960,547		57,847,460		570,041		16,950,457	14,049,712	1,524,677		1,519,953		521,993	113,944,840
2023			General Fund	Designated Fund		Restricted Restricted University ——University ofLeeds ofHull			Yorkshire Cancer Research		Yorkshire Cancer Research		Restricted Other	Total Funds 2023
									Sheffield Pioneers Fund		MoreLife ToLive Fund
			£		£		£	£	£		£		£	£
At 1 April 2022		11,665,111		51,963,246			986,320	2,236,769	10,848,081		5,794,657		557,023	84,051,207
Income		20,178,302			=		36,453	-	7,729,298		3,984,460		883,893	32,812,406
Expenditure		(3,664,935)		(9,016,096)			(330,224)	(1,012,274)	(347,620)		-		(186,247)	(14,557,396)
Net investment losses		(1,443,077)			-		(33,332)	-	-		z		-	(1,476,409)
Transfers between			-	1,224,495			-	(1,224,495)	-		-		-	-
funds
Transfers - Funds		(11,710,465)		11,710,465			-	-	-		-		-	-
designated duringthe
year
At 31March2023		15,024,936		55,882,110			659,217	-	18,229,759		9,779,117		1,254,669	100,829,808

The Designated Fund represents the charitable activities currently designated from unrestricted funds up to 5 years ahead as detailed in note 6. The charity has also decided to have general reserves reflect levels of expected operational expenditure and anything over and above reflected in designated funds. This aligns with the charity’s strategic objective.

The University of Leeds Endowment funds, received on 31 March 2015, are invested in a discrete portfolio in UK Government stock and investment grade Corporate Bonds with maturity dates to match the expected draw-down of the associated research award. Under the terms of the agreement, this fund is being used to support a 5 year research award to the University of Leeds.

The University of Hull Endowment funds were received in December 2016 and have been invested in bank fixed term deposits and current accounts. Under the terms of the agreements, these funds have been used to support 5 year research awards to the University of Hull.

The Yorkshire Cancer Research Sheffield Pioneers Fund and Yorkshire Cancer Research More Life to Live Fund are restricted funds relating to Lynparza royalty share received quarterly throughout the financial year. Funds are transferred to an interest bearing investment account on receipt.

57

(Notes continued)

In 2023, a substantial investment was made into the recruitment of cancer research specialists at the University of Sheffield, increasing the ability to deliver world-leading research. Funds were also applied from the Yorkshire Cancer Research Pioneers Fund to projects at the University for research relating to cancer. They are referred to as the Yorkshire Cancer Research Sheffield Deed of Amendment Funds 1 and 2.

18. Analysis of net assets between funds

2024	General Fund	Designated Fund	Designated Fund	Restricted University	Yorkshire Cancer	Yorkshire Cancer	Yorkshire Cancer	Yorkshire Cancer	Yorkshire Cancer	Yorkshire Cancer	Restricted Other	Total Funds
				ofLeeds	Research		Research	Research	Research			2024
					Sheffield Pioneers Fund		More Life To Live Fund	Sheffield Deed of Amendment	Sheffield Deedof Amendment
								Fund 1	Fund 2
Fund	£		£	£		£	£	£		£	a	£
balances at
31 March
2024 are
represented
by:
Intangible	34,465		-	-		-	-	-		-	-	34,465
assets
Tangiblefixed	2,828,413		-	-		-	-	-		-	=	2,828,413
assets
Fixed asset	3,530,504	57,847,460		404,800	13,972,279		12,460,684	=		=	=	88,215,727
investments
Netcurrent	14,567,165		-	165,241	2,978,178		1,589,028	1,524,677	1,519,953		521,993	22,866,235
assets
20,960,547		57,847,460		570,041	16,950,457		14,049,712	1,524,677	1,519,953.		521,993	113,944,840
2023		General Fund	Designated Fund		Restricted University ofLeeds	Restricted _University ofHull		Yorkshire Cancer Research Sheffield Pioneers	Yorkshire Cancer Research MoreLife ToLive		Restricted Other	Total Funds 2023
								Fund	Fund
Fund balances at		£		£	£		£	£	£		£	£
31 March 2023 are
represented by:
Intangible assets		35,618		-	-		-	-	-		-	35,618
Tangiblefixed assets		985,538		-	-		-	-	=		-	985,538
Fixed assetinvestments		-	44,769,254		803,452		-	18,186,139	9,757,307		=	73,516,152
Netcurrentassets	14,003,780		11,112,856		(144,235)		-	43,620	21,810		1,254,669	26,292,500
	15,024,936		55,882,110		659,217		-	18,229,759	9,779,117	1,254,669		100,829,808

i , , Consolidated Financial Statements

19. Reconciliation of net income to net cash flow from operating activities

	2024	2023
	£	£
Net income forthe reporting period	13,115,032	16,778,601
Investment income	(2,260,672)	(1,294,509)
Amortisation	31,566	29,312
Depreciation	271,986	77,001
Losson disposal offixed assets	30,940	375
(Increase)/decrease instock	(10,970)	2,901
(Increase) indebtors	(1,846,440)	(1,422,586)
Increase/(decrease) in creditors	1,047,670	(19,567)
Netcash provided byoperating activities	10,379,112	14,151,528
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20. Contingent assets

The charity has been notified of a number of legacies where the value of the legacy cannot be reliably measured, for example, because the charity is a residuary legatee. These are therefore not included within the legacy income.

21. Related party transactions

The total aggregate value of donations from Trustees during 2024 was £1,260 (2023 £Nil).

There were no related party transactions in the period.

22. Capital commitments

As at 31 March 2024, the charity was committed to capital expenditure of £Nil (2023 £1,547,721).

59

(Notes continued)

23. Prior year statement of financial activities

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |2023|2023|2023| |£|£|£| |Income| |Donations|2,045,057|783,893|2,828,950| |Legacies|5,340,537|-|5,340,537| |Investment|income|972,165|322,344|1,294,509| |Income from|charitable|activities|(royalties)|11,820,543|11,527,867|23,348,410| |Total|income|20,178,302|12,634,104|32,812,406| |Expenditure| |Expenditure|on|raising|funds|3,535,485|1,081|3,536,566| |Expenditure|on|charitable|activities|9,145,546|1,875,284|11,020,830| |Total|expenditure|12,681,031|1,876,365|14,557,396| |Net|losses on|investments|(1,443,077)|(33,332)|(1,476,409)| |Net income|6,054,194|10,724,407|16,778,601| |Transfers|between funds|1,224,495|(1,224,495)|-| |Net movements|in funds|7,278,689|9,499,912|16,778,601| |Fund|balances|brought forward|63,628,357|20,422,850|84,051,207| |Fund|balances|carried forward|31|March|2023|70,907,046|29,922,762|100,829,808|

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Consolidated Financial statements 61

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