OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Guts UK Charity

2023-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS 2023

Guts UK Charity

1 | P a g e

Charity Registration No. 1137029

Annual Report and Financial Statements for the Year End 31 December 2023 CONTENTS

Welcome 3
Who we are 5
2023: our most impactful year yet 6
Plans for 2024 8
Financial performance review 10
Governance, policies and standards 15
Report of the Independent Auditors 22
Statement of Financial Activities 25
Balance sheet 26
Cash Flow Statement 28
Notes to the Cash Flow Statement 29
Notes to the Financial Statements 30
Detailed Statement of Financial Activities 50
Reference and administrative information 52
Appendix 1 – Detail of research grants payable 53

The report of trustees is a combined annual report incorporating both the directors report and the trustees report for the charity as required by company law

2

A WELCOME FROM OUR CHAIR AND INTERIM CEO

Despite a year of transition for Guts UK including the appointment of a new Chair, trustees and staff members, we continued to develop, enabling us to expand our reach and impact. During the year everyone at the charity worked tirelessly to support the record high numbers of individuals and families contacting us for support, working with health professionals and researchers, and successfully delivering against our objectives.

In early 2024, Julie Harrington, our chief executive for over seven years decided to step down to pursue new challenges. On behalf of everyone involved with Guts UK, we thank Julie for all her work and wish her the very best for the future.

Despite rising public awareness to Gastroenterology (partly owing to our own fantastic communications and engagement), and therefore unprecedented demand for support and information, research is still woefully underfunded with diagnosis and treatments taking too long. Too many people are suffering alone because they initially don’t know where to turn for information and support or are too embarrassed to speak up and seek the help they need.

Guts UK champions their cause, supports those contacting us in need, and funds research to improve medical, health and other support. This year, we are enormously proud to have reached more people, shouted more loudly, funded more research and helped change the focus for the future in digestive health. While we are unable to list everything our small team achieved in the year, we would like to highlight a few amazing successes…

We finalised and published two Priority Setting Partnerships (PSPs) in IBS and Pancreatitis. These PSPs are a phenomenal example of collaboration across healthcare professionals, patients, carers and healthcare professionals and have helped determine the top 10 research questions that need to be answered to really get to grips with these two debilitating conditions.

Our fun and unique digital awareness campaigns have gone from strength

to strength and demonstrate so clearly the power and passion of our community for raising awareness and breaking down taboos; 270 of you were brave enough to join us in our #GutSelfie campaign; our microscopic colitis campaign trended all day on the BBC and we shared 30 heartfelt stories of your experience with pancreatitis during our Kranky Panky month in November.

3

Our website reached 1.7m web views with people finding our information and tools like the poo-torial quickly and easily, while on social media we’ve been seen 4m times (and that’s all organic!)

Our creative community fundraisers have run, jumped, baked, knitted and swam more than ever before. Joining our committed fundraising family, 95 new community fundraisers joined sponsored events and challenges in 2023. Each and every one of you is incredible and we cannot thank you enough for spreading the word and supporting our cause.

There’s so much more that has been delivered this year, and we hope this report gives you a taste of what we can achieve together. Thank you for your continued passion, support, and dedication. Guts UK charity exists for and because of individuals and families affected by gut conditions. We look forward to the next year of continued growth where we can continue to develop and support more people in need.

Victoria King Katie Noon Chair of the Board of Trustees Interim Chief Executive Officer

4

WHO WE ARE

Guts UK is the charity for the digestive system

People are suffering. People are dying. All because of a lack of knowledge about our guts.

Guts UK is the only charity that covers all of the digestive system, from ‘top to tail’ covering the gut, the liver and the pancreas. 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.

.

Our mission is to end the pain and suffering for the millions affected by digestive diseases. Guts UK’s research leads to earlier diagnoses, kinder treatments and ultimately, a cure.

We deliver this through three objectives:

Providing expert information – when armed with the right information, patients can take control of their health and make informed decisions. We provide evidence based information and guidance to patients, carers and health care professionals

Raising public awareness – research shows that 58% of people are embarrassed to talk about their digestive conditions or symptoms. We run campaigns and events to spread awareness and education to empower people to speak up and seek help

Funding and driving research – we fund awards, grants, prizes and fellowships into the entire digestive system. We involve our patient panel in all of our research decisions and in our work on policy, pathways and treatments and we run PSPs to ensure research is focused in the areas that will drive the most difference

5

Together we will get to grips with guts

2023: our most impactful year yet

It's a joy to share our 2023 achievements. None of which would be possible without your kindness.

We helped 2,446 people with their . digestive symptoms or conditions in 2023 We've answered more phone calls, emails and letters than ever before, helping people during their greatest times of need. Digestive symptoms and conditions can feel really isolating. You can feel like you're the only person in the world struggling. Until you find Guts UK.

10,000 people! Colin the Inflatable Colon had his busiest year to date, meeting people across the country. He also had a refresh, and now showcases more digestive conditions than ever before (poor Colin!)

----- Start of picture text -----
Colin
----- End of picture text -----

By the end of 2023, we had invested over £16,500,000 into medical research to date. In 2023, we continued to fund research that we feel will have the greatest impact for those with digestive conditions now and in the future. It's all about earlier diagnoses, kinder treatments and ultimately, a cure.

Nearly 2,000,000 people visited our website, and we were seen 4,000,000 times on social media.

We are reaching those who need us most.

We appeared in over 60 news pieces, being seen over 100,000,000 times in the press. Our name has also been seen more times than ever before.

We sent over 150,000 patient information leaflets to hospitals.

Never underestimate the power of an information leaflet. Whether you’re having a procedure, receiving a life-changing diagnosis or undergoing investigations, knowledge is everything. We’re proud to provide evidence-based information, backed by science and built around a sense of comfort and community.

Our powerful partnership with Imodium® raised over £30,000.

We were seen nation-wide in service stations, shops such as Boots, and magazines .

We helped over 50 people and their families tell their experiences of digestive conditions.

And in turn, helped people feel heard, understood and less alone. Giving people like you the platform to help others is the most rewarding part of our work.

None of this would have been possible without the phenomenal support of all of our fundraisers, donors and supporters.

Almost 400 of you generously donated to us on a regular basis, 95 of you took place in events, held fundraisers or ran community events to raise money for us, and so many more of you have donated what you can, when you can meaning we have been able to raise

over £450,000 from public donations alone.

OUR PLANS FOR 2024

Over the past few years, Guts UK has been working hard to build a profile, a presence and an engaged community of supporters, all focused on the same vision of ending the pain and suffering of those living with digestive conditions and symptoms . The ever-increasing demand for information, awareness and developments in the field is not going away so 2024 is the year in which we plan and further strengthen the foundations for charity growth and development in the years ahead.

We want to be able to educate more people, remove the stigma attached to talking about digestive conditions, support more people directly who are trying to find the best way of living with their condition, we want to invest more into kinder treatments and faster diagnosis and we want to drive more focus and attention at a national level on all things gut related

Refining our strategy, vision and delivery plans

Research Plans for 2024

8

patient voice input into product and drug development, pathway developments, and relevant think tanks.

Information Services

Public Education and awareness

Staff, resources and capacity building

9

FINANCIAL PERFORMANCE REVIEW

Overview

This year the charity recorded income of £1.4m (a higher than budgeted rise of 22% in the year) and expenditure of £1.1m (lower than 2022 explained by timing of research awards, explained further below). Income was boosted by a rise in donations and legacies including a significant legacy donation illustrating continued and new support from our supporters and donors. Lower expenditure was entirely related to the award timing of our two three-year research fellowships (both the Derek Butler fellowship for £250k and the Amelie Waring fellowship for £180k were awarded in 2022 and will not be awarded again until 2025).

Total Income 2023: £1.4m

Total Expenditure 2023: £1.1m

Income

Fundraising income

Fundraising income increased significantly on the previous year, contributing £619k or 42% of total income (compared with £455k (38%) in 202). As mentioned, this was explained by a rise in donations (including community fundraising) and legacies. Within legacies we also received a significant, unexpected legacy of over £150k which we now understand was bequeathed following an individual reaching out to us for support including information leaflets.

10

Excluding legacies, total fundraising income was 16% lower than in 2022 with the variance explained by lower charitable trust and corporate donations. In memory giving, regular giving, and one-off donations all saw steady increases (both in terms of values and individuals supporting us). Regular giving rose 4% partly supported by the launch of our e-newsletter, in-memoriam continued the rising trend of recent years (4% in the year), and donations rose 38%. These rises are remarkable given many of our donors continued to be impacted by the cost-of-living crisis. It also demonstrates our team’s work in continuing to build relationships with individuals and families affected by guts conditions.

Other income including leaflets and merchandise

Other trading activities rose to £69k (a rise of 36% compared with 2022). This was driven by sales of our information leaflets to professional organisations and corporate contributions for education and awareness programmes. We received donations from two pharmaceutical companies to support important awareness campaigns; Dr Falk donated £15k to support our Microscopic Colitis Awareness campaign which reached new heights this year and Viatris donated £12.3k to support our information campaign on Pancreatitis in which we have launched three new pancreatitis leaflets which will be distributed to hospitals for free (this forms part of the work following the Pancreatitis PSP).

Overall income was bolstered in 2023 by positive gains from the investment portfolio with investment income up 16% on 2022 contributing £278k to overall income (2022: £240k).

----- Start of picture text -----
£’000
----- End of picture text -----

Research grants

Research partner income includes collaborations with pharmaceutical companies and other professional bodies such as the British Society of Gastroenterology, the Pancreatic Society of Great Britain and Ireland,

11

and The British Society of Paediatric Gastroenterology, Hepatology and Nutrition. 2023 saw a very marginal drop in research partner income (£311k vs £326k in 2022) as a result of slightly lower grant values being awarded this year.

We also successfully applied to the UK Government’s COVID Medical Research Charity Support Fund to support our Early Career Researchers and gastroenterology trainee grants. The total grant received was £171,606 towards active research projects.

Expenditure

Whilst overall expenditure was lower when compared to 2022, this is explained by the award timings of our two large research fellowships (both awarded in 2022). Whilst total expenditure at £1.1m is lower than 2022 (£1.6m), excluding research grants other expenditure was £707k (compared with £659k the previous year) illustrating the continued growth and development of the charity.

----- Start of picture text -----
£’000
----- End of picture text -----

Support costs were marginally higher than in 2022 (6% increase from £551k in 2022 to £587k in 2023) driven by strategic investment initiatives to help set Guts UK up for the future. These included spending on a user experience and improvement project for the website, the development of an e-commerce platform and investment to scope out the feasibility of a dedicated Guts UK helpline to enable us better support people contacting us and manage rising demand.

12

Staff costs remained relatively stable year-on-year despite a few changes in the team including the appointment of a Chief Operating Officer. An increase can be seen, however, in recruitment costs including staff and trustee members. Accountancy and bookkeeping costs were also higher as with changing staff team we included outsourced support.

Balance Sheet

As at 31 December 2023, Guts UK had net assets of £5.8m, an increase of £0.5m (9%) compared with 2022, with 91% of assets held in listed investments. These include the Derek Butler endowment fund for research into upper gastrointestinal conditions of £2,695,702. The income from this fund is restricted for funding the Derek Butler fellowship every three years.

With financial markets more stable in 2023, the investment portfolios delivered unrealised gains of £148k. Of this amount, total realised and unrealised gains of £71k related to the endowment fund.

Unrestricted funds which can be spent at the discretion of the trustees were £2.7m of which £1.6m has been designated to contribute to specific research grants awarded by the charity. £766k of that is designated to the Amelie Waring Fellowship which is awarded every three years into research of the pancreas and the other £800k is designated to general gastrointestinal research and covers the annual and bi-annual grants, awards and prizes which Guts UK funds. General funds (un-designated) amounted to £1.1m for 2023. Restricted funds stood at £441k which is primarily made up of funds held for the Derek Butler Fellowship alongside some smaller restricted individual donations, details of which can be found on page 44.

More details of the disposition of Guts UK net assets can be found in the financial statements on page 48.

Reserves policy

As at 31st December 2023, total funds of the charity stood at £5,795,777 (2022: £5,286,325) of which;

Guts UK has reviewed the amount of reserves it regards as a minimum prudent requirement and in 2023 maintained the policy that twelve months of administration, public education and fundraising costs is a sufficient reserve. This provides time to manage cost reductions and/or fund appeals as required whilst minimising the impact on service provision. Based on our financial forecasts for 2024, the reserves level is approximately £1m. As at 31 December 2023, free reserves less amounts held as fixed assets stands at £1.1m.

13

Note that the general reserve does not consider research grants or research admin costs as these are covered by funds that have been designated by the Board and are deemed sufficient to cover commitments for the next 24 months.

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 and on joining the charity in June 2023, the new Treasurer met with the portfolio management team as a priority to understand the portfolio and review our management approach. No immediate changes to approach were deemed necessary and it was agreed that a regular update on the investment portfolio will be included in the Audit, Risk and Compliance committee.

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.

14

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 of the charity have had regard to CC / CCNIs guidance in relation to public benefit. The trustees delegate specific responsibility to several committees as follows:

Committees where membership and voting rights are restricted to Trustees:

Committees made up of volunteers external to the Board of Trustees:

The policies of the charity are determined by its board of trustees. 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. All roles are advertised openly and transparently and prospective trustees are interviewed fairly by the Chair, CEO and fellow 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.

15

New trustees receive a full induction to the charity and ongoing training. In 2023, a number of new trustees joined the Board including a new Chair, Treasurer and Legal Trustee. The Chair had a formal handover from the outgoing Interim Chair including attending a Board meeting as an observer before taking over the active role of Chair.

Guts UK continues to work closely with the BSG to provide strong links with the professional community and support its ability to disseminate research and patient information. The Chair of the BSG’s Research Committee is a member of the board.

Key management personnel

The day-to-day operation of Guts UK is delegated to the Chief Executive who is supported by our Chief Operating Officer and the wider staff team.

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 13 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:

Key Person risk

We have a small staff team at Guts UK and each role within the team is unique in terms of delivery, knowledge and skills. Similar to charities of our size, there is a heightened risk of loss of knowledge and working relationships particularly with senior and team managers. This is managed closely by the Chief Executive and the Board.

Systems access and authorisations

For the first half of 2023, the Chief Executive Officer was the only senior leadership team member with access and authorisation rights to core systems including payments, banking, databases and website hosting. This was due to the unexpected loss of a team member in late 2022. Temporary agreements and arrangements were made with the Board to ensure all financial transactions had secondary approvals and appropriate authorities in terms of signatories. These were all duly documented through governance. Additional measures were put in place to ensure alternative access was available to databases and critical systems with alternative access provided to trusted team members and board

16

members where required. This was rectified in June 2023 with the appointment of the COO who now has dual control and access with the CEO to all core systems and platforms.

Failure to meet fundraising and income targets

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 finances and fundraising performance at each Board meeting.

Failure to comply with GDPR

Policies and procedures have been developed and staff receive regularly training. 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.

Fundraising Standards at Guts UK

Our donors are important to us and we seek to deliver the highest standards of donor care and support at all times and in all activities.

17

are compliant with regulation and the charity's own internal standards, the charity approves all thirdparty communications prior to distribution and sets out clear guidelines in formal agreements made with such parties. We also work with commercial participators, such as Amazon Smile, Everyclick., Give as you Live and Easy Fundraising to raise funds. Agreements with commercial partners are checked and actively monitored to ensure compliance with the Fundraising Code of Practice

Information Standards at Guts UK

We are very proud of the quality of the trusted information we provide to the general public and in ensuring all information we produce is factually correct and based on recognised, published evidence.

1 The PIF TICK is an independently-assessed quality mark for trusted health information recognised by the NHS. Further information can be found here: The PIF TICK | Patient Information Forum (pifonline.org.uk)

18

Grant Making Policy at Guts UK

We know that better treatments and quicker diagnosis are a priority for our community and so we want to be sure we can fund the best research and the best researchers.

The Annual Report of the trustees is a combined annual report incorporating both the directors report and the trustees report for the charity as required by company law

This Annual Report of the trustees was approved by order of the board of trustees, as the company directors, on 19th September 2024 and signed on the board's behalf by:

....................................................................... Dr Victoria King, Chair of the Board of Trustees

19

Financial Statements for the Year Ended 31 December 2023

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

20

Guts UK Charity

Statement of Trustees’ Responsibility for the Year Ended 31 December 2023

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 next Board of Trustees meeting

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 19[th] September 2024 and signed on the board's behalf by:

....................................................................... Charlotte Leonard, Treasurer

21

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 2023 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

22

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

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:

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.

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

23

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

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:

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 FCCA (Senior Statutory Auditor) for and on behalf of Harris Lacey and Swain Chartered Accountants and Statutory Auditors Suite 1, The Riverside Building Hessle, East Yorkshire HU13 0DZ

Signed…………………………………………… Laura Drew (Sep 19, 2024 22:10 GMT+1)

19-Sep-2024

24

Guts UK Charity

Statement of Financial Activities for the Year Ended 31 December 2023

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
Gastro research
5
Other trading activities
3
Investment income
4
Total Income
EXPENDITURE ON
Cost of raising funds
7
Charitable activities
6
Gastro research
Public education
Total expenditure
9
Net income/(expenditure)
before transfers
Transfers between funds
Net income/(expenditure) after
transfers
Net gains/ (losses) on
investments
- Realised
- Unrealised
Net movement in funds
RECONCILIATION OF FUNDS
Funds balances brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
fund
£
596,774
-
56,387
144,729
797,890
220,644
-
104,673
311,369
636,686
161,204
56,748
217,952
18
76,102
294,072
2,364,017
2,658,089		 Restricted
fund
£
21,792
482,839
12,300
133,647
650,578
-
-
436,153
6,963
443,116
207,462
(56,748)
150,714
-
-
150,714
291,272
441,986		 Endowment
fund
£
-
-
-
-
-
6,780
-
-
-
6,780
(6,780)
-
(6,780)
22
71,424
64,666
2,631,036
2,695,702		 2023 Total
Funds
£
618,566
482,839
68,687
278,376
1,448,468
227,424
-
540,826
318,332
1,086,582
361,886
-
361,886
40
147,526
509,452
5,286,325
5,795,777		 2022 Total
Funds
£
454,657
434,630
50,404
240,353
1,180,044
216,023
-
1,131,842
313,352
1,661,217
(481,173)
-
(481,173)
(460)
(621,458)
(1,103,091)
6,389,416
5,286,325

25

Guts UK Charity

Balance Sheet

31 December 2023

Notes
FIXED ASSETS
Tangible fixed assets
14
Investments
15
CURRENT ASSETS
Stock
16
Debtors
17
Short term cash deposits
Cash at bank and in hand
LIABILITIES
Creditors: amounts falling
due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
LIABILITIES
Creditors: amounts falling
due after one year
19
TOTAL NET ASSETS
FUNDS OF THE CHARITY
Unrestricted income funds
- General
- Designated funds
21
Restricted funds
20
Endowment fund
22
TOTAL FUNDS		 Unrestricted
fund
£
6,316
3,411,472
3,417,788
18,679
447,941
314,502
781,122
(658,136)
122,986
3,540,774
(882,685)
2,658,089		 Restricted
fund
£
-
-
-
-
-
441,986
441,986
-
441,986
441,986
-
441,986		 Endowment
fund
£
2,695,702
2,695,702
-
-
-
-
-
-
-
-
2,695,702		 2023 Total
Funds
£
6,316
6,107,174
6,113,490
18,679
447,941
756,488
1,223,108
(658,136)
564,972
6,678,462
(882,685)
5,795,777
1,092,510
1,565,579
441,986
2,695,702
5,795,777		 2022 Total
Funds
£
3,422
5,957,620
5,961,042
420,659
882,324
1,302,983
(1,420,150)
(117,167)
5,843,875
(557,550)
5,286,325
1,069,028
1,294,989
291,272
2,631,036
5,286,325

26

Guts UK Charity

Balance Sheet - continued 31 December 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

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 19[th] September 2024 and were signed on its behalf by:

...................................................... Charlotte Leonard, Treasurer

27

Guts UK Charity

Cash Flow Statement for the Year Ended 31 December 2023

Notes
Cash inflow used in operating activities:
Net cash used in operating activities
A
Cash inflow from investing activities:
Dividends and interest from investments
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January
B
Cash and cash equivalents at 31 December
B		 2023
£
(396,886)
278,376
(5,338)
8,195
-
281,234
(115,653)
1,374,331
1,258,678		 2022
£
(157,850)
240,353
(2,074)
97,655
(100,000)
235,934
78,084
1,296,247
1,374,331

These notes form part of these financial statements

28

Guts UK Charity

Notes to the Cash Flow Statement for the Year Ended 31 December 2023

A. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES


ACTIVITIES
Net movement in funds (as per the statement of
financial activities)
Adjustments for:
Depreciation charge
(Gains) / losses on investments
Dividends and interest from investments
Increase in stock
Decrease (increase) in debtors
(Decrease) Increase in creditors
Net cash used in operating activities		 2023
£
509,452
2,444
(147,566)
(278,376)
(18,679)
(27,282)
(436,879)
(396,886)		 2022
£
(1,103,091)
2,015
621,918
(240,353)
-
(76,897)
638,558
(157,850)

B. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Short term cash deposits
Cash held by investment managers
Total cash and cash equivalents		 At 01-Jan-23
£
Cash flow
£
At 31-Dec-23
£
86,937
33,713
120,650
795,388
(159,550)
635,838
492,006
10,184
502,190
1,374,331
(115,653)
1,258,678

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

These notes form part of these financial statements

29

Guts UK Charity

Notes to the Financial Statements for the Year Ended 31 December 2023

COMPANY INFORMATION & PRINCIPAL ACTIVITIES

Guts UK Charity is a charitable company limited by guarantee and is incorporated in England and Wales. The address of its registered office is 2 St. Andrews Place, London, NW1 4LB. The company’s registered number is 07274105 and Charity Registration number is 1137029.

The principal activity of the company in the year under review is the advancement of the science and practice of medicine and surgery for the benefit of the public with reference to gastroenterology; to promote study and research into medicine and surgery with reference to the physiology and pathology of the digestive system, ensuring dissemination of the results; to provide educational material and information to the general public on gastrointestinal diseases.

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.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in pounds sterling which is also the functional currency of the charity.

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 2024, 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.

30

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

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.

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

Research partner funding income is recognised in the period in which the charity receives a written commitment from the funder. Government grants for research funding are recognised in the period in which the charity has entitlement to the income. 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:

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.

31

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Pension costs are taken from the unrestricted funds of the charity.

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

Stock

Stock is valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in first out basis. Net realisable value is the estimated selling price.

Taxation

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

Fund accounting

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

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.

32

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

2. DONATIONS AND LEGACIES

Donations
Legacies & In Memoriam donations
2023 Total funds
Donations
Legacies & In Memoriam donations
2022 Total funds		 Unrestricted
Funds
£
339,964
256,810
596,774
Unrestricted
Funds
£
295,325
151,393
446,718		 Restricted
funds
£
10,886
10,906
21,792
Restricted
funds
£
(2,581)
10,520
7,939		 2023
Total
funds
£
350,850
267,716
618,566
2022
Total
funds
£
292,744
161,913
454,657

Individual donations greater than £25,000: Included in Legacies & In Memoriam donations during the reporting period is a donation of £157,438 from the estate of Howard Samuel Fernie.

3. OTHER TRADING ACTIVITIES

Public education
Microscopic Colitis Awareness Week
2023 Total funds
Public education
Science of Digestion
Microscopic Colitis Awareness Week
2022 Total funds		 Unrestricted
Funds
£
41,387
15,000
56,387
Unrestricted
Funds
£
41,544
1,360
7,500
50,404		 Restricted
funds
£
12,300
-
12,300
Restricted
funds
£
-
-
-
-		 2023
Total
funds
£
53,687
15,000
68,687
2022
Total
funds
£
41,544
1,360
7,500
50,404

33

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

4. INVESTMENT INCOME

4.
INVESTMENT INCOME
Interest – fixed interest securities
Multi asset funds
Charities property fund
Interest on cash deposits
Other interest income
2023 Total funds
Interest – fixed interest securities
Multi asset funds
Charities property fund
Interest on cash deposits
2022 Total funds
5.
INCOME FROM CHARITABLE ACTIVITIES
Government grants received
Other grants for research
2023 Total funds
Government grants received
Other grants for research
2022 Total funds		 Unrestricted
Funds
£
3,665
127,797
-
12,367
900
144,729
Unrestricted
Funds
£
2,553
119,020
-
2,926
124,499
Unrestricted
Funds
£
-
-
-
Unrestricted
Funds
£
-
-
-		 Restricted
funds
£
2,620
131,027
-
-
-
133,647
Restricted
funds
£
4,185
110,777
892
-
115,854
Restricted
funds
£
171,606
311,233
482,839
Restricted
funds
£
108,540
326,090
434,630		 2023
Total
funds
£
6,285
258,824
-
12,367
900
278,376
2022
Total
funds
£
6,738
229,797
892
2,926
240,353
2023
Total
funds
£
171,606
311,233
482,839
2022
Total
funds
£
108,540
326,090
434,630

34

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

6. EXPENDITURE ON CHARITABLE ACTIVITIES

Gastroenterology research
Public Education
2023 Total funds
Gastroenterology research
Public Education
2022 Total funds
COST OF RAISING FUNDS
Fundraising costs
Investment manager’s fees
Support costs (note 9)
2023 Total funds
Fundraising costs
Investment manager’s fees
Support costs (note 9)
2022 Total funds		 Direct
costs
£
2,570
77,864
80,434
Direct
costs
£
2,636
69,258
71,894		 Research
grants
awarded
(note 8)
£
379,899
-
379,899
Research
grants
awarded
(note 8)
£
1,001,807
-
1,001,807
Unrestricted
Funds
£
25,574
7,388
187,682
220,644
Unrestricted
Funds
£
38,392
6,917
163,805
209,114		 Support
costs
(note 9)
£
158,357
240,468
398,825
Support
costs
(note 9)
£
127,399
244,094
371,493
Restricted
funds
£
-
6,780
-
6,780
Restricted
funds
£
-
6,909
-
6,909		 2023
Total
funds
£
540,826
318,332
859,158
2022
Total
funds
£
1,131,842
313,352
1,445,194
2023
Total
funds
£
25,574
14,168
187,682
227,424
2022
Total
funds
£
38,392
13,826
163,805
216,023

7. COST OF RAISING FUNDS

35

Guts UK Charity

Notes to the Financial Statements - continued

for the Year Ended 31 December 2023

8. RESEARCH GRANTS AWARDED

RESEARCH GRANTS AWARDED
New research grants
Less grants no longer required – research commitments
Research grants awarded		 2023
Total
funds
£
436,153
(56,254)
379,899		 2022
Total
funds
£
1,004,180
(2,373)
1,001,807

Research grants awarded represent commitments made for research, and are set out in detail in the appendix from page 53.

36

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

9. SUPPORT COSTS

Directly incurred
Grants payable (see note 8)
Research administration
Fundraising costs
Public education
Investment management fees
Support costs
Staff costs (see note 13)
Consultancy fees
Premises and donated facilities
Printing, Postage, design, marketing
and telephone
Insurance
Bank charges
Meeting costs
Subscriptions/publications
Equipment/maintenance and website
development
Depreciation
Training and recruitment
Governance costs:
- Audit & Accountancy
- Professional fees
- Bookkeeping costs
- Trustees expenses
Brand development
2023 Total funds		 Cost of
raising
funds
£
-
-
25,574
-
14,168		 Charitable activities
Gastro-
Enterology
research
£
Public
education
£
379,899
-
2,570
-
-
-
77,864
-
-
382,469
77,864
90,615
137,601
3,600
5,466
12,566
19,082
4,115
6,248
920
1,397
1,820
2,764
5,722
8,689
3,318
5,038
15,770
23,948
660
1,002
7,264
11,031
3,439
5,222
-
-
5,260
7,987
604
917
2,684
4,076
158,357
240,468
540,826
318,332		 2023
Total
funds
£
379,899
2,570
25,574
77,864
14,168
Gastro-
Enterology
research
£
379,899
2,570
-
-
-
382,469
90,615
3,600
12,566
4,115
920
1,820
5,722
3,318
15,770
660
7,264
3,439
-
5,260
604
2,684
158,357
540,826
39,742 500,075
107,396
4,266
14,893
4,876
1,091
2,157
6,782
3,932
18,691
782
8,609
4,076
-
6,234
716
3,181		 335,612
13,332
46,541
15,239
3,408
6,741
21,193
12,288
58,409
2,444
26,904
12,737
-
19,481
2,237
9,941
187,682 586,507
227,424 1,086,582

37

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

9. SUPPORT COSTS - continued

Directly incurred
Grants payable (see note 8)
Research administration
Fundraising costs
Public education
Investment management fees
Support costs
Staff costs (see note 13)
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		 Charitable activities
Gastro-
Enterology
research
£
Public
education &
Science of
digestion
£
1,001,807
-
2,636
-
-
-
-
69,258
-
-
1,004,443
69,258
81,962
157,036
10,357
19,844
134
256
870
1,668
1,219
2,336
1,045
2,003
2,020
3,869
3,163
6,061
4,046
7,753
9,079
17,395
480
918
2,318
4,441
2,406
4,611
4,437
8,502
1,687
3,232
2,176
4,169
127,399
244,094
1,131,842
313,352		 2022
Total
funds
£
1,001,807
2,636
38,393
69,258
13,826
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
52,219 1,125,920
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		 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
163,804 535,297
216,023 1,661,217

38

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

10. NET INCOME / (EXPENDITURE)

This is stated after charging:
Staff costs (note 13)
Depreciation
Auditor’s remuneration (including VAT)
- Statutory audit services – current year
- Other services - prior year
- Other services - current year		 2023
Total
funds
£
335,612
2,444
7,938
2,280
3,510		 2022
Total
funds
£
344,377
2,015
9,600
-
-

11. AUDITORS REMUNERATION

Auditors remuneration (including VAT) for 2023 is £13,728 (2022: £9,600)

12. TRUSTEES' REMUNERATION AND EXPENSES

A total of Nil (2022: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

Included in trustee expenses during the period is £536 reimbursed to 3 trustees for travel expenses (2022: 4 trustees £678).

13.
STAFF COSTS
Salaries and wages
Social security
Pension costs
The average number of employees during the period was
General
The number of employees whose employee benefits (excluding
employer pension costs) exceeded £60,000
£60,001 - £70,000		 2023
Total
funds
£
302,402
24,944
8,266
335,612
2023
9
2023
1		 2022
Total
funds
£
311,219
23,950
9,208
344,377
2022
9
2022
1

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 and the COO. The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel for the year was £108,613 (2022: £123,830).

39

Guts UK Charity

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

14. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Cost
At 1 January 2023
Additions in the year
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
Eliminated on disposal
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Computer
equipment
£
13,054
5,338
(1,261)
17,131
9,632
2,444
(1,261)
10,815
6,316
3,422

40

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. FIXED ASSET INVESTMENTS

Endowment
Portfolio
£
Unrestricted
portfolio
£
2023
£
At valuation
Balance brought forward at 1 January
2,646,759
2,818,855
5,465,614
Additions
Disposal proceeds
(4,589)
(3,607)
(8,196)
Investment gains
- Realised gains/(losses) on MV
22
18
40
- Unrealised gains/(losses)
71,424
76,102
147,526
Total investment gains/(losses)
71,446
76,120
147,566
Balance carried forward at 31
December
2,713,616
2,891,368
5,604,984
Cash held by investment managers
485,959
16,231
502,190
Total investments
3,199,575
2,907,599
6,107,174
Analysis by Type
Listed investments at market value
- Multi-asset funds
2,713,616
2,891,368
5,604,984
Total investments
2,713,616
2,891,368
5,604,984
Historic cost of listed investments (all
are listed in the UK) - excluding cash
held by investment managers
2,886,263
2,978,517
5,864,780
At 31 December 2023 the charity had the following material investment holdings:		 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
Listed investments within the
portfolio are:
SUTL Cazenove Charity Responsible		 Endowment
Portfolio
£
2,713,616		 Unrestricted
portfolio
£
2,891,368		 Market
Value
£
5,604,984		 Percentage
of portfolio
%
100%

41

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. FIXED ASSET INVESTMENTS - continued

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

Unrealised (losses) gains included above:
On investments
Total unrealised (losses) gains at 31 December
Reconciliation of movements in unrealised gains:
Unrealised gains at 1 January
Gains (Losses) in respect to disposals in the year
Add: net gains arising on revaluation in the year
Total unrealised gains at 31 December		 2023
£
(259,797)
(259,797)
(416,984)
9,662
(407,322)
147,525
(259,797)		 2022
£
(416,984)
(416,984)
231,179
(26,705)
204,474
(621,458)
(416,984)

42

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

16. STOCK

Goods for re-sale 2023
£
18,679		 2022
£
-

Stock includes printed leaflets, branded t-shirts and technical t-shirts. Stock held in 2022 was deemed to be immaterial and so was not included in the accounts calculations.

17. DEBTORS

Trade debtors
Other debtors
Accrued income
Prepayments		 2023
£
44,037
351,851
37,620
14,433
447,941		 2022
£
33,232
231,351
143,540
12,536
420,659

Included within debtors are commitments due from funding partners of £149,921 (2022: £244,937) which is due within one year

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

19.

Social security and other taxes
Trade & other creditors
Research grants payable
Accruals
CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Research grants payable		 2023
£
8,294
23,741
609,585
16,516
658,135
2023
£
882,685		 2022
£
9,513
88,701
1,308,984
12,952
1,420,150
2022
£
557,550

A full breakdown of research grants payable for 2023 can be found in the Appendix from page 53.

43

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

20. 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
Medical Research Charity
support fund
Pancreatitis
- Liverpool Research
- Research
- General
Stomach Cancer
LSCT
Pancreatitis Leaflets
Research into adhesions
Diverticular
Oesophageal
Microbiome
Barrett's Oesophagus
Trust funding
Company donations -
restricted
Derek Butler Endowment
Income fund		 At 1
January
2023
£
Income
£
Expenditure
£
Transfers
£
At 31
December
2023
£
-
19,000
(25,862)
6,862
-
-
292,233
(410,291)
118,058
-
-
171,606
(171,606)
-
-
-
9,626
-
(9,626)
-
-
5,472
-
1,423
6,895
10,457
3,180
-
(1,423)
12,214
8,094
-
-
(2,961)
5,133
-
2,704
-
2,525
5,229
-
12,300
(6,963)
5,337
548
-
-
-
548
500
-
-
-
500
2,204
810
(810)
2,204
625
-
-
-
625
28,633
-
-
-
28,633
-
-
-
-
-
15,896
-
-
-
15,896
224,315
133,647
-
810
358,772
291,272
650,578
(443,116)
(56,748)
441,986

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.

T he purposes of Guts UK's restricted income in 2023 is as follows:

44

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

20. RESTRICTED FUNDS - continued

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
Company donations -
restricted
Derek Butler Endowment
Income fund		 At 1
January
2022
£
Income
£
Expenditure
£
Transfers
£
At 31
December
2022
£
-
28,319
(32,638)
4,319
-
-
297,771
(581,542)
283,771
-
-
108,540
(108,540)
-
2,214
8,243
-
-
10,457
6,031
2,063
-
-
8,094
548
-
-
-
548
500
-
-
-
500
-
2,204
-
-
2,204
-
625
-
-
-
625
18,633
10,000
-
-
28,633
24,429
(40,000)
15,571
-
14,896
1,000
-
-
15,896
318,461
115,854
(210,000)
-
224,315
361,908
598,423
(864,180)
195,121
291,272

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.

45

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

21. DESIGNATED FUNDS

Amelie Waring

Investments
Cash in current account
Research Commitments

Total Amelie Waring
Fund
Investments
Cash in current account
Research Commitments

Total Amelie Waring
Fund		 At 1
January
2023
£
Income
£
Expenditure
£
Transfers
£
Investment
gains
(losses)
£
At 31
December
2023
£
822,660
35,621
(1,999)
(80,000)
20,596
796,878
46,775
-
-
9,626
-
56,401
(199,589)
-
-
112,084
-
(87,505)
669,846
35,621
(1,999)
41,710
20,596
765,774
At 1
January
2022
£
Income
£
Expenditure
£
Transfers
£
Investment
gains
(losses)
£
At 31
December
2022
£
874,944
32,639
2,325
-
(87,248)
822,660
46,775
-
-
-
-
46,775
(147,300)
-
(180,000)
127,711
-
(199,589)
774,419
32,639
(177,675)
127,711
(87,248)
669,846
GI Research
Investments
Cash in current account
Research Commitments

Total GI Research
Fund
Investments
Cash in current account
Research Commitments

Total GI Research Fund		 At 1
January
2023
£
Income
£
Expenditure
£
Transfers
£
Investment
gains
(losses)
£
At 31
December
2023
£
885,235
38,220
(2,134)
(37,684)
23,870
907,507
-
-
-
280,146
-
280,146
(260,092)
-
-
(127,756)
-
(387,848)
625,143
38,220
(2,134)
114,706
23,870
799,805
At 1
January
2022
£
Income
£
Expenditure
£
Transfers
£
Investment
gains
(losses)
£
At 31
December
2022
£
986,455
37,318
(2,239)
(35,090) (101,209)
885,235
-
-
-
-
-
-
(138,846)
-
-
(121,246)
-
(260,092)
847,609
37,318
(2,239) (156,336)
(101,209)
625,143

46

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

21. DESIGNATED FUNDS - continued

Total Designated Funds

Total Designated Funds
Total Designated
Funds 2023
Total Designated
Funds 2022		 At 1
January
£
Income
£
Expenditure
£
Transfers
£
Investment
gains
(losses)
£
At 31
December
£
1,294,989
73,841
(4,133)
156,416
44,466
1,565,579
1,622,028
69,957
(179,914)
(28,625)
(188,457)
1,294,989

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.

22. ENDOWMENT FUND

Derek Butler Endowment
Derek Butler Endowment		 At 1
January
2023
£
Income
£
Expenditure
/ transfer
£
Investment
gains
(losses)
£
At 31
December
2023
£
2,631,036
-
(6,780)
71,446
2,695,702
At 1
January
2022
£
Income
£
Expenditure
/ transfer
£
Investment
gains
(losses)
£
At 31
December
2022
£
2,937,073
-
(6,909) (299,128)
2,631,036

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.

47

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

23. 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
£
Investments
£
Net current
(liabilities) /
assets
£
Long-term
liabilities
£
Total
2023
£
6,316
1,707,087
218,039 (838,932)
1,092,510
-
796,878
12,649
(43,753)
765,774
-
907,507
(107,702)
-
799,805
-
-
441,986
-
441,986
-
2,695,702
-
-
2,695,702
6,316
6,107,174
564,972 (882,685)
5,795,777
Fixed
assets
£
Investments
£
Net current
(liabilities) /
assets
£
Long-term
liabilities
£
Total
2022
£
3,422
1,618,689
(90,533) (462,550)
1,069,028
-
822,660
(57,814)
(95,000)
669,846
-
885,235
(260,092)
-
625,143
-
-
291,272
-
291,272
-
2,631,036
-
-
2,631,036
3,422
5,957,620
(117,167) (557,550)
5,286,325

48

Guts UK Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

24. BRITISH SOCIETY OF GASTROENTEROLOGY CONNECTED PARTY TRANSACTIONS

Guts UK works closely with the British Society of Gastroenterology (BSG) (Charity Registration No. 1149074 and Company Registration No. 08124892 England & 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 the BSG is a member of Guts UK's Board of Trustees. The Chair of Guts UK is an exofficio member of BSG's Council.

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

The BSG provided a grant of £12,312 (2022: £16,396) to support trainee research grants. Guts UK paid the BSG a total of £307 for office rates and broadband provision.

25. CONTINGENT ASSET AND LIABILITY

In 2018 the charity secured provisional funding amounting to £1,250,000 for the colorectal cancer research grant of which £650,000 has been received as at 31 December 2023 (2022: £530,000).

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 2023, £600,000 remains receivable, of which up to £240,000 is receivable and payable within one year.

26. RELATED PARTY TRANSACTIONS

During the year the charity received donations of £925 from trustees (2022: £1,910). Included in trustee expenses during the period is £536 reimbursed to 3 trustees for travel expenses (2022: 4 trustees £678).

Transactions with the British Society of Gastroenterology are detailed in note 24.

27. 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.

28. COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 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		 2023
£
768
3,072
3,840		 2022
£
772
387
1,159

Lease payments are expensed to the profit and loss account for the year

49

Guts UK Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations (including in-memoriam)
Legacies
Other trading activities
Public education
Merchandise
Investment Income
Curr asset investment income
Charitable activities
Grants
Total incoming resources
EXPENDITURE
Other trading activities
Grants payable
Fundraising costs
Public education
Research administration
Investment management fees		 2023
£
461,128
157,438
618,566
67,363
1,324
68,687
278,376
482,839
1,448,468
379,899
25,574
77,864
2,570
14,168
500,075		 2022
£
421,935
52,721
474,657
50,404
-
50,404
240,353
434,630
1,180,044
1,001,807
38,393
69,258
2,636
13,826
1,125,920

This page does not form part of the statutory financial statements

50

Guts UK Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

EXPENDITURE CONT’D
Support Costs
Management
Staff costs
Consultancy fees
Premises & donated facilities
Insurance
Printing, postage, telephone & design & marketing
Bank charges
Finance
Meeting costs
Subscriptions
Information Technology
Equipment/maintenance & web- site development
Training and recruitment
Computer equipment - depreciation
Governance costs
Accountancy fees
Legal fees
Trustees expenses
Bookkeeping costs
Brand development
Total resources expended
Net income (expenditure) before gains and losses
Realised gains(losses) on fixed asset investments
Net income (expenditure)		 2023
£
335,612
13,332
46,541
3,408
15,239
6,741
420,873
21,193
12,288
33,481
58,409
26,904
2,444
87,757
12,737
-
2,237
19,481
9,941
44,396
1,086,582
361,886
147,566
509,542		 2022
£
344,377
-
43,517
4,392
9,342
8,486
410,114
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)

This page does not form part of the statutory financial statements

51

Guts UK Charity

Reference and Administrative Information As at 31 December 2023

Royal Patron HRH Princess Alexandra

Chief Executive Ms J Harrington (up to 15-Apr-24)

Ms K Noon acting as Interim CEO (16-Apr-24 to 1-Sep-24) Ms S Hudson MBE (appointed 2-Sep-24)

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

52

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

Research grants payable

Research grants payable
2023
Total
funds
£		 2022
Total
funds
£
At 1 January
Research grants awarded in the year
Research grants no longer required
Paid during the year
At 31 December
Research grants at 31 December are payable as follows:
Within one year (see note 18)
After more than one year (see note 19)		 1,866,538
436,153
(56,255)
(754,166)		 1,251,335
1,004,179
(2,371)
(386,605)
1,492,270 1,866,538
609,585
882,685		 1,308,988
557,550
**1,492,270 ** 1,866,538

Specific details of individual research grants are provided on the following pages.

53

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

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)
Professor Colin Rees
Parabola-Guts UK
Colorectal Cancer
Research Grant
COLO-COHORT Colorectal Cancer Cohort Study
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 Salvatore Papa
Development Grant
Starving livers of glucose for HCC prevention and
treatment
Professor Chris Probert2
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 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 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
Balance carried forward		 At
1 January
2023
£
2,500
391,855
4,980
48,572
48,099
21,942
48,283
43,336
609,567		 Research grants
awarded
£
-
250,000
-
-
-
-
-
-
250,000		 Grants
no longer
required
£

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


-
(153,530)
(2,500)
(22,982)
(12,367)
(1,274)
(11,953)
(9,571)
(214,177)		 At 31
December
2023
£
2,500
488,325
2,480
25,590
35,732
20,668
36,330
33,765
645,390

2 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.

54

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

…
Ongoing research cont’d
Balance brought forward
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 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 Nicholas Edward Ilott
Guts UK - BSG Early
Career Researcher Grant
DYNAMHIX in PSC : Longitudinal Dynamics of the
Hepatic-Intestinal axis in PSC-UC
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 Zoe Saynor
Guts UK - BSG Early
Career Researcher 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)
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
Identification and prioritisation of the unanswered
questions about the diagnosis, treatment and care of
people (16 years +) with IBS
Balance carried forward		 At
1 January
2023
£
609,567		 Research grants
awarded
£
250,000		 Grants
no longer
required
£
-		 Grants
paid in
the year
£
(214,177)		 At 31
December
2023
£
645,390


5,000
2,325
12,331
15,000
13,350
14,977
12,225
16,366
33,571		 -
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-		 -
-
(376)
-
-
(10,296)
(11,725)
(3,496)
(14,643)		 5,000
2,325
11,955
15,000
13,350
4,681
500
12,870
18,928
734,712 250,000 - (254,713) 729,999

55

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

At
1 January
2023
£

734,712		 Research grants
awarded
£
250,000		 Grants
no longer
required
£
-		 Grants
paid in
the year
£
(254,713)		 At 31
December
2023
£
Ongoing research cont’d
Balance brought forward
Professor Anil Dhawan
Guts UK – BSG trainee
grant
Umbilical Cord-Mesenchymal Stromal/stem cell
immunotherapy for Biliary Atresia
Dr Tassos Grammatikopoulos
Guts UK – BSG trainee
grant
Mental health and quality of life in children and young
people with acute recurrent and chronic pancreatitis
Dr Julian Yeh
Guts UK – BSG trainee
grant
Microscopic Colitis: a regional multi-centre audit."
Dr Simeng Lin
Guts UK – BSG trainee
grant
End of life care provision in patients with advanced liver
disease in the south-west: a regional perspective
Dr Oliver Tavabie
Guts UK – BSG trainee
grant
Does the implementation of the BASL/BSG bundle
improve the survival of patients with decompensated
chronic liver disease acutely admitted into hospital
Dr Ayman Bannaga
Guts UK – BSG trainee
grant
The Fatty Liver and Liver Cancer Study (Tendency)
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
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		 729,999
38,902
4,248
4,000
765
2,000
5,000
180,000
210,000
19,874
16,019
14,803
15,000		 -
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
(704)
-
-
-
-
-
-
-
-		 -
-
-
-
-
(2,500)
(92,494)
(71,378)
(2,965)
-
-
(1,078)		 38,902
4,248
4,000
61
2,000
2,500
87,506
138,622
16,909
16,019
14,803
13,922

Balance carried forward

250,000 (704) (425,128) 1,069,491

1,245,323

56

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

At
1 January
2023
£

1,245,323		 Research grants
awarded
£
250,000		 Grants
no longer
required
£
(704)		 Grants
paid in
the year
£
(425,128)		 At 31
December
2023
£
Ongoing research cont’d
Balance brought forward
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"
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
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)."
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"
Balance carried forward		 1,069,491
15,000
14,961
15,000
8,638
3,880
5,000
5,000
3,913
5,000
1,321,715		 -
-
1,362
-
-
-
-
-
251,362		 -
-
-
-
-
-
-
-
-
(704)		 -
(7,176)
(7,498)
(5,000)
-
-
-
-
(444,802)		 15,000
7,785
7.502
5,000
3,880
5,000
5,000
3,913
5,000
1,127,571

57

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

Ongoing research cont’d
Balance brought forward
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"
Diverticular Disease Priority
Setting Partnership (PSP)
Dr Maria Alcolea
Worldwide Cancer Research
"Mechanomodulation of mutant clonal competition in
oesophageal epithelium : relevance for early tumour
formation "
Total ongoing research		 At
1 January
2023
£
1,321,715		 Research grants
awarded
£
251,362		 Grants
no longer
required
£

(704)		 Grants
paid in
the year
£


(444,802)		 At 31
December
2023
£
1,127,571
5,000
5,000
39,995
7,454
1,500
20,000
124,143
1,524,807		 -
-
-
1,046
-
-
-
252,408
-
-
-
-
-
-
-
(704)

(2,500)
(2,500)
-
(5,000)
-
-
-
(454,802)		 2,500
2,500
39,995
3,500
1,500
20,000
124,143
1,321,709

58

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

18. Research grants payable (continued)

18. Research grants payable(continued)
New commitments
Nadir Abbas
Guts UK-Dr Falk SpR
Trainee Audit/Quality
Improvement Award
Liver Dojo Website
Christopher Lewis-Lloyd
Guts UK - BSG Trainee
Research Award
Osteoporotic fracture risk in people living with an
ileostomy due to nutritional deficiencies.
Theresa Hydes
Guts UK - BSG Trainee
Research Award
Can a community-based, patient-centric metabolic liver
clinic improve patient outcomes and achieve cost
effectiveness?
Hatem Sadik
Guts UK - BSG Trainee
Research Award
Improving liver regeneration by matrix metalloproteinase
inhibition using marimastat during normothermic machine
perfusion of the liver in a donation after circulatory death
porcine model.
Morven Allan
Guts UK - BSG Trainee
Research Award
Exploring the mechanism by which variation at the FUT2
gene imparts elevated risk of colorectal cancer: the
contribution of the gut microbiome.
Mohamed Shiha
Guts UK - BSG Trainee
Research Award
Transnasal Endoscopy versus ConvenTional endOscopy
for the diagNosIs of Coeliac disease in adults: a
comparison of accuracy and tolerability (TECTONIC)
Victoria Kronsten
Guts UK - BSG Trainee
Research Award
Mental health support on the liver transplant waiting list.
Rachel Barry
Guts UK - BSG Early
Career Researcher Grants
Exploring protease activities as a novel diagnostic marker
for irritable bowel syndrome.
Tom Butler
Guts UK - BSG Early
Career Researcher Grants
Feeding time: the impact of chrononutrition on
microbiome rhythmicity and gut inflammation.
Daniel Patten
Guts UK - BSG Early
Career Researcher Grants
Epigenetic regulation of liver endothelial cells as a novel
target to boost immunotherapy efficacy in hepatocellular
cancer.
Balance carried forward		 At
1 January
2023
£
-
-
-
-
-
-
-
-
-
-
-		 Research grants
awarded
£
10,000
5,000
4,973
4,963
4,959
3,229
1,500
11,412
14,089
14,716
74,841		 Grants
no longer
required
£

-

-

-

-

-

-

-

-

-

-

-		 Grants
paid in
the year
£
(2,185)
-
-
-
-
-
-
-
-
-
(2,185)		 At 31
December
2023
£
7,815
5,000
4,973
4,963
4,959
3,229
1,500
11,412
14,089
14,716
72,656

59

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

18. Research grants payable(continued) At
1 January
2023
£
-		 Research grants
awarded
£
74,841		 Grants
no longer
required
£

-
Grants
paid in
the year
£
(2,185)		 At 31
December
2023
£
New commitments cont’d
Balance brought forward
Stephen McSorley
Achalasia Registry
Guts UK commitment
Committed by RSC in 2023 to progress an achalasia
registry
Health Inequalities in GI
Guts UK commitment /
matched by BSG
Committed by RSC in 2023 to launch a project to
measure inequalities in healthcare in GI
Paul Caton
Guts UK/BSPGHAN
awards
Investigating the role of eNAMPT as a biomarker of
paediatric MASLD/MASH
Jake Mann
Guts UK/BSPGHAN
awards
Cellular cross-talk between innate and adaptive immune
systems in paediatric biliary fibrosis
Falk Pharma 2023 awards –
various
Total New Commitments		 72,656
-
-
-
-
-
-		 14,562
10,000
10,000
20,526
39,317
14,500
183,745
-

-

-

-

-

-		 -
-
-
-
-
(11,000)
(13,185)		 14,562
10,000
10,000
20,526
39,317
3,500
170,651

60

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

18. Research grants payable (continued)

18. Research grants payable(continued)
Research completed during the year
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
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
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 Marnix Jansen
Development Grant
The TARGET study (TArgeted biopsies to Risk Stratify
Gastric cancer precursors for tailored Endoscopic
surveillance and Treatment)
Professor Christer Hogstrand Nutrition Development
Grant
Targeting “Leaky Gut“ with combined dietary zinc and
plant derived Aryl Hydrocarbon Receptor agonists
Balance carried forward		 At
1 January
2023
£
19,590
20,747
49,797
1,300
1,892
3,530
5,000
13,052
46,900
50,000		 Research grants
awarded
£

Grants
no longer
required
£
(2,138)
(5,652)
-
(1,300)
(1,892)
(3,530)
(5,000)
(1,545)
(134)		 Grants
paid in
the year
£		 At 31
December
2023
£
-
-
-
-
-
-
-
-
-
-		 (17,452)
(15,095)
(49,797)
-
-
-
-
(11,507)
(46,766)
(50,000)		 -
-
-
-
-
-
-
-
-
-
211,808 - (21,191) (190,617) -

61

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

Research completed during the year cont’d
Balance brought forward
Dr Paul Henderson
Guts UK - BSPGHAN
Development Grant
The PINPOINT study – The Prospective Incidence of
Paediatric – Onset Inflammatory bowel disease in the
United Kingdom
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 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 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
Dr Peter Rimmer
5,000
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 Flora Korkwaro
Guts UK - Dr Falk SpR
Trainee Audit/Quality
Improvement Award
My Tube Passport - "Mind My Tube" - a hospital e-
passport for the patient with an enterostomy device
Dr 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.
Total Research completed during the year
Total grants for the year		 At
1 January
2023
£
211,808		 Research grants
awarded
£

Grants
no longer
required
£
(21,191)		 Grants
paid in
the year
£		 At 31
December
2023
£
- (190,617) -
37,540
14,996
14,649
10,780
25,220
5,000
8,000
5,000
3,917
4,821		 -
-
-
-
-
-
-
-
-
-		 (35)
(1)
(989)
(115)
(25,220)
-
(8,000)
-
-
-		 -
-
-
-
-
-
-
-
-
-		 -
341,731 - (55,551) (286,180) -
1,866,538 436,153 (56,255) (754,167) 1,492,269

62

APPENDIX 1 - Guts UK Research grants payable in the Financial year 1[st] January to 31[st] December 2023

We’re getting to grips with guts

63

Guts UK Trustee Report and Accounts 2023 - Final

Final Audit Report 2024-09-19 Created: 2024-09-19 By: Guts UK (info@gutscharity.org.uk) Status: Signed Transaction ID: CBJCHBCAABAA_AnLy8afKi_1jrqFjEN9RNSjMDoeuxY-

"Guts UK Trustee Report and Accounts 2023 - Final" History

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

2024-09-19 - 4:38:47 PM GMT

Document emailed to Laura Drew (ld@hlas.co.uk) for signature

2024-09-19 - 4:39:03 PM GMT

Email viewed by Laura Drew (ld@hlas.co.uk)

2024-09-19 - 9:08:33 PM GMT

Document e-signed by Laura Drew (ld@hlas.co.uk)

Signature Date: 2024-09-19 - 9:10:55 PM GMT - Time Source: server

Agreement completed.

2024-09-19 - 9:10:55 PM GMT