In your formulae in column Q there is no 'output' which just says 'CANCELLED', so in no circumstances can you get just 'CANCELLED'.
I've highlighted in red the various 'outputs' in the formula:
=IF(AND(P14<I14,R14>="CANCELLED"),"CANCELLED PARTIAL ISSUE",IF(I14<1," ",IF(P14=0,"OUTSTANDING",IF(P14<I14,"PARTIAL",IF(P14=I14,"COMPLETE","")))))
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