Charity registration number 1090822
Company registration number 04312822 (England and Wales)
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs Gonul Salih
Professor Chris Foster
Professor Mustafa Djamgoz
Secretary
Mrs Sabire Djamgoz
Charity number
1090822
Company number
04312822
Registered office
9 Park View Road
London
N3 2JB
Independent examiner
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
National Westminster Bank plc
Addiscombe Branch
209 Lower Addiscombe Road
Croydon
United Kingdom
CR9 6RB
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Trustees Report report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 11
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

We are pleased to present our report together with the financial statements of the charity for the year ended 31 October 2023.

 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Act 2011, the Companies Act 2006 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)" (as amended for accounting periods commencing from 5 October 2018). The Charity is a public Benefit Entity as defined by FRS 102.

Objectives and activities
Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.

Achievements and performance
Significant activities and achievements against objectives

In addition to the research, Professor Djamgoz supported patients in the following ways (contact mainly through email and telephone contact).

  1. Help in understanding diagnosis and treatment;

  1. Nutritional support;

  1. Signposting to the necessary hospitals or support organizations; and

  2. Help patients in accessing consultants and treatments.

Financial review

The charity’s incoming resources for the year amounted to £24 (2022: £7291). £0 (2022: £0) was spent on charitable activities and £52 (2022: £0) on fundraising activities.The trustees are pleased with the financial performance of the charity during the year and its financial position at the balance sheet date.

Reserves policy

Over the years, the funds were restricted to make sure that the charity always had enough funds to continue the special Fellowship created. As explained in the Annual Report, the charity has been going through a transition since February 2020 whereby we have not actively been supporting major research. Consequently, with big demand on our resources and regular income considerably reduced, we would release the unrestricted funds. We will from time give some small grants but there is no longer commitment for regular support for major research.

Principal funding sources

The charity relies on donations and grants from individuals and institutions, together with fundraising events. Amounts received during the year under each heading are shown in the notes to the accounts.

 

PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

Principal risks and uncertainties

Risks are reviewed by the Board of Trustees and appropriate processes put in place to monitor and mitigate them. Key risks affecting the Charity are set out below:

 

Reputational risk

Reputational damage to the Charity may arise from adverse publicity for a number of reasons, including errors or bias in research reports, poor decision making or misconduct by the Trustees, involvement of regulators or actions taken by staff. Trustees rely on their recruitment, induction and training of Trustees policies to mitigate this risk.

 

Financial risk

Liquidity risk - The charity seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by monitoring the working capital requirements.

Regulatory or compliance risks - Compliance risk may arise if the Charity fails to comply with Charity Commission or HMRC requirements. This may lead to adverse publicity, censure or penalties, and as a result may lead to reduced future operations. These risks are mitigated by the active management of the Charity's affairs by appropriately qualified legal and finance staff employed by the Trustees.

 

 

Risk Management

The Trustees have adopted the following risk management strategy:

Factors likely to affect future financial performance

Going concern

The board has assessed the going concern of the charity in detail as stated in note 1 and is confident that the charity will have adequate resources to continue in operational existence for the foreseeable future.

 

Plans for future periods

1. New projects are being planned involving research on (i) neuroblastoma and (ii) breast cancer for which awarding of small grants may be necessary using exiting funds.

2. Patient support will continue as indicated above.

3. The long-term future will continue to be monitored.

 

 

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 29 October 2001 and registered as a charity on 27 February 2002. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs Gonul Salih
Professor Chris Foster
Professor Mustafa Djamgoz
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Recruitment and appointment of trustees

The directors of the company are also its trustees for the purpose of charity law and throughout this report are collectively referred to as trustees. The Board of Trustees is responsible for the overall governance of the charity. Potential new trustees are nominated by an existing trustee and then appointed after a vote by all the trustees. We have just appointed a new trustee and are in the process of recruiting another.

 

Effective partnership between the staff and the board of trustees and regular updates on the activities undertaken is vital to the effective management of the charity. We are always exploring new ways that can improve this even more. The trustees will attempt to meet quarterly and are notified by email of any significant developments in between the meetings. We are considering more frequent meetings and more regular written updates and are looking to improve all our reporting guidelines as the charity is now growing and changing.

 

The Board delegates the exercise of certain powers in connection with the management and administration of the charity as set out further below. This is controlled by requiring regular reporting back to the Board and having a trustee who is also involved in the day to day running of the charity.

The Trustees Report report, including the strategic report, was approved by the Board of Trustees.

Professor Mustafa Djamgoz
23 October 2024
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PRO CANCER RESEARCH FUND
- 4 -

I report to the Trustees on my examination of the financial statements of Pro Cancer Research Fund (the Charity) for the year ended 31 October 2023.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

 

Basis of Independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the Charity as required by section 386 of the 2011 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2011 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Shilpa Chheda FCA FCCA
KLSA LLP
Chartered Accountants
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Dated: 23 October 2024
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
24
7,292
Investments
4
643
51
Total income
667
7,343
Expenditure on:
Raising funds
5
52
-
Charitable activities
6
2,141
(20,360)
Total expenditure
2,193
(20,360)
Net income/(expenditure) and movement in funds
(1,526)
27,703
Reconciliation of funds:
Fund balances at 1 November 2022
57,661
29,958
Fund balances at 31 October 2023
56,135
57,661

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 6 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
58,248
59,774
Creditors: amounts falling due within one year
11
(2,113)
(2,113)
Net current assets
56,135
57,661
The funds of the Charity
Unrestricted funds
12
56,135
57,661
56,135
57,661

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 23 October 2024
Professor Mustafa Djamgoz
Company registration number 04312822 (England and Wales)
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
1
Accounting policies
Charity information

Pro Cancer Research Fund is a private company limited by guarantee incorporated in England and Wales. The registered office is 9 Park View Road, London, N3 2JB.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.

 

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4
Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 8 -
1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are 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.

PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
24
7,292
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
643
51
5
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Fundraising and publicity
Staging fundraising events
52
-
6
Expenditure on charitable activities
Governance costs
Governance costs
2023
2022
£
£
Direct costs
Bank charges
-
13
Sundry expenses
28
30
Research grant - Imperial college
-
(22,516)
28
(22,473)
Share of support and governance costs (see note 7)
Governance costs
2,113
2,113
2,141
(20,360)
Analysis by fund
Unrestricted funds
2,141
(20,360)
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
7
Support costs allocated to activities
2023
2022
£
£
Governance costs
2,113
2,113
Analysed between:
Governance costs
2,113
2,113
8
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
10
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
2,113
2,113
12
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 November 2022
Incoming resources
Resources expended
At 31 October 2023
£
£
£
£
General funds
57,661
667
(2,193)
56,135
PRO CANCER RESEARCH FUND
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
12
Unrestricted funds
(Continued)
- 11 -
Previous year:
At 1 November 2021
Incoming resources
Resources expended
At 31 October 2022
£
£
£
£
General funds
29,958
7,343
20,360
57,661
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