Annual Report and Accounts 2007/8 - Cancer Research UK
Annual Report and Accounts 2007/8 - Cancer Research UK Annual Report and Accounts 2007/8 - Cancer Research UK
16 Trustees’ ReportCancer Research UK, together with the MRC andDepartment of Health (England), continues to supportonCore UK – an associate undertaking – in recognition ofthe need to strengthen and improve translational research.Under its expanded remit, onCore UK, as a nationalresource, continues to work towards the facilitation oftranslational biomarker research through the provision ofquality assured, clinically annotated patient samples. onCoreUK is chaired by Professor Colin Bird, one of our Trustees.Activities to generate incomeCancer Research UK Trading Ltd – a wholly-ownedsubsidiary – generates income through trading activitywithin the fundraising portfolio.The sale of bought-in goodsand cards in the retail chain generated income in excess of£7.5 million, of which some 60% was delivered during theChristmas trading period.The core retail chain is the mostprofitable charity retailer on the High Street (source:Charity Shop Survey 2007 – highest profit per shop for‘non-hospices with 100+ shops’), and the number onecharity Christmas card retailer in the UK.The core chaincomprises 562 shops. Following the year end we decidedto convert our Wishes chain of card shops to coredonated goods outlets.Trading income is also generatedthrough entrance fees and merchandise sales associatedwith our Race for Life and 10K events programmes.46,600volunteers donatedtheir time, energyand skills this yearOther activities include the sale of cause-relatedmerchandise through our corporate partnerships such asBurton and Peacocks. All taxable profits are returned toCancer Research UK as a Gift Aid payment.Total revenuewas £24 million in the year, and profit on ordinary activitieswas £2 million.The Imperial Cancer Research Fund and the CancerResearch Campaign continue to collect legacy income onbehalf of Cancer Research UK.VolunteersOur volunteers make a vital contribution towards all ourachievements. Some 46,600 volunteers regularly support usby working in our shops and offices, at events and byfundraising in their communities.Their presence is wideranging, with 16,500 volunteers in our retail chain, 16,000 inour Race for Life and 10k series, 13,500 in CommunityFundraising and 600 in our offices, through placements andinternships.Together our volunteers contribute an estimated6.9 million hours each year.This year, we recruited 3,132 new volunteers for our retailchain. For the third year running our internship scheme hasbeen recognised for its quality of work experience by theNational Council for Work Experience. Over 100 internscompleted placements in departments across fivedirectorates. We celebrated and recognised 78 exceptionalvolunteers at our annual Flame of Hope Awards in 2007,which was hosted by our Chairman.This event provides agreat showcase for the enthusiastic, innovative and oftenbrave contributions that our volunteers make.
17 Cancer Research UK Annual Report and Accounts 2007/08EmployeesInnovation and discovery are at the heart of our organisation.Whether this is in our science, fundraising or supportactivities, we aim to create an environment that will fosternew ways of thinking and continuous improvement.Our wide network of employees, grantees and supporterswork enthusiastically to pursue our vision, purpose andgoals.The competition for talented people remains fierceand we are continually developing our approaches toattract and retain the best talent, often competing with theprivate and public sectors. Our focus during the year hasbeen on communicating our vision, purpose and impact toour people and strengthening our performance managementand reward systems.We have introduced new opportunitiesfor management development as well as improvedprogrammes for training and skill development.We ensure that every person is given equal opportunitiesby our policies and practices. Cancer Research UK does nottolerate sexual, racial, physical or mental harassment of staffin the workplace and aims to ensure that all employeesreceive equal treatment regardless of their age, race, sexor disability.The triennial actuarial valuations of the two defined benefitplans took place as at 31 March 2006 using assumptionsagreed between Cancer Research UK and the pensionfund trustees. On an ongoing funding basis, the combineddeficits as at 31 March 2006 were £12.1 million (£56.1min 2003) and the plans were almost 96% funded.Wecontinue to monitor the situation regularly with the pensionfund trustees.We also continue to monitor pension planchanges in the universities sector and the NHS – keyreference points for attracting high calibre candidates toCancer Research UK.Full details of our pension schemes are included in Note 31to the accounts.Management of riskThe Trustees are responsible for Cancer Research UK’s riskmanagement and the effectiveness of internal controls.Council performed its annual review of major risks and ofthe work carried out by the Audit Committee, to ensurethat we have taken reasonable measures and maintainedsystems to reduce these risks to an acceptable level.PensionsWe offer a combination of defined contribution anddefined benefit plans to our employees. Employees may jointhe defined contribution plan – a stakeholder plan knownas ‘Your Pension’ – at any time. After two years’ servicethere is a single opportunity to join the defined benefitplan (except for employees of CRT).The two defined benefit plans – the Cancer Research UKPension Scheme and the Cancer Research CampaignPension Plan – were merged during the year, significantlyreducing future governance and administration costs. At31 March 2008, the combined deficit of the schemes was£4.5 million (£7.9m in 2007) on an FRS17 basis. A significantfactor in the reduction was the additional contributionspaid in the year. Unrealised losses on scheme assets due tothe turmoil in financial markets were offset by otheractuarial gains on scheme liabilities, themselves heavilyinfluenced by rising interest rates in the aftermath of thecredit crunch. For this reason it is particularly difficult tovalue scheme liabilities in the current economic context. Avariation of 0.1% in the discount rate applied would changethe deficit by around £7 million. We have made a furtherprudent allowance for probable increases in life expectancyin line with recent actuarial experience and guidance.
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16 Trustees’ <strong>Report</strong><strong>Cancer</strong> <strong>Research</strong> <strong>UK</strong>, together with the MRC <strong>and</strong>Department of Health (Engl<strong>and</strong>), continues to supportonCore <strong>UK</strong> – an associate undertaking – in recognition ofthe need to strengthen <strong>and</strong> improve translational research.Under its exp<strong>and</strong>ed remit, onCore <strong>UK</strong>, as a nationalresource, continues to work towards the facilitation oftranslational biomarker research through the provision ofquality assured, clinically annotated patient samples. onCore<strong>UK</strong> is chaired by Professor Colin Bird, one of our Trustees.Activities to generate income<strong>Cancer</strong> <strong>Research</strong> <strong>UK</strong> Trading Ltd – a wholly-ownedsubsidiary – generates income through trading activitywithin the fundraising portfolio.The sale of bought-in goods<strong>and</strong> cards in the retail chain generated income in excess of£7.5 million, of which some 60% was delivered during theChristmas trading period.The core retail chain is the mostprofitable charity retailer on the High Street (source:Charity Shop Survey <strong>2007</strong> – highest profit per shop for‘non-hospices with 100+ shops’), <strong>and</strong> the number onecharity Christmas card retailer in the <strong>UK</strong>.The core chaincomprises 562 shops. Following the year end we decidedto convert our Wishes chain of card shops to coredonated goods outlets.Trading income is also generatedthrough entrance fees <strong>and</strong> merch<strong>and</strong>ise sales associatedwith our Race for Life <strong>and</strong> 10K events programmes.46,600volunteers donatedtheir time, energy<strong>and</strong> skills this yearOther activities include the sale of cause-relatedmerch<strong>and</strong>ise through our corporate partnerships such asBurton <strong>and</strong> Peacocks. All taxable profits are returned to<strong>Cancer</strong> <strong>Research</strong> <strong>UK</strong> as a Gift Aid payment.Total revenuewas £24 million in the year, <strong>and</strong> profit on ordinary activitieswas £2 million.The Imperial <strong>Cancer</strong> <strong>Research</strong> Fund <strong>and</strong> the <strong>Cancer</strong><strong>Research</strong> Campaign continue to collect legacy income onbehalf of <strong>Cancer</strong> <strong>Research</strong> <strong>UK</strong>.VolunteersOur volunteers make a vital contribution towards all ourachievements. Some 46,600 volunteers regularly support usby working in our shops <strong>and</strong> offices, at events <strong>and</strong> byfundraising in their communities.Their presence is wideranging, with 16,500 volunteers in our retail chain, 16,000 inour Race for Life <strong>and</strong> 10k series, 13,500 in CommunityFundraising <strong>and</strong> 600 in our offices, through placements <strong>and</strong>internships.Together our volunteers contribute an estimated6.9 million hours each year.This year, we recruited 3,132 new volunteers for our retailchain. For the third year running our internship scheme hasbeen recognised for its quality of work experience by theNational Council for Work Experience. Over 100 internscompleted placements in departments across fivedirectorates. We celebrated <strong>and</strong> recognised 78 exceptionalvolunteers at our annual Flame of Hope Awards in <strong>2007</strong>,which was hosted by our Chairman.This event provides agreat showcase for the enthusiastic, innovative <strong>and</strong> oftenbrave contributions that our volunteers make.
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