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2021-12-31-accounts

GUTS UK CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS 2021

“We’re getting to grips with guts so that no-one suffers alone.”

CONTENTS

Welcome 1
Who we are 3
Our 2021 highlights 4
Trustees’ report 5
Financial statements 33
Governance, policies and standards 40
Independent auditor’s report 47
Statement of financial activities 51
Balance sheet 52
Statement of cash flows 53
Principal accounting policies 54
Notes to the financial statements 60
Reference and administrative information 84

WELCOME

The past 50 years have seen great progress in the diagnosis and management of gastro-intestinal or GI conditions – diagnosis is much more accurate and easier thanks to endoscopy, computerised tomography (CT) and magnetic resonance imaging (MRI) scanning – substantially British inventions. The recognition of a bacterium – Helicobacter pylori (H pylori) – as the cause of peptic ulceration has transformed its management from surgical to medical. Viral hepatitis can usually be prevented by vaccines or treated by anti-virals and the management of Crohn’s disease and ulcerative colitis has been greatly improved by biologic agents and key-hole surgery.

Our charity was formed in June 1971 in recognition of the relative lack of research support for GI disorders given their major impact on health – a problem that is still with us today. Now renamed as Guts UK Charity we are better serving those people who are struggling with digestive conditions, often in silence and alone.

When the pandemic struck, our superb team of staff worked harder than ever in the restricted circumstances to respond to a 400% increase in enquiries for information from the public. A huge unmet demand for our services has been demonstrated. As we serve more people with evidencebased information, this empowers our community to be in control of their conditions and their care. The more we serve, the more supporters Guts UK has gained. In 2020 we raised £550,019 and we are delighted to say in 2021 we have doubled the overall income to £1,078,130.

Our research programme has also continued through the pandemic. To date since our inception we have invested more than £16.5 million in 300 research grants. But with less than 2% of all medical research funding in the UK going into gastroenterology other than cancer, our specialty has been woefully underfunded for decades and lags behind other areas of health research. That’s why in our 50[th] year, our campaign was that it was finally time for the UK to get to grips with guts. And our marching army of supporters will helped us lift that campaign high. A superb high for our 50[th] year was to feature on a BBC Radio 4 Appeal in June that raised a wonderful £27,600, raised awareness and boosted the profile of Guts UK.

Fifty years ago, our founders at the British Society of Gastroenterology (BSG) wanted to do something to end the pain and suffering of digestive diseases. A lot has changed since then. But the truth is, we haven’t yet achieved our founders’ goals. People are still in pain. People are still suffering. People are dying too early. They are dying unnecessarily. And they are dying without answers. We have to go faster in the next 50 years.

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Huge changes are brought about by the generosity of our amazing community of Guts UK supporters who are so generous with their time and donations. Together, with their powerful and growing support, we cannot fail to achieve our ambition to finally help the UK get to grips with guts.

We are so grateful to you all.

Professor Jonathan Rhodes, Chair (Resigned 10 June 2022)

Julie Harrington, CEO

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WHO WE ARE

Guts UK is the charity for the digestive system. Though there are some 150 plus patient groups and charities in the field of digestive health in the UK, many of them are disease specific. Guts UK remains the only charity that covers all of the digestive system, from ‘top to tail’. Guts UK works actively and collaboratively with other charities. However, with our own limited resources, we choose to focus particularly on the conditions that have no other specific charity, or voice - those illnesses that really are ‘Cinderella’ conditions such as pancreatitis, diverticular disease, irritable bowel syndrome (IBS), and childhood gut and liver disease plus the less common gastrointestinal cancers. These conditions affect millions of people every day and digestive diseases account for one in nine hospital deaths in the UK each year.

“People are suffering. People are dying. All because of a lack of knowledge about our guts. Guts UK exists to change that. Our guts have been underfunded, understaffed and undervalued for decades. Together we will join forces and bring about important change in this misunderstood area for health. With new knowledge, we will end the pain and suffering of the millions affected by digestive diseases.”

Our Mission

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OUR 2021 HIGHLIGHTS

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Information Services and
Support
1,162 emails
871 phone calls
152,752 leaflets
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Kranky Panky 2021
reached 216,779
people
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With the help of our Experts by
Experience Panel we have awarded
over £300K to research projects
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#GUTSelfie Organic impressions rose by 546% from April to June 550% increase in web clicks from April to June Instagram followers grew by 250%

BBC Radio 4 Appeal to celebrate our 50[th] year raising £27.6K

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TRUSTEES’ REPORT

The trustees present their report together with the financial statements of Guts UK Charity (“Guts UK”) for the year ended 31 December 2021. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation.

The financial statements have been prepared in accordance with the accounting policies set out on pages 54 to 58 and comply with the charitable company’s memorandum and articles of association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Objectives and activities

Guts UK’s charitable objectives are:

To achieve these objectives, Guts UK works across six areas:

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When setting the objectives and planning the work of Guts UK for the year, the trustees give careful consideration to the Charity Commission’s general guidance on public benefit.

The trustees always ensure that the activities undertaken are in line with the charitable objectives and aims of Guts UK. As highlighted in this report, we are continuing to develop our information provision and public education programme thereby helping the general population to better understand digestive diseases. Digestive diseases include diseases and disorders of the oesophagus, stomach and intestines, colon and rectum, liver, gall bladder, bile ducts, and pancreas; including inflammatory, neoplastic and functional disorders.

Achievements and performance

Research grant funding

Guts UK had research commitments at the start of the year totalling £1,454,984 (2020: £1,721,855). In 2021 the charity further awarded grants totalling £301,231 (2020: £61,950) with payments totalling £491,717 (2020: £325,308) and net commitments no longer required of £13,163 (2020: £3,513). Research commitments still to be paid at the end of the year were £1,251,335 (2020: £1,454,984).

In 2021 we renewed our commitment to focus on areas we believe are less well-resourced than other GI disease areas and where our funding can make a meaningful difference for patients.

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Priority areas

Funding trainee doctors in gastroenterology research

To promote research amongst gastroenterology trainees and in particular support the development of trainee research networks Guts UK has partnered with the BSG to award six grants to trainee doctors totalling £18,040. We had hoped to be able to award more trainee research grants but due to the ongoing Coronavirus pandemic, many gastroenterology trainees were diverted to the front line which disrupted their training and made it even more difficult than usual for them to engage in research. The six grants awarded were:

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*BASL – British Association for the Study of the Liver

Guts UK/Dr Falk awards

Guts UK continues to work with Dr Falk Pharma UK to award prizes and grants to medical students, SpR trainees, F1/F2 clinicians, nurses and dietitians. These awards aim to acknowledge those who bring new insight into gastroenterology and hepatology through research or the improvement of patient care. They also provide the opportunity for foundation stage doctors to engage in research.

The Guts UK/Dr Falk 2021 award winners were:

Developing a direct mass spectrometric assay for the identification of early disease biomarkers for colorectal cancer.

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A £1,000 prize for the best essay on gastroenterology (including hepatology and pancreatology) research personally undertaken by medical students studying in the UK who were on an intercalated BSc/MRes/MSc/MPH/MBPhD course during the previous academic year (2019/20).

A Genome-Wide Association Study of Non-Alcoholic Fatty Liver Disease in Trivandrum, India .

A £1,000 award for dietitians working in GI/liver in recognition of an innovation that has led to an improvement in patient care.

The Long-Term indwelling Abdominal Drains (LTADs) pilot project.

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Two £2,500 awards for UK-based F1/F2 doctors to facilitate prospective research in an area relevant to gastroenterology (including hepatology and pancreatology).

A total of £10,325 was awarded to UK-based gastroenterology SpR trainees conducting quality improvement projects in gastroenterology and hepatology.

My Tube Passport – " Mind My Tube ". A hospital e-passport for the patient with an enterostomy device.

Using age-appropriate information to support adolescents and young adults with liver disease as they transition from paediatric to adult services.

Early career researcher development grants

The grants are for developmental or translational research that will allow the collection of pilot or proof-of-concept data to enable high-quality competitive applications to be made subsequently to larger funders. This year the development grants were open to early career researchers to support the development of future leaders in academic gastroenterology. The BSG has contributed to these grants. This year, to support our priorities grants were awarded for gut microbiome and nutrition, IBS and oesophageal cancer projects.

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*FODMAP = fermentable oligosaccharides, disaccharides, monosaccharides and polyols, which are short-chain carbohydrates (sugars) that the small intestine absorbs poorly. Some people experience digestive distress after eating them.

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forCrohn’s research grants

We have continued our successful collaboration with forCrohn’s to fund research specifically focusing on Crohn’s Disease. In 2021 we focussed on projects investigating Crohn’s and COVID, and quality of life for people with Crohn’s disease.

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virus and whether they increase the risk of re-infection. Data generated from this study will aid understanding of whether biologic and immunomodulator drugs increase the risk of recurrent COVID-19 infection or cause people to carry the virus for longer. If this is observed, antibody and PCR testing may be implemented in routine care to identify these individuals who may be offered alternative treatments.

Childhood gut and liver diseases

Guts UK has once again partnered with the British Society of Paediatric Gastroenterology, Hepatology and Nutrition (BSPGHAN) to fund paediatric research.

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Bringing the patient voice into research

Priority setting partnerships (PSPs)

The IBS and Pancreatitis PSPs are finally underway. The PSPs are facilitated by the James Lind Alliance (JLA) and bring together clinicians and other health care professionals, scientists, patients and carers to find the top ten research priorities in order to lead transformational change in research in these chronically underfunded areas with the ultimate aim of positively impacting diagnosis and treatment. High quality PSP’s conducted in this way have a major impact on prioritisation of research funding by national bodies including the research councils and the National Institute for Health Research (NIHR). The Pancreatitis PSP is jointly funded by our Big Give campaign and other restricted pancreatitis income, the Pancreatic Society of Great Britain and Ireland (PSGBI) and the BSG. The IBS PSP is jointly funded with the BSG.

Experts by experience (EBEs) – our patient panel

The biggest boost in recent years is to actively have the patient voice at the heart of all we do at Guts UK. In 2021 we formed a new panel of Experts by Experience, affectionately known as our EBEs, who are people affected by, caring for and/or living with digestive conditions. They have taken part as equals alongside the professors and clinicians within our Research Awards Committee when deciding on the Guts UK research grants in 2021. They advise us on the way to ensure our information is accessible for all and promoted in various formats to particularly hard-to-reach groups. The EBEs hold the development of our equality and diversity programme at their heart, to ensure we will be tackling health inequalities we have all become so very aware of as a nation through this recent pandemic.

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Completed research projects: sharing outcomes

As a result of the Coronavirus pandemic, many of Guts UK’s research projects were put on hold as some of our funded researchers were called back to clinical duties. No-cost extensions were granted to several projects that were due to finish in 2021. These projects have now resumed and should complete in 2022.

Oesophageal cancer: Professor Laurence Lovat’s team explored whether a single spit of saliva together with an easy to administer questionnaire regarding symptoms and risk factors could be used as a simple way to indicate whether a patient is at low or high risk of having oesophageal cancer. This would allow many patients who do not have the disease to avoid having a normal endoscopy which would free up resources to use on those who need them most. Saliva samples were collected from more than 300 patients at 20 hospitals around the UK.

The team interrogated 850,000 individual epigenetic locations within the DNA of 192 patients and used complex bioinformatics approaches to identify a particular signature which distinguished patients with invasive oesophageal cancer with an accuracy of more than 95%. The test will need further validation in more patients and will need to be transferred to a cheaper system that is suitable for routine clinical use. But it appears that the team may have developed a clinically useful test for oesophageal cancer which simply relies on a little bit of spit. Alongside the saliva, the team also collected questionnaire data from 398 patients. Analysis showed that by asking only 8 questions, the team were able to predict which patients have Barrett’s oesophagus with an accuracy of over 80%. These findings were compared to data collected in a previous study and were shown to be robust. This may help doctors identify which patients should have an endoscopy test to look for

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precancerous changes. The questionnaire findings now need to be confirmed in a group of patients in general practice but might in future be a cheap and reliable way of screening patients who might need an endoscopy. The saliva assessment might lead to a completely non-invasive test for detecting patients with oesophageal cancer. Further validation is needed but the findings of this research are completely novel and are very exciting.

Achalasia and gastroparesis: The aim of Dr Conor McCann’s research project was to test if gut nerve stem cells can fix achalasia and diabetic gastroparesis. A surgical technique was used to transplant gut nerve stem cells into the gullet (oesophagus) and stomach of mouse models to test if transplantation can rescue function in these regions. The team confirmed that the mouse models showed the same features as human diseases and were able to show that after transplantation of gut nerve stem cells, donor cells formed networks after four weeks in the stomach and gullet. These donor cells also showed key characteristics of the lost nerve cells. Promisingly, the team have also shown that after transplantation,

function can be restored within small pieces of diseased tissue taken from these regions. This suggests that transplantation of gut nerve stem cells can be successful in the upper gut and may be able to partially reduce some disease symptoms. Over the course of the COVID-19 pandemic and national lockdown, the team developed new models which will allow the testing of new treatments or optimisation of stem cell treatments for gut diseases including achalasia and gastroparesis. The next steps for this work will be to confirm that the initial promising findings are carried over into functional rescue in terms of gut transit in these animal models. Following presentation of data from this project at international meetings, groups at the University of Melbourne and Harvard University have started to investigate cell-based treatments in both the gullet and stomach. Through future collaboration and sharing experiences across these groups, there is the potential to drive overall research into new treatments for these conditions. The team has been awarded further funding from two research councils to continue their work into gut nervous system stem cell treatments.

Crohn’s disease: Dr Nick Powell’s study aimed to identify biomarkers to predict response to medicines targeting the key cytokine called TNFα (the very molecule that is targeted by one of the key medications used in Crohn’s disease). The study focused on the main target of Crohn's damage: the cells that line the bowel wall (called epithelial cells). These are the ‘building blocks’ of the gut

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barrier that stops damaging substances or microbes from invading the human body. The analysis suggests that genetic changes of key chemicals driving the damage seen on the lining of the bowel wall can be tracked in the gut of patients with active IBD and that they may predict response to the drugs targeting the cytokines TNFα and IL23. This discovery will aid understanding of the reasons why some people respond to these medications and others don’t and may allow identification of these people before they start their treatment. The next step is to test the value of these findings in clinical practice. The team aim to perform a prospective, validation study in the context of NHS based IBD care to see if this new knowledge can be used to predict in real life people’s responses to their IBD medication. An application for a clinical trial of testing new therapeutic strategies to overcome the mechanisms of drug resistance described in this study is currently in preparation and targeted to major funders.

Childhood IBD: Dr Matthias Zilbauer’s laboratory has established a novel experimental system, allowing the growth of ‘mini-guts’ (called organoids) from small, patient-derived tissue samples. The team has generated over 100 of such ‘mini-guts’ from children diagnosed with IBD and matching controls (i.e., children without the disease). They analysed these ‘mini-guts’ to find out how patients with IBD differ from children without the disease. The team also tested for differences between children with IBD in order to identify children with severe abnormalities. The team were able to show that the cells forming the inner lining of the gut harbour some changes that may lead them to be malfunctioning in children diagnosed with IBD and therefore could explain why these children suffer from chronic gut inflammation. The team confirmed that these cellular changes persist in ‘mini-guts’ generated from patient samples. This is hugely exciting as not only does this suggest that changes are permanent and very likely to have a key impact on the disease, but also that these ‘mini-guts’ can be used as models to test and develop novel drugs. These findings will pave the way for patient derived ‘mini-guts’ to be used to personalise the treatment of children suffering from IBD. As a next step the team have started to collect biopsies from more children diagnosed with IBD, obtained from centres across Europe. The pump priming funding we provided has contributed towards the team obtaining further funding including a networking grant from European Society of Paediatric Gastroenterology, Hepatology and Nutrition (ESPGHAN). A next crucial step is to work out ways to translate the findings into clinical practice. This includes validating findings in bigger cohorts but also reducing the number of methylation changes to a number that can be tested more easily.

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Public education and awareness

Patient information

We provide evidence-based information written by medical experts in human digestive diseases to empower people to ask the right questions of the health professionals, to help get a timely diagnosis and the right treatment. Knowing more about what triggers a condition, learning about lifestyle factors or diet and nutrition can help people to better manage their condition and feel in control. This information is produced and co-branded with the BSG.

The demand for our information has increased dramatically over the last two years despite the fact that we do not run a helpline, nor do we advertise or promote such a service. Yet people email and phone when they find our website. The service we have been able to offer people suffering from digestive diseases, their families and friends has dramatically improved since the recruitment of the Information Manager in 2020. Telephone requests for information have increased 57% from last year and the Information Manager sent over 1,162 personal information support emails.

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The demand for information continues to rise in 2022. People are suffering in silence and we would really like to be able to reach more people who need our help.

Our information is reviewed and updated by experts in the field and checked by people with digestive conditions to ensure it is easy to read and understand.

During 2021 the following information was updated:

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New information has been added to the website:

As clinics and endoscopy services began to reopen in 2021, we distributed 152,752 (2020: 112,240) patient information leaflets covering 18 digestive conditions to 92 (2020: 89) hospitals around the UK and Ireland.

We are continuing to develop the information on our website in video, audio and easy-read formats to ensure our patient facing information is accessible for all. Preparation began for the installation of the accessibility tool on our website to create a more inclusive experience online so people can customise our information in a format or language that works for them.

Public awareness

Our printed magazines go out twice a year to our supporters and are packed with a wide variety of interesting and informative articles from diverticulosis around the world to a recipe for gut healthy digestive biscuits to information about the gallbladder and gallstones.

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We send e-newsletters out every six weeks. In 2021 the number of people who signed up for our e- newsletter more than doubled.

We have given talks about the digestive system to home-schooled students at St Johns Church in Bradford and the Islam Bradford Centre and held a Science of Digestion event at the Bradford Muslim Centre encouraging people to go to their doctor if they have symptoms. Our research has shown that 51% of people wait six months or longer suffering from digestive symptoms before they seek professional advice.

Our Information Manager has been in growing demand and hosted several virtual talks: A Healthy Digestive System All You Need to Know for the Metropolitan Police Counter Terrorism Policing Headquarters and the Department of Work and Pensions and All you need to know about IBS for the Cumbria, Northumberland, Tyne and Wear NHS Foundation Trust secure inpatient mental health unit. We hosted our first online webinar in conjunction with The Gut Stuff and received fantastic feedback.

We continue to take opportunities to provide information and articles for the media.

HIGHLIGHT

Guts UK’s article on commercial microbiome testing had feedback that it was the best article in the BDA magazine and was also published on the BDA blog.

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Warrington Disability Awareness Day (DAD)

We had attended DAD virtually in 2020 but this was the first time we had attended the event in person and Colin the Inflatable Colon proved a big hit, as ever, with adults and children alike.

Kranky Panky pancreatitis awareness campaign

Kranky Panky goes from strength to strength. In 2020 we reached 79,538 people, in 2021 we almost tripled this to 216,779. We shared a story a day for the month of November putting the patient voice at the heart of our awareness rising. The campaign helps connect families affected by this devastating condition who have expressed relief in finding, via Guts UK, a community that truly understands them.

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The Kranky Panky campaign gives people so much more than a platform and a community, people also find it therapeutic.

From the upsetting call in June 2019 that lasted almost two hours, to two years later Katie sharing her Dad, Danny’s pancreatitis story.

https://gutscharity.org.uk/advice-and-information/krankypanky/personal-stories/2021-stories/dannys-story/

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Less Survivable Cancers Taskforce (LSCT)

Guts UK is a proud founding charity member of the LSCT. The LSCT was set up by a group of charities all aiming to double survival rates of the six less survivable cancers by 2029. These are stomach, oesophageal, pancreatic, liver, brain and lung cancer. Guts UK funds research into the most underfunded, misunderstood and deadliest digestive cancers.

Stomach cancer

Guts UK is currently funding Dr Marnix Jansen’s research into stomach cancer. Dr Jansen’s work is exploring an alternative, more targeted way of taking biopsies (small samples of tissue) from the stomach. The team will then use cutting-edge technology to begin understanding more about the changes in DNA that occur. “The more we can understand about these DNA changes, the closer we come to finding a cure.”

“My husband was 64, a fit, healthy, daily dog walker. Tony suddenly began to get terrible indigestion that just wouldn’t shift. After many visits and dismissals from the GP, Tony was eventually diagnosed with stomach cancer. Before he passed away, we made the decision to marry and we went on a beautiful honeymoon.”

Oesophageal cancer

Guts UK is funding Dr Sara Jamel’s research looking at the possibility of a ‘breath-test’ to diagnose oesophageal cancer. Currently people with Barrett’s oesophagus have a routine endoscopy test where a small camera on a thin flexible tube looks at the lining of the oesophagus. The main research question is whether the cell changes in Barrett’s oesophagus can be detected by testing the breath of people with the condition. This will provide an easy and cost-effective way to identify people at high risk of having oesophageal cancer. If successful, this test could save lives by diagnosing oesophageal cancer earlier, when it is easier to treat.

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----- Start of picture text -----
“I was 57 years old when I started with
indigestion, which I’d never had before. After
being prescribed with tablets to reduce
stomach acid production, I was still
struggling with symptoms so I asked my GP
to send me for a gastroscopy. Even though I
had suspected that I had oesophageal
cancer, it was still a shock to be told.
Thankfully, I am still here almost a decade on
from having oesophageal cancer. I know this
sadly isn’t the case for many families, but I
hope this helps to give others some hope.”
----- End of picture text -----

Liver cancer

Guts UK is proud to fund Dr Salvatore Papa’s research into liver cancer. It is thought that our livers when damaged, can change the way it gains energy in order to cheat cell death. But these damaged cells can eventually generate tumours, becoming cancerous. Dr Papa’s team are looking to understand if it’s possible to stop the liver changing the way it gains energy, in attempt to prevent cancerous cells from developing.

“Mum had just had a hip replacement, so she was trying to exercise more and build strength. One day she did tell me her wee was dark, but we thought little of it, as she was still recovering from her operation. A few weeks later mum was admitted to hospital with deep vein thrombosis. They ended up testing her liver as she started looking yellow (jaundice) and they found liver cancer. We had all expected upsetting news, but we didn’t expect to be told mum’s cancer was terminal and she had a month to live. Mum died just five days later at 64 years old, surrounded by the whole family. She was chatting away and making us all laugh, right until the end.”

Only three in 20 people diagnosed with liver cancer in England survive their disease for five years or more. Guts UK wants to change this. Guts UK’s research has the potential to save lives and give people a fighting chance.

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Growing our Guts UK reach online

Instagram was new for 2021 for Guts UK!

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Our first ever #GUTSelfie day took place in June 2021 and was a great success. We sent temporary tattoos and Guts UK merchandise out to supporters and asked them to take a #GUTSelfie and post it on Instagram. Comparing April to June our reach increased by 446.1%. There was a 550% increase in people clicking onto our website from Instagram in June.

“Your #GUTSelfie campaign is amazing! Seeing everyone posting their stories about living with a digestive disorder was so amazing and it makes everyone living with one feel less alone.”

“I’m still very private with my gut issues but seeing what you’re doing and reading people’s stories has helped with the mind side today.”

Microscopic colitis awareness week

We reached 20,000 people in this week. One in three people with microscopic colitis were initially diagnosed with IBS so it is vital to raise awareness of this condition to help people get the right diagnosis and treatment.

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In September Clear Channel provided pro bono digital advertising in shopping centres across the country to boost awareness in our 50[th] year. We also tested washroom adverts with QR codes. The aim being to raise awareness of the need for the UK to get to grips with guts!

Income generation

Our goal in 2021 was to increase our long-term sustainable fundraising by growing our supporter base in order to make a transformational change to the levels of research into the gut, liver and pancreas and increase the number of people we are able to support with evidence-based information.

A programme of new donor acquisition was initiated to recruit individual financial support from the interested public, symptomatic public, patients and their families and friends.

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2021 Increase in total voluntary income = 84%

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BBC Radio 4 appeal

We are very grateful to Mr John Authers whose powerful first-hand account of pancreatitis helped us raise £27,600 and resulted in over 150 new donors as well as a legacy notification. The appeal continues to reap new contacts with people who had never heard of us before.

Plans for 2022

Diseases of the digestive system were the second most common primary diagnosis in 2020-21 and yet research in the area remains woefully underfunded. Guts UK exists to change that.

Research

Proposed grant funding

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Fundraising, patient engagement and raising awareness

Sustainable growth in fundraising for Guts UK will remain focused on building up our supporter base which grows naturally as we serve more people via our information services. We will continue to build our presence via digital platforms such as Facebook and Instagram, and propose to venture into TikTok, all spaces that enable us to reach new audiences in a format they favour.

We will build more relationships with companies to increase corporate support and to find successful partnerships with the industry around digestive health, focusing on our shared objective of helping patients get the information they need, more, kinder treatments and ultimately a cure.

We will actively promote our patient information leaflets to gastroenterology clinics across all four nations of the UK in order that more patients are able to access evidence-based information about their symptoms and/or condition.

Staff, resources and capacity building

In 2021 the charity employed a new Fundraising Administrator to provide support to the Fundraising and Communications Officer to further enhance our income generation and awareness activities. We also recruited a Patient and Public Involvement and Engagement Officer whose key role is to deliver the Priority Setting Partnerships.

The Research Manager role was made redundant and a part time Research Administration Officer has been recruited in 2022.

We have also recruited two support hub administrators, one in the London office and one in the Huddersfield office and one Income Processing Administrator to assist with answering information queries and provide essential administrative support to existing staff to allow the charity to build and grow.

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Office space

Guts UK currently occupies the third floor of 3 St Andrews Place as a direct tenant of the Royal College of Physicians. This is a new 5-year tenancy agreement with a break clause at 3 years. Whilst this does mean an increase in costs, it gives us security in the medium term, is good value for an office in a prime location, allows us to retain our registered office address and continue to work alongside the BSG.

In 2021 we moved into a larger space in the Media Centre in Huddersfield to house all the branded fundraising and awareness materials we have. The new space includes a separate, small office that staff can use to respond by telephone to the increasing number of in depth, personal information queries we receive.

Demand on our resources continues to increase as we serve the community of people affected by digestive disorders by providing relevant information, giving patients a voice and funding vital research. Income generation may be affected by the economic situation as the rise in the cost of living reduces people’s disposable income. However, we will continue to support people with digestive conditions by getting to grips with guts.

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FINANCIAL STATEMENTS

Financial review

The charity recorded income for the year of £1,078,130 (2020: £550,019) and expenditure of £920,771 (2020: £583,135). This resulted in net income, before investment gains, of £157,359 (2020: net expenditure before investment loss of £33,116). This is an exceptional performance in the second year of a pandemic and was much better than forecast due to legacy and investment income being higher than budgeted and the unexpected receipt of government funding via an MRC grant for research.

Income

----- Start of picture text -----
Income at end Dec 2018/19/20/21
£350,000
£300,000
£250,000
£200,000
2018
£150,000 2019
£100,000 2020
2021
£50,000
£0
Legacies and in- Voluntary Public education Investment
mem donations income
INCOME SOURCES
----- End of picture text -----

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During another year of tough fundraising conditions, total voluntary income increased by nearly 84%. Total voluntary income was £567,059 (2020 £308,435). We had an exceptional year for legacies including a one tenth share of a residuary estate as one of the ten Radio 4 appeals broadcast in the ten weeks prior to the legator’s death. One legator told the executor of his will to leave a percentage of his residuary estate to a charity dealing with stomach problems, the executor found us on google and thought we were the most appropriate charity for the legacy. Another legator wanted to leave a donation to the Barrett’s Oesophagus Foundation, their executor found that the Foundation no longer exists and thought we were the best fit as we are funding research in that area. This shows how our enhanced website presence benefits us. We are so grateful to these and others who so generously include us in their wills enabling us to continue to support people with digestive disorders and fund essential research.

Our increased profile has meant that people are more easily able to find us which is particularly important for those who have recently lost a loved one. In memoriam donations have doubled again over the last year; families and friends often find consolation in the thought that their fundraising may go some way to alleviating the suffering of others in the future.

Our digital advertising campaigns resulted in increased website donations, additional new donors and more than double last year’s general donations figure. Community fundraising increased by 126% as our supporters continued to find new and inventive ways to fundraise. One of our supporters celebrated her 60[th] birthday by doing a Sky Dive to raise money and awareness in honour of our 50[th] birthday.

Research partner funding came from Dr Falk Pharma (UK) Ltd, the BSG, the PSGBI and BSPGHAN. We have utilised £47,027 of the forCrohn’s funding received in 2020. The Parabola funding for Professor Rees colorectal cancer research was put on hold for the year but will resume in 2022. We will continue our current partnerships alongside building new partnerships to fund more research in the future.

Guts UK Charity 34

For the first time in our history, we have received some funding from the government. We made a successful application to the UK Government COVID Medical Research Charity Support Fund to provide a valuable boost for our ongoing support for Early Career Researchers and gastroenterology trainees undergoing research projects during the financial year 2021-22. The total grant received was £151,099 for the following projects.

Researcher Institution Type of Grant Amount
Received
James O’Kelly Universityof Edinburgh Guts UK Amelie Waring
Fellowship		 £59,757
Sara Jamel Imperial College London Guts UK Olympus
Fellowship		 £45,844
Alessandra Frau
(PI Chris Probert)		 Universityof Liverpool Guts UK Development
Grant		 £32,875
Varinder Athwal Universityof Manchester Guts UK Development
Grant		 £4,290
Robin Dart Francis Crick Institute London Guts UK/BSG Trainee Grant
£5,000
James Ashton Universityof Southampton Guts UK/BSG Trainee Grant
£3,333

Leaflet sales increased by 33% from 2020. We expect sales to increase further in 2022, as many hospitals and clinics reopen for face-to-face consultations and, with additional staff resources, we will be able to actively promote our leaflets.

Guts UK Charity 35

Total Income 2021

----- Start of picture text -----
£264,150
£303,289 Legacies and in memoriam
Voluntary donations
Public education
Investment income
Partner research funding
£169,250 £302,909
£38,532
----- End of picture text -----

----- Start of picture text -----
Total Income 2020
£39,000
£148,430 Legacies and in memoriam
Voluntary donations
£163,694
Public education
Investment income
Partner research funding
£160,005
£38,890
----- End of picture text -----

Guts UK Charity 36

Expenditure

We have worked hard to keep costs within budget whilst continuing to improve service provision for people with digestive disorders. Our salary costs increased to £328,886 due to the recruitment of a new Fundraising Administrator and a Patient and Public Involvement and Engagement Officer to assist with the delivery of our strategic objectives of raising awareness and transforming the research landscape. Overheads were 46% up on 2020 mainly due to the move to a larger office in Huddersfield and increased activity resulting in higher subscription fees for various services as well as higher bank charges, and printing, postage and stationery costs. During the year, we spent £641,333 on charitable activities (2020: £325,732), which represents 70% of total expenditure in the year. This is significantly higher than 2020 as we renewed our research funding programme. Whilst we have committed £301,231 to new research grants in 2021, we continued to focus on investment into income generation and raising awareness, reaching and recruiting new supporters to build a sustainable future for the charity hence the increase in fundraising expenditure.

----- Start of picture text -----
Expenditure 2021
----- End of picture text -----

----- Start of picture text -----
£162,807
£279,438
Cost of raising funds
Research
Public education
£478,526
----- End of picture text -----

Guts UK Charity 37

----- Start of picture text -----
Expenditure 2020
£154,802
£257,403 Cost of raising funds
Research
Public education
£170,930
----- End of picture text -----

Balance Sheet

The markets recovered somewhat in 2021, the investment portfolios contributed unrealised gains of £213,775 and realised gains of £373,228 (2020: unrealised losses of £76,009 and realised losses of £210,087). Of this amount, total realised and unrealised losses of £267,134 (2020: £117,933 total realised and unrealised losses) related to the endowment fund.

As at 31 December 2021, Guts UK had net assets of £6,389,416 (2020: £5,645,054) an increase of £744,362 with £6,435,629 held in listed investments. These include the Derek Butler endowment fund for research into upper gastrointestinal conditions of £3,266,446. The income from this fund will finance the new three-year fellowship to be awarded in 2022.

Unrestricted funds which can be spent at the discretion of the trustees were £3,090,435 of which £1,622,028 has been designated to contribute to the Amelie Waring pancreatitis fellowship and general gastrointestinal research grants awarded by the charity.

General funds amounted to £1,468,407 More details of the disposition of Guts UK net assets can be found in the financial statements on pages 51 and 52.

Guts UK Charity 38

The principal liability of Guts UK Charity is to complete the research programme it has committed to of £1,251,335 at 31 December 2021 as set out in detail in note 18. Of these commitments, £90,000 is due from funding partners and £1,161,335 is to be funded from Guts UK’s general unrestricted funds.

Reserves policy

Guts UK has reviewed the amount of reserves it regards as a minimum prudent requirement and has concluded that provision for twelve months administration, public education and fundraising costs is sufficient. This would allow time to manage cost reductions or fund appeals as required whilst minimising the impact on service provision. Based on the forecast for 2022, the desired minimum reserve is approximately £1,000,000. Currently free reserves total £1,468,407 less amounts held as fixed assets of £3,363 i.e. £1,465,044. Additional funds are to be utilised for research expenditure, building capacity and expanding the public information programme going forward.

Investment policy and performance

The charity’s listed investments are managed by Cazenove. The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment manager’s advice on the market prospects in the medium term. The performance of the portfolio is monitored by the trustees.

In March 2021 the trustees reviewed the current investment strategy and agreed with the advice from Cazenove that investments should be moved to a Responsible Multi-Asset Fund. This fund adopts a total return approach and has the advantage of providing an even distribution payment as well as an ethically responsible investment policy. The Trustees are satisfied with the investment performance.

Guts UK Charity 39

The Responsible Multi-Asset fund aims to meet the financial objectives of the charity whilst having a positive impact on people and the planet by:

  1. Avoiding harm by adopting an investment screening policy that avoids areas of significant social or environmental harm, integrating environmental, social and governance factors in the investment process across all asset classes and supporting the Paris Agreement on Climate Change by reducing total portfolio carbon emissions and funding carbon offsets.

  2. Benefiting society through sustainable business.

  3. Contributing to solutions to environmental and social need by investing in impact investments.

  4. Influencing companies and managers, through engagement and voting, to encourage progress towards the UN sustainable development goals.

  5. Collaborate with other asset owners and managers to drive industry change.

Going concern

There is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees believe that there are no material uncertainties that call into doubt the charity’s ability to continue operating as a going concern. Consequently, the financial statements have therefore been prepared on the basis that the charity remains a going concern.

GOVERNANCE, POLICIES AND STANDARDS

Guts UK is a charitable company limited by guarantee. Its governing document is its Memorandum and Articles of Association.

The trustees have overall responsibility for setting the strategic direction of the charitable company. The trustees delegate specific responsibility to several committees as follows:

Guts UK Charity 40

The policies of the charity are determined by its board of trustees whose membership is listed on page 84. The research policy of the charity is decided by the trustees in consultation with the Research Committee of the BSG. Guts UK is a member of the Association of Medical Research Charities.

Guts UK advertises for new trustees as required. Prospective trustees are interviewed by the Chairman or other fellow trustees and are asked to submit a CV for review by the trustees. Candidates must be approved by a majority of trustees and the usual term of office is three years, renewable on approval by the board up to a maximum of 9 years total.

New trustees are provided with information concerning the finances, fundraising activities, grantmaking and research policies of the charity. Those who are not familiar with the legal obligations and responsibilities of a trustee are provided with information published by organisations such as the Charity Commission. Training opportunities are offered to trustees on an ongoing basis.

Guts UK continues to work closely with the BSG to provide strong links with the main professional community and to improve its ability to disseminate research and patient information. The Chairman

Guts UK Charity 41

of the BSG’s Research Committee is a member of the board. The day-to-day operation of Guts UK is delegated to the Chief Executive who is supported by a team of staff.

Key management personnel

The key management personnel are those involved in managing the organisation, fundraising, communications, research and finance. These comprise the trustees, the Chief Executive and the Finance Manager.

The pay of all staff members, including members of key management, is reviewed annually by the trustees. Remuneration details in relation to key management personnel are provided in Note 10 to the financial statements.

Risk management

Guts UK maintain a risk register covering the major risks to which the charity is exposed. This covers governance and compliance, operational and administration, financial and investment and reputational risks.

Guts UK rates potential risks by likelihood and impact. The risk register is reviewed regularly by the trustees and the key risks together with the policies to mitigate them have been identified as:

Failure to comply with GDPR regulations

Policies and procedures have been developed and communicated to all staff. Ongoing training is provided. Data protection is a standing item on the ARC Committee and trustee meeting agendas to ensure trustees are kept up to date with actions taken to ensure compliance with the regulations. There will be ongoing monitoring of compliance with regulations.

Failure to meet strategy to increase donations

Management accounts are prepared and regularly reviewed by the ARC Committee to monitor fundraising performance. The fundraising strategy has been reviewed by the Chief Executive and trustees with a view to increasing the number of individual supporters and donors alongside developing different income sources to include approaching former funded researchers and gastroenterologists and industry/pharma for support. The trustees review income generation, reserves and strategy at each Board meeting to ensure the strategy is still the right one and that the charity has sufficient funds to meet it.

Guts UK Charity 42

Impact of COVID-19

The COVID-19 Pandemic continues to pose some increased risks. The trustees will continue to monitor income and expenditure and adjust expenditure as required. Most staff are now working most days in the office, but all staff have the resources to work from home if required. Whilst it may be possible to hold Science of Digestion and other public awareness events in person in 2022, the possibility of digital public awareness events will be investigated as well. The public awareness programme is important to enable the charity to fulfil its charitable objectives of educating the public about digestive diseases but also impacts on the recruitment of new supporters and fundraisers.

Guts UK Charity 43

Fundraising Standards at Guts UK

• Our donors are important to us and we seek to deliver the highest standards of donor care and support • Open and accountable fundraising – we regularly tell our supporters how they can easily change their preferences. • Communicating with our supporters – we update our supporters through our twiceyearly newsletter for those who prefer a print option, and regular e-newsletters. • Complying with laws, regulation and standards – we are a member of the Chartered Institute of Fundraising and are committed to working to a best practice framework actively complying with the Fundraising Code of Practice. We are registered with the Fundraising Regulator and signed up to The Fundraising Promise. • Protecting vulnerable people – we do everything possible to meet the needs of potential supporters and protect vulnerable people. In particular, the charity confirms that it complies with all relevant data protection laws. No instances of noncompliance have been identified during the year and no suppression requests were received in 2021 in relation to the fundraising activities. • Complaints and negative feedback – we treat all complaints seriously and aim to respond in a timely and fair manner. All complaints inform and influence the charity’s approach to fundraising. We use the feedback that we get from our supporters to improve the way we do things. • Working with partner agencies – we may engage professional third parties to act on our behalf, for example, to produce and distribute direct mailings. To ensure that fundraising activities of third parties are compliant with regulation and the charity’s own internal standards, the charity approves all third-party communication prior to distribution and sets out clear guidelines in the agreements made with such parties. We also work with commercial participators, such as Amazon Smile, Everyclick, Give as you Live and Easy Fundraising to raise funds. Agreements with commercial participators are checked and activity monitored to ensure compliance with the Fundraising Code of Practice. • We never swap, sell or share any data. • We work hard to ensure we deliver value for money in all of our charitable activities.

Guts UK Charity 44

Statement of trustees’ responsibilities

The trustees (who are also directors of Guts UK for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of Guts UK and the income and expenditure of Guts UK for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of Guts UK and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Guts UK and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the trustees confirms that:

Guts UK Charity 45

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The trustees are responsible for the maintenance and integrity of corporate and financial information included on Guts UK’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees and signed on their behalf by:

Mr S Williams BA ACA Trustee Prof JM Rhodes MD FRCP FMedSci Chair of Trustees

Approved by the trustees on: 10[th] June 2022

Guts UK Charity 46

Independent auditor’s report to the trustees of Guts UK Charity

Opinion

We have audited the financial statements of Guts UK Charity (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the related notes to the financial statements, including a summary of accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Guts UK Charity 47

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and performance review 2020, and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Guts UK Charity 48

Auditor’s responsibilities for the audit of the financial statements (continued)

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

Guts UK Charity 49

Auditor’s responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Shachi Blakemore (Senior Statutory Auditor) For and on behalf of Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Guts UK Charity 50

Statement of financial activities Year ended 31 December 2021 (including the income and expenditure account)

Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£		 2021
Total
funds
£		 2020
Total
funds
£
308,435
38,890
163,694
39,000
550,019
257,403
170,930
154,802
583,135
(33,116)
—
(33,116)
(210,087)
(76,009)
(319,212)
5,964,266
5,645,054
Income and expenditure
Income
Donations and legacies
1
Other trading activities
2
Investment income
3
Charitable activities
. Grants for research
4
Total income
Expenditure
Cost of raising funds
5
Expenditure on charitable
activities
. Grants for research
6
. Public education and
Science of Digestion
Total expenditure
8
Net income/(expenditure)
before transfers
9
Transfers between funds
19
Net income/(expenditure)
after transfers
Net gains/ (losses) on
investments
. Realised
14
. Unrealised
Net income/ (expenditure)
and net movement in
funds for the year
Reconciliation of funds:
Funds balances brought
forward
Fund balances carried
forward
508,081

38,532

88,174

—
58,978


81,076

303,289
—
—

—

—
567,059

38,532

169,250

303,289
634,787
443,343
—
1,078,130

265,962

183,106
162,807
—

295,420

—
13,476

—

—
279,438

478,526

162,807

611,875
295,420
13,476
920,771

22,912

41,297
147,923

**(41,297) **
(13,476)

—
157,359

—
64,209

165,032
154,837
106,626

—

—
(13,476)

208,196

58,938
157,359

373,228

213,775
384,078
2,706,357
106,626

255,282
253,658

2,683,415
744,362

5,645,054
3,090,435
361,908
2,937,073
6,389,416

All of the charity's activities derived from continuing operations during the above two financial periods.

All recognised gains or losses are included in the above statement of financial activities.

A full comparative Statement of Financial Activities for the year ended 31 December 2020 is shown in note 28 to the financial statements.

Guts UK Charity 51

Balance sheet 31 December 2021

Notes
2021
£
2021
£		 2020
£		 2020
£
Fixed assets
Tangible fixed assets
13
Investments
14
Current assets
Debtors: due within one year
15
Short term cash deposits
Cash at bank and in hand

Liabilities:
Creditors: amounts falling due
within one year
16
Net current assets
Total assets less current
liabilities
Liabilities:
Creditors: amounts falling due
after one year
17
Total net assets
The funds of the charity
Unrestricted income funds
. General
. Designated funds
20
Restricted funds
19
Endowment fund
21




343,764
685,537
260,268		 3,363
6,435,629

358,480
526,860
332,599		 3,520
5,992,360
6,438,992













170,464		 5,995,880




81,487
1,289,569
(1,119,105)		 1,217,939
(1,136,452)














6,609,456




(220,040)
 6,077,367
(432,313)
6,389,416 5,645,054



1,468,407
1,622,028
361,908
2,937,073		 1,096,988
1,609,369
255,282
2,683,415
6,389,416 5,645,054

Approved by the trustees and signed on their behalf by:

Mr S Williams BA ACA

Trustee

Approved on:

Guts UK Charity

Registered Company Number: 07274105 (England and Wales)

Guts UK Charity 52

Statement of cash flows 31 December 2021

Notes
2021
£		 2020
£
Cash inflow used in operating activities:
Net cash used in operating activities
A
Cash inflow from investing activities:
Dividends and interest from investments
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments

Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January
B
Cash and cash equivalents at 31 December
B

**(225,219) **		 (211,571)


169,250
(1,417)
6,504,709
**(6,473,053) **		 163,694
(2,921)
1,390,982
(1,454,396)
199,489 97,358

(25,730)


1,321,977		 (114,213)
1,436,190

1,296,247		 1,321,977

Notes to the statement of cash flows for the year to 31 December

A Reconciliation of net movement in funds to net cash (used in) provided by operating activities

activities
2021
£
744,362
1,574
(587,003)
(169,250)
14,718
(229,620)
(225,219)		 2020
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains) / losses on investments
Dividends and interest from investments
Decrease in debtors
(Decrease) in creditors
Net cash used in operating activities		 (319,212)
1,386
286,096
(163,694)
173,795
(189,942)
(211,571)

B Analysis of changes in cashflow and net debt

Analysis of changes in cashflow and net debt
1 Jan
2021
£
Movement
in year
£
31 Dec
2021
£
Cash at bank and in hand
Short term cash deposits
Cash held by investment managers
Total cash and cash equivalents		 332,599
(72,331)
260,268
526,860
158,677
685,537
462,518
(112,076)
350,442
1,321,977
(25,730)
1,296,247

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Charity and the cash and cash equivalents.

Guts UK Charity 53

Principal accounting policies Year ended 31 December 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2021 and are presented in sterling and are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Guts UK Charity 54

Principal accounting policies Year ended 31 December 2021

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements and have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are confident that the charity has sufficient funds to cover its existing liabilities.

With regard to the next accounting period, the year ending 31 December 2022, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is probable.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Guts UK Charity 55

Principal accounting policies Year ended 31 December 2021

Income recognition (continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Research funding income is recognised in the period in which the charity receives a written commitment from the funder. Research funding is deferred only when the charity has to fulfil conditions before becoming entitled to it or the donor has specified that the income has to be spent in a future period.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and is stated inclusive of irrecoverable VAT. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Research grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant, and has satisfied all relevant conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is payable are not accrued for but are noted as financial commitments in the notes to the financial statements.

The provision of a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payments, settlement is probable and the effect of the discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the charity.

Guts UK Charity 56

Principal accounting policies Year ended 31 December 2021

Allocation of support costs and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs directly attributable to the governance of the charity, including audit costs and the necessary legal procedures for compliance with statutory requirements. Support costs and governance costs are allocated between activities with the allocation based on staff time.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand and short term deposits

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Guts UK Charity 57

Principal accounting policies Year ended 31 December 2021

Tangible fixed assets

Depreciation of fixed assets is calculated on cost at rates estimated to write off the assets, by equal instalments, over their expected working lives.

Office furniture, fittings and equipment - 5 years
IT equipment - 3 years

Items used in the day to day running of the charity and with a cost in excess of £500 are capitalised, and are stated at cost less accumulated depreciation.

Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets – other debtors are basic financial instruments and are debt instruments measured at amortised cost. Listed investments are a basic financial instrument as detailed above. Prepayments are not financial instruments.

Cash at bank – classified as a basic financial instrument and is measured at face value.

Financial liabilities – accruals and other creditors are financial instruments, and are measured at amortised cost.

Fund structure

The charity has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:

General funds

Funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity.

Designated funds

Funds which are set aside as part of the charity’s unrestricted funds for particular purposes in the future as determined by the trustees from time to time.

Restricted funds

Funds raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

Endowment funds

Funds which must be held indefinitely as capital. Income therefore is credited to general funds and applied for general purposes unless under the terms of the endowments such income must be used for specific purposes in which cases it is credited to restricted funds.

Guts UK Charity 58

Principal accounting policies Year ended 31 December 2021

Pension costs

The charity operates a defined contribution scheme on behalf of its employees. The assets are held in separately administered funds. Costs are charged to the statement of financial activities in the period to which they relate.

Guts UK Charity 59

Notes to the financial statements 31 December 2021

1. Donations and legacies

Donations and legacies
Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£
Donations
Legacies & In Memoriam donations
2021 Total funds		 276,420
231,661		 26,489
32,489		 302,909
264,150
508,081 58,978 567,059
Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
funds
£
Donations
Legacies & In Memoriam donations
2020 Total funds		 143,636
146,823		 16,369
1,607		 160,005
148,430
290,459 17,976 308,435

2. Other trading activities

Other trading activities
Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£
Public education
2021 Total funds		 38,532 — 38,532
38,532 — 38,532
Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
funds
£
Public education
Public Education – leaflet sponsorship
2020 Total funds		 28,890
10,000		 —
—		 28,890
10,000
38,890 — 38,890

3. Investment income

Investment income
Unrestricted
funds
£
7
22,206
5,643
52,389
5,086
2,979
64
88,174		 Restricted
funds
£		 2021
Total
funds
£
Interest – fixed interest securities
Dividends - UK and international equities
Bonds - UK and international
Multi asset funds
Charities property fund
Other funds
Interest on cash deposits
2021 Total funds		 18
40,470
6,200
26,048
4,886
3,454
—		 25
62,476
11,843
78,437
9,972
6,433
64
81,076 169,250

Guts UK Charity 60

Notes to the financial statements 31 December 2021

3. Investment income (continued)

Investment income(continued)
Unrestricted
funds
£
187
38,743
20,898
14,937
6,103
3,303
2,322
86,493		 Restricted
funds
£
486
36,558
18,683
12,936
4,775
3,763
—
77,201		 2020
Total
funds
£
673
75,301
39,581
27,873
10,878
7,066
2,322
163,694
Interest – fixed interest securities
Dividends - UK and international equities
Bonds - UK and international
Multi asset funds
Charities property fund
Other funds
Interest on cash deposits
2020 Total funds

4. Income from charitable activities

Income from charitable activities
Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£
New grants for research
2021 Total funds		 — 303,289 303,289
— 303,289 303,289
Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
funds
£
New grants for research
2020 Total funds		 — 39,000 39,000
— 39,000 39,000

5. Cost of raising funds

Cost of raising funds
Unrestricted
funds
£		 Endowment
funds
£		 2021
Total
funds
£
Fundraising costs
Investment manager’s fees
Support costs (note 8)
2021 Total funds		 81,417
9,679
174,866		 —
13,476
—		 81,417
23,155
174,866
265,962 13,476 279,438
Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
funds
£
Fundraising costs
Investment manager’s fees
Support costs (note 8)
2020 Total funds		 48,040
13,844
182,999		 —
12,520
—		 48,040
26,364
182,999
244,883 12,520 257,403

Guts UK Charity 61

Notes to the financial statements 31 December 2021

6. Expenditure on charitable activities

Expenditure on charitable activities
Direct
costs
£		 Research
grants
awarded
(note 7)
£		 Support
costs
(note 8)
£		 2021
Total
funds
£
Gastroenterology research
Public Education
2021 Total funds		 1,059
58,263		 288,068
—		 189,399
104,544		 478,526
162,807
59,322 288,068 293,943 641,333
Direct
costs
£		 Research
grants
awarded
(note 7)
£		 Support
costs
(note 8)
£		 2020
Total
funds
£
Gastroenterology research
Public Education
2020 Total funds		 1,893
48,204		 58,437
—		 110,600
106,598		 170,930
154,802
50,097 58,437 217,198 325,732

7. Research grants awarded

Research grants awarded
2021
Total
funds
£
2020
Total
funds
£
301,231
(13,163)
61,950
(3,513)
288,068
58,437
New research grants
Less grants no longer required – research commitments
Researchgrants awarded(note 6)

Research grants awarded represent commitments made for research, and are set out in detail in note 18.

Guts UK Charity 62

Notes to the financial statements 31 December 2021

8. Total expenditure

Total expenditure
Cost of
raising
funds
£		 Charitable activities 2021
Total
funds
£
Gastro-
enterology
research
£		 Public
education
and
Science
of
Digestion
£
Directly incurred
Grants payable (see note 7)
Research administration
Fundraising costs
Public education
Investment management fees
Support costs
Staff costs (see note 10)
Premises and donated facilities
Postage
Telephone
Stationery, printing, design and marketing
Insurance
Bank charges
Meeting costs
Subscriptions/publications
Equipment/maintenance and website
development
Depreciation
Training and recruitment
Governance costs:
. Audit & Accountancy
. Professional fees
. Bookkeeping costs
Brand development
2021 Total funds		 —
—
81,417
—
23,155		 288,068
1,059
—
—
—		 —
—
—
58,263
—		 288,068
1,059
81,417
58,263
23,155
104,572 289,127 58,263 451,962
122,674
8,685
495
1,727
2,566
1,603
2,968
1,732
3,685
16,635
587
(464)
3,702
2,863
1,697
3,711		 132,870
9,407
536
1,871
2,780
1,735
3,215
1,874
3,992
18,018
636
(504)
4,010
3,101
1,838
4,020		 73,342
5,193
296
1,033
1,534
958
1,775
1,033
2,203
9,945
351
(278)
2,213
1,712
1,015
2,219		 328,886
23,285
1,327
4,631
6,880
4,296
7,958
4,639
9,880
44,598
1,574
(1,246)
9,925
7,676
4,550
9,950
174,866 189,399 104,544 468,809
279,438 478,526 162,807 920,771

Guts UK Charity 63

Notes to the financial statements 31 December 2021

8. Total expenditure (continued)

Total expenditure(continued)
Cost of
raising
funds
£		 Charitable activities 2020
Total
funds
£
Gastro-
enterology
research
£		 Public
education
and
Science
of
Digestion
£
Directly incurred
Grants payable (see note 7)
Research administration
Fundraising costs
Public education
Investment management fees
Support costs
Staff costs (see note 10)
Premises and donated facilities
Postage
Telephone
Stationery, printing, design and marketing
Insurance
Bank charges
Meeting costs
Subscriptions/publications
Equipment/maintenance and website
development
Depreciation
Training and recruitment
Governance costs:
. Audit & Accountancy
. Professional fees
. Bookkeeping costs
Brand development
2020 Total funds		 —
—
48,040
—
26,364		 58,437
1,893
—
—
—		 —
—
—
48,204
—		 58,437
1,893
48,040
48,204
26,364
74,404 60,330 48,204 182,938
135,957
5,101
183
1,694
1,632
529
1,597
2,210
3,073
8,760
634
7,084
3,833
956
2,281
7,475		 82,169
3,083
111
1,024
986
320
965
1,336
1,857
5,294
383
4,282
2,316
578
1,378
4,518		 79,195
2,971
107
987
951
308
930
1,288
1,790
5,103
369
4,127
2,233
557
1,328
4,354		 297,321
11,155
401
3,705
3,569
1,157
3,492
4,834
6,720
19,157
1,386
15,493
8,382
2,091
4,987
16,347
182,999 110,600 106,598 400,197
257,403 170,930 154,802 583,135

9. Net income/(expenditure) before transfers

This is stated after charging:

2021 2020
Total Total
funds funds
£ £
Staff costs (note 10) 328,886 297,321
Depreciation 1,574 1,386
Auditor’s remuneration (including VAT)
. Statutoryaudit services – currentyear 9,000 8,460

Guts UK Charity 64

Notes to the financial statements 31 December 2021

10. Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
2021
Total
funds
£
2020
Total
funds
£
294,066
266,856
26,352
22,508
8,468
7,957
328,886
297,321
Salaries and wages
Social security
Pension costs

The average number of employees during the period was 8 (2020: 8). One employee earned between £60,001 and £70,000 during the year (2020: one employee earned between £60,001 and £70,000).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the trustees, the CEO, the Finance and Research Managers. The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel for the year was £164,730 (2020: £159,857).

11. Trustees’ remuneration and expenses

£nil remuneration (2020: £nil) was paid or payable, directly or indirectly, out of the funds of the charity for the period to any trustee, or to any person or persons known to be connected with any of them.

Five trustees were reimbursed for travel expenses of £308 during the period (2020: two trustees: £258).

12. Taxation

Guts UK is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

Guts UK Charity 65

Notes to the financial statements 31 December 2021

13. Tangible fixed assets

angible fixed assets
Computer
equipment
£
Cost
At 1 January 2021
Additions in the year
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 9,564
1,417
10,981
6,044
1,574
7,618
3,363
3,520

14. Investments

vestments
Endowment
portfolio
£		 Unrestricted
portfolio
£		 2021
£		 2020
£
At valuation
Balance brought forward at 1 January
Additions
Disposal proceeds
Investment gains
. Realised gains/(losses)
. Unrealised gains/(losses)
Total investment gains/(losses)
Balance carried forward at 31 December
Cash held by investment managers
Total investments
Analysis by Type
Listed investments at market value
. UK Equities
. Overseas Equities
. UK Bonds
. Overseas bonds
. Multi-asset funds
. Property funds
. Other
Total investments		 2,663,217
3,157,315
(3,144,124)		 2,866,625
3,315,737
(3,360,586)		 5,529,842
6,473,052
(6,504,710)
373,228
213,775
587,003		 5,752,524
1,454,396
(1,390,982)
208,196
58,938
165,032

154,837		 (210,087)
(76,009)
267,134 319,869 (286,096)
2,943,542
322,904		 3,141,645
27,538		 6,085,187
350,442		 5,529,842
462,518
3,266,446 3,169,183 6,435,629 5,992,360
—
—
—
—
2,845,427
98,115
—		 —
—
—
—
—
—
3,141,645
—
—		 —
—
—
—
5,987,072
98,115
—		 2,150,378
1,666,706
472,081
224,861
370,826
284,198
360,792
2,943,542 3,141,645 6,085,187 5,529,842

Guts UK Charity 66

Notes to the financial statements 31 December 2021

14. Investments (continued)

Historic cost of listed investments (all are
listed in the UK) - excluding cash held by
investment managers		 2,867,205
2,999,548		 5,866,753 5,209,146

At 31 December the charity had the following material investment holdings:

Endowment
£		 Unrestricted
£		 Market
value
£		 Percentage
of portfolio
%
Listed investments within the portfolio
are:
SUTL Cazenove CharityResponsible		 2,845,427 3,141,645 5,987,072 98%

The total unrealised gains as at 31 December constitute movements on revaluation and are as follows:

2021
£		 2020
£
Unrealised gains included above:
On investments
Total unrealised gains at 31 December
Reconciliation of movements in unrealised gains:
Unrealised gains at 1 January
(Losses) in respect to disposals in the year
Add: net gains arising on revaluation in the year
Total unrealisedgains at 31 December		 218,440 320,696
218,440 320,696
320,696
(316,031)		 709,656
(312,951)
4,665
213,775		 396,705
(76,009)
218,440 320,696

Guts UK Charity 67

Notes to the financial statements 31 December 2021

15. Debtors

2021
£		 2020
£
Prepayments, accrued income and sundry debtors
Commitments due from funding partners		 52,664
291,100		 78,414
280,066
343,764 358,480

Included within debtors under commitments due from funding partners is £291,100 (2020: £70,000) which is due within one year

16. Creditors: amounts falling due within one year

2021
£		 2020
£
Other creditors
Accruals and deferred income
Research grants payable (see note 18)		 9,799
78,011
1,031,295		 8,722
105,059
1,022,671
1,119,105 1,136,452

17. Creditors: amounts falling due after more than one year

2021
£		 2020
£
Researchgrantspayable(see note 18) 220,040 432,313

18. Research grants payable

Research grants payable
2021
Total
funds
£		 2020
Total
funds
£
At 1 January
Research grants awarded in the year
Research grants no longer required
Paid during the year
At 31 December
Research grants at 31 December are payable as follows:
Within one year (see note 16)
After more than one year (see note 17)		 1,454,984
301,231
(13,163)
(491,717)		 1,721,855
61,950
(3,513)
(325,308)
1,251,335 1,454,984
1,031,295
220,040		 1,022,671
432,313
1,251,335 1,454,984

Details of research grants payable are provided overleaf.

Guts UK Charity 68

Notes to the financial statements 31 December 2021

18. Research grants payable (continued)

8. Research grants payable(continued)
Ongoing research
Dr Wadiamu Gashau
Core-BSG Trainee
Research Network Award
RISE NoW (Regional IBD Surveillance Endoscopy
North West) study: A real world experience of
dysplasia and colorectal cancer surveillance in
Inflammatory Bowel Disease (IBD)
Mr James O'Kelly
Guts UK/Amelie Waring
Research Fellowship
Single cell definition of the mechanistic role of
kynurenine monooxygenase at the innate immune
interface in acute pancreatitis
Dr Sara Jamel
Olympus Guts UK
Endoscopy Fellowship
Profiling of Dysplastic Changes in Barrett's
Oesophagus and Early Oesophageal Cancer Using
Non-Invasive Volatile Organic Compound Analysis of
Exhaled Breath
Professor Colin Rees
Parabola-Guts UK
Colorectal Cancer
Research Grant
COLO-COHORT Colorectal Cancer Cohort Study
Dr Marc-Emmanuel
Dumas
Guts UK Development
Award
Precision medicine through integrative metagenomics
and phenomics in a human NAFLD cohort
Dr Varinder Athwal
Guts UK Development
Award
Investigating fibrosis pathobiology in cystic fibrosis
related liver disease to improve clinical detection and
management
Dr Dipesh Vasant
Guts UK-Dr Falk SpR
Trainee Audit/Quality
Improvement Award
Anorectal dysfunction in ulcerative colitis: a cross
sectional survey
Dr Gwo-tzer Ho
Guts UK Development
Award
Resolving Inflammation in IBD: Developing a new
therapeutic approach by targeting pro-inflammatory
mitochondrial formylated peptides on neutrophil FPR1-
pathway
Balance carried forward		 At
1 January
2021
£
2,500
147,301
120,122
404,045
49,797
4,290
1,300
13,830
743,185		 Research grants
awarded
£
-
-
-
-
-
-
-
-
-		 Grants
no longer
required
£

-
-
-
-
-
-
-
-
-		 Grants
paid in
the year
£


-
-
(69,043)
(132,540)
-
-
-
(2,171)
(203,754)		 At 31
December
2021
£
2,500
147,301
51,079
271,505
49,797
4,290
1,300
11,659
539,431

Guts UK Charity 69

Notes to the financial statements 31 December 2021

18. Research grants payable (continued)

Ongoing research cont’d
Balance brought forward
Dr Nick Powell
For Crohns
TNFα responsive transcriptional networks in the human
intestinal epithelium - the key to predicting therapeutic
response to antic-TNFα in Crohn's disease
Dr Louise China
Guts UK-BSG Trainee
Research Award
Exploring Periodontitis in Cirrhosis (EPIC): a single arm
feasibility study to explore the relationship between
periodontitis and infection in patients with liver cirrhosis.
Dr Srivathsan Ravindran
Guts UK-BSG Trainee
Research Award
Developing a patient-reported safety incident tool in
endoscopy
Dr Mike Davies
Guts UK-BSG Trainee
Research Network Award
Getting to the bottom of acute Lower Gastrointestinal
Bleeding: Improving quality of care for patients with acute
lower gastrointestinal bleeding and assessing resource
implications of adherence to national guidelines
Dr Samuel Smith
Guts UK-BSG Trainee
Research Network Award
Improving key performance measures in inflammatory
bowel disease surveillance
Professor Jonathan
Fallowfield
Development Grant
A molecular phenomic approach to define the high risk
NAFLD population
Dr Salvatore Papa
Development Grant
Starving livers of glucose for HCC prevention and
treatment
Professor Chris Probert
Development Grant
Evaluation of the gut metabolome, micro and myco biome
in ulcerative colitis patients undergoing anti-fungal
therapy: can we predict response to therapy?
Dr James Pritchett
Development Grant
Decoding Yes Associated Protein 1 driven hepatic
stellate cell activation
Balance carried forward		 At
1 January
2021
£
743,185
48,737
4,980
1,887
3,000
5,000
49,623
50,000
48,099
29,138		 Research grants
awarded
£
-
-
-
-
-
-
-
-
-
-		 Grants
no longer
required
£
-
-
-
-
-
-
-
-
-
-		 Grants
paid in
the year
£
(203,754)
(45,206)
-
-
(1,500)
-
(30,317)
(1,428)
-
(6,691)		 At 31
December
2021
£
539,431
3,531
4,980
1,887
1,500
5,000
19,306
48,572
48,099
22,447
983,649 - - (288,896) 694,753

Guts UK Charity 70

Notes to the financial statements 31 December 2021

18. Research grants payable (continued)

Ongoing research cont’d
Balance brought forward
Dr Marnix Jenson
Development Grant
The TARGET study (TArgeted biopsies to Risk Stratify
Gastric cancer precursors for tailored Endoscopic
surveillance and Treatment)
Dr Catherine Williamson
Nutrition Development
Grant
Impact of cold exposure in conjunction with dietary
modification on metabolic regulation in children with non-
alcoholic fatty liver disease
Professor Christer Hogstrand Nutrition Development
Grant
Targeting “Leaky Gut“ with combined dietary zinc and
plant derived Aryl Hydrocarbon Receptor agonists
Dr Paul Henderson
Guts UK - BSPGHAN
Development Grant
The PINPOINT study – The Prospective Incidence of
Paediatric – Onset Inflammatory bowel disease in the
United Kingdom
Professor Graham Lord
For Crohn’s Development
Grant
Modulation of the effector/regulatory T-cell balance by
targeting a causal genetic variant as a novel therapeutic
paradigm in Crohn’s disease
Dr Jorge Gutierrez-Merino
For Crohn’s Development
Grant
Understanding how gut bacteria induce beneficial type 1
interferon responses
Dr Robin Dart
Guts UK-BSG Trainee
Research Award
The cellular architecture of the human colonic mucosa : a
pilot and feasibility study to facilitate longitudinal multi-
centre studies
Dr James Ashton
Guts UK-BSG Trainee
Research Award
To establish a UK wide Paediatric IBD Research network
(PAIR network) to answer clinical research questions and
enable rapid decision making
Balance carried forward		 At
1 January
2021
£

983,649
49,560
48,283
50,000
39,936
43,336
49,055
10,000
8,000
1,281,819		 Research grants
awarded
£
-
-
-
-
-
-
-
-
-
-		 Grants
no longer
required
£
-
-
-
-
-
-
-
-
-
-		 Grants
paid in
the year
£
(288,896)
-
-
-
(2,396)
-
(38,662)
-
(4,000)
(333,954)		 At 31
December
2021
£
694,753
49,560
48,283
50,000
37,540
43,336
10,393
10,000
4,000
947,865

Guts UK Charity 71

Notes to the financial statements 31 December 2021

18. Research grants payable (continued)

Ongoing research cont’d
Balance brought forward
Dr John Thomas
Guts UK-BSG Trainee
Research Award
Transcriptomic profiling of patient derived colonic
epithelial organoids exposed to Ulcerative Colitis-relevant
cytokines – a novel approach to uncover IBD
pathogenesis and inform precision medicine strategies.
Dr Rebecca Harris
Guts UK-BSG Trainee
Research Award
Non-invasive risk stratification of patients with
compensated advanced chronic liver disease : Results
from a real world cohort from the Nottingham Scarred
Liver pathway
Dr Roosey Sheth
Guts UK-BSG Trainee
Research Network Award
A UK wide Audit of the Management of Primary Biliary
Cholangitis (PBC)		 At
1 January
2021
£

1,281,819
9,950
10,000
10,000
1,311,769		 Research grants
awarded
£
-
-
-
-
-		 Grants
no longer
required
£
-
-
-
-
-		 Grants
paid in
the year
£
(333,954)
(4,975)
(5,000)
(5,000)
(348,929)		 At 31
December
2021
£
947,865
4,975
5,000
5,000
962,840

Guts UK Charity 72

Notes to the financial statements 31 December 2021

18. Research grants payable (continued)

18. Research grants payable(continued)
New commitments
Falk Pharma 2021
awards - various
Guts UK - Dr Falk awards 2021
Dr Flora Korkwaro
Guts UK - Dr Falk SpR Trainee
Audit/Quality Improvement
Award
My Tube Passport - "Mind My Tube" - a hospital e-
passport for the patient with an enterostomy device
Dr Tessa Cacciottolo
Guts UK - Dr Falk SpR Trainee
Audit/Quality Improvement
Award
Using age-appropriate information to support
adolescents and young adults with liver disease as
they transition from paediatric to adult services
Dr Dimitrios Koutoukidis Guts UK - BSG Early Career
Researcher Grant
A proof-of-concept trial exploring the mechanism of
diet-induced weight loss in non-alcoholic
steatohepatitis with fibrosis through the gut
microbiome and intestinal permeability
Dr Nicholas Edward Ilott Guts UK - BSG Early Career
Researcher Grant
DYNAMHIX in PSC : Longitudinal Dynamics of the
Hepatic-Intestinal axis in PSC-UC
Dr Benjamin P Sharpe
Guts UK - BSG Early Career
Researcher Grant
Investigating the cellular microenvironment of lymph
node metastasis in oesophageal adenocarcinoma
Dr Rachael Slater
Guts UK - BSG Early Career
Researcher Grant
Investigating the mechanisms of irritable bowel
syndrome using shotgun metagenomics sequencing
and volatile metabolomics in integrated omics
analysis
Dr Nikhil Vergis
Guts UK - BSG Early
Career Researcher Grant
Which socioeconomic and healthcare factors
determine survival for patients with alcohol
related liver disease? A secondary analysis of
patient data from the Steroids or Pentoxyfilline
for Alcoholic Hepatitis (STOPAH) trial 2011-
2015
Balance carried
forward		 At
1 January
2021
£
-
-
-
-
-
-
-
-
-		 Research grants
awarded
£
14,000
8,000
2,325
14,996
12,642
14,649
11,075
15,000
92,687		 Grants
no longer
required
£

-
-
-
-
-
-
-
-
-		 Grants
paid in
the year
£


(11,500)
-
-
-
-
-
-
-
(11,500)		 At 31
December
2021
£
2,500
8,000
2,325
14,996
12,642
14,649
11,075
15,000
81,187

Guts UK Charity 73

Notes to the financial statements 31 December 2021

otes to the financial statements31 December 2021
Balance brought forward
Dr Naaventhan
Palaniyappan
Guts UK - BSG Early Career
Researcher Grant
Risk stratification of patients with cirrhosis undergoing
colorectal surgery: pilot feasibility study."
Dr Paloma Ordonez
Moran
Guts UK - BSG Early Career
Researcher Grant
MINIGUTS: Development of novel in vitro models of
paediatric IBD
Dr Zoe Saynor
For Crohn’s Grant
EnablExercise in Crohn’s: A qualitative study to
understand the barriers and facilitators to physical
activity and exercise in children and adolescents with
Crohn's disease - perceptions of patients, caregivers
and clinicians
Dr Tariq Ahmad
For Crohn’s Grant
Impact of biologic and immunomodulatory therapy on
SARS-CoV-2 re-infection, chronic carriage and
evolution of viral variants
Pancreatitis Priority
Setting Partnership
(PSP)
Guts UK / BSG / PSGBI
Identification and prioritisation of gaps in evidence in
the diagnosis, treatment, management and support of
patients with pancreatitis
Irritable Bowel Syndrome
(IBS) Priority Setting
Partnership
Guts UK / BSG
Identification and prioritisation of the unanswered
questions about the diagnosis, treatment and care of
people (16 years +) with IBS
Professor Anil Dhawan
Guts UK - BSPGHAN Joint
Development Grant
Umbilical Cord-Mesenchymal Stromal/stem cell
immunotherapy for Biliary Atresia
Dr Tassos
Grammatikopoulos
Guts UK - BSPGHAN Joint
Small Grant
Mental health and quality of life in children and young
people with acute recurrent and chronic pancreatitis
Dr Peter Rimmer
Guts UK – BSG trainee grant
The Microbiome in IBD Inception: An
exploratory two year longitudinal analysis of the
gastrointestinal microbiome through IBD onset,
treatment, and relapse, to guide future
microbiome based interventions
Balance carried forward		 At
1 January
2021
£
-
-
-
-
-
-
-
-
-
-
-		 Research grants
awarded
£
92,687
13,350
14,977
21,807
25,220
36,000
36,000
38,902
4,248
5,000
288,191		 Grants
no longer
required
£
-
-
-
-
-
-
-
-
-
-
-		 Grants
paid in
the year
£
(11,500)
-
-
-
-
(618)
(618)
-
-
-
(12,736)		 At 31
December
2021
£
81,187
13,350
14,977
21,807
25,220
35,382
35,382
38,902
4,248
5,000
275,455

Guts UK Charity 74

Notes to the financial statements 31 December 2021

otes to the financial statements31 December 2021
Balance brought forward
Dr Katja Christodoulou
Guts UK – BSG trainee grant
Consent for contact in endoscopy
Dr Julian Yeh
Guts UK – BSG trainee grant
Microscopic Colitis: a regional multi-centre audit."
Dr Simeng Lin
Guts UK – BSG trainee grant
End of life care provision in patients with advanced
liver disease in the south-west: a regional perspective
Dr Oliver Tavabie
Guts UK – BSG trainee grant
Does the implementation of the BASL/BSG bundle
improve the survival of patients with decompensated
chronic liver disease acutely admitted into hospital
Dr Ayman Bannaga
Guts UK – BSG trainee grant
The Fatty Liver and Liver Cancer Study (Tendency)
New commitments total		 At
1 January
2021
£
-
-
-
-
-
-
-		 Research grants
awarded
£
288,191
1,275
4,000
765
2,000
5,000
301,231
Grants
no longer
required
£
-
-
-
-
-
-
-
Grants
paid in
the year
£
(12,736)
-
-
-
-
-
(12,736)
At 31
December
2021
£
275,455
1,275
4,000
765
2,000
5,000
288,495

Guts UK Charity 75

Notes to the financial statements 31 December 2021

18. Research grants payable (continued)

Research completed in during the year
Professor Laurence
Lovat
Development award
Salivary EpigeNetics to Stratify Oesophageal Cancer
Risk (SENSOR)
Dr Conor McCann
Core-Derek Butler
Fellowship
Enteric neural stem cell therapy for Oesophageal
Achalasia and Diabetic Gastroparesis
Dr Michael Fitzpatrick Guts UK-BSG Trainee
Research Network Award
Effect of diet, nutritional status, and body composition on
biologic therapy in IBD: The Oxford and Thames Valley
Young Gastroenterologists Network (OxYGEN)
Dr Polychronis Pavlidis Guts UK-BSG Trainee
Research Network Award
Quality of care transition in adult IBD patients transferring
between healthcare providers: a multicentre audit
Dr Matthias Zilbauer
Guts UK - BSPGHAN
Development Grant
Stratification of inflammatory bowel disease treatment in
children using human intestinal organoid derived
epigenetic signatures
Falk Pharma 2020
awards - various
Guts UK-Dr Falk awards
2020
Total grants for the year		 At
1 January
2021
£
35,041
74,904
2,000
2,499
14,771
14,000		 Research grants
awarded
£

Grants
no longer
required
£
-
(5,811)
(3,605)
(3,747)
-
-		 Grants
paid in
the year
£		 At 31
December
2021
£
-
-
-
-
-
-		 (35,041)
(69,093)
1,605
1,248
(14,771)
(14,000)		 -
-
-
-
-
-
143,215 - (13,163) (130,052) -
1,454,984 301,231 (13,163) (491,717) 1,251,335

Guts UK Charity 76

Notes to the financial statements 31 December 2021

19. Restricted Funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust to be applied for specific purposes:

purposes:
At 1
January
2021
£		 Income
£
Expenditure
£		 Transfers
£		 At 31
December
2021
£
Guts UK / Dr Falk Awards
Restricted research grants
UK Government COVID
Medical Research Charity
support fund
Pancreatitis
Stomach Cancer
Research into adhesions
Diverticular
Oesophageal
Liver
Microbiome
Barrett's Oesophagus
Trust funding
Trust funding for Amelie
Waring Fellow
Company donations -
restricted
Derek Butler Endowment
Income fund		 —
—
—
8,114
—
—
—
—
—
—
—
2,500
—
—
244,668
19,163
(24,325)

133,028
(242,000)
151,100
—

12,100
(18,000)

6,031
—

548
— —

500
—

1,312
(1,312)

831
—

625
—

18,633
—

—
(2,500)
3,500
—
14,896
—
81,076
(7,283)
5,162

108,972
(151,100)

—

—

—

—


(831)

—

—

(3,500)
—
—		 —

—
—

2,214

6,031

548

500
—

—

625

18,633
—
—
14,896
318,461
255,282
443,343
(295,420)		 (41,297) 361,908
At 1
January
2020
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
December
2020
£
Research grants
Restricted research grants
Pancreatitis
Stomach Cancer
Trust Application Donations
Derek Butler Endowment
Income fund		 —
—
—
—
—
126,037
14,000

28,000

8,114

1,362

5,500

77,201		 (14,000)
(47,950)
—
(2,000)
(3,000)

—
—

19,950

—

638

—

41,430		 —

—

8,114

—

2,500
244,668
126,037
134,177		 (66,950) 62,018
255,282

The transfer represents the contribution from general funds towards the research grants or from restricted funds to general or designated funds for previously committed research as specified by the donor.

Guts UK Charity 77

Notes to the financial statements 31 December 2021

19. Restricted Funds (continued)

The purposes of Guts UK’s restricted funds are as follows:

20. Designated Funds – Amelie Waring

At 1
January
2021
£		 Income
£		 Expenditure
£		 Transfers
£		 Investment
gains
£		 At 31
December
2021
£
Investments
Research
Commitments
Total Amelie
Waring Fund		 889,217

(147,300)		 25,967
—		 (8,604)
—		 (120,000)
46,775		 88,364
—		 874,944
(100,525)
741,917 25,967 (8,604) (73,225) 88,364 774,419

Guts UK Charity 78

Notes to the financial statements 31 December 2021

20. Designated Funds (continued)

Designated Funds – GI Research

At 1
January
2021
£		 Income
£		 Expenditure
£		 Transfers
£		 Investment
gains
£		 At 31
December
2021
£
Investments
Research
Commitments
Total GI
Research Fund		 887,402

(19,950)		 28,486
—		 (26,959)
—		 (118,896) 97,526
—		 986,455
(138,846)
867,452 28,486 (26,959) (118,896) 97,526 847,609

Total Designated Funds

Total
Designated
Funds		 1,609,369 54,453 (35,563) (192,121) 185,890 1,622,028
At 1
January
2020
£		 Income
£		 Expenditure
£		 Transfers
£		 Investment
(losses)
£		 At 31
December
2020
£
Investments
Research
Commitments
Total Amelie
Waring Fund		 1,875,489

(179,423)		 46,448
—		 (74,219)
32,123		 (810,601)
—		 (147,900)
—		 889,217
(147,300)
1,696,066 46,448 (42,096) (810,601) (147,900) 741,917

The Amelie Waring fund was initially established in memory of Amelie Waring to fund pancreatitis research, although the original bequest has been fully expended the trustees continue to designate funds to pancreatitis research in recognition of their ongoing commitment to funding research in this area.

The GI Research Fund is designated to general gastrointestinal research.

Guts UK Charity 79

Notes to the financial statements 31 December 2021

21. Endowment fund

Endowment fund
At 1
January
2021
£		 Income
£		 Expenditure/
transfers
£		 Investment
gains
£		 At 31
December
2021
£
Derek Butler Endowment 2,683,415 (13,476) 267,134 2,937,073
At 1
January
2020
£		 Income
£		 Expenditure
£		 Investment
losses
£		 At 31
December
2020
£
Derek Butler Endowment 2,855,298 — (53,950) (117,933) 2,683,415

Income from the Derek Butler Endowment fund is credited to restricted funds and is to be spent on research into diseases of the upper gastrointestinal tract.

Guts UK Charity 80

Notes to the financial statements 31 December 2021

22. Analysis of net assets between funds

Fixed assets
£		 Investments
£		 Net current
(liabilities) /
assets
£		 Long-term
Liabilities
£		 2021
Total
£
Unrestricted funds
. General
. Designated funds – AW
. Designated funds – GI
Restricted funds
Endowment funds		 3,363
—
—
—
—		 1,307,784
874,944
986,454
329,374
2,937,073		 298,362
(100,525)
(59,907)
32,534
-		 (141,102)
—
(78,938)
-
-		 1,468,407
774,419
847,609
361,908
2,937,073
3,363 6,435,629 170,464 (220,040) 6,389,416
Fixed assets
£		 Investments
£		 Net current
(liabilities) /
assets
£		 Long-term
Liabilities
£		 2020
Total
£
Unrestricted funds
. General
. Designated funds – AW
. Designated funds – GI
Restricted funds
Endowment funds		 3,520
—
—
—
—		 1,287,659
889,217
887,402
244,667
2,683,415		 37,273
(102,480)
—
146,694
—		 (231,464)
(44,820)
(19,950)
(136,079)
—		 1,096,988
741,917
867,452
255,282
2,683,415
3,520 5,992,360 81,487 (432,313) 5,645,054

23. British Society of Gastroenterology

Guts UK works closely with the British Society of Gastroenterology (BSG) (Charity Registration No. 1149074 and Company Registration No. 08124892 (England and Wales)) to provide strong links with the main professional community and to improve its ability to disseminate research and patient information. The Chair of the Research Committee of BSG is a member of Guts UK’s Board of Trustees. The Chair of Guts UK is an ex-officio member of BSG’s Council.

Transactions between the two charities during the period were as follows:

The BSG provided a grant of £52,000 (2020: £25,000) to support trainee research grants, development grants for early career researchers and the IBS and Pancreatitis PSPs.

24. Contingent asset and liability

In 2018 the charity secured provisional funding amounting to £1,250,000 for the colorectal cancer research grant of which £410,000 has been received to date.

Up to £250,000 is receivable on an annual basis contingent on a satisfactory annual report being approved by the funding partner. Guts UK was therefore not entitled to these funds in the year ended 31 December 2021. Should the next stages of funding be received, Guts UK has agreed to distribute and monitor use of this funding as a sub-grant. As at 31 December 2021, £840,000 remains receivable, of which up to £240,000 is receivable and payable within one year.

Guts UK Charity 81

Notes to the financial statements 31 December 2021

25. Related party transactions

During the year the charity received donations of £3,200 from trustees (2020: £1,680). Transactions with the British Society of Gastroenterology are detailed in note 23.

There were no further related party transactions during the period requiring disclosure (2020: none).

26. Liability of members

The charity is constituted as a company limited by guarantee. In the event of the charity being wound up, members are required to contribute an amount not exceeding £1.

27. Commitments Under Operating Leases

At 31 December the charity had future minimum commitments under non-cancellable operating leases as set out below:

Payments which fall due: 2021
£
2020
£
772
772
1,160
1,932
1,932
2,704
Within one year
Within 2 to 5 years

Guts UK Charity 82

Notes to the financial statements 31 December 2021

28. Comparative Statement of Financial Activities for the year ended 31 December 2020

Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£		 2020
Total
funds
£
Income and expenditure
Income
Donations and legacies
1
Other trading activities
2
Investment income
3
Charitable activities
4
. Grants for research
Total income
Expenditure
Cost of raising funds
5
Expenditure on charitable activities
6
. Grants for research
. Public education and Science of
Digestion
Total expenditure
8
Net expenditure before transfers
9
Transfers between funds
19
Net (expenditure) / income after
transfers
Net (losses) on investments
14
. Realised
. Unrealised
Net (expenditure) / income and
net movement in funds for the
year
Reconciliation of funds:
Funds balances brought forward
Fund balances carried forward
290,459

38,890

86,493

—
17,976

—

77,201

39,000
—

—

—

—		 308,435
38,890
163,694
39,000
415,842
134,177
—		 550,019

244,883

103,980
154,802
—

66,950

—
12,520

—

—		 257,403
170,930
154,802

503,665
66,950
12,520		 583,135

(87,823)

(20,588)
67,227
62,018
(12,520)

(41,430)		 (33,116)
—
(108,411)

(162,987)
(5,176)
129,245

—
—
(53,950)

(47,100)

(70,833)		 (33,116)
(210,087)
(76,009)
(276,574)
2,982,931
129,245

126,037
(171,883)

2,855,298		 (319,212)
,964,266
2,706,357
255,282
2,683,415		 5,645,054

Guts UK Charity 83

Reference and administrative information

Royal Patron HRH Princess Alexandra
Trustees Professor D Adams MD FRCP FMedSci
Professor R Arasaradnam* MB BcH, C Clin Ed, PhD, FRCP,
FEBGH (EU) (Resigned 1st August 2021)
Mrs K Au BSc (Resigned 4thMarch 2021)
Miss M Boland (Appointed 9thDecember 2021)
Dr L Dugdale-Bradley
Miss N Bridge (Appointed 6thSeptember 2021)
Mr G Christian-Lim BSc (Resigned 14thMarch 2022)
Professor A Ford MBChB, MD, FRCP (Resigned 15thMarch
2022)
Professor C Hawkey DM FRCP FMedsci – President
Dr M Lomer MBE PhD
Professor J McLaughlin MBChB PhD FRCP – Deputy
Chair (Until 10thJune, appointed as Chair from 10thJune 2022)
Ms S Murray
Professor C Norton (Appointed 14thMarch 2022)
Professor C ProbertMD FRCP(Appointed 10thJune 2022
Professor J Rhodes MD FRCP FMedSci – Chair (Resigned as
Chair 10thJune 2022, resigned as Trustee 23rdJune 2022)
Professor S Sebastian* MD FRCP (Appointed 6thSeptember
2021)
Dr P Smith BMedSci BMBS MRCP MSc – Medical Director
(Resigned 9thDecember 2021)
Mr S Williams BA ACA – Honorary Treasurer
* nominee of the British Society of Gastroenterology (BSG)
Chief Executive Ms J Harrington
Principal office 3 St Andrews Place
Regent’s Park
London
NW1 4LB
Telephone 0207 486 0341

Guts UK Charity 84

Reference and administrative information

Website www.gutscharity.org.uk
E-mail info@gutscharity.org.uk
Company registration number 07274105 (England and Wales)
Charity registration number 1137029
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers National Westminster Bank plc
1 Cavendish Square
London
W1A 4NU
Investment managers Cazenove Capital Management
12 Moorgate
London
EC2R 6DA
Solicitors Hempsons
40 Villiers Street
London
WC2N 6NJ

Guts UK Charity 85