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Registered number: 02165552 Charity number: 519357

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

	Page
Reference and administrative details of the charity, its Trustees and advisers	3 - 4
Chair’s Statement	5 – 6
Trustees’ Report	7 – 20
Independent Auditor’s Report	21 – 25
Consolidated Statement of Financial Activities	26
Consolidated Balance Sheet	27
Charity Balance Sheet	28
Consolidated Cash Flow Statement	29
Notes to the Financial Statements	30 – 53

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER

RESEARCH “CCR”)

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees and officers of the Board

Mr P Moonan Chair of Board and of the Nominations & Remuneration Committee from 24 April 2025. Chair of the Marketing and Fundraising Committee until that date Dr M Carter CPsychol AFBPsS Vice Chair Mrs J Clague BA FCA Honorary Treasurer Mr S Anantharaman Mrs H Atherton Resigned 24 April 2025 Mrs K Barton Appointed 30 January 2025 Mrs J Bowers Appointed 30 January 2025 Miss C M Jones BA, ACG Resigned 24 April 2025. Chair of Board and of the Nominations & Remuneration Committee until that date Mrs J Edler Appointed 30 January 2025 Mrs S Giles Appointed 30 January 2025 Ms F Hewison Dr S Kothari Mr M Ore Resigned 31 December 2024 Dr P Robertshaw PhD, Dip DM Resigned 24 April 2025 Mr A Stalker Mr J Willis Chair of the Investment Committee

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Registered office

North West Cancer Research Room G5 Liverpool Science Park 131 Mount Pleasant Liverpool L3 5TG

Bankers Solicitors NatWest Brabners LLP 247 High Street Horton House Bangor Exchange Flags Gwynedd,LL57 1RW Liverpool, L3 9QJ

Investment Managers

Rathbones (Incorporating Investec Wealth and Investment Ltd.) Port of Liverpool Building

Mann Island Liverpool, L3 1NW

Auditors

Crowe U.K. LLP 3rd Floor St George’s House 56 Peter Street Manchester, M2 3NQ

Senior Management Team

Alastair Richards Chief Executive Officer (and Company Secretary) Ruth Turley Head of Finance and Administration Cara Newton Director of Brand and Income Alan Lancelott-Redfern Head of Retail Carol Kirkham Head of Fundraising – resigned 31 March 2026 Dr Alison Moore Head of Health, Research & Impact – resigned 16 May 2025

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

CHAIR’S STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Cancer is a huge health issue across the UK, Europe and beyond, but here in the North West of England and north Wales, we have a particular problem: the number of cancer cases is higher than you would expect for our population size and cancers are often diagnosed later, with the result that the treatment pathway is more complex and outcomes are often poorer.

North West Cancer Research is focussed on our region’s cancer needs: our aim is to tackle the excessive number of cancer cases in our region; to improve diagnosis and treatment; and ultimately to reduce mortality from cancer. We do this by funding research - research into understanding the causes of cancer and improving the care of those suffering from cancer, and research that ultimately seeks to find cures for the many different types of cancer.

In addition to our research programme, we have an important message to communicate to the people of the region: how they can reduce their own cancer risk, recognise the symptoms of cancer early and get the most appropriate treatment at the earliest possible stage.

Our task is substantial and we do not underestimate the challenge that exists. As we continue to make progress, it is important that we maximise the resources we have available and use them well.

The financial year ending 30 September 2025 has continued to be a time of change and challenge as it has for other charities in the UK. Concerns about the cost of living, taxation and instability in the economy has meant that public fundraising continues to be difficult. 2024/25 also saw the discontinuation of a funding stream which had provided over £800,000 of income in the previous year and this meant that there was a substantial fall in our fundraised income. Income from legacies was at a similar level to the previous year. We are so fortunate to receive these gifts, which totalled almost £681k, and we recognise that gifts in legacies are often the largest gifts which an individual might give in their lifetime.

Our portfolio of shops continues to grow at a steady pace. Our first shop opened in February 2024, and during this year we have opened two further shops in Knutsford and Liverpool. The addition of two shops meant that the income from trading grew from £110,000 in the previous year to £419,000 in this year. Further shops will continue to be added and at the time of writing we have five retail locations with a sixth almost ready to open. We recognise that this will give us sustainable income for the future – although selling donated goods through the high street is not always easy.

We are delighted that, during this year, we have been able to continue funding excellent new research projects and that competition for funding remains intense. During the twelve months covered by this report, we have funded projects in discovery science, applied research and regional inequalities. We were also excited to fund a larger programme grant studying a new model of treating stomach cancer – a type which is more common in our region and not easy to diagnose.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

CHAIR’S STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Other projects funded included a number of PhD studentships and a highly innovative project which seeks to identify the changes which occur in the body of a cancer patient as they enter the last weeks of life. Our aim is to ensure that people in our region can make informed decisions as they enter the final stages of life and spend time with their loved ones.

During the year we have also started the process of merging with a smaller charity called KidsCan. Based in Salford the KidsCan has funded academic and clinical research aimed at curing childhood cancers including glioblastoma and medulloblastoma. It also has an innovative project which supports children in hospitals and undergoing treatment in our region. We believe that this complements the work of North West Cancer Research and hope to work with them to continue their work into the future.

In writing this report, I want to take the opportunity to thank my Board of Trustees, who continue to work so hard on behalf of NWCR, supporting and guiding the charity in taking forward its work and providing excellent advice to myself and to the charity's management team. During the year my predecessor, Catherine Jones, along with Hilary Atherton and Phil Robertshaw retired from the Board after providing excellent advice and guidance for 9 years. We wish them well for the future and are conscious of the gap that they left. We have recruited four new Trustees to the Board and note the excellent contribution that they have already made.

I would also like to express my gratitude to the CEO, Alastair Richards, to the whole staff team and to all those who have been involved with NWCR during 2024/25. Like many other charities, we are reliant upon our donors and those who kindly leave us gifts through legacies. NWCR also has the benefit of having in place local branches which give us such dedicated and enthusiastic support, and which continue to develop their presence in towns across our region.

Looking forward, NWCR, like many charities, faces challenges and uncertainties. We believe, however, that we are making progress with this challenge and we are confident that this will continue in the coming years. We are currently preparing a new strategy for the Charity covering the years to 2030 and look forward to making steps forward in our development, in our research and in our outreach and campaigning work.

Name Paul Moonan Chair

29 April 2026

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees (who are also directors of the Charity for the purposes of the Companies Act) present their Annual Report, together with the audited Financial Statements of North West Cancer Research (incorporating Clatterbridge Cancer Research “CCR”) (the Company) for the year ended 30 September 2025. The Trustees confirm that the Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Since the Company qualifies as small under section 383, the Strategic Report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required. The Trustees’ report is intended to cover both the requirements of the Charities SORP along with the Companies Act 2006 Strategic Report. This has been reviewed and approved by the Board of Trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 24 September 1998 and revised on a number of occasions since then. The latest amendment to the Memorandum of Association was approved on 24 April 2025. The Company’s registered charity number is 519357.

The Board of Trustees (“the Board”) is responsible for the overall governance of the Charity. The Trustees and members of the Board who have served during the period are set out on page 3.

Trustees are normally co-opted onto the Board and their appointment confirmed at the following Annual General Meeting. Appointment is normally for a period of three years, although this can be renewed through re-election by the members to create a maximum term in office of 9 years. Trustees are appointed to the Board through two routes, with the oversight of any appointment being 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 Board does recognise that there are individuals with exceptional skills or connections which it may be useful to have on the Board and so the option remains to directly approach potential Trustees.

New Trustees are normally provided with an introduction into the nature and running of the Charity, including seeing funded researchers in action, meeting the staff team and volunteer fundraising branches. They are also provided with a raft of information about the Charity, in the form of a Trustees Handbook, in order to enable them to understand the organisation’s history, policies and current position.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER

RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Board meetings take place four times per year with an additional day being taken when needed to consider strategy or other material questions for the organisation.

In recent years the organisation has reviewed the Charity Governance Code on a number of different occasions to check and ensure alignment with it. Compliance with the code is strong and the Charity considers that it has high-levels of governance. There remain a small number of areas of the code which the organisation needs to address but a plan is in place to ensure that all of these are addressed in the coming year.

It is the responsibility of the Board to develop organisational 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 regular reporting back to the Board so that Trustees can oversee all decisions made under delegated powers. The Committees and individuals to which the delegation takes place are shown below:

a. Officers of the Board

There are three officers of the Board to whom responsibilities are delegated. These are the Chair, 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 Charity. The Chair also ensures that decisions are lawful, constitutional and within the remit of the Charity. In their absence, the role is covered by the Vice-Chair. The Honorary Treasurer oversees the financial affairs of the organisation and supports the Board on financial reporting and compliance.

b. Marketing and Fundraising Committee

Working closely with the Director of Brand and Income and the Fundraising Team, the Committee provides advice and assurance to the Board. It also has key responsibilities in approving strategic and annual plans for marketing, communications and fundraising activities and for assessing the effectiveness of these.

c. Investment Committee

The Committee seeks to provide advice and assurance to the Board in overseeing the Charity’s investments and the performance of those. This includes recommending to the Board the approval of the Charity’s Investment Policy along with the appointment or re-appointment of investment and other related professional advisers.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

d. Nominations and Remuneration Committee

The Nominations and Remuneration Committee oversees and recommends to the Board key appointments for the Charity as well as remuneration for the senior staff team. This includes members of the Board of Trustees, Officers of the Board and the appointment of the Chief Executive Officer.

e. Chief Executive Officer

The Chief Executive Officer is responsible for day-to-day management of the Charity’s affairs and for implementing policies agreed by the Board. The Chief Executive is assisted by a team of senior managers and other staff.

The Charity also has a group of subsidiary companies and charities which have their own Boards and to which activities are delegated. This includes:

North West Cancer Research Trading Ltd – Company no. 08280650
North West Cancer Research Events Ltd – Company no. 16293140
KidsCan Ltd – Company no. 04279954 & Charity no. 1094946
Cancer and Polio Research Fund – Company no. 00723861 & Charity no. 326812

The purposes and governance arrangements of these Companies are covered below:

North West Cancer Research Trading Ltd

This is a wholly owned subsidiary company which operates retail services on behalf of the Charity. The Company has its own Board of Directors which includes two trustees of North West Cancer Research along with a greater number of independent trustees. This ensures independence in decision making with conflicts of interest being both recorded and managed.

At the time of writing the Company is operating six charity shops across the region which generate funds for the parent Charity.

The development costs for the shops were funded by the parent charity through an interest bearing loan – offered on commercial terms and covered by a loan agreement. This is repayable over time but at the balance sheet date stood at £450,000.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

North West Cancer Research Events Ltd

This wholly owned subsidiary was established in 2025 and operates the events on behalf of the Charity. It has a Board of Directors which includes one member of the trustee board as well as three other individuals. At the present time the Company operates the Liverpool – Chester – Liverpool cycle event which it ran for the first time in July 2025 although this is a long-standing event which has been developed over 30-years through a variety of entities.

KidsCan Ltd

KidsCan Ltd joined the group structure on 1 August 2025, when the KidsCan Board appointed three new trustees – two trustees from North West Cancer Research along with the Chief Executive Officer to be trustees of the KidsCan, before themselves stepping down. This gave North West Cancer Research effective control over KidsCan Ltd. The Board have identified that there are potential conflicts of interest in their roles across the two organisations and hence these are recorded and identified at each board meeting. Trustees ensure that they act in the best interests of each organisation. Because of the conflicts of interest the approval of the Charity Commission will be sought before a full merger is enacted.

KidsCan Ltd has been a funder of research into childhood cancers for many years and had previously joint-funded a PhD project with North West Cancer Research. Its charitable objects are very closely aligned with those of the parent charity. It is the intention of both the North West Cancer Research and KidsCan boards to re-develop and re-grow both the charities income and its research programme. This will further the ends of the parent charity in funding a greater volume of research work targeted at the needs of the people of our region.

At the present time KidsCan continues to operate as a separate Charity, although the intention is to transfer its assets and undertakings to North West Cancer Research during 2026 and wind-up the legal structure. In addition to funding research, the Charity also ran an ambitious Ambassador programme which linked it to those undergoing treatment for childhood cancers through hospitals in the north-west of England.

At the time of transfer, KidsCan had funds of £100,386 and one employed staff member. Much of its operational work was delivered through self-employed staff who delivered specific tasks but costs were high in comparison with overall income. Since it merged with North West Cancer Research, KidsCan Ltd has continued to operate and receive income although this is relatively immaterial in the context of these accounts.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Cancer and Polio Research Fund

Cancer and Polio Research Fund has a long track record of funding research into cancer at the University of Liverpool and beyond. It became a subsidiary of North West Cancer Research in September 2017 when its Council of Governors appointed North West Cancer Research as its sole corporate member. Board members are drawn from the parent charity’s board and conflicts are both recorded and well managed.

In recent years Cancer and Polio Research Fund has not actively fundraised but it does receive a number of donations and legacies which enable it to fund small volumes of research work in partnership with North West Cancer Research.

In addition to these subsidiary companies and charities, the Board of North West Cancer Research also delegates decision making powers to Groups which advise the Board on the quality of research applications received and what should be funded. These are:

Cancer Discovery Advisory Group
The Cancer Discovery Advisory Group undertakes the scientific assessment of applications for early stage research funding looking at cell structures, DNA and proteomics.
Translational Research Advisory Group
The Translational Research Advisory Group considers projects which seek to develop theoretical knowledge and start to identify how it can be applied to patients.
Applied & inequalities Research Advisory Group The Applied Research Advisory Group reviews funding applications for projects which seek to improve the effectiveness and experience of current treatments being used in our area.
PhD Funding Group
This panel oversees the awarding of funding for a number of PhDs. The panel comprises a broad range of researchers including a number of current NWCR PhD students. PhDs are awarded in a range of disciplines from cancer discovery to applied work.

Not every group will meet and review projects in every year and groups are convened and updated as necessary in order to meet funding plans. The recommendations from each group are considered by the Board of Trustees along with any recommendations for process improvement.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

PUBLIC BENEFIT

The Trustees have given due consideration to the Charity Commission’s guidance on public benefit as is required under the Charities Act 2011. The Report below provides detailed information on the activities undertaken by the Charity. All of the Charity’s activities are directly in the public benefit and there are no financial benefits from the award of research funding, the provision of information or the operation of campaigns. During the year the Charity invested £2.27 million in cancer research projects aimed at tackling cancer in our region.

The outcomes of the research are for the public benefit as are the campaigns, education and information provided by the Charity. The benefits are primarily for those who suffer from the types of cancer covered by our work along with the population of our region. Society generally benefits as improved treatment reduces the numbers of, and stress from anxiety from, early deaths from cancer.

OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS

a. Objectives

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 find the cure for cancer. We focus on the types of cancer that affect people living across North West England and North Wales the most.

The objects of the Charity (as adopted in April 2021) read as follows:

to promote and carry out research into cancer, its diagnosis and its treatment and to disseminate the results of such research to the public; and
to educate the public in respect of all matters relating to cancer and its diagnosis, 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 contributory factors (the “Objects”).

Our strategy has a number of strands including a drive to understand why cancer rates and mortality are high in our region, creating a broad research pipeline and finally providing communities with information on the signs, symptoms and treatments for cancer as well as advice on making healthy life-style decisions.

In each financial year the Trustees allocate funds to the activities in line with a five-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 available and the agreed priorities.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

ACTIVITIES AND ACHIEVEMENTS (continued)

b. Activities and achievements

In the period the Charity has furthered its objectives predominantly through funding research carried out in Higher Education Institutions and NHS Trusts within the area. In addition we have carried out outreach and education work and run a number of awareness campaigns. At the present time funded research programmes are underway at eight institutions across the region including the University of Liverpool, University of Manchester, Bangor University, Edge Hill University and Lancaster University as well as at The Christie and Clatterbridge Cancer Centre. Current funding programmes include:

Funding for research projects which focus on the cause, care or cure for cancer, This might be in fundamental science, cancer cell biology, translational medicine, drug utilisation, medical practice, the improvement of treatments or the understanding of inequalities;
Funding for key posts within academic institutions which will build the capacity of research, along with funding PhD students;
Funding for the incubation of new projects in order to aid the development of early stage hypotheses;

Currently, there are around 55 active funding streams supporting projects, students, lecturers, fellows and the development of new research. During the year, 12 (2023/24: 14) research project grants were awarded at a total cost of £2.27 million (2023/24: £2.49million). The largest single commitment made during the year was for £500,000 for a multi-year programme grant which seeks to create a new model for understanding the effects of chemotherapy on stomach cancer – a type of cancer which is more common in our region than would be nationally reflected. The Charity is also continuing to grow its outreach work across the region and is increasingly reaching into employers, schools and other community groups in order to provide information about the risks and symptoms of cancer.

The Charity is a member of the Association of Medical Research Charities and a not for profit partner of the National Institute for Health and Care Research and this ensures that it complies with strict policies on peer review for research project funding. Any application received will be subject to scrutiny by the appropriate group (see above) to ensure that it is research of the highest available standard and that award is made in an impartial manner.

Funding for research is generated through active fundraising, legacy receipts and investment returns. The Charity benefits from a network of branches or committees of volunteers who organise a wide variety of fundraising activities to generate income for us. Branches are spread across Cumbria and Lancashire to the north, Merseyside and Cheshire and also North and Mid Wales.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

ACTIVITIES AND ACHIEVEMENTS (continued)

The Charity is focussed upon growing and diversifying its fundraised income and annually reviews the team along with the methods used to generate funds. An essential element of this is to draw income from a wider range of sources including corporates, trusts and individuals while keeping costs down. As part of its efforts to grow brand awareness and to diversify income, the Charity opened its first charity shop in February 2024 with a second following in October 2024. During the year covered by this report, two further shops opened. All shops sell donated goods and are proving to be successful in generating new funds for the Charity. The Charity also continues to add to its portfolio of events, engaging the public in generating funds for it and in 2024/25 acquired the Liverpool-Chester-Liverpool cycle event which is run through a subsidiary company – North West Cancer Research Events Ltd.

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 Charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The risks to which the organisation is exposed are considered by the Board at each meeting, with the risk register being maintained by the CEO. The risk profile will change over time as the organisation strengthens its controls and considers strategies to mitigate risks. The principal 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 fluctuations in value. The Charity is an investor for the long-term and, as such, it has benefited significantly from the increase in value of its holdings. 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 itself from short-term fluctuations in the market. Risks are mitigated through the use of an investment manager who oversees a diversified global portfolio of stocks and other holdings to ensure that market fluctuations are managed;
Reputational risks – The Charity sector has seen its reputation significantly impacted in recent years as a number of scandals have taken place. North West Cancer Research is very aware of the need to uphold the highest levels of governance and to consider carefully its actions when fundraising and promoting the organisation; and
Staffing risks – The Charity depends on a dedicated team of staff who are often responsible for covering multiple roles within their job. Recruiting and retaining quality staff is critical for any business – particularly one which depends on fundraising for its income. The Charity annually reviews the impact of increases in the cost of living and reviews pay and conditions accordingly. In September 2025 the Charity invested into the benefits packages available for staff in order to reduce staff turnover.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

RISK MANAGEMENT (continued)

Like many charities, North West Cancer Research is exposed to a broad, and ever-changing array of risks. In recent years this has included Brexit, and its implications, cost of living issues, financial volatility and changes of both leadership and government. These have an indirect impact on income and income streams but all need to be monitored if the Charity is to maintain stability and growth. With the addition of both our retail offering and a large event the risk profile has become more complex but risks can and have been delegated to subsidiary boards.

ACHIEVEMENTS AND PERFORMANCE

a. Going concern

In recent years, increases in the cost of living pressures have had a significant impact on many parts of the economy and on many charities. This has caused prices to rise, resulting in the squeezing of the disposable income of individuals, as well as reducing the capacity to give of many companies. However, after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties. For this reason, they continue to adopt the going concern basis in preparing the Financial Statements. All current commitments made to fund research work and posts have been provided for within the Balance Sheet. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies within the Financial Statements.

b. Financial review of the year

During the year the headline income of the Charity and its subsidiaries was £2.27m (2023/24: £2.84m). Income for the Charity has traditionally from three sources – legacies, fundraising and investment returns. During the year income from legacies rose slightly from £0.64m to £0.68m. However, income from fundraising activities and donations, including gifts in kind, decreased during the year by £884K, as the government discontinued the grant scheme which in a prior year had provided £0.8m to the Charity.

A new and growing income source are our shops which had gross takings of £0.4m, up from £0.1m in the prior year. As noted above the number of shops being operated reached four by the end of the year, with a fifth opening in October 2025. Our retail presence not only provides us with income but also positions the Charity’s brand on the high-street providing an opportunity for people in the region to get to know us as an independent charity.

Mention should also be made of a new subsidiary, North West Cancer Research Events Limited which operates the Liverpool-Chester-Liverpool cycle ride attended by around 2,800 riders in 2025. It had income from rider entry fees of £74k with many riders fundraising directly for North West Cancer Research.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Financial review of the year (continued)

Income from investments decreased slightly during the year, to £288k (2023/24 £315k) as the Charity utilised some of its reserves in order to fund research and in particular spending down short-term cash holdings received through legacy gifts. The investment policy and objectives for the North West Cancer Research portfolio is explained below, under Key Policies. No objectives have been set for the portfolio held in the name of the Cancer Research and Polio Fund, as it is expected to be drawn on over the next couple of years.

Our partnership working has become a feature of the Charity in recent years, and while there were fewer partnerships funded in year these remain an important part of our income and expenditure. During the year we funded three-year fellowship in partnership with The Eve Appeal focussed on gynaecological cancers. We were grateful for the opportunity to work together with The Eve Appeal in this and for their expertise. In addition, we also funded research rounds of our own – for discovery science, PhD studentships, research programmes and an innovative study on understanding how the body changes in the last weeks of life.

The Charity has also grown its investment in education and awareness work and during the financial year we ran a number of campaigns in areas such as sun safety, cervical screening awareness, bowel cancer and others. We also grew and developed our labcoat learning work with outreach into schools and other community groups to provide education on simple areas of health and wellbeing including healthy diet and knowing your body.

At the end of the financial year, reserves had fallen from £4.96m to £3.79m, after taking into account a significant increase in investment values of £0.45m. Our reserves are invested in order to maximise the returns available and the funds which can be used to further our charitable objects. The significant legacy receipts accounted for in 2021/22 means that, until the latest financial year, the charity has held large cash balances which were put into shorter-term deposits to match our known spending patterns while still generating income.

c. Fundraising

The Charity is registered with the Fundraising Regulator and with the Fundraising Preference Service. It employs a fundraising team which is overseen by an experienced fundraising manager who ensures that high standards are maintained at all times. During the year the Charity has made use of commercial fundraisers in order to promote lottery sales and to generate income. It does not exchange data with other parties and has not purchased supporter mailing lists.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Fundraising (continued)

During the year there was one complaint (2023/24: two) around fundraising activity. 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.

NWCR maintains records of all supporters, donors and gifts received and ensures that these records are regularly reviewed and monitored to check that contact with donors is done in an appropriate 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 Charity does not knowingly contact vulnerable individuals or those who have opted out of mailing contact.

d. Reporting and monitoring performance

The Board of Trustees sets an annual budget against which performance is monitored on a monthly basis. Management of the budget is delegated (as noted above) but Trustees monitor performance against it. A set of performance indicators is now being developed in order to assist the Board in understanding management performance and to help in quantifying the impact of our research.

KEY POLICIES

The Board has a number of policies which are key in the operation of the Charity. These are:

a. Investment policy and performance

Except for the restrictions imposed by the ethical policy, the Charity places no further restrictions on the amount or type of investments made by the Charity and adheres to all relevant legislation. During the year the Charity’s investments were overseen by Rathbones (Incorporating Investec Wealth and Investment) Ltd., who managed the portfolio on a discretionary basis, within agreed limits, monitored against an appropriate index, and reviewed on a regular basis by the Trustees. The main objective is to provide a balance between capital growth and income in order to meet the Charity’s future commitments which, by their very nature, generally run for periods of 3 to 5 years ahead. The Charity’s Investment Strategy targeted an income from the Investment Managers during the year of £240k, which was comfortably exceeded.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Investment policy and performance (continued)

The Company has barred investment in tobacco businesses and will not make any new investments in companies which make a significant proportion of their profits from alcohol and sugar-related products. Ethical constraints are reviewed regularly by both the Investment Committee and the Board of Trustees. No social investment is currently undertaken.

b. Reserves policy

The Reserves Policy was reviewed by the Board of Trustees in September 2025 to ensure that it remains appropriate for the Charity.

North West Cancer Research recognises research grants as they are made, and hence at the end of financial year 2024/25 it had provided for research costs which will be paid in future years of £6.8m (2023/24: £6.55m) which had been approved but not yet utilised (See Note 4). Having reviewed the other commitments and contingencies which exist, the Trustees consider that it is appropriate to set aside reserves equivalent to 6 months operating costs in order to enable an orderly wind-up of the organisation, plus a further £2m to fund research work to ensure that projects can be brought to a successful conclusion in the event of a significant reduction in income and reserves. At the present time, the reserves required by this policy would be approximately £2.67m against free reserves at the year-end of £3.8m. The Charity does not designate funds for specific purposes and restricted funds are minimal. The reserves are held in cash and investments and are not held in fixed assets.

At the present time the organisation has 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 for 2025/26 include:

To continue to grow and diversify our fundraising income to include a broad range of different sources. In particular the Charity is keen to grow its philanthropic income
To adopt a new strategy for the period to 2030, broadening how we address cancer in our region and adopting new ways of working
To complete the merger with KidsCan ensuring that systems are used in common across both staff teams

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

PLANS FOR THE FUTURE (continued)

To continue to grow our number of charity shops operated through our subsidiary, North West Cancer Research Trading Limited. At the balance sheet date four shops were open with one close to being open. We hope to open a further four shops in 2025/26
To continue to grow our outreach and education work in order to tell more people in the region about the signs and symptoms of different cancer types;
To enrich our events programme through operating the Liverpool-Chester-Liverpool cycle ride for the first time.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of North West Cancer Research (incorporating Clatterbridge Cancer Research “CCR”)) for the purposes of company law are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare Financial Statements for each financial year. Under company law the Trustees 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, of the charitable company for that period.

In preparing these Financial Statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities SORP;
Make judgements and accounting estimates that are reasonable and prudent; and
Prepare the Financial Statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Charity Governance Code

During 2022/23 the Trustees established a working group to review the Charity Governance Code in order to consider the current governance arrangements in place and whether these could be improved. This working group made recommendations back to the Board, and an action plan implemented, which we hope will strengthen governance processes for the future. In particular, the Trustees have acted to put in place a raft of policies for the Charity along with delegation arrangements to ensure that there is clarity around the respective roles in the staff team and CEO when taking operational decisions. The Board continues to seek ways in which the Charity can improve its governance and to ensure that all Board members can play an active role in decision making.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

So far as that Trustee is aware, there is no relevant audit information of which the charitable Company’s Auditor 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 Company’s Auditor in connection with preparing 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 willingness to continue in office.

This report was approved by the Trustees on 29[th] April 2026 and signed on their behalf by:

Paul Moonan

Chair

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

OPINION

We have audited the Financial Statements of North West Cancer Research (Incorporating Clatterbridge Cancer Research “CCR”) (‘the charitable Company’) and its subsidiary (‘the group’) for the year ended 30 September 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the Financial Statements:

give a true and fair view of the state of the Group’s and the charitable Company’s affairs as at 30 September 2025 and of the Group’s income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Statements section of our report. We are independent of the charitable Group in accordance with the ethical requirements that are relevant to our audit of the Financial Statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the Financial Statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable Company’s or the Group’s ability to continue as a going concern for a period of at least twelve months from when the Financial Statements are authorised for issue.

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

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

OTHER INFORMATION

The Trustees are responsible for the other information contained within 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 opinion on the Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the Financial Statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion based on the work undertaken in the course of our audit

the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the Financial Statements are prepared is consistent with the Financial Statements; and
the Directors’ Report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In light of the knowledge and understanding of the Group and charitable Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate and proper accounting records have not been kept; or
the Financial Statements are not in agreement with 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 Statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ Directors’ Report and from the requirement to prepare a strategic report.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ Responsibilities Statement set out on page 19, the Trustees (who are also the Directors of the charitable Company for the purposes of company law) are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the Trustees are responsible for assessing the Group’s or the charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable Company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the Financial Statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part 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-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the Financial Statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable Company and Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the Financial Statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD (CONTINUED)

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the Financial Statements but compliance with which might be fundamental to the charitable Company’s and the Group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable Company and the Group for fraud. The laws and regulations we considered in this context for the UK operations were the Charities Act Regulations.

Auditing standards limit the required audit procedures 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 material impact on the Financial Statements from irregularities, including fraud, to be within the timing of recognition of voluntary income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, sample testing of voluntary income and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the Financial Statements, 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 (irregularities) is from the events and transactions reflected in the Financial Statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

USE OF OUR REPORT

This report is made solely to the charitable Company’s 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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

Kathryn Paul Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 3rd floor St George’s House 56 Peter Street Manchester M2 3NQ,UK

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

REGISTERED NUMBER: 2165552

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025

					Restated
		Unrestricted	Restricted	Total	Total
		funds	Funds	Funds	funds
		2025	2025	2025	2024
	Note	£	£	£	£
INCOME FROM:
Donations and legacies	2	1,312,396	250,999	1,563,395	2,411,557
Other trading activities	3	419,071	-	419,071	110,189
Investment income	4	288,057	-	288,057	315,942
TOTAL INCOME		2,019,524	250,999	2,270,523	2,837,688
EXPENDITURE ON:
Raising funds	7	1,219,366	19,828	1,239,194	921,915
Investment management		35,361	-	35,361	31,310
Charitable activities	7	2,491,580	227,242	2,718,822	3,223,311
TOTAL EXPENDITURE	7	3,746,307	247,070	3,993,377	4,176,536
NET INCOME/ EXPENDITURE BEFORE
INVESTMENT GAINS		(1,726,783)	3,929	(1,722,854)	(1,338,848)
Gains/ (losses) on investments		450,719	-	450,719	1,104,660
NET INCOME/(EXPENDITURE) BEFORE
TAX AND TRANSFERS		(1,276,064)	3,929	(1,272,135)	(234,188)
Transfer in – KidsCan		-	100,386	100,386	-
NET MOVEMENT IN FUNDS		(1,276,064)	104,315	(1,171,749)	(234,188)
Taxation due:		(203)	-	(203)
RECONCILIATION OF FUNDS:
Total funds brought forward		4,967,279	-	4,967,279	5,201,467
		-			-
TOTAL FUNDS CARRIED FORWARD		3,691,012	104,315	3,795,327	4,967,279

The Notes on pages 30 to 53 form part of the Financial Statements.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

REGISTERED NUMBER: 2165552

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 Note £ £ FIXED ASSETS Tangible assets 10 359,328 Investments 11 9,111,847 9,471,175 CURRENT ASSETS Stocks 12 17,960 Debtors 13 910,302 Debtors: amounts falling due after more than one year 13 322,527 Investments – short term 14 88 Cash at bank and in hand 532,229 1,783,106 CREDITORS: amounts falling due in less than one year 15 (4,531,108) NET CURRENT ASSETS/(LIABILITIES) (2,748,002) TOTAL ASSETS LESS CURRENT LIABILITIES 6,723,173 CREDITORS:amounts falling due after more than one year 16 (2,927,846) NET ASSETS 3,795,327 CHARITY FUNDS Restricted funds 18 104,315 Unrestricted funds 18 3,691,012 TOTAL FUNDS 3,795,327	CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 Note £ £ FIXED ASSETS Tangible assets 10 359,328 Investments 11 9,111,847 9,471,175 CURRENT ASSETS Stocks 12 17,960 Debtors 13 910,302 Debtors: amounts falling due after more than one year 13 322,527 Investments – short term 14 88 Cash at bank and in hand 532,229 1,783,106 CREDITORS: amounts falling due in less than one year 15 (4,531,108) NET CURRENT ASSETS/(LIABILITIES) (2,748,002) TOTAL ASSETS LESS CURRENT LIABILITIES 6,723,173 CREDITORS:amounts falling due after more than one year 16 (2,927,846) NET ASSETS 3,795,327 CHARITY FUNDS Restricted funds 18 104,315 Unrestricted funds 18 3,691,012 TOTAL FUNDS 3,795,327	£ 20,691 554,205 140,327 1,416,027 538,445	Restated 2024 £ 151,895 9,263,371
	9,471,175 (2,748,002)		9,415,266 (1,827,462)
1,783,106 (4,531,108)		2,669,695 (4,497,157)

	6,723,173 (2,927,846)		7,587,804 (2,620,525)
	3,795,327		4,967,279
	104,315 3,691,012		- 4,967,279
	3,795,327		4,967,279

The Company’s Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The Financial Statements were approved and authorised for issue by the Trustees on 29[th] April 2026, and signed on their behalf, by:

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

REGISTERED NUMBER: 2165552

The Notes on pages 31 to 54 form part of these Financial Statements.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 Note £ £ FIXED ASSETS Tangible assets 10 1,992 Investments 11 9,111,847 9,113,839 CURRENT ASSETS Stocks 12 17,960 Debtors 13 1,115,810 Debtors: amounts falling due after more than one year 13 772,527 Investments – short term 14 88 Cash at bank and in hand 231,378 2,137,763 CREDITORS: amounts falling due in less than one year 15 (4,361,414) NET CURRENT ASSETS/(LIABILITIES) (2,223,651) TOTAL ASSETS LESS CURRENT LIABILITIES 6,890,188 CREDITORS:amounts falling due after more than one year 16 (2,927,846) NET ASSETS 3,962,342 CHARITY FUNDS Restricted funds 18 8,000 Unrestricted funds 18 3,954,342 TOTAL FUNDS 3,962,342	CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 Note £ £ FIXED ASSETS Tangible assets 10 1,992 Investments 11 9,111,847 9,113,839 CURRENT ASSETS Stocks 12 17,960 Debtors 13 1,115,810 Debtors: amounts falling due after more than one year 13 772,527 Investments – short term 14 88 Cash at bank and in hand 231,378 2,137,763 CREDITORS: amounts falling due in less than one year 15 (4,361,414) NET CURRENT ASSETS/(LIABILITIES) (2,223,651) TOTAL ASSETS LESS CURRENT LIABILITIES 6,890,188 CREDITORS:amounts falling due after more than one year 16 (2,927,846) NET ASSETS 3,962,342 CHARITY FUNDS Restricted funds 18 8,000 Unrestricted funds 18 3,954,342 TOTAL FUNDS 3,962,342	£ 20,691 677,430 329,419 1,416,027 510,559	2024 £ 7,969 9,094,607
	9,113,839 (2,223,651)		9,102,576 (1,445,677)
2,137,763 (4,361,414)		2,954,126 (4,399,803)

	6,890,188 (2,927,846)		7,656,899 (2,620,525)
	3,962,342		5,036,374
	8,000 3,954,342		- 5,036,374
	3,962,342		5,036,374

The Notes on pages 30 to 53 form part of these Financial Statements.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note Cash flows from operating activities: Net cash used in operating activities 20 Cash flows from investing activities: Dividends and interest from investments Purchase of tangible fixed assets Proceeds from the sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 21	2025 2024 £ £ (2,063,669) (940,549)
	288,057 315,942 (248,584) (163,312) 2,368,156 3,632,767 (883,357) (3,032,498)
	1,524,272 752,899
	(539,397) (187,650) 1,195,884 1,383,534
	656,487 1,195,884

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

1. ACCOUNTING POLICIES

1.1 Basis of preparation of Financial Statements

The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

North West Cancer Research (incorporating Clatterbridge Cancer Research “CCR”) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The accompanying Consolidated Financial Statements include the Financial Statements of North West Cancer Research, and its consolidated subsidiaries (together referred to as the Charity). NWCR’s subsidiaries are listed in Note 11.

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 charities: Clatterbridge Cancer Research and North West Cancer Research Fund. The principal object and activity of both charities was to promote and carry out research into cancer. The merger took effect from 1 November 2012.

1.2 Company status

The Company is a company limited by guarantee. In the event of the Company being wound up, the liability is respect of the guarantee is limited to £1 per member of the Company.

1.3 Going concern

The Financial Statements have been prepared on a going concern basis, which principally assumes that the Company will continue to receive an adequate level of income to meet its anticipated requirements. This was reviewed in light of the COVID-19 pandemic and the impact that this had on the Charity sector, along with the impact on investments and reserves. During the pandemic the Trustees adopted prudent plans and reduced commitments to new research funding. However, the positive financial results for 2022/23 meant that the Trustees were able to enter into an increased number of new commitments and to return to close to earlier levels.

On that basis the Trustees consider it appropriate to prepare the Financial Statements on a going concern basis.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

1. ACCOUNTING POLICIES (continued)

1.4 Consolidated Financial Statements

These Financial Statements consolidate the results of the Charity and its subsidiary undertakings. The consolidation has been undertaken on a line by line basis.

Although a separate charity (registration no. 326812), the results for the subsidiary Cancer and Polio Research Fund have been consolidated into the Group accounts because the parent charity has the power to govern the financial and operating policies of the entity, and benefits from its activities.

The Charity has taken advantage of the exemption available to a qualifying 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 recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Company has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Company, or the Company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when material and the Company has control over the item, any conditions associated with the donated item have been met, the receipt of the economic benefit from the use of the Company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the branches / committees is not recognised – reference should be made to the Trustees’ Report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Company which is the amount the Company would have been willing to pay to obtaining services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

1. ACCOUNTING POLICIES (continued)

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects 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 constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the Company’s charitable operations, including support costs and costs relating to the governance of the Company apportioned to charitable activities.

Grants payable are charged in the year when the offer is made, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled.

All resources expended by the parent charity are inclusive of irrecoverable VAT.

1.7 Tangible fixed assets and depreciation

For the main charity, all assets costing more than £1,000 are capitalised. For the trading company, shop refurbishments are capitalised when the shop fit is complete.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

1. ACCOUNTING POLICIES (continued)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Shop buildings and improvements - 5 years (or, where different, lease length) Head Office office equipment - 2 years (current lease length)

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at their fair value at the balance sheet date, unless fair value cannot be measured reliably, in which case it is measured at cost less impairment.

Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains / (losses) on Investments’ in the Statement of Financial Activities.

1.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the Bank.

1.10 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

1. ACCOUNTING POLICIES (continued)

1.13 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received 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 obligation.

1.15 Taxation

The parent company is a registered charity and has no liability to corporation tax under its charitable activities, to the extent that surpluses are applied to its charitable purposes.

The subsidiary trading companies are subject to corporation tax. One of these made a profit in 2024/25 and is liable for tax, which is shown in the accounts.

1.16 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement date.

1.17 Pensions

The Company contributes to personal pension plans and the pension charge represents the amounts payable by the Company to the plans in respect of the period.

1.18 Fund accounting

General funds are unrestricted funds which are available for the use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

1. ACCOUNTING POLICIES (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the Notes to the Financial Statements.

Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount rate is recognised within interest payable and similar charges.

1.19 Critical accounting judgements and estimates

The key source of estimation uncertainty in the Financial Statements are residuary legacies. Legacies are recognised when the income criteria detailed in Note 1.5 are considered to be met. Often, the legacy has not been received at the year end and is included within debtors (accrued income). Due to the nature of residuary legacies receivable, there is judgement applied to the valuation of the legacy.

Where the effect of the time value of money is material to liabilities and provisions, the liability or provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount rate is recognised within interest payable and similar charges. In the 2025/26 Financial Statements there were no instances where the time value of money was material and therefore no discounting has taken place.

Estimates and underlying assumptions are reviewed regularly, with revisions to accounting estimates being recognised in the period in which the estimate is revised (where the revision affects only that period), or in the period of the revision and future periods (where the revision affects both current and future periods).

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

2. INCOME FROM DONATIONS AND LEGACIES

Group – Current Year Legacies Donations Donations-in-kind Total donations and legacies	Unrestricted Restricted Total Funds funds Funds 2025 2025 2025 £ £ £ 676,668 3,573 680,241 598,790 247,426 846,216 36,938 - 36,938
	1,312,396 250,999 1,563,395

Group – Prior Year

Legacies Donations Donations-in-kind Total donations and legacies	Unrestricted Restricted Total Funds funds Funds 2024 2024 2024 £ £ £ 539,016 105,000 644,016 1,385,158 349,184 1,734,342 33,199 - 33,199
	1,957,373 454,184 2,411,557

Charity – Current Year

Legacies Donations Donations-in-kind Total donations and legacies	Unrestricted Restricted Total Funds funds Funds 2025 2025 2025 £ £ £ 676,668 3,573 680.241 589,657 247,426 837,083 36,938 - 36,938
	1,303,263 250,999 1,554,262

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

2. INCOME FROM DONATIONS AND LEGACIES (continued)

Charity – Prior Year

Legacies Donations Donations-in-kind Total donations and legacies	Unrestricted Restricted Total Funds funds Funds 2024 2024 2024 £ £ £ 539,016 105,000 644,016 1,391,220 349,184 1,740,404 33,199 - 33,199
	1,963,435 454,184 2,417,619

3. OTHER TRADING ACTIVITIES

Income from: NWCR Trading Ltd. NWCR Events Ltd.	Group Unrestricted and Total Funds Unrestricted and Total Funds 2025 2024 £ £ 345,281 110,189 73,790 - 419,071 110,189	Charity Unrestricted and Total Funds Unrestricted and Total Funds 2025 2024 £ £ 158,861 41,761 - -
		158,86141,761

4. INVESTMENT INCOME

Listed investments Short term gilts Bank interest Loan interest	Group Unrestricted and Total Funds Unrestricted and Total Funds 2025 2024 £ £ 276,216 268,144 9,397 42,406 2,444 5,392 - - 288,057 315,942	Charity Unrestricted and Total Funds Unrestricted and Total Funds 2025 2024 £ £ 274,579 264,596 9,396 42,406 1,215 5,392 17,045 8,187
		302,235 320,581

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

5. ANALYSIS OF GRANTS

Group and Charity Grants to Institutions 2025 £ Grants approved in the year 2,016,572	UnrestrictedUnrestricted and total and total Funds funds 2025 2024 £ £ 2,016,572 2,571,738

The total above of £2,016,572 (2024: £2,571,738) includes £51,962 (2024: £55,441) by way of nonsalary related support costs, for example, expenditure on the NWCR Symposium in July 2025, impact reporting and overheads.

As disclosed in Note 7, Analysis of Resources Expended by Expenditure Type, the Research Grant Expenditure charged in the Statement of Financial Activities includes associated staff costs of £97,865 (2024: £124,976), as well as a share of central charity costs of £26,359 (2024: £29,802).

RECONCILIATION OF GRANTS PAYABLE Accrued at 1 October 2024 Grants made in the year – Liverpool Grants made in the year – Lancaster Grants made in the year – Bangor Grants made in the year – Royal Preston Hospital Grants made in the year – Manchester Grants made in the year – UCLAN Grants made in the year – Edgehill Grants made in the year – Liverpool John Moores Grants made in the year – Betsi Cadwaladr Univ. Health Board Grants made in the year – Clatterbridge Cancer Centre Grants made in the year – Manchester Metropolitan Univ. Grants made in the year – University of Edinburgh Grants made in the year – Oracle Head and Neck Cancer UK Grants cancelled or recovered Grants paid and other movements Accrued at 30 September 2025 Payable as follows: Grants payable <1yr – institutional Grants payable >1yr – institutional Total grants payable	2025 2024 £ £ 6.552,984 5,757,791 1,002,851 786,435 41,684 592,182 18,000 7,000 - - 908,408 196,065 - - - - - 20,000 - 240,335 231,500 146,785 - 274,822 - 336,303 16,000 40,000 (253,833) (95,571) (1,800,407) (1,721,104)
	6,717,187 6,552,984 3,789,341 3,932,459 2,927,846 2,620,525
	6,717,187 6,552,984

RECONCILIATION OF GRANTS PAYABLE
Accrued at 1 October 2024
Grants made in the year – Liverpool
Grants made in the year – Lancaster
Grants made in the year – Bangor
Grants made in the year – Royal Preston Hospital
Grants made in the year – Manchester
Grants made in the year – UCLAN
Grants made in the year – Edgehill
Grants made in the year – Liverpool John Moores
Grants made in the year – Betsi Cadwaladr Univ. Health Board
Grants made in the year – Clatterbridge Cancer Centre
Grants made in the year – Manchester Metropolitan Univ.
Grants made in the year – University of Edinburgh
Grants made in the year – Oracle Head and Neck Cancer UK
Grants cancelled or recovered
Grants paid and other movements
Accrued at 30 September 2025
Payable as follows:
Grants payable <1yr – institutional
Grants payable >1yr – institutional
Total grants payable

2025
2024
£
£
6.552,984
5,757,791
1,002,851
786,435
41,684
592,182
18,000
7,000
-
-
908,408
196,065
-
-
-
-
-
20,000
-
240,335
231,500
146,785
-
274,822
-
336,303
16,000
40,000
(253,833)
(95,571)
(1,800,407)
(1,721,104)

6,717,187
6,552,984
3,789,341
3,932,459
2,927,846
2,620,525

6,717,187
6,552,984

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

6. GOVERNANCE COSTS

Group Governance - Auditor’s remuneration Governance - legal and professional fees Governance - share of support costs Governance – recruitment fees Governance – wages and salaries Governance – depreciation – tangible fixed assets	Unrestricted Unrestricted and Total Funds and Total Funds 2025 2024 £ £ 18,373 17,174 10,391 1,740 49,724 31,938 5,488 3,800 115,107 93,713 967 647
	200,050 149,012

The figure for auditor’s remuneration includes £2,829 (2024: £2,583) in respect of the audit of the subsidiary Cancer and Polio Research Fund. This is the only element of Governance costs which is not a cost to the charity on its own.

7. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE

Group	Staff costs	Depreciation	Other costs	Total
	2025	2025	2025	2025
	£	£	£	£
Expenditure on:
Fundraising	383,908	3,201	502,498	889,607
Trading activities	172,831	35,174	141,582	349,587
Investment management	-	-	35,361	35,361
Cost of generating funds	556,739	38,375	679,441	1,274,555
Expenditure on:
Research grants	97,865	822	2,042,110	2,140,797
Education and outreach	117,658	987	259,330	377,975
Governance	115,107	967	83,976	200,050
Charitable activities	330,630	2,776	2,385,416	2,718,822
	887,369	41,151	3,064,857	3,993,377

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

7. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE (continued)

Group Expenditure on: Fundraising Trading activities Investment management Cost of generating funds Expenditure on: Research grants Education & outreach Governance Charitable activities	Staff costs Depreciation Other costs Total Restated - Restated Restated 2024 2024 2024 2024 £ £ £ £ 388,742 2,683 372,869 764,294 - 84,439 7,432 65,750 157,621 31,310 31,310
	473,181 10,115 469,929 953,225 124,976 862 2,600,678 2,726,516 109,449 755 237,579 347,783 93,713 647 54,652 149,012
	328,138 2,264 2,892,909 3,223,311
	801,319 12,379 3,362,838 4,176,536

8. NET EXPENDITURE

		2025	2024
This	is stated after charging:
		£	£
Depreciation of tangible fixed assets:
-	Owned by the Charity	5,977	4,948
-	Owned by its subsidiaries	35,174	7,432
Fees	payable for tax advisory services	2,975	-
Auditor’s remuneration:
-	Fees payable to the charity’s auditor for the audit of the
	Charity’s financial statements	15,544	14,591
-	Audit of the Charity’s subsidiaries	10,270	7,792

During the year, no Trustees received any remuneration (2024: £0).

During the year, no Trustees received any benefits in kind (2024: £0).

During the year, 3 Trustees received reimbursement of travel and accommodation expenses of £878 (2024: £392).

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

9. STAFF COSTS

Staff costs were as follows:

Wages and salaries Social security costs Other pension costs	Group 2025 2024 Restated £ £ 777,116 698,652 70,605 67,046 39,648 35,621 887,369 801,319	*Charity* 2025 2024 Restated £ £ 624,492 625,092 54,633 59,642 32,632 32,146
		711,757716,880

There are no redundancy payments included in wages and salaries (2024: £nil).

The average number of persons (headcount) employed by the Group during the year was as follows:

Charitable activities Fundraising and Marketing Administration Retail trading subsidiary	Group 2025 2024 Restated No. No. 2 1 9 10 6 5 6 2 23 18	*Charity* 2025 2024 Restated No. No. 2 1 9 10 5 5 - -
		16 16

The Trustees have delegated significant authority and responsibility in the day-to-day running of the Charity to its key management personnel. The Charity considers its key management personnel to comprise the Chief Executive Officer, the Director of Brand and Income, the Head of Health, Research and Impact (resigned May 2025), and the Head of Finance & Administration. The total employee benefits, including employer National Insurance and employer pension contributions, of these key management personnel were £350,797 (2024: £263,604).

The number of employees whose total employee benefits, excluding employer national insurance and pension costs, for the reporting period fell within the following ranges, was:

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

9. STAFF COSTS (continued)

Group and Charity

£60,000 - £69,999 £80,000 - £89,999	2025 2024 No. No. 1 1 1 1
	2 2

10. TANGIBLE FIXED ASSETS

Cost At 1 October 2024 Additions Disposals At 30 September 2025 Depreciation At 1 October 2024 Charge for the year On disposals At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024	Group Charity Leasehold Office Office Properties Equipment Total Equipment Total £ £ £ £ £ 151,358 11,953 163,311 11,953 11,953 248,584 - 248,584 - - - - - - -
	399,942 - 411,895 11,953 11,953
	7,432 3,984 11,416 3,984 3,984 35,174 5,977 41,151 5,977 5,977 - - - - -
	42,606 9,961 52,567 9,961 9,961
	357,336 1,992 359,328 1,992 1,992
	143,926 7,969 151,895 7,969 7,969

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

11. FIXED ASSET INVESTMENTS

Group At 1 October 2024 Additions Disposals Movement in cash for the year Realised and unrealised gains on investments At 30 September 2025 Charity At 1 October 2024 Additions Disposals Movement in cash for the year Realised and unrealised gains on investments At 30 September 2025	Listed securities Cash Total (Market value) £ £ £ 9,218,510 44,861 9,263,371 355,895 - 355,895 (1,015,786) - (1,015,786) - 79,309 79,309 429,058 429,058 8,987,677 124,170 9,111,847 Listed Group Securities Cash Undertakings Total (Market value) £ £ £ £ 9,049,745 44,861 1 9,094,607 354,257 - 354,257 (861,190) - (861,190) - 79,309 79,309 444,864 - 444,864
	8,987,676 124,170 1 9,111,847

Group
At 1 October 2024
Additions
Disposals
Movement in cash for the year
Realised and unrealised gains
on investments
At 30 September 2025
Charity
At 1 October 2024
Additions
Disposals
Movement in cash for the year
Realised and unrealised gains
on investments
At 30 September 2025

Listed
securities
Cash
Total
(Market value)
£
£
£
9,218,510
44,861
9,263,371
355,895
-
355,895
(1,015,786)
-
(1,015,786)
-
79,309
79,309
429,058
429,058
8,987,677
124,170
9,111,847
Listed
Group
Securities
Cash
Undertakings
Total
(Market value)
£
£
£
£
9,049,745
44,861
1
9,094,607
354,257
-
354,257
(861,190)
-
(861,190)
-
79,309
79,309
444,864
-
444,864

8,987,676
124,170
1
9,111,847

Group subsidiary undertakings

The following were subsidiary undertakings of the Company:

Name	Holding
North West Cancer Research Trading Limited		100%
(company registration no. 08280650)
Cancer and Polio Research Fund Limited		100%
(company registration no. 723861: charity no. 326812)

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

11. FIXED ASSET INVESTMENTS (continued)

North West Cancer Research Events Limited 100% (company registration no. 16293140) KidsCan Limited – from 1[st] August 2025 100% (company registration no. 04279954: charity no. 1094946)

The financial results of the subsidiaries for the year – or, in the case of KidsCan Limited, from 1[st] August to 30[th] September 2025 - were:

Name NWCR Trading Limited Cancer and Polio Research Fund KidsCan Limited NWCR Events Limited Total	Profit/(loss) Aggregate of Turnover/ for the year/ share capital Income Expenditure period and reserves £ £ £ £ 192,851 (365,346) (172,495) (308,381) 3,744 (10,545) (22,607) 44,184 15,757 (19,828) (4,071) 96,315 73,790 (72,721) 866 867
	268,142 (447,350) (198,307) (167,015)

Group and Charity material restrictions

The Company has barred investment in tobacco businesses. In addition, the Trustees have agreed that the charity should not make new investments in holdings which promote low-cost alcohol or irresponsible drinking, draw the majority of their profits from alcohol or draw their profits exclusively from sugar. Investments are primarily held to provide a balance between capital growth and income in order to meet the Company’s future commitments.

12. STOCKS Goods for resale	Group Charity 2025 2043 2025 2024 £ £ £ £
	£17,960 20,691 £17,960 20,691

Included above is £6,243 (2024: £6,810) of new stock donated to the charity and not used by year end. This has been valued at half of its RRP, which is considered to be a reasonable approximation of its value.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

13. DEBTORS Trade and other debtors VAT recoverable Prepayments Accrued legacy income Other accrued income Amounts owed by group and subsidiaries	Group Charity Restated Restated 2025 2024 2025 2024 £ £ £ £ 35,936 9,327 35,903 9,326 49,485 21,810 - - 56,762 43,906 36,473 23,617 551,171 126,429 551,171 126,429 539,475 493,060 752,418 640,729 - - 512,372 206,748
	1,232,829 694,532 1,888,337 1,006,849

Included above within ‘Other accrued income’ for both Group and Charity is £501,465 (2024: £504,981) of income from other charities where North West Cancer Research has jointly funded research projects with them. Of this amount, £186,874 (2024: £265,184) is shown as restricted income in the Statement of Financial Activities.

13.2 Analysis of debtors recoverable in more than 1 year (included in debtors above):

Trade and other debtors Taxation recoverable Prepayments Accrued legacy income Other accrued income Amounts owed by group and subsidiaries	Group Charity 2025 2024 2025 2024 £ £ £ £ - - 322,527 140,327 322,527 164,419 - 450,000 165,000
	322,527 140,327 772,527 329,419

Note 13.2 shows , under ‘Other accrued income’, the element of the figure of £501,465 (2024: £504,981 ) referred to in 13.1 above that is judged to be recoverable in more than 1 year because of length of jointly funded research projects.

Under ‘Amounts owed by group and subsidiaries’, the sum of £450,000 (2024: £165,000) represents the value of the loan made by the charity to the trading company for securing, and fitting out, its shops.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

14. INVESTMENTS – SHORT TERM

Group and Charity At 1 October 2024 Additions Disposals Movement in cash for the year Realised and unrealised gains on investments At 30 September 2025	Listed securities Cash Total (Market value) £ £ £ 803,449 612,578 1,416,027 527,462 527,462 (1,352,355) (1,352,355) (612,490) (612,490) 21,444 21,444
	0 88 88

15. CREDITORS: Amounts falling due within one year

Trade creditors Sundry creditors Amounts owed by NWCR to subsidiaries Other taxation and social security Accruals and deferred income Grants accrued – institutional (see note 4)	Group Charity 2025 2024 2025 2024 £ £ £ £ 330,031 171,585 207,401 91,363 3,733 3,076 - - 9,786 2,047 27,201 24,492 21,186 21,479 380,802 368,621 330,624 352,455 3,789,341 3,932,459 3,789,341 3,932,459
	4,531,108 4,497,157 4,361,414 4,399,803

16. CREDITORS: Amounts falling due after more than one year

		Group	Group	Charity	Charity
		2025	2024	2025		2024
		£	£	£		£
Grants accrued – institutional (see note	4)	2,927,846	2,620,525	2,927,846	2,620,525

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

17. FINANCIAL INSTRUMENTS

7. FINANCIAL INSTRUMENTS
Financial assets measured at fair value Investments Financial assets measured at amortised cost Debtors excluding prepayments Financial liabilities measured at amortised cost Creditors	Group Charity Restated 2025 2024 2025 2024 £ £ £ £ 9,111,847 9,263,371 9,111,847 9,094,607
	1,176,066 650,626 1,851,864 983,233
	7,458,954 7,117,681 7,289,260 7,020,328

18. STATEMENT OF FUNDS

GROUP STATEMENT OF FUNDS – CURRENT YEAR

Unrestricted funds Other General funds Restricted funds Other Restricted funds Total funds	Balance at Balance at 1 October Transfers Gains / 30 September 2024 Income Expenditure In/Out (Losses) 2025 £ £ £ £ £ £ 4,967,279 2,019,524 (3,746,510) - 450,719 3,691,012
	- 250,999 (247,070) 100,386 - 104,315
	4,967,279 2,270,523 (3,993,580) 100,386 450,719 3,795,327

Restricted income in the current year comprises: £186,874 (2024: £265,184) due from other charities where North West Cancer Research has jointly funded research projects with them; £44,795 (2024: £84,000) in grants made to the Charity by various Trusts & Foundations and the NHS, towards education and outreach projects and campaigns; £3,573 (2024: £105,000) legacy income left to fund research at a specific University; and £15,757 income generated by KidsCan – treated as a restricted fund – from 1[st] August 2025 (the day of merger with North West Cancer Research) to 30[th] September 2025.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

18. STATEMENT OF FUNDS continued

Restricted expenditure of £247,070 (2024: £454,184) comprises: £186,874 (2024: £265,184) cost of expenditure on joint funded research projects; £36,795 (2024: £108,707) on education and outreach projects and campaigns funded by specific grants; £3,573 (2024: £105,000) cost of legacy funded research projects; and £19,828 (2024: £0) costs incurred by KidsCan – treated as a restricted fund – from 1[st] August 2025 (the day of merger with North West Cancer Research) to 30[th] September 2025.

The Transfer In figure of £100,386 represents the balance on the KidsCan reserves as at 31[st] July 2025, came under the control of North West Cancer Research on 1[st] August 2025.

GROUP STATEMENT OF FUNDS – PRIOR YEAR

Unrestricted funds Other General funds Restricted funds Other restricted funds Total funds	Balance at Balance at 1 October 30 September Restated Transfers Gains/ Restated 2023 Income Expenditure In/Out (Losses) 2024 £ £ £ £ £ £ 5,176,760 2,383,504 (3,697,645) - 1,104,660 4,967,279
	24,707 454,184 (478,891) - 0 0
	5,201,467 2,837,688 (4,176,536) 1,104,660 4,967,279

Restricted income in the prior year included £265,184 (2023: £9,730) due from other charities where North West Cancer Research had jointly funded research projects with them, as well as grants of £84,000 (2023: 175,513) made to the Charity by various Trusts and Foundations, towards education and outreach projects and campaigns; and income of £105,000 (2023: £0) from one legacy left to fund research at a specific University.

Restricted expenditure in the prior year of £478,891 (2024: £95,536) comprised the value of education and outreach work undertaken during the year on specific projects for which grants were received, as well as the cost of grant- and legacy- funded research projects approved in the year. No income had been received to support ongoing research projects approved in prior years, so there were no transfers between funds.

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

18. STATEMENT OF FUNDS continued

CHARITY STATEMENT OF FUNDS – CURRENT YEAR

Unrestricted funds Other General funds Restricted funds Other restricted funds Total funds	Balance at Balance at 1 October Transfers Gains / 30 September 2024 Income Expenditure In/Out (Losses) 2025 £ £ £ £ £ £ 5,036,374 1,780,117 (3,328,673) - 466,524 3,954,342
	- 235,241 (227,241) - - 8,000 5,036,374 2,015,358 (3,555,914) - 466,524 3,962,342

CHARITY STATEMENT OF FUNDS – PRIOR YEAR

Unrestricted funds Other General funds Restricted funds Other restricted funds Total funds	Balance at Balance at 1 October Transfers Gains / 30 September 2023 Income Expenditure In/Out (Losses) 2024 £ £ £ £ £ £ 5,155,716 2,325,777 (3,533,271) - 1,088,152 5,036,374
	24,707 454,184 (478,891) - - -
	5,180,423 2,779,961 (4,012,162) - 1,088,152 5,036,374

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS – CURRENT YEAR

Group Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year	Unrestricted Restricted Total funds funds funds 2025 2025 2025 £ £ £ 359,328 - 359,328 9111,847 9,111,847 1,678,792 1,783,106 (4,531,108) (4,531,108) (2,927,846) (2,927,846)
	3,691,012 104,315 3,795,327

ANALYSIS OF NET ASSETS BETWEEN FUNDS – PRIOR YEAR

Group Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year	Unrestricted Restricted Total funds funds funds Restated Restated Restated 2024 2024 2024 £ £ £ 151,896 - 151,896 9,263,371 - 9,263,371 2,669,695 - 2,669,695 4,497,157 - 4,497,157 2,620,525 - 2,620,525
	4,967,279 - 4,967,279

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

20. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/ (expenditure) for the year (as per Statement of Financial Activities) Adjustment for: Depreciation charges (Gains)/Losses on investments Dividends, interest and rents from investments Assets acquired (Increase)/ decrease in stocks (Increase)/ decrease in debtors Increase/(decrease) in creditors Net cash used in operating activities	Restated 2025 2024 £ £ (1,171,749) (234,188) 41,151 12,379 (450,719) (1,104,660) (288,057) (315,942) - - 2,730 405 (538,297) (222,134) 341,272 923,591
	(2,063,669) (940,549)

21. ANALYSIS OF CASH AND CASH EQUIVALENTS

Group

Cash in hand Investment cash accounts	2025 2024 £ £ 532,229 538,445 124,258 657,439
	656,487 1,195,884

22. RECONCILIATION OF NET DEBT

Group

Cash in hand and at bank	At 1 October 2024 Cashflow At 30 September 2025 £ £ £ 1,195,884 (539,397) 656,487
	1,195,884 (539,397) 656,487

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

23. PENSION COMMITMENTS

The Charity contributes to personal pension plans for eligible employees, who are automatically enrolled. The assets of those plans are held separately from those of the Charity, in independently administered funds. Contributions totalling £6,002 (2024: £5,560), covering pension commitments for both North West Cancer Research and North West Cancer Research Trading Ltd., were payable to the plans at the balance sheet date and are included in creditors.

24. OPERATING LEASE COMMITMENTS

At 30 September 2025 the total of the Group’s future minimum lease payments under non-cancellable operating leases was:

Group Within one year Between two and five years In over five years Charity Within one year Between two and five years In over five years	2025 102,632 333,379 139,500 _ 575,511 _ 2025 1,332 2,346 - _ 3,678 _	2024 50,732 191,945 - _ 242,677 _ 2024 1,332 3,678 - __ 5,010 ____

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

(A company limited by guarantee)

25. RELATED PARTY TRANSACTIONS

There are four related party transactions of note:

At the period end £1 was owed to North West Cancer Research Trading Ltd. (formerly Clatterbridge Cancer Research Ltd.), the subsidiary company. Two of the Charity’s current Trustees, Mr. S Anantharaman and Mrs. J Edler (and one former Trustee, Mrs. H Atherton, until their resignation on 24[th] April 2025) serve as Directors of this Company, along with a number of others who are not connected to the Charity.
Three of the Charity’s current Trustees, Mr. Paul Moonan, Dr. M Carter and Mrs. S Giles (and one former Trustee, Miss C Jones, until their resignation on 24[th] April 2025), serve as Directors of Cancer and Polio Research Fund Ltd. and, in matters concerning that Charity, act only in the interest of the Cancer and Polio Research Fund
One of the Charity’s Trustees, Mrs. J Clague, serves as Director of North West Cancer Research Events Ltd, alongside two members of the Charity’s Senior Management Team, Mr. A Richards and Mrs. C Newton, as well as one former Trustee.
With effect from 1[st] August 2025, two of the Charity’s current Trustees, Mr. Paul Moonan and Dr. M Carter, and one member of the Senior Management Team, Mr. A Richards, serve as Directors of KidsCan Ltd. and, in matters concerning that Charity, act only in the interest of KidsCan Ltd.

26. POST BALANCE SHEET EVENTS – SHOPS OPENED SINCE 30[TH] SEPTEMBER 2025

Since 30[th] September 2025, North West Cancer Research Trading Ltd. has opened the following shops:

----- Start of picture text -----
Lease
Location Began trading commencement
date
Formby 4th October 2025 28th July 2025
Altrincham 13th February 2026 24th October 2025
West Kirby 1st May 2026 16th February 2026
----- End of picture text -----

Commitments under the lease for the Formby shop – signed before 30[th] September 2025 – are provided for in Note 24 above, along with those for the three shops trading during 2024/25.

2025-09-30-accounts

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

CONTENTS

RESEARCH “CCR”)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees and officers of the Board

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Registered office

Investment Managers

Auditors

Senior Management Team

CHAIR’S STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

CHAIR’S STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

RESEARCH “CCR”)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

a. Officers of the Board

b. Marketing and Fundraising Committee

c. Investment Committee

NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH “CCR”)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

d. Nominations and Remuneration Committee

e. Chief Executive Officer

North West Cancer Research Trading Ltd

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

North West Cancer Research Events Ltd

KidsCan Ltd

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Cancer and Polio Research Fund

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

PUBLIC BENEFIT

OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS

a. Objectives

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

ACTIVITIES AND ACHIEVEMENTS (continued)

b. Activities and achievements

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

ACTIVITIES AND ACHIEVEMENTS (continued)

RISK MANAGEMENT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

RISK MANAGEMENT (continued)

ACHIEVEMENTS AND PERFORMANCE

a. Going concern

b. Financial review of the year

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Financial review of the year (continued)

c. Fundraising

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

Fundraising (continued)

d. Reporting and monitoring performance

KEY POLICIES

a. Investment policy and performance

TRUSTEES’ REPORT

Investment policy and performance (continued)

b. Reserves policy

PLANS FOR THE FUTURE

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

PLANS FOR THE FUTURE (continued)

TRUSTEES’ RESPONSIBILITIES STATEMENT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)