Registered number.. 02165552 Charlty number: 5193S7 NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH 'CCR") TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR" IA company Ilmited by guarantee) CONTENTS Page Reference and admlnistratlvè details of the ¢harSty, It5 Trustees and advlsers Chalr's Statement Trustees, Report 7-18 Independent Auditor'5 Report 19-23 Consolldated Statement of Flnan¢lal Acttvltles 24 Consolldated Balance Sheet 25 Charlty Balance Sheet 26 Consolldated Cash Flow Statement 27 Note5 to the Financial Statements 28-49 NORTH WEST CANCER RESEARCH {INCORPORATING CLAThERBRIDGE CANCER RESEARCH'CCR") IA company Ilmlted by guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustees and officers of the Board Mlss C M Jones BA, ACG Chaimian and Chair of the Nominations & Remuneration CommSttee Mr 5 Anantharaman Mrs H Atherton Chair of the Marketing and Fundraising Commlttee to September 2023 Mrs C Bond CPFA Reslgned 31 December 2022. Honorary Treasurer to this date Dr M Carter CPsychol AFBPSS Vite Chair Mrs J Clague FCA Appointed 26 Aprll 2023 and Honorary Treasurerfrom that date DY A Fearon Appolnted 28 September 2022. Resigned 8 September 2023 Mr M Haig Ms F Hewlson Dr S Kothari Mr P Moonan Mrmore DrP Robertshaw PhD, Dip DM Mr A Stalker Mr J Willis Chair of the Marketing and Fundraising Comrnittee from September '23 Chair of the Investment Commlttee from October 2022 Patrons The Most Reverend Malcolm Mcmahon The Right Reverend Mark Tanner The Rlght Reverend Paul Bayes The Right Reverend Gregory Cameron The Right Reverend Peter Eagles The Right Reverend Beverlèy Mason Mark Blundell Prof Tim Jones Prof lan Campbell Dr Steve Ryan The Most Honourable David Cholmondeley Lord Mostyn Dame Lorna Muirhead Henry Bowring The Ar¢hbishop of liverpoDI The Lord Bishop of Chest@r The Bishop of Liverpool The Bishop of St Asaph The Bishop of Sodor and Man The Bishop of Warrington Lord Lleutenant of Merseyside The Vlce Chancellor. The University of Llverpool The Vice Chancellor, Llverpool John Moores University The President of the Liverpool Medical In5tltution The Marquess of Cholmondeley NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (continued) Reglstered offlce North West Cancer Researth 200 London Road Liverpool L3 9TA ankers Natwest 247 High Street Bangor Gwynedd.LL57 IRW Soll¢itor5 Brabners LLP Horton House Exchange Flags Liverpool, L3 90J Investment Managers Investe¢ Wealth and Investment Ltd The Pla28 Old Hall Street Llverpool. L3 9AB Audltors Crowe U.K. LLP The LexlcDn Mount Street Manchester, M2 5NT Senlor Management Team Alastair Richards Ruth Turley Cara Newton Alan Lancelott-Redfern chief Executive Officer land Company Secretary) Head of Fin3nce and Administration Head ol Fundralsing & Marketlng Head of Retail NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR"} IA company Ilmlted by guaranteèl CHAIR'S STATEMENT FOR THE YEAR ENDED30 SEPTEMBER 2023 The foreword to the Tru5tees' Report and FSnancial Statements often focuses purely on financial and governance rnatters, but It 15 Useful from time to tlme to remlnd readers of why North West Can￿r Research exists and what we seek to do. Cancer Is a huge health issue across the UK, Europe and beyond, but here in the North West we have a particular problem.. the number of cancer cases is higher than you would expect for our population SIZÈ and cancers are often diagnosed later, wlth the ￿sUIt that the treatment pathway is more complex and outcomes are often poorer. North West Cancer Researeh Is focussed on our region's cancer needs.. our aim is to tackle the excessive number of cancer cases in our region; to Improve diagnosls and treatment,, and ultSmately to redu mortality from cancer. We do this by funding research- resèarch into understandlng the causes of cancer and improving the care of those sufferlngfrom cancer, and research that ultimately seeks to find cures for the many different types of cancer. In additiori, we have an Important message to communlcate to the people of the region.. how they can redu￿ their own cancer risk, recognise the symptoms of cancer early and get the most approprlate t￿atMent. Our task Is substantial and we do not underestlmate the ch311enges 3head. As we continue to make progres5, It 15 important that we maximise the resources we have available, and use them well. Whèrever possible, we work in partnership with others in order share the load and to further our PLtrpose and prSorStles. The financial year ending 30 September 2023 has continued to be a time of change and challenge. For the flrst tlme in many years, cost inflation has been a slgniticant fattor In the economy and, comblned with increaslng Interest rates, this means that manysupporters in our region are seeingtheir disposable income decrease. We are extremely lortunate that thls does not seem to have Impacted sl8nlfScantly upon our income in-year, but we are very conscious of the challenges ahead of us. Our financlal resLtlts reflett a positive plcture for the year: èven though our overall Income decreased, our income from fundralslng and donations increased quite considerably, up from £950k in 2021122 to almost £1.6m. This included Income from the Medical Research Council to support early career researchers, along with a number of sizeable trL￿t grants to support both our research and outreach work. Income from legacies in thè year was smaller than for 2021122, when we were fortunate to receive a number of substantial legacy gifts whlch added slgnificantly to our income, but legacy gifts still contributed almost £950k to the resources we had available, and for this we are very grateful. The gifts left as legacies are often the largest single gift an individual can give and we recognise that, without NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limlted by guarantee) CHAIR'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Icontlnued) these, much Important research would not be funded. The tharity also received income from Investment returns which contributed £280k to ouroverall funds (compared with £256k in 20211221, whlle investment growth added a further £231k to the funds avallable. We are delighted that, durlng this year, we have been able to contlnue fundlng excellent new research projects and that tompetition for funding remaSns Intense. Duiing the twelve months covered by thi5 report, we havo funded projects in early-stage discovery science, applied research and regional inequalities. These prolett5 covered a number of cancer types, including breast cancer, oesophageal cancer, bower cancer, bladder cancer, pancreatlc cancer, uveal melanoma, metastatic liver Cancer and other5. We have also awarded 3 £500k proEramme grant to SLJpport research into head and neck cancer, a significant challenge In our region. Thls funding will provide a link between the excellent surgical and clinical provision available In our region at the Liverpool Head and Neck Centre and the acadèmic researchers, to ensure that they have the best materlals and samples available t¢J accelerate research. In writing this report, I want to take the opportunlty to thank my Board ofTrustee5, who continue to work so hard on behalf of NWCR, supporting and guiding the Charity in taklng forward its work and providlng excellent advice to me and to the charlty's management team. I would also Ilke to express my gratitude to the CEO, Alastair Rlchar(ts, to the whole staff team and to all those who have been involved with NWCR durlnB 2022123. Like many other charSties, we are reliant upon our donors and those who kindly leave u5 gifts through legacies. NWCR also has the benefit of havlng in plate local branches whith give us such dedicated and enthuslastlc support and which continue to develop their presence In towns acr055 our region. We have 2150 recelved excellent backing from our Patron5, Ambassador5 and many volunteers and we recognise the growlng support whid) we re￿1ve from orpc>rate funders. On a sad note, we le3rnÈd in November of the death of Michael Potts who, as a trustee, Chairman and Presldent of NWCR, dld $0 much to bulld up and take forward the charity over more than 20 years. We acknowledge the grèat debt of gratitude that NWCR owes to Michael. Looklng forward, NWCR, like many charities, faces challenges and uncertainties. l and my fellow Trustee5 believe, however, that during 2022123 we have continued to advance the charitvs objectives In order to address cancer more effectlvely in our region. We believe that we are making progress with this challenge and we are confident that this will tontinue In the coming ye3rs. Name Catherine Jone Ch31r AACG 30 January 2024 NORTH WEST CANCER RESEARCH (INCORPQRATING CLA￿ERBRIDGE CANCER RESEARCH "CCR"} IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER Z023 The Trustees (who are also directors of the Charity for the purpose5 of the Companies Act) present their Annual Report, together with the audited Financial St8tements of North West Cancer Research lincorporating Clatterbridge Cancer Re£earth "CCR") (the Company) for the year ended 30 September 2023. The Trustees confirm that the Financial Statements comply wlth the Charltles Act 2011, the Companies Act 20D6, the Memorandum and Artlcles of Assoclatlon, Ind Accounting and Reporting by Charities.. Statement of Recomrllended Practice applicable to charltles prepBrlng their accounts in accordance with the Financial Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 1021 leffettlvÈ l January 20191. Slnce the Company quallfies as small under sectlon 383, the Strate@Ic Report requlred of medium and large Eompallies under The Companles Art 2CKJ6 (Strategic Report and Director'5 Report) Regulatlons 2013 is not required. STRUCTURE, GOVERNANCE AND MANAGEMENT The Company is registered as a charitable company limited by guarantee and was set up by a Memorandum of As50¢12tlon on 24 September 1998 and revlsed on l O¢tober 2009, 4 October 2012, 22 March 2Q18 and 29 April 2021. The Con)pany's re8lStered charity number is 519357. The Board of Trustees 1.the Board") is responsible for the overall governance of thè Charlty. The Trustees nd membèrs of the Board who have served durlng the period arè set out on page 3. Trustees are normally co-opted onto the Board and thelr appolntment confirmed at the followinB Annual General Meeting. Appointment is normally for a period of three years, although th15 can be renewed through re-election bythe membersto create a maximum term In office of 9year5. Trustees are appointed to the Board through two routes, with the oversight of any appolntment bèlng undertaken by the Nominations and Remuneration Committee (see below). The majority of appointments are made through identifying a skills gap amongst the current Trustees and advertising any vacancy. However, the Boord does recognise that there are Indlvlduals with exceptional skllls or connection5 which it may be useful to have on the Board and so the option remains to approach potential Trustee5 dlrectly. New Trustees are normally provided wlth an introduction into the nature and running of the Charity, including seeing funded researchers In 3Ction, meetlng thè stalf team and volunteer fundraising branches. They are also provided with a raft of informatlon about the Charity in order to enable them to understand the or8ani5ation's hlstoryi pollcies and current posltlon In the form of a Trustees Handbook. NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") {A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 l¢ontlnued} STRUCTURE. GOVERNANCE AND MANAGEMENT Icontlnuedl Board meetings take placefourtimes per yearwith an additional day beingtaken when needed to conslder strategy or other material questions for the organisation. It 15 the responsibillty of the Board to develop orgar¢i53tional strategies in partnership with the management team and to review operational performance, to set budgets and to approve operational plans. The Board delegates the exercise of certain powers as set out below. This is controlled through r￿Ular reporting back to the 8Dard so that Trustees can oversee all detlslons made under delegated powers. The Committees and individuals to which the delegBtlon takes place are shown below.. OflScers of the Board There are three offTcers of the 8oard to whom responsibilitles are delegated. These are the Chalr, the Vice-chair and the Honorary Treasurer. The Chair acts as the main link from the Trustees to the Chief Executive OfFicer and Is also a key external representative for the Charlty. The Chalr also ensurès that declslons are lawful, constitutlon31 and within the remlt of the Charlty. In their absence, the role Is covered by the Vice-chair. The Honorary Treasurer oversees the financlal affairs of the organlsation and supports thè Board on financial reporting and compliance. b. Marketlng and Fundralslng Commlttee Working closely with the Head of Fundrai5ins and Marketin& 3nd the Fundraislng Tearn, the Committee provld@s advice and a¥urance to the Board. It also has key responsibilities In approvingstrategic and annual plans for rna¥keting, communications and fundraising actlvlties and for assessing the effectlvene55 of these. Investment Commlttee The Committee seeks to provide advice and assurance to the Board in overseeing the Charl￿S investments and thè performance of those. This includes recommending to the Board the approval of the Charity's Statement of Investment Princlples along wlth the appointment or re- appointmènt of investment and other related professional advisers. d. Nomlnatlons and Remuneratlon Commlttee The Nomlnatlons and Remuneration Committee oversees and recommends to the Board key appolntments for the Charity, Including members of the Board of Trustees, officers of the Board and the appointment of the Chlef Executive Offlcer, a5 well as remuneration for the sevlior Staff team. The Committoe also oversees the membership of the Charlty and. in adrlltion, the appointment of Honorary Members and Patrons. NORTH WEST CANCER RESEARCH (INCORPORATING CLA￿ERBRIDGE CANCER RESEARCH "CCR") {A company Ilmited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Icontlnuedl STRUCTURE, GOVERNANCE AND MANAGEMENT {¢ontlnuedl e. Chlef Executive Offlcer The Chief Executlve Officer is responsible for day~to-day mènagement of the Charlty's affalrs and for implementing policies agreed by the Board. The Chlef Executive is assisted by a team of senior managers and other staff. In 3ddltlon to the Committees and individuals above to whom responsibilitie5 are dirertly delegated. note should also be made of the Group5 which advise the 808rd on the quallty of research applications receSved and what should be funded. These are- Cancer Dlscovery Advlsory Group The Cancer Dis¢overy Advisory Group undertakes the Scientific a55essment of appll¢atlons for early stage research fundlng looking at cell struttures, DNA and proteomic5. Translatlonal Research Advlsory Group The Translational Research Advisory Group considers prolects which seek to develop theoretlcal knowledge ènd start to Identlfy how it can be applied to patients and technlques which will benefit the population. Applled Re5ear¢h Advlsory group The Applied Researth Advisory Group reviews funding applications for projects whlch seek to lrnprove the effectivenèss 3nd experience of current treatments being used in our area. Inequalltles advisory group The Inequalities Rese3rch Group reviews studies on cancer inequalitie5 including projects which study differen￿5 in how dlfferent parts of the diverse comrnunity In our area experience cancer, receive and respond to Informatlon. advice and treatment. PhD fundln8 Group Thls panel oversee5 the awarding of funding for a number of PhDs. The panel comprises a broad range of researchers including a number of current NWCR PhD stLtdents. PhD5 are awarded in a range of disciplines from cancer dlscovery to applied work. Not every group will meet and review projects in every year, and groups are convened and updated as necessary Sn order to meet funding plans. The recommendations from each group are consldÈred by the Board of T¥u5tees along with any recommendations for process Improvements. In addition to the groups above, the Charity also forms advisory panels to consider individu31 projects where these fall outside the remit of one of the groups above or where projects are being funded in partllershlp wlth another charity. NORTH WEST CANCER RESEARCH (INCORPORATING CLA￿ERBRIDGE CANCER RESEARCH CCR") IA company Ilmited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENOED 30 SEPTEMBER 2023 {¢ontlnued} STRUCTURE, GOVERNANCE AND MANAGEMENT Icontlnuedl PUBLIC BENEFIT The Trustees have g￿en due con5ideratlon to the Charity Commisslon's guidance on public beneflt a5 IS requlred under the Ch8rities Act 2011. The Report below provldes detailed Information on the activities undertaken by the Charlty. All of the Ch3ritVs artivlties are dlrectly in the public benefit and there are no Pinancial beneflts from the award of research fundin& The outcomes of the research are for the public beneflt. The benefits are primarily for those who suffer from the types of cancer covered by our research. Society generally benefits as improved treatment reduces the numbers of, and stress from anxSety from, early deaths from cancer. 08JECTIVES. ACTIVITIES AND ACHIEVEMENTS a. Objectlves North West Cancer Research is dedicated to putting our region's cancer needs first, funding pioneering research to tackle the cause, improve the care and flnd the cure for cancer. We foeus on the types of cancer that affect people living across North West England and North Wales the most. The objects of the Charity las adopted in 20211 read as follows.. to promote and tarry out research into cancèr, its diagnosis and its treatment and to disseminate thÈ results of surh research to the public,. and to educate the public in respect of all matters relatingto cancer and its dlagnosis, treatments and effects and Impact upon a person, so that the public may better understand cancer, its impact, its causes and how best to avoid such illness or conditions, including advice about lifestyle and other contributoryfactors Ithe'objectl'l. Our sttategy has a number of str8nds Including a drive to understand why cancer rates and rnortality are hlgh In our regbon, creating a broad research plpeline and flnally providing communitles wlth informatlts on the slgns, symptoms and treatments for can¢er as well as advice on making healthy life-style declslons. In ea¢h fiTranclal yearthè Trustees allocate funds to the 3Ctivities In Ilne with a flve-year plan and these are then used in order to fund research projects, outreach work, campaigns and other activities. The balance of funding changes each year depending on the resources avallable and the agreed prlorlties. io NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 20Z3 Icontlnuedl ACTIVITIES AND ACHIEVEMENTS Icontlnued b. Actlvities and achlevements In the period the Charity has furthered Its objectives predomlnantly through funding research carried out In Hlgher Education Institutions and NHS Trusts within the are8. In addltlon we have carrled out outreach and education work and run a number Lbf awarene55 campaigns. At the present time funded research programmes are underway at Èlght institutions across the region including the Unlverslty of Llverpool, Universlty of Manchester, Bangor University, Unlversity of Chester and Lancaster University as well as at Blackpool Teachin8 Hospitals NHS Trust. Current funding programmes include-. Funding for research projects which focus on thè cause, care or cyre for cancer. Thls might be in fundamental sclence, cancer cell biology. translatlonal mediclne, drtjg utlllsatlon, medlc31 practice, the improvement of treatments or the understanding of inequalities,. Fundlng for key posts within academlc Institutions whlch will build the capacity of research, along wlth funding PhD students: Funding for the IncubatSon of new projects in order to aid the development of early stage hypotheses: Currently, there are around 60 actlve funding Streams supporting projects, students, lecturers, fellows and the development of new research. Durlng the year, elghteen 12021122.. twelve) research project grants were awarded at a total c05t of É2.0 mllllon12021122'. £2.Omllllonl. The largest slngle commitment was £500,000 for a multS-year programme grant whlch treates an interface between the Llverpool Head and Neck Centre and the academic re5ear¢hers at the Unlversity of liverpool, accelerating and improving rese3rch. The Charity Is also continuing to grow its outreach work across the reglon and Is Increasingly reaching into employors, schools and other community EfoLSPS in order to provide informatiorb about the risks and symptom5 of cancer. The Charity Is a mernber of the Assoclation of Medical Research Charitie5 and a not for profrt partner of the National Institute for Health and Care Research and thls ensures that It complies with strict pollcies on peer review for research project funding. Any application received will be subject to s¢rutlny by the appropriate group (see above) to ensurethat It15 research of the highest available standard and that award is made In an impartial manner. Funding for research is 8enerated through active fundraisin& leEacy receipts and Investn)et)t returns. The Charity benefits from a network of branches or commlttees of volunteers who organise a wide variety of fundralsing activities to Eenerate income for us. Branches are spread across Cumbrla and Lancashire to the north, Mer5ey5ide and Cheshlre and also NoFrth and Mid Wales. li NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA tompany Iffimlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Icontlnued} ACTIVITIES AND ACHIEVEMENTS Icontinuedl The Charity is focu55ed upon diversifylng and increasing its fundfaised income and annually revlews the team along wlth the methods used to generate funds. An essentlal element of this is to draw income from a wider range of sources includlng corporates, communlly groups, trusts and indlviduals while keeping costs down. The team was reduced in size during the pandemic b(Jt now that the pandemic has ended we have started to re-shape the team to make it fit for future fund¥ai5ing. Durlng the year we have m3naged a signlficant move fo¥wards in our Income generation growing fundralsed Income by 65% over the prevlous year12021122- +75%). Much of thls has been achieved through growing events, but also working together with other charitles in order to jolntly fund research which was in the interests of both organisations. RISK MANAGEMENT The Trustees have assessed the major risks to which the Charity Is exposed, In particular those related to the operations and finances of the Charlty and are satisfied that systems and Procedures are in place to mitigate our exposure to the major rlsks. The risk5 to which the organlsatioll is exposed are considered by the Board at each meetin& with a more in-depth review taking place twice a year. The risk profile will change over time as the organisation strengthens its controls and ¢on5iders strategies to mitigate risk5. The risks below are the ones of which the Board is particularly mindful.. Investment risks The organisation holds its reserves in Investments which can be subject to fluctuatSons in value. The Charlty 15 an investor for the long-term and, as such, It has benefited slgnlllcantly from the increase in value of it5 holdlngs. However, it Is aware of the need to maintain a balanced portfolio of risks and to spread the profile of its investments in order to protect itsèlf from short-term fluctuations in the market,. Reputational risks The Charity sector has seen its reputatlon significantly Impacted in recent year5 as 2 number of scanda15 have t8ken place. North West Cancer Research is very aware of the need to uphold the highest levels of governance and to considor carefully its attions when fundralsing and prornoting the organisatlon: and Staffing risks- The Charity depends on a dedicated team of staff who are often responsible for covering multlple roles within their job. Recruiting and retaining quality staff is critical for any buslness - partlcularly one whlch depends on fundralsing for its Income. The Charity annually revlews the impact of increases in the cost of living and reviews pay and conditions accordingly. 12 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA Company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Icontlnued) RISK MANAGEMENT Icont5nuedl Research risks - Risk is intrinsic within research. The Charity invests in research with the aim of advancing the fight against cancer, but not all research will yield 2 positive result and often the knowledge that a hypothesis is incorrect can be as worthwhile as proving that it is correct as it stops further efforts Sn an unprofitable 3rea. Research also depends on a relatively small ¢ommunlty of highly talented academics and to this end we contlnue to monltor the Impact of both Brexit and the pandemic on the qualtty of staff comlng to work here. ACHIEVEMENTS AND PERFORMANCE a. Going Concern The current cost of Ilvlng pressures have had a significant impact on many parts of the economy and on many charities. Thi5 15 causing price5 to rlse and squeezing the dlsposable income gf individuals as well as reducing the capacity to give of many companies. Volatillty in investment markets remains a concern and indeed has impacted the Charlty's balance Sheet during the year. However, after maklng approprlate enqulrles, theTrustees have a reasonable expectation that the Charity has adequate resources to ¢ontlnue in operational exlsten¢e lor the foreseeable future 8nd there are no materlal uncert31nties. For thls reason, they continue to adopt the going concern basls in preparing the Financial Statements. All current commltments made to fund research work and posts have been provided for wlthin the Balance Sheet. Furiher details regarding the adoption of the ggins concem ba51s can be found in the Accounting Policies within the Financial Statements. b. Financlal re¥lew of the year Durlng the year the headline income of the Charity was £2.6m12021122'. £4.6m - an exception21 year). The Charity has traditionally drawn its income from three sources- legacies, fundraising and Investment returns and each of these needs to be considered separately when reviewing peiformance. In 2022123, legacy In¢ome fell from the high levels seen In the prevlous two years. to £0.95m12021122.' £3.64ml. Legacy income Is always unpr&dictable and the Charlty remalns deeply grateful for those supporters who leave us gift5 in theirwill. Income from fundraislng activities and donations, including gifts In kind, increased durin8 the year by £675K, to £1,673K12021122'. £998kl as the Charltygrew its fundrai5in8 base but also recelved income from the Medical Research Council of £751k. A real area Df progress during the year was in income received from Brant making tru5t5 and foundatlon5 which INcrea5ed with larger grants for fundlng research and also for oUt￿a£h activities. The Charity is grateful to all of Its supporters who provide gifts, larEe and small. 13 NORTH WEST CANCER RESEARCH {INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Icontlnued} Flnandal revlew of the year Icontlnuedl Income from investments increased slightly during the year, to £280k12021/22 E256kl, thanks laraely to interest earned on sizeable cash balances. Dividend income was on a p8r with that eamed in recent years. Durlng the year the Charity wa5 delighted to complete a numher of new grant funding round5, in a broad varlety of area5. Durlng the year we funded one round in partnership wlth another charity12021122.' two) with a single grant focussed on mesothelioma the cancerous form of asbestosis. We were gratèful for the opportunlty to work together with Me50thelioma UK in this and for their expertise. In addition, we also funded research rounds of our own - for PhD studentshlps, discovery science applied research and inequalities. The Charity has also grown it5 investment into education and awareness work and durlnE the financial year we ran a number of campaigns in areas such a5 sun safety, head and neck cancer, breast cancer awareness and others. We also grew and developed our labcoat learning work with outreach into schools and other community groups to provide education on slmple areas of health and wellbelng including healthy diet and knowlng your body. At the end of the flnanclal year, reserve5 had fallen from £5.4m to £5.24m, after taklng into accout)t a small increase In Investment values. Our re5ervÈs are invested In order to maximlse the returns available and the funds whlch can be used to further our charitable Objects. The sSgnlflcant legacy receipts accounted for in 2021122 meant that during the latest financial year the charity had large cash receipts which were put into shorter-term deposits to match OL¢r known 5pendlng patterns whSle still generating ncome. c. Fundralsing The Charityls reglstered wlth the Fundraising Regulattsr and with the Fundr2islng Preference Service. It employs a fundraising team which is overseen by an experienced fundralsing manager who ensures that hlgh stand3rds are maintained at 311 times. During the year the Charlty has started to make use of commercial fundralsers in order to promote lottery sales and to generate income. It does not exchange data with other parties and has not purchased Supporter marling lists. Durlng the year the￿ was one complaint12021122'. one) made to the Charlty by a former member and supporter. We always respond to the concerns raised by our donors and believe that these are an important opportunity for us to learn where we haven't got things right. 14 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 lcontlnuedl Fundralslng Icontinuedl NWCR mallltain5 records of all suppo¢ters, donors and gifts received and ensures that these records are regularly reviewed and rnonitored to check that contact with donors 15 done in an approprlate manner and in line with any preference which they have stated to us. Mailings to donors are limited in number and the Charity does not carry out active telephone fundraising campaigns. The Charlty does not knowingly contBct vulnerable indlvlduals or those who have opted out Df mailing contact. d. Reportln8 and monltorlng perfoymance The Board o* Trustees set an annual budget against which peiformance Is monitored on a monthly basss. ManagerNent of the budget is delegated las noted abovel but Trustees monitor performance against It. A set of performance indlcators is now being developed In order to assist the Board In understandlng management performance and to help in quantifying the impact of our research. KEY POLICIES The Board h3s a number of policies whlch are key in the opeyatlon of the Charlty. These are: a. Investment pollcy and peyformance Except for the restriclions imposed by the ethical pollcy, the Chartiy places no further restrictions on the amount or type of inve5ttnents made by the Charity and adheres to all relevant legislation. Durlng the year the Charlty's investment5 were overseen by Inve5tee We31th and Investment Ltd who managed the portfollo on a discretlonary basls, within a8reed Ilmlts, monitored agalnst an appropriate Index, and reviewed on a regular ba51s by the Trustees. The main gbjectlve Is to provide a balance between capital growth and Income in order to meet the Charitvs future commitments whlch, by thelr very nature. generally run for perlod5 of 3 to 5 years ahead. The Charity's Investment strategy targeted an income from the Investrnent Managers durin8 the year of £240,000 which was exceeded. The Company has barred Investment In tobatto businesses and will not m3ke any new investments In companies whlch make a slgnlflcant proportion of their proflts from alcohol and SUEar-related produrts. Ethical constraints are reviewed rèEularly by both the Investment Commlttee and the Board of Trustees. No social investment 15 currently undertaken. 15 NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by guaranteel TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 {continued) b. Reserves poll¢y The Reservès Pollcy was reviewed by the Board of Trustees in September 2023 to ensure that it remalns appropriate for the Charity. North West Cancer Research recognises research grants as they a￿ made, and hence at the end of financial year 2022123 it had provided for research costs which will be paid In future years of £5.8m 12021/22.. £5.7ml which had been approved but not yet utilised (See Note 41. Having revlewed the other commitments and contlngencies which exist, the Trustees consider that It is approprlate to set aside reserves Équivalent to 6 months operating costs In order to enable an orderlywind-up of the organisation, plus a further £2m to fund research work to ensure that projects can be broughtto 3 successful concluslon in the event of a Significant reduction In income and reserves. At the present time, the reserves required by this pollcy would be approximately £2.52m against free resèrves at the year-end of £5.2m. The Charlty does not designate funds for speclfic purposes and restricted funds are rninimal. The reserves are held In cash and investments and are not held in flxed a55ets. At the present tlme the organisation ha5 funds above its current reserves target and it will continue to utilise this to fund research at a rate quicker than revenue would normally allow. PLANS FOR THE FUTURE Key targets fLTrr 2023124 Include.. To continue to grow and dlversify our fundraislng income to include a broad range of different sources. In partl¢ular the Charity is keerk to grow ils lottery Income, income from trusts and corporate Income,. To broadly consider tsur research work to ensure that it Is targeted on the needs of the region, impactful and provides good value for money for the d)arlty. In partlcular we want to increase the proportion of projects whlch run to tlme and with clear, defined outputs,. To continue to grow our outreach and educatlon work in order to tell morè people in the region about the slgns and symptoms of dlfferent cancer types,. To startthe development of a retail offering which will help the Charity to grow its Income but also to Increase our br3nd awarene55 across the region. 16 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENOED 30 SEPTEMBER 2023 Icontlnuedl TRUSTEE5' RESPONSIBILITIES STATEMENT The Trustees Iwho are also dlrectors of Noith West Cancer Research Ilncorporating Clatterbridge Cancer Research "CCR'I) for the purposes of comp3ny law are responsible for prepJring the Trustees, Report and the Financial Statement5 in accordance with applicable law and United Kingdom Accountlng Standards (United Klngdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare Financlal Statements for each financlal year. Under company law the Trustee5 must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the Incoming resources and application of resources, Including the income and expenditure, o* the charitable company for that perlod. In preparing these Flnanclal Statements, the Trustees are required to: Selert suitable accountlll8 poli¢les and then apply them ¢tsnslstently,' Observe the methods and principles in the Charities SORP; Make judgements and accounting estlmates that are reasonable and prudent,. and Prepare the Financial Statements on a going concern basls unless it is inappropriate to presume that the charitable company wlll Continue In operation. The Trustees are responsible for keeping adequate accountlng records that are sufflcient to show and explain the ¢harit3ble company's transa¢tlons and disclose with reasonable accyracy at any lime the financlal position of the tharitable company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55et5 of the charitable company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Charity Govemance Code Durlng 2021122 the Trustees e5tabllshed a working group to review the Charity Governance Code to considerthe governance arrangements in place and whether these could be Improved. This working grotjp made recommendations back to the Btsard on a number of areas where the Charlty has taken action to strengthÈn its governance. The charltyseeksto uphold high-standards of governance with clear delegatlon airangements to ensure that there is clarity aroijnd the respective roles In the staff team and CEO when taking operational decisions. The Board continue to revlew and refine our governance processes to ensure that they are both practical and also in line with good practice. 17 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by guarantee) TRUSTEE5' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Icontlnuedl DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Trustees at the time when thls Tru5tees' Report is approved has confirmed that.. So far as that Trustee Is aware, there is no relèvant audit informatlon of whlch the charitable CorMpanl5 Audltor Is unaware; and That Trustee has taken all steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable Companvs Auditor in connertlon with prepèrin8 its reports and to establish that the charitable Company's Auditor is aware of that information. AUDITOR The Auditor, Crowe U.K. LLP, has Indicated its wlllingne55 to continue in offi￿. Thls report was approved by the Trusteès on 30 January 2024 and slgned on thelr behalf by: Catherlne Jones BA ACG Chalr 18 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") OPINION We have audited the Financial Statements of North West Cantrr Research Ilncorporating Clatterbridge Cancer Research "CCR") I'the charitable CompanVI and Sts subsidlary I'the group'l for the year ended 30 September 2023 which comprise the Consolidated Statement of Fin8nclal Artlvltles, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolldatèd Cash Flow Statement and note5 to the Flnancial Statements, Including significant accounting policles. The flnanclal reportlng framework that has been applied Sn their preparation is applicable law and United Klngdom Accounting Standard5, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion the Financial Statements: give a true and fair view of the state of the Group's and the charltable Companvs affairs as at 30 September 2023 and of the Group's incorne and expenditure, for the year then ended,. have been prDperly prepared In accordance with United Kingdom Generally Accepted Accounting Pr3Ctice- 3nd have been prepared In accordance with the requirements of the Cormpanles Art 2(KJ6. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and appllc3ble law. Our responsibilities under those standards are further described in the Audltorfs responsibilities for the audit of the Financial Statement5 section of our report. We are independent of the charltable Group in accordance with the ethical requirements that are relevant to our audlt of the Fln3ncial Statements in the UK, including the FRCS Ethlcal Standard, and we have fulfilled our other ethlcal responsibilities in accordance with these requirements. We believe that the audit evldence we have obtalned is sufficlent and appropriate to provide a basis for our opinion. CONCLUSION5 RELATING TO GOING CONCERN In auditing the Flnancial Statements, we have concluded that the Trustees, use of the going concern basis of accountlng in the preparatlon of the Financial Statements Is approprlate. Based on the work we have performed, we have not identified any materi31 uncertalntles relatlng to events or ¢onditlons that. Indlvidually or collectively, m8V Cast sign1ficant doubt on the charitable Company's or the Group's ablllty to continue as a going concem for a perlod of at least twelve month5 from when the Financial Statements are authorised for Issue. Our responsibilities all(J the responsiblllties of the Trustees with respect to going concem are described in the relevant sections of thls report. 19 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") OTHER INFORMATION The Trustees are responslble for the other information contained withln the Annual Report. The other Information comprises the information Included in the Annual Report, other than the Financial Statements and our Auditor's Report thereon. Our opinlon on the Flnancial Statements does not cover the other informatlon and, except to the extent othen￿lSe explicitly stated in our report, we do not express any form of assurance concluslon thereon. Our responsibility Is to read the other informatlon and, in doing so, consider whether the other information is materlally inconsistènt with the Flnancial Statements or our knowledge obtained Sn the audit or otherwise appears to be materially mlsstated. If we identify such material Incon515tencies or apparènt materlal m15Statements, we are requlred to determine whether this Elves rise to a material misstatement in the Flnancial Statements themselves. If, based on the work we have perforrned, we conclude that there Is a material misstatement of this other Information, we are requirod to report that fact. We have nothing to report In this regard. OPINIONS ON OTHER MAThERS PRESCRIBED BYTHE COMPANIESACT2006 In our opinion based on the work undertaken in the course of our audit the information given in the Trustees, Report, whlch Includes the Directors, Report prepared for the purposes of ¢ompany law, for the financial year for which the Flnanclal Statements are prepared is conslstent wlth the Flnancial Statements; and the Directors, Report included within the Trustees, Report have been prepared in accordan￿ with appllcable legal reqijlrements. MAThERS ON WHICH WE ARE REQUIREO TO REPORT BY EXCEPTION In light of the knowledge and understanding of the Group and charitable Company and thelr environment obtained in the course of the audit, we have not identlfied material mi5St2tements in the Directors, Report included within the Trustees, Report. We have nothing to report in respect of the following rnatters in relation to whlch the Companies Act 2006 requires u5 to report to you if, in our opinion.. adequate an(1 proper accounting records have not been kept; or the Financial Statements are not in agreement wlth the accounting records and returns; or certain disclosures of Trustees, remuneration Specified by law are not made,. or we have not received all the Information and explanations we require for our audit,. or the Trustees were not entitled to prepare the Financial Statement5 in accordance with the small companles reglme and take advantaEe of the small Companies, exemptions in preparing the Trustees, Directors, Report and from the requlrement to prep8ro a slrate8ic report. 20 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF NORTH WESTCANCER RESEARCH IINCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR°I RESPONSIBILITIES OF TRUSTEES As explained more fully In the Trustees, Responsibilities Statement set out on page 17, the Trustees (who are a150 the Dirertors of the charitable Company for the purpose5 of company lawl are responsible lor the preparation of the Financial Statements and for being satisfied that they give a true and fair view, 2nd for such Internal control a5 the Trustees determine 15 necessary to enable thè preparatlon of Financial Statement5 that are free from material misstatement, whether due to fraud or error. In preparing the Flnancial Statements, the Trustees arÈ responslble for assessing the Group's or the charitable Q>mpany's ability lo continue as a going concern, dlsclosing, as applicable, matters related to going concern and uslng ihe going concern basis of accounting unles5 the trustees either intend to liquidate the Charltable Company or to cease operations, or have no realistic altemative but to do 5Q. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our oblective5 are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material mi55tatement, whether due to fraud or error, and to 1$5ue an Auditor's Report that includes our oplnion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted In accordance with1SAs IUKI wlll always detect a material misstatement when it exists. Mi5Statements Can arlse from fiaud or error and are considered malerlal If, individually or In the aggregate, they could reasonably be expetted to influence the economic dectsions of users taken on the basis of these Financial Statements. Delails of the extent to whlch the audit was considered capable of detettlng Irregularlties, Includlng fraud and non-compliance with laws and regulatlolls are Set out below. A further descrlptlDn of our responsibilities for the audit of the Financial Statements i511)cated on the Financl31 Reportlng Council's website at- www.frc.o auditorsres onsibilitie5. Thi5 description forms pait of our Auditor's Report. EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compllance with laws and regulations. We identified and assessed the risks of material misstatement of the Flnanclal Statements from irregularities, whether due to fraud or error, and discussed these between our audlt team members. We then designed and performed audit procedures responsive to those risks, includlt)g obtalnlng audlt evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatDry fraJneworks withln whlch the Charltable Company and Group operates, fotusing on those laws and regulations that have a dlrect effect on the determination of materlal amounts and disclosures in thÈ Finantial Statements. Tho laws and regulation5 we considered in this context were the CompanlÉs Act 2006, the Charlties Act 2011 together with the Charitles SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedure5 on the related financial statement items. 21 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH {INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD ICONTINUEDI In addition, we considered provlsions of otherlaws and regulatlons that do not have a direct effect on the Financlal Statements but compliance wlth which might be fundamental to the ¢haritable Company's and the Group's abllityto operate or to avoid a material penalty. We a150 considered the opportunities and incentives that may exist within the charitable Company and the Group for fraud. The laws and regulations we mnsldered in this context lor the Ul( operations were the Charities Act Regulations. Auéitlng standards limit the required 3udit procedure5 to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and Inspection of regulatory and legal correspondence, if any. We Identified the greatest risk of materlal impact on the Financial Statements from irregularities, includlng fraud, to be withln the timing of recognition of voluntary Income and the overrlde of controls by management. Our audit procedures to respond to these risks Included enqulrles of management about the5r own identification and assessment of the risks of Irregularities, sample testing on the posting of journals, reviewing atcounting estimates for biases, reviewing regulatory correspondence with the Charity Commlssion, sample testlng of voluntary income and readlng minutes of meetings of those charged wlth goverllance. Owing to the inherent limitations of an audit, there Is an unavoldable risk that we may not have detected some material rnisstatements in the Financial Statement5, even though we have properly planned and performed our audit In accordance with auditing standards. For example, the further removed non-compliance with laws and regulations Ilrregularitiesl is from the events and transactions reflected in the Flnancial Statements, thè lÈss likely the inherently limlted procedure5 iequired by auditing standards would identify it. In addttion, as with any audit, there romalned 3 hlgher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omlssions, mlsrepresentations, or the override of internal controls. We are not re5poNsible for preventing non- compliance and cannot be expected to detect non-compliance wlth all laws and re@ulatlon5. USE OF OUR REPORT This reptsrt is made solely to the charitable Companvs members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companvs membEr5 those matters we are required to state to them in an audltor's report and for no other purpose. To the fullest extent permltred by law, we do not accept or assume responsibility to anyone other than the charÉtable ¢ompany and the charitable company's members as a bodyi for our audit work. for thls report, or for the opinions we have formed. 22 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF NORTH WESTCANCER RESEARCH IINCORPORATING CLAThERBRIDGECANCER RESEARCH"CCR°I Michael Jayson Senlor Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor The Lexlcon Mount Street Manchester M2 5NT 11 April 2024 23 NORTH WEST CANCER RESEARCH {INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmited by guarantee) REGISTERED NUMBER.. 2165552 CONSOLIDATED STATEWIENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEM8ER 2023 Unrestricted funds 2023 Re5trlcted Funds 2023 Total Funds 2023 Total funds 2022 Note INCOME FROM.. Donation5 and legacies Investment income 2,432,689 280,125 186,031 2,618,720 280,125 4,639,818 256,435 TOTAL INCOME 2,712,814 186,031 2,898,845 4,896,253 EXPENDITURE ON: Raising funds: Fundraising 8nd legacy 8eneratlon costs Investment management Charltable actSvities 730,659 730,659 585,712 29,638 2,445,781 29,638 2,539,317 31,384 2,408,486 95,536 TOTAL EXPENDITURE 3,204,078 95.536 3,299.614 3,025,582 NET INCOMEIIEXPENDITUREI BEFORE INVESTMENT GAINS GainS/lloss￿I on investments 1491,264} 90,495 1400,7691 231,351 11,030.1411 1,870,671 231,351 NET INCOMEIIEXPENDITUREI BEFORE TRANSFERS Transfer5 between funds 1259,9131 65,788 90.495 1169,418} 840,530 (65,7881 NET MOVEMENT IN FUNDS 1194,1251 24,707 1169,4181 840,530 RECONCILIATION OF FUNDS: Total funds brought forward 5,411,437 5.411,437 4,570,907 TOTAL FUNDS CARRIED FORWARD 5,217,312 24,707 5,Z42.019 5,411,437 The Notes on page5 28 to 49 form part of the Financlal Statements. 24 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) REGISTERED NUMBER.. 2165552 CONSOUDATED BALANCE SHEET AS AT30SEPTEMBER2023 2023 2022 Note FIXED ASSETS Tanglblè assets Investments 963 8,232.986 2,614 8,049,55D io 8,233,949 8,052,164 CURRENT ASSETS Stocks Dèbtors Debtors.. amounts falling due after more than one year Investments-short term Cash at bank 3nd in hand li 12 21,096 453,950 17,193 1,150,651 12 59,000 127,174 13 2,027,452 640,662 2,129,678 3,202,160 3.424,696 CREDITORS.. amounts falllng due In less than one year 14 13,946,017) 13,409,8171 NET CURRENT ASSETSIILIABILifiESI 1743,8571 14.879 TOTAL ASSETS LESS CURRENT LIABILITIES 7,490,092 8,067,043 CREDITOR5: amounts falling due after more than one year 15 12,248,073) 12,655,606) NET ASSETS 5,242,019 5,411,437 CHARITY FUNDS Restrlcted funds Unrestritted funds 17 17 24,707 5,217,312 5,411,437 TOTAL FUNDS 5,242,019 5,411,437 The Company's Financial Statements have been prepared in accordance with the provisions appllcable to companiès subjert to the small companics regime. The Flnancial Statements were approved and authorised for issue by the Trusteès on 30 January 2024, and sig ed on their behalf, bv.. Mlss C Jones BAACG, alr MrsJCI The Notes on pages 28 to 49 form part of these Flnancial statements. FCA, Treasurer 25 NORTH WEST CANCER RESEARCH (INCORPORATING CLA￿ERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) CHARITY BAL4NCE SHEET ASAT30 SEPTEMBER 2023 2023 2022 Note FIXED ASSETS Tangible assets Investments 963 8,084,279 2,614 7,915,153 io 8,085,242 7,917,767 CURRENT ASSET5 Stocks Debtors Debtors: amo(tnt5 falling due after more than one year Investments- short term Cash at bank 3nd in hand li 12 21,096 568,348 17,193 1,226,498 12 127,414 258,198 13 2,027,451 542,501 2,002,523 3,286,810 3,504,412 CREDITORS.. amounts falling du@ In less than one year 14 13,943,557) 13,407,670) NET CURRENT ASSETS/ILIABILITIESI 1656.747} 96,742 TOTAL ASSETS LESS CURRENT LIABIUTIES 7,428,495 8,014,509 CREDITORS: amounts falling duè after more than one year 15 12,248,073) 12,655,6061 NET ASSETS 5,180,422 5,358,903 CHARITY FUNDS Restricted funds ilnrestricted funds 17 17 24.707 5,155,715 5,358,9L13 TOTAL FUNDS 5,180,422 5,358,903 The Company's Financial Statements have been p￿pared In 3¢cordance wSth the provisions appllcable to companies subject to the Small companies reglme. The Financial Statements were approved and authorlsed for issue bythe Trustees on 30 January 2024, and slgned on thelr behalf, by.. Mlss C Jones BA ACG, alr Mrs J Clague BA FCA, Treasurer The Notes on pages 28 to 49 form part of these Financlal Statements. 26 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guaranteel CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Note 2023 2022 Cash flows from operating activities.. Net cash used in operating actlvlties 19 210,396 1,305,253 Cash flows from investing activities.. Dividends and interest from investments Proceeds from the sale of investments Purchase of Investment5 280,125 1,635,311 12,907,033) 256,435 1,109,586 1968,8521 Nèt cash provlded by inve5tlng actlvities 1991,5971 397,169 Change In cash and Cash equivalents in the year Cash and cash equlvalents brought forward 1781,2011 2.164,735 1,702,422 462,313 Cash and cash equ¥valents carried fL)rw3rd 20 1,383,534 2,164,735 27 NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) I. ACCOUNTING POLICIES 1.1 Basis of prèparatlon of Flnancial Statements The Flnancial Statement5 have been prepared in accordance wlth Attountlng and Reportlng by Charities.. Statement of Recommended Practlce appllcable to charities preparing their accounts in accordance with the Fin3ntlal Reporting Standard appllcable in the UK and Republic Df l¥eland IFRS 1021 (effective l January 20191- ICh31ities 50RP IFRS 10211, the Financial Rep()rting Standard applicable in the UK and Republlc of Ireland IFRS 1021 and the Companies Act 2006. North West Cancer Research lincorporating Clatterbrldge Cancer Research "CCR") meets the definltSon of a public benefit entity under FRS 102. Assets and Ilabilities are initially recognised at hlstoiical cc>st or transaction value unless otherwise stated in the relevant accounting policy. The accompanying Consolidated Flnancial Statements include the Financlal Statements of North West Cancer Research, and Its consolldated subsidiary Cancer and Pollo Resear¢h Fund (together referred to a5 the Charityl- NWCR'S sijbsidiaries are Ilsted in note 10. The results of North West Cancer Research Trading Limited have not been consolidated-. the company did not trade during the year and had no assets. No separate SOFA has been presented for the Charity alone as permitted by section 408 of the Companies Act 2006. NWCR was created by merger of two charitles.. Clatterbrldge Cancer Research and North West Cancer Research Fund. The principal gbject and actlvityof both charities was to promote and carryout research into cancer. The merEer took effect from l November 2012. 1.2 Company status The Company is a company limited by guarantee. In the event of the Company being wound up, the Ilability is respect of the guarantee Is limited to £1 per member of the CompBny. 1.3 Going concern The Financial Statements have beÈn prepared on a going toncern basis, which prln¢ipally assumes that thÉ Company will continue to receive an adequate level of income to meet its antl¢ipated reqLJlrements. This was reviewed in light of the Covid-19 pandemic ènd tho impact that this had on the Charity sector, along with the impact on investment5 and reserves. During the pandemlc the Trustees adopted prudent plan5 and reduced commitments to new research fundlng. However, the positive flnancial results for 2022123 meant that the Tru5tee5 were able to enter Into an increased number of new commitments and to retLJrn to close to earlier levels. 28 NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) On that basis the Trustees consider it appropriate to prepare the Flnanclal Statements on a going collcern basis. I. ACCOUNTING POUCIES Ictsntlnuedl 1.4 Consolldated Flnancial Statements These Flnancial Statements consolidate the results of the Charity and Its subsidlary undertaking Cancer and Polio Research Fund Ltd. The con501idation has been undertaken on a line by Ilne basis. Tho Charity has taken advantage of the exemptlon available to a qualifylng entity in FRS 102 from the requirement to present a Charity only Cash Flow Statement with the consolidated accounts. 1.5 Income All income is recognlsed oncethe Company has entitlementto the Income, it is probablethatthe income wlll be received and the amount of income recelvable can be measured rellably. For legacies, Èntitlement is taken as the earlier of the date on whlch elther.. the Company Is aware that probate has been granted. the estate has been finalised and notification has been made by the executorlsl to the Trust that a distribution wlll be made, or when a distribution Is received from the estate. Receipt of a legacy, in whole or In part, is only consSdered probable when the amount can be measured reliably and the Company has been notifled of the executor's Intention to make a d15tribution. Where legacies have been notihed to the Company, orthe Company is aware of the grantlng of probate. and the criterla for income recognitlon have not been met, then the legacy is treated as a contingent asset and disclosed If material. Donated service5 or facillties are rècognised whers material and the Company has control overthe Item, any conditions associated with the donated item have been met, the receipt of the econornlc beneflt from the use of the Company of the Stem is probable and that economic benefrt can be measured rellably. In accordance with the Charities SORP IFRS 1021, the general volunteer time of the branches I committees Is not recognised- reference should be made to the Trustees, Report for more information about their contribution. retelpt, donated professional services and donated facilities are recognlsed on the basi5 of the value of the gift to the Company which Is the amount the Company would have been wllling to pay to obtaining servlces or facilities of equlvalent economic benefit on the open market,. a corresponding amount is then recognlsed in expenditure in the perlod of receipt. Income tax recoverable in relatlon to donations received under Gift Aid or deeds of covenant Is recognlsed at the time of the donation. 29 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by guarantee) Income tax rècoverable In relation to investment Incorne is recognised at the time the Investment income is receivable. I. ACCOUNTING POLICIES Icontlnuedl 1.6 Expenditure Expellditure is recoEnlsed onte there is a legal tsr constructive obligation to transfer e¢onomic bènefit to a third party, it is probable that a transfer ol economic benefits will be required In settlement and the amtsunt of the obligation tan be measured rellably. Expenditure Is classified by actlvlty. The cost5 of each artivity are made up of the total of direct costs 3nd shared costs, Including support costs involved in undertaking each activity. Direct Costs attribut3ble to a single actlvity are allocated dlrectly to that activity. Shared costs which contrlbute to more than one activity and support costs which are not attributable to a single activity are apportioned between those attivities on a basis con55Stent with the use of resources. Central staff costs are allDC8tèd on the basis of tlme spent. Fundraising costs are those incurred In seeking voluntary contrlbutions 8nd do not Include the costs tjf disseminatillg information in support of the charitable activities. Support costs are those costs incurred directly in support Of expenditure on the objetts of the Company and include project management carried out at headquarters. Governance costs are those incurred In connection with administration of the Company and compliance with constitutlonal and statutory requirement5. Costs of generatlng funds are costs Sncurred In attr3Ctlng voluntary income, and those incurred In trading actlvities that raise funds. Charitable activltie5 and Governance costs are costs incurred on the Companls charitable operatlon5. including support costs and costs relating to the govern8n¢e of the Company apportloned to charitable activities. Grants payable are charged In the year when the offer is made, ex￿pt in those cases where the offer is conditional, such grants being recognised as expendlture when the condltions attached are fulfllled. All resources expended are Inclusive of irrecoverable VAT. 1.7 Tanglble flxed assèts and depre¢lation All assets costing more than £1,000 are capitalised. Tangible Ilxed assets are carried at cost, net of depreciation and any provislon for impairment. 30 NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) I. ACCOUNTING POLICIES Icontlnuedl 1.8 Tan8ible flxéd assets and depreclatlon Icontinuedl Deprèciation Is provSded at rates calculated to write off the cost of fixed as5et5, le5S their estimated residual value, over their expected useful Ilves on the following bases.. Office equipment Computer equlpment 5 years straiEht line 4 years Straight line 1.9 Investments Flxed asset investments are a forrn of financial instrument and are Initially ￿c0s￿1sed at their transaction cost and subsequently measured at their fair value at the balance sheet date, unless fair value cannot be mÈasurÈd rellably, in which case it Is measured at cost less impairment. Investment gain5 and1055es, whether realised or unrealised, are combined and shown in the heading 'Gain5 111055e51 on Investments, in the Statement of Financial Activities. 1.10 Interest recelvable Interest on fund5 held on deposit is Included when receivable and the amount can be measured reliably by the Companyi thls Is normally upon notification of the Interest pald or payable by the Bank. 1.11 Operatln8 leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basss over the lease term. 1.12 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-movlng stocks. Any new stock items donated to the char￿ty have been valued at half of RRP, whlch Is consldered io be a reasonable approxlmatlon of its value. 1.13 Debtors Trade and other debtors are recognised 3t the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts d¢Je. 31 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) I. ACCOUNTING POLICIES (continued) 1.14 Cash at Bank and In hand Cash at bank and in hand Includes c85h and short term highly1Squid investments with a short maturity of three months or less from the date of acqulsltlon or openlng of the dep051t or similar account. 1.15 Liabllltles and provlsions Llabilities are recognised when there is an obligation at the balance sheet date a5 a result of a past evenL it Is probable that a transfer of economic beneflt will be required in settlement, and the amount of the settlement can be estlmated reliably. Liabilitles are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount It has recelved as advanced payment for the goods and services it must provide. Provisions are measure at the best estimate of the amounts required to settle the obll84tion. 1.16 Flnancial InstYutnent5 The Company only has financial asset5 and linancial Ilabilities of a kind that qualify as basic financial instruments. Basic fit)ancial instrutllents are inltlally Tecognlsed at transaction value and subsequentlv measured at thelr settlement date. 1.17 Penslons The Company contributes to personal penslDn plans and the perTrslon charge represents the amounts payable by the Company to the plans in respett of the period. 1.18 Fund accountlng General fund5 are unrestricted funds which are available for the use at the dlscretion of the Trustees in furtherance of the general objectlve5 of the Company and which have not been deslgnated for other purposes. Restricted *unds are funds which are to be used In accordance wlth specif1¢ restrictlons imposed by donors or which havè been ralsed by the Company for particular purposes. The Costs of raislng and administering such funds are charged against the 5peclficfund. The alm and use of each restrlcted fund is set out in the notes to the Financial Statennents. Where the effect of the time value of money 15 material, the provlslon Is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks spe¢ific to the Ilabllity. The unwlndlng of the discount rate is recognised withln Interest payable and slmllar charges. 32 NORTH WEST CANCER RESEARCH (INCORPORATING CLATFERBRIDGE CANCER RESEARCH "CCR") IA company limited by guaranteel I. ACCOUNTING POLICIES Icontinuedl 1.19 Crltlcal accounting lud8ernents and estlmates The key source of estimatlon uncertainty In the Financial Statements are residuary lega¢les. Le8acles are recognlsed when the income crlteria detailed in note 1.5 are consldered to be met. In some circumstances, the legacy has not been recelved at the year end and is included within debtors. Due to the nature of residuary le8acies receivable, there is judgement applied to the valuation of the legacy. Where the effect of the time value of money is materiol to liabilitles and provisions, the liability or provlsion is based on the present value of those amounts, discoTrunted at the pre-tax discount rate that reflects the risks specific to the113bility. The unwinding of the discount rate is recogni5ed within interest payable and simllar ch8rges. In the 2022/23 Flnanci31 Statements there were no instances where the tlrne value of money was rnaterial and therefore no di5COUnting has taken place. The estimates and underlying assumptions are reviewed regularly. Revisions to accounting estimate5 are recognised in the period In whlch the estimate is revised where the revision affects only that period, or In the period of the revlsion and future periods where the revision affects both current and future periods. 2. INCOME FROM DONATIONSAND LEGACIES Group and Charlty Unre5tr1cted and total Fun(ts 2023 Restrfcted funds 2023 Totol Funds 2023 Legacles Donations Oonatlons-in-kind 945,445 1,389,256 97,988 945,445 186.031 1.575,287 97,988 Total donations and legacies 2,432,689 186,031 2,618,720 33 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR ) IA company1Smlted by guarantee) Group and Charfty Unrestrlcted and total Funds 2022 Restrictecf funds 2022 Total Funds 2022 Legacies Donatlons Donatlon5-in-kind 2,983,546 851,074 47,628 657,994 3,641,540 99,576 950,650 47,628 Total donations and legacies 3,882,248 757,570 4,639,818 3. INVESTMENT INCOME Group and Chailty Unrestrfcted and total Restrlcted funds Funds 2023 2023 Total Funds 2023 Investment Income-11sted investrnents Investment income-short term gllts Investmellt income- bank interest 257,038 8,049 15,038 257,038 8,049 15.038 280,125 280,125 Group and Charlty Unre5trlcted and total funds 2022 Restrlcted funds 2022 Total Funds 2022 Investment income- listed Investments Investment Income- short term gilts Investment income- bank interest 256,151 256,151 284 256,435 256,435 34 NORTH WEST CANCER RESEARCH {INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA company Ilmited by guarantee) 4. ANALY515 OF GRANTS Group and Chaiity Unrestrlcted Unrestricted and total und total Funds funds 2023 2022 Grantsto Instltutions 2023 Grant5 approved in the year The total above of £1,955,49412022'. £1,945,684), Indudes £45,25612022: £8,9401 by way of non- Salary re13ted sUPPOrt costs, for example, expenditure on the NWCR Symposium In july 2023, impact reportlng 8nd Dverhead5. As disclosed in Note 6, Analysis of Resources Expended by Eypendlture Type, the Research Grant Expenditure charged in the Statement of Fln3ncial Actlvitie5 includes associated staff costs of £98,138 12022.. £62,648), as well as a share of central charity costs of £33,59812022'. £18,0721. RECONCIUATION OF GRANTS PAYABLE 2023 2022 Accrued at l October 2022 Grants made in the year- Liverpool Grants made in the year- Lancaster Grants made in the year- Bangor Grants made in the year- Chester Grants made in the year- Royal Preston Hospltal Grants made in the year- Manchester Grants made In the year- UCLAN Grants made in the year- Edgehlll Grants made in the year- Liverpool John Moores Grants made In the year- Newcastle Grants made in the year- Cancer Besearch Wales Grants made in the year- Swallows Head & Neck Charity Grants cancelled or recovered Grants paid and other movements 5,699,691 1.285,108 392.448 5,301,163 1,140,563 123,369 105,000 185,5841 21,900 147,694 49,894 122,864 85,584 104,970 124,152 398,936 io,o(x) 170,2471 11,538,215) 1109,6701 11,852,138) Accrued at 30 September 2023 5,757,791 5,699,691 Payable as follows.. Grants payable lyf - institutlon31 3,509,718 2,248,073 3,044,085 2,655,606 Total granls payable 5,757,791 5,699,691 35 NORTH WEST CANCER RESEARCH {INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR"} IA company limlted by guar3nteel 5. GOVERNANCE COSTS Group and Charlty ljniestrlrted and total Funds 2023 Re5trlcted funds 2023 Total Funds 2023 Governance Auditorfs remuneration Governante legal and p¥ofesslonal fees Governance share of SLspport costs Governance expense- recruitment feès Governance expense- wages and salarles Governance - depreciatlon tanglble fixed assets 16,356 1,944 32,541 3,800 95,529 16,356 1,944 32,541 3,800 95,529 263 263 150.433 150,433 Group and Charity Unrestrlcted and total Restylcted Funds funds 20Z2 2022 Total Funds 2022 Governance Auditorfs remtsneration Governance legal and professlonal fees Governance share of support costs Governance expense- recruitment fees Governance expense-wages and salarie5 Governance depreciation tangible fixed a55ets 16,112 3,317 46,486 1,062 83,091 16,112 3,317 46,486 1,062 83,091 265 265 150,333 150,333 36 NORTH WEST CANCER RESEARCH {INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) 6. ANALYSIS OF RESOLIRCES EXPENDED BY EXPENDITURE TYPE Group and Charbty Staff cost5 DÈpreclatlon 2023 2023 Other costs 2023 Total 2023 Expendituie on fundraising Expenditufe on investment management 304,475 837 425,347 730,659 29,638 29,638 Cost of 8eneratlnB funds 304,475 837 454,985 760,297 Research grant expenditure Education and outreach expendlture Expenditure on governence Charltable actlvltles 98,138 271 1,988,821 2,087,230 280 102,013 199,360 301.653 95,529 295.680 263 54,641 150,433 2,242,823 2,539,317 814 600,155 1,651 2,697,808 3,299,614 Group and Charltv Staff costs Depreclatlon 2022 2022 Other costs 2022 Total 2022 Expenditure on fundralsing Expenditure on investment management 234,555 748 350,410 585,712 31,384 31,384 Cost of generatlng funds 234,555 748 381,794 617,096 Research grant expenditure Education and outreach expenditure Expenditure on governance 62,648 200 2,003,241 2,066,089 439 137,576 54,()49 192,064 83.091 265 66,977 150,333 Charltable aeilvltles 283.315 903 2,124,267 2,408,486 517,870 1,651 2,506,061. 3,025,582 37 NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA Company limited by Éyaranteel 7. NET EXPENDITURE This 15 Stated after charglllg: 2023 2022 Depreciation of tangible flxed assets- owned by the Charity Audilorfs remuner3tion- audit 1.651 16,356 1,651 16,112 DurlnE the yèar, no Trustees receSved any remuneration12022.' £01. During the year. no Trustees recelved any benefits in kind12022: £01. During the year, l Trustee received reimbursement of travel and accommodation expenses of £217 12022.. £1961. 8. STAFF COSTS Staff costs were as follows: 2023 2022 Wages and 5alarles Social security Costs Other pension costs 523.537 49,281 27.337 450,493 44,321 23.056 600,155 517,870 There are no redundancy payments included in wages and salarie512022'. £nill. The average number of persons Iheadcountl ernployed by the Company during the year was as follows- 2023 No. 2022 No. Fundraising and marketlng Administration 14 12 The Trustees have delegated signifltant authoilty and responsibility in the day-to-day running of the Charity to its key rnanagement personnel. The Charlty considers its key management personnel to comprlse the Chlef Executive Officer, Head of Finance and Administration and the Head of Marketing and Fundralslng. The total employee benefits, Including employer Natlonal InsLJf3nce and employer pension contributions, of the key management personnel were £221,30012022.' £213,266). 38 NORTH WEST CANCER RESEARCH {INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA tompany limited by guaranteel 8. STAFF COSTS Icontlnuedl The number of employees whose total employee beneflts, excluding employer national Insuran￿ and pension costs, for the reporting perlod fell within the following ranges, was.. 2023 No. 2022 No. £60,000- £69,999 £80,000- £89,999 9. TANGIBLE FIXED ASSET5 Group and Charlty Flxtures and flttlngs Total Cost At l October 2022 8,256 8,256 At 30 September 2D23 8,256 8,256 Depreaatlon At l Ortober 2022 Charge for the year 5,642 1,6SI 5,642 1,651 At 3D September 2023 7,293 7,293 Net book value At 30 September 2023 963 963 At 30 Septen7ber 2022 2,614 2,614 39 NORTH WEST CANCER RESEARCH {INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmited by guarantee) 10. FIXED ASSET INVESTMENTS Llsted Securities (Market valuel Group Cash rotal At l October 2022 Additions Dlsposals Movement in cash for the year Realised and unrealised gains on investments 8,014,493 905,580 11,135,311> 35,057 8,049,550 905,580 11,135,311) 199,765 199,765 213,402 213,402 At 30 September 2023 7.998,164 234.822 8,232,986 Listed securltles (Market value) Group Undertaklngs Charity Cash Total At l October 2022 Additions DIsp05als Movement in cash for the year Realised and unrea1I5ed gains on Investments 7,880.096 902,621 11,155,311) 35,057 7.915,154 902,621 11.135.311) 199.765 199,765 102.050 202.050 At 30 September 2023 7,849,456 234.8Z2 8,084,279 Group subsldlary undertaklngs The following were subsid131y undertakings of the Company.. Name North West Cancer Research Trading Limited Cancer and Polio Research Fund Limited Holdlng loo% loo% 40 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) 10. FIXED ASSET INVESTMENTS Icontlnued) The aggregate of the Share capltal and reserves as at 30 September 2023 and of the profit or loss for the year ended related to ihe charltws subsidiary undertakings were a5 follow5., Aggregate of share capltal and reserves Proflt I Ilossl Name Cancer and Polio Research Fund Llmited Total 61,596 61,596 9,063 9,063 Group and Charlty materlal restrictions The Compèny has barred investment in tobacco businesses, In additlon the Trustees have agreed that the charity should not make new investments In holdings which promote Iow-c05t alcohol or irresponsible drinking; draw the majority of their proflts from 8lcohol or draw their proflts exclusively from sugar. Investments are prlmaflly held to provide a balance between capltal growth and income in order to meet the Companws future commStmentS. 11. STOCKS Group 2023 Churlty 2023 2022 2022 Goods for resale 21,096 17,193 21.096 17,193 Included above Is £8,732 of new stock donatèd to the charity during the year. This has been valued at half of Its RRP, which is considered to be a reasonable approxim3tlon of Its value. 12. DEBTORS Group 2023 Chorlty 2023 2022 2022 Other debtors Prepayments Accrued legacy income Other accrued income 20,107 20,156 47,437 425,250 1,945 24,304 873,033 378,543 20,107 20,156 47,437 608,062 1,945 24,304 869,973 588,474 512,950 1,277,825 695,762 1,484,696 41 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR'I IA company limited by guarantee) IrFcluded above withln 'Other accrued income, Is £177,102 of income from other charitles where North West Cancer Research has jointly funded ie5earch projects wlth them12022- £269,553). Of thls amount, £9,73012022'. £99,576) is shown as restrlcted income in the Statement of Financlal Artivities. Also included above withiii 'Other accrued income, is £41,226 owed by North West Cancer Research Trading Ltd. to the Charity at the balance sheet date, comprising set=up costs for the retall operation 12022.. £nill. 12.2 Analysis of debtors recoverable in more than l year (included in debtors above).. Group 2023 Charity 2023 2022 2022 Other debtois Prepayments Accrued legacy income Other accrtsed incoffle 59,000 127,174 127,414 258,198 59,000 127,174 127,414 258,198 Note 12.2 shows that element of the'other accrued income, figure of £177,10212022: £269,553) referred to above that isjudged to be recoverable in more than l year because of length of jointlv funded research project5. In addition to those amounts, the figures for the chartty include income due from its subsidiary company for research prolects where, bocause of the length of those projects, that debtor is judged to be recoverable in more than one year. 13. INVESTMENTS- SHORT TERM L15ted securltles (Market valuel Group and Charlty Cash Total At l October 2022 Addltions Disposals Movement in cash for the year Aealised and unrealised gains on investments 2,001,453 1500,000} 2.001,453 1500,0001 500,O¢XJ s￿,000 17,949 8,049 25,998 At 30 September 2023 1.519,402 508,049 2,027,451 42 NORTH WEST CANCER RESEARCH (INCORPORATING CLA￿ERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by guarantee) 14. CREDITORS: Amounts falllng due wlthln one year Group 2023 Chority 2023 2022 2022 Trade creditors Sundry creditor5 Amounts owed to NWCRT, the subsidiarv company Other taxation and SDclal security Accrua15 and deferred Income Grants accrtsed - instltutlonallsee note 41 146,064 137,406 465 146,064 137,370 465 20,318 22,626 20.318 22,626 269,917 205,235 193,993 203,123 3,509,718 3,044,085 3,583.182 3.044,085 3,946.017 3,409,817 3,943.558 3,407,670 15. CREDITOR5: Amounts falllng due after more than one yea Group 2023 Churity 2023 2022 2022 Grants accrued- Instit(rtlon81 (see note 41 2,248.073 2,655,606 2,248,073 2,655,606 16. FINANCIAL INSTRUMENTS Group 20Z3 Churity 2023 2022 2022 Flnan¢lal assets measured at falr value Investments 8,232,986 8,049,550 8,084,280 7,915,153 Flnanclal assets measured at amortlsed cost Debtors excludin8 prepayments 492,794 1,253,521 675,606 1,460,391 Flnanclal Ilabllltles measured at amortlsed cost Creditors 6,194,090 6,065,424 6,191,632 6,062,277 43 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by guarantee) 17. STATEMENT OF FUNDS GROUP STATEMENTOF FUND5- CURRENTYEAR Balance at l October Balance at 30 September 2023 Transfers Galns / 2022 Income Expendlture Inlout {Lossesl Unre5trlcted and total funds Other General funds 5,411.437 2,712,814 13,204.0781 65,788 231,351 5,217,312 Restricted funds Other Restrlcted Funds 186,031 195,5361 165,7881 24,707 Total of funds 5,411,437 2,898,845 13,299.6141 231,351 5,242,019 Restrlcted income in the current year includes £9,73012022.' £99,576I due from other charities where North West Cancer Research has jointly funded research projects with them, as well as grants of £175,S1312022.' nil) made to the Charity by various Trusts and Foundat10115, towards both research and educatlon and outreach projects. No legacles wlth specific conditions attached h3ve been received in 20221231£2021122'. £657,9941. Restricted expenditure of £95,53612022.' £104,576) comprlses the value of education and outreach work undertaken during the year on specific projects fDr which grants were received, as well as the C05t of grant-funded research projects approved in the year. Where income has been received to support ongoing research projects approved In prior years, an equivalent figure to the value of that income ha5 been treated as a transfer between restrlrted and unrestricted funds, with condltions of the Income fulfllled. 44 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by 8uaranteel 17. STATEMENTOF FUNDS Contlnued GROUP STATEMENT OF FUNDS- PRIOR YEAR Balance at l October Balance at 30 September 2022 Transfer5 Galns I 2021 Income Expenditure In/Out (Losses) Unrèstrlcted and total funds Other General funds 4,570,907 4,138,683 12,921,006) 652,994 11,030,141) 5,411,437 Restrlcted funds Other restrirted funds 757.570 1104,5761 1652,9941 Total of funds 4,570,907 4,896,253 13,025,582) 11,030,1411 5,411,437 Restrlcted Income in the prior year included £99,57612021.' E164,9771 due from other charities where North West Cancer Research had lolntly funded research prolerts with them, as well as £657,994 12021.. £0) received during the year in two legacies left specifically to fund research lone at a given Institutlon, the other for specific projects). Restrlcted expendlture of £104,57612021: £168,311) comprised the value of the jointly funded research prolects plus the costs incurred against one of the two legacies. The income from the Second legacy1£652,9941 was given to support pro]erts approved In prevSous yeais but ongolng in 2021122. It was therefore treated as a transfer between restricted and unrestricted funds, with conditions of the Income fu￿illed. 45 NORTH WEST CANCER RESEARCH (INCORPORATING CLA￿ERBRIDGE CANCER RESEARCH "CCR"} IA company limited by guarÈnteel 17. STATEMENT OF FUNDS contSnued CHARITYSTATEMENT OF FUNDS-CURRENTYEAR Balance at l October 2022 Balance at Transfers Galn$ 1 30 September In/Out {Lossesl 2023 Income Expendlture Unrestricted and total funds Other General funds 5,358.903 2,712,118 13,201,094) 65,788 220,000 5,155,715 Restricted funds Other restricted funds 186,031 195,5361 165,788 24,707 Total of funds 5,358.903 2,898.149 13,296,630) 220,000 5,180.422 CHARITY STATEMENT OF FUNDS- PRIOR YEAR Balance at Balance at 30 Septernber 2022 Transfers Gains / l October 2021 Income Expendlture In/Out (Losses) Unrestricted and total funds Other General funds 4,417,055 4,091,505 12,808.0651 652,994 1994,5851 5,358,903 Restrlcted funds Other restricted funds 757,57D 1104,5761 1652,9941 Total of funds 4,417,055 4,849,075 12,912,641) 1994,5851 5,358,903 46 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET A55ETS BETWEEN FUNDS- CURRENT YEAR GROUP Unrestrl¢ted and total funds 2023 Restrlcted funds 2023 Total funds 2023 Tanglble flxed assets Flxed asset Investments Current assets Credltors due wlthln one year Credltors due In more than one year 963 8.232,986 3,172,453 13,941,017) 12.24B,0731 963 8.232,986 3,202,160 {3,946,0171 12,248,073) 29,707 15,000) 5.217,312 24,707 5,242,019 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR GROUP Unrestrlcted and totol funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditor5 due in more than One year 2.614 8,049,550 3,424,696 13,409,817) 12,655,6061 2,614 8,049,550 3,424,696 13,409,817) 12,655,606) 5,411,437 5,411,437 47 NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA cornpany limited by guaranteel 19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net Incomel lexpenditurel forthe year las per Statement of Financial Activities) 1169,4181 840,530 Adjustment for.. Depreciation charges IGainsl/Losses on investment5 Divldends, Interest and rents from investments Assets acquired Ilncreasel/ decre8se In stocks Ilncreasel in debtors Increaselldecreasel In creditors 1,651 1231,3511 1280,1251 1,6SI 1,030,141 1256,4351 13,9031 764,875 128,667 1931 1440,2211 129,680 Net cash used in operatlng activities 210,396 1,305,253 20. ANALYSIS OF CASH AND CASH EQUIVALENTS 1023 2022 Cash In hand Investment cash accounts 640,662 742,872 2,129,678 35,057 1.383.534 2,164,735 21. RECONCILIATION OF NET DEBT At l October 2022 Cashflow At30 September 2023 Cash in hand and at bank 2,164,735 (781,2011 1,383,534 2,164,735 1781,2011 1,383,534 48 NORTH WEST CANCER RESEARCH {INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA company Ilmlted by guarantee) 22. PENSION COMMITMENTS The Company contributes to personal penslon plans. The a55ets of those plans are held separately from those of the Company in Independently administered funds. Contributlons totalllng £4,63412022'. £3,7211 were payable to the plans at the balance sheet date and are included in creditors. 23. OPERATING LEASE COMMITMENTS At 30 September 2023 the total of the Group's future minimum lease payments under non.can￿lIab1e operating leases was.. 2023 2022 Amounts payable: Withln l year Between l and 5 years 1,272 4,770 6,042 Operatin£ lease payments recognised during the year as an expense totalled £1,21612022'. £1,368). 24. RELATED PARTY TRANSACTIONS There are bNo related party transactions of note.. At the period end £1 was owed to Noith West Cancer Research Trading Ltd. (formerly C13tterbridge Cancer Research Ltd.), the subsldiary company. Two ol the Ch3ritVs Trustees, Mrs. H Atherton and Mr. S Anantharaman serve 85 Directors of this Company along with a number of others who are not connected to the Charity. Three of the Charitls Trustees, Miss C M Jones, Dr. M Carter and Mr. P Moonan, serve as Directors of Cancer and Polio Research Fund Ltd. and, in matter5 concernlng that Charitvi art only in the interest of the Cancer and Polio Research Fund. 25. EVENTS AFTER THE END OFTHE REPORTING PERIOD In November 2023 the Charity offered a revolvlng credit facility of £250,000 to North West Cancer Research TradinB Ltd. to help fund the establrshment of the charity and the development of shops. On nd 22 November 2023 the company drew down £125,000 of the loan. In accordance with the terms of the loan agreement, interest is belng paid each month on the loan, calculated at 2% above Bank of England Base Rate. The flrst shop is expected to open in late January l early February 2024. 49