We are also proud to be a valued part of the Princess Margaret team. At the Foundation, we are committed to continuing along the strategic path we have identified to support the hospital's world-leading research, clinical and treatment programs.

We are operating, however, in an increasingly complex and alarming world. The need for funding is never-ending and rapidly growing, and so is the challenge to sustain the programs now under way that are dependent on our grants.

Our response has been to keep our eye firmly focused on our three core businesses – fundraising and donor relations, investment management and fund granting. We believe that our strategy has served us well, resulting in a record-breaking $58.4 million in net revenues during the fiscal year covered in this report, from April 1, 2004 to March 31, 2005.

We received a first installment of $5 million toward a $25 million gift from private donors – the largest such gift to cancer research in Canadian history – to support the work of a new institute for breast cancer research led by world-renowned cancer scientist Dr. Tak Mak. This gift has enabled the Institute, now named The Campbell Family Institute for Breast Cancer Research at Princess Margaret Hospital, to double in size. We are confident that the scientists on this team will leverage their research into dramatic breakthroughs and new treatments to conquer breast cancer.

In Major Gifts and Planned Giving, we surpassed expectations and raised more than $21 million. Our focus was on cultivating significant gifts and bequests, and on completing the fundraising for two new endowed research chairs, as well as for other endowed and expendable funds.

Other highlights:

• $3 million to establish the Samuel Family Foundation CT-PET Centre, which integrates two technologies to provide state-of-the art imaging of body structures
• $2.5 million from Susan Grange to support radiation therapy research and best practices, which target affected tissue with greater precision
• $1 million from Roche Canada to establish the Roche Fellowship in Drug Development
• $1 million from David and Paula Butterfield, and $1 million from Sherry Taylor Drew to establish the Butterfield/Drew Chair in Breast Cancer Survivorship
• $1 million from the Giovanni and Concetta Guglietti Family Foundation to support image-guided radiotherapy and prevention strategies for cervix cancer
• $1 million for the Jack and Anne Weinbaum Prostate Cancer Prevention Clinic
• $1 million from donors to The Wings of Hope Dove Wall, a special place of public recognition, acknowledgement and remembrance located in the hospital's main atrium

The second annual Weekend to End Breast Cancer was a phenomenal success and once more the most successful event of its type in the history of Canadian fundraising. Both of us were honoured to participate with the more than 4,500 other men and women who walked 60 km over two days to raise $10.9 million in net proceeds for the hospital. And by the time you are reading this, we will have walked in the third Toronto event, which was held Sept. 9-11, 2005.

Our two annual lotteries were also major successes. Once again, we offered top-notch, highly desirable prize packages. We introduced a new “three-pack” ticket purchase option, which increased sales by 19%. The Colossal Cash & Cars Lottery netted $10.5 million and the Home Lottery netted $9.4 million. Since the lotteries began nine years ago, more than $120 million have been raised for cancer research at Princess Margaret Hospital and its research arm, the Ontario Cancer Institute.

We are proud of our inventive Community Giving programs that enable every kind of donor to contribute in a variety of ways – through Leadership gifts, Tribute and Memorial gifts, The Wings of Hope Dove Wall, or through our monthly donation program, Partners for Hope. Last year, these programs raised net proceeds of $2.2 million.

We also have an ambitious direct mail program, with more than 20 appeals each year to new and continuing donors. Net proceeds were $1.3 million.

As well, an array of innovative and interesting, communitybased fundraising initiatives were coordinated by or with the help of our Special Events team. These 60 events – small, medium and large – netted $2.6 million in proceeds for the hospital. And a seemingly small but mighty idea to sell $2 blue wristbands branded Princess Margaret Hospital: Conquer Cancer as a symbol of hope for staff, patients and caregivers netted $11,000.

We would like to thank all of our board members and other volunteers for their significant contributions to our strong annual performance. During the year, we welcomed three new board members – David Butterfield, Sheila Geist and Nizar Kanji – who immediately jumped right into the lively debate that shapes our decision-making, and have graced our team with their tremendous enthusiasm, skills and wisdom. We would also like to thank our dedicated Foundation staff who are passionate and professional in all that they do. It is a joy for us to work with such a tremendous team.

Our vision at the Foundation is To Conquer Cancer. But our work is not nearly done. A recent federal report on cancer stated that every year 149,000 Canadians will be diagnosed with some form of cancer, which is the leading cause of premature death in our country. That translates into 38% of Canadian women and 44% of Canadian men. More than half will live, but about 70,000 will die. And so the quest to fulfill our vision continues, a quest empowered and emboldened by the remarkable partnership with you, our donors. Thank you for helping make Princess Margaret Hospital a national treasure.

Lionel Robins Chairman		Paul Alofs President & CEO