2023/24 in review: Cancer Research UK powers progress in challenging economic climate

Over the last financial year, Cancer Research UK has made significant steps towards achieving its vision of bringing about a world where everyone can live longer, better lives, free from the fear of cancer, as outlined in the charity’s latest Annual Report and Accounts, which were published today.

“Every day, we see the impact of our vital work on those affected by cancer and their loved ones,” said Michelle Mitchell, chief executive of Cancer Research UK.

“But none of this would’ve been possible without the generosity and commitment of our supporters, as well as the tireless work of our volunteers, partners and staff – so we want to say a huge thank you to them.”

Driving impact for patients

Cancer Research UK continues to deliver significant impact for cancer patients and their loved ones, driving progress to see major advances in the understanding, prevention, diagnosis and treatment of cancer from its world-class portfolio of research.

Over the last financial year, two new drugs that Cancer Research UK helped to develop – Akeega™ for prostate and breast cancer and Truqap™ for HR-positive breast cancer – were approved and released for use.

Cancer Research UK supported trials have also provided promising results. The INTERLACE trial brought a breakthrough in cervical cancer treatment, with results showing that giving people with cervical cancer a short course of chemotherapy before starting standard treatment cuts the risk of death or the disease returning by 35%.

Meanwhile, new findings from the STAMPEDE trial have helped unlock new information about prostate cancer, providing clear evidence that adding the cancer drug Abiraterone to the current standard hormone therapy benefits people with prostate cancer at the early stages of the disease and once the cancer has already spread.

To add to this, the charity’s flagship lung cancer study, TRACERx, made major advances in understanding how lung cancer evolves, spreads and resists treatment over time in seven new papers published in one month last year.

With the launch of Cancer Research UK’s Smokefree UK campaign in July 2022, the charity, along with its partners, has been continuing to call for government action on tobacco. So, the charity was pleased when plans were announced to progressively raise the age of sale of tobacco products to create the first smokefree generation – a bill which is now being supported by the UK Government.

Additionally, the charity continues to reach people with trusted expert information. Last year, the About Cancer area of Cancer Research UK’s website was visited 52 million times by more than 24 million people around the world.

Supporting cutting-edge research

Cancer Research UK is the world’s largest charitable funder of cancer research, spending £399m on research in the financial year of 2023/24. This includes £93m on research relevant to all types of cancer and £84m on basic research to understand the fundamental biology of cancer.

The charity is also the biggest charitable funder of research into children’s and young people’s cancers in the UK, spending £19.9m on research specific to cancers that affect 0-24-year-olds.

Key figures from the Annual Report and Accounts include:

Income was £684m, which is the second highest over the past five years, following an exceptional year in 2022/23 when the charity received a particularly generous £44m legacy gift.

The charity continues to widen its sources of income via activities such as social media challenges, and in February 2024 launched More Research, Less Cancer – the largest-ever philanthropic campaign for a UK based charity with the aim of raising £400m.

A tough economic climate

These successes have been achieved against the backdrop of a tough external environment, which includes the continued cost-of-living crisis and inflationary pressures affecting the charity’s costs, ability to raise money and eroding the value of each pound spent on research.

Cancer Research UK is facing these challenges head on, including making investments in digital transformation that will lead to future income growth and keeping a resolute focus on increasing impact and effectiveness.

Despite these challenges, the charity continues to deliver well on its 10-year strategy, with continued good progress and impressive impact across the five focus areas – discover, translate, engage, partner and sustain. It also remains on track to deliver on its aim to invest £1.5bn on research from 2021/22 – 2025/26.

Continuing to push for progress

While the charity is pleased with its overall financial performance and progress, it remains deeply concerned about the situation facing cancer patients across the UK.

Prior to the general election this year, Cancer Research UK published Longer, better lives: A manifesto for cancer research and care, which set out how to improve cancer outcomes.

“Despite more people being treated than before – and NHS staff working tirelessly – many people are waiting longer for tests and treatments than ever before across the UK,” said Mitchell.

“This is unacceptable and we’re calling on the UK Government to publish a 10-year cancer strategy for England – this will be essential in ensuring patients get the care they need and deserve.”

Scotland and Northern Ireland have recognised the need for long-term cancer strategies, with both nations having 10-year cancer specific strategies. Implementing them in full is challenging, so full funding and clear focus is needed to ensure better cancer outcomes. Wales has a 3-year cancer specific improvement plan and we hope to see the Welsh Government introduce an even longer-term cancer strategy post 2026. This leaves England as an outlier.

The challenges in cancer care need addressing, but looking ahead, Cancer Research UK remains optimistic that new discoveries and treatments will continue to improve survival rates.

“What gives me, and all of us, hope, is the opportunity that lies before us,” said Mitchell.

“Advances in data, AI and genomics, have created a unique opportunity to transform cancer prevention, diagnosis and treatment in the next 10 years.

“Understanding of cancer is improving every day and there is excitement among the research community to utilise new tools to go further and faster, ultimately helping to improve outcomes for people affected by cancer.

“By mobilising our researchers, clinicians, supporters, staff, volunteers and partners, we will continue powering progress for patients in the years to come.”