COMPANY REGISTRATION NUMBER: N1631937 CHARITY REGISTRATION NUMBER: NIC105452 Leukaemia & Lymphoma Nl Company Limited by Guarantee Financial Statements 31 March 2025 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Leukaemia & Lymphoma Nl Company Limited by Guarantee Flnancial Statements Year ended 31 March 2025 Page Trustees, annual report (incorporating the directorfs report) Independent auditovs report to the members Statement of financial activities (including income and expenditure account) 13 Statement of financial position 14 statement of cash flows 15 Notes to the financial statements 16
Leukaemia & Lymphoma Nl Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) Year ended 31 March 2025 The trustees. who are also the directors for the purposes of Company law, present thelr report and the financial statements of the charity for the year ended 31 March 2025. Roferenca and admlnlstrativo dolails Registered ¢harlty namo Leukaemia & Lymphoma Nl Charity registration number 105452 Company registration number N1631937 Principal offi¢• and rogistorod Patrick G Johnston offico Centre for Cancer Research and Cell Biology 97 Lisburn Road Belfast BT9 7AE The trustses Mr R Buchanan Mrs E Armstrong Mr M Cafolla Ms L Cascone Mr R Cascone Mr G Coulter Mrs J Fairli&Vogt Mr B Garland Ms A Greenfield Ms A Keamey Professor T Lappin Mr R McGeough Dr D Montgomery Professor T Morris Miss E Thompson {appointed 1 May 2025) (resigned 7 September 2025) (appointed 1 May 2025) (appointed 24 June 2025) Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower g James Slreel South Belfast BT2 8DN Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS Solicitors Edwards & Co 28 Hill Street Belfast BT12L4
Leukaemia & Lymphoma Nl Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (continued) Year ended 31 March 2025 structure, governance and management The directors have pleasure in submitting their annual report together wth the audiied financial statements of Leukaemia & Lymphoma Nl (LLNI) for the year ended 31 March 2025. The directors have adopted the provisions of Ihe Charities SORP (FRS 102) in preparing their annual report and financial statements ofthe charity. Legal and administrative information on page 1 forms part of this report. The charity is govemed by a board of 12 directors throughout the year. Their task, in conjunction with the staff of the charity, is to oversee the administration of the charity. safeguard its assets and resour¢es to ensure that they are used solely in the furtherance of the objectives of the charity, and to act in the best interests of the charity at all limes. Board meetings typically take place eight times per year, with various SukComMitteeS also meeting. All Trustees give of theirtime freely and none received remuneration or expenses. No staff are employed direcdy by the charity. Instead LLNI pays grants to Queen'5 University to ¢overthe salaries of employees working on behalf of LLNI. Rlsk managomant The major risks to which LLNI would be exposed are cenlred around the following areas.. Reputational risk through invotvement with individuals or organisations that could bring LLNI into disrepute and thefore affect income from donations. The board keeps this under close review, working wth slaff, to ensure due diligence in all engagement. Significant dUCtiOn in funding. The board is well aware of the erratic nature of some types of fundraising. for example the unpredictability of major grfts and legacies, and also grants from various bodies. This is taken inlo account vthen considering future funding commitments and LLNI'S financial reseNes. Mlsuse and misappropriation of funds coupled vllth poor financial ¢ontrol$. The funds to support research are carefully controlled by the Board of LLNI. which received a financial report by the honorary treasurer at each meeting of the Board. Iv. Lack of proper public liability insurance to cover fund raising activities by members and Ihe possibility of legal action against members. Fundraising activities are covered for public liability by LLNI'S insurance brokers. Those tssked by LLNI wth raising funds for LLNI are reminded that any activity which has the slightest element of risk must have the approval of the insurers before proceeding. High risk activitie5 are not pennitted. Objoctivos and activities Our main objective is to raise money to finance research into the causes and p055ible cures for leukaemia. lymphoma. myeloma and other associated blood cancers with the aim to improve out¢ome$ and quality of life for this patient group. We fund this research wtth charitable activities, legacy income, corporate support and external grants, all of which are detailed in the report below. The research that we fvnd is overseen by LLNI'S Scientific and Medical Advisory Committee (SMACI, with Dr Aaron Niblo¢k as chair, assisted by a group of experienced academics. Research projects are carefully scrutinised and "peer reviewed" by the SMAC before any recommendations are made for fijndlng by LLNI.
Leukaemia & Lymphoma Nl Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (conllnuedj Year ended 31 March 2025 strntegic report The following sections for achievements and performance and financial review form the strategic report of the charity. Achievements and perforniance 1. The charity has continued to evolve and expand its influence over the year, whilst maintaining focus on the core activty of funding blood cancer research in Northern Ireland. Income for the year was £470,703, which is down on the previous year. This is broadly due to much reduced grant income, which is not fully predictable from year to year. The board is aware of this, and plans accordingty. Staff at the charity put considerable effort into making sure we are in a position to apply for research grant funds as and when they a available. In addition, there is much ongoing work into encouraging legacies and major gifts. Vvhilst not bearing significant results in the period covered by this report, the indications are that figures for 2025126 will show clear progress. The undertying income from fvndraising activity and events is continuing to trend upwards. due to the hard work and focus of the staff team. This is despite the wider operating environment for all charities remaining challenging. We continue to expand our nebNork and seek out innovatTve ways of raising funds and building our overall supporter base. Our prudent reserves policy means that the charity is able to deal with the erratic nature of charty fvndraising. thus allowing us to maintain funding for vital blood cancer research here in Belfast at the Johnston Cancer Research Centre (JCRC} and at other institutions. 2. LLNI is fvlly committed to its core mission of raising money to fund blood cancer SearCh, to improve survival rates and quality of life for blood cancer patients. We are the only Charity in Northem Ireland solely focused on this. We do this by supporting clinicians, scientists and students researching these Cancers in Northern Ireland and on occasion in Ireland. when linked to research in Northem Iland. This takes place under the oversight of the LLNI direclors, who make up our board and who do it on voluntary {non-Temunerated) basis. We meet around eighttimes per yearto review all areas of business, th particular focus on finance, fundraising, scientific progress and an ovetview of the govemance of the charity- The board remains particularly focused on ensuring that we are complying fully with relevant legislation and guidance trom the Charity Commission for Northern Ireland. Good goveman¢e is key to the smooth and effective running of any charity, and we are no exception. 3. The board relies on the Scientific and Medical Advisory Committee (SMAC). chaired by Dr Aaron Niblock to advise on which reSe8h applications should be supported, and thus optimise decision making. We will aiways consider allematwe or joint means of funding, in a constant drive to make best use of our funds. 4. In previous recent years our income was significantly boosted by grants from the Medical Researth Council through the Associalion of Medical Research Charitie$ (AMRC). In previous years this funding has been available to partty cover the costs of early career scientists that we fund. We will re-apply for this funding as and when this becomes available again. 5. We are an efficient charity. wth a large proportion of money raised being spent directly on research. Our relationship with Queen's University 15 immensely valuable to LLNI, and also, we believe to Queen's. We have a small office in the JCRC, which enables LLNI to maintain a very strong relationship with the university and our team of dedicated scientists. We are extremely grateful to the management team at the JCRC for their ongoing sUPPOrt for LLNI and its fundraising for blood cancer research. We remain Ily open to funding applications from research institLrtions otherthan the JCRC, more than one of which is currentty progressing.
Leukaemia & Lymphoma Nl Company Limitsd by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (l(lut) Year ended 31 March 2025 Achievem8nts and pèrforn)ance {continued> 6. The day to day running of the charity 1$ looked after by Operations Manager Joanne Badger, the Fundraising manager Tanya Mayne with Claire Gilmore supporting the team. Joanne Badger went on Maternity Leave at the very end of the period covered by this report, with Stephanie Mcmullan Currenty covering. All of the team do an outstanding job both in the office, through raising awareness and support on social media and supporting in person around the country at events and wlh supporters. It makes a real difference to have our office based in the same building where much of our funded research is taking place, allowing us to easily demonslrate to supporters exactty Vthe the money raised is going and to introduce the scientists we fund. 7. As ever, our fundraisers are key to what we do and support from across Northern Ireland has been both essential and heatharming. The key event forthe year was our 60th Anniversary Ball atthe Belfast Titanic Centre in September, during Blood Cancer Awareness month. This raised over £100,000 which is a truly remarkable amount for 8 single event. There are too many people to thank for this and other events from the year. but Sam and Eleanor Orr deserve special mention for their key support for the Ball and other events. They and so many others really have made a difference. Our online presen¢e continues to develop and improve, with an update to the website during the year to make it easier to navigate. both for supporters and our staff. It is a great improvement on the previous Site, and was money well spent. 8. Our patron Ken Reid. fonnerly of UTV and a very well-known figure in the Nothern Irish media, sadly died in November 2024. He had personal experience of a chronic leukaemia, and it was sad to see the passing of such a wonderful man. His SUPPOrt for LLNI wa5 really powerful and he is greatly missed by all who knew him. On a more posrtive note. Anne-marie M¢Alee$e, fomierly of BBC Nl, has joined ug as an Ambassador for the charity, with a hugely positive impact on all of the events she has organised or taken part in. We are very grateful for her enthusiastic and ongoing support. 9. 2024 was our 80th anniversary year and we have raised many millions of pounds overlhe$e decades. We hope our founders would be proud of how the charity has developed over the years, and how we continue to fund more blood cancer research. These cancers have not gone away. but survival rates have improved dramatically, along with quality of life. and LLNI has played an important part in a¢hieving this through the funding of research in Northem Ireland. Overall, Leukaemia and Lymphoma Nl remains in good shape thanks to the office team and to the input and expertise from our board, and above all thank5 to our supporters. We are all doing our bit to make blood cancer history. Public Beneflt Our main public benefit is in fijnding blood cancer research that would not otheTrMse be taking place. This has a direct and long teTh benefit for all of those affected by blood cancer by helping to improve survival rates. The statistics are clear - research has shifted many blood cancers from being fatal, to a situation where most patients survive and with better quality of life. This could not have happened without research, and that is what we fijnd. We also provide support for earty career scienlists through this funding. These scient15ts are the futu, and our funding encourages them to stay in Northem Ireland providing long temi benefit to society through their cancer research. LLNI has become more involved with lobbying key figures in govemmenl to push for improvements in treatment for blood ¢an¢er patients in Northern Ireland. which has clear public benefiL The charity also provides information to the public. part funding a post worktng in local hospitals to do just this. as well as hosting patsent events. all of which is for the public benefit. LLNI part fijnd a clinical nurse in the City Hospital to better link patients to the research, and has part funded events to bring scientists together from research instttutes across Ireland. The board takes great care to follow the Charity Commission's guidance on public benefit when making decisions, ensuring that all of LLNI'S activities are supportive of this.
Leukaernia & Lymphoma Nl Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (conflnued) Year ended 31 March 2025 Plans for Futuro Periods The charty has grown steadily over the pasl decade and we aim to conlinue this growth despite the challenging fundraising environment. We have three staff now, up from just one person a decade ago. and one of the posts has recently been upgraded to provide more focus on fundraising and communications. The intention going forward 1$ for this extra $laffing Capacity to focus on enhanced fundraising through whatever means possible, including more events, and encouragement of major gifts, legacies and Corporate donations. As part of this we wll continue to grow our online presence. and are putting more work inlo building relationship$ with a der range of potential donors, with the Clear message that we are a local charity for local people, but globally connected. Going forward, we intend to tighten up further on our already good governance in the areas of finance, allocation of funds and compliance with relevant law and guidance from the Charity Commission for Nl. This work 1$ ongoin9 under the oversight of the board. We also intend to build further our relations with similar charities across the UK through the Blood Cancer Alliance, and with cancer charities in Nl through the Nl Cancer Charities Coalition, as well as encouraging enhanced cooperation wth scientists in Ireland. All of this is with the aim of providing better long temi support for the researchers that we fund. to maximise value for money from our income, and to ultimately play our part in improving blood cancer survival rates. Financlal revlew Details of the results for the period are set out in the statement of financial activities on page 13 and in the related notes on pages 16 to 25. Inv8slrnont poll¢y and rotums LLNI'S investments are managed by Evelyn & Co Stockbrokers Belfast and, including short-term investments, were valued at £1,014,664 as at 31 March 2025. During the financial year, we received income from these investments totalling £26,892. Reserves The directors have reviewed the resources of LLNI taking into consideration the variable nature of its income and the need to fulfil the fixed commitment of grants to Queen's University a5 fomali$ed and confirmed to the University for the period 1 October to 30 September each year. General reseNes at 31si March were £129.920. which represents over 10 months. core expenditure. The Board are committed to retaining a minimum level of general reserves to cover Six months of day lo day running costs of the charity. Trustees. responslbllltles statement The trustees, who are also directors for the purposes of company law, are responslble for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practtcel. Company law requires the charity trustees to prepare financial statements for each year 1¢h give a true and fair view of the state of affairs of the charitable company and the incoming resource5 and application of re$our¢es, in¢ludin9 the income and expenditure. for that period.
Leukaemia & Lymphoma Nl Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (cl18dj Year ended 31 March 2025 Trusteos. responsibilities staternent {continued) In preparing these financial ststements, the trustee$ are required to.. select suitable accounting policies and then apply them consistently., observe the melhods and principles in the applicable Charities SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless It Is Inappropriate to presume Ihat Ihe charity will continue in business. The trustees are spOnsIble for keeping adequate accounting records that are sufficient to show and explain the charty's transactions and disclose wth reasonable ac¢ura¢y at any time Ihe financial position of the charity and enable them to ensure that the financial statements comply wth the Companies Act 2006. They a also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The charity trustees (who are also the directors of Replay Productions Ltd for the purposes of company lawl are responsible for preparing the trustees, annual 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 accounts 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 Ihe state of affairs of the charity and the income and expenditure of the charity for that period. In preparing these accounts, the truslees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in Ihe Charities SORP; make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in Ihe financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Irustee$ are responsible for keeping adequate accounting records that a sufficient to show and explain the charty's transactions and disclose wth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible forthe maintenance and integrity of the corporate and financial infomation in¢luded on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination ot financial statements may differ from legislation in other jurisdictions.
Leukaemia & Lymphoma Nl Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dire¢tors' Report) {eontlnL*rfJ Year ended 31 March 2025 Auditor E8ch of the persons who is a trte8 at thg of approval of this repjrt confirms tbat so far as each Iruslee Is aware, there is no relevant audit information of which the charity's auditor is unaware. 2nd each Iruslee haslakèn 811 st6F6 that they ought to have taken as a trustee lo make themselves aware ofany re5evant audit information andto estst41sh Ihatthe chanty's audtoris awaig ofthat information. Small company provisions This report has been prepad IA aceordance wlh the wovisions appiicalAe to companies enliljed lo the small companies exemption. Thè trustees, annual report was approved on 28th Odoter 2025 and signed on behalf of the board of trustees by: Mr R Buchanan Trustee
Leukaemia & Lymphoma Nl Company Limited by Guarantee Independent Auditorfs Report to the Members of Leukaemia & Lymphoma Nl Year ended 3q March 2025 Oplnlon We have audited the financial statements of Leukaemia & Lymphoma Nl (the'charity'l for the yearended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position. statement of cash flows and the related notes, including a summary of significant a¢¢ounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unf(ed Kingdom Generally Accepted Accounting Practice). In our opinion the finanaal statements: give a true and fair view of the state of Ihe ¢harity'$ affrdirs as at 31 March 2025 and of its incoming resources and application of resources, including ts income and expenditure. for the year then ended-, have been properly prepared in accordance ryth United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance )Mth the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in a¢¢ordan¢e with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further de$¢ribed in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have futfilled our other ethical responsibilities in aOrdanCe with these requirements. We believe that the audit evidence we have obtsined 1$ sufficient and appropriate to provide a ba$1$ for our opinion. Conclusions relating to going concèrn 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, VR have not identified any material uncertainties relating to events or conditions that. individualty or collectively, may cast significanl doubt on the charity's ability to continue as a going concern for a period of at least tWee months from when the )Inancial statements are authorised for issue. Our responsibilities and the responsibilitses of the trustees wth respect to going concem are described in the relevant sections of this report.
Leukaemia & Lymphoma Nl Company Limited by Guarantee Independent Auditorfs Report to the Members of Leukaemia & Lymphoma Nl (¢onllnu8d) Year ended 31 March 2025 oth•r infomiation The other infomation comprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomiation and, except to the extent othernise explicilty stated in our report, we do not express any forni of assurance conclusion thereon. In connection with ouraudil of the financial statement$, our responsibility is to read the other infomiation and, in doing so, consider whether the other infomiation is materially inconsistent vthh the financial statements or our knowledge obtained in the audit or ¢)therwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detsmiine whether there is a material misstatement in the financial statements or a material misstatement of the other infomation. If. based on the work we have performed. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on othor mattors prns¢ribod by tho Companios Act 2006 In our opinion, based on the work undertaken In the course of the audit- the information given in the trustees, report for the financial year for which the financial statements are prepared 15 consistent with the financial statements,. and the trustees, report ha$ been prepared in accordance wsth applicable legal requirements. Matters on which wo aro r•qulrod to report by •x¢optlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audrt. we have not identified material misstatements in 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 accountin9 record5 have not been kept, or retums adequate for our audit have not been received from branches not visited by us. or the flnancial statements are not in agreement with the accounting records and retums,. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations require for our audit.
Leukaemia & Lymphoma Nl Company Limited by Guarantee Independent Audltor's Report to the Members of Leukaemia & Lymphoma Nl (contlnuéd) Year ended 31 March 2025 Ro$ponsibilities of truste8S As explained more fully in the trustees, responslbllities statèment. the trustees (who are also the directors for the purposes of ¢ompany lawl are responsiblefor the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to Continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the Irustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditotrs rosponslbiliti•$ for the audit of tho financial statsments 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 auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audbt conduded in accordance with ISAS {UK) will aknys detect a material misstatement when it exists. Mi5$tatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect irregularities, including fraud. The extent to which our procedures are Capable of detecting irregularities, including fraud is detailed below- In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and gUlations. we considered the following= the natu of the industy and sector. control environment and business perfomiance including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and perfomance targets: resulls of our enquiries of management about their own identffication and a$$e$$ment of the rlsks of irregularities: any matters we ident-ffied having obtained and reviewed documentation of their policies and procedures relating to.. identrfying, evaluating and Complying with laws and regulations and whether management were aware of any instances of non-compliance. detecting and SpOnding to the risks of fraud and whether management have knovledge of any actual. suspected or alleged fraud,. the internal controls established to mitigate risks of fraud or nonwcompliance with laws and regulations. the matters discussed among the audlt engagement team including significant component audit teams and relevant intemal specialists. including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. 10
Leukaemia & Lymphoma Nl Company Llmlted by Guarantee Independent Auditor's Report to the Members of Leukaemia & Lymphoma Nl (¢ontlnu8(Q Year ended 31 March 2025 AudIt0$ rèsponsibilities for th8 audit of tho Ilnancial statsmonts (continued) As a resu of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond lo the risk of management override. We also obtsined an understanding of the legal and regulatory frameworks in operation, fo¢u$ing on provisions of those laws and regulations that had a direct effect on the detennination of matertal amounts and disclosures in the financial statements. The key laws and regulations we Considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but ¢omplian¢e with which may be fijndamental for their ability to operate or to avoid a material penalty. As part of an audit in a¢cordan¢e with ISAS (UK), we exercise professional judgment and maintsin professional $cepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error. design and perform audit pro¢edures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions, misrepresentatlons, or the override of intemal control. Obtsin an understanding of internal control relevantlo the audlt In order to deslgn audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor'5 report to the related disclosures in the financial statements or. if such disclosures are inadequate, lo modify our opinion. Our conclusion$ are based on the audit evidence obtained up to the date ot our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and Content of the financial statements. including the disclosu8, and whether the financial statements represent the underfying IranSalOns and events in a manner that achieves fair presentation. 11
Leukaemia & Lymphoma Nl Company Limited by Guarantee Independent Auditor's Report to the Members of Leukaemia & Lymphoma Nl (condnued) Year ended 31 March 2025 We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely tothe charity's members, as a body, in accordance with Chapter 3 ofPart 16 ofthe Companies Act 2006. Our audit work has been undertaken so thatwe might state to the charity's members those mattèrs we are required to staleto them in an auditorfs report and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have fomied. Conor Dolan FCA For and on behalf of.. Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 28 October 2025 12
Leukaemia & Lymphoma Nl Company Limited by Guarantee statement of Financial Activitles (including income and expanditure account) Year ended 31 March 2025 2025 Unrostrictod Restricted funds funds Total funds 2024 Total funds Incorne and endovrtnents Donations and legacies Charitable activities Investment income other income 465.122 448,732 19,716 50 443,811 26,892 443,811 26,892 Total Incorna 470,703 470,703 933.620 Expendlture Expenditure on charitable activitie5 Total oxpenditure 9,10 (720,929) (720,929) (83,233) (804,162) (635,886) {83,233) (804,162) (635.886) Net gains on investments 11 6,177 6,177 16,210 Not {expendlture)Ilncome (244.049) (83.233) (327,282) 313,944 Transfers befvften funds Net movement in funds (244,049) (83.233) (327,282) 313,944 Reconciliation of funds Total fund$ brought forward Total funds Carried forwdrd 20 1,050.546 187,390 1,237,936 923,992 1,237,936 20 806.497 104.157 910.654 The statement of financial activities includes all gain5 and losses recognised in the year. All income and expenditure derive from continuing activities. The notss on pag•$ 16 to 25 forni part of thosg Ilnan¢ial $tatsments. 13
Leukaemia & Lymphoma Nl Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 No¢e Fixed assets Investments 15 719.977 719,977 714.620 714.S20 Current asset5 Debtors Short-term investments Cash at bank ond in hand 16 17 146,CE3 294,687 38.301 332.988 537.379 683,442 Credltors: amounts falling duewlthln one year Net current assets {142.3111 1160.1261 190.677 523.316 910.654 910,654 Tolal assets le$5 Current liabillties 1,237,936 1.237,936 Net a55ets Funds of the charity Restricted fun Unrestricted fijnds 19 19 104.157 8C6.497 187,390 1,050.546 1.237.936 Total charity funds 910,654 These finaneial statements were aPF(oved ty the fftard of trustees and authorised for Issue on 28th O¢lot*T 2025, and are signed on tehalf of the toard by.. Mr R Bu¢hanan Trustee The notes on pages 16 10 26 fonn part olthese financlal statemeTrtS. 14
Leukaemia & Lymphoma Nl Company Limitsd by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flovds from opornting a¢tivitio8 Net {expenditure)lin¢ome (327,282) 313,944 Adjustments for Net gains on investments Dividends, interest and rents from investments 16.17n (26,8921 (16,210) (19,716) Changes in." Trade and other debtors Trade and other creditors 146,063 (17,815) (232,103) (35.683) 17,231 Net cash (used inllgenerated from operating activlties 259,566 Cash flows from Investlng actlvltles Dividends, interest and rents from investrnents Purchases of other investment5 Pro¢eed5 from sale of other investments 26.892 (211,984) 203,333 18,241 19,716 130,433) 42,636 31.919 Net cash from investing aclNlties Net decroaso in cash and cash equivalents Cash and Cash equlvalents at beglnnlng of year Cash and ¢ash equivalents at end of year (213,862) 563,936 291,485 272,451 563.936 350.074 The not05 on pag•s 16 to 26 fomi part ofthose finan¢ial $tstements. 15
Leukaemia & Lymphoma Nl Company Limited by Guarantee Notes to the Financlal Statements Year ended 31 March 2025 General infomiallon The charity is a public benefit entty and a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northern Ireland. The address of the regISted office is Patrick G Johnston Centre for Cancer Research, 97 Lisburn Road, Belfast. BT9 7AE. statoment of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard appficable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 1021) and the Companies Act 2006. Accounting policios Basis of prepardtion The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investrnent properttes measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fvnctional currency of the entity. Going concern There are no material uncertainties about the charity's abillty to continue. Judgements and key sources of ostimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are reviewed annually and are based on experience and olher factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are avallable for use at the discretion of the trustees to further any of the charity's purposes. Designated fvnds are unrestricted funds earmarked by the trustees for partlcular future projects or commttments. Restricted funds are subject to restrictions on their expenditure declared by the donor or through Ihe tenns of an appeal. and fall into one of two sub-classes: restricted income funds or end0yent funds. 16
Leuka8mia & Lymphoma Nl Company Limitsd by Guarantee Notes to the Financial Statements (¢onllnuedJ Year ended 31 March 2025 Accounting policies (conrfnuodj Incomlng rosources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity: it is probable that the economic benefits associated wth the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the glft, receipt is probable. and its amount can be measured reliably. legacy Income is recognised when receipt is probable, entitlement is established and they can be valued wth reasonable accuracy. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in lch case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received ff the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised wth the delivery of the contracted service. This is classified as unStriCted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resourcos oxpondod Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and 1$ classified under headings of the statement of financial activities to which it relate$'. expenditure on raising funds includes the costs of all fijndraising activities, events, no charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further it5 charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activitles. other expenditure includes all expenditure that is neither related to raislng funds forthe charty nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories refiecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activty- Shared costs are apportioned beeen the activities they contribute to on a reasonable. justifiable and consistent basis. 17
Leukaemia & Lymphoma Nl Company Limited by Guarantee Notes to the Flnancial Statements f¢onlinued) Year ended 31 March 2025 Accountlng policlos (¢oftllnu Investments Investments are stated at market value at the balance sheet date. Net gains or losses Includes realised and unrealised gains and losses on investments. Realised gains and los$e$ on investments are calculated as the differences beiween sales prOed$ and their market value at the start of the year, or their subsequent cost, and are charged or credited to the ststement of financial activities in the year of disposal. Unrealised gains or10sses represent the movement in market values during the year and are credited or Charged to the slatement of financial activities based on the market value at the year end. The breakdown of non-current inveslments at 31 March was as follows.. 2025 2024 Cash Bond$ Attematives & Multi-Asset Equities Total Managed Portfolio 17,086 78,484 133.626 490 781 719,977 26,577 47,008 136,521 504 514 714,620 Short-tem7 inv8Stments Short-term investments indude short term investments, such as sterling cash liquidity funds and cash accounts. held through investment managers for the purpose of maximising retums on funds which are expected to be used in the near temi and are classified as current assets. Impairmont of fixed assets A review for indicators of impairment is carried OLrt at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the re¢overable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The ¢ash%eneratin9 unit is the smallest identifiable group of assets that include5 the asset and generates cash infiows that largely independent of the cash inflows from other assets or groups of assets. 18
Leukaemia & Lymphoma Nl Company Limited by Guarantee Notes to the Financlal Statements (eonlinued) Year ended 31 March 2025 Accounting poll¢l8s (eondnued) Financial In$trurnents A financial asset or a flnancial liability is recognised only when the charity becomes a party lo the contractual provisions of the instrument. Basic financlal instruments are initially recognised at the amount receivable or payable including any relatsd transaction Costs. Current assets and current liabilities are subsequentty measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequentty measured at amortised cost. Iilthere investments in shares are pubficly traded or their fair value can otherwse be measured reliably, the investment is subsequentty measured at fair value wth Changes in fair value recognised in income and expenditure. Al other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initsally recognised at fair value, unless payment for an asset is deferred beyond nOnal business terms or financed at a rate of interest that is not a market rate. in which case the asset is measured at the present value of the future payrnents discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, except for hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amorti$ed cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impainnent an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardle$$ of significance, and other financial assets that are individually significant, these are assessed individualty for impaimient. Other financial a$set5 are either assessed individually or grouped on the basis of similar credit risk characieristi¢$. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 19
L8ukaemia & Lymphoma Nl Company Llmited by Guarantee Notes to the Financial Statements (eontinuedj Year ended 31 March 2025 Llmltod by guarantse The company, being a company limited by guarantee. does not have Sha capital. The liabilty of members of the company is Ilmited to £1 per member. Donations andjogaci Unrestricted Funds Restricted Total Funds Funds 2025 Grants Grant Income Unrestricted Funds Restricted Total Funds Funds 2024 Grants Grant Income 465.122 465,122 Grants of probate were awarded for two legacies during the year, however these have not been recognised in income or debtors as they cannot be reliably measured. These have been disclosed as contingent assets in note 22. Charitable a¢tivitie8 Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations Legacies Trading Activities Branch Income Stem cell harvest 294,972 23.112 99,094 21,833 4.800 294.972 23,112 99.094 21,833 4.800 347,225 55,154 15.413 25.420 5.520 347,225 55,154 15.413 25,420 5.520 H3,811 443,811 448,732 448.732 Investmènt income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Investment Incorne 26,892 26,892 19,716 19.718 26,892 26.892 19,716 19,716 Other incomo Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Sundry Income 50 50 20
Leukaemia & Lymphoma Nl Company Llmlted by Guarantee Notes to the Financial Statements (eontinuedj Year ended 31 March 2025 Expendlturo on charltable activities by fund type Unrestricted Funds Restrrcted Total Funds Funds 2025 ChaTitable Activities 720,929 83,233 804,162 Unrestricted Funds Restricted Totsl Funds Funds 2024 Charitable Activities 358,154 277,732 635,886 10. Expendituro on ¢haritabl8 actlvitios by activity type Activities undertaken Total funds directly 2025 Total fund 2024 Charitable Activilies 804.162 804,162 635,886 11. Net gains on Invoslments Unrestricted Total Funds Unrestricted Totsl Funds Funds 2025 Funds 2024 Movement on valuation of investments 6.177 6,177 16.210 16,210 12. Auditorfs remuratIon 2025 2024 Fees payable for the audit of the financial statements 5,380 4.975 13. Staff costs The total staff Costs and employee benefits for the reporting period are analysed as foll¢)ws'. 2025 2024 Wages and salaries 139.125 82,221 LLNI does not employ staff directly, staff are employed by a third paty, Queens University, and LLNI pays granls towards the $alarie5 of those employees working for LLNI, therefore a breakdown of the costs belween salaries, pension etc is not possible. The average head counl of employees during the year was Nil (2024: Nil). No employee received employee benefits ot more than £60.000 during the year (2024= Nill. 21
Leukaemia & Lymphoma Nl Company Limited by Guarantee Notes to the Flnancial Statements {coTrlinuedJ Year ended 31 March 2025 14. Trustee remunfrration and expensos Trustees did not receive remuneration or reimbursement of expenses during the year (2024: £Nil). 15. Investments Cash or cash Listed equivalents investments Total Cost or valuation At 1 April 2024 Additions Disposals Fair value movements Other movements 26,557 688.063 714,620 211,984 211.984 (203,333) {203.333) 6.663 6,663 {486) (9,957) 702.891 719,977 (9,471) 17.086 At 31 March 2025 Impaimient At 1 April 2024 and 31 March 2025 Carrying amount At 31 March 2025 17,086 702,891 688.063 719.977 At 31 March 2024 26,557 714,620 All investments shown above are held at market value. Flnancial assets hold at fair value The listed investments are valued by Evelyn Partners. Belfast and held at market value. 16. Dobtors 2025 2024 Other debtors 146.063 Grants of probate were awarded for two legacies during the year, however these have not been recognised in income or debtors as they cannot be reliably measured. These have been disclosed as conlingent assets in note 22. 22
Leukaemia & Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements {¢onllmiedJ Year ended 31 March 2025 17. Short4emi InvtMents Total Cost or valuation At 1 April 2024 Additions Disposals Income re¢eived Capital loss At 31 March 2025 400,000 (110,000) 5,173 (486) 294,687 Carrying arnount At 31 March 2025 294,687 At 31 March 2024 Short-term investments are held at market value. 18. Credltors: amounts falling due within one year 2025 2024 Accruals and deferred income 142,311 160,126
Leukaernia & Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements (witlnuodj Year ended 31 March 2025 19. Anatysis of charitablo funds R89trictod funds At 1 Apr 2024 Gains and At losses 31 Mar 2025 Income Expenditure Transfers Research Grant 187.390 187,390 {83,2331 (83,2331 104,157 104.157 At 1 Apr2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers PhD Studentship Research Grant 126,815 338,307 (126.815) {150,917) (277.732) 187,390 465,122 187,390 Unrestrlcted funds At 1 Apr 2024 Gains and At losses 31 Mar 2025 Income Expenditure Transfers General fund$ Clinic trials nurse PhD Studentship Research Gran1$ 131,262 58.675 359,246 501.363 1,050,546 470,703 (227.222) 1251,000) (21,856) 1124,939) {346.912) (720,9291 6,177 129.920 36,819 342.307 297.451 108,000 143,000 470,703 6,177 806,497 At 1 Apr2023 Galns and At losses 31 Mar 2024 Income Expenditure Transfers General fijnds Clinic trials nurse PhD Studentship Research Grants 137,082 80,230 292,314 414,366 923.992 468,498 (130.050) (360,753) (21,555) {2.4911 {204,333) (358.429) 16.485 131,262 58,675 359.246 501,363 16,485 1,050,546 69,423 291.330 468,498 The designated fvnds have been set aside by LLNI as a result ofaward$ of vartous grants approved by the Board of LLNI for future reSeah projects. 24
Leukaemia & Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements IntInue#l Year ended 31 March 2025 20. Analysis of net assets between funds UnStriCted Funds Restricted Total Funds Funds 2025 Investments Cuent assets creditors less than 1 year Net assets 719,977 208,806 {122,286) 806,497 719,977 332,988 {142,311> 910,654 124.182 (20.025) 104.157 Unrestricted Funds Restricted Total Funds Funds 2024 Investments Current assets Creditors less than 1 year Nat ass•ts 714,620 445.658 (109.732) 1,050.546 714,620 683,442 (160.1261 1.237,936 237,784 (50.394) 187,390 21. Taxation The Company is a registered charity. and as such is entitled to tax exemplions on income and profits in furtherance of the charity's primary objectives. 22. Contingent asset During the year tsvo grants of probate were awarded for residuary legacies in favour of LLNI. There is Currentty insufficient infonnation available to reasonably determine the residual value of the estates and therefore these legacies have not been recognised within income or debtors in these financial statements. One of these legacies has bequeathed signtficant assets to other parties and it is not yet clear how much. if any. residual amount will remain to be distributed to LLNI. The other legacy has awarded specific assets to other patknes and it is not clear how much of the overall estate value these assets make up, therefore the legacy cannot be reliably measured. The maximum amount LLNI would be expected to receive from this legacy if the value of these specific assets was negligible would be approximately £287,000. however the actual distribution is expected to be lower. 23. Contingent liability A contingent liability exists to repay grants received should certain conditions not be fulfilled by the Charity. In the opinion of the Trustees. the terms of the Letters of Offers have been, or will be, complied wth and no liability is expected. 24. Anatysis of changes In net debt At 1 Apr 2024 Cash flows Al 31 Mar 2025 Cash at bank and in hand 537,379 (499.078) 38.301 25