Annual Report and Financial Statements for the Year Ended 30th June 2018 by Brain Tumour Research

Annual Report and Financial Statements for the Year Ended 30th June 2018

TO G E T H E R W E W I L L F I N D A C U R E

Brain Tumour Research â&#x20AC;&#x201C; Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Contents

D. M. Sandy Saunders RD Co-Founder & President

Jeremy Aron

Margaret Stockham Turner PhD

Reference and Administrative Information

Chairman’s Report

Chief Executive’s Report

Report of the Trustees

5-23

Independent Auditor’s report

24-25

Statement of Financial Activities

Balance Sheet

Statement of Cash Flows

Notes to the Financial Statements

29-41

Reference and Administrative Information Registered Charity Number 1153487 (England and Wales) Registered Charity Number SC046840 (Scotland) Registered Company Number 08570737

Nigel Boutwood Co-Founder

Jessica Ranft

Registered Office and Headquarters Suite 3, Shenley Pavilions Chalkdell Drive Shenley Wood Milton Keynes MK5 6LB Telephone number: 01908 867200 Website: www.braintumourresearch.org Email: info@braintumourresearch.org

Rob Hughes Co-Founder

Stephen Painter

Gerard Kelly

Stuart McKay

Trustees Wendy Fulcher (Chairman) D.M. Sandy Saunders RD (President) Jeremy Aron Nigel Boutwood Rob Hughes Gerard Kelly Stuart McKay Stephen Painter (resigned 15th October 2018) Jessica Ranft Margaret Stockham Turner PhD Bank Nat West, 1 Penn Road, Beaconsfield, Bucks HP9 2PU Auditors Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London EC1Y 0TL Senior Leadership Team Chief Executive – Sue Farrington Smith MBE Director of Fundraising and Marketing – Robin Meltzer Director of Finance and Operations – Ashley Bailey ACMA

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Chairman’s Report As we fast approach our tenth anniversary in 2019, I want to thank our loyal supporters, volunteers, staff and my fellow Trustees for all their help, work and commitment that has got us to this momentous milestone on our journey. The last year was another of great progress for the brain tumour community and I’m pleased to present you with this annual report. The sad death of Dame Tessa Jowell in May 2018, following her moving and powerful speech in the House of Lords after her diagnosis with a glioblastoma multiforme (GBM) helped catapult the issue of a lack of funding into brain tumours on to the national consciousness. Earlier, in January 2018, the long-awaited Task and Finish Working Group Report was published and presented to the Minister, Lord O’Shaughnessy, by its Chairman, Chris Whitty, Chief Scientific Adviser for the Department of Health and Social Care, and Peter Realf, father of Stephen, the brain tumour patient whose death inspired the 2015 e-petition. The report sets out a list of 10 recommendations that need to be addressed, underlining our Centre of Excellence strategy, the work our Centres are performing on drug discovery and repurposed drugs as well as the vital brain tumour tissue register that we now fully fund. What’s more, the Government and Cancer Research UK jointly committed to fund £65 million in brain cancer research over the next five years, significantly increasing current million national investment levels.

£3.4 income

This is especially welcome, as Brexit, continuing austerity, concerns about behaviour in the sector and fresh Data Protection regulation have all combined to create an uncertain environment making fundraising even more challenging, and sadly, we were unable to maintain our rapid growth in income with a small reduction to £3.4m. However, by utilising reserves we were able to prioritise research and maintain investment at over £1.8m. Indeed, we are immensely proud of our progress and contribution to brain tumour research to date, remaining fully aware that every day lives are still being devastated and many people are living without hope. We are determined to change this.

£1.8 million investment for research

To guide and assist us in this process, this year saw the introduction of our new Scientific and Medical Advisory Board (SMAB) which under the leadership of Professor Garth Cruickshank, provides independent, objective reviews of our research programme and strategy. The members of the SMAB were selected due to their internationally regarded experience and expertise, enabling them to provide invaluable scientific support and advice to the Charity, our researchers and Trustees – we are sincerely grateful for their time and advice. As always, on behalf of the Board of Trustees and the organisation as a whole, I want to thank everyone who has helped us in our work and mission and we look forward to building on this success going forward. Together we will find a cure.

Wendy Fulcher, Co-Founder and Chairman

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Chief Executive’s Report Along with our collaborators in the brain tumour community, our relentless championing of the cause for brain tumour research has helped achieve great progress this year. The establishment of the Tessa Jowell Brain Cancer Mission and the Government announcements of £40 million funding over the next five years through the National Institute for Health Research (NIHR), coupled with the £25 million that Cancer Research UK (CRUK) has committed to invest are significant milestones on our journey to a cure. Brain tumour research and improved outcomes for patients now have a high profile and this would not have happened without the brain tumour community speaking with one voice and the backing our supporters have given to our vital campaigning work. When we launched Brain Tumour Research in 2009, we highlighted the woeful underfunding of brain tumour research. In 2015, our Invest in a Cure manifesto shone a spotlight on the issue and called on the UK Government to work with us to increase the national investment in brain tumour research to £30-35 million every year in line with breast cancer and leukaemia. This remains an ambition towards our vision of finding a cure for brain tumours. I am delighted to represent our supporters on the Tessa Jowell Brain Cancer Mission Steering Group, which is taking forward the recommendations of the Department of Health and Social Care Task and Finish Working Group, in which we also played a leading role. It is pleasing that we are now seeing some progress, but in order to realise the funding streams committed above, there needs to be evidence that applicants research will produce results that will lead towards cures. However, funding candidates cannot provide such evidence without early stage research being carried out in Centres such as ours. We believe it is our investment in this pioneering research that will make the ground-breaking discoveries that will help to open up new areas of research and ultimately lead to a cure. Brain tumours are complicated and it takes years of research to make discoveries that will positively impact patient outcomes. I am delighted that our collaborative approach has led to the coming together of brain tumour charities to speak with one voice and our campaigning has led to an increase in national investment. Our team and partners will continue to work tirelessly to build a network of experts in sustainable brain tumour research and ultimately find a cure.

Government pledges

£40 million funding over next five years

I would like to take this opportunity to thank our supporters, brain tumour patients and their families, our Trustees and my great team at Brain Tumour Research, for their tremendous support. Real progress is being made and there is now more hope than ever before. We should all be proud of ourselves. Together we will find a cure.

Sue Farrington Smith MBE, Co-Founder and Chief Executive

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Trustees’ Annual Report The Trustees of Brain Tumour Research, who are also directors of the Charity for the purposes of the Companies Act, present their annual report and audited financial statements for the year ended 30th June 2018.

Over 23,000 supporters and 22 Member Charities, between us raising £7 million

OBJECTIVES AND ACTIVITIES Our aims

Our vision is to find a cure for brain tumours, and our mission is to build a network of experts in sustainable brain tumour research. We also work with Parliamentarians to raise awareness about brain tumours and to influence national cancer policy at the highest levels as we campaign to increase national investment for research into this devastating disease. We believe that with sustainable long-term funding covering the key salaried positions across our Centres of Excellence, scientists and researchers will be freed from the limitations and frustrations of applying for a series of short-term specific project grants in order to secure career opportunities and deliver long-term research. As a consequence, our centres are able to recruit and train promising researchers who might otherwise be attracted into other cancer research areas which have traditionally attracted greater funding, and with it greater prospects and job security. Over time, as specialist brain tumour expertise and knowledge builds, it is our plan that researchers experienced and knowledgeable in the field, will move between centres to support cross-pollination of the very best thinking at the cutting-edge of brain tumour research. With a growing ability to build outstanding teams of collaborative researchers amongst the academic and medical communities, we believe our Centres of Excellence are well-placed to develop long-term strategic research plans to explore new avenues and potentially find the key breakthroughs that the brain tumour world so desperately needs. Each Centre of Excellence is an active partner with Brain Tumour Research. We support them with dedicated members of staff with expertise in fundraising, marketing and PR to work at a local and national level. This cooperation and dedication to the brain tumour cause supports and enhances the identity of each Centre as well as that of Brain Tumour Research, providing a dynamic fundraising atmosphere with the goal to help each Centre ultimately raise at least £1 million per year, to support sustainable research.

Our Centres form part of a national network collaborating with each other and other institutes, both within the UK and internationally, in order to accelerate progress in brain tumour research and ultimately make a real clinical difference. We partner with researchers and clinicians who share our vision of a sustainable and secure future for UK brain tumour research. We believe this will help to deliver the better future for all those living with a brain tumour that we are so determined to achieve. Collaboration is one of our core values and the number of registered charities which have joined forces with us to raise awareness and campaign as one voice numbered 22 at the end of the year. We aim to work with Member Charities to continually grow the market for brain tumour fundraising in the UK in order to increase the investment into brain tumour research and expand the specialist information and support that our Members provide to those diagnosed with a brain tumour and their families. Our charitable objects are for the public benefit To assist in the relief of sickness and distress of persons suffering from brain tumours particularly by supporting programmes of research into the causes and treatment of brain tumours and disseminating the useful results of such research. The Charity operates throughout England, Wales, Scotland and Northern Ireland. The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Trustees’ Annual Report Structure, Governance and Management

The Charity is a charitable company limited by guarantee and was originally known as The Diana Ford Trust and registered on 14th August 2002. In 2005, The Diana Ford Trust joined an informal partnership of UK brain tumour charities known as The United Brain Tumour Campaign. In 2008 the Charity formalised this relationship and amended its name, to better demonstrate its objectives, to Brain Tumour Research. At the end of June 2013, we formed a new charity, incorporated as a company limited by guarantee; the assets and trade of the charity were transferred to this new charitable company at the beginning of the financial year 2013/14. The Trustees who served during the year ending June 2018 were: Wendy Fulcher (Chair) D.M. Sandy Saunders RD (President) Jeremy Aron Nigel Boutwood Rob Hughes Gerard Kelly Stuart McKay Stephen Painter (resigned 15th October 2018) Jessica Ranft Margaret Stockham Turner PhD

Inspired by: 1 Alison Phelan Ali’s Dream 2 Charlie Boutwood Charlie’s Challenge 3 Diana Ford Diana Ford Trust 4 Anna Hughes Anna’s Hope 5 John Fulcher BTRC (Brain Tumour Research Campaign)

Members of the Charity guarantee to contribute an amount not exceeding £10 to the assets of the Charity in the event of winding up. The total number of such guarantees at 30th June 2018 was 10 (2017: 10). The Trustees are members of the Charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the Charity.

We fund the UK’s only virtual brain tumour tissue bank linking 26 Neuropathology centres across the UK

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Df T THE DIANA FORD TRUST

Governing documents Declaration of trust made 17th July 2002 as amended 4th April 2008 and 9th December 2008 and Memorandum and Articles of Association dated 14th June 2013. Appointment, induction and training of Trustees New Trustees are appointed by a resolution of the existing Trustees. In selecting potential Trustees, the Trustees take into account the benefits of appointing a person who through residence, occupation, employment or otherwise has special knowledge of the area of benefit or who is otherwise able by virtue of his or her personal or professional qualifications to make a contribution to the pursuit of the objects or the management of the Charity. Potential Trustees are identified through advertising in relevant publications, recommendations from Member Charities and approaches (informal or formal) to the Charity. They are scrutinised by a least three serving Trustees. On appointment, all new Trustees receive thorough induction and training, which includes receiving detailed information about the Charity via a Trustee Manual, including its Memorandum and Articles, latest accounts, latest financial reports and minutes of recent Trustees’ meetings. In addition, new Trustees attend an induction process at head office, where they are briefed by the Chief Executive and key staff on all aspects of the Charity’s operations, staffing and organisational management. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Management The Trustees have always sought to develop a professional, well managed and proactive charity in line with good business practice. Trustees oversee governance, agree strategy and the direction of the Charity, they approve financial accounts, budgets and reserves and approve research grants and risk management policies. The Trustees delegate the day to day management of the Charity to the Senior Leadership Team, as detailed on page 2.

Following the appointment of four new Trustees in June 2017, the Trustees conducted an extensive governance review, strengthened the various committees and clarified their terms of reference. The Remuneration Committee meets to review the remuneration policy and the pay and benefits of the Charity’s employees. The Finance, Audit and Risk Committee meets in accordance with its purpose to assist the Board in its duty to supervise the broad direction of the Charity’s financial affairs and to oversee the audit and risk management processes. The Research Committee meets to consider new programmes, review existing programmes and receive Research reports. The recently established Fundraising Working Group will meet as required to review emerging trends in the sector, to satisfy the Trustees that fundraising activities and communications are appropriate, acting in accordance with the law and compliant with the regulations of relevant fundraising bodies. Remuneration policy The Trustees are not remunerated. The Charity is committed to ensuring that it pays its employees fairly and in a way which ensures it attracts and retains the right skills to have the greatest impact in delivering its charitable objectives. As such, its principles are to pay a fair salary and offer benefits that are competitive within the charitable sector and the local employment market, as well as affordable, proportionate to the complexity and technical demands of each role, and in line with organisational objectives. The Charity reviews the salaries of all staff annually in July, with the board of Trustees approving the percentage rates for any baseline or higher rate increases. A salary review does not imply an increase and, in making any pay award, the review will be based on affordability and the Charity’s financial health. The remuneration policy, applicable to all team members, is reviewed annually and the Remuneration Committee oversees its application, providing advice to the full board. AGM The AGM is held at the annual Members Workshop – the agenda includes: Presentation of the Financial Statements for the prior year, a verbal update of where the Charity is presently, developments in strategy, and a welcome to any new Members and Trustees.

The Key Management Personnel comprise the Trustees and the Senior Leadership Team.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), 7 Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Trustees’ Annual Report RESEARCH

This year we appointed our new Scientific and Medical Advisory Board (SMAB) and all of our Brain Tumour Research Centres of Excellence were taken through a rigorous annual review to ensure that we are investing in high-quality, peer-reviewed research that best serves the interests of patients, scientists and clinicians, and provides the best basis for effective clinical trials and eventually new therapies that will bring us closer to a cure for brain tumours. Chaired by Professor Garth Cruickshank, members of the SMAB were chosen due to their internationally regarded experience and expertise, enabling them to provide scientific support and advice to the Charity, our researchers and the Board of Trustees. To support our battle against brain tumours, despite a small reduction in our income we granted a further £1.5 million to our Research Centres of Excellence. Crucially, the increasingly significant publications that are now arising from the visionary basic research that we have been sustainably funding for the last few years are attracting global attention and hence further funding from other key funding bodies. This is a key way that our research strategy is working to increase the overall funding for brain tumour research, above and beyond the £65 million over five years that has been making headlines this year.

Professor Garth Cruickshank Chair, Scientific and Medical Advisory Board

Queen Mary University of London We were delighted to learn recently that Silvia Marino and her team at our Brain Tumour Research Centre of Excellence at Queen Mary University of London have been awarded a £1.5 million grant from the Barts Charity that they had been working towards. The grant aims to support Professor Marino’s work to transition from laboratory based basic research to the development of clinical trials over a five-year term, focused on identifying and developing new drugs that can ‘switch off’ brain cancer stem cells that control tumour growth. Brain Tumour Research are proud to have provided the seed funding for this vital research and we have always been clear on our aim to stimulate further research and attract new funders. Professor Marino said:

“To be able to build on the foundations established by Brain Tumour Research enables us not just to continue but to grow our research capabilities and invest more resource into finding answers to questions about how tumours develop and what new drugs we can discover to stop them. It’s an exciting time and will allow us to move faster from the bench to the bedside, offering more experimental treatments to patients.”

Professor Silvia Marino Queen Mary University of London

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

University of Portsmouth Our longest standing Brain Tumour Research Centre of Excellence at the University of Portsmouth, under the leadership of Professor Geoff Pilkington, was established in 2010 and to date 13 PhD brain tumour research students have been trained as a result of our funding. In collaboration with our Member Charities Ali’s Dream and Charlie’s Challenge, as well as other charities Headcase, The Ollie Young Foundation and Animal Free Research UK (formerly The Dr Hadwen Trust) which also provide funding for the Centre, the University of Portsmouth has been able to attract funding from other large funders such as Children with Cancer. They have identified promising compounds for the treatment of brain tumours, including a number of repurposed drugs that can potentially move quickly from their existing use in other health conditions into clinical trials for brain tumours. Their work now focuses on two related areas that show great promise: mitochondrial function in brain tumours, and the development of all human 3D models that can potentially mimic brain tumour behaviour more accurately than existing animal models commonly used by researchers across the globe. One 3D model is of the blood-brain barrier (BBB), whilst another is a 3D structure made of tumour cells growing within a matrix of normal brain cells. The first model is facilitating research to determine how certain drugs can get to the brain and reach the site of a tumour, whilst the latter is beginning to cast light on how brain tumours interact with healthy brain cells to support their development.

University of Plymouth Thanks to continuous, stable funding from Brain Tumour Research over the last four years, Professor Oliver Hanemann has built a Brain Tumour Research Centre of Excellence at the University of Plymouth that is now a leading European Institute for low-grade brain tumours. These slow-growing tumours are “the underfunded of the underfunded” and for patients living with them, they are anything but benign: none of the low-grade tumours studied by the University of Plymouth are currently curable by drug treatment, and many patients’ tumours will become higher grade (faster growing) over time. Teams of dedicated researchers have been attracted from across the globe to work at this innovative institution. Each team investigates different types of low-grade brain tumours including astrocytoma, oligodendroglioma, schwannoma, meningioma and ependymoma, or different aspects of neurobiology that potentially benefits all tumour types, including high-grade tumours such as the most deadly of all, glioblastome multiforme (GBM). The clinical implications of their research are potentially huge, as meningioma alone account for over 30% of worldwide brain tumour patients diagnosed with a brain tumour. 2018 saw their first Phase 0 clinical trial be completed, with an expansion of their basic science programme supported by increasing levels of external funding holding the promise of further clinical trials in the years to come.

Professor Geoff Pilkington and the team at the University of Portsmouth

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Professor Oliver Hanemann and the team at the University of Plymouth

Trusteesâ&#x20AC;&#x2122; Annual Report RESEARCH (continued)

Imperial College London The Brain Tumour Research Centre of Excellence at Imperial College London undertakes a comprehensive array of interlinked laboratory, computational, artificial intelligence and clinical projects. The close collaboration between the research laboratories at Imperial College London and Imperial College Healthcare NHS Trust, particularly Charing Cross Hospital, places them in a strong position to ensure that basic laboratory science is quickly translated into the clinic where patients can benefit from their cutting edge research. Their overall theme focuses on a systems biology approach: the development of artificial intelligence, computational and mathematical models of complex biological systems that is focused on helping them to understand how brain tumour cells function, and hence how they can be manipulated to cure this dreadful disease. This use of artificial intelligence enables them to quickly investigate key pathways and genetic mutations that drive brain tumour growth and identify ways to sensitise tumours to existing therapies (hence making them more effective, potentially at lower doses to reduce side effects). In their laboratories they explore ways to manipulate metabolic pathways in order to identify new therapies, including investigation of the ketogenic diet. They also have a strong focus on exploring existing drugs currently used for other diseases that affect cancer pathways and hence could quickly be repurposed for use in brain tumours, as they are ideally placed to test such drugs in preclinical and early phase clinical trials.

BRAIN UK One of the biggest barriers to finding a cure for brain tumours is the lack of, and difficulty in acquiring, the tissue needed for innovative research. Researchers can often be bogged down in lengthy application processes, delaying research and preventing neuro-oncological research for which tissue samples are critical for understanding brain tumours and identifying targets for new drugs within tumour cells. Recognising a huge unmet scientific and clinical need for brain tumour tissue, Helen Bulbeck at our Member Charity brainstrust led a partnership of charities and hospitals to establish BRAIN UK in order to streamline the process of making brain tumour tissue available to researchers. Housed within the University of Southampton, the BRAIN UK database links 26 neuropathology centres across the UK with access to over 400,000 brain tissue samples, available to match to requests for research studies. BRAIN UK is supported by a small committee of experts who advise on each application before submittal. We are proud to provide primary funding for BRAIN UK as they continue to provide invaluable resource to researchers in the field of neuroscience and neuro-oncology.

Scientific workshop Now established as an annual event, in late 2017, we hosted another Scientific Workshop, bringing together pioneering researchers from across our Research Centres of Excellence and representatives from BRAIN UK, to share and discuss the latest developments from their respective research programmes and to identify pro-active partnership initiatives. The theme of the meeting was collaboration as it is important to emphasise that we not only fund individual research programmes but support a network of experts, facilitating joint working and research partnerships. A key role of the scientists at our Centres of Excellence is to publish research papers detailing the results of their work. These research papers are important in disseminating vital information to increase the global understanding of brain tumours, highlight the progress being made in finding a cure and provide reassurance to donors and funders. For more information on our research strategy, further research news or information on papers published, please visit the research section of our website: www.braintumourresearch.org/research.

Joining Forces for Greater Impact workshop Taking forward a recommendation from the Department of Health and Social Care Task & Finish Group to increase collaboration between brain tumour researchers and the neuroscience community, we worked hand in hand with the Medical Research Council (MRC) and the British Neuroscience Association (BNA) to host a workshop entitled “Joining Forces for Greater Impact”. This has given rise to collaborations that are resulting in new levels of knowledge sharing and in innovative grant applications that we trust will bear fruit not just for brain tumours but also potentially for other neurological conditions in the future.

British Neuro-Oncology Society In Summer 2017, scientists at the forefront of research to find a cure for brain tumours gathered in Edinburgh for the annual conference of the British Neuro-Oncology Society (BNOS). The event saw Professor Marino, who leads the Brain Tumour Research Centre of Excellence at Queen Mary University of London named as the society’s first female President, and marked the beginning of her term in office. BNOS brings together leading neuroscientists from across the world and is a great place for Brain Tumour Research to inform people throughout the community about our work, but also for us to learn what other experts in the field are doing.

The lack of research funding compared to other, more high-profile cancers, such as breast and leukaemia, has caused one of the key challenges for accelerating brain tumour research in the UK: the absence of opportunities for junior neuro-oncology researchers to progress their careers. Whilst initial grants may provide some early research project funding, the challenge of how to successfully compete for further grants forces many promising researchers to progress their careers in other areas where greater funding exists. Therefore, in order to progress not just careers but the lines of research begun by these dedicated early stage researchers, brain tumour research needs sustained levels of investment to increase opportunities and attract more of the brightest minds into this challenging area of cancer research.

In keeping with our funding strategy that sees us investing in long-term research, building the ‘critical mass’ of expertise required to ensure sustainable research, Brain Tumour Research was delighted to recognise the talents of Dr Harry Bulstrode who was named Young Investigator of the Year. The prestigious award (and £2,000) presented jointly by Brain Tumour Research and BNOS will help neurosurgeon Dr Bulstrode progress his work to find a cure for brain tumours. An Academic Clinical Lecturer at the University of Cambridge, Dr Bulstrode combines clinical training at Addenbrokes Hospital with research interests in the biology and technologies for improving surgical techniques for the removal of brain tumours.

Through our game-changing sustainable Research Centres of Excellence strategy, we are providing a unique, collaborative infrastructure within which promising young researchers have real opportunities to develop the specialist expertise and knowledge the sector so desperately needs. As our Centres grow in reputation and stature, they are attracting more senior researchers to transfer existing skills and knowledge into brain tumours from associated fields such as cell metabolism. They are also welcoming clinicians such as neurosurgeons who are choosing to take time out from their clinical training to undertake laboratory-based research that has the potential to transform clinical practice in the future.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended June 2018

Trustees’ Annual Report CAMPAIGNING AND RAISING AWARENESS

Since our inception, we have campaigned tirelessly to raise awareness of brain tumours and the woeful underfunding of research in this area; research that is desperately needed in order to discover new treatments and ultimately find a cure.

In July 2017, we re-registered a thriving APPG following the General Election, and are delighted that Derek Thomas MP subsequently became the new Chair of the Group. Our best wishes and huge thanks to former chair Rebecca Harris MP who moved to her new role as a Government Whip.

This year, thanks to our effective investment and strategic foresight in this arena, our public affairs and campaigning activity has seen us move from knocking at the doors of MPs hoping to be heard, to us sitting alongside policymakers at top tables within Government. From this position, we are now representing brain tumour patients and their families in the halls of Westminster, and increasingly at Holyrood, in Scotland, too, serving the community from a position of influence. We are immensely proud to have made and continue to make such a positive influence on Parliament thanks to the work of our supporters across the UK.

As a result of our engagement with Derek Thomas MP, and drawing his attention to our earlier campaigning activity and the devastation caused by brain tumours, in early 2018, the APPGBT launched its first-ever Inquiry into the economic and social impacts of a brain tumour diagnosis. The Inquiry gathered evidence from a variety of stakeholders via various methods including an online web forum, oral evidence sessions, written evidence submissions, and a literature review. The evidence was compiled and published in a revelatory report entitled Brain tumours – a cost too much to bear?, launched at the November 2018 APPGBT meeting to a packed room in the House of Commons and attracting the interest of many MPs including former cabinet minister Nicky Morgan MP.

Furthermore, during this past year we have seen many of our original demands emerge and develop into real and tangible results. We have called for, and driven forward, better collaboration within the brain tumour community. We have seen new money and Government funding pledged towards finding a cure for this devastating disease, increasing the impetus to transform and build the research infrastructure required to attract and retain the best and brightest minds in this area of research. Our Chief Executive, Sue Farrington Smith MBE who represents us on the Steering Group of the Tessa Jowell Brain Cancer Mission, is, and will continue to play a lead role in shaping future initiatives that will help facilitate further research into brain tumours as well as ensure the voice of our supporters, recommendations of the Petitions Committee report and of the subsequent Task and Finish Working Group report remain fresh in the minds of decision makers. Alongside our involvement with the Petitions Committee and Tessa Jowell Brain Cancer Mission, we are proud to provide the Secretariat for the All-Party Parliamentary Group on Brain Tumours (APPGBT), which was established in 2005 by John Bercow with the support of our Member Charity Ali’s Dream, to raise awareness of the issues facing the brain tumour community.

We continue to actively engage with MPs, making them aware of the issues faced by brain tumour patients and their families. This year, we developed a Parliamentary Champions scheme aimed at cultivating a core group of MPs, aligned to our vision, who will help us drive our Parliamentary and campaigning objectives forward. We look forward to reaping the benefits of this work in the coming year and building upon this year’s engagement activity which saw front bench MPs, including Jeremy Corbyn MP, Leader of the Labour party, wear a Brain Tumour Research top hat pin badge at Prime Minister’s Questions, to celebrate Wear A Hat Day 2018, and then health minister Lord O’Shaughnessy and former life sciences minister George Freeman MP visit our dedicated Brain Tumour Research Centre of Excellence at Queen Mary University of London.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Our campaigning work is, of course, bolstered by the involvement of our supporters who help us build our Parliamentary presence by contacting their MPs and encouraging them to attend APPGBT meetings. We have some 200 activists who are willing to share their experiences with us and at APPGBT meetings, as well as sharing our messaging and materials with their MPs and within their networks. Indeed, 368 people responded to a survey we conducted looking into the financial impact of a brain tumour diagnosis. Their responses formed the basis of our Exposing the Financial Impact report, which we submitted to the APPGBT Inquiry, and highlighted the startling statistic that the average household affected by a brain tumour will be £14k per annum worse off, twice as much as for all cancers. We continue to be involved with relevant campaigning and professional organisations such as: The Cancer Campaigning Group, Cancer 52 (including as a member of its Policy and Public Affairs Steering Group), the Joint APPG Secretariat Group, Association of Medical Research Charities (AMRC), the Society for British Neurosurgeons (SBNS) and the British Neuro-Oncology Society (BNOS). In October 2017, we were delighted to become one of only 19 charity partners of the National Cancer Research Institute (NCRI), which will allow us to be a key player in the planning of new initiatives at the cutting edge of cancer research. As the only brain tumour charity represented, we will be able to push forward the brain tumour agenda. Our campaigning work has also involved challenging larger cancer charities to invest more in research into brain tumours. Indeed, Cancer Research UK now includes brain tumours as one of their strategic priorities, and they have committed an additional £25 million over the next five years.

Our annual Speaker’s House event is an important landmark in our campaigning calendar; giving patients and carers a voice and enabling them to share their experience with MPs and other key influencers. For this year’s event, we were joined by supermodel and brain tumour patient Caprice who continues to be a passionate advocate for our work. Our heartfelt thanks to all who attended this flagship event and continue to join in with our campaigning efforts to increase the national investment in brain tumour research. More than ever, our public affairs and campaigning work this year has clearly demonstrated how we can influence Parliamentary activity and represent brain tumour patients at the highest level of Government, mobilise supporters into action, and shine a spotlight on the devastation brain tumours cause in the lives of real people – all actions that our supporters have called upon us to do and which we are honoured to carry out. Elsewhere, our Gifts in Wills Fundraising Manager has been elected to the influential Institute of Fundraising Legacy Steering Group, helping to promote the importance of gifts in wills to charities of all sizes.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

N AT I O N A L FREE WILLS NETWORK

Trustees’ Annual Report FUNDRAISING

Throughout the year ending June 2018 we continued to focus on broadening and growing the Charity’s income streams to support a sustainable and continuous research programme at our Research Centres of Excellence, as well as continuing as the primary funder of BRAIN UK, a virtual brain bank administered within the University of Southampton. Crucially, we invested in future growth through the recruitment of additional Regional Fundraisers, giving Brain Tumour Research a truly national reach, supported by an enlarged PR team helping provide a regional and national voice for those affected by brain tumours. In addition, we invested in the long term by recruiting a Gifts in Wills Fundraising Manager and strengthening the Trusts and Foundations and Corporate Fundraising capability. We ended the year with a committed and effective team of 39 people (two part-time) and we once more punched above our weight in terms of influence, national presence and press coverage.

Our 2017 Christmas Hope Tree Appeal advertising campaign on the London Underground reached a huge new audience, as well as reinforcing our presence from the previous year. Wear A Hat Day takes place at the end of March each year as a fitting conclusion to Brain Tumour Awareness Month and continues to reach new audiences. Every year, celebrity and milliner engagement for the campaign is vital and in 2018, we were delighted with the involvement of the wonderful award-winning milliner Noel Stewart, whose colourful brooch design for Brain Tumour Research proved very popular. In addition, businesswoman, supermodel and actress Caprice, along with television personality and performer Debbie McGee joined Sheila Hancock CBE pictured wearing our iconic, signature pink Top Hat to promote the UK’s premier brain tumour research event. The images featured on our campaign collateral as well as advertisements across the London Underground network.

We continued to invest in developing awareness of our brand and national flagship campaign, Wear A Hat Day, whilst also developing existing and new fundraising campaigns, such as On Yer Bike and Do Lunch!

46,000+ Facebook followers DO LUNCH!

We substantially extended our social media reach, increasing engagement and growing our Facebook friends to over 46,000, whilst our Twitter followers also grew significantly, in line with our social media strategy to reach a wider, fully engaged audience.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

MARCH 2018

This year, we were thrilled to again team up with Hobbycraft, the UK’s largest craft retailer. In the run-up to the day, Hobbycraft’s network of 91 stores displayed boxes of our Wear a Hat Day pin badges at their till points, as well as selling a special ‘side hat’ fascinator, with a percentage of income being donated to Brain Tumour Research. On Saturday 24th March, stores up and down the country hosted hat-making workshops. We were also delighted that Wear A Hat Day 2018 was sponsored by Specsavers. Many Specsavers stores have taken part in Wear A Hat Day over the years, and this national sponsorship prompted many more to participate, with similar support planned for 2019.

£211,000

charitable trusts income for Queen Mary University of London

We were pleased to receive the second part of a three-year gift totalling £150,000 from the Masonic Charitable Foundation whose support of the groundbreaking research taking place in our dedicated Brain Tumour Research Centre of Excellence at Queen Mary University of London has been warmly welcomed by the team. We also gratefully received the second half of a £61,288 grant from the Lewis Family Charitable Trust, also supporting our work at Queen Mary University of London.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

FUNDRAISING (continued) Our relationship with the brain tumour community thrived this year, with our supporters taking part in more community fundraising events, activities and collections than ever before. Community fundraising has been the bedrock of our income generation programme since inception. Our supporters tell us that their commitment is driven by a combination of strong personal motivations and a sense of outrage at the historic lack of funding in this area. Throughout the year, our supporters took part in major fundraising events such as the London Marathon (raising over £320,000), the Great North Run, the Royal Parks Half Marathon and Prudential Ride London amongst others. But they also flocked in their hundreds to smaller, local events from ‘Kilt Walks’ in Dundee and Edinburgh, to treks on the Isle of Wight, the Cotswold Way, and the South Coast Challenge, as well as our newly launched range of in-house branded events. Our annual Walk of Hope along the Grand Union Canal raised a record amount (£20,000) and our national Spinathon, On Yer Bike, attracted teams of supporters across the country to head to the gym, hop on a bike and get sponsored. We also provided our supporters with the opportunity to throw themselves off high buildings and out of planes with a range of abseils and sky dives which were successful and a source of true camaraderie among the community.

Our band of Fundraising Groups grew by three. Through one of the Groups, set up in memory of Darel Bryan, we have received over £100,000 in income from Clarion Housing, where Darel worked, an extraordinary achievement but just one of the many companies and corporations who have worked with our community team throughout the year. Mid-way through the year, we appointed our first Head of Corporate Fundraising who swiftly secured support from the philanthropy team of one household name retailer, while welcoming in new relationships with Arconic manufacturing and also with Horizon Construction.

JOIN IN, DONATE! Together we will find a cure

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Trustees’ Annual Report FUNDRAISING PRACTICES

Recent years have been challenging for the entire charity sector, with ongoing austerity, wider financial uncertainty, increased media scrutiny, new regulations and high-profile allegations of misconduct. We want to be a leader in good fundraising practice, ensuring our supporters are treated fairly and with respect. The implementation of our new supporter management system and revised processes enabled us to be well placed for the introduction of the EU General Data Protection Regulation (GDPR), and we were early adopters, moving to ‘opt-in’ fundraising in 2017, meaning we only contact our supporters who have given explicit permission, and only in the way they ask us to. All supporter messaging was reviewed to include the necessary consent messaging ahead of the implementation of GDPR and thereafter. Complaints and supporter feedback are an important source of information about how work impacts on supporters and members of the public, providing us with insight and lessons for future fundraising activities. Brain Tumour Research voluntarily subscribes to the Fundraising Regulator and its Code of Fundraising Practice. The Regulator assumed responsibility for regulating fundraising from July 2016 and investigates and takes appropriate action on cases of public concern. We worked closely with the Regulator on a one-off complaint they received regarding some of our marketing communications. The Regulator found that there was no intention to mislead donors, but noted that some of our historic messaging about which charitable projects are being funded was unintentionally ambiguous so we quickly took steps to rectify this. They concluded that they had seen neither evidence of intent to deceive nor that the Charity is not working to fulfil its charitable objects. As a national charity, our fundraisers will occasionally come into contact with people who may be in vulnerable circumstances. We aim to be especially careful and sensitive when engaging with vulnerable people, including those affected by cancer. We are confident in the safeguarding measures we have in place, including a whistleblowing hotline, but it is an issue we take very seriously and are currently reviewing our Safeguarding Policy.

Communicating with members of the public, in person, on the telephone or by email are vital ways to engage people in our work and raise funds. This work is only carried out by members of our team – we do not employ any external organisations or professional fundraisers to fundraise on our behalf. Future plans Further investment in pioneering brain tumour research is vital and dependent on growing our income and effectively managing our costs. Following a disappointing 2017/18, the SMAB is helping the Charity to make tough decisions in the prioritisation of research as we seek to build on the progress to date and pursue the exciting developments arising. To this end, we plan to increase our income to over £4 million during the year ending June 2019. We will build on our increasingly popular Wear A Hat Day campaign for which brand recognition has brought new supporters to the Charity and we will consolidate this with a new focus on digital marketing campaigns which are opening the Charity up to the wider brain tumour community, their networks, those of our celebrity supporters and the broader philanthropic community. The year will also see the roll out of more in-house branded campaigns, and for the first time we will have a full team of regional fundraising managers covering, between them, every county of the UK. The concept of our long-running successful Buckinghamshire based Canal Walk is being rolled out to London, Portsmouth, the North East and Loch Lomond. We are increasing the number of abseils and other challenge events in order to meet demand. We will have more runners in the London Marathon than ever before. And, of course, we will continue to support our army of volunteer fundraisers who never fail to surprise and impress us with their ingenious and engaging fundraising ideas, which we support with merchandise, branded collateral, local PR and marketing.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

In the Corporate Fundraising area, we will launch a series of new Corporate Challenge Events, exclusively for organisations who support us. We are also looking forward to a significant partnership with a geographical cluster of a large national supermarket chain whose fundraising has begun extremely strongly. We look forward to working with the iconic Fenwick of Bond Street again on new fundraising initiatives and are pleased to be working with branches of Waterstones and Virgin Active. Following the successful introduction of our popular annual Scientific Workshop and the ‘Joining Forces for Greater Impact’ workshop with the Medical Research Council (MRC) and The British Neuroscience Association (BNA), we will continue to drive cultural change in the way that UK scientists work together through stimulating collaborations and promoting knowledge exchange which will optimise the impact of research to benefit the brain tumour community and ensure collaboration both internally and externally across the UK and internationally. We will continue to work in collaboration with our Members and other charities to bring together patients, carers, researchers and clinicians as appropriate to accelerate progress in the brain tumour sector. Events such as the Brain Tumour Symposium, co-sponsored with brainstrust and which took place for the first time in 2017, are great examples of charities coming together to share knowledge and expertise for the benefit of patients, their loved ones and the wider brain tumour community. We will continue to lead the sector, providing the secretariat for the brain tumour APPG, working with the Petitions Committee, using our position on the Steering Group of the Tessa Jowell Brain Cancer Mission and elsewhere to influence MPs and the Government to understand the continuing need for increased investment in research and increased awareness among the general public of the issues of research funding inequalities in order to continue to grow the market for brain tumour funding to the levels of other cancers. We will also keep sharing this message with the devolved Governments in the UK.

Reserves policy Our reserves policy is reviewed annually and following the recent review, it was agreed we should aim to maintain a target range for unrestricted funds which have not been designated for a specific use at a level between one and three month’s operational expenditure plus any other longer-term commitments (leases, etc.). The Trustees consider that reserves at this level will ensure that, alongside the recurring income streams, in the event of a significant deterioration in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised, and/or expenditure reduced. The target level of reserves at 30th June 2018 has been calculated at £730k to £950k. However, with the tough economic climate and impact on fundraising, the Trustees decided to support our Centres of Excellence in order to maintain grants to sustain research funding at current levels so that the brain tumour community will reap the benefits of the investment made to date. This resulted in year-end free reserves of the Charity being some £251k in deficit, approximately £1 million below the desired level but is expected to return to positive territory as a result of forecast and other recurrent income streams. The Trustees appreciate the ongoing need to balance the Charity’s aims of maximising sustainable funding for research whilst ensuring adequate reserves to maintain the Charity’s activities, so will seek to increase reserves to the preferred level over a reasonable period, thus not jeopardising ongoing vital research, whilst continuing to review the reserves policy annually to ensure it remains fit for purpose and in line with the Charity’s strategic objectives.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Trustees’ Annual Report PRINCIPAL RISKS AND UNCERTAINTIES With the support of the Senior Leadership Team, the Trustees continually review risks as they arise and satisfy themselves that the systems and controls are in place to manage them as appropriate and practicable. The risk management process relies on our judgement of the risk likelihood and impact and also developing and monitoring appropriate controls. We maintain a Risk Register of the principal risks faced by the Charity and a full annual review is an important component of our governance framework. As a fundraising Charity with strategic objectives to fund a network of experts in sustainable brain tumour research, our principal risk is the need to protect and grow our income. To this end, we see our principal risks include our supporter relationships, our brand reputation and our people. To sustainably grow income, we have invested in developing a broad and diverse portfolio of income streams. In recent years, we have introduced new fundraising positions such as Gifts in Wills, Corporate and Trusts and Foundations and strengthened teams in already successful areas such Events and Community Fundraising, increasing fundraising capacity and capability. Failure to deliver a satisfactory supporter journey risks losing a donor’s support and adversely impacting our ability to grow income. Although this risk grows with a growing supporter base, we believe we have effectively mitigated this risk by expanding the fundraising team under experienced leadership and investing in a supporter management system and supporter care roles to help manage the Charity’s relationship with our supporters.

Damage to our reputation and negative sentiment in the sector is a risk we take seriously. Our investment in a sophisticated supporter management system allowed us to prepare promptly and effectively for the enhanced requirements of the new GDPR legislation ensuring we are managing supporter communications appropriately. Our success to date would not have been achieved without the commitment and talent of our team, and employee retention remains strong. More recently we have endeavoured to attract new and complementary skills to the team to broaden the knowledge, skills and experience of the whole whilst maintaining the passion for our goal of finding a cure for brain tumours. We have invested in a leadership team which brings skills from a range of backgrounds and will help to shape the organisation and inspire great performance. Frequent training and development sessions allied to our regular competency and objectives-based appraisal process seeks to promote the right behaviours, deliver results and retain key staff.

Sue Farrington Smith MBE Chief Executive

Ashley Bailey Director of Finance and Operations

Robin Meltzer Director of Fundraising and Marketing

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

GRANT MAKING POLICY

GRANT MONITORING

It is our fundamental goal to support the development of dedicated Centres of Brain Tumour Research Excellence in order to build research capacity. This will enable sharing of knowledge through critical mass and will promote the future sustainability of brain tumour research in the UK instead of funding individual project grants.

Since our first Centre at the University of Portsmouth was established, the development of a sustainable programme of research has allowed our scientists to glean a better understanding of brain tumour growth in order to identify new therapeutic drugs, but it is vital that the Centres are monitored carefully to ensure our money is well spent. Indeed, we owe it to brain tumour patients, their families and our supporters. It is also a condition of our membership of the Association of Medical Research Charities (AMRC), who regularly audit their members to ensure good practice of review to guarantee that only the best quality research is funded.

Whilst it is our policy to grant the maximum amount of available funds into brain tumour research each year and it is clear from our discussions with our Centre Leads that it is necessary to sustain research funding at current levels, it is recognised that whilst we return to an income growth trajectory, rather than increase grant funding levels in the short term we should focus on building reserves to provide security of future grant funding. Funds will continue to be granted and approved by the Trustees following the advice of the SMAB and recommendations of the Research Sub-Committee.

In May 2016, a group of International Peer Reviewers, world leaders in brain tumour research, conducted a comprehensive quinquennial review of the team, facilities and achievements at Portsmouth. The work was described as impressive, and it was recommended that the Trustees support the Centre for a further five years. A similar review is planned for Queen Mary University of London in May 2019, and University of Plymouth later in the year. In March 2018, we instigated a thorough review of the progress of our centres, led by Professor Garth Cruickshank. The SMAB peer-reviewed detailed reports provided by each of the Centres and BRAIN UK, helping to direct and prioritise the Charityâ&#x20AC;&#x2122;s grant making decisions. Such reviews will take place annually as appropriate going forward.

Trustees’ Annual Report Financial performance

The continuing commitment and passion of our supporters helped the Charity to weather the challenging economic conditions and regulatory headwinds hitting many fundraising charities but the year to June 2018 ended in a small reduction in our income to £3.4 million compared to £3.6 million the previous year. The Charity has always sought to maximise the grants awarded each financial year based upon planned and actual income generated. With advice from the Research Committee, Trustees agree and award initial grants early in the financial year based upon planned income and expenditure with regular reviews throughout the year. Despite the small fall in income the Charity was determined to maintain research expenditure, and research grants committed in the year amounted to £1,623k, up from £1,499k in 2017. This was achieved as expenditure was closely monitored and managed to mitigate the lower than planned income realised as the financial year progressed. In addition, a full review of grants awarded to date identified a small number of unutilised or underspent grants from prior years and £157k of grants were withdrawn during 2017/18, making the net award for the year £1,466k. Grants committed to Queen Mary University of London during the year amounted to £515k, to the University of Plymouth £325k, to Imperial College London £275k and to BRAIN UK £50k. Grants committed to the University of Portsmouth during the year amounted to £458k with £157k from prior years withdrawn. Of the Grants committed to date, a total of £1,516k was paid during the year; £542k to the University of Portsmouth, £36k to the University of Plymouth, £590k to Queen Mary University of London, £311k to Imperial College London, and £37k to Brain UK. £2,303k remains committed for future payments. We increased our spend on campaigning and raising awareness to £757k in order to effectively drive national investment in brain tumour research achieving welcome success in 2018. £24k was expended on the Members’ Workshop and other educational activities.

Reflecting the investment required to maintain funds raised, create a national community fundraising team and build a pipeline of future income streams, the cost of generating funds during this period increased to £1,309k from £1,055k.

Maintaining our commitment to sustainable brain tumour research, overall, the Charity ran a significant deficit as expenditure, including research grants committed, exceeded income, by £553k. This deficit, subtracted from reserves brought forward of £302k, resulted in a total year-end deficit in resources of £251k. However, at the balance sheet date, the Charity has £1,768k in cash available to meet outstanding obligations, many of which are not due for some time, and is forecasting income growth going forward. The Trustees appreciate the ongoing need to balance the Charity’s aims of maximising sustainable funding for research whilst ensuring adequate reserves to maintain the Charity’s activities, so will seek to increase reserves over a reasonable period, thus not jeopardising ongoing vital research. The Trustees are confident that in addition to income from fundraising, regular and other donations, the Charity remains a going concern and has sufficient cash to meet current liabilities and longer term grant commitments. The chart below illustrates our expenditure in 2017/18. Moreover, through our centre funding partnerships and the addition of the Cancer Research Support Fund, every £1 we grant to our Centres of Excellence generates around £2.50 invested in brain tumour research! Where your money goes 9.9% 17.7%

42.1%

Research Grants Generating Funds

<1%

Governance Campaigning and Raising Awareness Administration

29.7%

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Trustees’ Responsibilities in Relation to the Financial Statements The Trustees, who are also directors of the charitable company (for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year 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 Charity for that period. In preparing these financial statements, the Trustees are required to: • Select suitable accounting policies and then apply them consistently;

Statement of disclosure to auditors Insofar as the Trustees are aware: • There is no relevant audit information of which the charitable company’s auditor is unaware; and • The Trustees 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 Trustees 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. Approved by the Trustees on 20th March 2019 and signed on their behalf by:

• Observe the methods and principles of the Charities SORP FRS 102; • Make judgements and estimates that are reasonable and prudent; • State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and,

Wendy Fulcher Chairman of the Trustees

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

Every £1 we grant generates around £2.50

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

£1.5 million granted to research £6.7 million since 2010

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Independent Auditor’s Report to the Trustees of Brain Tumour Research Opinion We have audited the financial statements of Brain Tumour Research (the ‘charitable company’) for the year ended 30th June 2018 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: • Give a true and fair view of the state of the charitable company’s affairs as at 30th June 2018 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 • Have been prepared in accordance with the requirements of the Companies Act 2006

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: • The Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • The Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information The other information comprises the information included in the Trustees’ annual report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • The information given in the Trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements • The Trustees’ annual report has been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual 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 accounting records have not been kept, 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 Trustees’ remuneration specified by law are not made; or • We have not received all the information and explanations we require for our audit; or

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

• The Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Trustees’ annual report and from the requirement to prepare a strategic report.

Responsibilities of Trustees As explained more fully in the statement of Trustees’ responsibilities set out in the Trustees’ annual 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, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism 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 procedures 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, misrepresentations, or the override of internal control

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s 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 entity’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’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the entity to cease to continue as a going concern • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 to the charitable company’s members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano, Senior Statutory Auditor 26th March 2019 for and on behalf of Sayer Vincent LLP, Statutory Auditors Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Statement of Financial Activities Note

Unrestricted £

Restricted £

2018 Total £

2017 Total £

Income from: Donations and legacies

2,251,998

Other trading activities

897,644 3,149,642

TOTAL INCOME

243,442 – 243,442

2,495,440

2,941,710

897,644

652,541

3,393,084

3,594,251

1,309,560

1,054,996

1,855,489

1,798,675

Expenditure on: Raising funds

1,309,560

–

Research grants

1,648,451

Campaigning and raising awareness

756,673

–

756,673

654,980

Members liaison, workshop and conferences

24,365

–

24,365

41,345

Charitable activities:

TOTAL EXPENDITURE Net (expenditure)/income before net gains on investments Net gains on investments

Net income for the year and net movement in funds

207,038

3,739,049

207,038

3,946,087

3,549,996

(589,407)

36,404

(553,003)

44,255

–

405

(589,407)

36,404

(553,003)

44,660

352,384

(50,000)

302,384

257,724

(237,023)

(13,596)

(250,619)

302,384

Reconciliation of funds: Total funds brought forward TOTAL FUNDS CARRIED FORWARD

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 18 to the financial statements.The notes on pages 29 to 41 form part of these financial statements.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Balance Sheet Note

2018 £

2017 £

Fixed assets: Tangible assets

88,535

105,664

Investments

2,173

90,708

107,837

Current assets: Stock

22,934

23,908

Debtors

262,392

241,841

Debtors recoverable in more than one year

15,000

126,090

1,768,134

2,312,604

2,068,460

2,704,443

Cash at bank and in hand

Liabilities: Creditors: amounts falling due within one year

(2,020,694)

(2,110,548)

Net current (liabilities)/assets Total assets less current liabilities

(42,088)

683,749

48,620

791,586

Creditors: amounts falling due after one year

(299,239)

(489,202)

TOTAL NET (LIABILITIES)/ASSETS

(250,619)

302,384

The funds of the Charity:

(13,596)

(50,000)

Restricted income funds in deficit Unrestricted income funds: General funds

352,384

(237,023)

Total unrestricted funds

(237,023)

352,384

TOTAL CHARITY FUNDS

(250,619)

302,384

Approved by the Trustees on 20th March 2019 and signed on their behalf by:

Wendy Fulcher Chairman

Stuart McKay Trustee

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Statement of Cash Flows Note

2018 £

2017 £

Cash flows from operating activities: Net cash (used in)/provided by operating activities

539,720

(522,811)

Cash flows from investing activities: Purchase of fixed assets

(49,159)

(21,659) –

Net cash used in investing activities

(21,659)

–

(49,159)

Change in cash and cash equivalents in the year

(544,470)

490,561

Cash and cash equivalents at the beginning of the year

2,312,604

1,822,043

1,768,134

2,312,604

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Notes to the Financial Statements 1

Accounting policies

1.1 Statutory information Brain Tumour Research is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is Suite 3, Shenley Pavilions, Chalkdell Drive, Shenley Wood, Milton Keynes, MK5 6LB.

1.2 Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2015) – (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (September 2015) and the Companies Act 2006. All figures are presented in sterling and rounded to the nearest pound.

1.3 Public benefit entity The charitable company meets the definition of a public benefit entity under FRS 102.

1.4 Going concern Brain Tumour Research has grown rapidly to date. However, as a result of many factors including ongoing austerity and new sector regulations, like many charities, income for 2017/18 did not achieve planned levels. Nevertheless, the Ttrustees were committed to maintain funding in sustainable brain tumour research at our Research Centres of Excellence, resulting in a year-end deficit in resources. However, the Trustees recognise that in committing to long term sustainable research, expenditure may exceed income from time to time, and they are confident that in addition to income from ongoing regular donations and fundraising, the Charity has sufficient cash to cover current liabilities and research grant commitments. Key judgements that the charitable company has made which have a significant effect on the accounts include estimating the liability from multi-year grant commitments. The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

1.5 Income

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

1.6 Donations of gifts, services and facilities Donated professional services and donated facilities are recognised as income when the Charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so please refer to the Trustees’ annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

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

1.8 Fund accounting Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from grants is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Notes to the Financial Statements (continued) 1.9 Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: • Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose • Expenditure on charitable activities includes the costs of grants made to research institutions, lobbying and PR activities and other educational activities undertaken to further the purposes of the charity and their associated support costs Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.10 Allocation of support costs

1.14 Stocks Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value which is the amount the Charity would have been willing to pay for the items on the open market.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the basis set out in note 4.

1.15 Debtors

Governance costs are the costs associated with the governance arrangements of the Charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the Charity’s activities.

1.16 Cash at bank and in hand

Rental charges are charged on a straight line basis over the term of the lease.

1.12 Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £250. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Fixed assets include the office telephone system, laptops, PCs, software and ‘Wall of Hope’ panels. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Computers

3-5 years

Furniture and equipment

5 years Remaining length of the lease at time of investment

Leasehold improvements

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

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

1.17 Creditors and provisions

1.11 Operating leases

1.13 Listed investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change

in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The Charity does not acquire put options, derivatives or other complex financial instruments.

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. A provision is used when there is uncertainty over the amount or timing of the liability.

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

1.19 Pensions The charitable company operates two defined contributions pension schemes. The schemes are funded partly by contributions from the employees and from the Charity. Such contributions are held and administered completely independent of the charitable company’s finances. The contributions are made by the Charity and are accounted for on an accruals basis.

1.20 Trustees remuneration All Trustees donate their time spent running the Charity on a voluntary basis and do not receive remuneration for their work, but are entitled to reimbursement for any expenses incurred in carrying out their duties.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Income from donations and legacies 2018 Unrestricted £

2018 Restricted £

2018 Total £

2017 Unrestricted £

2017 Restricted £

2017 Total £

1,314,428

–

1,314,428

1,369,886

–

1,369,886

Memorial donations

304,494

–

304,494

376,159

–

376,159

Individual donations

365,117

372,557

515,351

–

515,351

7,309

15,383

–

15,383

330,778

56,211

284,624

340,835

Fundraising

Donor marketing

7,309

7,440 –

Trusts

94,776

236,002

Legacies

12,511

–

12,511

170,099

–

170,099

153,363

–

153,363

153,997

–

153,997

2,495,440

2,657,086

Donations from Fundraising Groups* TOTALS

2,251,998

243,442

284,624

2,941,710

* Fundraising Groups are supporter groups who organise events and other activities to raise money on behalf of and under the umbrella of Brain Tumour Research.

Income from other trading activities 2018 Unrestricted £

2018 Restricted £

2018 Total £

2017 Unrestricted £

2017 Restricted £

2017 Total £

Challenge events

541,375

–

541,375

274,900

–

274,900

Campaigns

306,836

–

306,836

322,096

–

322,096

Merchandise

38,248

–

38,248

42,989

–

42,989

Online fundraising

11,185

–

11,185

12,556

–

12,556

897,644

–

897,644

652,541

–

652,541

TOTALS

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Notes to the Financial Statements (continued) 4a Analysis of expenditure Charitable activities Cost of raising funds £ Staff costs (Note 7):

524,781

Research £ 165,519

Campaigning & raising awareness £ 552,228

Members liaison, workshop & conferences £ 17,949

2018 Total £ 1,260,477

Direct costs: Research grants committed (Note 5)

–

Challenge events

110,718

–

Printing

55,833

–

Advertising

52,839

–

Fundraising and other agency commission

81,398

–

Artwork and design

36,868

–

Other direct costs

1,465,647

–

1,465,647

–

110,718

37,507

–

93,340

35,686

–

88,525

–

81,398

–

61,906

– 25,038

308,938

28,530

26,369

3,845

367,682

646,594

1,494,177

124,600

3,845

2,269,216

Property costs

34,740

49,223

20,073

646

104,682

Training and development

13,446

19,051

7,769

250

40,516

Depreciation

12,982

18,395

7,501

242

39,120

Accounting, consulting and contractors’ fees

18,199

25,785

10,515

339

54,838

Sundry other costs

50,945

72,183

29,437

948

153,513

130,312

184,637

75,295

2,425

392,669

5,092

7,215

2,942

15,344

954

1,352

551

2,876

1,827

2,589

1,056

5,505

7,873

11,156

4,549

147

23,725

1,309,560

1,855,489

756,673

24,365

3,946,087

Support costs:

Governance costs: Audit and accountancy fee Trustee meeting costs Companies House and other fees

TOTAL EXPENDITURE 2018

Support and governance costs have been apportioned based on estimated usage as a proportion of directly attributable expenditure.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

4b Analysis of expenditure (prior year) Charitable activities Cost of raising funds £ Staff costs (Note 7):

417,205

Research £ 130,394

Campaigning & raising awareness £

Members liaison, workshop & conferences £

461,090

13,611

2018 Total £ 1,022,300

Direct costs: Research grants committed (Note 5)

–

Advertising

102,341

–

Running and challenge events

87,686

–

Fundraising and other agency commission

86,722

–

Printing

43,247

–

Fundraising/campaign materials

57,050

–

Other direct costs

1,499,426

–

1,499,426

–

103,960

–

87,686

–

86,722

–

62,157

–

57,050

1,619

18,911 –

167,314

9,561

115,354

24,072

316,301

544,359

1,508,987

135,884

24,072

2,213,302

Rent, heat, light and power

26,576

45,311

16,500

1,042

89,429

Training and development

9,590

16,351

5,954

376

32,271

Depreciation

8,103

13,815

5,031

318

27,267

Accounting, consulting and professional fees

7,567

12,901

4,698

297

25,463

37,031

63,133

22,989

1,450

124,603

88,867

151,511

55,172

3,483

299,033

3,695

6,299

2,294

145

12,433

Trustee meeting costs

435

742

270

1,464

Companies House and other fees

435

742

270

1,464

4,565

7,783

2,834

179

15,361

1,054,996

1,798,675

654,980

41,345

3,549,996

Support costs:

Sundry other costs

Governance costs: Audit and accountancy fee

TOTAL EXPENDITURE 2017

Support and governance costs have been apportioned based on estimated usage as a proportion of directly attributable expenditure.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Notes to the Financial Statements (continued) 5

Grants payable 2018 £

2017 £

Grant commitment brought forward

2,353,802

1,836,442

Grants committed in the year

1,622,541

1,499,426

Grants withdrawn in the year

(156,894)

Grants paid Grant commitment carried forward

–

(1,516,337)

(982,066)

2,303,112

2,353,802

Grants committed in the year and the grant commitment carried forward at 30th June 2018 comprised: Grants committed in the year £ University of Portsmouth Research scientists – salaries and consumables

457,907

University of Plymouth Research scientists – salaries and consumables

324,689

Queen Mary University London Research scientists – salaries and consumables Imperial College London Research scientists – salaries and consumables

(156,894)

Grants committed carried forward £

Payable within one year £

Payable after one year £

435,396

–

527,726

452,549

75,177

514,833

–

722,159

568,857

153,302

275,112

–

578,349

522,864

55,485

50,000

–

39,482

2,303,112

2,019,148

University of Southampton Brain Tumour Biobank – Brain UK

Prior year grants withdrawn in the year £

1,622,541

(156,894)

2018 £

2017 £

–

– 283,964

Net (expenditure) / income for the year This is stated after charging:

Depreciation

39,120

27,266

51,870

40,479

12,786

10,361

Operating lease rentals: Property Auditors’ remuneration (excluding VAT): Audit Other services

–

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows: 2017 £

2018 £ Salaries and wages

1,138,004

920,844

Social security costs

102,178

90,483

20,295

10,974

1,260,477

1,022,300

Employer’s contribution to defined contribution pension schemes

No employee earned more than £60,000 during the year (2017: nil). The total employee benefits including pension contributions and employer’s national insurance of the key management personnel were £187,576 (2017: £180,524). The Charity Trustees were not paid and did not receive any other benefits from employment with the Charity in the year (2017: £nil). No Trustee received reimbursement of expenses incurred during the year (2017: £121 for one Trustee).

Staff numbers The average number of employees (headcount based on number of staff employed) during the year was as follows: 2018 number

Costs of generating funds

16.68

13.81

4.00

2.88

16.85

14.80

0.41

0.24

37.93

31.73

Research grants Campaigning and raising awareness Members liaison, workshop and conferences

2017 number

Related party transactions 2018 £

Penny Hey A sister of the Chief Executive, Sue Farrington Smith Transactions made with the related party in relation to: Management accounting and database management services. Amount due to related party at balance sheet date was £1,567 (2017: £1,508) Wendy O’Brien A sister of the Chief Executive, Sue Farrington Smith Transactions made with the related party in relation to: Telemarketing and database building services. Amount due to related party at balance sheet date was £nil (2017: £nil) There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

2017 £

17,706

20,183

8,965

10,658

10 Taxation The Charity is exempt from corporation tax as the majority of its income is charitable and is applied for charitable purposes. Non-charitable income in the charity is within the allowable limits.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Notes to the Financial Statements (continued) 11 Tangible fixed assets Computer equipment £

Fixtures and fittings £

Total £

Cost or valuation At the start of the year

103,110

54,972

158,082

9,893

12,097

21,990

113,003

67,069

180,072

At the start of the year

31,789

20,628

52,417

Charge for the year

25,354

13,766

39,120

At the end of the year

57,143

34,394

91,537

At the end of the year

55,860

32,675

88,535

At the start of the year

71,321

34,343

105,664

Additions in year At the end of the year Depreciation

Net book value

All of the above assets are used for charitable purposes.

12 Listed investments 2018 £ Fair value at the start of the year

2017 £ 1,768

2,173

Additions at cost

–

Disposal proceeds

–

Net gain on change in fair value

–

Fair value at the end of the year

405 2,173

2,173

Investments comprise: UK Equities – 64,281 ordinary shares in Vitesse Media PLC

Investments are revalued at market value at the balance sheet date and any unrealised gain or loss is taken to the Statement of Financial Activities. Investments are intended to be available at short notice for use by the Charity in its charitable activities

13 Stock 2018 £ Merchandise and fundraising materials

2017 £

22,934

23,908

22,934

23,908

Stock comprises merchandise for resale such as caps, t-shirts, brooches and Christmas cards

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

14 Debtors 2018 £

2017 £

Debtors represent amounts in respect of other debtors: Just Giving and other online fundraising platforms Gift Aid

58,232

61,287 2,272

–

Staff loans

5,305

3,202

Other

2,169

2,518

65,706

69,279

Prepayments

196,686

150,079

Accrued legacy income

– 262,392

22,483 241,841

15 Debtors: amounts recoverable in more than one year 2018 £ Rent deposit Virgin Money London Marathon 2019 places

15,000 – 15,000

2017 £ 15,000 111,090 126,090

16 Creditors: amounts falling due within one year

Grant commitments Accruals and other creditors

2018 £

2017 £

2,019,148

1,874,850

91,400

145,844

2,110,548

2,020,694

2018 £

2017 £

17 Creditors: amounts falling due after one year

Dilapidations provision Grant commitments

15,275

10,250

283,964

478,952

299,239

489,202

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Notes to the Financial Statements (continued) 18a Analysis of net assets between funds (current year) General unrestricted £ Tangible fixed assets

Restricted £

88,535

Prepaid expenses more than one year in advance

–

Investments Other net current assets

2,173

(13,596)

(299,239)

NET ASSETS AT THE END OF THE YEAR

–

(28,492)

Long term liabilities

88,535

– 2,173

–

(237,023)

2018 Total funds £

(42,088) (299,239)

(13,596)

(250,619)

18b Analysis of net assets between funds (prior year) General unrestricted £

Restricted £

2017 Total funds £

Tangible fixed assets

105,664

–

105,664

Prepaid expenses more than one year in advance

111,090

–

111,090

2,173

–

2,173

Investments Other net current assets

612,409

Long term liabilities

(478,952)

NET ASSETS AT THE END OF THE YEAR

352,384

(50,000) –

562,409 (478,952)

(50,000)

302,384

19a Movements in funds (current year) At the start of the year £

Income and gains £

Expenditure and losses £

Transfers £

At the end of the year £

Restricted funds: 1. Charlie’s Challenge

(50,000)

6,798

29,606

–

2. The Danny Green Fund

–

10,690

(10,690)

–

3. The Masonic Charitable Foundation

–

50,000

(50,000)

–

4. Lewis Family Charitable Trust

–

30,644

(30,644)

–

5. Astro Brain Tumour Fund

–

10,960

(10,960)

–

6. In Sue’s Name

–

32,730

(32,730)

–

7. Annie’s Challenge

–

45,000

(45,000)

–

8. Jane Packer Foundation

–

19,180

(19,180)

–

9. Clowns in the Sky

–

30,000

(30,000)

–

10. Alsager Cancer Support

–

7,000

(7,000)

–

11. Various

–

440

(440)

–

(50,000)

243,442

(207,038)

–

(13,596)

General funds

352,384

3,149,642

(3,739,049)

–

(237,023)

Total unrestricted funds

352,384

3,149,642

(3,739,049)

–

(237,023)

TOTAL FUNDS

302,384

3,393,084

(3,946,087)

–

(250,619)

Total restricted funds

(13,596)

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Purposes of restricted funds

1. A previous grant from Charlie’s Challenge, a charity connected to a Trustee (Nigel Boutwood) was made with the express direction to fund a Paediatric Research Fellow at the University of Portsmouth. This post is no longer being recruited. A further, separate award has been made with the express direction to fund a Histologist at the University of Portsmouth. This award has been settled post year end

6. The grant from In Sue’s Name was made with the express direction to fund research at the Queen Mary University of London

2. The grant from The Danny Green Fund was made with the express direction to fund research at the University of Portsmouth

8. The grant from the Jane Packer Foundation was made with the direction to fund research at the Queen Mary University of London and Imperial College

3. The grant from The Masonic Charitable Foundation was made with the express direction to fund the epigenome of neural stem cells and high grade gliomas research at the Queen Mary University of London 4. The grant from The David and Ruth Lewis Family Charitable Trust was made with the express direction to fund gliobastoma multiforma research at the Queen Mary University of London 5. The grant from the Astro Brain Tumour Fund was made with the express direction to fund research at the University of Plymouth

7. The grants from Annie’s Challenge was made with the express direction to fund research at the Queen Mary University of London including £30,000 to fund a PhD student

9. The grant from Clowns in the Sky was made with the express direction to fund Blood Brain Barrier research at the University of Portsmouth 10. The donation from Alsager Cancer Support was made with the express direction to fund research at the University of Plymouth 11. Various low value donations received from supporters which were made with the express direction to fund brain tumour research

19b Movements in funds (prior year) At the start of the year £

Income and gains £

Expenditure and losses £

Transfers £

At the end of the year £

–

Restricted funds: 1. The Brian Cross Memorial Trust

120,000

2. Charlie’s Challenge

(50,000)

3. The Hoover Foundation

25,000

95,000 –

(215,000) –

–

25,000

(50,000)

–

(50,000) –

4. The Danny Green Fund

–

13,700

(13,700)

–

5. The Masonic Charitable Foundation

–

50,000

(50,000)

–

6. Lewis Family Charitable Trust

–

30,644

(30,644)

–

7. Astro Brain Tumour Fund

–

10,960

(10,960)

–

8. Thorne Mason Trust

–

10,000

(10,000)

–

9. In Sue’s Name

–

49,320

(49,320)

–

95,000

284,624

(429,624)

–

(50,000)

General funds

162,724

3,309,627

(3,119,967)

–

352,384

Total unrestricted funds

162,724

3,309,627

(3,119,967)

–

352,384

TOTAL FUNDS

257,724

3,594,251

(3,549,591)

–

302,384

Total restricted funds

Purposes of restricted funds

1. The grant from The Brian Cross Memorial Trust was made with the express direction to fund research at Imperial College London 2. The grant from Charlie’s Challenge, a charity connected to a Trustee (Nigel Boutwood) was made with the express direction to fund a Paediatric Research Fellow at the University of Portsmouth. The next award has been delayed as this position has not yet been appointed

25,000

6. The grant from The David and Ruth Lewis Family Charitable Trust was made with the express direction to fund gliobastoma multiforma research at the Queen Mary University of London 7. The grant from the Astro Brain Tumour Fund was made with the express direction to fund research at the University of Plymouth

3. The grant from The Hoover Foundation was made with the express direction to fund research at Imperial College London

8. The grant from the Thorne Mason Trust was made with the express direction to fund research at the University of Portsmouth in collaboration with Cardiff University

4. The grant from The Danny Green Fund was made with the express direction to fund research at the University of Portsmouth

9. The grant from In Sue’s Name was made with the express direction to fund research at the Queen Mary University of London

5. The grant from The Masonic Charitable Foundation was made with the express direction to fund the epigenome of neural stem cells and high grade gliomas research at the Queen Mary University of London

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Notes to the Financial Statements (continued) 20 Reconciliation of net income / (expenditure) to net cash flow from operating activities 2017 £

2018 £ Net (expenditure) / income for the reporting period (as per the statement of financial activities) Depreciation charges (Gains) on investments

(553,003)

44,660

39,120

27,266 (405)

–

Decrease / (increase) in stocks (Increase) / decrease in debtors Decrease / (increase) in creditors Decrease / increase in debtors over one year in advance NET CASH (USED IN) / PROVIDED BY OPERATING ACTIVITIES

974

(6,416)

(20,551)

27,420

(100,441)

558,285

111,090

(111,090)

(522,811)

539,720

21 Analysis of cash and cash equivalents At 1st July 2017 £

Cash flows £

Other changes £

At 30th June 2018 £

Cash at bank and in hand

2,312,604

(544,470)

–

1,768,134

TOTAL CASH AND CASH EQUIVALENTS

2,312,604

(544,470)

–

1,768,134

22 Operating lease commitments The Charity’s total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods. 2018 £

2017 £

Less than one year

100,184

55,479

One to five years

395,402

138,247

495,586

193,726

23 Legal status of the Charity The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

24 Detailed comparatives for the statement of financial activities Unrestricted £

Restricted £

2017 total £

Income from: Donations and legacies Other trading activities TOTAL INCOME

2,657,086 652,542 3,309,627

284,624 – 284,624

2,941,710 652,542 3,594,251

Expenditure on: Raising funds

1,054,996

–

1,054,996

1,369,051

429,624

1,798,675

Charitable activities Research grants Campaigning and raising awareness Members liaison, workshop and conferences TOTAL EXPENDITURE Net income before net gains on investments Net gains on investments

654,980

–

654,980

41,345

–

41,345

3,120,372

429,624

3,549,996

189,255

(145,000)

44,255

405

–

405

189,660

(145,000)

44,660

Total funds brought forward

162,724

95,000

257,724

TOTAL FUNDS CARRIED FORWARD

352,384

(50,000)

302,384

NET INCOME FOR THE YEAR AND NET MOVEMENT IN FUNDS Reconciliation of funds:

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Easy it’s not.

Brain tumour research – a tough nut to crack.

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Together we will find a cure Our Centre of Excellence Partners

DIVISION OF NEUROPATHOLOGY AND DEPARTMENT OF NEURODEGENERATIVE DISEASE

Our Member Charities

Our Fundraising Groups

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MARK “BOMBER” LANCASTER TRUST

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The Lorn’s Legacy

Brain Tumour Research – Registered Charity 1153487 (England and Wales) and SC046840 (Scotland), Company Limited by Guarantee 08570737. Report of The Trustees and Accounts, Year Ended 30th June 2018

Annual Report and Financial Statements for the Year Ended 30th June 2018

Brain Tumour Research, Suite 3, Shenley Pavilions, Chalkdell Drive, Shenley Wood, Milton Keynes, MK5 6LB www.braintumourresearch.org Tel: 01908 867200 campaigning@braintumourresearch.org

Registered charity number 1153487 (England and Wales) SC046840 (Scotland). Company limited by guarantee number 08570737.