An FRS 102 based accounting framework with the first new charity SORP for a decade and a raft of tax complexities are problematic for the charities sector as they face increasingly difficult funding issues, reports Rachel Willcox, with a expert opinion from Cancer Research UK CFO Ian Kenyon
The run-up to this month’s London Marathon has been full on for Ian Kenyon, chief financial officer at Cancer Research UK. Not because the charity is the lead sponsor for the event, but as chartered accountant Kenyon is one of the charity’s 11 directors who have spent the last few months enduring tough early morning runs in the dark, training to complete the 26.2 mile course.
Together they are collectively raising money for the brand new Francis Crick Institute, an inter-disciplinary medical research base for around 1,250 scientists, situated next to the British Library, due to open in November. Cancer Research has pledged a £160m contribution to the new institute.
Professional competition aside, there’s a rather more personal reason for Kenyon taking part; his father died of cancer over 20 years ago. Kenyon admits that a desire to give something back was a reason for joining the charity 15 months ago following a successful 20-year career in the retail sector including finance director roles at Sainsbury’s, Carphone Warehouse and HMV. But despite its altruistic goals, working for Cancer Research has not been such a shift from corporate life.
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