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2020-12-31-accounts

Annual Report and Financial Statements 31 December 2020

Charity Registration Number 1149074 Company Limited by Guarantee Registration Number 08124892 (England & Wales)

Reports

Financial statements

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Reference and administrative details of the Society, its Trustees and advisers

Ms M Azdejkovic Mr T Budd

Trustees

Ms J Flitcroft

Dr H Gordon

Mr C Kavanagh Mr R P Lanyon Mrs R Lloyd Dr M Lockett

Dr A McKinlay

Dr D S McPherson

Dr I Penman

Dr A Veitch

Chief Executive

Governance & Operations Director Registered/Principal office Telephone E-mail website

Charity registration number

Company registration number Auditor

Solicitors

Bankers

Investment managers

Mr M Hacker

Mrs S Linnington

3 St Andrews Place, Regent’s Park, London, NW1 4LB

020 7935 3150

enquiries@bsg.org.uk

www.bsg.org.uk 1149074

08124892 (England and Wales)

Buzzacott LLP, 130 Wood Street, London, EC2V 6DL

Druces LLP, Salisbury House, London Wall, London, EC2M 5PS

National Westminster Bank Plc, PO Box 2021, 10 Marylebone High Street, London, W1A 2AS

CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET

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I am pleased to present the annual report on behalf of the Trustees alongside the financial statements of the British Society of Gastroenterology (the ‘Society’ or BSG) and its subsidiary company BSG Limited (together the ‘Group’ or ‘consolidated’) for the year ended 31 December 2020. GOVERNANCE, STRUCTURE AND MANAGEMENT The British Society of Gastroenterology is a charitable company limited by guarantee (Company Number 08124892 (England and Wales), Charity Number 1149074). The Memorandum and Articles of Association is BSG’s governing document.

Report from the BSG Chair of the Trustees

This report has been prepared in accordance with Part 8 of the Charities Act 2011 and constitutes a director’s report for the purposes of company legislation.

The financial statements have been prepared in accordance with the accounting policies set out on pages 32 to 37 of the attached financial statements and comply with the charitable company’s Memorandum and Articles of Association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

The charity controls the subsidiary entity, BSG Limited (Company Number 3021266 (England and Wales).

The purpose of the British Society of Gastroenterology is the promotion of good health through high standards of patient care, clinical service provision, research and education in gastrointestinal and liver disease in the United Kingdom and internationally.

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Research

The BSG promotes the discovery and dissemination of scientific knowledge by supporting its membership to participate in clinical and basic research; encouraging clinicians to undertake research; defining research priorities for investigation, working with other national stakeholders and by the publication of research in our scientific journals (GUT, Frontline Gastroenterology and BMJ Open Gastro).

Education and Training

The BSG is responsible for the implementation of programmes of training for the specialty workforce working alongside the Royal College of Physicians. Additionally it promotes high quality educational opportunities through its own annual meeting and the endorsement of symposia, meetings and other digital educational materials through the BSG website. It co-owns scientific journals working in partnership with the BMJ.

The BSG also owns in partnership with the Federation of Royal Colleges the rights to the Specialty Examination in Gastroenterology (European Specialty Examination in Gastroenterology and Hepatology or ESEGH).

Clinical Standards

The Society develops and disseminates guidelines of best clinical practice in gastroenterology and hepatology and encourages methods of peer review and audit of clinical practice. It provides technical guidance on specialist areas of practice.

Membership Benefit and Workforce

Providing support to the professional community, the BSG connects members through an active professional network, the dissemination of relevant specialty information and supports lifelong professional learning

EQUALITY AND INCLUSION:

“The British Society of Gastroenterology (BSG) believes that equity of opportunity is of fundamental importance for everyone involved in our organisation. We welcome and actively seek to recruit individuals to our activities regardless of race, religion, ethnic origin, disability, age, gender, sexual orientation or working pattern. The BSG aims to encourage diversity of membership in all committees, senior roles and staff.”

The BSG not only seeks to promote equal opportunities for all its members but also actively tries to encourage members who might

not immediately see themselves as potential contributors to the Society’s work, to take on roles.

Ms Marina Azdejkovic

TRUSTEES

Independent Lay Trustee

The business of the Charity is managed by the Board of Trustees subject to the provisions of the Companies Act and the Society’s Articles. The Board of Trustees consists of six independent Trustees, two elected members of Council and five Society officers. One of those officers, the BSG President chairs the Board. The Trustees who served in the year are detailed below

Marina has worked for a number of international organisations in finance roles. She is currently working in London for the Standard Chartered Bank as a Director, Operations and Governance for a Sustainability function. She is also responsible for looking after governance and finance of the Standard Chartered Foundation which she helped set up in 2019.

Dr Alastair McKinlay

Mr Thomas Budd

BSG President and Chair of the Board of Trustees

Independent Lay Trustee

Alastair McKinlay is a Consultant Gastroenterologist with an interest in nutrition, at Aberdeen Royal Infirmary. He is also physician to the Eden Unit at Royal Cornhill Hospital Aberdeen, the specialist inpatient eating disorders unit for the North of Scotland Managed Clinical Network for Eating Disorders. He is a member of the Council of the Royal College of Physicians of London. Alastair is an Honorary Associate of the British Dietetic Association.

After qualifying as a solicitor, Tom studied for a postgraduate law degree at the University of Cambridge before joining Slaughter and May and two subsequent law firms. He was until recently a partner in the London office of an international law firm, Gibson, Dunn & Crutcher, where he served as co-chair of the firm’s Global Finance practice group. Tom is also an honorary legal adviser to the Order of St John and a trustee of Foothold (The Institution of Engineering and Technology Benevolent Fund.

Dr Andrew Veitch

Ms Joanne Flitcroft

BSG President-Elect

Independent Lay Trustee

Andy Veitch is a Consultant Gastroenterologist at The Royal Wolverhampton NHS Trust with interests in advanced endoscopy, endoscopy training, endoscopy research and guidelines. In Wolverhampton, he set up the first centre in the national bowel cancer screening programme in England and has had a national leading role in the programme. He is currently leading on quality improvement in endoscopy services for the European Society of Gastrointestinal Endoscopy, and he has a global role as a member (former Chair) of the endoscopy committee of the World Gastroenterology Organisation.

Joanne is a qualified solicitor and having trained in London, has spent almost 20 years as an in-house lawyer before setting up her own company Opallios in 2016. Joanne provides

consultancy advice to companies in the life sciences sector and in particular advice on issues concerned with pharmacovigilance, compliance and risk management.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

Dr Harriet Gordon

BSG Council Member

Harriet has been a consultant gastroenterologist in Winchester since 2000 and lead for their alcohol and nutrition teams. She was a NE Thames trainee and her research was at the Royal Free Hospital in alcohol misuse and has since been involved in projects and audit relating to alcoholic liver disease with Wessex AHSN. She has been BSG Workforce Representative and Director of the RCP Medical Workforce Unit, and continued to address the workforce issue with Chairing the RCP Flexibility and Wellbeing group and the AoMRC Flexible Careers Committee.

Mr Chris Kavanagh

Independent Lay Trustee

Chris is the EMEA co-head of the Charity & Education Investment Group at Goldman Sachs. Working with a diverse range of charities and universities across the globe, Chris advises board

members and executive teams on investment strategy and sustainable portfolio implementation. With a particular focus on sustainable finance, Chris is heavily involved in the development of the ESG and Impact Investing platform at Goldman Sachs and on the sustainable investment strategies of his clients. Prior to Goldman Sachs, Chris worked at Barclays and Macquarie Group in both Sydney and London. Chris has a BSc in Accounting from the University of Technology Sydney, is a Chartered Member of the Institute of Securities and Investments and holds an MBA with Distinction from the University of London.

Mr Richard Lanyon

Independent Lay Trustee

Richard spent his entire career in investment management, initially at the stockbrokers Laurence Prust followed by Framlington where he was the Director in charge of Pension Management. In 1992 he joined Rathbones where he was Head of Investment Management for 10 years. He has now retired and able to devote more time to charitable activities.

Mrs Rosemary Lloyd

Independent Lay Trustee

Rosemary has extensive experience in Human Resources in the Retail, Consultancy and Financial sectors, with experience in a full range of HR activities including recruitment, training, reward, benefits and employee relations. In her most recent role as HR Director, she led a team of 20.

Dr Melanie Lockett

BSG Council Member

Melanie trained in NW Thames and was appointed as a Consultant in 2005. She is a bowel cancer screening colonoscopist and has additional sub-specialty interests in

inflammatory bowel disease and nutrition. Leadership roles have included: Specialty Tutor, Training Programme Director, Deputy Chair & Chair of the British Society of Gastroenterology (BSG) training committee and BSG Workforce Lead. Melanie was awarded the BSG President’s medal in 2018.

Dr Stuart McPherson

BSG Senior Secretary

Stuart is a Consultant Hepatologist and Honorary Clinical Senior Lecturer at the Liver Transplant unit, in Newcastle, UK. Stuart’s major clinical interests include viral hepatitis, fatty liver disease, cirrhosis and liver transplantation. He is research active with interests in risk stratification and the natural history of fatty liver disease and improving clinical care pathways for patients with liver disease and viral hepatitis.

Dr Ian Penman

BSG Vice-President Endoscopy

Ian is a Consultant Gastroenterologist at the Royal Infirmary of Edinburgh. Ian is an honorary Senior Lecturer in Medicine at the University of Edinburgh. Ian’s major clinical interests include endoscopic ultrasound (EUS), therapeutic endoscopy, Barrett’s oesophagus and the endoscopic diagnosis and management of GI cancers, including advanced endoscopic imaging techniques.

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TRUSTEES (continued)

No Trustee received any remuneration for services as a member of the Council.

Three Trustees were reimbursed expenses totalling £5,939 (2019 - Thirteen Trustees received expenses totalling £13,082). All expenses were incurred on Society business. No Trustee had any beneficial interest in any contract with the Society whilst serving on the Board.

New Trustees receive an induction pack. This includes the BSG’s Memorandum and Articles, last audited annual report and financial statements, Charity Commission guidance on the responsibilities of charity Trustees, and a copy of the Good Trustee Guide, published by the National Council of Voluntary Organisations, for their reference. Trustees are also required to attend training sessions on various topics relevant to Trustees’ duties and responsibilities.

The Trustees met once face to face, and four times remotely in 2020.

THE BSG EXECUTIVE

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MEMBERS OF THE EXECUTIVE
Dr A McKinlay (President 2020-2022)
Dr A Veitch (President-elect 2020-2022)
Dr I Penman (Vice-President Endoscopy 2019-2022)
Prof P Newsome (Vice President Hepatology 2018-2021)
Prof A Emmanuel (Treasurer 2019-2022) Resigned Dec 2020
Dr D S McPherson (Senior Secretary 2019-2021)
Prof A Stanley (Secretary 2019-2021)
Dr A Douds (Chair, CSSC 2020-2022)
Dr A Akbar (Chair, Education Committee 2018-2021)
Prof R Arasaradnam (Chair, Research Committee 2019-2022)
Dr B Oates (Chair, Training Committee 2018-2021)
Dr N Hawkes (Chair, International Committee 2019-2022)
Mr M Hacker (BSG CEO)
Mrs S Linnington (Governance & Operations Director)
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All members of this board are appointed by open competitive interview, chaired by a lay member of the Board of Trustees and hold delegated authority from the Trustees. This is the Society’s operational board.

The BSG President serves two years, having previously served two years as President Elect. The Current President, Dr Alastair McKinlay took over from Dr Cathryn Edwards in June 2020 and will serve to June 2022, when he will be succeeded by the current President-Elect Dr Andrew Veitch. The Vice President (Endoscopy) and the Vice President (Hepatology) currently serve for three years. The Secretaries of the Society serve for two years as Secretary and two years as Senior Secretary. The Treasurer and the Chairs of the Education, Research, Training and International Committees currently serve for three years. The President Elect and the Chair of the Clinical Services and Standards Committee serve for two years.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

THE COUNCIL

The professional activities of the Society are overseen by a Council with delegated authority from the Trustee Board. The Council has particular responsibility to advise the Trustee Board on all matters pertaining to professional practice and the reputation of the Society. All members of the Executive are voting members of Council.

Prof P Newsome (Vice President Hepatology 2018-2021)

Prof A Emmanuel

Dr A McKinlay (President 2020-2022)

Dr A Veitch (President-elect 2020-2022)

Dr I Penman (Vice President Endoscopy 2019-2022)

(Treasurer 2019-2021)

Prof A Stanley (Secretary 2019-2021)

Prof R Arasaradnam (Chair, Research Committee 2019-2022)

Dr D S McPherson (Senior Secretary 2019-2021)

Dr A Douds (Chair, CSSC 2020-2022)

Dr A Akbar (Chair, Education Committee 2018-2021)

Dr R Ransford (Deputy Chair, Guidelines Lead, CSSC, 2020-2020)

Prof M Brookes (Elected member 2020-2023)

Dr N Hawkes (Chair, International Committee 2019-2022)

Dr B Oates (Chair, Training Committee 2018-2021)

Dr B Brett (Secretary, QI Lead, CSSC, 2020-2022)

Dr B Hawthorne (Elected member 2018-2021)

Dr H Fidler Dr H Gordon (Elected member (Elected member 2019-2022) 2019-2022)

Dr M Lockett (Elected member 2019-2022)

Dr M Matharoo (Elected member 2019-2022)

Dr L Scovell Dr E Ratcliffe (Elected member (Chair, Trainee Section 2020-2023) 2019-2020)

Dr P Smith (Elected member 2020-2023)

Ms S Marshall Dr C Rutter (Interim Chair, BSG (Workforce Lead Nurses Association 2018-2021) 2019-2021)

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THE COUNCIL (continued)

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OBSERVER MEMBERS OF COUNCIL
Prof E El-Omar (Editor, GUT)
Prof M Beattie (Editor, Frontline Gastroenterology)
Prof J Rhodes (Chair, Guts UK)
Mr S Brown (ACPGBI)
Prof G Toogood (AUGIS)
Dr T Smith (BAPEN)
Prof G Aithal (BASL)
Dr S Protheroe (BSPGHAN)
Dr K Barrett (PCSG)
Dr A Hart (PSGBI)
Dr I Gee (Chair, SAC)
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The business of Council is informed by five higher committees and their sub-committees.

The Society is represented at regional level by regional leads within the CSSC. Separately there are sections for the academic and professional advancement of particular specialist interests.

These sections are: Endoscopy, Gastroduodenal, Inflammatory Bowel Disease, Liver, Neurogastroenterology/Motility, Oesophageal, Adolescent & Young Persons, Pancreatic, Pathology, Radiology, Small Bowel/Nutrition, Colorectal, Trainees, Nurses Association, Gastrointestinal Physiology Associates and a new section SWiG (Supporting Women in Gastroenterology). Section Chairs sit on the CSSC and are represented on the Education (and Programme) Committee and Research Committee.

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THE ORGANISATION

The Society is administered from an office in London, staffed by nine FTE employees. The Society also maintains a number of contracts for specialist professional services, including HR, accountancy and web development. The staff support the Executive (operational Board) formed of key portfolio leads and the Senior Officers of the BSG Trustees, the activities of the Council and the key committees.

OPERATIONAL STAFF

The Society embarked on a complete governance and organisational review in 2019. The reorganisation of the finance, accounting systems, budgeting processes, and IT systems were completed early in 2020. This enabled the preparation of more detailed management accounts, and an organisational dashboard, updated in real time, to inform the senior management team, which has allowed tighter financial control, enhanced oversight and greater organisational agility.

Fortuitously, Microsoft Teams™ distance working, had been fully implemented before the COVID-19 crisis took hold, which enabled the Society to respond quickly to the changed circumstances. All committee and governance work was switched online and the productivity of the higher committees and executive actually increased during the pandemic

During 2020 the governance review has concentrated on the higher committees and all now have a Chair serving for 2 years and a Deputy Chair appointed competitively, serving for 2 years and then becoming the Chair, giving a total cycle of 4 years. The CSSC is an exception, where the role of CSSC Secretary and QI lead is appointed for 2 years, before graduating to the Deputy Chair and Chair over a 6 year cycle. All promotions are subject to a performance review discussed by the Executive.

Within the BSG Office, key appointments in 2020 have been a new Governance and Operations Director, a Head of Committee Services, and a series of appointments to strengthen the Communication and Marketing, Committee Services, and the Membership Teams. In addition, consultants are contracted to fulfil specific needs or workstreams.

Remuneration for key management personnel is set by benchmarking exercises, which are carried out by external HR Consultants. Annual performance reviews are carried out by employees’ line managers, or in the case of the Chief Executive, by the President. Ultimate responsibility for all staff (delegated authority from the Trustees) lies with the President.

FUNDRAISING

The charity does not actively solicit donations and therefore is not registered with the Fundraising Regulator and does not subscribe to any fundraising codes of practice. On occasion, when donations from individuals are received, the charity aims to protect personal data and never sells data or swaps data with other organisations. During 2020, the charity received no complaints about fundraising activities.

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RISK MANAGEMENT

current premises will continue to meet the Society’s requirements, after a suitable refurbishment, particularly since the adoption during the COVID crisis of a “blended” pattern of home and office working.

The Trustees of the Society have overall responsibility for risk management within the Society.

In 2020 the President and CEO opened negotiations with the Royal College of Physicians who own the property, to renew the lease and these are confidently expected to conclude early in 2021. There is a risk, currently judged to be very low, that negotiations might not conclude with a mutually satisfactory outcome, in which case alternative premises might need to be found. The Society has a designated property fund that would allow a range of lease options to be explored and could meet most of the cost of the freehold price of a suitable premises, if required.

Key Risks and Mitigation

A review the Society’s formal risk register is a standing item at every meeting of Board of Trustees, which implements mitigations as and when required. The Risk Register is maintained by the operational team under the leadership of the CEO. The CEO holds overall responsibility for the oversight and maintenance of the risk register.

Failure of Annual Meeting - The Annual Meeting is the main event in the BSG’s calendar. As well as being a major source of revenue, it is key to maintaining and enhancing the reputation of the Society. The risk to the Society should the meeting be cancelled, go ahead without an optimal programme, fail to attract sufficient numbers or sponsorship, is therefore substantial but had never occurred prior to 2020.

Financial - A Finance and Investment Committee (FIC), consisting of the BSG Treasurer, two of the Society’s independent Trustees, the President, President-Elect, and the Chief Executive reviews the financial activities of the Society, including investment decisions, to mitigate the risk of loss of income and reports directly to the Trustee Board.

Premises - The Society currently enjoys a favourable lease on its office space, which expires in December 2021. Since August 2017, the Society has conducted a series of options appraisals in case it had to leave its current premises. The present assessment is that the

The Society has prepared for such an eventuality by assiduous planning, led by its senior executive officers, and careful project management through its professional conference organisers, Conference Partners International.

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In addition, the BSG has, as part of its free reserves, £1,000,000 designated to cover expenses in the event of a meeting failing to take place, or having to be curtailed.

Maintaining the reputation of the

organisation - All financial obligations arising from the cancellation of the Conference in 2020 have been met, and the Board considers that the Annual Conference remains viable and will continue to be attractive to delegates in the future. The important charitable objectives, of providing education and training for our members and a national forum for the discussion of scientific research, have and will be met, through a series of highly successful webinars, and our virtual conference and campus planned for 2021. The online advice and guidance on COVID-19 produced by the Society during 2020, was not only welcomed by our members, but was well received nationally and internationally.

In February 2020 it became clear that the outbreak of COVID-19, originating in Wuhan China, was more serious than had been anticipated and was likely to become a global pandemic. The executive took immediate action and on 11th March 2020, having considered all available options, and after discussion with Trustee Board, it was decided to delay the annual meeting.

The BSG Office negotiated rescheduling the meeting to February 2021 and rebooked the 2021, 2022, 2023, and 2024 meetings to new dates. By acting early in the pandemic, the most serious financial consequences for the Society were substantially mitigated. By June 2020 it was clear, however, that the pandemic was much worse and would last longer, than had been previously expected. The Executive, therefore, with the full support of the Trustee Board, moved the annual meeting from February to May 2021, and initiated a new virtual meeting, “BSG Campus” to take place in January 2021.

The Board of Trustees is confident therefore, that despite the potential impact of the COVID-19 pandemic on the work of the BSG, the Society remains financially and reputationally strong, and continues to meet all its charitable objectives.

Potential for a decline in membership - resulting in falling membership revenue

Whilst significant financial losses were mitigated, the BSG was not able to recover all its expenses, and lost a significant income stream. The consequences of the COVID-19 pandemic appear in the financial statements for 2020 and will continue to have an impact for several years to come.

- Membership fees were increased in 2020. No significant change in membership has been seen at Consultant or Trainee level, where over 85% of the potential gastroenterology community are already members. The Nurses section continued to see growth through 2020.

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There has always been a fall in the member numbers in January when some members, particularly those not paying by Direct Debit, fail to renew, although many members subsequently renew during the course of the year. The whole fee structure has been reviewed and the subscription system has been updated to make it easier for the members to pay and we anticipate that this will significantly improve member retention in coming years which should mitigate any potential fall in revenue.

The Society has continued to work closely with BMJ publications. After discussion, it was agreed to make GUT and Frontline Gastroenterology hybrid journals, designating them as being “in transition” allowing them to continue to publish all types of material.

The future of Plan S is still not clear and the situation is complicated by other long term trends in publishing, such as a move away from paper to electronic copies. Some reduction in income seems probable over the coming five years but the Society is aware and taking measures to minimise the impact.

The Society also believes that it has the potential to increase its overseas membership by offering high quality education and membership benefits at a reasonable price.

Risk Mitigation, Guidelines, and Professional

Advice - The Society never gives advice to individual members of the public. All its advice is generic.

Despite the fee increase the BSG continues to be one of the least expensive membership organisations when compared to other comparable societies.

The Society publishes Guidelines and Professional advice. There is a risk that a company or individuals might disagree with the findings and attempt to contest them.

Potential for a reduction in the annual publishing

revenues - The Society relies on its publishing partnership with the BMJ for a significant percentage of its income. However, the nature of the publishing landscape is changing and an initiative called ‘Plan S’ is likely to have a material impact on this revenue stream in the future. Plan S is an initiative for open-access science publishing launched in 2018 by a consortium of national research agencies and funders from twelve European countries. The plan requires scientists and researchers who benefit from state-funded research organisations and institutions to publish their work in open repositories or in journals that are available to all by 2021.

Guidelines are developed by working groups of professionals usually including lay members of the public, using strict evidence-based criteria based on literature searches and the grading of evidence. The BSG is accredited by NICE, and its advice is generally subject to external review and published in peer reviewed journals. The risk is judged to be small, but the Society is seeking professional advice as to how it can indemnify itself in the future.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

MEMBERSHIP

In December 2020 the numbers in different membership categories were as follows:

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2020 NO. 2019 NO.
Honorary 96 96
Full 1,385 1,394
International 88 99
Trainee 743 641
Senior 96 95
Associate 709 730
Taster 372 272
3,489 3,327
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Impact Report: Activities in 2020 and plans for 2021

These had included:

The impact of BSG activities in 2020 have been delivered in alignment with its charitable objects through workstreams: membership support (including educational, scientific, professional development and workforce activities), an international programme, its medical publications, and internal organisational reform, the latter to support all other activities.

To support members the Society has provided high quality scientific and educational events to meet it membership’s requirements for continued professional development, academic knowledge, professional development and the delivery of clinical best practice.

Delivering impact through membership support

Covid-19 - The Covid 19 epidemic had a huge impact on the Society’s work. Fortunately, a wide ranging series of organisational reforms completed in 2019 allowed the BSG to adapt rapidly to the new situation.

Advice was published rapidly on the website, signposted by e-mail updates with analytics subsequently confirming an extraordinary uptake by members.

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Annual Conference - The decision to postpone the conference from June 2020 to February 2021, was taken in March 2020. In June 2020 the executive concluded correctly that the risk of COVID would remain very high throughout the year. The conference was therefore deferred to May 2021. Unfortunately, the SEC in Glasgow could not be released for May 2021, so the BSG Executive reluctantly decided to cancel the face to face meeting and instead hold an online event in November 2021. The annual conference is the most important way that members receive education and meet their continuing professional development requirements each year, so the loss of this event in 2020 was significant.

COVID advice - The BSG responded rapidly to the pandemic by issuing key advice on pausing and resuming services, based on the best evidence available at the time, and considering the main problems in the early stages of the pandemic which included a shortage of Personal Protective Equipment (PPE) and diagnostic tests.

Advice issued:

To compensate the Society introduced:

The next face-to-face Annual Conference will be in Birmingham in 2022.

The society worked closely with the RCP Medical Specialties Board, NHS England and Public Health England.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

Education and Training

committee has continued to plan for the shortened training programme required under “Shape of Training”. It has participated actively in discussions on how training can be restored, working with Health Education England, the Joint Accreditation Group for endoscopy and other stakeholders. Training will continue to be a major focus during 2021.

Trainees Education Weekend and Taster

weekend – The events are organised by the Trainees section and are designed for trainees in gastroenterology and pre-specialty doctors in training. The Trainees management weekend went ahead face to face in early March 2020 and all other events were held online (Trainee Education weekend, Taster weekend and National Introduction Day) and were well attended. Feedback from the meetings was very good.

The National Introduction Day, orgaised by the Training Committee, was held virtually in December 2020 and was well attended with very positive feedback.

The Society has also been establishing links with undergraduate medical students interested in gastroenterology.

Clinical Services and Standards Committee

Education Committee, Mentoring and Wellbeing

Issued early guidance on restoring outpatient services and new consultation techniques. A series of surveys documented the impact of COVID on services and their recovery, whilst highlighting good practice and success stories. High-quality guidelines have continued to be produced and will be published during 2021.

Programme – The Education Committee continued to endorse many external events, the majority of which were online.

The Society’s educational output through its webpages has continued to expand and two assistant web editors were appointed to assist the web editor. The amount and variety of material has increased significantly and ranges from detailed technical guidance to smaller articles designed to be watched quickly.

The CSSC also assists in the Independent Service Reviews as and when required as coordinated by the RCP.

Research

The mentoring program remained quiet during the peak of the epidemic, partly because so many staff were deployed to other duties. It is anticipated that the need for mentoring, coaching and counselling will be significant as the COVID crisis diminishes, and the Society will appoint a lead for mentoring and wellbeing and reorganise its membership offering during 2021.

COVID has had a huge impact on clinical research, with many studies being halted. Recruiting for research studies has increasingly moved online and the Research Committee has disseminated good practice points and continues to work with key stakeholders including the NIHR and the Royal College of Physicians. The key targets for 2021 are the resumption of large clinical research studies and an update to the BSG research strategy.

Training Committee - COVID has had a devastating effect on gastroenterology training. The training

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Delivering support through the International Programme

Delivering impact through medical publications

The International work of the Society is led by its International Committee.

Gut - Under the continued inspirational leadership of Professor Emad El-Omar, the journal achieved its highest ever impact factor in 2020 (19.819) surpassing its nearest comparable rival Gastroenterology for the first time. It is now ranked first in the SJR gastroenterology & hepatology category and continues to be first in the Scopus Citescore gastroenterology category. This was an outstanding achievement attained appropriately in GUT’s 60th year. A webinar was held to celebrate GUT’s 60 years of achievement.

Just before the pandemic, the previous President Cathryn Edwards led a successful visit to Bangladesh where she met the Prime Minister and promoted the memorandum of understanding between the BSG and the Bangladesh Gastroenterology Society. This is seen as a potential model for future international collaboration projects.

The committee supported overseas colleagues during the COVID pandemic. The Society’s International Committee has been reorganised around zonal development leads, and an agreement has been reached to work more closely with the Royal College of Physicians during 2021.

Frontline Gastroenterology - The journal

increased in frequency from quarterly to bi-monthly publication in 2020 in line with Editor-in-Chief Professor Mark Beattie’s vision for the expansion of the journal and inclusion of a wider variety of content. FG has affiliated with BAPEN and BSPGHAN, helping to strengthen its presence in clinical nutrition and paediatrics. There is a long-term focus on social media, with regular podcasts being produced. Throughout the year FG has published on COVID and its clinical impact.

The 2020 European Specialty Examination in Gastroenterology and Hepatology

The ESEGH was run successfully on the revised date of 16th September 2020. This is a single exam across all geographies internationally. 149 UK trainees sat the exam and 81 European candidates. The UK trainee success rate was slightly lower than their European counterparts although UK graduates still outperformed all other trainee groups. The lower rate for UK trainees as a whole may reflect the significant effect of COVID on doctors in training.

BMJ Open Gastroenterology - Under the

leadership of Editor-in-Chief Dr Joseph Lim (Yale), BMJOG has seen a continued growth in submissions. The BSG is hugely indebted to Prof Lim’s dedication and vision for the Journal during his time as editor, which concluded in 2020, and which has seen the journal consolidate its position in terms of open access publications. It will now continue under the editorship of Prof Mark Beattie allowing increased integration across the BSG’s suite of publications.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

Delivering benefits through Organisational change

The Society had completed a far-reaching reorganisation of its internal controls and regulation by the first quarter of 2020. These has strengthened its financial controls, streamlined its IT services including the membership database and subscription collection, standardised many of its operational procedures into digital templates and prepared it for more online working. It was, therefore, in a fortuitous position to respond rapidly and effectively to the COVID pandemic. Despite the lockdown and complete ban on travel throughout most of 2020, the society fulfilled all of its governance obligations remotely through Microsoft Teams™, and the sections and committees were able to continue their work largely uninterrupted by the crisis. Attendance at some on-line meetings was higher than had been achieved before, with a record number of members attending the Annual General Meeting, which was combined with an educational webinar.

Throughout 2020 work has continued to bring the Society into line with the principles enshrined in the Charity Commission Code of Conduct. This against the code of conduct is discussed and documented regularly at the Board of Trustees.

All trustees have received training in their role

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Results for the year

The Society aims to ensure that any surpluses are reinvested to further aid Society’s charitable objects.

The consolidated statement of financial activities is shown on page 26 of the annual report and financial statements.

Investment policy and performance

~~Income for the year was £1,688,270~~ ~~(2019 - £3,144,363)~~

In May 2020, after a retender process, the Finance & Investment Committee awarded the management of the Society’s investment portfolio to CCLA. The Society’s investment strategy is medium risk and aimed at protecting the funds from depreciation in the short to medium term. The policy takes account of ethical considerations such as restrictions on tobacco and alcohol-related investment. In addition, the Trustees agreed that whilst supporting companies involved in drug development is desirable, all such investments should be held at “arms length” (i.e. in funds). Details of the Society’s investments are set out in note 12 to the financial statements.

The decrease in income relates to the impact of COVID-19 on the education and training programme of the Society with key events, including the annual conference cancelled in response to the global pandemic. The journals continue to do well; income from Gut, Frontline Gastroenterology and Open Gastro totalled £889,052 (2019 - £925,132).

~~The Society incurred expenditure of £1,543,261~~ ~~(2019 - £3,234,336)~~

The Trustees consider the fund to have performed adequately during 2020 but reserve the right to review and tender for alternative providers as part of an active approach to investment oversight. There is an ambition to look again at both the ethical and sustainability aspects of the portfolio. The purchase of a new office property has been deferred for the moment but the Society is accumulating reserves towards this end in the long term. The longer term needs of the Society will be more obvious as this cycle of organisational reform comes to completion. A total of £4,000,000 has been designated by the Society for this purpose.

With the direct costs of these events being eliminated where possible and the Society also looking to make cost savings in other areas to ensure that financial stability can be maintained during this period.

The results for the year show an overall increase in funds of £130,309 (2019 – increase of £658,600). This includes unrealised gains on investments of £375,871 (2018 – unrealised losses of £690,652) (see note 12) and realised losses on investments of £390,571 (2019 – realised gains of £57,921). Net income before investment gains and losses for the year was £145,009 (2019 – net expenditure of £89,973).

Reserves and going concern assessment

The Trustees continue to actively address the issue of reserves in the context of future plans and requirements of the Society. The cash needs of the Society are well within the assets it holds and the income it generates.

The loss within BSG Ltd amounted to £98,918 (2019 – profit of £129,160). This has arisen due to unavoidable sunk costs relating to future events which could not be rescheduled. Due to the track record of the subsidiary in generating surpluses from activities, and having reviewed future budgets and forecasts, the trustees of the charity have determined that it remains appropriate for the charity to support the subsidiary in the short term given the long term benefits to the charity.

The objective is to maintain sufficient funds to support the key activities of the Society for one calendar year. This includes the annual meeting, requiring approximately £1,000,000, 12 months’ staff costs approximating £480,000, and funds sufficient to discharge essential operating expenses estimated at £120,000, giving a total minimum required free reserve of approximately £1,600,000. The general funds, or free reserves, of the group at the year end were £2,073,154 (2019 – £2,542,693) and this is broadly in line

Due to the nature of the income streams there will inevitably be variance year-on-year with various events and learning opportunities taking place at different size and scale.

The British Society of Gastroenterology | Annual Report

20

REPORT FROM THE BSG CHAIR OF THE TRUSTEES

with the target set out above. The level of free reserves is regularly reviewed by Trustees.

Total funds of the charity at the year end were £7,486,739 (2019 - £7,356,430). This included restricted funds of £71,629 (2019 - £39,088) and designated funds at the year end totalled £5,341,956 (2019 - £4,774,649). Details of the designated funds are given in note 15 to the financial statements.

There is a reasonable expectation that BSG 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 Group and the Charity’s ability to continue operating as a going concern. In making this decision, the Trustees have also taken into consideration the risks and uncertainties arising from the COVID-19 pandemic and conclude that the Group and the Charity can sustain their operations for a period of at least twelve months from date of signing these financial statements. Consequently, the financial statements have therefore been prepared on the basis that the Group and the Charity remain a going concern.

Statement of Trustees’ responsibilities

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

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period.

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

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Each of the Trustees confirms that:

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

Approved by the Trustees and signed on their behalf by:

Chair of the BSG Board of Trustees

Approved by the Trustees on: 14th July 2021

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Independent auditor’s report to the members of British Society of Gastroenterology

The British Society of Gastroenterology | Annual Report

Opinion

We have audited the financial statements of British Society of Gastroenterology (the ‘charitable parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2020, which the comprise the group statement of financial activities, the group and charitable parent company balance sheets and statements of cash flows, the principal accounting policies and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

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

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees, who are also the directors of the charitable parent 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 group’s and the charitable parent 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 group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

The British Society of Gastroenterology | Annual Report

24

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRITISH SOCIETY OF GASTROENTEROLOGY

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

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

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

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

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

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

Use of our report

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

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

Shachi Blakemore (Senior Statutory Auditor)

Approved on: 16th July 2021

For and on behalf of: Buzzacott LLP, Statutory Auditor, 130 Wood Street, London, EC2V 6DL

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Consolidated statement of financial activities (Year to 31 December 2020) Incorprating income and expenditure

The British Society of Gastroenterology | Annual Report

Notes
Income
Donations and legacies
. Membership subscription
1
. CJRS grant
Investment income
2
Other
Charitable activities
3
. Education and training
. GI research
. Service standards
Total income
Expenditure
Cost of raising funds
4
Cost of charitable
activities
5
. Education and training
. GI research
. Service standards
. International
Total expenditure
Net income
(expenditure) before
gains (losses) on
investments
8
Gains (losses) on
investments
12
Realised (losses) gains on
investments
Unrealised gains on
investments
Net income and net
movement in funds for
the year
Reconciliation of funds
Fund balances brought
forward at 1 January
Fund balances carried
forward at 31 December		 Unrestricted
£
458,486
24,858
166,400
72,884
34,470
889,052
—
1,646,150
98,551
521,630
654,189
245,687
13,625
1,533,682
112,468
(390,571)
375,871
(14,700)
97,768
7,317,342
7,415,110		 Restricted
£
—
—
—
—
41,165
—
955
42,120
—
9,283
—
296
—
9,579
32,541
—
—
—
32,541
39,088
71,629		 2020 Total
funds
£
458,486
24,858
166,400
72,884
75,635
889,052
955
1,688,270
98,551
530,913
654,189
245,983
13,625
1,543,261
145,009
(390,571)
375,871
(14,700)
130,309
7,356,430
7,486,739		 Unrestricted
£
395,228
—
188,674
47,353
1,488,918
926,524
12,112
3,058,809
143,696
1,815,001
758,950
349,755
53,981
3,121,383
(62,574)
57,921
690,652
748,573
685,999
6,631,343
7,317,342		 Restricted
£
—
—
—
—
85,554
—
—
85,554
—
112,953
—
—
—
112,953
(27,399)
—
—
—
(27,399)
66,487
39,088		 2019
Total funds
£
395,228
—
188,674
47,353
1,574,472
926,524
12,112
3,144,363
143,696
1,927,954
758,950
349,755
53,981
3,234,336
(89,973)
57,921
690,652
748,573
658,600
6,697,830
7,356,430

All of the charity’s activities derived from continuing operations during the above financial year. All recognised gains or losses are included in the above statement of financial activities. A comparative statement of financial activities for the previous year is included in the notes to the financial statements.

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27

Balance Sheets

The British Society of Gastroenterology | Annual Report

Notes
Fixed assets
Intangible assets
11
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due
within one year
14
Net current assets
Total net assets
The funds of the charity:
Unrestricted funds:
. General funds
. Designated funds
15
Restricted funds
16
17		 Group
2020 £
2019 £
54,364
103,013
15,760
26,878
6,132,984
6,162,621
6,203,108
6,292,512
877,597
1,336,715
1,304,475
658,160
2,182,072
1,994,875
(898,441)
(930,957)
1,283,631
1,063,918
7,486,739
7,356,430
2,073,154
2,542,693
5,341,956
4,774,649
71,629
39,088
7,486,739
7,356,430		 Charity Charity
2020 £
54,364
15,760
6,132,984
6,203,108
877,597
1,304,475
2,182,072
(898,441)
1,283,631
7,486,739
2,073,154
5,341,956
71,629
7,486,739		 2020 £
54,364
15,760
6,132,985
6,203,109
712,983
922,817
1,635,800
(253,251)
1,382,549
7,585,658
2,172,073
5,341,956
71,629
7,585,658		 2019 £
103,013
26,878
6,162,622
6,292,513
1,303,395
349,197
1,652,592
(588,675)
1,063,917
7,356,430
2,542,693
4,774,649
39,088
7,356,430

Approved by the Trustees and signed on their behalf by:

Approved on: 14th July 2021

British Society of Gastroenterology Registered Company Number: 08124892 (England and Wales)

Chair of the BSG Board of Trustees

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Statement of cash flows

The British Society of Gastroenterology | Annual Report

Notes
Cash fow from operating activities:
Net cash provided by operating activities
A
Cash fow from investing activities:
Dividends and interest from investments
Purchase of tangible fxed assets
Purchase of intangible fxed 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		 2020
£
477,485
166,400
(3,862)
(8,645)
5,785,189
(5,913,172)
25,910
503,395
801,080
1,304,475		 2019
£
197,687
188,674
(10,114)
(58,575)
754,075
(716,346)
157,714
355,401
445,679
801,080

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

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31

A Reconciliation of net movement in funds to net cash flow from operating activities

2020
£		 2019
£
Net movement in funds (as per the statement of fnancial activities)
Adjustments for:
Depreciation charge
Amortisation
Losses (gains) on investments
Dividends and interest from investments
Defcit on disposal of tangible fxed assets
Decrease in debtors
Decrease in creditors
Net cash provided by operating activities		 130,309
14,643
28,191
14,700
(166,400)
29,440
459,118
(32,516)		 658,600
13,337
30,717
(748,573)
(188,674)
46,770
487,417
(101,907)
477,485 197,687

The British Society of Gastroenterology | Annual Report

32

STATEMENT OF CASH FLOWS

B Analysis of changes in net debt

Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 1 January
2020
£
658,160
142,920
801,080		 Movement
in year
£
646,315
(142,920)
503,395		 31 December
2020
£
1,304,475
—
1,304,475

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33

Principal accounting policies

31 December 2020

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

The British Society of Gastroenterology | Annual Report

Basis of preparation

These financial statements have been prepared for the year to 31 December 2020, with comparative information for the year to 31 December 2019, and are presented in sterling and rounded to the nearest pound.

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

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

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

Critical accounting estimates and areas of judgement

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

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

The full impact following the emergence of the global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity’s activities, beneficiaries, funders, suppliers and the wider economy. Estimates used in the accounts, particularly with respect to the

value of listed investments (see note 12) are subject to a greater degree of uncertainty and volatility. As set out in these accounting policies under “going concern”, the Trustees have considered the impact of the pandemic on the charity and have concluded that although there may be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

Assessment of going concern

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

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the group and the charity to continue as a going concern. They are of the opinion that the group and the charity will have sufficient resources to meet its liabilities as they fall due. Despite the global uncertainty in relation to COVID-19, there are no concerns regarding the group and the charity’s ability to continue as a going concern.

With regard to the next accounting period, the year ending 31 December 2021, 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.

Basis of consolidation

The consolidated financial statements of the group incorporate the financial statements of the Society and the trading subsidiary it controls, BSG Limited. These have been consolidated on a line by line basis. A separate statement of financial activities and income and expenditure account are not represented for the charity itself following the exemption afforded by section 4 of the Companies Act 2006.

Income recognition

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

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Subscription income

Subscription income is accounted for in the financial period for which it is due.

Publication income - The Society has a contract with BMJ Publications for the publication of the journals, which gives 50% of any surplus on a quarterly basis to the Society. The Society also receives advertising income from the publications, via BSG Limited. All publication income is accounted for on a receivable basis.

Scientific meetings - The income arising from scientific meetings is recognised on a receivable basis.

Donations - Donations are credited to the statement of financial activities in the year in which they are received.

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

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

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the group and 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. 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:

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

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

Governance costs comprises 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 use.

Pension costs

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

Tangible fixed assets

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

The British Society of Gastroenterology | Annual Report

36

PRINCIPAL ACCOUNTING POLICIES

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

Intangible fixed assets

Amortisation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life, amortisation is charged from the date the asset comes into use:

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such financial statements and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the group and the charity anticipates it will pay to settle the debt.

Fund structure

The Society 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 Society.

Designated funds - Funds which are set aside as part of the Society’s unrestricted funds for particular purposes in the future.

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

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

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

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

Financial instruments

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

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

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

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

Taxation

The Society is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

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37

Notes to the financial statements 31 December 2019

The British Society of Gastroenterology | Annual Report

1. Subscriptions

1. Subscriptions
Membership subscription
Total funds		 Unrestricted funds
2020
£
458,486
458,486		 2019
£
395,228
395,228

2. Investment income

Income from listed investments
Interest receivable
Total funds		 Unrestricted funds Unrestricted funds
2020
£		 2019
£
185,493
3,181
188,674
164,872
1,528
166,400

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3. Income from charitable activities

Education and training
. Income from
scientifc meetings
. Sponsorship
income
. Other income
GI Research
. ‘GUT’, Frontline
Gastroenterology
and Open Gastro
journals
. Other income
Service standards
. Advertising income
. Other income
Total funds		 Un-
restricted
funds
£
32,197
2,273
—
34,470
889,052
—
889,052
—
—
—
923,522		 Restricted
funds
£
35,918
5,247
—
41,165
—
—
—
—
955
955
42,120		 Total
funds
2020
£
68,115
7,520
—
75,635
889,052
—
889,052
—
955
955
965,642		 Un-
restricted
funds
£
1,475,487
13,389
42
1,488,918
925,132
1,392
926,524
9,079
3,031
12,110
2,427,552		 Restricted
funds
£
81,554
4,000
—
85,554
—
—
—
—
—
—
85,554		 Total
funds
2019
£
1,557,041
17,389
42
1,574,472
925,132
1,392
926,524
9,079
3,031
12,110
2,513,106

4. Cost of raising funds

Unrestricted Funds

Investment manager’s fees
Staf costs (note 9)
Total funds		 2020
£
10,159
88,392
98,551		 2019
£
26,297
117,399
143,696

The British Society of Gastroenterology | Annual Report

40

NOTES TO THE FINANCIAL STATEMENTS

5. Expenditure on charitable activities

Education and training
Direct costs
. Scientifc meetings
. Section meetings
. Committee meetings
. Mentoring
. Staf costs (note 9)
. Bursaries & prizes
Support costs (note 6)
GI research
Direct costs
. ‘GUT’ journal
. Frontline Gastroenterology
journal
. Open Gastroenterology
journal
. Section meetings
. Bursaries & prizes
. Clinical Research Groups
. Research Workshops
. Staf costs (note 9)
. Grant to BASL
. Grant to Guts UK
Support costs (note 6)		 Un-
restricted
funds
£
199,213
5,003
2,460
2,013
61,332
—
251,609
521,630
239,294
103,786
—
3,545
28,000
754
3,510
52,976
5,000
—
217,324
654,189		 Restricted
funds
£
7,383
1,900
—
—
—
—
—
9,283
—
—
—
—
—
—
—
—
—
—
—
—		 Total
funds
2020
£
206,596
6,903
2,460
2,013
61,332
—
251,609
530,913
239,294
103,786
—
3,545
28,000
754
3,510
52,976
5,000
—
217,324
654,189		 Un-
restricted
funds
£
1,371,770
38,923
18,078
16,363
63,274
1,537
305,056
1,815,001
261,171
112,951
9,000
6,232
13,280
7,647
1,024
58,002
—
10,000
279,643
758,950		 Restricted
funds
£
78,467
27,486
—
7,000
—
—
—
112,953
—
—
—
—
—
—
—
—
—
—
—
—		 Total
funds
2019
£
1,450,237
66,409
18,078
23,363
63,274
1,537
305,056
1,927,954
261,171
112,951
9,000
6,232
13,280
7,647
1,024
58,002
—
10,000
279,643
758,950

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41

Service standards

Direct costs
. Guidelines
. Newsletter
. Meeting and other costs
. Membership Development
. Staf costs (note 9)
Support costs (note 6)
International
Direct costs
. Staf costs (note 9)
. Other costs
Sponsorship
Support costs (note 6)
Total funds		 6,188
—
8,031
129
45,340
185,999
245,687
1,796
4,462
—
7,367
13,625
1,435,131		 —
—
296
—
—
—
296
—
—
—
—
—
9,579		 6,188
—
8,327
129
45,340
185,999
245,983
1,796
4,462
—
7,367
13,625
1,444,710		 22,029
1,455
19,299
4,916
51,889
250,167
349,755
6,384
284
16,536
30,777
53,981
2,977,687		 —
—
—
—
—
—
—
—
—
—
—
—
112,953		 22,029
1,455
19,299
4,916
51,889
250,167
349,755
6,384
284
16,536
30,777
53,981
3,090,640

The British Society of Gastroenterology | Annual Report

42

NOTES TO THE FINANCIAL STATEMENTS

6. Support costs

Premises expenses
Administration and ofce expenses
Website
Legal and professional fees
Human Resources
Consultancy
Accountancy and bookkeeping
Staf costs
Recruitment
Marketing
Bad debt provision
Bank charges and foreign currency (gain)
Depreciation and disposal of assets
Sundry expenses
Irrecoverable VAT
Governance costs (note 7)
2020 Total		 Education
and training
£
20,273
19,439
14,481
1,279
2,558
29,291
10,905
94,725
14,448
1,565
—
(815)
27,457
1,408
8,940
5,655
251,609		 GI
research
£
17,510
16,790
12,509
1,104
2,210
25,300
9,419
81,818
12,479
1,352
—
(704)
23,716
1,216
7,721
4,884
217,324		 Service
standards
£
14,986
14,370
10,706
945
1,891
21,654
8,061
70,024
10,681
1,157
—
(603)
20,297
1,041
6,608
4,181
185,999		 Inter-
national
£
594
569
424
37
75
858
319
2,773
423
46
—
(24)
804
41
262
166
7,367		 2020
Total
£
53,363
51,168
38,120
3,365
6,734
77,103
28,704
249,340
38,031
4,120
—
(2,146)
72,274
3,706
23,531
14,886
662,299

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43

6. Support costs (continued)
Premises expenses
Administration and ofce expenses
Website
Legal and professional fees
Human Resources
Consultancy
Accountancy and bookkeeping
Staf costs
Recruitment
Marketing
Bad debt provision
Bank charges and interest payable
Depreciation and disposal of assets
Sundry expenses
Irrecoverable VAT
Governance costs (note 7)
2019 Total		 Education
and training
£
14,891
47,210
8,714
553
3,653
29,260
11,036
100,054
19,648
5,247
162
3,388
32,007
925
14,045
14,263
305,056		 GI
research
£
13,651
43,277
7,988
507
3,349
26,822
10,117
91,719
18,011
4,809
149
3,106
29,340
848
12,875
13,075
279,643		 Service
standards
£
12,212
38,713
7,146
454
2,996
23,995
9,051
82,051
16,112
4,303
133
2,779
26,248
759
11,518
11,695
250,167		 Inter-
national
£
1,502
4,763
879
56
369
2,952
1,113
10,094
1,982
529
16
342
3,229
93
1,417
1,441
30,777		 2019
Total
£
42,256
133,965
24,727
1,570
10,367
83,029
31,317
283,918
55,753
14,888
460
9,615
90,824
2,625
39,855
40,474
865,643

The British Society of Gastroenterology | Annual Report

44

NOTES TO THE FINANCIAL STATEMENTS

7. Governance

Council meetings
Trustees’ expenses
Audit and accountancy fees
Total funds		 Unrestricted funds Unrestricted funds
2020
£
—
1,936
12,950
14,886		 2019
£
19,129
5,065
16,280
40,474

None of the Trustees received remuneration from the charity in respect of their services as Trustees (2019 - none).

8. Net income (expenditure) before (losses) gains on investments

This is stated after charging:

Staf costs (note 9)
Depreciation
Loss on disposal of tangible fxed assets
Auditors’ remuneration (group basis)
. Audit fees – current year
. Non-audit fees		 2020
Total funds
£
576,278
42,834
29,440
13,900
3,760		 2019
Total funds
£
580,865
44,054
46,770
15,850
3,500

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45

9. Staff costs, remuneration of key management and Trustees’ remuneration

Wages and salaries
Social security cost
Pension cost
Agency costs
Consultancy costs		 2020
Total funds
£
379,947
27,352
44,186
451,485
—
124,793
576,278		 2019
Total funds
£
349,815
38,964
15,401
404,180
43,093
133,593
580,866

Staff costs analysed by activities

Cost of raising funds
Charitable activities
. Education and training
. GI research
. Service standards
. International
Support costs		 2020
Total funds
£
88,392
61,332
52,976
45,340
1,796
326,443
576,278		 2019
Total funds
£
117,399
63,274
58,002
51,889
6,384
283,918
580,866

The average number of employees, excluding agency and self-employed consultant staff, during the year was:

Employees 2020
No.
9		 2019
No.
9

The British Society of Gastroenterology | Annual Report

46

NOTES TO THE FINANCIAL STATEMENTS

The number of employees who earned £60,000 or more per annum (including taxable benefits but excluding employer pension contributions) during the period was as follows:

£70,001 - £80,000
£80,001 - £90,000		 2020
No
—
1		 2019
No
1
—

Pension contributions for this employee totalled £9,407 (2019 – £3,631).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the Trustees, the CEO, the Governance and Operations Director and the Marketing Director (until April 2020). The total remuneration (including taxable benefits and employer’s pension contributions) of the key management personnel for the year was £197,739 (2019 – £236,192). No Trustee received any remuneration from the Society in their ongoing role as a Trustee. Travelling and subsistence expenses were reimbursed to three Trustees amounting to a total of £5,939 (2019 – £7,727 to 8 Trustees). At the year end a balance of £nil (2019 – £496) was owed to Trustees.

10. Net income from subsidiaries

The Society has one wholly-owned subsidiary, BSG Limited, which is incorporated in England and Wales (Company Registration Number 03021266). BSG Limited conducts scientific meetings on behalf of the Society. A summary of BSG Limited’s results is shown below:

Statement of income
Turnover
Cost of sales
Gross proft
Administration
Interest receivable
Net (loss) proft
Gift Aid to BSG
Loss for the period		 2020
£
131,894
(217,897)
(86,003)
(13,401)
486
(98,918)
—
(98,918)		 2019
£
1,619,065
(1,481,197)
137,868
(9,182)
474
129,160
(129,160)
—

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47

11. Fixed assets

Intangible fixed assets

Intangible fxed assets
Group and charity Ofce equipment,
fxtures and fttings
£		 Database & website
£
Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Amortisation
At 1 January 2020
Charge for the year
Eliminated on disposal
At 31 December 2020
Net book values
At 31 December 2020
At 31 December 2019		 133,031
8,645
(72,756)
68,920
30,018
28,191
(43,653)
14,556
54,364
103,013
Tangible fxed assets
Group and charity
Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
Eliminated on disposal
At 31 December 2020
Net book values
At 31 December 2020
At 31 December 2019		 Leasehold
buildings
£
165,000
—
—
165,000
155,100
6,600
—
161,700
3,300
9,900		 Total
£
101,310
3,862
(51,705)		 266,310
3,862
(51,705)
53,467
84,332
8,043
(51,368)		 218,467
239,432
14,643
(51,368)
41,007 202,707
12,460 15,760
16,978 26,878

The British Society of Gastroenterology | Annual Report

48

NOTES TO THE FINANCIAL STATEMENTS

12. Investments

Market value at 1 January
Additions at cost
Disposals at opening market value (proceeds: £5,785,189; realised
loss: £390,571)
Unrealised gains
Market value at 31 December
Cash held by investment manager
Group
Investment in BSG Limited
Society		 Total funds
2020
£
6,019,701
5,913,172
(6,175,760)
375,871
6,132,984
—
6,132,984
1
6,132,985		 Total funds
2019
£
5,308,857
716,346
(696,154)
690,652
6,019,701
142,920
6,162,621
1
6,162,622

At 31 December, the Group and Society’s listed investments comprised the following:

Unit funds (COIF Charity Fund)
UK fxed interest investments
Overseas fxed interest investments
Overseas listed equities
UK equities
Alternative investments
Property
Historical cost of investments (excluding cash held with
investment managers)		 2020 £
6,132,984
—
—
—
—
—
—
6,132,984
5,757,113		 2019 £
—
660,642
184,035
2,509,882
2,065,003
262,898
337,241
6,019,701
4,628,423

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49

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

Unrealised gains included above:
On investments
Total unrealised gains at 31 December
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January
In respect to disposals in the year
Net gains arising on revaluation arising in the year
Total unrealised gains at 31 December		 2020
£
375,871
375,871
1,391,278
(1,391,278)
—
375,871
375,871		 2019
£
1,391,278
1,391,278
806,052
(105,426)
700,626
690,652
1,391,278

13. Debtors

Trade debtors
Other debtors
VAT
Amount due from subsidiary
Prepayments and accrued income		 Group
2020
£
2019 £
332,452
266,827
1,292
—
135,764
—
—
—
408,089
1,069,888
877,597
1,336,715		 Charity Charity
2020
£
332,452
1,292
135,764
—
408,089
877,597		 2020
£
210,472
1,292
11,291
230,523
259,405
712,983		 2019 £
4,976
—
17,215
346,154
935,050
1,303,395

The British Society of Gastroenterology | Annual Report

50

NOTES TO THE FINANCIAL STATEMENTS

14. Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income
Social security & other taxation
Other creditors
VAT		 Group
2020
£
2019
£
121,905
120,107
310,887
754,288
16,466
—
449,183
9,804
—
46,758
898,441
930,957		 Charity Charity
2020
£
121,905
310,887
16,466
449,183
—
898,441		 2020
£
121,905
114,880
16,466
—
—
253,251		 2019
£
96,597
483,701
—
8,377
—
588,675

Included within the above is deferred income as set out below:

2020
£
274,681
183,004
(274,681)
183,004		 2019
£
Deferred income brought forward at 1 January
Additional income deferred during the year
Brought forward funds released in the year
Deferred income carried forward at 31 December		 531,044
274,681
(531,044)
274,681

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51

15. Designated funds

The income funds of the group include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:

At 1
January
2020
£
30,000
44,663
221,475
74,500
100,000
—
—
150,844
4,000,000
23,276
—
129,891
4,774,649		 New
designations
£
45,500
70,000
45,000
14,000
50,000
118,000
40,000
—
—
—
375,871
12,507
770,878		 Utilised
in year
£		 At 31
December
2020
£
50,500
113,268
261,584
88,500
149,175
118,000
40,000
74,934
4,000,000
—
375,871
70,124
5,341,956
Research
Training and Education
Clinical Services
International
Refurbishment of ofces
Research PSP
Workforce App
Membership development
Property
Restructuring
Investment gains
Tangible and intangible assets		 (25,000)
(1,395)
(4,891)
—
(825)
—
—
(75,910)
—
(23,276)
—
(72,274)
(203,571)
Research
Training and Education
Clinical Services
International
Refurbishment of ofces
Membership development
Property
Restructuring
Tangible and intangible assets		 At 1 January
2019 £
10,000
61,419
197,652
41,950
100,000
189,401
4,000,000
100,000
152,026
4,852,448		 New
designations
£
30,330
—
32,750
47,550
11,139
—
—
—
21,920
143,689		 Utilised in
year £
(10,330)
(16,757)
(8,927)
(15,000)
(11,139)
(38,557)
—
(76,724)
(44,054)
(221,488)		 At 31
December
2019 £
30,000
44,662
221,475
74,500
100,000
150,844
4,000,000
23,276
129,892
4,774,649

The British Society of Gastroenterology | Annual Report

52

NOTES TO THE FINANCIAL STATEMENTS

15. Designated funds (continued)

Research – An amount has been designated for research grants.

Training and Education – Funds have been set aside for a number of earmarked projects identified by the Council and including a mentoring project.

Clinical Services – Funds have been set aside for a number of worthy projects identified by Council such as audit and guidelines including open access for guidelines.

Refurbishment of office – A sum of money has been designated to fund the potential refurbishment of the new offices.

Research PSP – Funds have been set aside as part of the Research strategy over the next 3 years, the BSG will be cofunding the development of various PSP (Priority Setting Partnerships). All requests for funding are submitted to the Research Committee for approval.

Workforce App – A sum of money has been designated for the development of a Workforce app to support the membership.

Membership development – This has been designated for membership development.

Property fund – A sum of money has been designated to secure alternative office accommodation for the Society. The Society needs to ensure that they have at least 80% of the purchase price of a new property, this money will be used towards that purchase.

Restructuring – A sum of money has been designated for restructuring costs anticipated in the forthcoming financial year.Investment gainsThe Society has designated the unrealised gains from investment holdings.

Investment gains – The Society has designated the unrealised gains from investment holdings.

Tangible and intangible assets – This fund represents the net book value of the tangible and intangible assets of the Society.

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53

16. Restricted funds

At 1
January
2020 £		 Income
£
—
—
—
—
5,245
—
35,918
957
—
42,120
Income
£		 Expenditure
and transfers
£
—
—
—
—
—
(296)
(1,260)
(8,023)
—
—
(9,579)
Expenditure
and transfers
£
(1,966)
—
—
(1,142)
—
—
(1,373)
(95,972)
(5,500)
(7,000)
—
(112,953)		 At 31
December 2020
£
Endoscopy – Paul Brown travelling fund
Pathologists Group fund
Section funds
. Oesophageal Section
. IBD Section
. Clinical Measurement
. NGM
. Trainees in Gastro
. SWiG
Other		 3,540
2,603
2,850
1,300
5,227
4,887
14,999
—
3,682		 3,540
2,603
2,850
1,300
10,176
3,627
42,894
957
3,682
39,088 71,629
Endoscopy fund
Endoscopy – Paul Brown travelling fund
Pathologists Group fund
Section funds
. Oesophageal Section
. IBD Section
. Clinical Measurement
. NGM
. Trainees in Gastro
. SWiG
. Mentoring
Other		 At 1 January
2019
£
1,966
3,540
2,603
3,992
1,300
5,227
7,760
29,417
—
7,000
3,682
66,487		 At 31 December
2019
£
—
—
—
—
—
—
(1,500)
81,554
5,500
—
—		 —
3,540
2,603
2,850
1,300
5,227
4,887
14,999
—
—
3,682
85,554 39,088

Restricted funds are as follows:

The Endoscopy fund represents monies transferred from the British Society for Digestive Endoscopy for endoscopy related expenditure.

The Paul Brown travelling fund represents a donation received from Keymed for small travel grants to UK doctors to visit Endoscopy Centres abroad to enable them to learn specific techniques.

The Pathologists Group fund is a donation to support the annual Basil Morson Lecture.

The Section funds represent the income and expenditure in relation to the activities of these sections of the Society.

The British Society of Gastroenterology | Annual Report

54

NOTES TO THE FINANCIAL STATEMENTS

17. Analysis of net assets between funds

Group
Fund balances at 31 December 2020
are represented by:
Intangible fxed assets
Tangible fxed assets
Investments
Current assets
Current liabilities
Total net assets
Group
Fund balances at 31 December 2019
are represented by:
Intangible fxed assets
Tangible fxed assets
Investments
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
fund
£
Designated
funds
£
—
54,364
—
15,760
1,581,571
4,551,413
1,377,424
733,019
(885,841)
(12,600)
2,073,154
5,341,956
Unrestricted funds
General
fund
£
Designated
funds
£
—
103,013
—
26,878
2,062,621
4,100,000
1,350,379
599,758
(870,307)
(55,000)
2,542,693
4,774,649		 Restricted
funds
£
—
—
—
71,629
—
71,629
Restricted
funds
£
—
—
—
44,738
(5,650)
39,088		 Total
funds
£
54,364
15,760
6,132,984
2,182,072
(898,441)
7,486,739
Total
funds
£
General
fund
£
—
—
2,062,621
1,350,379
(870,307)
2,542,693
103,013
26,878
6,162,621
1,994,875
(930,957)
7,356,430

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55

18. Ultimate control and related party transactions

The charity has no ultimate controlling party.

No Trustee received remuneration from the group and charity in respect of their services as Trustee.

19. Guts UK Charity

The Society works closely with Guts UK Charity (previously known as Core – The Digestive Disorders Foundation) (Charity Registration No 1137029 and Company Registration No 07274105 (England and Wales)) to support Guts UK’s mission to support research training for young doctors and scientists, the application of new knowledge to practice and the provision of patient information to the public; Guts UK is the only charity dedicated to the whole of gastrointestinal diseases. The Chairman of the Research Committee of the BSG is a Trustee of Guts UK. The President of Guts UK is an exofficio member of the BSG Council.

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

The Society gave one grant of £25,000 to Guts UK during the year (2019 – one grant of £10,000 which remained payable at 31 December 2019).

The British Society of Gastroenterology | Annual Report

56

NOTES TO THE FINANCIAL STATEMENTS bsg.org.uk 57