Annual Report 2010 - 2011

Join our supporters across Wales Management Board & Officials

Registered Charity No: Finance/Administration Assistants: 248767 (1966) Mrs Sharon Bonetto Registered Office: Miss Ruth Davies Cancer Research Wales Research Laboratories Shops: Velindre Cancer Centre Shop Managers: Velindre Road Ms Sarah Callow Whitchurch Mrs Karen O’Brien Cardiff CF14 2TL Mrs Julia Simon Telephones: Ms Stephanie Tanner Fundraising Office : 029 2031 6976 Shop Support: Research Office: 029 2031 6283 Mr Robert Braizer Fax: 029 2031 6927 Mr Berian Richards Charity Director: Chairman of Scientific Committee: Miss Liz Andrews Dr Malcolm Adams Deputy Charity Director: Hon Scientific & Medical Advisor Mrs Coleen Watkins Professor Malcolm Mason Scientific Projects Manager: Management Board: Dr Lee Campbell Dr Colin S Askill Financial Administrator: Mr Michael A C Brooke Mrs Gillian Hall Mr R Nevil Davies Dr Rosina Davies (resigned October 2010) Commercial Manager: Dr Chris C Gaffney Mrs Pamela Perkins Professor Tony J Hazell (resigned October 2010) Email: [email protected] Mr Peter J. Keneally Web: www.cancerresearchwales.co.uk Mrs Beryl Rees Patrons: Dr Ann Stevenson (resigned October 2010) Mr Jeffrey R Thomas F.C.A. A.T.T.I Jamie Baulch (Hon Treasurer) Huw Edwards Mr Peter Weber (Hon Legal Advisor) Richard Elis Tonya Smith Auditors: Nigel Walker Watts Gregory LLP President: Elfed House Oak Tree Court Professor John L Moore Mulberry Drive Chairman: Cardiff Gate Business Park Dr P Hodge (resigned October 2010) Cardiff CF23 8RS Vice Chairman: Bankers: Dr John Pritchard C.B.E Unity Trust Bank CAF Bank Fundraising Assistants: Nine Brindleyplace PO Box 289 Miss Laura Hooper Birmingham B1 2HB West Malling Kent ME19 4TA All money raised is spent in Wales i President’s Message

Dear Supporter, ensure the shops are always fully staffed. Yet another As usual this report contains details of all excellent year for aspects of our work so please take a little time Cancer Research to read about the research we support, plus Wales (CRW), with accounts of the many exciting ways our our supporters supporters have devised to raise money and helping us raise make the public more aware of the need to more than £1million support cancer research in Wales. thus once again As trustees we ensure that one major allowing us to objective, ‘All money raised is spent in Wales’ is allocate a similar always maintained. amount to peer reviewed research projects at To ensure that the charity remains focused and the forefront of cancer research at several efficient we arranged an independent audit locations throughout Wales. during the year carried out by During the year several Trustees resigned PricewaterhouseCoopers. We are now in the namely Patrizia Hodge, Ann process of introducing their Stevenson, Rosina Davies and Tony “We continue recommendation to fine tune Hazel. The board of Trustees to be a major aspects of the charity’s work, so express their grateful thanks for that we continue our high their support and dedication over player in standards for the foreseeable many years. Very fortunately at funding cancer future. We do thank PWC for least 5 of our loyal supporters, who research in ‘singing the praises’ of our will bring new skills to the Board of dedicated staff and volunteers. Trustees, have expressed a desire Wales.” Finally my personal thanks to past to become board members and and present trustees and staff for their when elected will return the Board to its full commitment and loyalty which has seen the strength. We are also very pleased that Liz charity flourish. We continue to be a major Andrews will be our new Charity Director and player in funding cancer research in Wales. The Dr Lee Campbell our first Research and aim of all of us is to alleviate the distress and Communications Manager.Both have already suffering caused by cancer and hopefully, one made an impact and we are very fortunate to day find a way of controlling and ultimately have an operating team of such loyal and hard curing the disease. working staff. The Pontypridd shop and especially furniture sales at many of our shops are now making a significant contribution to our income. We are also examining a site for another store and I take this opportunity to thank the many volunteers for giving up their free time to Pr ofessor John L Moore

All money raised is spent in Wales 1 Contents

(i) Management Board & Officials 1 President’s Message 3 Overview of Research – Professor M Mason 4 Scientific Committee Chairman's Report - Dr Malcolm Adams 5 Titles and Authors of Funded Projects 13 CRW Library 14 Fundraising Activities 34 Acknowledgements 36 Independent Auditors Report to the Trustees of Cancer Research Wales 38 Statement of Financial Activities 39 Balance Sheet 40 Summary: Income and Expenditure

All money raised is spent in Wales 2 Overview of Cancer Research Wales Scientific Programme This year Cancer to re-activate these same immune cells so that Research Wales has they regain anti-cancer properties. These works helped support a provide an important platform for more number of strategic informed design of combination investments across radioimmunotherapy for the treatment of Wales. The prostate cancer. They also nicely compliment reorganisation of the other research programmes contained within new Institute of the CRW research portfolio that seek to gain a Cancer and Genetics better understanding of the importance of the will give us great immune system in other cancers, including opportunities to colon cancer and leukemia. For more maximise the benefits of these investments. information on these and other projects This should provide for some real opportunities amongst the diverse cancer research portfolio, to further develop cancer research in Cardiff but please take a look at the scientific abstracts. importantly enhance collaborations between Elsewhere, the Wales Cancer Bank has Schools in Cardiff University, and other research continued to recruit well, but I believe we are Institutions in Wales and beyond. As the name entering a new phase in our development, as of the institute will verify, by funding projects in we begin, not only to collect tumour samples, Velindre Cancer Centre, the Institute of Medical but also - thanks to CRW - to catalogue the Genetics and other hospitals and universities molecular and genetic abnormalities that they throughout West and North Wales, CRW has carry. Linking this to the results of treatment will sown some very promising seeds. greatly add both to our knowledge, and to the The role of the immune system in cancer is very ability of the WCB to challenge the scientific much an emerging hallmark of most if not all community to ask ever more searching and cancer types and is a subject that receives much subtle questions based on our collection. attention at international conferences. To this At a time of enormous economic difficulties, end, our long standing interest in the processes funding research becomes increasingly difficult, that govern immunological responses in and it is not impossible that CRW could find prostate cancer continues. This year we were itself in a position of not being able to fund all pleased to have made several important of the high quality research that it would like to. findings that relate to how exosomes, tiny It gives me particular pleasure to have the particles secreted by cancer cells, influence the opportunity of thanking all the many people immune system in the immediate environment who have supported CRW over the past year, of prostate tumours. We have discovered that recognising that doing so in the current climate exosomes can actually dampen the activity of is an act of very special generosity. We could key anti-tumour immune cells that set out to not do what we do without you. eradicate the cancer when it first appears. Linking such laboratory based work with the Professor Malcolm Mason clinic situation we have also determined how Cancer Research Wales radiotherapy in prostate cancer patients is able Professor of Clinical Oncology

All money raised is spent in Wales 3 Scientific Committee Chairman's Report

This year it has been exceptional with over 30 full research papers my great privilege to published in some of the most prestigious become Chairman of journals in the field such as Nature Genetics, The the CRW Scientific Lancet and Cancer Research and book chapters Committee .This contributed to modern oncology textbooks, committee is universally used by both students and clinicians. responsible for CRW particularly aims to sponsor PhD students in ensuring the precious Wales to ensure development of the next funds raised by your generation of cancer researchers. Such a strategy extensive efforts are has been rewarded with the work of several of used to fund only high quality research across our researchers receiving awards at national and Wales. For many years I was Medical Director of international conferences this year. Achievements Velindre Cancer Centre, during which I became include invited speaker presentations at very aware of the devastating impact of cancer symposia and communication of their research on so many. Our aim in CRW is to help enable the work within the national press. Such recognition young and vigorous scientists and medical underscores the high translational value of the researchers in Wales to make a difference which research we fund and its potential to quickly will ultimately benefit cancer patients. This means impact upon clinical practice. supporting cancer research proposals concerning Across Wales, we are so proud to be able to any step in the ‘patient pathway’from identifying support additional projects in both universities causative factors and exploring prevention and hospitals. As you will see from the abstracts, strategies through all stages of diagnosis our research portfolio covers a number of and treatment. different cancer sites and investigates numerous I would first of all very much like to thank my fundamental molecular processes essential for predecessor Dr John Pritchard for the many years cancer cell growth and survival. This has led to of hard work and commitment which has the discovery of novel markers for disease ensured CRW has continued to play a key role in prognostication, prediction of treatment the advancement of high quality cancer research response and unearthing of new drug targets. in Wales. Many of the research papers that have resulted I am also pleased to announce the appointment of from these works are highly cited by peers with Dr Lee Campbell, who in September joined CRW the result that some projects are considered as the Scientific and Communications Manager. global leaders in their field. We are pleased that Lee has over 15 years of academic research we will be able to maintain this momentum with experience most of which has been spent within the funding of 9 new PhD studentships and 5 the field of cancer pharmacology and translational postdoctoral positions in October 2011. This medicine. This new post will help with the work is only made possible through the monitoring and assessment of projects and unceasing support and generosity of the people provide an invaluable link with the cancer research of Wales and beyond. community and media, both at a national and international level, thereby maximising the capability of CRW funded research. In line with previous years the quality and output from our funded projects has continued to be Dr Malcolm Adams All money raised is spent in Wales 4 Titles and Authors of Funded Projects The Wales Cancer Bank Malcolm Mason, Gerry Thomas, Alison Parry-Jones Velindre Cancer Centre, Department of Oncology, School of Medicine, Cardiff University, Cardiff The Wales Cancer Bank (WCB) collects blood, serum and frozen and paraffin embedded tissue from patients undergoing treatment for cancer in Wales. Established in 2004, the WCB has since consented over 5,100 patients. The tumours and other tissue samples made available from the WCB provide a critical link between laboratory based cancer research and patient populations both in Wales and beyond. These comprehensive and well defined patient cohorts will give an opportunity for cancer researchers to hasten the clinical impact of their important laboratory based findings. This will greatly facilitate the discovery of much needed novel markers of disease progression and predictors of treatment response and hopefully allow clinicians to make more informed treatment decisions in the future. The current collection includes 17 tissue sites, the largest collections being breast, colorectal, prostate, bladder and renal. Data is linked-anonymised via the all-Wales electronic clinical database (CanISC), and consent permits future access to clinical outcome data. WCB is licensed by the Human Tissue Authority and approved by NRES as a Research Tissue Bank. WCB has received applications from research projects from the UK and Europe and 43 applications have been approved, to date, for a variety of different tumour and sample types. Baseline Human Papillomavirus (HPV) 2009 Sam Hibbitts, Amanda Tristram and Alison Fiander, Cardiff University. Jane McRea, Helen Beer, Bryan Rose, Dave Nuttal, Shantini Paranjothy and Anne Hauke, Cervical Screening Wales Malcolm Adams and Robert Newcombe, Velindre NHS Trust In September 2008, a vaccination programme targeting high risk HPV strains, the underlying cause of cervical cancer began in 12-13 year old girls. Surveillance of HPV infection and its impact upon disease is essential for the evaluation of this important public health intervention. This baseline study has determined HPV infection rates in residual anonymised samples collected from over 15,000 non-vaccinated women attending for their first cervical smear (20-22 years). To date 28% of cases proved HPV positive with high risk HPV 16 and 18 strains the most prevalent and were strongly associated with severe cytological changes. A future comparison of this data with that acquired from vaccinated women will inform on the success of the vaccination programme and help identify possible replacement strains.

All money raised is spent in Wales 5 Methylation of Human Papillomavirus DNA: Biological Significance and Prognostic Value Dean Bryant, Amanda Tristram, Alison Fiander and Ned Powell HPV Research Group, Dept. of Obstetrics and Gynaecology, School of Medicine, Cardiff University Although the common Human Papillomavirus (HPV) is usually harmless, a small proportion of infections can persist to cause cancer (mainly cervical, but also some vulval and head and neck cancers). The inappropriate switching on and off of select HPV genes through a process known as DNA methylation is a key mechanism in HPV-mediated cancer. Using a recently developed in-house technology, we are currently measuring HPV methylation and gene activation patterns in patients with pre-cancers to increase our understanding of the development of these tumours and enable early identification of HPV infections which are likely to lead to cancer. This work will also indicate whether therapies to change DNA methylation state are likely to be applicable in HPV associated disease. Human Paplillomavirus (HPV) and Oropharyngeal Cancer in South Wales: Investigation of Type Specific Prevalence and Correlation of HPV Status With Treatment Outcome Mererid Evans, Ned Powell, Alison Fiander, James Powell, Victoria Woods Velindre Cancer Centre, HPV Research Lab, Cardiff University, Pathology Department, Royal Gwent Hospital, Welsh Cancer Bank, Velindre NHS Trust The incidence of oropharyngeal cancer in Wales has increased threefold over the last 20 years, particularly in men aged 40-60 years. This project is a joint venture between researchers at Velindre Cancer Centre, Cardiff University and Wales Cancer Bank and aims to determine the role of HPV in the development of oropharyngeal cancer (tonsils and tongue base) in South Wales. In collaboration with pathologists at Newcastle University we are using a specific and sensitive technique called Chromogenic In-Situ Hybridization (C-ISH) to detect the presence of HPV in biopsy specimens from 149 patients diagnosed with oropharyngeal cancer between 2001 and 2006. The presence of HPV will be correlated with treatment response and clinical outcome in these patients. 18F-Labelled Biomarkers for Positron Emission Tomography (PET) Imaging Andrew Westwell, Chris McGuigan, Mark Bagley and Stephen Daniels Welsh School of Pharmacy, School of Chemistry, School of Medicine, Cardiff University Positron Emission Tomography (PET) is a highly sensitive and non-invasive cancer imaging technique, involving the injection of a tiny quantity of radioactively labelled tracer molecule All money raised is spent in Wales 6 (biomarker), which will accumulate selectivity at the cancer site. 18Fluorine (18F) is frequently the PET radiolabel of choice due to its relatively long radioactive half-life (110 minutes). A major challenge for PET research – and the focus of our laboratories - is the development of efficient chemical methods for preparation of PET tracer molecules for patient administration. We are engaged in CRW-supported research work on new synthetic methods to the cancer proliferation biomarker FLT and its pro-nucleotide precursors, and will be applying our chemical methods towards the generation of 18F-radiolabelled Gemcitabine, an anticancer drug. High Resolution Dosimetry in Small-Field and Intensity-Modulated Radiotherapy Maria Piliero, Richard Hugtenburg and Simon Ryde, School of Medicine, Swansea University, Department of Medical Physics and Clinical Engineering, Abertawe Bro Morgannwg UHB Radiation measuring devices made from diamond can improve the accuracy of some radiotherapy treatment techniques. The radiation properties of diamonds are closely equivalent to that of human tissue because living systems are predominately composed of carbon. Diamonds, fabricated using the latest artificial diamond technology, are high-quality radiation detectors; their well-known properties of high strength and density translate into long-term stability and high sensitivity. We are developing and testing these devices to determine their suitability for use in radiotherapy, including assessing their performance in complex radiation treatments. The devices are likely to be a cost-effective and reproducible substitute for commercially available detectors based on natural diamonds, enabling their more widespread use. A Comparison of Superposition/Convolution and Monte Carlo Methods for Radiotherapy Dewi Johns and Geriant Lewis, Department of Medical Physics Velindre Cancer Centre, Cardiff Most radiotherapy is delivered by linear accelerators, which deliver a shaped radiation beam to the cancer patient from any direction. Specialist software, called a Treatment Planning System (TPS), is used to determine the best arrangement of radiation beams to treat the patient. The TPS calculates the radiation dose deposited in the patient from the proposed beam arrangement. This project will compare the two most common calculation methods with the gold standard, Monte Carlo simulation, for large numbers of cases to establish the effect of choice of calculation type on the dose distribution. Greater accuracy of dose calculation will better our understanding of the relationship between delivered dose and its effect on the patient, and ultimately further improve treatment strategies.

All money raised is spent in Wales 7 A Role For The 9-1-1 Protein Rad9 Outside of the Canonical Trimeric Ring Complex in Response to Heat Simon Janes, Ulrike Schmidt, Karim Garrido, Anna Isermann, Mohammed Zekri and Thomas Caspari Genome Biology Group, School of Biological Sciences, Bangor University, Bangor Heat kills cancer cells without side effects. Using microwaves, the temperature of the tumor is raised prior to the application of a chemotherapeutic agent that breaks chromosomes to induce cell death. But why does the combination of heat and genetic damage, kill? Our discovery of a novel Rad9 variant shows that heat reprograms the DNA damage response. Normally Rad9 forms a ring that binds to damaged genes, but the heat-inducible variant bypasses this ring to use the DNA damage detection system for a different purpose - to stop cell growth. In humans, heated cells die because they fail to detect genetic damage. Breaking T Cell Tolerance in Chronic Lymphocytic Leukaemia Ryan Wong, Chris Pepper and Stephen Man Departments of Infection, Immunity and Biochemistry, and Haematology, School of Medicine, Cardiff University, Cardiff Chronic lymphocytic leukaemia (CLL) is the most common leukaemia in the western hemisphere and although chemotherapy can control CLL, it remains incurable. A hallmark of CLL is abnormal T cell function, a type of white blood cell that normally helps to protect the body against infection. In this project we have discovered that immune cells of patients with CLL differ from that of healthy people in several ways, including the increased expression of molecules associated with suppression or functional ‘exhaustion’. We are now focussing on potential strategies to reverse immune suppression and have shown in the laboratory that a novel anti-cancer drug can activate T cells to kill CLL cancer cells. We are currently trying to discover the mechanism of this action. High-Throughput Somatic Profiling of Key Signaling Genes in Advanced Colorectal Cancer and Correlations with Response to Cetuximab *Christopher Smith, David Fisher, Bart Claes, Timothy Maughan, Shelley Idziaszczyk, Gilian Peuteman, Rebecca Harris, Michelle James, Angela Meade, Bharat Jasani, Richard Adams, Sarah Kenny, Richard Kaplan, Diether Lambrechts and Jeremy Cheadle. Dept. of Genetics, Haematology and Pathology, School of Medicine, Cardiff University, Cardiff, and other collaborating centres Recent reports by other research groups have suggested that individual mutations in cell signaling genes effect how patients with advanced colorectal cancer (aCRC) respond to treatment with cetuximab, a monoclonal antibody against EGF-R. Therefore, we tested 1,316 All money raised is spent in Wales 8 aCRCs from patients receiving chemotherapy with or without cetuximab for mutations that may be used to predict treatment response. We screened for somatic mutations in several well known and important colon cancer genes, namely, KRAS, BRAF, NRAS and PIK3CA using pyrosequencing and sequenom technologies. In total, we identified twelve different KRAS mutations (43.7%), two BRAF mutations (7.9%), four NRAS mutations in (3.9%) and five PIK3CA mutations (12.4%). However, we did not find that any individual mutation or subsets of mutations grouped by exon that was significantly associated with 12-week response, progression-free survival or overall survival. Our results suggest that a gene’s mutational status (wild type or mutant), but not the actual type of mutation, may be important in stratifying colon cancer patients for treatment with cetuximab, in the clinical setting. The Addition of Cetuximab to Oxaliplatin-Based Chemotherapy for Advanced Colorectal Cancer Maughan TS, Adams RA, *Smith CG, Meade AM, Seymour M, Wilson R, Idziaszczyk S, Harris R, Fisher D, Kenny SL, Kay E, Mitchell JK, Madi A, Jasani B, James MD, Bridgewater J, Kennedy MJ, Claes B, Lambrechts D, Kaplan R, Cheadle JP, on behalf of the MRC COIN Trial Investigators Dept. of Oncology and Palliative Care & Dept of Genetics, Haematology and Pathology, School of Medicine, Cardiff University, Cardiff, and other collaborating research centres The multi-centre collaborative MRC COIN trial assessed the addition of cetuximab, an EGFR targeted antibody, to standard chemotherapy in the first line treatment of advanced colorectal cancer (aCRC). Cetuximab increased the response rate but with no evidence of benefit in progression free or overall survival in KRAS wild type patients or even in patients selected by additional mutational analysis of their tumours. We found that somatic mutations had a strong prognostic effect (irrespective of treatment), with median survival ranging from 8·8 months for patients with BRAF mutant tumours, about 14 months for patients with KRAS or NRAS mutant tumours, to 20·1 months for patients with tumours that were all wild type. These factors should therefore be considered in future trials. *CRW sponsored student The Role of Brachyury in Colorectal Cancer Jana Jezkova, Brian Shields and Jane Wakeman, NWCRF Institute, Bangor University, Department Biological Sciences, Bangor Cancer stem cells (CSC) are initiating cells in colorectal cancer (CRC) and other cancer types. Understanding the molecular events leading to the establishment of cancer stem cells, and how these mechanisms relate to cellular transitions during tumourigenesis is of great importance in the development of therapies to this disease. Using in vitro systems to simultaneously recapitulate changes in CRC cells at both the invasive front and central mass of tumours, we have identified a molecule called Brachyury which is exclusively expressed at the invasive front and imposes stem cell like characteristics on invading cells in a fully reversible manner. We have shown that Brachyury influences the expression of numerous markers of stemness in CRC, some of which have been previously linked to poor patient survival in clinical based studies. Work is ongoing to examine the importance of brachyury in patients with varying stages of disease and also investigation of the factors that drive expression and regulate its function. All money raised is spent in Wales 9 Role of Lymphocytes in the Generation of Tumour Immunity in Colorectal Cancer Scurr M, Smart K, Batha H, Davies M, Phillips S, Hargest R, Williams G, Christian A, Hockey T, Gallimore A and Godkin A Depts of Infection, Immunity and Biochemistry, Surgery, and Histopathology, School of Medicine, Cardiff University, Cardiff The immune system is involved in fighting infections using white blood cells (lymphocytes); however, there is strong evidence that these cells are also important in attacking abnormal cancerous cells. The purpose of this study is to examine the way lymphocytes recognise and attack tumours, and to explore the means by which the tumour suppresses these cells. Lymphocyte samples from patients with colorectal cancer have been analysed for their response to a tumour protein. In addition, lymphocytes in the tumour are being assessed for their functional capabilities and large groups of these cells have been found to hinder effective anti-tumour responses. The lab is now also focused on a phase II clinical trial where lymphocytes will be re-stimulated to attack tumour cells in patients. Enzymes on Cancer Exosomes Contribute To Immune Suppression Aled Clayton, Jason Webber, Saly Al-Taei, Zsuzsanna Tabi, Malcolm Mason CRW Laboratories, Velindre Cancer Centre, Department of Oncology, School of Medicine, Cardiff University, Cardiff Exosomes are very small and complex fat-bubbles produced and secreted by cancer cells. We have discovered that cancer exosomes contain two active enzymes on their outer shell (membrane) called CD39 and CD73. These perform simple chemical reactions to produce adenosine, a known immune cell mediator. We have shown that exosome-derived adenosine inhibits T cell proliferation and function, thereby, stopping the production of important immune activating cytokines that are responsible for mounting an immune response against the tumour. This work is the first of its kind showing enzymes as important components of exosomes which alter the cancerous environment to the tumours favour and further illustrates the complex ways in which cancers evade the immune system. Cancer Cell Exosomes Trigger Fibroblast Differentiation Resulting in Blood Vessel Formation Jason Webber, Zsuzsanna Tabi, Malcolm Mason and Aled Clayton CRW Laboratories, Velindre Cancer Centre, Department of Oncology, School of Medicine, Cardiff University, Cardiff The tumour site is complex, containing numerous cell types. These include cancer cells and other cell types such as fibroblasts and blood vessel cells. Cancer cells communicate with neighbouring cells by releasing exosomes. Fibroblasts at the tumour site are predominantly in

All money raised is spent in Wales 10 an active state. Normal fibroblasts can be activated by exosomes or growth factors such as TGF‚1 to become like those found at the disease site. Importantly, exosome-activated growth factors such as fibroblasts are unique in that they can trigger the formation of new blood vessels, whereas TGF‚1 alone cannot. This is the first study to demonstrate the role of exosomes in cancer-cell hijacking of normal fibroblasts, leading to the formation of new blood vessels that are necessary for tumour growth. Targeting HGF Mediated Tumour Angiogenesis Andrew Sanders, Malcolm Mason and Wen Jiang Metastasis and Angiogenesis Research Group, Department of Surgery, Cardiff University School of Medicine, Heath Park, Cardiff Angiogenesis is the process by which tumours form new blood vessels and is an essential mechanism to ensure advanced tumour growth and also provides cancer cells a means to escape the primary tumour and spread around the body. In general, a tumour may stop growing and remain indolent when it has reached a size of 3mm in diameter if there is no angiogenesis to provide nutrients and remove waste products from the tumour cells. Our current study is examining the potential of identifying and targeting genes involved in promoting angiogenesis mediated by Hepatocyte Growth factor (HGF), a key factor in enhancing the aggressive nature of cancer cells. Targeting of these genes in human endothelial cells (the major constitutive cell type of tumour blood vessels), could prevent the pro-angiogenic effects brought about by HGF. This strategy may provide future targets for anti-angiogenic therapies. HAVcR-1 Inhibitors and the Prevention of Metastatic Disease in Human Breast Cancer Tracey Martin, Wen Jiang and Malcolm Mason Department of Surgery and Clinical Oncology, Cardiff School of Medicine, Cardiff University, Cardiff Hepatitis A virus cellular receptor (HAVcR-1), is the receptor for hepatotropic picornavirus, which causes acute hepatitis A in humans and is located in the Tight Junction (TJ) of endothelial cells where it is thought to regulate their function. There is increasing evidence supporting the role of TJ proteins in preventing tumour cell spread. Our own data showed that high HAVcR-1 expression was correlated with poor survival of patients with breast cancer, suggesting that HAVcR1 is involved in the development and progression of human breast cancer. Therefore, HAVcR1 is a potential prognostic factor and therapeutic target in human breast cancer. We have recently identified two possible inhibitors of HAVcR-1 and are currently investigating the link between HAVcR-1 and TJs and how these are regulated by HGF in breast cancer. This provides a means of identifying how HGF and HAVcR-1 effect changes in TJ function. It appears from this work that HAVcR-1 has a unique function in the TJ of breast cancer cells and future work should provide further insights into the importance of correctly functioning TJ in preventing the progression of human breast cancer.

All money raised is spent in Wales 11 A Novel Anti-Angiogenesis Therapeutic Approach Targeting Capillary Morphogenesis Gene 2 (CMG2) Lin Ye, Malcolm Mason and Wen Jiang Metastasis & Angiogenesis Research Group, Department of Surgery, Cardiff Cardiff School of Medicine, Heath Park, Cardiff University, Cardiff This current project focuses on the development of novel therapeutic approaches aimed at disrupting the function of vascular endothelial cells involved in tumour related angiogenesis, through the targeting of a molecule called CMG2. We have examined the function of different fragments within the CMG2 vWA domain by over-expressing these fragments in vascular endothelial cells. As a result, specific peptides have been designed and tested and are shown to illicit significant inhibitory effects on both tumour growth and related angiogenesis in pre- clinical models of both breast and prostate cancers. These results support a novel approach for the treatment of cancer. However, further investigations are required to examine their safety and improve efficiency, before the generation of clinically relevant drugs. The Role of Matriptase-2 in Prostate Cancer Angiogenesis Siobhan Webb, Andrew Sanders, Li Ye, Malcolm Mason and Wen Jiang Metastasis & Angiogenesis Research Group, Department of Surgery, Cardiff University School of Medicine, Heath Park, Cardiff University, Cardiff Matriptase-2 is a newly identified family member of the transmembrane serine proteases (TTSP), enzymes that mediate a diverse range of cellular functions, including tumour invasion and metastasis but whose exact role in cancer remains poorly understood. This study aims to further elucidate the role of matriptase-2 in cancer development and progression. Expression levels of endogenous matriptase-2 were experimentally manipulated in human endothelial cells (HECV) and functional assays carried out to determine changes in their biological properties. The over-expression of matriptase-2 in HECV cells had no effect on growth or adhesion but significantly reduced their motile and blood vessel formation capacities. These results highlight the mechanisms by which matriptase-2 protects against cancer development in normal cells and tissues and suggests that matriptase-2 may help to prevent new blood vessel growth in tumours. Additional studies showed the experimental knock-down of matriptase-2 to have a regulatory function over beta-catenin in castrate-resistant PC-3 and DU145 prostate cancer cells but not in HECV cells. Investigation into the prognostic value of matriptase-2 in prostate cancer will be required.

All money raised is spent in Wales 12 Cancer Research Wales Library Llyfrgell Ymchwil Canser Cymru

The only specialist Cancer Library in Wales

Bernadette Coles - Librarian Anne Cleves - Assistant Library Manager

Cancer Research Wales funds 95% of the library’s service costs and 50% of our staff costs. CRW Library is the primary library service provider for Velindre Cancer Centre as well as serving other divisions of Velindre NHS Trust. The role of the library is to support all members of Velindre NHS Trust staff during the course of their work, continuing professional development and research activities. The library is also one of Cardiff University’s site libraries and provides support to staff and students of all health disciplines across Wales. The support provided by Cancer Research Wales also enables the library to support any health professional in Wales and other Welsh Charities with their cancer information needs. We provide: Access to Information The library currently subscribes to over 50 journal titles including 44 which are available in full text on-line. We also provide access to over 80 electronic cancer text books. Access to this vital resource cost over £65,000 in 2011. Access to Training The library offers an Information Literacy Training programme each year for both staff and students on a range of subjects covering how to find, assess and manage health information. We also contribute to the ‘Living with cancer’ education programme supporting cancer patients by running an evening session on finding reliable health information on the internet! Access to Evidence We find the most up to date evidence to provide answers for the staff to help them make the most appropriate decisions in the care of their patients. We also contribute to and provide access to the most reliable evidence based resources such as The Cochrane Library – we have actively contributed to 7 Cochrane Reviews this year and library staff have been co-authors on a further three scientific papers. Read our reviews at www.thecochranelibrary.com www.wales.nhs.uk/crwlibrary

All money raised is spent in Wales 13 Just some of our fantastic supporters ...

Team Hope Wales In March 2011, 8 runners known as ‘Team Hope Wales’ took on a 440 mile relay challenge in 4 days, running from Cardiff Bay to Anglesey and back! This incredible team doubled their efforts in 2011, as in 2008 they completed the challenge from Anglesey to Cardiff for Cancer Research Wales - the team have made an amazing difference to our research projects, as well as encouraging others to take on personal challenges for CRW. Orllwyn Teifi Vintage Show, Llandysul Penny Farthing Appeal, Llandysul Aberdare Show

Old Chemist Inn, Saundersfoot

Llanelli Surf Life Saving Club

Amy Hughes Committee, Coleg Morganwg Briton Ferry Sponsored Walk, Pontypridd All money raised is spent in Wales 14 Help us increase the dots for next year

Karen Smith’s Pamper Night Newtown The ladies of Newtown were treated to a night of pampering and glamour, as local beauty salons and businesses came together to create a special night in March 2011 for Cancer Research Wales. Brecon and Sennybridge Committee

Merthyr to Brecon Motorcycle Ride Welsh bikers enjoyed our Welsh scenery in one of Wales’ most beautiful settings between Merthyr Tydfil and Brecon, taking in the wonderful Brecon Beacons. Crickhowell Committee Rita & Roy’s Line Dancing Committee, Pontypool Llanharan Support Group, Pontyclun

Llanishen Branch, Cardiff

The Grove Golf Club,Porthcawl Dance Crazy Walk, Cardiff All money raised is spent in Wales 15 Why do we fund pioneering cancer research? Why are we so proud of our leading scientists and their ground breaking achievements? Because with each step forward, with every accolade, publication and advancement we are helping those affected by cancer. We are improving treatments, looking for better diagnosis and ultimately saving lives. Above all else it is people who are important to us. The funds which you raise are improving the lives of those faced with cancer right now and with additional funds we can make a greater difference, we will save more lives. Our supporters are key to the success of Cancer Research Wales, without you there would not be a charity. There wouldn’t be our successful research projects at centres such as Velindre hospital, Singleton hospital or at Swansea, Cardiff or Bangor Universities. Cancer Research Wales is your charity - a truly welsh charity for the people of Wales. We are proud to continue to guarantee that all money raised is spent in Wales. Llanharan Support Group, Legacies Pontyclun Making a lasting difference Its not surprising that so many people are passionate about supporting cancer research projects, we are all affected by cancer in someway, whether directly or through a close friend or family member. Gifts left to Cancer Research Wales in legacies are being used so that we can reduce the dreadful affects of cancer, and today our research is saving lives. The work which you have read about could not have been possible without public support - Welsh people helping Welsh people. Amy Hughes Committee, Briton Ferry When you come to think about your lasting wishes, please think of Cancer Research Wales. A gift, large or small could allow potentially life saving research to be funded. Your legacy can make a lasting difference. For further information on legacy giving or advice on writing a will, please visit our new website www.cancerresearchwales.co.uk or contact us on Tel: 029 2031 6976 Rita & Roy’s Line Dancing Committee, Pontypool

All money raised is spent in Wales 16 Committees

Groups of friends, family members or colleagues have been coming together for many years to raise funds for Cancer Research Wales. Representing Cancer Research Wales in the community, our committees raise significant funds for the charity, they create wonderful social events in their local areas and make a massive difference to the fundraising capabilities of the charity. Thank you to these special volunteers who work tirelessly to support our research projects. A committee can start from an informal group of friends, who come together to organise an event or activity. Some of our committees organise a range of events throughout the year, others perhaps one or two - all support is gratefully received.

Brecon and Sennybridge Committee Crickhowell Committee

Llanishen Branch, Cardiff Penny Farthing Appeal, Llandysul

Make a difference today...Cancer Research Wales are always keen to develop new groups and committees. Could you organise an event with your friends or family? Please give us a call on 029 2031 6976 and speak to a member of the fundraising team.

All money raised is spent in Wales 17 Adventures with Cancer Research Wales Skydives, Overseas Treks and Cycle Rides Every year we are amazed by the adventurous people who challenge themselves to raise funds for Cancer Research Wales. If these fantastic supporters inspire you to take on a personal challenge then contact us for more information on Skydives, Overseas Treks and Cycle Rides. Skydives & the Cancer Research If you have Wales Skydive Day an original idea or a Sue Hughes’ Wing Walking special Sue created the Amy challenge Hughes Committee after in mind, let the sad loss of her 17 year us know. old daughter to cancer, We may be this event was a special able to way to remember Amy. support your activity or pass on advice.

Pauline Eastman’s Kilimanjaro Trek

Sue Prosser & Margaret Thomas’ Eirian Redmayne’s China Trek Costa Rica Trek All money raised is spent in Wales 18 Marathons, Runs, Cycle Rides and Challenges

St David’s Run

In March 2011 we were thrilled to work with British Military Fitness, as their chosen charity for the St David’s Run in Bute Park, Cardiff.

London Marathon

Sharon Bonetto Angharad Brown & Vicky Woodsford

All money raised is spent in Wales 19 Charity of the Year

Mayor of Torfaen

Cllr Tom Huish chose Cancer Bridgend Male Choir Research Wales The award winning choir chose as one of his Cancer Research Wales to benefit charities for his from their special anniversary year of office, concert in Pontycymmer, which raising £4,000 was hosted by our Patron for our charity. Huw Edwards.

In January 2011 Queens Arcade Cardiff, chose Cancer Research Wales as their charity of the year, allowing us to meet their shoppers and promote events in the centre. Antur Insurance, Swansea All money raised is spent in Wales 20 Annual Events Bike Ride

Make a difference today... if you would like to take part in the CRW Bike Ride then please contact us on Tel: 029 2031 6976, then as soon as entry forms become available we will send further details to you regarding our next event.

Cyclists took to the roads and cycle tracks of Cardiff for the 2010 Cancer Research Wales Bike Ride. With close to 300 people completing the 26 mile route, which starts at the Pendragon Inn in Thornhill, Cardiff and takes a route around Lisvane, Marshfield, Cardiff Bay and part of the Taff Trail before returning to the Pendragon, for live music and a barbecue. This annual event could not be possible without our many volunteers who marshal at this event in order to create a safe and fun day for our supporters. A special thank you must also go to Reg Braddick Cycles of Broadway, Cardiff for providing £100.00 worth of store vouchers to the person who raises the most sponsorship money for this event each year. In 2011 to ensure the safety of participants and to limit the use of open highways, we decided to change the Bike Ride Route (which now starts at the Cardiff High School Old Boys Club), we would however like to thank our friends at the Pendragon Inn for their many years of support, this annual event could not have been possible without your unfaltering support. Thank you All money raised is spent in Wales 21 The coastlines of Swansea Swansea, Cardiff and Llanelli were a wash in pink and blue, for our annual Pink-a- Blue Walks for prostate and breast cancer research in Wales. These events are for the whole family, with men, woman and children walking 4 miles (usually in fancy dress) for a great cause.

Cardiff Llanelli

All money raised is spent in Wales 22 Open Day

Each January we invite our supporters to our Laboratories in Velindre Cancer Centre, to meet our scientists, visit the labs and hear about the projects which they are helping to fund. Our supporters are always amazed and very proud of the fantastic work which is taking place right here in Wales. As we always say - this research is only possible because of their support!

Every November we hold our Clothes Sale in association with Beulah Dress Agency of Rhiwbina, Cardiff. The event is a great opportunity to pick up a designer bargain or perhaps a fabulous Christmas outfit for the party season. Thank you to Beulah Dress Agency for donating clothing to this event every year, and for giving up time to support this annual Clothes Sale. All money raised is spent in Wales 23 The annual Cancer Research Wales and Welsh Water Championship Fly Fishing Competition is held at the beautiful Llandegfedd Reservoir near Pontypool. Anglers from all over Wales travel to take part in the competition which has become part of the angling calendar. Anglers enjoy a great day's fishing, with an opportunity to fish from boats or the bank. We would like to thank local angling shops and fisheries for donating a range of prizes to this event. A special thank you must be given to Welsh Water for sponsoring this event. Fishing Competition

Make a difference today... If you would like to receive details on our next Fly Fishing Competition please contact us.

All money raised is spent in Wales 24 Golf Days

Each year at the idyllic Llanishen Golf Club in Cardiff we hold the Cancer Research Wales Golf Day. Our supporters enjoy this beautiful course, along with a wonderful meal prepared by our Llanishen Committee. Thank you to all who support this annual event. We are very fortunate to benefit from many golf days which are independently organised by our dedicated supporters. Thank you to those groups and individuals who organise Golf Days on behalf of Cancer Research Wales. Grove Golf Club, Porthcawl

All money raised is spent in Wales 25 Christmas Gift Wrapping Service

Fabulous wrapping paper - check, miles and miles of ribbon - check, a band of eager gift wrapping volunteers - you better believe it! Every year we take over spaces at Welsh shopping centres, as we wrap Christmas gifts for shoppers in return for a donation of their choosing. Cardiff Shoppers supported Cancer Research Wales at the Queens Arcade Gift Wrapping Service and took one of the stresses out of Christmas shopping. Even faced with extreme weather conditions, as the country was covered in a blanket of snow, our wonderful volunteers worked tirelessly to wrap, decorate and ribbon up a range of gifts.

St Tydfil’s Shopping Centre, Merthyr Tydfil We were thrilled to meet our supporters in the Merthyr Tydfil area and wrap gifts that were soon to be placed under the Christmas Tree. Thank you to our volunteers and to shoppers for using the Christmas Gift Wrapping Service.

Make a difference today... How are your gift wrapping skills? Would you like to join in the festive cheer and wrap gifts on the run up to Christmas. Contact us today, and we will include you on our volunteer list, when an event becomes available in your area you will be the first to know!

All money raised is spent in Wales 26 A Special Event

We have always been proud of our research projects, in December 2010 we were thrilled to organise a special event to support our Ovarian cancer research - The Cancer Research Wales Dirty Dancing Screening in Cardiff. Welsh Woman (for some reason no men purchased tickets!!) relived the dance moves of Patrick Swayze and Jennifer Gray, and remembered that ‘no one puts baby in the corner’. As well as experiencing the classic film, guests enjoyed pink cupcakes, the odd glass of champagne and entertainment from Debbie Chapman’s dancers.

All money raised is spent in Wales 27 Our Supporters We are always amazed by the hard work and dedication of our supporters, who are so keen to make a difference to cancer research projects in Wales. Their fundraising projects and activities bring much needed funds to the charity and inspire others to get involved, to make a difference and be part of Cancer Research Wales. We hope that some of these amazing supporters will inspire you...

Bombay Mix Indian Food Event

Curves Pentwyn, Cardiff Jayne Bunston & Claudia Pointon Boycezone

Nigel O’Shea, Bollywood Night

Chris Powell Calendar Shows & Summer Events Throughout the Summer we attend various fetes, fairs and shows, promoting the great work of the charity, raising funds and meeting our supporters. National Eisteddfod Ebbw Vale In 2010, Ebbw Vale was the venue for Wales’ leading cultural event, the National Eisteddfod. Our bilingual and Welsh Christmas Card range for 2010 was on sale at the event.

Royal Welsh Show For the first time, Cancer Research Wales took a stand at the Royal Welsh Show in Builth Wells. We were thrilled to meet our supporters, who made the trip to the agricultural show from all over Wales.

All money raised is spent in Wales 30 Cancer Research Wales Weddings In Spring 2011 just like the rest of the UK, we were in wedding fever - not because of a certain royal wedding but because we opened our very first Bridal Showroom on the first floor of our Penlline Road shop, in Whitchurch, Cardiff. Showcasing new and pre-worn wedding dresses, as well as accessories and mother of the bride/groom outfits, the Cancer Research Wales Bridal Suite has become an instant hit with Welsh brides. As well as making great savings on their wedding dress, brides are also remembering a special charity on their special day. Following the opening of the Cancer Research Wales Bridal Suite, we have joined forces with a handful of corporate partners to offer various elements to your wedding. Each of these suppliers will give a donation to Cancer Research Wales in your name, should you wish to use them for your special day. More details are available on our website Park Plaza Hotel, Cardiff If you decide to book your wedding with the Park Plaza, and enjoy the benefits of this luxury venue for your big day, the hotel will make a 5% donation to Cancer Research Wales, simply speak to their wedding coordinator on Tel: 029 2011 1111 and remember to mention the charity

All money raised is spent in Wales 31 Cancer Research Wales Shops

The Cancer Research Wales Shops are a great source of income for Cancer Research Wales, positively promoting the work of the charity on the high street and allowing us to raise vital funds. It is the Cancer Research Wales Volunteers who are the heroes of our Charity Shops, they make our shops possible, they provide the charity with a skilled and dedicated workforce. We truly appreciate their dedication and support. The Association of Charity Shops awarded our volunteers their coveted ‘Highest number of volunteer hours’ award at their annual conference. Shop Managers Sarah Callow and Steph Tanner were thrilled to accept the award on behalf of our volunteers.

55 Penlline Road,Whitchurch, Cardiff. Merthyr Road, Whitchurch, Cardiff.

Castle Court Shopping Centre, Caerphilly. Taff Street, Pontypridd. All money raised is spent in Wales 32 The Cancer Research Wales Boutique

In June 2010 we opened our first Boutique ‘pop up shop’ at Capitol Shopping Centre in Cardiff. For just 5 weeks, shoppers in Cardiff enjoyed designer shopping at this special temporary shop. With donations from Welsh celebrities, the Cancer Research Wales Boutique was a hit with Cardiff’s fashionistas. Roland Mouret Dress donated by model & presenter, Danielle Linekar.

Make a difference today... Volunteering can be rewarding and enjoyable, you are guaranteed to meet great people and will make a difference to Welsh research. If you could spare a few hours a week and would like to become a Cancer Research Wales volunteer please call 029 2031 6976. Pontypridd Shop Opening

In October 2011 our latest shop in Pontypridd was officially opened by the Mayor of Rhondda Cynon Taff and Cardiff Blues player, Rhys Thomas. All money raised is spent in Wales 33 Acknowledgements Cancer Research Wales is very Margaret E.A. Davies Averil P Rawsthorne grateful for the Legacies William Iorweth Davies Yvonne Eveline Ann Roynon received in the financial year Ada H Evans Beryl Yvonne Sketch 1st April 2010 to 31st March Teresa Claire Evans Alice Snow 2011. Megan Mary Foster Elizabeth Taggart Patricia Jean James Valmai Thomas Legacies have been received Marian Jane Jenkins Thelma Thompson from the following Estates: Ovida M Jenkins Bessie Irene Tuckfield Lynne E Bull Irene Mary MacGregor Cathrina M Wassell Pamela Coleman Barbara Esther Morgan Sheila Williams Elizabeth Lucy Davies William Henry Charles Price

fundraising events, photographs and much more. Website You can now even create your own 'My CRW In January 2011 we launched the new Cancer Page', which you can link to Facebook and Research Wales Website www.crw.org.uk online sponsorship forms. Our new and improved site has up to date Why not sign up for the Cancer Research information on our research projects and Wales newsletter and be the first to hear press clippings, as well as details on about the latest news and events. Our supporters from every corner of Wales make the work of our charity possible. There are not enough pages to mention everyone who is responsible for the fantastic funds raised, we hope that this year’s annual report will inspire you to get involved and be part of our aim to improve care of cancer patients in Wales by supporting world class cancer research and education. All money raised is spent in Wales 34

Report of the Independent Auditors to the Trustees of Cancer Research Wales

We have audited the financial statements of Cancer Research Wales for the year ended 31 March 2011. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charity's trustees, as a body, in accordance with Section 43 of the Charities Act 1993 and regulations made under Section 44 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustees and auditors As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view. We have been appointed as auditors under Section 43 of the Charities Act 1993 and report in accordance with regulations made under Section 44 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements.

All money raised is spent in Wales 36 Opinion on financial statements • give a true and fair view of the state of the charity’s affairs as at 31st March 2011 and of its incoming resource and application of resources for the year then ended. • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and: • have been prepared in accordance with the requirements of the Charities Act 1993

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 1993 requires us to report to you if, in our opinion: • the information given in the Report of the Trustees is inconsistent in any material respect with the financial statement: or • sufficient accounting records have not been kept: or • the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we require for our audit.

Watts Gregory LLP Chartered Accountants & Statutory Auditors Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS

All money raised is spent in Wales 37 Statement of Financial Activities For the year ended 31 March 2011

2011 2010 Unrestricted Total Funds Funds INCOMING RESOURCES £ £

Incoming resources from generated funds Voluntary Income 1,155,300 713,197 Activities for generating funds 816,071 667,799 Investment Income 48,523 53,828

Total Incoming Resources 2,019,894 1,434,824

RESOURCES EXPENDED Costs of generating funds Costs of generating voluntary Income 159,416 182,317 Fundraising trading: cost of goods sold and other costs 226,462 163,342 Charitable activities Research projects 574,251 779,077 Provision of research library 109,299 102,223 G overnance Costs 4,638 4,198

Total Resources Expended 1,074,066 1,231,157

NET INCOMING/(OUTGOING) RESOURCES 945,828 203,667 Other recognised gains/losses Gains/losses on investment assets 78,154 458,391

Net movements in funds 1,023,982 662,058

RECONCILIATION OF FUNDS Total funds brought forward 1,048,755 386,697

TOTAL FUNDS CARRIED FORWARD 2,072,737 1,048,755

All money raised is spent in Wales 38 Balance Sheet For the year ended 31 March 2011

2011 2010 Unrestricted Total Funds Funds FIXED ASSETS £ £ T angible assets 18,650 20,600 Investments 2,700,375 1,705,410

2,719,025 1,726,010

CURRENT ASSETS Stocks 16,855 16,348 Debtors: amounts falling due within one year 307,518 453,284 Cash at bank 875,879 1,236,060

1,200,252 1,705,692

CREDITORS Amounts falling due within one year (429,520) (236,268)

NET CURRENT ASSETS 770,732 1,469,424

TOTAL ASSETS LESS CURRENT LIABILITIES 3,489,757 3,195,434

PROVISIONS FOR LIABILITIES (1,417,020) (2,146,679)

NET ASSETS 2,072,737 1,048,755

FUNDS Unrestricted funds 2,072,737 1,048,755

TOTAL FUNDS 20,72,737 1,048,755

All money raised is spent in Wales 39 Summary Graph

INCOME

LEGACIES £865,044 INVESTMENT INCOME & INTEREST £48,523 CHARITY SHOPS £366,508 DONATIONS £290,256 FUNDRAISING £449,563

TOTAL £2,019,894

EXPENDITURE

GOVERNANCE COSTS £4,638 FUNDRAISING TRADING COSTS £197,963 COSTS OF GENERATING VOLUNTEER INCOME £187,915 CHARITABLE OBJECTIVES £683,550

TOTAL £1,074,066

Reserves The charity's reserves as at 31st March 2011 stood at £2,072,737. However, subsequent to the year end, the charity committed additional future grants not shown in the accounts totalling £2,326,996. These commitments will be funded out of reserves and planned future surpluses over the next three to five years.

All money raised is spent in Wales 40