MISSION in action ANNUAL REPORT 1 July 2014 – 30 June 2015
Message
FROM OUR CHAIR More than three years ago, the Foundation re-defined its strategy and set a new mission that focused on ‘accelerating treatment options to brain cancer patients’. We embraced collaboration, sharing of knowledge and forged connections with the world’s brightest minds. ‘Design thinking’ became the new language, guiding us to look for solutions outside comfort zones. The goal was to change the status quo for patients. I am immensely proud of what the Foundation has achieved. As you read through the following pages of the report, I invite you to reflect on the work of the Foundation. We are doing well in important areas that are critical if we are to make a difference. What started out as an aspiration to change the ‘status quo’ is quickly becoming a reality with the recent announcement of the first global adaptive clinical trial in the history of brain cancer. Launched in November 2015, at the National Press Club, Washington DC, this global trial signifies exciting times ahead. It’s a time of great challenge and opportunity in the advancement of science. As I watched the launch, it became apparent that this was a truly extraordinary moment with eminent leaders in their field who had come together for the common good, as a connected whole. It was also extremely moving to see our CEO, Catherine Stace, as one of the panel speakers. Cure Brain Cancer Foundation is a proud funding partner of this trial, known as GBM AGILE. What is significant is that GBM AGILE will ‘raise the bar for clinical trials’ and create a better system for identifying new treatments. This trial forms the basis for the emerging approach of precision medicine and will produce results faster. It could transform the way new treatments are developed for diseases globally. GBM AGILE is historic and a game changer. This is what our mission at Cure Brain Cancer Foundation is all about. I am extremely proud to be working alongside such a talented and committed Board of Directors and first rate Management and Staff team. The Foundation has continued to grow revenue and has increased research grants paid by 53%. It has also committed a further $9.5 million to research over the next 5 years. Much still needs to be done and with your help, I am confident that we can deliver our mission of increasing five year survival. We are all privileged to be part of the next phase of growth for the Foundation that will radically alter outcomes for patients. We continue to be honoured to share this journey with our wonderful and generous donor community. Thank you for your support. We strive for the day when brain cancer patients have choices.
Joanne Quin Chair, Board of Directors Cure Brain Cancer Foundation
Mission in action MESSAGE FROM OUR CEO
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Australia’s leading brain cancer organisation
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PILLAR ONE
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Research PILLAR TWO
Engagement & Advocacy PILLAR THREE
Awareness PILLAR FOUR
Fundraising & Marketing PILLAR FIVE
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Financials & Governance
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Coming up in 2015-16
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Acknowledgements
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Director’s Report
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Financial Report
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Mission in action: Annual Report 2014-2015 / 1
MISSION in action
3 year transition strategy
FROM OUR CHIEF EXECUTIVE OFFICER As we begin to yield significant results from our three-year transition strategy, we close the 2014-15 financial year in a strong position financially, strategically and operationally. Our overarching strategy is to lead with a whole systems approach to brain cancer research, intervening where necessary to course correct and compress time to mission. This demands both a disruptive and innovative approach with global collaboration. The best way to tackle a shared problem is through collaboration, facilitating the emergence and intersection of networks that plug us into insight, influence, knowledge and action.
The more aligned we are all becoming, the less agitation, noise and resistance we are witnessing. We commend those organisations willing to collaborate, as they are putting aside strategic differences to serve the highest needs of people with brain cancer, at the same time as honouring those who have died from the disease. Cure Brain Cancer Foundation has a robust, relevant and innovative strategy that is designed as an inclusive self-organising proposition to the community where everyone has a role to activate. We encourage other brain cancer organisations to leverage and mobilise around this strategy, building momentum to increase survival. The Foundation’s Operations team, led by our extraordinary Chief Operating Officer Matthew Browne, exercises strong financial management with good governance. During the transition years we have been careful to balance financial performance, research investment and operational costs. Once our transition is complete we expect to realise our full potential, as costs are contained and revenue continues to grow. To keep abreast of (and leverage) the rapid advances occurring across research, technology and philanthropy, we need to peer into the future and foster cross-industry relationships with innovators and disruptors. The Foundation is agile enough to embrace rapid change, which requires communicating with and educating staff and supporters to ensure there is clarity and confidence in our strategy. The Foundation funds a precision medicine model and advocates a pan-cancer approach, with an emphasis on biomarker identification, sharing of data and repurposing drugs. We also prioritise funding across the research pipeline to ensure discoveries keep coming through. This requires intervention across the entire system including, reframing the role of research as an enabler of translational research, advocacy for early and continued access to experiential treatments and ethics approval for new designs of clinical trials matched to a precision medicine model.
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Values
Audit of brain cancer research and funding systems.
The Foundation’s role as host establishes, supports, facilitates and empowers self-organising collaborations which help us achieve our mission.
Message
Momentum, awareness & fundraising increases.
Brain Cancer Discovery Collaborative in place.
Year 3 2015/16
Culture Strategic Priorities
New strategic direction, research strategy and national operations roll-out.
Year 1 2013/14
Operational Excellence
Advocacy yields Government support.
Strategic fundraising and engagement programs.
Engagement with stakeholders, influencers and Government aligned to new strategy.
Year 2 2014/15 New research investment. 2 x clinical trials. 9 research projects funded.
Community mobilisation.
Mergers and collaborations.
Clinical trial results drive science. More Australian patients on trials. Raise $10m per annum.
Name change and national re-brand.
Establishment of Scientific Advisory Committee.
We are helping to lead the national research agenda for future-ready systems that will reduce the burden of cost on our Government and optimise the Medical Research Future Fund. Our submissions to the Australian Government advocate a pan-cancer and precision medicines approach and we are hopeful the Government will adopt and deploy our recommendations in unison with other groups advocating a similar approach. Our dedicated Board and Executive Committee are working diligently to reframe brain cancer research in Australia. What has held brain cancer research back for the past 30 years has propelled us forward. We are agile, non-traditional, and not afraid to challenge the system and status quo. Our commitment to children and adults with brain cancer demands nothing less as the current situation is unacceptable. As such, we encourage other cancer and disease research organisations to transition from traditional to innovative strategies. I couldn’t be more proud of our exceptional team spanning our Executive Committee, research, brand & communications, engagement & advocacy, administration, operations, as well as fundraising & marketing including events, major gifts, legacies, corporate partnerships, Trusts & Foundations, donor management, national campaigns, and digital. Along with our supportive and visionary Board and Founder, we are a tight unit with minimal staff turnover. We are all fiercely compassionate and dedicated to the cause. We are all focused on achieving our mission.
Supporters and people with brain cancer can be assured that we are going about our work boldly and diligently, taking calculated, exponential steps to accelerate treatments to every child and adult with brain cancer. We are so deeply grateful to our wonderful community who continue to contribute in so many ways. The inspirational Dr Anna Barker, who is leading a global brain cancer coalition focusing on innovative trial design – GBM AGILE, of which we are an integral part, often says ‘if you don’t need the recognition you can change the world’. As you read this, please know that your contribution is helping to change the world and while we may not be able to recognise you all publicly or sometimes even personally, we acknowledge and thank you. It takes a community of committed people to cure brain cancer and we are so grateful to have you with us on our mission.
Catherine Stace Chief Executive Officer
Mission in action: Annual Report 2014-2015 / 3
AUSTRALIA’S LEADING BRAIN CANCER ORGANISATION In 2014-2015, Cure Brain Cancer Foundation consolidated its three-year transition strategy, enabled by our comprehensive research strategy, significant generation of funds and investment in priority research, the strength of our local and global collaborative efforts, the increasing awareness of brain cancer and its impact on Australian children and adults, our operational transparency and our willingness to take risks on behalf of people with brain cancer. We invested in operational support and resources across five pillars of focus with interconnected purpose to achieve our mission: Research, Engagement & Advocacy, Awareness, Fundraising & Marketing and Governance. To examine and fund the entire research pathway to address targeted questions, remove blockages and increase access to treatments for people with brain cancer
To enable the brain cancer community to galvanise a united voice, and provide a platform to rally all tiers of government, impact policy makers, and other stakeholders
THE FOUNDATION’S EXECUTIVE COMMITTEE The Executive Committee, leading a national team of 21 people, brings the Foundation’s strategy to life and ensures continued focus on our mission to increase five-year survival to 50% by 2023.
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RESEARCH ENGAGEMENT & ADVOCACY
FINANCIALS & GOVERNANCE
AWARENESS To grow share of voice for brain cancer and Cure Brain Cancer Foundation and increase understanding of the impact of brain cancer on society
FUNDRAISING & MARKETING
Ensure maximum brand reach amongst target audiences to ensure Cure Brain Cancer Foundation is top-of-mind for charitable donations, to grow evolving revenue streams and provide variety for the brain cancer community to participate in activities that ultimately yield funding for the Foundation 4 / Cure Brain Cancer Foundation
To ensure the operations of the Foundation are logical, governed and sustainable and that all decisions regarding investment of funds are unbiased and independently assessed
Catherine Stace CHIEF EXECUTIVE OFFICER
Underpinning all that we do is the power of collaboration, enabling the Foundation to take on the role of ‘host’ to bring future ideas into the present and iterate knowledge as soon as it becomes known, and then build networks to the source of this knowledge, which keeps us agile and relevant. We are a powerful global force that is true to our mission. - Catherine Stace, CEO, Cure Brain Cancer Foundation
Michelle Stewart
Barrie Littlefield
Julia Schaefer
Matthew Browne
HEAD OF RESEARCH & COMMERCIAL STRATEGY
HEAD OF ENGAGEMENT
HEAD OF MARKETING & COMMUNICATIONS
CHIEF OPERATING OFFICER AND COMPANY SECRETARY
Mission in action: Annual Report 2014-2015 / 5
RESEARCH PROGRAMS PILLAR ONE
RESEARCH
In 2014-15, the Foundation reiterated its research vision and consolidated funding of research programs across basic, translational and clinical disciplines. Discovery Funds
Paediatric Research
To incorporate early stage research in order to further develop fundamental understanding of brain cancer.
To work on tumour types that are specific to children and research that is applicable to paediatric forms of brain cancer.
Biomarker Discovery Program 2014-15 has been an extraordinary year for brain cancer research in Australia, with Cure Brain Cancer Foundation taking an active role in connecting the whole system of science. The world is uniting to overcome the complex and systemic barriers that are holding back advances. Cure Brain Cancer Foundation is a key player in this global movement and we have developed a research model that will give Australians with brain cancer the potential for earlier access to promising treatments. This patient-centric model is one that is attractive and compelling to fund.
To develop existing biomarker knowledge and identify additional brain cancer markers to support the development of personalised therapies.
Brilliant Minds To support the next generation of young brain cancer researchers with an early-stage career fellowship and communications programs.
Immunotherapy in Action To invest in immunotherapy, a growing field of cancer research that has shown promising results in other cancers such as melanoma.
Clinical Trials Stimulus Program To support the vision that every person with brain cancer in Australia can access new quality treatments through world-class clinical trials.
We believe that the best medicine is personalised. The right treatment for each patient. By taking a pan-cancer approach to treatments, we can repurpose drugs which are effective in other cancers to trial in brain cancer, more quickly identify novel targets and use big data to connect molecular targets with existing clinical knowledge. This approach will significantly reduce time and cost and increase access to potential new treatments for brain cancer.
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The time has come to put aside differences, share information and collaborate rather than compete. I am happy to say this is now happening in brain cancer research. There is no time for complacency, pessimism or procrastination. It is time to put patients first. – Michelle Stewart, Head of Research Strategy
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Mission in action: Annual Report 2014-2015 / 7
RESEARCH INVESTMENT Over the past financial year, Cure Brain Cancer Foundation invested more than $2.84 million in research and has committed an additional $9.54 million over the next five years. The projects funded by the Foundation include collaborations spanning 40 institutions, six Australian states and five countries. Most importantly, 2014/15 marked the inaugural year for competitive grant rounds, for which Cure Brain Cancer Foundation executed research contracts totalling $2.2 million across nine research projects. The grant applications were assessed by our internationally-renowned Scientific Advisory Committee, which decided on research projects expected to deliver the greatest impact to people with brain cancer.
2014-15 grants Overcoming resistance to antibody-drug conjugates in glioblastoma patients
Targeting the epidermal growth factor receptor in high-grade glioma
Project Lead: Prof Andrew Scott, Ludwig Institute for Cancer Research, Austin Health, VIC
Project Lead: Prof Terry Johns, Hudson Institute of Medical Research, VIC
Principal Investigator: A/Prof Hui Gan, Ludwig Institute for Cancer Research, Melbourne
Co-Investigators: Dr Jacqueline Donoghue, Hudson Institute of Medical Research, VIC, Dr Tim Adams, CSIRO, Prof Paul Mischel, Ludwig Institute for Cancer Research, San Diego
Co-Investigator: A/Prof Alexander Dobrovic, Ludwig Institute for Cancer Research, Melbourne An exciting potential new treatment for glioblastoma is ABT-414, an antibody drug conjugate targeting EGFR on GBM cells. This project aims to explore mechanisms of resistance to ABT-414 to accelerate the development of new treatments.
The epidermal growth factor receptor (EGFR) is a protein that is genetically altered in more than half of all high grade gliomas. Different forms of EGFR are found in these tumours and Prof Johns’ group will use patient cells to identify which are resistant to EGFR-targeted drugs. Then, they will determine the mechanisms of resistance and how to reverse it.
VERTU clinical trial (VEliparib, radiotherapy and Temozolomide trial in newly diagnosed unmethylated MGMT glioblastoma) Project Lead: Dr Mustafa Khasraw, NHMRC Clinical Trials Centre, NSW Principal Investigators: Prof John Simes, NHMRC Clinical Trials Centre, Prof Mark Rosenthal, Royal Melbourne Hospital, A/Prof Kerrie McDonald, University of NSW, Dr Eng Siew Koh, Liverpool Hospital Co-Investigators: A/Prof Hui Gan, Austin Hospital, A/Prof Kate Drummond, Royal Melbourne Hospital, Dr Zarnie Lwin, Royal Brisbane & Women’s Hospital, Dr Elizabeth Hovey, Prince of Wales Hospital, Dr Matthew Foote, Princess Alexandra Hospital, Dr Helen Wheeler, Royal North Shore Hospital, Ms Liz Barnes and Ms Ann Livingstone NHMRC Clinical Trials Centre, Ms Robyn Leonard, Cooperative Trials Group for Neuro-oncology (COGNO) GBM cells contain an enzyme called MGMT which has significant influence on effectiveness of treatment and survival. MGMT may be switched “on” or “off’. When MGMT is switched on, it ‘protects’ GBM cells from radiotherapy and chemotherapy. A new drug (veliparib) can make chemotherapy and radiation more effective. The trial group proposes adding veliparib to radiotherapy and to subsequent temozolomide to improve patient outcome.
Developing novel, EphA2 targeted PET molecular imaging technology for glioma Project Lead: Dr Simon Puttick, The University of Queensland, QLD Principal Investigators: A/Prof Stephen Rose, The Australian e-Health Research Centre – CSIRO, Prof Andrew Boyd, Dr Brett Stringer and Dr Bryan Day QIMR Berghofer Medical Research Institute, Prof Andrew Whittaker, A/Prof Stephen Mahler and Dr Kristofer Thurecht The University of Queensland, Dr Michael Fay, Genesis Cancer Care Newcastle The aim of this project is to develop targeted molecular imaging approaches for glioma, building on the team’s exciting technology platform based on EphA2 receptor imaging.
Exceptional response to Avastin will lead to the identification of pre-selection biomarkers for use in patients diagnosed with GBM Project Lead: A/Prof Kerrie McDonald, University of New South Wales, NSW Principal Investigators: Dr Kathryn Field, Royal Melbourne Hospital Co-Investigators: Prof John Simes and Dr Elizabeth Barnes, NHMRC Clinical Trials Centre, Ms Julia Yin and Dr Warren Kaplan, Kinghorn Centre for Clinical Genomics
A Phase 1 and biodistribution study of KB004 (an anti-EphA3 antibody) in patients with glioblastoma
Avastin is a prohibitively expensive treatment for patients. To date, no biomarkers have been identified which can select those patients who will benefit. This project will use an Australian clinical trial dataset to identify the molecular phenotype of patients who responded to Avastin.
Project Lead: A/Prof Hui Gan, Ludwig Institute for Cancer Research, Austin Health, VIC
Circulating microRNA as a biomarker in brain cancer Project Lead: Dr Andrew Morokoff, Royal Melbourne Hospital, VIC Principal Investigators: A/Prof Kate Drummond, Royal Melbourne Hospital, Dr Rodney Luwor, University of Melbourne Co-Investigators: Prof Tali Siegal and Dr Rachel Koldej, University of Melbourne, Dr Michael Johnson and Dr Federico Roncaroli, Imperial College London, Prof Andrew Kaye Royal Melbourne Hospital and University of Melbourne This project will use a large biobank of brain tumour tissue and blood samples to screen and validate a panel of miRNAs (nucleotide fragments that are specific to brain cancer) as a clinically useful biomarker for brain cancer.
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Understanding how epigenetic abnormalities lead to brain cancers Project Lead: Dr Lee Wong, Monash University, VIC Principal Investigator: Dr Hsiao Voon, Monash University Co-Investigator: Prof Philippe Collas, University of Oslo The epigenetic code is cellular information which is encoded outside of the genome and controls gene expression. This project investigates how mutations of the epigenetic regulators, histone H3.3 and ATRX, can affect the epigenetic code in glioblastomas (GBM) and promote cancer formation.
Principal Investigators: Prof Andrew Scott, Ludwig Institute for Cancer Research Melbourne, Dr Bryan Day, Prof Andrew Boyd and Dr Brett Stringer QIMR Berghofer Medical Research Institute, Dr Zarnie Lwin and Dr Po Inglis Royal Brisbane and Women’s Hospital Co-Investigators: Prof Mark Rosenthal, Royal Melbourne Hospital, Dr Rosalind Jeffree, Dr David McFarlane, Dr Paul Thomas, Dr Stephen Rose and Dr Michael Faye Royal Brisbane and Women’s Hospital, Dr Mustafa Khasraw, NHMRC Clinical Trials Centre KB004 is a new antibody that targets EphA3, a cancer protein that makes GBM aggressive and treatment resistant. Utilising unique Australian expertise, this world-first study will test the safety of KB004 in GBM patients.
Pharmacological inhibition of MCL-1 and BCL-xL to treat human medulloblastoma Project Lead: Prof Andreas Strasser, The Walter and Eliza Hall Institute of Medical Research, VIC Principal Investigator: A/Prof Anne Voss, The Walter and Eliza Hall Institute of Medical Research, VIC Co-Investigators: Prof Brandon Wainwright, The University of Queensland, Institute for Molecular Bioscience, Dr Stephanie Grabow, The Walter and Eliza Hall Institute of Medical Research Professor Strasser’s team aims to develop novel strategies to kill brain cancer cells, leaving surrounding healthy tissue unharmed, by utilising newly developed drugs such as BH3mimetics that specifically target the cell death machinery of the brain cancer cell.
Mission in action: Annual Report 2014-2015 / 9
CLINICAL TRIALS
RESEARCH COLLABORATION
With the Foundation’s commitment to accelerating treatments to patients, $380,000 has been invested and $3.79 million committed over the next five years, in five clinical trials, incorporating Australian-grown and international interventions.
Cure Brain Cancer Foundation recognises that results can be delivered faster by pooling collective brainpower and therefore we support the development of a global, multi-disciplinary, collaborative brain cancer research community. International Scientific Meetings
GBM AGILE Cure Brain Cancer Foundation’s participation is integral to an international collaboration that is developing an innovative trial design, known as GBM AGILE. This could change the face of brain cancer trial design internationally and significantly improve outcomes for people with brain cancer.
The international scientific meeting that Cure Brain Cancer hosted in May 2014 helped form a global brain cancer coalition focusing on innovative trial design. Catherine Stace and Michelle Stewart also travelled to Arizona, USA as Australia’s representatives in The Global Brain Cancer Alliance project.
Personalised paediatric trial A program personalising treatments for children with cancer will be the first of its kind in Australia and will give hope to children with bad prognoses, those with high-grade cancer, including brain cancer. The personalised approach of the trial aims to find the right treatment for each child to increase treatment effectiveness and reduce side-effects.
Immunotherapy Trial This trial is an international collaborative between the Clinical Research Institute and Ludwig Cancer Research Centre, partially funded by the Cure Brain Cancer Foundation and is the first trial to investigate this immunotherapy checkpoint inhibitor in brain cancer.
KB004
Brain Cancer Discover Collaborative In 2014-15, Cure Brain Cancer Foundation paid $1.05 million and committed a further $1.75 million over the next 18 months to the Brain Cancer Discovery Collaborative (BCDC). The objective of the Collaborative is to bring diverse skillsets into one national team to tackle the problem of brain cancer significantly faster than could be done in isolation.
The drug KB004 is an Australian innovation that Cure Brain Cancer Foundation has helped fund from the lab to the clinic.
VERTU VERTU is an Australian initiative trialling a novel targeted therapy for people whose brain cancer is MGMT unmethylated.
The John Trivett Foundation In 2014-15, Cure Brain Cancer Foundation joined with The John Trivett Foundation in Queensland and is contributing funding to three projects from that partnership, including:
the Queensland tumour bank (a central tissue bank for all clinicians in Queensland to use to provide better samples for researchers)
a senior research fellowship based at the University of Queensland (this position has been advertised worldwide) and
Professor Brandon Wainwright’s lab at the Institute for Molecular Bioscience, where the focus of his work is on paediatric brain tumours.
RESEARCH DEVELOPMENT To ensure we remain at the forefront of cutting edge science, over the course of 2014-15, Cure Brain Cancer Foundation attended and contributed sponsorship to three Annual Scientific Meetings: the International Symposium for Paediatric Neuro-Oncology (ISPNO) in Singapore the Cooperative Trials Group for Neuro-Oncology (COGNO) in Melbourne and the Society of Neuro-Oncology (SNO) in Miami, USA. Cure Brain Cancer Foundation sponsored the 2015 Brain Tumour Support and Education Forum run by the New South Wales Oncology Group for NeuroOncology (NSWOG) in Sydney in May. The Foundation also commissioned a literature review and started a research blog to keep supporters up to date with developments in brain cancer. Mission in action: Annual Report 2014-2015 / 11
Our institutionally agnostic approach
PILLAR TWO
ENGAGEMENT & ADVOCACY This year the Foundation substantially increased its engagement and advocacy activities, connecting with other brain cancer organisations both locally and globally, increasing our collaborative research footprint and ensuring that the interests of people with brain cancer were put on both State and Federal Government agendas.
Sydney Cocktail Party This was attended by 150 guests, including His Excellency General, The Honourable David Hurley AC DSC, the 38th Governor of New South Wales, Catryna Bilyk, Labor Senator for Tasmania, and many of the Foundation’s amazing Ambassadors and supporters with the objective to engage the community in our innovative strategy and patient-centric focus. Our Founder, Professor Charlie Teo, spoke of the Foundation’s humble beginnings and the role that ethics and policy has played in disempowering patients. Our CEO, Catherine Stace, shared the importance of working in collaboration, as a whole system, and outlined the rapid global advances that are changing how research is viewed and influencing what the Foundation funds. She emphasised that traditional approaches no longer serve the needs of patients and encouraged that charitable donations be directed towards funding of future-ready models instead of perpetuating the status quo. Our Head of Research Strategy, Michelle Stewart, updated guests on our current research strategy and explained why it is imperative to put people with brain cancer first, disrupting the system to achieve our mission.
ISPNO The year started with Cure Brain Cancer Foundation being the major sponsor at the International Society of Paediatric Neuro-oncology (ISPNO) conference in Singapore. Organised by Professor Stewart Kellie, from the Children’s Hospital at Westmead, this forum, held every two years, brings together paediatric clinicians, brain cancer researchers and brain cancer organisations from across the globe. Professor Charlie Teo gave the welcome address and Cure Brain Cancer Foundation’s Head of Engagement, Barrie Littlefield spoke at the Gala Dinner, highlighting the need for: Earlier diagnosis Quick and accurate tumour pathology and molecular testing Open, honest and clear patient communication Better decision making support More clinical trials for children Improved access to local clinical trials Compassionate use programs for all children unable or unwilling to participate in a clinical trial There is increasing awareness and focus in the paediatric cancer community that more attention needs to be spent on brain cancer now that five-year survival for childhood leukaemia is now over 90% and Cure Brain Cancer Foundation continues to focus approximately 40% of our research funding on paediatric brain cancer.
With a strong focus on our mission, our inaugural grants round of $2.2 million was announced just before the COGNO meeting in October 2014. It is noteworthy to highlight that these grants solidified the Foundation’s approach to funding ‘on mission’ research judged by our Scientific Advisory Committee to add and link to the emerging global research strategy. Allocation of grants was, therefore, made on merit with a strong outcomes-led and good governance approach. Cure Brain Cancer Foundation expects that research projects we fund are well managed, with transparent accountability for all monies spent and outcomes achieved. Increasingly, the Foundation is looking to generate returns on research investments made on behalf of people with brain cancer, their carers and families, to reinvest back into research, advocacy and awareness.
Collaboration The Foundation approaches collaboration in a strategic manner, uniquely centred on its time-dependent mission. We belong to, and help form, both local and global collaborations that challenge mediocre, ‘consensus style’ outcomes, that are truly in the best interests of people with brain cancer. This means we can iterate and synthesise powerful knowledge in real time, and create networks for a focused, accelerated effort. These collaborations generate self-organised communities and reorganise ways of working, resulting in a reduction of work duplication and expenditure, and an increase in disruptive innovation and the sharing of global research, advocacy and revenue generation methodologies. The Foundation’s Head of Engagement, Barrie Littlefield, initiated a collaboration with the international DIPG Collaborative, based in the United States, presently comprising 21 brain cancer organisations. This Collaborative is focused on improving survival and quality of life for children diagnosed with Diffuse Intrinsic Pontine Glioma (DIPG), often considered to be one of the worst brain tumours. It has a stellar medical advisory board, comprising many of the world’s best paediatric neuro-oncology clinicians and researchers, including Australia’s Dr Nick Gottardo, who is also part of the Brain Cancer Discovery Collaborative (BCDC) of which the Foundation is the primary funder.
The Foundation is hopeful that through collaborations such as these, and linking the respective efforts of different collaborations, the prevailing systemic divide between paediatric and adult brain cancer research will 12 / Cure Brain Cancer Foundation
be reduced and at the same time we will learn more from research on individual tumours in an open science forum. This will ultimately benefit all people with brain cancer, regardless of tumour type or grade.
Focus on Victoria and Queensland The Foundation hired its first staff members based outside of New South Wales. Managers were employed in both Melbourne and Brisbane to spearhead the Foundation’s fundraising and engagement strategies in Victoria and Queensland. The Foundation is not intending to build large State-based offices, or have a federated model, but rather focus on State-led strategies that fit within our national priorities and mission-led approach, with small teams in these states working closely with the New South Wales head office to effect quality outcomes across all fundraising and engagement streams.
Government Government advocacy activities were ramped up during the year on a number of fronts. While there was a renewed focus on gaining dedicated federal government funding for brain cancer research, the Foundation also took centre stage in advocating for patients with regard to access to medicines and the emerging role of the Medical Research Future Fund (MRFF). Over the course of the year, the Foundation made two submissions to the Federal Government, led by Head of Engagement Barrie Littlefield: A pre-budget submission to the Treasurer A submission to the Senate Inquiry into the availability of new, innovative and specialist cancer drugs A proposal was also put to the New South Wales Government advocating for a brain cancer centre of excellence for immunotherapy.
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People with brain cancer need better treatments now, not in five years. – Barrie Littlefield, Head of Engagement Mission in action: Annual Report 2014-2015 / 13
Pre-budget submission to the Treasurer, Joe Hockey (January 2015) ‘Addressing the structural bias restraining brain cancer research’ Brain cancer research needs government intervention to address the structural bias restraining it and quickly increase survival
Brain cancer survival is very low and has hardly moved in 30 years
Brain cancer has a high socio-economic and psychological impact, morbidity and mortality
Brain cancer needs more funding and focus to increase survival
Brain cancer is stuck in an NHMRC vicious circle UNCOMPETITIVE RESEARCH LIMITED FUNDING
While in essence, deflecting our request for increased funding into the MRFF, Treasurer Joe Hockey became increasingly vocal in support of Cure Brain Cancer Foundation and the need for increased funding of brain cancer research. He mentioned the need for increased funding on the floor of the House of Representatives more than once. And as a guest of honour at the Foundation’s Sydney Gala Ball in early May, he gave an impassioned speech in support of brain cancer, saying “How on earth can we live in a country where the number one (disease) killer of our children, brain cancer, has had no major innovations over the last thirty years?” making reference to the foreshadowed MRFF to invest funding dollars into breaking the code.
Senate Inquiry into the availability of new, innovative and specialist cancer drugs in Australia (March 2015) While this inquiry focused on the problems associated with accessing new cancer medicines due to the ongoing tension between the pharmaceutical industry and government around cost, the Foundation’s concern is at a more basic level.
With only one medicine, temozolomide, available in Australia to treat brain cancer, around 15 years old and shown to only have a positive (if minimal effect) on survival for those patients with tumour methylation, the Foundation’s concerns were aimed at the future rather than the present. Head of Research Strategy, Michelle Stewart and Head of Engagement, Barrie Littlefield, fronted the Senate Inquiry hearing to put forward the case that with no increase in the (very low) survival rates for people with brain cancer in more than thirty years, it would be devastating for patients, carers and families should any potential treatment that shows a survival benefit face years of delay in being PBS listed – meaning patients cannot gain equal and equitable access to the treatment available in other countries such as the United States. Cure Brain Cancer Foundation acknowledges the tremendous work being done on behalf of people with brain cancer, carers and families by Senator Catryna Bilyk, who chairs the Parliamentary Friends of Brain Tumours group. As a brain cancer survivor, Senator Bilyk advocates on behalf of the brain community with tireless enthusiasm in addition to her heavy parliamentary workload as Deputy Opposition Whip in the Australian Senate.
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I know now that we are a force to be reckoned with Marcella Zemanek, Mission Director and Ambassador in action: Annual Report 2014-2015 / 15
PILLAR THREE
AWARENESS
The Marketing and Communications team, led by Julia Schaefer has formed strong strategic alliances with media outlets over the course of the last financial year and our strong demonstration of investment into strategic research is resonating with the Australian public. We are especially grateful to FOXTEL which has provided us with regular Community Service Announcements to help us extend our share of voice.
Awareness campaign 2014-15 saw the production and roll-out of the Foundation’s first national awareness campaign, “Don’t Let them Fight It Alone” which subsequently won an Advertising Effie Award and quadrupled our website traffic from the same time the previous year. It also acted as a major rallying call for the Australian brain cancer community, especially given that nine out of 10 people had no idea that brain cancer kills more children than any other disease in Australia.
Waratahs charity match Our annual Waratahs Charity Match once again saw Cure Brain Cancer Foundation feature on media as we created a haze of purple through the stands with our signature purple beanies for brain cancer. We are especially grateful to all of the media outlets who provided us with support and coverage throughout the campaign. A special thank you to new Ambassadors Jim Wilson and Chris Bath for attending and representing the Foundation at this event.
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Charitable investors demand transparency, making it unacceptable to simply be a beneficiary of their generosity. By beating a different path, we create genuine value-exchange that delivers impact against our mission.
Digital activity
Ambassadors
Our digital footprint has grown significantly over the course of the year, with an increased focus in reporting on brain cancer research, innovative scientific advancements and research blogs to maintain readership.
An important channel of awareness for the Foundation is via our dedicated Ambassadors, who selflessly give their time and share our messaging amongst their networks.
Channel
30 June 2014
30 June 2015
YOY % increase
Facebook
6752 20,615 205%
Twitter
943 2,000 112%
Our dedicated and joyful board director and ambassador Marcella Zemanek has led the ambassador program. Such is the respect for Marcella within media circles that she is often asked to guest on a variety of television and radio programs. 2014-15 saw us welcome four new Ambassadors:
Instagram 0 772 N/A LinkedIn
178 375 110%
Our website traffic totalled close to 400,000 visits in the financial year, averaging approximately 33,000 visits a month. There were four major spikes throughout the year, signalling that awareness campaigns, national events and public announcements are all key in any media mix.
Jim Wilson
Chris Bath
Candice Wyatt
Peter Overton
Regular communications The Foundation is committed to keeping our community abreast of news and updates in brain cancer with various cost-efficient methods to maintain engagement. We issue a monthly electronic newsletter (The CRANE) to all members who have opted-in to receive our updates, with an average open rate of over 30%. We also maintain a dialogue with our social supporters, ensuring we respond to any enquiries or matters within a timely period.
– Julia Schaefer, Head of Marketing & Communications 16 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 17
Cure Brain Cancer Foundation Gala Ball Walk4BrainCancer Nepal This annual event remains one of the most popular in the Australian charity calendar.
PILLAR FOUR
FUNDRAISING & MARKETING
In 2014-15, with the generous partnership of Blackmores and 100 volunteers, we had 1,200 guests dressed to the theme of 1930s Hollywood, raising $1.4 million including $250,000 from the New South Wales Government, making it the most successful gala ball in the Foundation’s history. The night started with a tribute to George Gershwin and former Cure Brain Cancer Foundation board member Aaron McMillan, with world-renowned pianist Simon Tedeschi playing Rhapsody in Blue.
In 2014-15, Cure Brain Cancer Foundation streamlined its fundraising efforts to maximise activation across all funding streams and target audiences, including those impacted directly by brain cancer and Australians with a charitable psyche in general. In addition, we continue to nurture strong working relationships with influential donors, family & organisational trusts and Australian companies.
FOUNDATION-RUN EVENTS Walk4BrainCancer This remains one of the most popular events of the calendar year. Two months of walks which rally the brain cancer community to stand with their families and friends to raise revenue that will fund strategic brain cancer research in order to accelerate quality new treatments to people with brain cancer.
Our fundraising across all target audiences, activities and through all channels remains single-mindedly focused on mission and clearly demonstrates to our target audiences our focus on raising awareness, driving advocacy efforts and investing wisely against our research strategy.
In 2014-15, Walk4BrainCancer expanded nationally to include walks in Melbourne, Canberra, Perth, Centennial Park, Cronulla, Manly, Adelaide and Brisbane. There were also over 30 community fundraiser walks set up across Australia. The Foundation raised a record $900,000.
The Foundation’s suite of fundraising activity is holistic:
Acknowledgements in particular to Rees Hotels & Luxury Apartments New Zealand for their generous support.
FOUNDATION-RUN EVENTS
DONOR MANAGEMENT
THIRD PARTY-RUN EVENTS
MAJOR GIFTS
COMMUNITY FUNDRAISERS
FOUNDATION WEBSITE
CORPORATE PARTNERSHIPS
NATIONAL CAMPAIGNS
TRUSTS & FOUNDATIONS
SOCIAL & DIGITAL
In attendance was His Excellency General, The Honourable David Hurley AC DSC, the 38th Governor of New South Wales, the Honourable Joe Hockey MP, the Treasurer, officially representing the Honourable Tony Abbott MP, Prime Minister of Australia, the Honourable Jillian Skinner, New South Wales Minister for Health and Member of the New South Wales Legislative Assembly and Nick Xenophon, Independent Senator for South Australia.
2014-15 also kicked off our overseas charity challenge with Walk4BrainCancer Nepal, seeing Ross Carless and friends trekking through the foothills of Nepal and raising over $50,000.
Dine for a Cure 1,000 Cranes Ball Once again, the annual Dine for a Cure Ball, held at Crown Melbourne, was very well attended by both community and brain cancer supporters, organisations and corporates. We thank the team from Dine for a Cure for their hard work, dedication and commitment. The evening was a great success, raising funds for Cure Brain Cancer Foundation.
Other entertainment included Marlisa Punzalan and Nathaniel, with the amazing Leo Sayer & Band ending the evening. Special acknowledgements to Blackmores, our naming rights sponsor, and our Platinum sponsors, Volvo Car Australia and Jaycar Electronics.
We are also developing innovative revenue streams aimed at engaging corporations with non-traditional opportunities. Our fundraising and marketing teams work tirelessly and diligently, serving the needs of the brain cancer community. The Board and management of the Foundation commend them for their outstanding contribution. 18 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 19
Black and White Ball The inaugural Black & White Ball marked our strategic and physical entry into Brisbane. Attended by over 200 guests. A big thank you to local Brisbane-based supporters and volunteers for helping to make the evening a great success.
Monday Morning Cooking Club
THIRD PARTY EVENTS
A special fundraising dinner to introduce new supporters to the Foundation was hosted by the Monday Morning Cooking Club in Vaucluse.
There is a growing momentum in the Australian public that sees charities attached to running events. In 2014-15, Cure Brain Cancer Foundation successfully leveraged this insight and welcomed 674 runners from all over Australia into Team Cure Brain Cancer, with a collective tally of over $700,000. The Foundation was the number one fundraising team in Melbourne, Canberra, Brisbane and Perth and was awarded the Everyday Hero Impact Award 2014 for the most successful charity in major community running events in 2014. Run Melbourne raised the most money ever by a charity for a running event in Australia and we also became a national partner with for The Swisse Color Run.
The 28 guests included Professor Charlie Teo, Jim Wilson and Chris Bath, all of whom enjoyed a gourmet dinner and shared stories and recipes from the club’s world-renowned cookbooks.
COMMUNITY FUNDRAISERS The 8th Annual ‘A Celebration of Hope’ Blackwood 8 Gala Ball The long-standing Blackwood 8 Gala Ball in Melbourne was once again a tremendous success, raising invaluable funds for the Foundation. We thank the tireless effort of the Blackwood 8 committee, and the 340 guests who attended the evening. The brain cancer community was deeply saddened by the death of Sally White from Blackwood 8 at the end of 2014. Sally played an invaluable role in raising awareness and inspired all who met her. Cure Brain Cancer Foundation thanks Sally’s husband David, their children and the Blackwood 8 committee for sharing their journey and incredible support of the Foundation. Sally will always be in our hearts and her legacy will be honoured when we achieve our mission.
In 2014-15, Cure Brain Cancer Foundation hosted 230 community fundraisers, drawing support from across Australia and raising over $1.0 million. Some key fundraisers include:
Golf Day Cure Brain Cancer Foundation’s Golf Day at Bonnie Doon witnessed another successful year with over 85 golfers swinging strongly for brain cancer.
Boards against Brain Cancer, Thredbo
Burpee Mile
Corporate Clash in the Cube, Campbelltown
Dance for a Chance, Central Coast
Iain Grindal’s solo purple cycle from Brisbane to Sydney
Kate Box’s box-off
Keith Ryan “Al’s Ride” motorcycle ride ending in Bathurst
Key Music Concert, Pennant Hills
Michael Grey’s Xmas Lights and Robert Lymer’s Xmas Pudding fundraiser
Music for Life, Penrith
Randal Bishop’s Bridge2Bridge bicycle ride from Brisbane to Sydney
The Monograduates, Mongol Rally
Woolworths BBQ, Bella Vista
We thank all our community fundraisers who have been instrumental in helping us achieve many milestones throughout 2014-15. Special acknowledgement to Carrie Bickmore, whose moving Gold Logies acceptance speech in May 2015 saw wearing a beanie for brain cancer increasingly popular at many community fundraising events. 20 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 21
CORPORATE PARTNERSHIPS
TRUSTS & FOUNDATIONS
INDIVIDUAL GIVING
We are very grateful for the ongoing partnership we have with Volvo Car Australia. Their generosity has helped us put brain cancer on the Australian research agenda and they continue to be an extremely important part of the Foundation’s story. 2014-15 marked the fourth year of our partnership with Volvo Car Australia. The Million Dollar Moment was a celebration of our unique charity partnership and marked the moment where $1 million was raised by Volvo for Cure Brain Cancer Foundation. We are indebted to Volvo Car Australia for their vision and courage to support Cure Brain Cancer Foundation and to believe in our research strategy and mission.
Cure Brain Cancer Foundation’s partnerships with Trusts & Foundations have increased in number, scale and complexity this year. We continued our long-standing relationship with Tour de Cure to help fund collaborative and translational research projects. Exciting collaborations were also forged or extended with other funders such as Sony Foundation, Campbell Edwards Trust, through the Trusts supported by Perpetual and a range of other dedicated funders.
Donations from individual supporters have continued to be a core part of our fundraising program. Our individual giving team works carefully to ensure our support of donors is appropriately sensitive and caring, helping to express their wishes. The team is dedicated to caring for these important supporters: expressing our appreciation, informing donors of how their support is making a difference, ensuring they are invited to events and activities which suit their particular interests and responding to any enquiries or requests.
The growth in our Trusts & Foundations program is supported by a dedicated staff member on a part-time basis, to develop our relationships with potential funders, maintain a Trusts & Foundations register, match research projects to meet funders’ needs and ensure all proposal and reporting materials are timely and of a very high standard. The Foundation is very fortunate to receive support from a range of committed and generous Trusts & Foundations. We would like to acknowledge and express our appreciation to all the Trusts & Foundations who have shown their support this past year, in particular:
We’d like to acknowledge: Industrie Clothing, Bing Lee, Blackmores and Jaycar for their loyal support of the Foundation.
22 / Cure Brain Cancer Foundation
Amneal Foundation
Campbell Edwards Trust
De Lambert Largesse Foundation
Farmer Family Endowment (Equity Trustees)
Gladys Stone Foundation
GPA Andrew Ursini Charitable Fund
Lewis Foundation
Macquarie Bank Foundation
Sony Foundation (You Can Fellowship)
The Norman H Johns Trust
The Tribuo Foundation
Tony Lucas Research Grant
Tour de Cure
UBS Foundation
Given donors’ connections to the brain cancer cause are often strong, highly personal and prompted by a family or community experience with brain cancer, this year specific donor care programs have also been developed for distinct types of donors, such as regular donors and those giving in memory of someone who has died from brain cancer. Regular donors, for example, now receive personalised welcome packs, updates and end of financial year statements. Families and friends donating in memory are assisted to create personalised “In Memory” donation webpages, and supporter packs for use at memorial services. Letters of thanks and condolence are also sent to bereaved families who have connected with the Foundation.
MAJOR GIFTS The Foundation’s Major Gifts program has grown significantly this year. We are very fortunate to have a growing community of supporters making significant personal donations to both specific projects and the cause as a whole. Major donors are provided with personalised support and updates, research reports and invitations to exclusive events such as laboratory tours, cocktail networking events and dinners. This year the Foundation launched Charlie’s Champions – an invitation-only group for major donors hosted by our Founder, Professor Charlie Teo AM. Together this group of established major donors work with Charlie to fund research projects selected by him from those endorsed
as priorities by our international Scientific Advisory Committee. Members donate a minimum $50,000 per year and receive invitations to exclusive social and behind-the-scenes research events and Charlie’s Champions mementos. A new supporter package to fund Young Researcher Fellowships in brain cancer is also in development for launch in 2015-16. This new product reflects the strong interest from many major donors in supporting the future of brain cancer research by attracting the brightest young research minds to the challenge.
BEQUESTS This year the Foundation launched a new program to support and encourage donors to leave a gift to the Foundation in their Will. Bequests are a very personal and effective way for individuals to support brain cancer research, advocacy and awareness. The new promotions and supporter collateral respect that bequests are a personal and increasingly popular choice, which require sensitive, confidential support and acknowledgement. Practical information to help advise solicitors and options so donors can tailor their bequest to suit their personal needs and interests is also provided. The Foundation hopes that more donors will consider making bequests to Cure Brain Cancer Foundation in future years.
SUPPORTER CAMPAIGNS The two key times of year for increased charitable giving by the Australian public are Christmas and the end of the financial year period. This year, Cure Brain Cancer Foundation continued to send appeals to our supporter base asking them to “Give Something Meaningful This Christmas” and to help raise funds for children with brain cancer during the period leading up to the financial year end. Mission in action: Annual Report 2014-2015 / 23
PILLAR FIVE
FINANCIALS & GOVERNANCE Revenue earned 2010 to 2015
During 2014/15, Cure Brain Cancer Foundation spent 62% on its key charter areas of research, awareness and advocacy, this is an increase of 3% from last year. We are pleased that only 20% has been spent on fundraising and 18% on administration. The Foundation measures outgoings and payments of donor funds as a percentage of all outgoings and payments. This ensures that revenue earned from sources with little or no cost does not skew results. The Foundation aims to reduce administration as a percentage of payments and outgoings to only 14% in 2015/16.
$8.0 $7.0
Millions
$6.0 $5.0 $4.0 $3.0 $2.0
Payments and Outgoings by nature for 2014/15 (as a percentage of all payments and outgoings)
$1.0 $0.0
2010
2011
2012
2013
2014
2015 Fundraising 20%
Research grants expense 2010 to 2015
Administration & overhead 18%
$3.0
FINANCIALS
$2.5
After the payment of research grants, employee related costs are the Foundation’s largest expenditure ($2.4 million), up from $1.6 million in 2013/14. This reflects the staff growth to twenty-one team members across fundraising and marketing & communications. The Foundation has been able to keep the administration division to a core team of only four staff, comprised of the Chief Operating Officer, Office administration and donor funds management.
Community & govt advocacy 5%
$1.5 $1.0 $0.5 $0.0
2010
2011
2012
2013
2014
2015
Awareness & communications 14%
Research projects & analysis 43%
Funds available for committed and future research $7.0 $6.0
Payments and Outgoings by nature for 2015/16 est (as a percentage of all payments and outgoings)
$5.0 Millions
Cure Brain Cancer Foundation continued to expand its operations during 2014/15 with our growth in revenue and building capability and capacity for the future. This has now provided the Foundation with a sound operational position for future years, and while expansion will continue into 2015/16, it will be less than previous years.
Millions
$2.0
Scaling Operations
$4.0 Fundraising 18 %
$3.0 $2.0
Administration & overhead 14%
$1.0 $0.0
“
2010
2011
2012
2013
2014
2015 Community & govt advocacy 4%
In order to accelerate new treatments to patients we need to commit money to research, awareness and advocacy projects as fast as possible. This principle continues to underline Cure Brain Cancer’s financial objective and will remain so in the year ahead.
Awareness & communications 19%
Research projects & analysis 45%
– Matthew Browne, Chief Operating Officer 24 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 25
GOVERNANCE Cure Brain Cancer Foundation continued to review and improve its governance structure and procedures in line with the growth and complexity of the Foundation. Good, strong, effective governance remains one of our integral pillars and we firmly consider that such governance empowers and assists us to achieve our mission. This year saw our highly credible Scientific Advisory Committee in action, reviewing all research projects submitted under our formal grants process and then recommending to our Board the projects that will best meet our mission. The Foundation’s Board was strengthened following the appointment of Ms Beverley Trivett, a long time-supporter and philanthropist for brain cancer, and a key benefactor for the Foundation following the merger with The John Trivett Foundation. Ms Trivett resides in Queensland so her appointment was also recognition of the national expansion of the Foundation. The Foundation held six (6) Board meetings and also six (6) Finance & Risk Management meetings across the financial year; thus ensuring sufficient review of the strategic direction of the Foundation and providing the right balance with oversight of the Foundation’s key operational matters. In addition to the formal governance meetings, the Foundation’s Board members (in whole or part) provide regular strategic direction to the Executive Committee, attend all major Foundation events and a number of community fundraisers, provide expert legal resources to the Foundation and allow access to use their corporate facilities as required; all on a pro-bono basis. The Foundation also formed a Financial Working Group, made up of a number of experts in the fields of bio-tech, venture capital, legal, finance, and information technology to explore opportunities to commercialise research. At a senior management level, the Foundation also improved its governance structure, with a restructuring and alignment of its divisions for more accountability and efficiency across teams. This was preceded by the appointment of Ms Julia Schaefer to the executive management team, as the Head of Marketing & Communications. Legal services have been provided pro bono to the foundation during the year, by Herbert Smith Freehills (HSF) and Spruson & Ferguson (Sprusons). Board member Peter Butler OAM is a partner of HSF and board member Philip Heuzenroeder is a Principal of Sprusons.
Mission in action: Annual Report 2014-2015 / 27
COMING UP IN
2015-16
The next year will realise the fruition of our three-year transition strategy, focused on spearheading global collaborations and creating links with the most promising, relevant and innovative approaches to achieve our mission. We will also be maturing our fundraising pipeline activity and focusing our resources to maximise results. Internally, we will be implementing new IT to enhance workplace efficiencies and effectiveness and will be supporting our culture with values and behaviour training to help create a high functioning team focused on achieving our mission. Most importantly, we aim to continue to galvanise the global brain cancer community and work iteratively as one, allocating roles and responsibilities to create and maintain a flow across a whole systems approach to brain cancer research.
28 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 29
Acknowledgements
30 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 31
CONTENTS Directors’ REPORT /34 Financial REPORT /40 Directors’ DECLARATION /55 Independent auditor’s REPORT TO THE MEMBERS /56
Mission in action: Annual Report 2014-2015 / 33
Directors’ REPORT
Principal activities
The directors present their report on the Cure Brain Cancer Foundation (the “Foundation”) for the year ended 30 June 2015.
Directors The following persons held office as directors of the Foundation during the financial year and up to the date of this report unless otherwise stated. Ms Joanne Quin (Chair) Prof Charles Teo AM, Founder (resigned 1 July 2015) Mr Peter Butler OAM Ms Marcella Zemanek Mr Matthew Braid Mr Kenneth Gallacher (resigned 1 June 2015) Mr Philip Heuzenroeder Ms Beverley Trivett (appointed 4 May 2015)
Mission To increase five-year survival of brain cancer to 50% by 2023.
Short term objectives 1) To fund brain cancer research that offers patients accelerated access to promising new treatments 2) To raise at least $20 million in revenue from 2013 to 2015 3) To invest into research in excess of $12 million over 2013 to 2015 4) To raise awareness of brain cancer 5) To support the creation and implementation of a collaborative, international and multi-discipline brain cancer research community
The principal activities of the Foundation during the financial year were raising funds for the advancement of brain cancer awareness and providing funds to research projects and other initiatives into brain cancer. There were no significant changes in the nature of the Foundation’s activities during the financial year.
Strategy for achieving objectives 1) Increasing collaboration across disciplines, teams and borders We are leveraging discoveries made in areas that share common problems: other cancers, neuroscience, genomics, bioinformatics, epidemiology, immunology and nanotechnology. We help fund the Brain Cancer Discovery Collaborative across Australia and were responsible for co-establishing the Global Brain Exchange internationally, with partners from the US, Europe and China. We are working with like-minded partners globally to achieve our mission. 2) Prioritised funding guided by our Scientific Advisory Committee and Finance & Risk Management Committee We follow a proactive strategy guided by our Scientific Advisory Committee. This both initiates and identifies existing projects with high potential for contributions to critical knowledge gaps and improved patient outcomes. It includes identifying existing treatments for other diseases that are based on biomarkers common to brain cancer, and fast-tracking research into their potential to treat brain cancer; this ‘leapfrogs’ the traditional research pathway. 3) Internationally aligning our research strategy Our internationally aligned research strategy is based on the key pillars of collaborative translational research, clinical research, immunology and precision medicine, and is focused on getting treatments to patients as quickly as possible
hence our support for patients who want to participate in translational research and/or clinical trials. Every year, our supporters in Australia and around the world donate, volunteer, host events and attend fundraisers to make a difference to the lives of Australians with brain cancer. With your help, and the support of government, our partners, business and philanthropists, we will succeed.
Activities assisted in achieving the objectives Fundraising events and activities such as the Foundation Gala Ball, Walk4life, appeals, corporate sponsorship and other community fundraising events and activities throughout Australia.
Performance is measured by 1) Reaching fundraising goals and objectives and growing fundraising nationally 2) Expansion of sources of funds through new and innovative fundraising streams 3) Increasing grant commitments and payments made to research institutions and research projects into brain cancer 4) Establishment of increasing number of connections and collaborations with international entities in pursuit of a cure for brain cancer 5) Increasing awareness of brain cancer through social media and traditional media channels.
Dividends No dividends have been paid to members in accordance with the Constitution (2014: $nil), as the Foundation is a not-for-profit entity.
Review and results of operations The deficit for the year ended 30 June 2015 is $1,076,904 (2014: deficit of $5,794). The revenue has increased from $5,172,083 to $7,144,368 during the financial year.
Significant changes in the state of affairs There were no significant changes in the Foundation’s state of affairs during the financial year.
Matters subsequent to the end of the financial year Due to his many external commitments, Professor Charlie Teo decided to relinquish his position on the Board of the Foundation, effective 1 July 2015, to focus more on his role as Founder. Cure Brain Cancer Foundation Chair, Joanne Quin, has thanked Professor Teo for all his work with the Board over the last decade and the momentum he has helped create. Except as noted above, there were no other matter or circumstance has arisen since 30 June 2015 that has significantly affected, or may significantly affect: a) the Foundation’s operations in future financial years, or b) the results of those operations in future financial years, or c) the Foundation’s state of affairs in future financial years.
Likely developments and expected results of operations Information on likely developments in the operations of the Foundation and the expected results of operations have not been included in this Annual Report because the directors believe it would be likely to result in unreasonable prejudice to the Foundation.
Environmental regulation The Foundation is not subject to any significant environmental regulations under a law of the Commonwealth or of a state or territory.
4) Empowering patients and the brain cancer community Brain cancer patients are at the centre of what we do and we recognise their critical contribution to research,
34 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 35
Information on Directors
Ms Joanne Quin – Chair
BA(Hons), LLB(Hons), Grad Dip of Business (Administrative Management)
Jo holds a Bachelor of Laws with Honours from the University of Leeds, UK and a Bachelor of Arts with Honours from the University of Adelaide. She brings a broad range of skills to the table and has 10 years’ experience in banking and finance. Jo was also one of the founding members of the inaugural Brain Cancer Action Week launched in May 2010 at Kirribilli House.
Mr Peter Butler OAM RFD Peter is a Partner of law firm Freehills. He is Chair of the Starlight Foundation and has been president of a number of other charities. Peter was awarded a medal in the Order of Australia in 1998 for services to the community.
Mr Matthew Braid MBA
Information on Company Secretary
Prof Charles Teo
During the financial year the role of Company Secretary has been performed by Mr Matthew Browne. Mr Browne is a member of the Institute of Chartered Accountants in Australia (ICAA) and is also the Foundation’s Chief Operating Officer.
AM MBBS FRACS, Founder (resigned 1 July 2015)
Prof Charlie Teo is the founder of Cure For Life Foundation, now Cure Brain Cancer Foundation. An internationally renowned neurosurgeon and expert in the field of minimally invasive neurosurgery, he is the only Australian neurosurgeon to be Board Certified in both Australia and the U.S. He was made a Member of the Order of Australia in 2011.
Ms Marcella Zemanek
– Ambassador Marcella spent more than 30 years as a respected radio producer, which included working with her late husband Stan Zemanek, who died from brain cancer. Marcella was on the Board of the Humpty Dumpty Foundation for five years and has been a Governor of the charity Youth Off The Streets. She devotes countless hours as an Ambassador for Cure Brain Cancer Foundation.
Mr Kenneth Gallacher (resigned 1 June 2015)
Matthew Braid is the former Managing Director of Volvo Car Australia & New Zealand. Matthew has been in the automotive industry for 18 years and has held senior sales and marketing roles both in Australia and the Middle East. Matthew is currently the Commercial Director at V8 Supercars. Matthew holds a Master of Business Administration.
Kenneth is the Australian Broadcasting Corporation’s Director of Technology and has significant experience of IT infrastructure and digital and social media platforms. Kenneth joined the Board in October 2013 and is also a member of its Finance & Risk Management Committee.
Mr Philip Heuzenroeder
Ms Beverley Trivett
Philip is Principal at the intellectual property specialist law firm Spruson & Ferguson and brings significant experience in the area of intellectual property. Philip joined the Board in October 2013 and is also a member of its Finance & Risk Management Committee.
Beverley established The John Trivett Foundation in 1998 for brain tumour research, in memory of her late husband John Trivett. In July 2014, the John Trivett Foundation joined with Cure Brain Cancer Foundation and Beverley is now an active ambassador, benefactor and director, based in Queensland.
Meetings of directors The numbers of meetings of the Foundation’s board of directors held during the year ended 30 June 2015, and the numbers of meetings attended by each director were:
Meetings of directors
Meetings of FARM subcommittee
A B
A B
Ms Joanne Quin (Chair of directors)
6
6
6
6
A/Prof Charles Teo, AM
1
6
n/a
n/a
Mr Peter Butler OAM
3
6
n/a
n/a
Ms Marcella Zemanek
6
6
n/a
n/a
Mr Matthew Braid
3
6
n/a
n/a
Mr Kenneth Gallacher (Chair of FARM)
5
5
6
6
Mr Philip Heuzenroeder
5
6
5
6
Ms Beverley Trivett
1
1
n/a
n/a
A = Number of meetings attended B = Number of meetings held during the time the director held office during the year
Members guarantee The Foundation is an entity limited by guarantee. If the entity is wound up, the Constitution states that each member is required to contribute a maximum of $1. As at 30 June 2015, the number of members was 7.
Insurance of officers During the financial year, the Foundation paid a premium of $3,238 (2014: $4,851) to insure the directors and officers of the Foundation.
(appointed 4 May 2015)
Proceedings on behalf of the Foundation No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Foundation, or to intervene in any proceedings to which the Foundation is a party, for the purpose of taking responsibility on behalf of the Foundation for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the Foundation with leave of the Court.
Tax status The Foundation is Not for Profit for tax purposes.
36 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 37
Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 60.40 of the Australian Charities and Not-for-profit Commission (ACNC) Act 2012 is set out on page 39 and forms part of the Directors’ Report.
Auditor’s Independence Declaration
Auditor PwC continues in office as auditor in accordance with Section 327 of the Corporations Act 2001. This report is made in accordance with a resolution of the directors.
Ms Catherine Stace Chief Executive Officer
Ms Joanne Quin (Chair) Director
Sydney 29 October 2015
38 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 39
Financial
Statement of comprehensive income AS AT 30 JUNE 2015
REPORT
Notes 2015 2014 $ $ Revenue from continuing operations
Page
2
7,144,368
5,172,083
Grants expense
(2,843,241)
(1,857,062)
Advertising and awareness expenses
(705,130)
(284,879)
Depreciation and amortisation expense
(68,042)
(43,341)
Employee benefits expense
(2,375,510)
(1,611,620)
Fundraising costs
(866,764)
(781,173)
Rental and property expense
(211,872)
(118,914)
Consulting expense
(321,934)
(168,415)
Communication expenses
(186,788)
(84,711)
Travel and accommodation expenses
(241,907)
(72,926)
Other expenses
(400,084)
(154,836)
Total expenses
8,221,272
5,177,877
(Deficit) before income tax
(1,076,904)
(5,794)
Income tax expense
-
-
Statement of comprehensive income
/ 41
(Deficit) for the year
(1,076,904)
(5,794)
Statement of financial position
/ 42
Other comprehensive income
-
-
Statement of changes in equity
/ 43
Total comprehensive deficit for the year
(1,076,904)
(5,794)
Statement of cash flows
/ 44
Notes to the financial statements
/ 46
Directors’ declaration
/ 55
Independent auditor’s report to the members / 56
These financial statements are for Cure Brain Cancer Foundation as an individual entity. The financial statements are presented in the Australian currency. Cure Brain Cancer Foundation is a company limited by guarantee, incorporated and domiciled in Australia. Its registered office and principal place of business is: Cure Brain Cancer Foundation Level 1, 351 Crown Street Surry Hills NSW 2010
40 / Cure Brain Cancer Foundation
A description of the nature of the Foundation’s operations and its principal activities is included in the directors’ report on pages 1 to 6, which is not part of these financial statements. The financial statements were authorised for issue by the directors on 29 October 2015. The directors have the power to amend and reissue the financial statements.
Mission in action: Annual Report 2014-2015 / 41
Statement of financial position
Statement of changes in equity
AS AT 30 JUNE 2015
FOR THE YEAR ENDED 30 JUNE 2015
Notes 2015 2014 $ $ ASSETS Current assets Cash and cash equivalents
3
4,839,739
5,926,744
Trade and other receivables
4
253,341
66,218
5,093,080
5,992,962
Total current assets
Non-current assets Receivables
5
60,090 62,271
Property, plant and equipment
6
60,969
84,878
Intangible assets
7
63,892
-
Total non-current assets
184,951
147,149
Total assets
5,278,031
6,140,111
Retained Total surplus equity $ $ Balance at 1 July 2013
5,946,158 5,946,158
Deficit for the year
(5,794)
(5,794)
Other comprehensive income
-
-
Total comprehensive income for the year
(5,794)
(5,794)
Balance at 30 June 2014
5,940,364
5,940,364
Balance at 1 July 2014
5,940,364 5,940,364
Deficit for the year
(1,076,904)
(1,076,904)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,076,904)
(1,076,904)
Balance at 30 June 2015
4,863,460
4,863,460
LIABILITIES Current liabilities Trade and other payables
8
294,830
119,681
Provisions and accruals
9
101,169
64,983
395,999
184,664
Total current liabilities
Non-current liabilities Provisions
10
18,572 15,083
Total non-current liabilities
18,572
15,083
Total liabilities
414,571
199,747
Net assets
4,863,460
5,940,364
4,863,460
5,940,364
4,863,460
5,940,364
EQUITY Retained surplus
11
Total equity
42 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 43
Statement of cash flows FOR THE YEAR ENDED 30 JUNE 2015
Notes 2015 2014 $ $ Cash flows from operating activities Receipts from customers (inclusive of goods and services tax)
6,981,877 5,025,536
Payments to suppliers and employees (inclusive of goods and services tax)
(5,280,745) (3,599,310)
1,701,132 1,426,226 Grant payments
(2,843,241) (1,857,062)
Net cash from operating activities (1,142,109) (430,836) Cash flows from investing activities Payments for property, plant and equipment
6
(38,571) (63,088)
Payments for intangible assets
(69,454) -
Interest and other income received
163,129 186,731
Net cash inflow from investing activities 55,104 123,643 Net in cash and cash equivalents (1,087,005) (307,193) Cash and cash equivalents at the beginning of the financial year
5,926,744 6,233,937
Cash and cash equivalents at end of year 3 4,839,739 5,926,744
44 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 45
Notes to the financial statements 30 JUNE 2015
Page
1. Summary of significant accounting policies
47
2. Revenue
50
3. Current assets - Cash and cash equivalents
50
4. Current assets - Trade and other receivables
50
5. Non-current assets - Receivables
50
6. Non-current assets - Property, plant and equipment
51
7. Non-current assets - Intangible assets
51
8. Current liabilities - Trade and other payables
51
9. Current liabilities - Provisions and accruals
52
10. Non-current liabilities - Provisions
52
11. Retained surplus
52
12. Key management personnel
52
13. Commitments
53
14. Related party transactions
54
15. Events occurring after the reporting period
54
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for Cure Brain Cancer Foundation as an individual entity only.
A) Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and interpretations issued by the Australian Accounting Standards Board and the Australian Charities and Not-for-profits Commission Act 2012. Cure Brain Cancer Foundation is a not-for-profit entity for the purpose of preparing the financial statements. i)
Compliance with Australian Accounting Standards
– Reduced Disclosure Requirements
ii) New and amended standards adopted by
the Foundation
None of the new standards and amendments to standards that are mandatory for the first time for the financial year beginning 1 July 2014 affected any of the amounts recognised in the current period or any prior period and are not likely to affect future periods. iii) Historical cost convention The financial statements have been prepared in accordance with the historical cost convention. iv) Critical accounting estimates The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Foundation’s accounting policies. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements.
The financial statements of the Cure Brain Cancer Foundation comply with Australian Accounting Standards - Reduced Disclosure Requirements as issued by the Australian Accounting Standards Board (AASB). Mission in action: Annual Report 2014-2015 / 47
B) Revenue recognition
F) Property plant and equipment
J) Employee benefits
i) Donations
Each class of plant and equipment is carried at cost less accumulated depreciation.
i)
Donations are recognised upon receipt. ii) Interest income Interest income is recognised on a proportional basis taking into account the interest rates relevant to the financial assets. iii) Other revenue Other revenue is recognised when the right to receive the revenue has been established.
C) Income tax No provision for income tax has been raised as the Foundation is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997.
D) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less.
E) Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment. Trade receivables are generally due for settlement within 30 days. They are presented as current assets unless collection is not expected for more than 12 months after the reporting date. Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off by reducing the carrying amount directly. An allowance account (provision for impairment of trade receivables) is used when there is objective evidence that the Foundation will not be able to collect all amounts due according to the original terms of the receivables.
48 / Cure Brain Cancer Foundation
Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The depreciation rates used are as follows: Computer and office equipment
2.5 – 3 years
Furniture and fittings
2.5 – 10 years
G) Grants expense and other expenses Grants are recognised as an expense when incurred. Other expenses are recognised on an accrual basis.
H) Intangible assets i) Software Costs incurred in developing products or systems and costs incurred in acquiring software and licenses that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Amortisation is calculated on a straight-line basis over periods of 2.5 years. IT development costs include only those costs directly attributable to the development phase and are only recognised following completion of technical feasibility and where the Foundation has an intention and ability to use the asset.
I) Trade and other payables i)
Employee benefits
i)
Short-term obligations
Short-term benefits
Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liability for accumulating sick leave is recognised in the provision for employee benefits. All other short-term employee benefit obligations are presented as payables. ii) Other long-term employee benefit obligations The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of government bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.
K) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.
L) New Accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2015 reporting periods. The Foundation has not adopted these new standards and interpretations and it is not expected that their adoption will have a material impact on future financial statements.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
These amounts represent liabilities for goods and services provided to the Foundation prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date.
Mission in action: Annual Report 2014-2015 / 49
2. REVENUE
6. NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT
2015 2014 $ $ Revenue General
2,054,039 1,085,456
Other fundraisers
1,865,328 2,202,449
Major Events
2,779,983 1,436,897
Volvo
279,184 260,550
6,978,534 4,985,352 Other revenue Interest 163,129 186,731 Sundry income
2,705 -
165,834 186,731 7,144,368 5,172,083
3. CURRENT ASSETS – CASH AND CASH EQUIVALENTS
Plant and Leasehold equipment improvements Total $ $ $
At 30 June 2014 Cost
127,574 57,836 185,410
Accumulated depreciation
(77,478)
(23,054)
(100,532)
Net book amount
50,096
34,782
84,878
Year ended 30 June 2015 Opening net book amount
50,096
34,782
84,878
Additions
31,211 7,360 38,571
Depreciation charge
(36,997)
(25,483)
(62,480)
Closing net book amount
44,310
16,659
60,969
At 30 June 2015 Cost
158,784 65,196 223,980
Accumulated depreciation
(114,474)
(48,537)
(163,011)
Net book amount
44,310
16,659
60,969
2015 2014 $ $ Petty cash Cash in bank
176 25
4,839,563 5,926,719
4,839,739 5,926,744
7. NON-CURRENT ASSETS – INTANGIBLE ASSETS Software Total $ $ Year ended 30 June 2015 Opening net book amount
4. CURRENT ASSETS – TRADE AND OTHER RECEIVEABLES
Prepaid expenses
56,527 57,165
97,695 -
Input tax credits
99,119 9,053
253,341 66,218
5. NON-CURRENT ASSETS – RECEIVEABLES 2015 2014 $ $ Rental bond
-
Additions 69,454 69,454
2015 2014 $ $ Other receivables
-
60,090 62,271
Amortisation charge
(5,562) (5,562)
Closing net book amount
63,892 63,892
At 30 June 2015
Cost 69,454 69,454 Accumulated amortisation
(5,562) (5,562)
Net book amount
63,892 63,892
8. CURRENT LIABILITIES – TRADE AND OTHER PAYABLES
2015 2014 $ $ PAYG withholding payable
30,481 21,290
Superannuation payable
20,810 34,157
Other payables
243,539 64,234
294,830 119,681 50 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 51
9. CURRENT LIABILITIES – PROVISIONS AND ACCRUALS 2015 2014 $ $
a) Key management personnel compensation
Accrual for professional services
10,200 10,200
2015 2014 $ $
Employee benefits - annual leave
90,969 54,783
Short-term employee benefits
391,775 200,574
Post-employment benefits
20,483 9,506
101,169 64,983
412,258 210,080
10. NON-CURRENT LIABILITIES – PROVISIONS
b) Transactions with key management personnel
2015 2014 $ $ Employee benefits - long service leave
18,572 15,083
The following amounts were recognised during the reporting period from other transactions with key management personnel:
2015 2014 $ $
Revenue 98,035 67,905 This excludes the monies received from the John Trivett Foundation, as a result of the John Trivett Foundation merger
11. RETAINED SURPLUS
with the Foundation in June 2014, of $357,221 (Beverley Trivett was a director of this organisation).
Movements in retained surplus were as follows: 2015 2014 $ $ Balance 1 July
5,940,364 5,946,158
Deficit for the year
(1,076,904) (5,794)
Balance 30 June
4,863,460 5,940,364
13. COMMITMENTS a) As at balance date
2015 2014 $ $ Grant payment commitments Within one year
3,107,824 215,000
12. KEY MANAGEMENT PERSONNEL
Later than one year but not later than five years
3,399,097 -
The key management personnel of Cure Brain Cancer Foundation during the financial year were:
6,506,921 215,000
Ms Joanne Quin (Chair)
Mr Peter Butler OAM
Counterparty
Committed later than Committed within one year but not one year later than five years Total $ $ $
Ms Marcella Zemanek
Cancer Research Institute
431,200
-
431,200
Mr Matthew Braid
Children’s Cancer Institute Australia
235,000
1,080,000
1,315,000
Mr Kenneth Gallacher (resigned 1 June 2015)
Hudson Institute of Medical Research
50,000
50,000
100,000
Mr Philip Heuzenroeder
La Trobe University
133,333
382,567
515,900
Ms Beverley Trivett (appointed 4 May 2015)
Monash University
1,450,000
400,000
1,850,000
Ms Catherine Stace (Chief Executive Officer)
NHMRC Clinical Trials Centre
166,666
165,443
332,109
During the financial year the role of Company Secretary has been performed by Mr Matthew Browne. Mr Browne is a member of the Institute of Chartered Accountants in Australia (ICAA) and is also the Foundation’s Chief Operating Officer.
The University of Melbourne
50,000
49,724
99,724
The University of Queensland
350,000
1,149,738
1,499,738
The Walter and Eliza Hall Institute of Medical Research
50,000
50,000
100,000
The Wesley - St Andrews Research Institute
40,000
40,000
80,000
University of New South Wales
151,625
31,625
183,250
Total
3,107,824 3,399,097 6,506,921
A/Prof Charles Teo AM, Founder (resigned 1 July 2015)
52 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 53
b) Subsequent to balance date Counterparty
Committed later than Committed within one year but not one year later than five years Total $ $ $
Arizona State University
725,000
475,000
1,200,000
To be determined
125,000
125,000
250,000
University of New South Wales
380,000
1,200,000
1,580,000
Total
1,230,000 1,800,000 3,030,000
Directors’ DECLARATION In the directors’ opinion:
14. RELATED PARTY TRANSACTIONS a) Key management personnel
(a) the financial statements and notes set out on pages 7 to 21 are in accordance with the Australian Charities and Not-for-profits Commission Act 2012, including:
Disclosures relating to key management personnel are set out in note 12.
(i) complying with Accounting Standards - Reduced Disclosure Requirements and other mandatory professional reporting requirements, and
(ii) giving a true and fair view of the Foundation’s financial position as at 30 June 2015 and of its performance for the financial year ended on that date, and
b) Transactions with other related parties No transactions occurred with other related parties during the financial year.
15. EVENTS OCCURING AFTER THE REPORTING PERIOD Due to his many external commitments, Professor Charlie Teo decided to relinquish his position on the Board of the Foundation, effective 1 July 2015, to focus more on his role as Founder. Cure Brain Cancer Foundation Chair, Joanne Quin, has thanked Professor Teo for all his work with the Board over the last decade and the momentum he has helped create.
(b) there are reasonable grounds to believe that the Foundation will be able to pay its debts as and when they become due and payable, and (c) the provisions of the Charitable Fundraising Act (NSW) 1991, the regulations under the Act and the conditions attached to Cure Brain Cancer Foundation’s fundraising authority have been complied with by the organisation. This declaration is made in accordance with a resolution of the directors.
Except as noted above, there were no other matter or circumstance has arisen since 30 June 2015 that has significantly affected, or may significantly affect: a) The Foundation’s operations in future financial years, or b) The results of those operations in future financial years, or
Ms Catherine Stace Chief Executive Officer
c) The Foundation’s state of affairs in future financial years.
Ms Joanne Quin (Chair) Director
Sydney 29 October 2015
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Mission in action: Annual Report 2014-2015 / 55
Independent auditor’s REPORT TO THE MEMBERS
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Mission in action: Annual Report 2014-2015 / 57
Independent auditor’s
REPORT TO THE MEMBERS (Cont.)
58 / Cure Brain Cancer Foundation
Mission in action: Annual Report 2014-2015 / 59
Together
WE WILL SUCCEED
Cure Brain Cancer Foundation PO BOX 392 | Surry Hills NSW 2010 Level 1, 351 Crown St | Surry Hills NSW 2010 T +61 9550 5244 | E
[email protected] curebraincancer.org.au ABN 22 121 906 036
