Cancer Screening Evaluation Unit. We combined the occasion with an Open Day in Epidemiology and we are confident that all who attended found the day both informative and enjoyable.
Legacies and Donations
It is most pleasing to report that our legacy income was maintained at £2.3m. and that, once again, our regular donors have continued to support us. In this connection, I should like in particular to mention Smiths Charity who have made a donation to the Institute each year to a total over the last ten years of £110,000.
Finance and Accounts
The Accounts for 1987-1988 are reproduced in pages 15 to 24.
The result for the year was a break-even position with the smallest operating surplus recorded since the early seventies.
The increase in the General Fund of some £24m. arose from the realisation of profits on the sale of investments. The Stock Market crash of October 1987 reduced the value of our investments by one-fifth, the Institute apparently faring somewhat better than the average investor. We are indebted to Lord Faringdon and the members of the Investment Sub-Committee for their careful oversight of our investment management in these difficult times.
Expenditure increased by slightly more than inflation as we spent a larger proportion of the funds available from external bodies than in previous years.
Again the Institute spent heavily on laboratory refurbishment (£1m.) and equipment (£34m.) and funded over three quarters of this expenditure from its voluntary income.
Turning to next year, the Annual Scientific and Expenditure Plan for 1988-89 was received by the Institute, and presented to the Joint Scientific Committee, in April. The plan envisages increased funding for the Sections of Pathology and Human Cancer Genetics and the creation, jointly with the Royal Marsden Hospital, of a Biochemical Endocrinology Team. Again in consultation with the Hospital, but at no short term cost to the Institute or Campaign, an Academic Haematology Unit is presently being established at Fulham Road. The funding of these developments can be achieved only by the reallocation of existing, and the securing of
additional, funds. The Plans also foreshadow but do not provide for the spending of some £6m. on a new building as the first phase of the Sutton Development referred to above.
The Institute depends, in one way or another on its support directly from the public and from the Cancer Research Campaign. That support depends on the strength of the Institute's reputation as a centre of excellence. The Institute's reputation has been shown over the years by the work and commitment of its staff. On behalf of the Committee of Management I thank all of them, from clinicians to cleaners and from scientists to secretaries, for all that they have done.
Kenneth Stowe
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