FINANCIAL REPORT

In 2024–25, Breast Cancer Trials (BCT) made its largest-ever investment in our world-class breast cancer research program, underscoring our unwavering commitment to saving lives and improving treatments.

At the same time, we are strategically investing in expanding our fundraising capabilities — particularly through growing our donor community and Regular Giving Program — to secure the long-term sustainability of our work.

This forward-looking approach will allow us to raise even more funds in the years ahead, ensuring we can accelerate the pace and impact of our research.

During the year, BCT generated gross fundraising income of $6.595 million, a slight decrease of $0.193 million from the previous year. Our Total Expenditure rose to $11.106 million, a 16% increase year-on-year, reflecting our scaled-up research activity. This resulted in a net deficit from direct research activities of $3.692 million.

For the financial year ended 31 March 2025, BCT recorded an operating income of $14.562 million against operating expenses of $19.551 million, leading to an operating deficit of $4.989 million. After accounting for investment gains of $1.543 million, the reported Net Deficit was $3.446 million.

Looking ahead, BCT forecasts that $13.058 million in reserves (net of external cost recoveries) will be required to meet the committed expenses of our approved Research Program — a powerful investment in hope, progress and better outcomes for people affected by breast cancer.