ovarian cancer action accounts 2014 - cloud object...

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Annual Report and Audited Accounts For the Year Ended 31 March 2014 A company limited by guarantee Registered in England and Wales 5403443 Registered charity number 1109743 (England and Wales) Registered charity number SC 043478 (Scotland) ovarian.org.uk

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Contents

Public benefit statement Page 3 Reference and administrative Page 4 Report of the Chair Page 5 Report of the Board of Directors:

‐ Review against last year’s objectives Page 6

‐ Highlights of 2013‐14 Page 7

‐ Objectives for 2014‐2015 Page 10

‐ Financial review Page 11

‐ Structure, governance and management Page 12

‐ Statement of directors’ responsibilities Page 14

‐ Independent auditors’ report Page 16 Financial statements

‐ Statement of financial activities Page 18

‐ Balance sheet Page 19

‐ Notes for the financial statements 0

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PUBLIC BENEFIT STATEMENT

Purpose

• At Ovarian Cancer Action our ambition is to stop women dying from ovarian cancer. We fund world‐class scientific research leading to innovative treatments.

• Ovarian Cancer Action campaigns to ensure women and healthcare providers know the risk factors, symptoms and treatment options to enable informed and rapid action. Fundamentally we demand that every woman should be diagnosed as early as possible and have the best surgery and treatment available.

Values of Ovarian Cancer Action

Our research funding and campaigning work is underpinned by the fundamental idea that the future can and will change.

We believe that:

• Women with ovarian cancer deserve more attention than they currently receive;

• Good quality therapies need to be found that will permanently control the disease;

• Women with ovarian cancer should be given the best possible information about therapeutic options, clinical trials and service providers in order to make informed choices;

• All women with ovarian cancer should be offered BRCA 1/2 gene testing at the point of diagnosis;

• Treatments that put quality of life first are of paramount importance;

• UK women deserve the best quality surgery and treatment the world has to offer – including the avoidance of unnecessary procedures;

• Every woman should know the symptoms of ovarian cancer and GPs and other healthcare providers should understand the importance of early diagnosis;

• The speed of scientific progress needs to be accelerated to stop women dying;

• Data should be shared as widely as possible for scientific advancement.

The Directors consider that all the aims and objectives detailed in this report are in order to benefit the public.

The Directors consider they have complied with their duty in Section 17 of The Charities Act 2011 and have due regard to the public benefit guidance published.

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REFERENCE AND ADMINISTRATIVE

Ovarian Cancer Action A company limited by guarantee Registered in England and Wales 5403443 Registered charity number 1109743 (England and Wales) Registered charity number SC 043478 (Scotland) Registered office: 8‐12 Camden High Street London NW1 0JH Telephone: 0207 380 1730 E‐mail: [email protected] ovarian.org.uk Directors

• Allyson J. Kaye MBE (Chair) • Daniel B. Harris • John E. Harris CBE • Martin D. Paisner CBE • Emma J. Scott • Lord Turnberg • Jenny Knott • Professor Sir Nick Wright (appointed 9th Sept

2013) Honorary Patrons

• The Hon. Nigel Havers • Lord Jones of Birmingham • Dr Chris Steele MBE • Gwyneth Strong

Honorary President of Ovarian Cancer Action

• Robert.C. Bast Jr (appointed Sept 2013) Company Secretary

• Daniel B. Harris Auditors

• Wilson Wright LLP Chartered Accountants Thavies Inn House 3‐4 Holborn Circus London EC1N 2HA

Legal Advisors

• Squire Patton Boggs (UK) LLP 7 Devonshire Square London EC2M 4YH

Accountant and Honorary Treasurer

• Nicholas Kaye FCA AEL Partners LLP 201 Haverstock Hill London NW3 4QG

Bankers

• National Westminster Bank PLC 1‐4 Berkeley Square House Berkeley Square London W1A 1SN

• Coutts & Co 440 Strand London WC2R 0QS

Staff

• Gilda Witte, Chief Executive • Katherine Taylor, Head of External Affairs • Nina Gopal, Head of Fundraising • Lucinda Watson, Head of Marketing • Abi Begho, Healthcare Projects Manager • Nick Healey, Trusts Fundraiser • Emily Legg, Corporate Fundraiser • Amelia Meldau, Community Fundraiser • Zoe Fitzpatrick, Support Care Assistant • Nadine Woogara, Digital Manager • Harriet Stigner, PA and Office Manager • Kim Broodie, Finance Officer

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REPORT FROM THE CHAIR

As the UK’s leading ovarian cancer charity, OCA is committed to tackling this disease on a broader front to transform the lives of the hundreds of women diagnosed each year with ovarian cancer. Although we are facing a very challenging financial climate, which has affected our income for this period, the charity continues to deliver important achievements for women with ovarian cancer and their families.

I am happy to report that the second five year programme of the Ovarian Cancer Action Research Centre (OCARC), under Professor Hani Gabra’s directorship at Imperial College, is well underway and we look forward to working more closely with our international counterparts and driving forward scientific innovation. We celebrated the completion of the first quinquennial with an excellent symposium jointly hosted by Imperial College and Ovarian Cancer Action. We were delighted to have key note speakers from world leading cancer centres including David Huntsman, Professor of Pathology at the University of British Columbia and Co‐Director of the Cancer Hereditary programme in British Columbia, and David Bowtell, Head of Peter Mac's Cancer Genetics and Genomics Laboratory and a member of Ovarian Cancer Australia's Medical Advisory Group in Melbourne.

The Platinum Resistance project has had some very promising results from its stage 1 clinical trials. This has led to an international collaboration with David Bowtell which is showing very exciting plans for the future. The UK wide BriTROC project to share data from ovarian cancer patients and collaborate on research continued to recruit further participating centres and patients.

Ovarian Cancer Action and its scientific review Board (Medical Scientific Review Committee) issued a grant call based on some of the priorities raised in the Nature Reviews Cancer review from the 2011 HHMT (Helene Harris Memorial Trust) forum. We had an excellent response and the review process has been completed. Ovarian Cancer Action will make a grant to Professor Ahmed Ahmed of Oxford University during the next financial year. I am also delighted to say that plans are being made for the next HHMT think tank due to take place January 2015. Professor Fran Balkwill OBE, F Medsci, has agreed to chair the scientific committee which has now been appointed. The meeting will be in Toledo, Spain and promises to provide an excellent forum for debate amongst the world’s ovarian cancer experts. Our campaigning work has also had a very successful year. Our campaign for all women with ovarian cancer to be tested for the BRCA1/2 gene mutation, which we launched through a round table event in September 2013 and at a parliamentary event later in the year, has developed real traction. Jane Ellison, the Public Health Minister, has asked Sean Duffy, National Director of Cancer, to review the current position and we are working with the committee to push for this essential change in procedure. We have worked closely with Royal Marsden Hospital on their trial in this area. We also launched a risk assessment tool on our website to help women asses their risk of hereditary ovarian cancer.

The charity has campaigned to have ovarian cancer included in the government flagship 100,000 Genome Project, which thankfully has now been agreed. We are working with Public Health England’s cancer prevention team on the UK’s first ovarian cancer pilot as part of the ‘Be Clear on Cancer’ initiative. We have also continued to push for symptoms awareness amongst GPs and the general public. The charity has achieved so much this year. My thanks go to the donors, funders, researchers, Ovarian Cancer Voices and scientific advisors as well as to Gilda Witte and the charity’s staff.

Allyson Kaye

Chair, Board of Directors Date: 29th September 2014

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REPORT OF THE BOARD OF DIRECTORS

Review against last year’s objectives

Research

• Work with the Ovarian Cancer Action Research Centre to drive the

research programme achieved

• Run a highly effective grant application process, updating the systems

to deliver best practice achieved

• Set up a lay panel to review research achieved

• Work with BriTROC to ensure its success achieved

• Start planning the next HHMT meeting achieved

• Communicate the latest science in the field of ovarian cancer as widely

as possible achieved

Awareness

• To continue to campaign around hereditary and genetic disease achieved

• To participate in ovarian cancer awareness month achieved

• To devise a new strategy for communicating with GPs achieved

• To work with Government and other cancer charities to deliver awareness

and symptoms message achieved

• To find new ways to communicate the work that the charity does achieved

Voices

• To grow the number of active Voices working with the charity, especially

outside London achieved

• To set up a lay research panel and provide appropriate training and support achieved

• To better involve existing Voices in more aspects of the charity’s work achieved

Governance

• To build on best practice by regularly reviewing processes achieved

• To build on and review the key metric indicators achieved

• To build access to broader professional services achieved

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HIGHLIGHTS OF 2013/14

RESEARCH HIGHLIGHTS 2013/14

The research we fund

Ovarian Cancer Action funds translational research projects that will swiftly bring better treatment options to women. We established the Ovarian Cancer Action Research Centre seven years ago to enable concentrated and sustained focus on research around ovarian cancer which could have a high clinical impact. To date over £6.5 million has been invested. LARP1 Dr Sarah Blagden is investigating the protein LARP1 which has been found to be at significantly higher levels in women with ovarian cancer. Research is taking place to understand how this protein works and whether it can be effectively targeted for therapy.

BriTROC

We are funding the UK’s first scientific collaboration on ovarian cancer, the British Translational Research Ovarian Cancer Collaborative (BriTROC). BriTROC aims to collect and use tissue analysis to provide a better understanding of the different histological subtypes of ovarian cancer.

Platinum resistance

We have completed the first stage one clinical trial targeting the AKT inhibitor as a target for acquired platinum resistance. The results are very encouraging and we are moving forward to a larger trial. David Bowtell, Head of Peter Mac's Cancer Genetics and Genomics Laboratory and a member of Ovarian Cancer Australia's Medical Advisory Group in Melbourne, was appointed as Principal Investigator.

International survivorship survey Dr Sarah Blagden’s research into the psychological and psychosexual impact of ovarian cancer on patients received a lot of attention with features on BBC Radio 4 Woman’s Hour. This work was picked up internationally and has been converted into an international survey. OCA and Dr Blagden are proud to lead the UK arm in collaboration with the National Forum of Gynaecological Oncology Nurses. The study will report in 2015. Major Grant Call In May 2013 OCA issued a major grant call which outlined the charity’s research strategy, mission and values and called for radical application which represented new thinking in ovarian cancer research. All work was subjected to extensive peer and patient review, and at the end of 2013 a grant offer was made to Professor Ahmed Ahmed from Oxford University which was accepted in April 2014.

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Ovarian Cancer Action is an active member of the Association of Medical Research Charities

(AMRC) and participates in campaigns to advance the profile of medical research.

AWARENESS HIGHLIGHTS FROM 2013/14

BRCA gene testing campaign

Ovarian Cancer Action continued to campaign for BRCA testing for women newly diagnosed with ovarian cancer. Our Chief Executive was invited to speak as an authority on issues around hereditary cancer on BBC news, following Angelina Jolie’s announcement of her double mastectomy in May 2013. In September OCA hosted a roundtable discussion on issues around gene testing, bringing together leading geneticists and oncologists. During Ovarian Cancer Awareness Month (OCAM) in March 2014 we took our BRCA policy paper to parliament and engaged with MPs and other stakeholders, resulting in a Department of Health commitment to review BRCA testing at CRG level. Also during OCAM, we surveyed women on their understanding of hereditary risk. This led to significant press coverage including TV, radio and national press. We also distributed training information to GPs on hereditary risk. 34,000 fact files were distributed to GPs in the UK. As part of our BRCA gene testing campaign we designed and launched an online BRCA risk tool to help women understand and act upon their risk of hereditary ovarian cancer. Awareness information

We reviewed and re‐issued our range of information leaflets for the general public to cover the cancer journey from signs and symptoms and what you need to know, to diagnosis and treatment. These were peer reviewed by Ovarian Cancer Action Research Centre scientists and lay reviewed by our Voices. These new materials were distributed to co‐incide with OCAM and feedback shows that 89% of respondents found the information improved their knowledge of ovarian cancer. Positive comments included – “It gave me the confidence to speak to my doctor as I have these symptoms. The doctor took my concerns seriously and acted upon it.” As part of this process we improved our communications and profile by redesigning our logo and website. Collaboration

We teamed up with a number of corporate organisations, community groups and pharmacies to raise awareness and our partnership with Bowel Cancer UK resulted in the development of a joint bowel and ovarian cancer awareness pilot. We continued to engage with Cancer Research UK, the Department of Health, NICE, The Eve Appeal, Target Ovarian Cancer and Ovacome. We also attended conferences for healthcare professionals which included the RCGP Annual Conference and the RCN Congress – two of the biggest forums for GPs and nurses in the UK.

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FUNDRAISING HIGHLIGHTS 2013/14

Laura Mercier We were delighted to be awarded one of the first European grants from the Laura Mercier Ovarian Cancer Fund in support of the LARP1 Research Group at the Ovarian Cancer Research Centre. RideLondon As one of the first UK charities involved in this event, 27 supporters cycled 100 miles through London and Surrey replicating the 2012 Olympic road racing route and raising over £29,000. Women V Cancer This phenomenal charity collaborative challenge benefitting Ovarian Cancer Action, Jo’s Cervical Cancer Trust and Breast Cancer Care generated nearly a quarter of a million pounds through a third series of overseas bike rides, this year through Cuba. In addition to unveiling a fourth series in China, the first UK event was also announced for May 2014. Legacies We would once again like to offer enormous thanks to supporters who so generously left gifts in their wills, in particular to Antonia Gerard. Remarkable individuals In May our tireless supporter Loretta Oliver lost her fight to ovarian cancer but in the final month of her life she conceived plans for a 5k memorial walk and picnic, together with her family, friends and the wonderful support of the Harrodian School. This came to fruition in September when 1,000 balloons were released in Loretta’s memory at the conclusion of a fantastic day which raised a remarkable £11,000. Tribute wall We invite anyone who has raised over £1,000 for the charity to add a name to our tribute wall at the

Ovarian Cancer Research Centre. Thirty‐two names were added and over two‐hundred guests were

invited to this year’s two tribute wall events. This provided an opportunity for friends and family

who have lost a loved one to ovarian cancer to see the work that they have helped to fund.

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PLANS FOR THE FUTURE

Objectives for 2014/15

Research

• Continue our push to improve ovarian cancer survival statistics. • Work with the Ovarian Cancer Action Research Centre to drive the research programme

and deliver successful mid‐term reviews for the resistance to platinum chemotherapy project and the epigenetics project.

• Deliver an outstanding HHMT forum with outcomes to equal, if not better, the 2011 Nature Reviews Cancer paper, which was the outcome of the last meeting.

• Promote discussion about key issues and the latest scientific developments in ovarian cancer and communicate them as widely as possible.

• Review the outcomes of the OvQuest survivorship survey and plan work that best addresses survivorship.

• Successfully establish a partnership between Ovarian Cancer Action and Oxford University to expand the work of Professor Ahmed Ahmed.

• Work with BriTROC to ensure its success in recruiting donors, as well as maximising utility of the data library.

• Continue to position Ovarian Cancer Action as the leading scientific research charity for ovarian cancer.

Awareness

• Continue to campaign for change in access to BRCA gene testing for women with ovarian cancer.

• Participate in ovarian cancer awareness month. • Communicate effectively with GPs and nurses to support early diagnosis. • Campaign to include information about ovarian cancer signs and symptoms in cervical

screening literature. • Work with Government and other cancer charities to deliver awareness and symptoms

messages. • Continue to find innovative ways to communicate the charity’s messages and work.

Voices

• Strengthen relationship with our active Voices. • Grow an engagement programme with our Voices, and continue to involve them in the

charity’s work.

Governance

• Improve IT systems to avoid duplication of processes and fully resource team so that charity can operate smoothly.

• Streamline financial processes. • Look at our fundraising profile in order to maximise opportunities and long term financial

security. • Review the office premises.

• Build on best practice by regularly reviewing processes.

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FINANCIAL REVIEW

The Directors report that the charity's incoming resources amounted to £1,241,211 down from

£2,334,827 in the previous year.

The Directors would like to thank all those volunteers and donors ‐ corporate, trusts and

foundations, as well as individual donors who have supported the charity in increasing numbers over

the past year and upon whom we are dependent.

Income includes legacies of £102,151 (2013: £663,377).

Total expenditure on charitable activities (research, awareness raising and giving a voice) amounted

to £1,057,955 (2013 ‐ £1,702,936). The Directors were delighted to be able to make additional

research grants totalling £632,269 to fund new work at the Ovarian Cancer Action Research Centre.

As a result of these activities, the charity has a deficit of £196,071 (2013 ‐ surplus of £225,957).

Principal Funding Sources

A detailed breakdown of funding sources is given in Note 3 to the Financial Statements.

Reserves Policy

In accordance with Charity Commission guidance, free reserves are uncommitted reserves freely

available which exclude restricted and designated funds and amounts invested in tangible fixed

assets. Designated funds arise when the Directors set aside unrestricted funds for specific purposes.

Restricted funds arise when conditions are imposed by the donor, or by the specific terms of appeal,

and can only be spent on the activities specified.

Ovarian Cancer Action relies almost entirely on voluntary income, which is subject to fluctuation. In

order to ensure the continuance of the charity's day‐to‐day activities, the Directors have established

a policy to hold free reserves equivalent to at least three months expenditure excluding grants and

expenditure from restricted funds.

At 31 March 2014 the Charity held total reserves of £1,460,424 (2013 ‐ £1,656,495). These were split

into restricted, designated and general funds.

At 31 March 2014, restricted funds amounted to £265,823 (2013 ‐ £167,705). At 31 March 2014,

designated funds amounted to £1,083,000 (2013 ‐ £1,383,000); these were funds set aside to fund

future research expenditure. The amount of the general fund available as a reserve against

fluctuating income, at 31 March 2014, was £104,758 (2013 ‐ £92,106). This amounted to three

months unrestricted non grant expenditure and thus complied with the reserves policy established

by the Board.

The breakdown of the reserves between restricted, designated and general funds is shown in Note

15 to the Financial Statements.

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STRUCTURE, GOVERNANCE & MANAGEMENT

Legal Entity

Ovarian Cancer Action is a company limited by guarantee registered as a Company in England and

Wales on 24 March 2005, and as a registered Charity in England and Wales on 27 May 2005. On 11

October 2012 the Charitable Company registered as a Scottish Charity at the office of the Scottish

Charity Regulator. Its governing document is the Memorandum and Articles of Association.

Organisational Structure

Ovarian Cancer Action is governed by a Board of Directors whose responsibilities include setting the

strategic direction and goals of the Charity and providing effective governance. The Board meets

four times a year. The Chief Executive is supported by a small team of staff, with a full‐time

equivalent of 11 employees at the year‐end.

Role and Contribution of Volunteers

Nicholas Kaye FCA of AEL Partners LLP provides financial assistance on a pro bono basis. Ovarian

Cancer Action is indebted to all those supporters who play a vital role in raising awareness of

ovarian cancer in their communities, in the local and national media, and by raising funds for our

work.

Appointment, Induction and Training of Directors

New Directors are appointed by the Board of Directors and must be re‐appointed by the members

at the first annual general meeting following their appointment to be able to continue to serve. All

Directors must be members of Ovarian Cancer Action. Each new Director attends an induction

session with the Chief Executive to confirm the role, responsibilities and expectations of Directors

and highlight current governance and strategic issues. The session includes an overall view of the

history of the organisation, current activities and future plans.

Grant‐Making Policies

Ovarian Cancer Action invites applications for research funding from within and outside the Ovarian

Cancer Action Research Centre. All grant applications are subject to rigorous peer review by the

Medical Science Review Committee (MSRC), which is an international, independent group of

ovarian cancer research specialists chaired by Professor Robert .C.Bast Jr, Vice‐President of

Translational Medicine at the University of Texas MD Anderson Cancer Center.

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Relationships with Other Charities

The Board of Directors actively seeks to collaborate with other charities where this will accelerate

improvements in survival. Ovarian Cancer Action played a leading role in the establishment of

Ovarian Cancer Awareness Month (OCAM) in the UK. Membership is held at Cancer 52, The Cancer

Campaign Group, the Association of Medical Research Charities and the Fundraising Standard

Board.

Risk Management

The Board of Directors monitors the principal business and control risks to the charity and has

completed a formal risk assessment.

Directors

The Board of Directors during the year and at the date of signing this report are listed on page 4, as

are the company and charity numbers of Ovarian Cancer Action.

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STATEMENT OF DIRECTORS’ RESPONSIBILITIES

Statement of Directors’ Responsibilities

The Directors are responsible for preparing the Directors’ 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 Directors to prepare financial statements for each financial year which

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 Directors are required to:‐

Select suitable accounting policies and then apply them consistently;

Observe the methods and principles in the Charities SORP;

Make judgments and estimates that are reasonable and prudent;

State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Directors are responsible for keeping proper accounting records that disclose with reasonable

accuracy at any time the financial position of the charitable company and which enable them to

ensure that the accounts comply with the Companies Act 2006, the Charities and Trustee

Investment Act 2005 and the Charitable Accounts (Scotland) Regulations 2006 (as amended). 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.

In so far as the Directors are aware:

There is no relevant audit information of which the charitable company’s auditor is unaware; and

The Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors are responsible for the maintenance and integrity of the corporate and financial

information included on the charitable company’s website. Legislation in the United Kingdom

governing the preparation and dissemination of financial statements may differ from legislation in

other jurisdictions.

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Auditors

The auditors, Wilson Wright LLP, will be proposed for reappointment in accordance with Section

485 of the Companies Act 2006.

Signed on behalf of the Board

Allyson J. Kaye

Chair, Board of Directors

Date: 29 September 2014

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OVARIAN CANCER ACTION

Independent Auditors’ report to Directors and members of Ovarian Cancer Action

We have audited the financial statements of Ovarian Cancer Action for the year ended 31 March 2014 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made exclusively to the members, as a body, in accordance with Chapter 3 of Part 6 of the Companies Act 2006, and to the charity’s directors, as a body, in accordance with Section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the members and the charity’s directors those matters we are required to state to them in an auditors’ 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 charity, its members as a body and its directors as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditor

As explained more fully in the Directors’ Responsibilities Statement set out in the Directors’ Report, 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.

We have been appointed as auditors under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charitable company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non‐financial information in the Chair’s and Directors’ Reports to identify material inconsistencies with the audited financial statements and to identify information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

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OVARIAN CANCER ACTION

Independent Auditors’ report to the Directors and members of Ovarian Cancer Action (continued)

Opinion on financial statements

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2014 and of its incoming resources and application of resources, including its 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, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Chair’s and Directors’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

• the charitable company has not kept proper and adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit.

Kevin Maddison FCCA Senior Statutory Auditor

Wilson Wright LLP

Chartered Accountants and Statutory Auditors

Thavies Inn House 3‐4 Holborn Circus London, EC1N 2HA

Date: 29 September 2014

account) for the year ended 31 March 2014

Unrestricted Restricted Total TotalNotes Funds Funds 2014 2013

£ £ £ £

Incoming resources

Incoming resources from generated funds: Voluntary income 3 977,450 244,965 1,222,415 2,320,239 Investment income - interest receivable 18,796 - 18,796 14,588

Total incoming resources 996,246 244,965 1,241,211 2,334,827

Resources expended

Costs of generating voluntary income 4 319,557 - 319,557 343,258 Charitable activities 5 911,108 146,847 1,057,955 1,702,936 Governance costs 7 59,770 - 59,770 62,676 Total resources expended 1,290,435 146,847 1,437,282 2,108,870

Net movement in funds for the year/ (294,189) 98,118 (196,071) 225,957 net (expenditure)/income for the year

Total funds at 1 April 2013 1,488,790 167,705 1,656,495 1,430,538

Total funds at 31 March 2014 15 1,194,601 265,823 1,460,424 1,656,495

Ovarian Cancer Action

Statement of Financial Activities (including Income and Expenditure

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Notes

£ £

Fixed Assets

Tangible assets 9 6,842 13,683 Investment 10 1 1

6,843 13,684 Current assets

Debtors 11 397,063 756,338 Cash and short term deposits 2,394,640 2,218,839

2,791,703 2,975,177

Creditors: amounts falling due within one year 12 1,209,916 1,078,366

Net current assets 1,581,787 1,896,811 Total assets less current liabilities 1,588,630 1,910,495

Creditors: amounts falling due after more than one year 12 128,206 254,000

Net Assets 1,460,424 1,656,495

Represented by:

Unrestricted funds General fund 15(i) 111,601 105,790

Designated funds 15(ii) 1,083,000 1,383,000

1,194,601 1,488,790

Restricted funds 15(iii) 265,823 167,705

1,460,424 1,656,495

Approved by the Board of Directors and authorised for issueon 29 September 2014

Allyson J Kaye

Chairman of the Board

Company Registration No. 5403443


Balance Sheet as at 31 March 2014

2014 2013

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1 Basis of accounting

The accounts are prepared under the historical cost convention and in accordance with theCompanies Act 2006, the applicable Accounting Standards in the United Kingdom, the Statementof Recommended Practice 'Accounting and Reporting by Charities' - 2005, the Charities Act 2011,the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland)Regulations 2006 (as amended).

2 Accounting policies

2.1 Incoming resourcesVoluntary income and donations are accounted for when the charity is entitled to receipt and the amountcan be measured with reasonable certainty. The income from fundraising ventures is shown gross, withthe associated costs included in fundraising costs. Other income is accounted for on a receivable basis.

2.2 Donated ServicesDonated services are included in incoming resources when the benefit to the Charity is reasonablyquantifiable and measurable. They are valued by the Directors at the amount the charity would have beenwilling to pay for the services on the open market.

2.3 Value added taxValue added tax is not recoverable and as such is included in the relevant costs in the Statement of FinancialActivities.

2.4 Resources expendedExpenditure is recognised on an accruals basis.

- Costs of generating funds comprise the costs associated with attracting voluntary income and the costs associated with fundraising purposes.

- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support it.

- Governance costs include those costs associated with meeting the constitutional and statutory requirements, and strategic management of the charity.

2.5 PensionsThe Charity contributes to defined contribution schemes for the benefit of its employees. Contributions payable are charged to the statement of financial activities in the year they are payable.

2.6 Grants payableGrants are provided for when approved by the directors and written acceptance has been received from thegrantees.

2.7 Costs allocationCosts are allocated between the expenditure categories of the Statement of Financial Activities on a basisdesigned to reflect the use of the resource. Costs other than support costs relating to a particular activityare allocated directly. Support costs (staff costs) are allocated to the expense categories according to the role of the individual; the apportionment is disclosed in note 6.

2.8 Tangible fixed assetsDepreciation is provided on a straight line basis at the following annual rates in order to write offeach asset over its estimated useful life:

Office equipment 20%

2.9 Fund accountingThe following funds are held by the charity:

- unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Board of Directors.

- unrestricted designated funds - these are funds set aside by the Board of Directors out of unrestricted general funds for specific future purposes or projects.

- restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.


Notes to the Financial Statements for the year ended 31 March 2014

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2.10 Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currenciesare recorded at the average rate for the month in which the transaction occurred. All differences are taken to the net movement in funds.

3 Voluntary Income2014 2013

£ £ £ £

General Restricted Total TotalCharitable trusts 10,700 202,244 212,944 626,850Third party fundraising 76,011 - 76,011 56,069Legacies 102,151 - 102,151 663,377In memoriam 145,797 - 145,797 318,310Challenge and running events 355,678 - 355,678 340,573Other donations 287,113 42,721 329,834 315,060

977,450 244,965 1,222,415 2,320,239

4 Costs of Generating Voluntary Income2014 2013

£ £

Staff costs 224,560 206,723 Challenge and running events 43,167 56,363 Other 51,830 80,172

319,557 343,258


Notes to the Financial Statements for the year ended 31 March 2014 (cont)

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5 Charitable Activities

Direct Support

Costs 2014 2013

£ £ £ £Total Total

Grants payableOvarian Cancer Action Research Centre

Imperial College/Hammersmith Hospital 632,269 - 632,269 850,000 Research grants underspend (73,329) - (73,329) (71,186)

558,940 - 558,940 778,814 BriTROC research programme - - - 380,000

558,940 - 558,940 1,158,814 Other Charitable ActivitiesResearch Management & Admin : Staff costs - 35,001 35,001 38,382 Research Management 1,120 - 1,120 - Awareness Activities 295,249 119,512 414,761 454,373 Giving a Voice Activities 4,040 44,093 48,133 51,367

859,349 198,606 1,057,955 1,702,936

Reconciliation of grants payable2014 2013

£ £Commitments at 1 April 2013 1,201,988 521,577 Commitments made in the year 632,269 1,230,000 Research grants underspend (73,329) (71,186) Grants paid during the year (531,337) (478,403)

Commitments at 31 March 2014 1,229,591 1,201,988

Commitments at 31 March 2014 are payable as follows:

Within 1 year (Note 12) 1,101,385 947,988 After more than 1 year ( Note 12) 128,206 254,000

1,229,591 1,201,988

6 Support Costs Allocation *2014 2014 2013 2013

£ Number of £ Number of staff staff

Staff costs including recruitmentCosts of Generating Funds 224,560 7 206,723 5 Charitable Activities 198,606 3 190,312 6 Governance 48,970 1 49,136 1

472,136 11 446,171 12

* Finance functions were partly provided to the Charity pro bono.



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7 Governance costs

2014 2013£ £

Staff costs 48,970 49,136Auditor's fees 7,800 7,800Auditor's other fees - accountancy 3,000 5,740

59,770 62,676

8 Directors and employee information

The average full time equivalent number of persons employed by the Charity during the year was 12 (2013 - 11)One member of staff (2013 - one) was paid in the band of £80,001 - £90,000.One Trustee was reimbursed £1,342 (2013 - £20) for travelling and subsistence expenses.

2014 2013£ £

Amounts paid to employees of the Charity during the year: Salaries and wages 423,150 383,225 Pension costs 4,395 5,879 Social security costs 44,591 38,173

472,136 427,277

9 Tangible fixed AssetsOffice

Equipment

CostAt 1 April 2013 and at 31 March 2014 34,206

DepreciationAt 1 April 2013 20,523 Charge for the year 6,841 At 31 March 2014 27,364

Net book valuesAt 31 March 2014 6,842

At 31 March 2013 13,683

10 Fixed Asset InvestmentShares in subsidiary

undertaking£

CostAt 1 April 2013 and 31 March 2014 1

The charity owns the entire issued share capital of Ovarian Cancer Action Trading Limited.The company has not traded since incorporation.

11 Debtors2014 2013

£ £Legacy income 74,922 327,175Accrued income 310,452 417,474Prepayments 11,689 11,689

397,063 756,338

Debtors include amounts totalling £Nil (2013 - £53,334) receivable after more than one year

12 Creditorsamounts falling due within one year 2014 2013

£ £Trade creditors 76,390 86,438Social security and other taxes 11,412 23,055Grants not yet paid 1,101,385 947,988Accruals 20,729 20,885

1,209,916 1,078,366

amounts falling due after more than one yearGrants not yet paid 128,206 254,000



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13 Financial Commitments

At 31 March 2014 the Company was committed to making the following payments under non-cancellableoperating leases in the year ended 31 March 2014.

2014 2013£ £

Operating leases which expire:Between 2 and 5 years 39,600 39,600

14 Pension CostsThe charity contributes to a defined contribution pension scheme in respect of one member of staffwho was paid in the band of £80,001 - £90,000. The assets of the scheme are held separately from those of the charity in independently administered funds. The pension cost charge representing contributionspayable by the charity to the funds amounted to £4,395 (2013 - £5,879). As at 31 March 2014, £10,274(2013 - £5,879) remained unpaid.

15 Funds(i) General fund £

At 1 April 2013 105,790 Net expense for year (294,189) Transfer from designated fund 300,000 At 31 March 2014 111,601

(ii) Designated funds£

At 1 April 2013 1,383,000 Transfer to general fund (300,000) At 31 March 2014 1,083,000

Designated funds are in respect of planned new research work at the Ovarian Cancer Action ResearchCentre and BriTROC research rogramme and the University of Oxford in 2014/2015.

(iii) Restricted fundsMovements in Funds

As at As at1.4.2013 Incoming Outgoing 31.3.2014

£ £ £ £

Restricted fundsOvarian Cancer Research Research Centre, Imperial College 160,000 180,721 (85,333) 255,388 BriTROC - 47,700 (47,700) - Symptoms Awareness 7,705 16,544 (13,814) 10,435

167,705 244,965 (146,847) 265,823

16 Analysis of net assets between funds

Restricted TotalGeneral Designated

£ £ £ £

Fixed assets - 6,843 - 6,843 Current assets less liabilities 265,823 104,758 1,083,000 1,453,581

265,823 111,601 1,083,000 1,460,424

Unrestricted Funds



Land and buildings

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ovarian cancer action accounts 2014 - cloud object...

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