## **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
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## **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.
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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
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## **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
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**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!)
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Colin
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**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**
- 2024 will bring together some key changes in both our Board and staff team to allow us to regroup on our goals and strategy for the next five years.
- The Guts UK family – Board, team, volunteers and community – will develop a new strategic plan providing the framework to sustainably develop and grow our engagement and reach, our support, our research, and our community. Whilst we do not envisage the broad vision will change, we want to ensure how we deliver that vision will be re-visited and re-energised to drive real change for those living with digestive conditions and symptoms.
## **Research Plans for 2024**
- We will continue to fund our **core programme of research awards** and grants including the Guts UK / Dr Falk awards, the Guts UK / BSG trainee awards and our Early Career Researcher awards.
- We will continue to work on the outputs of our hugely successful **Priority Setting Partnerships (PSPs)** in IBS and Pancreatitis and ensure we invest in research that will directly answer the questions identified in those pieces of work. Alongside this we will be launching two new PSPs into diverticular disease (in partnership with our colleagues at Bowel Research UK) and into endoscopy (in partnership with the BSG and Crohn’s & Colitis UK).
- Across all our research efforts we will continue to consult our panel **of Experts by Experience** to ensure the patient and carer voice is represented clearly and is helping drive our strategic decision making. We will continue to work with our community and panel of Experts by Experience to provide
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patient voice input into product and drug development, pathway developments, and relevant think tanks.
## **Information Services**
- We will continue to promote our **patient information leaflets** to gastroenterology clinics and hospitals across the UK in order that more patients are able to access evidence-based information about their symptoms and conditions.
- We will help more people who need us through **our phone and e-mail support** ensuring people understand their conditions, understand where to go for support and understand fact from fiction when it comes to treatments and living well.
- We will drive **collaborations and partnerships** to allow our information services to reach more people and expand our coverage in terms of new information, conditions and symptoms in partnership with other charities and experts.
## **Public Education and awareness**
- We will continue to **build our presence and engagement** via digital platforms
- such as Facebook, Instagram, Twitter and TikTok that enable us to reach new
- audiences in a format they favour. We will expand our hugely successful campaigns like #GutSelfie to reach more people and we will develop new campaigns to shed light on other conditions and symptoms.
- We will attend and run more **events to raise public awareness of guts conditions** including Colin the Colon out on the road to meet more people and support breaking down the taboo of talking about digestive health.
## **Staff, resources and capacity building**
- Our plan for 2024 is to strengthen the foundations that support future growth and development. This will involve expanding the team with critical roles in research, support, communications, and fundraising. By investing in our team and resources, we will be able to plan and develop for a new, ambitious growth strategy.
- 2024 will also see us recruit a new Chief Executive Officer to lead the charity on the next leg of this journey. At the time of finalising this report, we are delighted to announce Suzanne Hudson is joining as our new CEO in September 2024.
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## **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.
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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).
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## 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,
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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.
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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.
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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;
- Unrestricted funds stood at £2,658,089 (2022: £2,364,017).
- Restricted funds stood at £441,986 (2022: £291,272)
- Endowment funds stood at £2,695,702 (2022: £2,631,036)
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.
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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.
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## **GOVERNANCE, POLICIES & STANDARDS**
Guts UK is a charitable company limited by guarantee. Its governing document is its Memorandum and Articles of Association. The trustees have overall responsibility for setting the strategic direction of the charitable company. The trustees 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:
- a) **Audit, Risk and Compliance Committee** (“ARC”) whose purpose is to oversee the operational activities of the charity covering finance, investment, audit, legal compliance, HR and risk management;
- b) **Funding, Communications and Industry Committee** (“FUNCI”) whose purpose is to deliver on Guts UK’s fund-raising programmes, ensuring engagement with patients, public, the medical profession and industry alike;
- c) **Information Committee** whose purpose is to recommend the strategic direction for information service provision; and to facilitate peer review and quality control of written and web-based information, plus any other public sources of information such as webinars provided by Guts UK.
- d) **Research Strategy Committee** (RSC) whose purpose is to recommend areas of focus for Guts UK’s research priorities.
Committees made up of volunteers external to the Board of Trustees:
- a) **Research Awards Committee** (“RAC”) whose purpose is to ensure the integrity of Guts UK’s research awards and that they align with the charity’s stated objectives. The RAC is responsible for assessing, approving and monitoring applications for research funding. The RAC’s processes are governed by the Terms of Reference and committee members (including those co-opted for specific awards) are required to sign a declaration of conflicts of interests form. Membership is open to members of the gastroenterology research profession and is assigned on a 3 year term. The Chair of the RAC must be from outside of the gastroenterology field and is also a 3 year term.
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.
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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
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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.
- Open and accountable fundraising - we regularly tell our supporters how they can easily change their preferences
- Communicating with our supporters - we update our supporters through our twice yearly newsletter for those who prefer a print option and regular e-newsletters.
- Complying with laws, regulation and standards - we are a member of the Chartered Institute of Fundraising and are committed to working to a best practice and actively ,complying with the Fundraising Code of Practice. We are registered with the Fundraising Regulator and signed up to The Fundraising Promise.
- Protecting vulnerable people - we do everything possible to meet the needs of potential supporters and protect vulnerable people. In particular, the charity confirms that it complies with all relevant data protection laws. No instances of non-compliance have been identified during the year and no suppression requests were received in 2023 in relation to fundraising activities
- Complaints and negative feedback - we treat all complaints seriously and aim to respond in a timely and fair manner. All complaints inform and influence the charity's approach to fundraising. We use the feedback that we get from our supporters to improve the way we do things.
- Working with partner agencies - we may engage professional third parties to act on our behalf, for example, to produce and distribute direct mailings. To ensure that fundraising activities of third parties
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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
- We never swap, sell or share any data
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- We work hard to ensure we deliver value for money in all of our charitable activities.
## **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.
- All information leaflets including those housed on-line are signed off through our Information Committee whose members are health care professionals and trustees on our Board
- All information is subject to the PIF tick[1] quality standards and assurance including an annual audit which must be passed to maintain PIF tick accreditation
- All information leaflets are written by a healthcare professional and are reviewed by a specialist in the appropriate field to ensure both factual accuracy and the inclusion of the most up to date evidence based developments in the field. They are then also reviewed by a lay-reviewer to ensure readability and understanding.
- All information leaflets are cobranded with the British Society of Gastroenterology as trusted information that has been developed with the help of multidisciplinary expert clinicians in medical and surgical gastroenterology, hepatology and pancreatology and people with lived experience.
- All information is subject to a strict, published Code of Practise which is governed by the Information Committee and is reviewed as part of the PIF tick annual audit
- Any information published on social media or other channels is signed off by the Guts UK Information Manager to ensure it is factually correct and based only on evidence based information
- Any partnerships or collaborations are reviewed and signed off by the Information Committee, prior to which a thorough check is made to ensure they withhold the same standards of evidence based information as we do at Guts UK Charity
- We record all complaints and treat all of them seriously. We aim to respond in a timely and fair manner. All complaints inform and influence the charity's approach to information provision. We use the feedback that we get from our supporters to improve the way we do things.
> 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)
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## **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.
- Guts UK is a member of the Association of Medical Research Charities and is therefore governed by and abides with their policies including those on animal research, patient and public engagement, conflicts of interest and funding.
- The charity will consider all applications that fall within our charitable purposes and meet our eligibility criteria and, for which, the due diligence process has not identified any unacceptable issues
- Applicants’ data will be held in accordance with data protection legislation. It will be held securely, disclosed if subject to an access request, treated as confidential, only used for the purpose for which it has been provided and destroyed, once no longer needed.
- Applications will be considered by our independent Research Awards Committee (which includes representation from our Experts by Experience patient panel) and then recommended to and ratified by our Board of Trustees.
- All grantees will be required to provide a report on how their grant was used and the impact this has had. The content and nature of information to be reported will be appropriate for the size and type of grant awarded. The charity will monitor such reports to not only ensure that grants are being use for the purposes intended, but also to assess the impact grants have made.
- Full terms and conditions are available to all applicants and their associated trusts/universities on our website. These T&Cs are reviewed annually and ratified by the Research Strategy Committee.
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**
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## **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
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## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **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**
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**Report of the Independent Auditors to the Trustees of Guts UK Charity**
## **Opinion**
We have audited the financial statements of Guts UK Charity (the 'charitable company') for the year ended 31 December 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
_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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- the charitable company has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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
- the nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets
- results of our enquiries of management and their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the companies' documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team including regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
_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:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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
- a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006
- b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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:
- a) Cost of raising funds which includes direct fundraising costs and investment manager's fees.
- b) Expenditure on charitable activities comprises expenditure on the charity's primary charitable purposes as described in the trustees' report. Such costs include grants payable, other direct costs and support costs, which are apportioned based on the level of activity in each area.
Research grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant, and has satisfied all relevant conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is payable are not accrued for but are noted as financial commitments in the notes to the financial statements.
The provision of a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payments, settlement is probable and the effect of the discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the charity.
## **Allocation and apportionment of costs**
Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment and a suitable working environment.
Governance costs comprise the costs directly attributable to the governance of the charity, including audit costs and the necessary legal procedures for compliance with statutory requirements. Support costs and governance costs are allocated between activities with the allocation based on staff time.
_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:
- General funds: Funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity.
- Designated funds: Funds which are set aside as part of the charity's unrestricted funds for particular purposes in the future as determined by the trustees from time to time.
- Restricted funds: Funds raised for, and their use restricted to, a specific purpose, or donations subject to donorimposed conditions.
- Endowment funds: Funds which must be held indefinitely as capital. Income therefore is credited to general funds and applied for general purposes unless under the terms of the endowments such income must be used for specific purposes in which cases it is credited to restricted funds.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.
## **Financial instruments**
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets - other debtors are basic financial instruments and are debt instruments measured at amortised cost. Listed investments are a basic financial instrument as detailed above. Prepayments are not financial instruments.
Cash at bank - classified as a basic financial instrument and is measured at face value.
Financial liabilities - accruals and other creditors are financial instruments are measured at amortised cost.
## **Critical accounting judgements and key sources of estimation uncertainty**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustees' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.
## **Investments**
Investments both current and fixed are included at fair value within the accounts.
_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:**
- Restricted research grants: grants for specific research schemes (eg Early Career Research ECR)
- - Pancreatitis: Funds donated to be used specifically for pancreatitis research. Liverpool Research was one specific fundraiser who specified the particular research project they wanted to contribute to
- LSCT: Funds donated to support Guts UK in their work under the Less Survivable Cancers Trust
- Pancreatitis leaflets: Corporate donation restricted to the design and distribution of pancreatitis leaflets
- UK Government COVID Medical Research Charity Support Fund: contribution to ECR and Trainee awards
- - Derek Butler Endowment Income Fund: this represents the income received from the endowment fund and expenditure on research into the diseases of the upper gastrointestinal tract.
_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
- **Trustees** • Professor C Hawkey DM FRCP FMedsci – **President** (resigned 06Jan-23)
- • Professor J McLaughlin MBChB PhD FRCP ( **Interim Chair** 10-Jan-23 – 13-Mar-23, resigned 13-Mar-23)
- • Dr V King PhD, **Chair** (appointed 13-Mar-23) • Professor D Adams MD FRCP FMedSci (resigned 13-Mar-24) • Mrs M Davey • Dr L Dugdale-Bradley • Miss N Bridge (term ended 4-Sep-24) • Professor M Lomer MBE PhD • Professor S Sebastian* MD FRCP (term ended 4-Sep-24) • Professor C Norton • Professor C Probert MD FRCP • Dr C McCann PhD (appointed 30-Jun-23) • Ms C Leonard, Treasurer (appointed 06-Jul-23) • Mr R Chahil (appointed 06-Jul-23) • Mr C McCann (appointed 06-Jul-23) • Professor D Shawcross* BSc MBBS PhD FRCP (appointed 4-Sep-24)
* nominee of the British Society of Gastroenterology (BSG)
**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