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2022-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

Guts UK Charity

1 | P a g e

Charity Registration No. 1137029

Annual Report and Financial Statements for the Year End 31 December 2022 CONTENTS

Welcome 3
Who we are 4
Our 2022 highlights 6
Plans for 2023 10
Financial performance review 12
Governance, policies and standards 17
Report of the Independent Auditors 21
Statement of Financial Activities 27
Balance sheet 28
Cash Flow Statement 30
Notes to the Cash Flow Statement 31
Notes to the Financial Statements 32
Detailed Statement of Financial Activities 52
Reference and administrative information 54
Appendix 1 – Detail of research grants payable 55

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A WELCOME FROM OUR BOARD AND CEO

It’s five years since we changed our name to Guts UK charity. Despite some of those 5 years being the most challenging we have ever encountered, in this our review of the year 2022 we want to focus on the dynamic, transformational change that is happening.

The name change worked. Many more people can find Guts UK online with our website packed full of helpful, accessible, evidenced-based information about digestive health conditions and symptoms. We hear the heart-lifting tales of people who are empowered by Guts UK information, to manage their symptoms better or finally get to a diagnosis. We have had Colin the Inflatable Colon back out on the road (he so doesn’t like being in his box, dear reader) to raise awareness of digestive health. And we have the biggest active medical research programme ever with a whopping 70% of our expenditure in 2022 funding yet more new vital research into our gut, liver and pancreas.

We have done this together. You, our beloved Guts UK community of supporters have come on board in droves to support our mantra that “it’s time the UK got to grips with guts” . You have given vital donations that enable our information services and make the research happen. You have added your powerful voices to our campaigns, being brave and visible when sharing your personal stories, even in the most testing of times imaginable. You volunteer your valuable time to speak at conferences, connect and share on social media on annual #GutSelfieSunday. Our volunteers on the Research Awards Committee lend expertise alongside our lay panel of Experts by Experience, to study, debate and decide on where the charity’s precious donations should be invested to further research. Guts UK charity exists for you and because of you. Thank you all. May we continue to grow Guts UK’s bold and brave community together, so we can be there for those who do not yet know they will need us.

For the Guts UK staff, we suffered a major blow when we lost our colleague and Finance Manager, Alice Kington, who died in November 2022. Unexpected and utterly untimely; for our small, close-knit team, this loss was huge. As our brilliant Finance Manager for so many years, she watched over every single penny and a better custodian of the charity’s finances we could not have wished for. Alice was hugely committed to this charity, its growth and you, the Guts UK community, who we know inspired and motivated her every day.

Alice Kington, 1965-2022

We dedicate these accounts to Alice Kington’s memory and resolve to build on her superb contribution and her legacy.

Julie Harrington CEO

Linda Dugdale-Bradley , Deputy Chair, Board of Trustees

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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 underserved such as pancreatitis, diverticular disease, irritable bowel syndrome (IBS), childhood gut and liver disease and digestive cancers. These conditions affect millions of people every day and digestive diseases account for one in eight hospital deaths in the UK each year.

Objectives and activities

Guts UK’s charitable objectives as declared in 1971 remain unchanged and are:

  1. The advancement of the science and practice of medicine and surgery for the benefit of the public with particular reference to the field of gastroenterology, which includes the study of the physiology and pathology of the digestive system;

  2. To promote the study of and research into medicine and surgery with particular reference to the physiology and pathology of the digestive system and to ensure dissemination where appropriate of the results of such study and research;

  3. To provide educational material, information and advice to the general public on gastrointestinal diseases.

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 gave 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.

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OUR 2022 HIGHLIGHTS

Research

2022 was a bumper year for research commitments as it included the awarding of our two major fellowships; the Derek Butler Fellowship and the Amelie Waring fellowship. In addition, we committed to awarding 28 new grants and awards in partnership with other professional bodies, pharmaceutical companies and private philanthropists. The value of new awards we committed to in 2022 totaled £734k (£301k in 2021). Further detail on our research grants is available in the Appendix on page 55.

Our Experts by Experience (those with direct or indirect experience of digestive diseases, who we fondly refer to as our EBEs) helped our Research Awards Committee with two research grant rounds in 2022.

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Information and awareness

Guts UK and our giant inflatable colon, Colin the Colon, hit the road more than ever in 2022.

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We are a proud founding member of the Less Survivable Cancers Taskforce (LSCT), campaigning at national level to raise the profile of digestive cancers that have been woefully underfunded for decades. Not all cancers are equal.

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Celebrating our 50 year milestone

Our Royal Patron HRH Princess Alexandra who has supported our charity since 1994 invited the Guts UK community to St James’s Palace to mark the charity’s 50[th] year. It was a huge honour. Despite the pandemic still hovering over, the train and bus strike, we made it. There were tears and laughter, a lot of laughter. Thank you, Your Royal Highness.

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OUR PLANS FOR 2023

Since changing the name to Guts UK in 2018, this small but mighty charity has been building profile, presence and an engaged community of supporters. We have been working tirelessly to ensure the digestive system gets more attention and more funding. 2023 will be a year of investment in our growth as we review our strategy, invest in increasing capacity and expertise and our infrastructure. The everincreasing demand for evidenced based information about digestive conditions and symptoms is not going away.

Refining our strategy, vision and delivery plans

2023 will see changes to our Board as a number of long serving-trustees finish their tenure; this will include a new Chair of Trustees alongside Treasurer, Legal and Research trustees. These changes will bring new perspectives, energy and ideas to our Board to support and refresh our strategy for the coming years. We will also bring in the support of Pilotlight[1] in 2023 to use external expertise to guide our strategic review and develop growth plans to support the increase in demand from our community and the wider public. The Board have also committed to creating a high performing senior management team to support our Chief Executive Officer; leadership roles that can really drive the finalised strategy that will lead to growth to increase the reach of the charity.

Research Plans for 2023

Proposed grant funding

Following the recruitment in 2021 of our first dedicated Public and Patient Involvement and Engagement (PPIE) Officer, in 2023 we aim to have completed, in partnership with the BSG and James Lind Alliance (JLA), two Priority Setting Partnerships (PSPs) for IBS and Pancreatitis. The publishing of these PSPs will be the culmination of 18 months work between medical professionals, patients and carers and should help drive the direction of future research studies.

1 Pilotlight is a charity that amplifies the impact charities, business and individuals can bring to make a better world. Guts UK has applied and been accepted to their 360 programme in 2023. Further information can be found on their website here.

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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, Instagram, Twitter and TikTok that enable us to reach new audiences in a format they favour. Our PPIE Officer will also continue to work with our community and panel of Experts by Experience to ensure the patient voice is represented in medical research, product and drug development and relevant think tanks.

We will continue to 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. In 2023 we also hope to receive a PIF Tick[2] (Patient Information Forum Trusted Information Creator) to validate the quality and reliability of our informational materials.

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, get access to more treatments, kinder treatments and ultimately a cure.

Staff, resources and capacity building

2023 will see the recruitment of two critical leadership roles to help facilitate stability and growth; a Chief Operating Officer and a Head of Fundraising and Communications. These two roles will ensure that by the end of the year that we can focus on proactive, targeted fundraising including investing in corporate partnerships, but we can also look at our operating procedures to make the way we work more efficient and smoother for both our community and for our team. These two new roles will, alongside the CEO, form a holistic leadership team for the charity who can then focus on resource, capacity and succession planning to make sure we are supporting our people as well as we support our community.

2 The PIF TICK is the UK-wide quality mark for trusted health information. Further information can be found on their website here

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FINANCIAL PERFORMANCE REVIEW

Overview

This year the charity has recorded income for the year of £1.2m (12% up on 2021 at £1.1m) and expenditure of £1.6m (up 80% on 2021 at £0.9m). This resulted in a net expenditure, before investment losses, of £456,740 (2021 saw a net income of £157,359). This expenditure reflects a bumper year for research funding including awarding two Guts UK Fellowship Grants of £390,000 in total. This demonstrates the commitment and impact that our small team is making into life changing research and getting out into our community and spreading awareness and education amongst the public.

Total Income 2022: £1.2m

Total Expenditure 2022: £1.6m

Income

Voluntary income

At a total level, voluntary income reduced this year when compared with 2021 (down 16% from £567k to £475k) however, this is primarily driven by a reduction in legacy donations. Public donations (excluding legacies) saw an increase of 3% on 2021 and reached £312k (£302k in 2021). Our team’s efforts to expand our presence through social media and our brilliant Guts UK community’s fundraising efforts continue to drive donations. We have seen steady increases in both regular donations (12% up on 2021) and donations from fundraising events (7% up on 2021) demonstrating sustainable growth in our income streams.

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As a recently renamed charity, Guts UK’s growing profile and presence today will result in legacies into the future. Legacy income currently is unpredictable and can have a big effect on the overall total voluntary income levels. We have legacy promotion at the heart of our fundraising to develop this as a sustainable source of income for the future as we build a community of supporters.

Leaflet sales and other income

Other trading activities have increased this year bringing in £50k (31% more than 2021 at £38k). This is primarily driven by growth in leaflet sales (£42k in 2022, 8% up from £36k in 2021) where we continue to see increasing demand from medical institutions as we expand our suite of materials. In addition, we received a specific donation this year (£7.5k) to help fund our first proactive PR campaign; Microscopic Colitis Awareness Week which was a great success reaching an audience of 3.5 million people.

Overall income was bolstered in 2022 by positive gains from the investment portfolio with investment income up 42% on 2021 contributing £240k to overall income (2021: £169k).

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Research grants

Research partner income came from collaborations with private philanthropists, pharmaceutical companies such as Dr Falk Pharma (UK) and other professional bodies such as the BSG, the Pancreatic Society of Great Britain and Ireland and The British Society of Paediatric Gastroenterology, Hepatology and Nutrition. 2022 saw a 45% increase in research partner grants (£439k in 2022 against £303k in 2021).

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In addition, we made a second successful application to the UK Government’s COVID Medical Research Charity Support Fund to support our Early Career Researchers and gastroenterology trainees grants. The total grant received was £108,540 towards active research projects.

Expenditure

Overall expenditure is up 80% this year to £1.6m (against £920k in 2021) and this is primarily driven by a significant increase in the value of awards we have granted for research, a key charitable objective for Guts UK. Our spend on research has increased to £1.1m in 2022 (137% rise from £478k in 2021) and represents 68% of total expenditure for 2022.

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Spending on our two other charitable objectives, public education and information services, has also increased significantly in 2022 (92% up from £162k in 2021 to £313k in 2022) which demonstrates the rising demand from our community and investment in reaching the wider public who still do not know Guts UK charity exists. This increase in expenditure manifests in us attending more events, raising more awareness and reaching and recruiting new supporters, helping us to build a sustainable future for the charity.

Expenditure (excluding research) was 20% higher than 2021 (£529k in 2022 against £162k in 2021). Staff costs are comparative with 2021 with only a marginal increase in total payroll costs (£344k in 2022, 5% up on £329k in 2021) which is reflective of inflationary increases in salaries. General overheads rose by 36% this year (£191k in 2022 against £140,000 in 2021) where the sharp cost of living increases can be felt in the office costs plus increases in recruitment, professional fees and travel expenses as we began to get out and about more post pandemic.

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Balance Sheet

As at 31 December 2022, Guts UK had net assets of £5.3m, a reduction of £1m (16%) on 2021 levels, (2021: £6.4m) with 99.9% of those assets 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 awarded in 2022.

The markets were more volatile in 2022 and therefore the investment portfolios delivered unrealised losses of £621k and realised losses of £0.4k (2021: unrealised gains of £213k and realised gains of £373k). Of this amount, total realised and unrealised losses of £306k related to the endowment fund (2021: £267k total realised and unrealised losses).

Unrestricted funds which can be spent at the discretion of the trustees were £2.4m of which £1.3m has been designated to contribute to the Amelie Waring pancreatitis fellowship and general gastrointestinal research grants awarded by the charity. General funds amounted to £1m for 2022. More details of the disposition of Guts UK net assets can be found in the financial statements on pages 51 and 52.

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 2023, the desired minimum reserve is approximately £1m. As at 31 December 2022, free reserves less amounts held as fixed assets stands at £1.1m. 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. Investments are held in a Responsible Multi-Asset Fund which adopts a total returns approach and provides even distribution payment alongside being an ethically responsible investment policy. The performance of the portfolio is monitored by the trustees.

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Brexit

As the charity is operational in the UK the impact of Brexit has not been significant for Guts UK charity to date. Where it has manifested is via researchers Guts UK is funding who are unable to get some supplies for their work. This has resulted in a delay in the timescale for their research project, no one has yet been unable to complete their research to date.

Covid-19

The impact of the pandemic is seen clearly in the number of our Guts UK funded researchers who have had to delay their research projects. Most gastroenterologists were pulled back into general medicine throughout the pandemic and returning to their main gastroenterology job has been difficult. On top of that, trying to regain the protected time to do their research has also been difficult within the strains of the NHS environment. Guts UK has been able to accommodate this with No-Cost Extensions to enable researchers to complete the important research. Having the additional funding support from the MRC again in 2022 has enabled the charity to continue to offer the annual research programme during this difficult phase, particularly through the uncertainty of the economic market and the increased risk in terms of the ability to raise funds from the public.

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.

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GOVERNANCE, POLICIES & 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:

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 Chair and 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, grant-making 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.

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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 Chair 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.

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Key Person risk

Unfortunately circumstances in 2022, and the loss of a critical team member with significant operational knowledge, meant that key-person risk became a concern for the organisation. Steps have now been taken to ensure procedures are available to the whole organisation, there are secondary users set-up for all systems and temporary measures were agreed with the Board to ensure financial activities could still be carried out with appropriate oversight and controls. Recruitment is underway to resolve this permanently and critical procedures will be reviewed to ensure any key person risk is mitigated sustainably going forward.

Impact of COVID-19

The COVID-19 Pandemic continues to pose a level of increased risk and 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 we are expecting all events to take place in person in 2023, 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.

This Annual Report of the trustees was approved by order of the board of trustees, as the company directors, on 6th September 2023 and signed on the board's behalf by:

....................................................................... Dr L A Dugdale-Bradley – Trustee

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Financial Statements for the Year Ended 31 December 2022

for

Guts UK Charity

Audited by: Harris Lacey and Swain Chartered Accountants and Statutory Auditors

Suite 1

The Riverside Building Hessle East Yorkshire HU13 0DZ

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Guts UK Charity

Report of the Trustees for the Year Ended 31 December 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Guts UK Charity for the purposes of company law) are responsible for preparing the Report of the Trustees and the 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 the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

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

In so far as the trustees are aware:

AUDITORS

The auditors, Harris Lacey and Swain, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 6[th] September 2023 and signed on the board's behalf by:

....................................................................... Dr L A Dugdale-Bradley – Trustee

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Report of the Independent Auditors 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 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' 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 requirements. 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 this gives rise to a material misstatement in the financial statements themselves. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Trustees of Guts UK Charity

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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.

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Report of the Independent Auditors to the Trustees of Guts UK Charity

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

Audit response to risks identified

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

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Report of the Independent Auditors to the Trustees of Guts UK Charity

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Jennifer Drew BFP ACA ACCA (Senior Statutory Auditor) for and on behalf of Harris Lacey and Swain Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Suite 1 The Riverside Building Hessle East Yorkshire HU13 0DZ

Sep 25, 2023 Date: .............................................

Laura Drew (Sep 25, 2023 14:33 GMT+1)

26

Guts UK Charity

Statement of Financial Activities

for the Year Ended 31 December 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
446,718
Gastro-enterology research
-
Other trading activities
3
50,404
Investment income
4
124,499
Total
621,621
EXPENDITURE ON
Cost of raising funds
209,114
Charitable activities
6
Gastroenterology research
307,662
Public education and Science of
Digestion
313,352
Total
830,128
Net gains/(losses) on investments
-
Realised
-
-
Unrealised
(322,790)
NET
INCOME/(EXPENDITURE)
(531,297)
Transfers between funds
(195,121)
Net movement in funds
(726,418)
RECONCILIATION OF FUNDS
Total funds brought forward
3,090,435
TOTAL FUNDS CARRIED
FORWARD
2,364,017		 Restricted
Endowment
fund
fund
£
£
7,939
-
434,630
-
-
-
115,854
-
558,423
-
-
6,909
824,180
-
-
-
824,180
6,909
-
(460)
-
(298,668)
(265,757)
(306,037)
195,121
-
(70,636)
(306,037)
361,908
2,937,073
291,272
2,631,036		 2022
Total
funds
£
454,657
434,630
50,404
240,353
1,180,044
216,023
1,131,842
313,352
1,661,217
(460)
(621,458)
(1,103,091)
-
(1,103,091)
6,389,416
5,286,325		 2021
Total
funds
£
567,059
303,289
38,532
169,250
1,078,130
279,438
478,526
162,807
920,771
373,228
213,775
744,362
-
744,362
5,645,054
6,389,416

These notes form part of these financial statements

27

Guts UK Charity

Balance Sheet

31 December 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
12
3,422
Investments
13
5,957,620
5,961,042
CURRENT ASSETS
Debtors
14
420,659
Cash at bank and in hand
(2,079,984)
(1,659,321)
CREDITORS
Amounts falling due within one
year
14
(1,937,700)
NET CURRENT ASSETS
(3,597,021)
TOTAL ASSETS LESS
CURRENT LIABILITIES
2,324,017
NET ASSETS
2,324,017
FUNDS
Unrestricted funds
-
General
-
Designated fund
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
331,272
331,272
(40,000)
291,272
291,272
291,272		 Endowment
fund
£
-
-
-
-
2,631,036
2,631,036
-
2,631,036
2,631,036
2,631,036		 2022
Total
funds
£
3,422
5,957,620
5,961,042
420,659
882,324
1,302,983
(1,977,700)
(674,717)
5,286,325
5,286,325
1,069,028
1,294,989
291,272
2,631,036
5,286,325		 2021
Total
funds
£
3,363
6,435,629
6,438,992
343,764
945,805
1,289,569
(1,339,142)
(49,573)
6,389,416
6,389,416
1,468,407
1,622,028
361,908
2,937,073
6,389,416

These notes form part of these financial statements

28

Guts UK Charity

Balance Sheet - continued 31 December 2022

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The financial statements were approved by the Board of Trustees and authorised for issue on 6[th] September 2023 and were signed on its behalf by:

......................................................

Dr L A Dugdale-Bradley - Trustee

These notes form part of these financial statements

29

Guts UK Charity

Cash Flow Statement

for the Year Ended 31 December 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Proceeds from disposal of investments
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
(157,850)
(157,850)
(2,074)
(100,000)
97,655
240,353
235,934
78,084
1,296,247
1,374,331		 2021
£
(225,219)
(225,219)
(1,417)
(6,473,053)
6,504,709
169,251
199,490
(25,730)
1,321,977
1,296,247

These notes form part of these financial statements

30

Guts UK Charity

Notes to the Cash Flow Statement for the Year Ended 31 December 2022

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING FLOW FROM OPERATING
ACTIVITIES
2022 2021
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (1,103,091) 744,362
Adjustments for:
Depreciation charges 2,015 1,574
Losses/(gain) on investments 621,918 (587,003)
Interest received (240,353) (169,250)
(Increase)/decrease in debtors (76,897) 14,718
Increase/(decrease) in creditors 638,553 (229,620)
Net cash used in operations (157,850) (225,219)
2. ANALYSIS OF CHANGES IN NET FUNDS
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.22 Cash flow At 31.12.22
£ £ £
Net cash
Cash at bank and in hand 260,268 (173,331) 86,937
Short term cash deposits 685,537 109,851 795,388
Cash held by investment managers 350,442 141,564 492,006
1,296,247 78,084 1,374,331
Total 1,296,247 78,084 1,374,331

These notes form part of these financial statements

31

Guts UK Charity

Notes to the Financial Statements for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

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

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.

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.

32

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES - continued

Income

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

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:

a) Cost of raising funds which includes direct fundraising costs and investment manager's fees.

b) Expenditure on charitable activities comprises expenditure on the charity's primary charitable purposes as described in the trustees' report. Such costs include grants payable, other direct costs and support costs, which are apportioned based on the level of activity in each area.

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.

Allocation and apportionment of 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 33% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

33

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES - continued

Fund accounting

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

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 are measured at amortised cost.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustees' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.

Investments

Investments both current and fixed are included at fair value within the accounts.

34

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

2. DONATIONS AND LEGACIES

Donations
Legacies & In Memoriam donations
2022 Total funds
Donations
Legacies & In Memoriam donations
2021 Total funds		 Unrestricted
funds
£
295,325
151,393
446,718
Unrestricted
funds
£
276,420
231,661
508,081		 Restricted
funds
£
(2,581)
10,520
7,939
Restricted
funds
£
26,489
32,489
58,978		 2022
Total
funds
£

312,744
161,913
454,657
2021
Total
funds
£
302,909
264,150
567,059

3. OTHER TRADING ACTIVITIES

Public Education
Science of Digestion
Microscopic Colitis Awareness Week
2022 Total funds
Public Education
2021 Total funds		 Unrestricted
funds
£
41,544
1,360
7,500
50,404
Unrestricted
funds
£
38,532
38,532		 Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-		 2022
Total
funds
£
41,544
1,360
7,500
50,404
2021
Total
funds
£
38,532
38,532

35

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

4. INVESTMENT INCOME

Interest - fixed interest securities
Multi-asset funds
Charities property fund
Interest on cash deposits
2022 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		 Unrestricted
funds
£
2,553
119,020
-
2,926
124,499
Unrestricted
funds
£
7
22,206
5,643
52,389
5,086
2,979
64
88,174		 Restricted
funds
£
4,185
110,777
892
-
115,854
Restricted
funds
£
18
40,470
6,200
26,048
4,886
3,454
-
81,076		 2022
Total
funds
£
6,738
229,797
892
2926
240,353
2021
Total
funds
£
25
62,476
11,843
78,437
9,972
6,433
64
169,250

36

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

5. INCOME FROM CHARITABLE ACTIVITIES

New grants for research
2022 Total funds
New grants for research
2021 Total funds		 Unrestricted
funds
£
-
-
Unrestricted
funds
£
-
-		 Restricted
funds
£
434,630
434,630
Restricted
funds
£
303,289
303,289		 2022
Total
funds
£
434,630
434,630
2021
Total
funds
£
303,289
303,289

37

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

6. CHARITABLE ACTIVITIES COSTS

Gastroenterology research
Public education
2022 Total funds
Gastroenterology research
Public education
2021 Total funds
Fundraising costs
Investment manager's fees
Support costs
2022 Total funds
Fundraising costs
Investment manager's fees
Support costs
2021 Total funds		 Direct
costs
£
2,636
69,258
71,894
Direct
costs
£
1,059
58,263
59,322		 Research
grants
awarded
(note 6)
£
1,001,807
-
1,001,807
Research
grants
awarded
(note 6)
£
288,068
-
288,068
Unrestricted
funds
£
38,392
6,917
163,805
209,114
Unrestricted
funds
£
81,417
9,679
174,866
265,962		 Support
costs

(note 8)
£
127,399
244,094
371,493
Support
costs

(note 8)
£
189,399
104,544
293,943
Restricted
funds
£
-
6,909
-
6,909
Restricted
funds
£
-
13,476
-
13,476		 2022
Total

funds
£
1,131,842
313,352
1,445,194
2021
Total

funds
£
478,526
162,807
641,333
2022
Total
funds
£
38,392
13,826
163,805
216,023
2021
Total
funds
£
81,417
23,155
174,866
279,438

38

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

7. RESEARCH GRANTS AWARDED

New research grants
Less grants no longer required - research commitments
Research grants awarded		 2022
Total
funds
£
1,004,180
(2,373)
**1,001,807 **		 2021
Total
funds
£
301,231

(13,163)
288,068

Research grants awarded represent commitments made for research, and are set out in detail in the appendix on page 55.

39

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

8. SUPPORT COSTS

Charitable Activities

Directly incurred
Grants payable
Research administration
Fundraising costs
Public education
Investment management fees
Support costs
Staff costs
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
2022 Total funds		 Cost of
raising
funds
£
-
-
38,393
-
13,826
52,219
105,379
13,316
172
1,119
1,568
1,344
2,597
4,067
5,203
11,673
617
2,981
3,094
5,706
2,170
2,798
163,804
216,023		 Gastro-
enterology
research
£
1,001,807
2,636
-
-
-
1,004,443
81,962
10,357
134
870
1,219
1,045
2,020
3,163
4,046
9,079
480
2,318
2,406
4,437
1,687
2,176
127,399
1,131,842		 Public
education
and
Science
of
Digestion
£
-
-
-
69,258
-
69,258
157,036
19,844
256
1,668
2,336
2,003
3,869
6,061
7,753
17,395
918
4,441
4,611
8,502
3,232
4,169
244,094
313,352		 2022
Total
funds
£
1,001,807
2,636
38,393
69,258
13,826
1,125,920
344,377
43,517
562
3,657
5,123
4,392
8,486
13,291
17,002
38,147
2,015
9,740
10,111
18,645
7,089
9,143
535,297
1,661,217

40

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

8. SUPPORT COSTS - continued

Charitable Activities

Directly incurred
Grants payable
Research administration
Fundraising costs
Public education
Investment management fees
Support costs
Staff costs
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		 Cost of
raising
funds
£
-
-
81,417
-
23,155
104,572
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
174,866
279,438		 Gastro-
enterology
research
£
288,068
1,059
-
-
-
289,127
132,870
9,407
536
1,871
2,780
1,735
3215
1,874
3992
18,018
636

(504)
4,010
3,101
1,838
4,020
189,399
478,526		 Public
education
and
Science
of
Digestion
£
-
-
-
58,263
-
58,263
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
104,544
162,807		 2021
Total
funds
£
288,068
1,059
81,417
58,263
23,155
451,962
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
468,809
920,771

41

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

9. NET INCOME/(EXPENDITURE)

This is stated after charging:

Staff costs
Depreciation
Auditor's remuneration (including VAT)
- Statutory audit services		 2022
Total
funds
£
344,377
2,015
9,600		 2021
Total
funds
£
328,886
1,574
9,000

10. TRUSTEES' REMUNERATION AND BENEFITS

A total of £nil remuneration (2021: £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.

Trustees' expenses

A total of 4 trustees were reimbursed for travel expenses of £678 during the period (2021: 5 trustees: £308).

11. STAFF COSTS

Salaries and wages
Social security
Pension costs
The average monthly number of employees during the year was as follows:
General		 2022
Total
funds
£
311,219
23,950
9,208
344,377

2022
9		 2021
Total
funds
£
294,066
26,352
8,468
328,886
2021
8
The number of employees whose employee benefits (excluding employer pension costs) exceeded The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2022 2021
£60,001 - £70,000 1 1

42

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

11. STAFF COSTS - continued

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 £123,830 (2021: £164,730).

12. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Computer
Equipment
£
COST
At 1 January 2022 10,980
Additions 2,074
At 31 December 2022 13,054
DEPRECIATION
At 1 January 2022 7,617
Charge for year 2,015
At 31 December 2022 9,632
NET BOOK VALUE
At 31 December 2022 3,422
At 31 December 2021 3,363

43

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

13. FIXED ASSET INVESTMENTS

At valuation
Balance brought forward at 1 January
Additions
Disposal proceeds
Investment gains
- Realised (losses) / gains
- Unrealised (losses) / gains
Total investment (losses) / gains
Balance carried forward at 31 December
Cash held by investment managers
Total investments
Analysis by Type
Listed investments at market value
- Multi-asset funds
- Property funds
Total investments
Historic cost of listed investments (all are
listed in the UK) - excluding cash held
by investment managers		 Endowment
portfolio
£
2,943,542
100,000
(97,655)
(460)
(298,668)
(299,128)
2,646,759
429,503
3,076,262
2,646,759
-
2,646,759


2,895,796		 Unrestricted
portfolio
£
3,141,645
-

-

-

(322,790)

(322,790)
2,818,855
62,503
2,881,358
2,818,855
-
2,818,855
2,986,808		 2022
£
6,085,187
100,000
(97,655)
(460)

(621,458)

(621,918)
5,465,614
492,006
5,957,620
5,465,614
-
5,465,614
**5,882,604 **		 2021
£
5,529,842
6,473,052

(6,504,710)

373,228

213,775

587,003
6,085,187
350,442
6,435,629
5,987,072
98,115
6,085,187
5,866,753

At 31 December 2022, the charity had the following material investment holdings:

Listed investments within the portfolio
are:
SUTL Cazenove Charity Responsible		 Endowment
£
2,646,759		 Unrestricted
£
2,818,855		 Market
Vale
£
5,465,614		 Percentage
of portfolio
%
100%

44

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

13. FIXED ASSET INVESTMENTS - continued

The total unrealised gains as at 31 December 2022 constitute movements on revaluation and are as follows:

Unrealised (losses) 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 (losses)/gains arising on revaluation in the year
Total unrealised (losses)/ gains at 31 December
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
Prepayments		 2022
£
(416,984)
(416,984)
231,179
(26,705)
204,474
(621,458)
(416,984)
2022
£
33,232
231,351
143,540
12,536
420,659		 2021
£

231,179

231,179
320,696

(303,292)
17,404

213,775

231,179
2021
£
58,886
90,000
185,470
9,410
343,766

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Included within debtors under commitments due from funding partners is £244,937 (2021: £291,100) which is due within one year.

45

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social security and other taxes
Trade & other creditors
Research grants payable
Deferred income
Accrued expenses		 2022
£
9,513
88,701
1,866,534
-
12,952
1,977,700		 2021
£
9,800
-
1,251,332
51,374
26,636
1,339,142

Included behind Research grants payable is £557,550 (2021: 220,040) which is in relation to research grants falling due after more than one year. A full breakdown of research grants payable for 2022 can be found in the Appendix on page 52.

16. 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:

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 - digital
Trust funding for Amelie
Waring Fellow
Company donations -
restricted
Derek Butler Endowment
Income fund		 At 1
January
2022
£
-
-
-
2,214
6,031
548
500
-
-
625
18,633
-
-
14,896
318,461

Income
£
28,319
297,771
108,540
8,243
2,063
-
-
2,204
-
-
10,000
24,429
-
1,000
115,854		 Expenditure
£
(32,638)
(581,542)
-
-
-
-
-
-
-
-
-
(40,000)
-
-
(210,000)		 Transfers
£

4,319

283,771
(108,540)
-
-
-
-
-
-
-
-

15,571
-
-

-		 At 31
December
2022
£
-
-

-
10,457
8,094
548
500
2,204
-
625
28,633
-
-
15,896
224,315
361,908 598,423 (864,180) 195,121 291,272

46

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

16. RESTRICTED FUNDS - continued

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		 At 1
January
2021
£
-
-
-
8,114
-
-
-
-
-
-
-
2,500
-
-
244,668
255,282

Income
£
19,163
133,028
151,100
12,100
6,031
548
500
1,312
831
625
18,633
-
3,500
14,896
81,076
443,343		 Expenditure
£
(24,325)
(242,000)
-
(18,000)
-
-
-
(1,312)
-
-
-
(2,500)
-
-
(7,283)
(295,420)		 Transfers
£

5,162

108,972
(151,100)

-
--
-
-

-
(831)
-
-

-
(3,500)
-

-
(41,297)		 At 31
December
2021
£
-
-

-
2,214
6,031
548
500
-

-
625
18,633
-

-
14,896
318,461
361,908

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.

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

47

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

17. DESIGNATED FUNDS

Amelie Waring

Investments
Research
Commitments
Total Amelie
Waring Fund
Investments
Research
Commitments
Total Amelie
Waring Fund
Research
Investments
Research
Commitments
Total GI
Research Fund		 At 1
January
2022
£
874,944
(100,525)
774,419
At 1
January
2021
£
889,217
(147,300)
741,917
At 1
January
2022
£
986,455
(138,846)
847,609		 Income
£
32,639
-
32,639
Income
£
25,967
-
25,967
Income
£
37,318
-
37,318		 Expenditure
£
2,325
(180,000)
(177,675)
Expenditure
£
(8,604)
-
(8,604)
Expenditure
£
(37,329)
-
(37,329)		 Transfers
£
-
127,711
127,711
Transfers
£
(120,000)
46,775
(73,225)
Transfers
£
-
(121,246)
(121,246)		 Investment
(losses)
£
(87,248)
-
(87,248)
Investment
(losses)
£
88,364
-
88,364
Investment
(losses)
£
(101,209)
-
(101,209)		 At 31
December
2022
£
822,660
(152,814)
669,846
At 31
December
2021
£
874,944
(100,525)
774,419
At 31
December
2022
£
885,235
(260,092)
625,143

GI Research

48

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

17. DESIGNATED FUNDS - continued

At 1
January
2021
£
Investments
887,402
Research
Commitments
(19,950)
Total GI
Research Fund
867,452
otal Designated Funds
Total Designated
Funds 2022
,622,028
Total Designated
Funds 2021
,609,369		 Income
£
28,486
-
28,486
69,957
54,453		 Expenditure
£
(26,959)
-
(26,959)
(215,004)
(35,563)		 Expenditure
£
(26,959)
-
(26,959)
(215,004)
(35,563)		 Transfers
£
-
(118,896)
(118,896)
6,465
(192,121)		 Investment
(losses)
£
97,526
-
97,526
(188,457)
185,890		 At 31
December
2021
£
986,455
(138,846)
847,609
(215,004)
(35,563)
1,294,989
1,622,028

Total Designated Funds

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.

49

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

18. ENDOWMENT FUND

Derek Butler Endowment
Derek Butler Endowment		 At 1
January
2022
£
2,937,073
At 1
January
2021
£
2,683,415

Income
£
-


Income
£
-		 Expenditure/
transfers
£
(6,909)
Expenditure/
transfers
£
(13,476)		 Investment
losses
£

(299,128)
Investment
losses
£

267,134		 At 31
December
2022
£

2,631,036
At 31
December
2021
£
2,937,073

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.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted funds
-General
-Designated funds - AW
-Designated funds - GI
Restricted funds
Endowment funds
Unrestricted funds
-General
-Designated funds - AW
-Designated funds - GI
Restricted funds
Endowment funds		 Fixed assets
£
3,422
-
-
-
-
3,422
Fixed assets
£
3,363
-
-
-
-
3,363		 Investments
£
-
822,660
885,235
-
2,631,036
5,957,620
Investments
£
1,307,784
874,944
986,454
329,374
2,937,073
6,435,629		 Net current
(liabilities/)
assets
£
(90,533)
(57,814)
(260,092)
291,272
-
(117,167)
Net current
(liabilities/)
assets
£
298,362
(100,525)
(59,907)
32,534
-
170,464		 Long-term
liabilities
£

(462,550)

(95,000)

-
-
-
(557,550)
Long-term
liabilities
£
(141,102)

-

(78,938)
-
-
(220,040)		 2022
Total
£

1,069,028

669,846
625,143
291,272
2,631,036
5,286,325
2021
Total
£

1,468,407
774,419

847,609
361,908
2,937,073
6,389,416

50

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

20. 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:

21. CONTINGENT ASSET AND LIABILITY

In 2018 the charity secured provisional funding amounting to £1,250,000 for the colorectal cancer research grant of which £530,000 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. 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 2022, £590,000 remains receivable, of which up to £240,000 is receivable and payable within one year.

22. RELATED PARTY TRANSACTIONS

During the year the charity received donations of £1,910 from trustees (2021: £3,200). Transactions with the British Society of Gastroenterology are detailed in note 20.

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

23. 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.

24. COMMITMENTS UNDER OPERATING LEASES

At 31 December 2022 the charity had future minimum commitments under non-cancellable operating leases as set out below:

Payments which fall due:
Within one year
Within 2 to 5 years		 2022
£
772
387
1,159		 2021
£
772
1,160
1,932

51

Guts UK Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Legacies
Other trading activities
Public education
Investment income
Curr asset inv income
Charitable activities
Grants
Total incoming resources
EXPENDITURE
Other trading activities
Grants payable
Fundraising
Public education
Research administration
Investment management fees
Support costs
Management
Staff costs
Premises & donated facilities
Insurance
Postage
Telephone
Stationery, printing, design & marketing
Bank charges		 2022
£
292,744
161,913
474,657
50,404
240,353
434,630
1,180,044
1,001,807
38,393
69,258
2,636
13,826
1,125,920
344,377
43,517
4,392
562
3,657
5,123
8,486
410,114		 2021
£
302,910
264,150
567,060
38,533
169,251
303,289
1,078,133
288,069
81,417
58,263
1,059
23,155
451,963
328,886
23,285
4,296
1,327
4,631
6,880
7,958
377,263

This page does not form part of the statutory financial statements

52

Guts UK Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2022

Support costs cont’d
Management
Finance
Meeting costs
Subscriptions
Information technology
Equipment/maintenance & web- site development
Training and recruitment
Computer equipment
Governance costs
Accountancy fees
Legal fees
Bookkeeping costs
Brand development
Total resources expended
Net (expenditure)/income before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net (expenditure)/income		 2022
£
13,291
17,002
30,293
38,147
9,740
2,015
49,902
10,111
18,645
7,089
9,143
44,988
1,661,217
(481,173)
(621,918)
(1,103,091)		 2021
£
4,639
9,880
14,519
44,598
(1,246)
1,574
44,926
9,926
7,676
4,550
9,950
32,102
920,773
157,360
587,003
744,363

This page does not form part of the statutory financial statements

53

Guts UK Charity

Reference and Administrative Information As at 31 December 2022

Royal Patron HRH Princess Alexandra

Chief Executive Ms J Harrington

Principal office 2 St Andrews Place Regent’s Park London. NW1 4LB Telephone 0207 486 0341 Website www.gutscharity.org.uk E-mail info@gutscharity.org.uk

Company registration number 07274105 (England and Wales) Charity registration number 1137029 Auditor Harris, Lacey and Swain Suite 1, The Riverside Building Livingstone Road Hessle, HU13 0DZ 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

54

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

Research grants payable

Research grants payable
2022
Total
funds
£		 2021
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
After more than one year		 1,251,335
1,004,179
(2,371)
(386,609)		 1,454,984
301,231
(13,163)
(491,717)
1,866,534 1,251,335
1,308,984
557,550		 1,031,295
220,040
1,866,534 1,251,335

Specific detail of individual research grants are provided on the following pages

55

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

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 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
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
Balance carried forward		 At
1 January
2022
£
2,500
147,301
51,079
271,505
49,797
1,300
11,659
3,531
538,672		 Research grants
awarded
£
-
-
-
250,000
-
-
-
-
250,000		 Grants
no longer
required
£

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


-
(127,711)
(30,332)
(129,652)
-
-
(9,767)
(297,462)		 At 31
December
2022
£
2,500
19,590
20,747
391,853
49,797
1,300
1,892
3,531
491,210

56

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

Continued…
Ongoing research cont’d
Balance brought forward
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 Probert3
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
Dr Marnix Jenson
Development Grant
The TARGET study (TArgeted biopsies to Risk Stratify
Gastric cancer precursors for tailored Endoscopic
surveillance and Treatment)
Balance carried forward		 At
1 January
2022
£
538,672
4,980
1,887
1,500
5,000
19,306
48,572
48,099
22,447
49,560		 Research grants
awarded
£
250,000
-
-
-
-
-
-
-
-
-		 Grants
no longer
required
£
-
-
(121)
-
-
-
-
-
-
-		 Grants
paid in
the year
£
(297,462)
-
(1,766)
(1,500)
-
(6,254)
-
-
(505)
(2,660)		 At 31
December
2022
£
491,210
4,980
0
0
5,000
13,052
48,572
48,099
21,942
46,900
740,023 250,000 (121) (310,147) 679,755

3 Professor Chris Probert was awarded this Grant in 2019 before he was appointed as a Trustee in 2022. As a trustee, he does not sit on the Research Awards Committee or the Research Strategy Committee.

57

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

Ongoing research cont’d
Balance brought forward
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 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
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 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
Balance carried forward		 At
1 January
2022
£

740,023
48,283
50,000
37,540
43,336
10,000
4,000
4,975
5,000
8,000
951,157		 Research grants
awarded
£
250,000
-
-
-
-
-
-
-
-
-
250,000		 Grants
no longer
required
£
(121)
-
-
-
-
-
(83)
(154)
-
-
(358)		 Grants
paid in
the year
£
(310,147)
-
-
-
-
(5,000)
-
-
-
-
(315,147)		 At 31
December
2022
£
679,755
48,283
50,000
37,540
43,336
5,000
3,917
4,821
5,000
8,000
885,652

58

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

1 - Guts UK Research grants payable in the Financial year 1st January to 31st December 2022
Ongoing research cont’d
Balance brought forward
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
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 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
Balance carried forward		 At
1 January
2022
£

951,157
2,325
14,996
12,642
14,649
11,075
15,000
13,350
14,977
25,220
1,075,391		 Research grants
awarded
£
250,000
-
-
-
-
-
-
-
-
-
250,000		 Grants
no longer
required
£
(358)
-
-
-
-
-
-
-
-
-
(358)		 Grants
paid in
the year
£
(315,147)
-
-
(312)
-
(295)
-
-
-
-
(315,754)		 At 31
December
2022
£
885,652
2,325
14,996
12,330
14,649
10,780
15,000
13,350
14,977
25,250
1,009,279

59

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

Ongoing research cont’d
Balance brought forward
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
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
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
**Balance carried forward **		 At
1 January
2022
£
1,075,391
21,807
35,382
35,382
38,902
4,248
5,000
4,000
765
1,220,877		 Research grants
awarded
£
250,000
-
-
-
-
-
-
-
-
250,000		 Grants
no longer
required
£

(358)

-
-
-
-
-
-
-
-
(358)		 Grants
paid in
the year
£


(315,754)


(9,582)
(19,017)
(1,811)
-
-
-
-
-
(346,164)		 At 31
December
2022
£
1,009,279
12,225
16,365
33,571
38,902
4,248
5,000
4,000
765
1,124,355

60

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

Ongoing research cont’d
Balance brought forward
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)
Total ongoing research
New Commitments
Falk Pharma 2022
awards – various
Guts UK – 9 x Dr Falk awards
2022
Dr Jonathan King
Guts UK-Dr Falk SpR Trainee
Audit/Quality Improvement
Award
Assessing the impact of using interactive video in the
correct languages for the consenting of non-English
speaking patients in endoscopy
Mr Arjun Kattakayam
Guts UK/Amelie Waring
Research Fellowship
Novel high resolution insights into mitochondrial
dysfunction in acute pancreatitis within and beyond
the pancreas
Dr Katja Christodoulou
Guts UK/ Derek Butler
Research Fellowship
Non - invasive testing of Early Oesophageal Cancer
and Dysplasia
Professor Sheena
Cruickshank
For Crohns
Characterising the immune signature of genital
Crohn's disease
Balance carried forward		 At
1 January
2022
£

1,220,877
2,000
5,000
1,227.877
-
-
-
-
-
-		 Research grants
awarded
£		 Grants
no longer
required
£
(358)

-

-
(358)
-

-

-

-

-
-		 Grants
paid in
the year
£
(346,164)
-
-
(346,164)
(14,000)
-
-
-
-
(14,000)		 At 31
December
2022
£

250,000
-
-		 1,124,355
2,000
5,000
250,000 1,131,355
14,000
8,638
180,000
210,000
19,874		 -

8,638

180,000

210,000

19,874
432,512 418,512

61

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

18. Research grants payable (continued)

18. Research grants payable(continued)
New commitments cont’d
Balance brought forward
Dr Mohamed Albed Alhnan
For Crohns
Enabling the oral delivery of adalimumab via novel 4D
printing architectures fro the treatment of Crohn's
Dr Tovah Shaw
For Crohns
Determining the contribution of long-lived Tim4+ gut
macrophages to oral tolerance of food, and intestinal
microbial community stability
Dr Alice Lapthorn
Guts UK - BSG Early
Career Researcher Grants
Repurposing of drugs to prevent intra-abdominal
adhesion formation
Dr K Belogianni
Guts UK - BSG Early
Career Researcher Grants
Implementing an integrated care pathway for the
management of irritable bowel syndrome
Dr M Mohamed
Guts UK - BSG Early
Career Researcher Grants
Development and evaluation of point-of-care diagnostics
utilising clinical metagenomic sequencing for rapid
pathogen and antimicrobial resistance detection in
decompensated cirrhosis and acute-on-chronic liver
failure
Dr Fumi Kamlesh Varyani
Guts UK - BSG Early
Career Researcher Grants
Identifying the impact of Specialist Nutrition Support
Teams on the outcomes of parenterally fed and
gastrostomy patients utilising the Hospital Episode
Statistics and National Endoscopy Database"
James Halle-Smith
Guts UK - BSG Trainee
Research Award
"The Influence of Pancreatic Exocrine Insufficiency and
Pancreatic Enzyme Replacement Therapy on the
Intestinal Microbiome of Pancreatic Cancer Patients"
Amir Saifuddin
Guts UK - BSG Trainee
Research Award
"Evaluation of the safety of perioperative advanced anti-
inflammatory therapy in patients with inflammatory bowel
disease (IBD) undergoing elective surgery"
Nosheen Umar
Guts UK - BSG Trainee
Research Award
"Development of a risk prediction tool for inflammatory
bowel disease (IBD) in patients presenting in primary
care with abdominal symptoms in the Clinical Practice
Research Datalink (CPRD Aurum)."
Balance carried forward		 At
1 January
2022
£
-
-
-
-
-
-
-
-
-
-
-		 Research grants
awarded
£
432,512
16,019
14,803
15,000
15,000
14,961
14,999
3,880
5,000
5,000
537,174		 Grants
no longer
required
£

-

-

-

-

-

-

-

-

-

-

-		 Grants
paid in
the year
£
(14,000)
-
-
-
-
-
-
-
-
-
(14,000)		 At 31
December
2022
£
418,512
16,019
14,803
15,000
15,000
14,961
14,999
3,880
5,000
5,000
523,174

62

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

18. Research grants payable(continued)
New commitments cont’d
Balance brought forward
Jonathan Gan
Guts UK - BSG Trainee
Research Award
"Monitoring gut permeability in Irritable Bowel Syndrome
(IBS) using a novel non invasive optical sensor"
Jonathan Sturgeon
Guts UK - BSG Trainee
Research Award
"Spacial profiling of duodenum transcriptomic changes
following administration of novel therapeutic agents in
children with severe acute malnutrition"
Joseph Delo
Guts UK - BSG Trainee
Research Award
"The role of the TIGIT immune checkpoint axis in
susceptibility to infection in decompensated cirrhosis"
Adeel Harmad
Guts UK - BSG Trainee
Research Award
"Exploring the role of the brainstem in human swallowing
and post radiotherapy induced dysphagia using functional
MRI"
Marcus Auth
BSPGHAN/GUTS UK/Falk "Faecal volatile organic compounds in children with
eosinophilic oesophagitis potential as non-invasive
biomarkers"
Francis Robertson
Newcastle
ASGBI
"Micro RNAs in acute pancreatitis"
Hwei Jene Ng
ASGBI
"Micro RNAs in acute pancreatitis"
Pancreatitis Priority Setting
Partnership (PSP)
Dr Maria Alcolea
Worldwide Cancer
Research
"Mechanomodulation of mutant clonal competition in
oesophageal epithelium : relevance for early tumour
formation "
Total New Commitments		 At
1 January
2022
£
-
-
-
-
-
-
-
-
-
-
-		 Research grants
awarded
£
537,174
3,917
5,000
5,000
5,000
39,995
9,954
4,000
20,000
124,143
754,179		 Grants
no longer
required
£

-

-

-

-

-

-

-

-

-

-

-
Grants
paid in
the year
£
(14,000)
-
-
-
-
-
(2,500)
(2,500)
-
-
(19,000)		 At 31
December
2022
£
523,174
3,917
5,000
5,000
5,000
39,995
7,454
1,500
20,000
124,143
735,179

63

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

18. Research grants payable (continued)

Research completed during the year
Dr Varinder Athwal
Guts UK Development
Award
Investigating fibrosis pathobiology in cystic fibrosis
related liver disease to improve clinical detection and
management
Dr Jorge Gutierrez-
Merino
For Crohn’s Development
Grant
Understanding how gut bacteria induce beneficial type 1
interferon responses
Dr Roosey Sheth
Guts UK-BSG Trainee
Research Network Award
A UK wide Audit of the Management of Primary Biliary
Cholangitis (PBC)
Falk Pharma 2021
awards - various
Guts UK - Dr Falk awards
2021
Dr Katja Christodoulou Guts UK – BSG trainee
grant
Consent for contact in endoscopy
Total research completed during the year
Total grants for the year		 At
1 January
2022
£
4,290
10,393
5,000
2,500
1,275		 Research grants
awarded
£

Grants
no longer
required
£
(238)
-
(500)
-
(1,275)		 Grants
paid in
the year
£		 At 31
December
2022
£
-
-
-
-
-		 (4,052)
(10,393)
(4,500)
(2,500)
-		 -
-
-
-
-
23,458 - (2,013) (21,445) -
1,251,335 1,004,179 (2,371) (386,609) 1,866,534

64

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

This page has been deliberately left blank

65

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2022

We’re getting to grips with guts

66

Guts UK Annual Report and Financial Accounts

- 2022_FINAL

Final Audit Report

2023-09-25

Created: 2023-09-25 By: Guts UK (info@gutscharity.org.uk) Status: Signed Transaction ID: CBJCHBCAABAACrVkUitvh8Y7CVOgmWR5BFGH4i-vx_1M

"Guts UK Annual Report and Financial Accounts - 2022_FINAL" History

Document created by Guts UK (info@gutscharity.org.uk)

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Document emailed to ld@hlas.co.uk for signature

2023-09-25 - 1:30:25 PM GMT

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