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2021-12-31-accounts

Annual Report and Financial Statements 31 December 2021

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
Trustees Ms M Azdejkovic
Mr T Budd
Prof J Dillon (appointed 14 July 2021)
Ms J Flitcroft
Dr H Gordon
Mr T Jones (appointed 21 June 2021)
Mr C Kavanagh (resigned 1 June 2021)
Mr R P Lanyon
Mrs R Lloyd
Dr M Lockett
Dr A McKinlay
Dr D S McPherson (resigned 21 June 2021)
Dr B Oates (appointed 1 June 2021)
Dr I Penman
Prof A Stanley (appointed 21 June 2021)
Prof A Veitch
Chief Executive Mr M Hacker
Governance & Operations Director Mrs S Linnington
Registered/Principal office 3 St Andrews Place, Regent’s Park, London, NW1 4LB
Telephone 020 7935 3150
E-mail enquiries@bsg.org.uk
website www.bsg.org.uk
Charity registration number 1149074
Company registration number 08124892 (England and Wales)
Auditor Buzzacott LLP, 130 Wood Street,
London, EC2V 6DL
Solicitors Druces LLP, Salisbury House,
London Wall, London, EC2M 5PS
Bankers National Westminster Bank Plc, PO Box 2021,
10 Marylebone High Street, London, W1A 2AS
Investment managers CCLA, Senator House, 85 Queen Victoria Street,
London, EC4V 4ET
bsg.org.uk 3
2020
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The British Society of Gastroenterology | Annual Report

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Report from the BSG Chair of the Trustees

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 2021.

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.

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 34 to 39 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.

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).

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).

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

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.

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.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

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.

Mr Thomas Budd

Dr Alastair McKinlay

BSG President and Chair of the Board of Trustees

Independent Lay Trustee

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.

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.

Prof John Dillon

BSG VP Hepatology

John Dillon is Professor of Hepatology and Gastroenterology and a principle investigator, in the Division of Molecular and Clinical Medicine, School of Medicine, University of Dundee. He is also a Consultant Gastroenterologist and Hepatologist with NHS Tayside, delivering a busy general hepatology service and a research group.

Prof Andrew Veitch

BSG President-Elect

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.

Ms Joanne Flitcroft

Independent Lay Trustee

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.

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 Trevor Jones

Independent Lay Trustee

Following ten years as an academic social researcher, Trevor moved into the private sector in the mid-1980s, having developed an interest in statistical analysis and the commercial use of census and other large official data sets. He had a 35-year career running a number of marketing services companies, latterly focussing on ‘big data’ analytics. He has previously been a Trustee at the Woodland Trust and Cats Protection and will shortly step down after two terms as Lay Trustee at the British Society for Haematology.

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.

Dr Bev Oates

BSG Treasurer

Bev Oates qualified from Birmingham University in 1993 and undertook her Specialist Registrar training in Mersey Region, including completing a Doctorate of Medicine at Liverpool University. She has been a Consultant Physician & Gastroenterologist at Wirral University Teaching Hospital since 2003 and has been Clinical Service Lead for Gastro and Endoscopy at WUTH. Bev was Training Programme Director for Gastro in Mersey for 11 years and National Recruitment Lead for Gastro for 10 years.

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.

Prof Adrian Stanley

BSG Senior Secretary

Adrian Stanley was appointed Consultant Gastroenterologist at Glasgow Royal Infirmary in 1999 and Honorary Professor at the University of Glasgow in 2018. Prof Stanley has active research interests and has published over 140 peer-reviewed papers spanning endoscopy and hepatology.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

TRUSTEES (continued)

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

Twelve Trustees were reimbursed expenses totalling £4,746 (2020 – Three Trustees received expenses totalling £5,939). 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 three times remotely in 2021.

THE BSG EXECUTIVE

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MEMBERS OF THE EXECUTIVE
Dr A McKinlay (President 2020-2022)
Prof A Veitch (President-elect 2020-2022)
Dr I Penman (Vice-President Endoscopy 2019-2022)
Prof J Dillon (Vice President Hepatology 2021-2023)
Dr B Oates (Treasurer 2021-2023)
Prof A Stanley (Senior Secretary 2021-2023)
Prof H Steed (Secretary 2021-2023)
Dr A Douds (Chair, CSSC 2020-2022)
Prof R Sidhu (Chair, Education Committee 2021-2023)
Prof S Sebastian (Chair, Research Committee 2021-2024)
Dr M Cowan (Chair, Training Committee 2021-2023)
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 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 two years. The Secretaries of the Society serve for two years as Secretary and two years as Senior Secretary. The Treasurer serves for two years with the option to extend for a further year and the Chairs of the Education, Research, Training, CSSC and International Committees currently serve for two years.

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.

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Dr A McKinlay Prof A Veitch Dr B Brett Prof M Brookes Dr M Cowan
(President (President-elect (Secretary, QI Lead, (Elected member (Chair, Training
2020-2022) 2020-2022) CSSC, 2020-2022) 2020-2023) Committee 2021-2023)
Prof J Dillon Dr A Douds Dr H Fidler Dr H Gordon Dr N Hawkes
(Vice President (Chair, CSSC (Elected member (Elected member (Chair, International
Hepatology 2021-2023) 2020-2022) 2019-2022) 2019-2022) Committee 2019-2022)
Dr M Lockett Ms S Marshall Dr M Matharoo Dr B Oates Dr I Penman
(Elected member (Interim Chair, BSG Nurses (Elected member (Treasurer (Vice President
2019-2022) Association 2019-2022) 2019-2022) 2021-2023) Endoscopy 2019-2022)
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Dr C Rutter Dr L Scovell Prof S Sebastian (Workforce Lead (Elected member 2020(Chair, Research 2018-2022) 2023) Committee 2021-2024) Prof A Stanley Prof H Steed Prof D Tripathi (Senior Secretary (Secretary (Elected member 2021-2023) 2021-2023) 2021-2024)

Dr S Raju Dr R Ransford (Chair, Trainee Section (Deputy Chair, Guidelines 2021-2022) Lead, CSSC, 2020-2022) Prof R Sidhu Dr P Smith (Chair, Education (Elected member Committee 2021-2023) 2020-2023)

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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)
Prof P Sagar (ACPGBI)
Prof G Toogood (AUGIS)
Dr T Smith (BAPEN)
Dr R Jones (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.

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

FUNDRAISING

Within the BSG Office, the key appointments in 2021 have been a new 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.

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 2021, the charity received no complaints about fundraising activities.

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.

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RISK MANAGEMENT

with an option to extend to 5 years. The office has undertaken a full refurbishment during 2021 with the costs split 50:50 between the Society and the Landlord.

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

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 or fail to attract sufficient numbers or sponsorship, is therefore substantial but had never occurred prior to 2020.

Key Risks and Mitigation

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.

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. 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.

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.

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

Premises

The lease on the premises expired in December 2021. The Society carried out an option appraisal and agreed to take out a new lease with the Royal College of Physicians at 3 St Andrews Place, London for 3 years

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.

Risk Mitigation, Guidelines, and Professional Advice

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

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.

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.

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.

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.

MEMBERSHIP

In December 2021 the numbers in different membership categories were as follows:

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2021 NO. 2020 NO.
Honorary 96 96
Full 1,579 1,385
International 87 88
Trainee 794 743
Senior 91 96
Associate 782 709
Taster 465 372
3,894 3,489
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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

IMPACT REPORT FOR 2021 AND PLANS FOR 2022

Impact of the COVID 19 pandemic.

Meeting our Charitable Objectives

The Covid 19 pandemic continued to have a significant effect on the Society’s activities both directly, and indirectly through its impact on our members. By good fortune, the Society did not lose any of its members directly to COVID, but the high level of demand for gastroenterology, hepatology and endoscopy services meant that our members continued to work under very stressful circumstances. In response, the BSG appointed a Mentoring lead and has reviewed and updated all of its wellbeing services, including mentoring, and access to independent counselling and advice.

The BSG has continued to deliver its charitable objectives through its key workstreams.

The BSG has produced a Workforce report for many years, but in October 2021 carried out a successful feasibility trial of a “Workload App”, to measure the amount of time our members spend in the workplace but also working from home. A full survey will be carried out in 2022.

In response to the pandemic, the Society continued most of its business online, through Microsoft TEAMS™. The Trustee Board, Executive, and Council were able to meet face-to-face for the first time in December 2021.

The BSG office staff continued to work remotely for most of the year, during the lockdown and whilst the offices were renovated. The team returned to a “blended” combination of face-to-face and remote

working in November 2021. The dedication of the office staff, and the gratitude of the Society for all their work during the pandemic, were recognised by the President through the award of the President’s Medal to the BSG office and its staff, at the BSG Virtual meeting in November 2021.

The Society had arranged space at the Scottish Exhibition and Conference Centre (SECC) in May 2021 for its Annual Conference, but a decision by the Scottish Government to extend the life of the Louisa Jordan emergency COVID facility at the SECC meant that this was no longer possible. The BSG, therefore, had no choice but to make its annual meeting an online event, which was subsequently held from 8th to 12th November 2021. The format was similar to the BSG Campus and attracted over 1500 delegates.

The executive has continued to meet monthly using TEAMS™, but as the pandemic ends it will reinstitute face-to-face meetings, on at least 2 occasions throughout the year.

It is clear from market research conducted after both BSG Campus and BSG Virtual, that the membership would like to see a mixture of face-to-face and online events in the future. Face-to-face events offer better opportunities to network and interact with speakers. Virtual events, however, allow members who cannot travel because they are “on-call” or have other commitments, to maintain their Continuing Professional Development. Virtual events have better “carbon footprints” in line with the Society’s policy on sustainability and environmental responsibility. It is often easier for high prestige overseas speakers to attend virtually which also reduces the need for international travel. Finally, many of our members have other commitments and don’t necessarily want to be away from home for 4 days. The virtual meeting, therefore, gives them more choice about how they can join BSG events, which is an important part of the Society’s policy on inclusion. The BSG, therefore, intends to continue two meetings each year for the foreseeable future, one of which will always be virtual.

The adoption of a “blended” pattern of working has actually reduced the cost of our sections and committee but improved attendance at meetings.

COVID Advice

The BSG continued to publish specific COVID advice for endoscopy, hepatology, and other conditions throughout the year. The advice was regularly updated through the website and by email communication to our members.

Annual conference

The BSG was not able to hold its face-to-face annual conference during 2020 and, therefore, delivered “BSG Campus” a virtual meeting from the 25th to 29th January 2021. The program received very favourable ratings from attendees.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

Organisational Governance

EDUCATION AND TRAINING

Trainees Weekends and Taster meetings

Education Committee, Mentoring and Wellbeing Programme

The Trainees section has run the Taster Weekend, Management and Leadership Weekend and Education Weekend virtually in the last year. Going forwards, we are actively considering our environmental impact and have elected to keep the Education Weekend a virtual event. This has increased accessibility to UK trainees, but also the global reach allowing low-income countries to also access educational material. The Taster Weekend, aimed at pre-specialty doctors will go back to face to face to allow trainees to participate in simulated endoscopy. All events received good or excellent feedback. This year we have also created an equality, diversity and inclusion officer role to further our aim of being as inclusive and representative of the members as possible.

The Education Committee has expanded the Web Education Platform with Case Based articles with MCQ’s, BSG Bite size pieces and valuable articles to help nurses and trainees seeking to do research and new consultants adjusting in their posts. The platform will continue to expand the breadth of articles and educational offering, serving the need of our members. We hope to offer CPD points with these high quality articles enabling members to have a bespoke BSG CPD account. We are grateful to members, authors and reviewers in making the web platform a success.

In tandem, the Education Committee has continued to endorse many external events, the majority of which were online and or hybrid.

To support trainees in the post-covid recovery of training, we are also producing new educational videos aimed specifically at trainees, hosting a trainee led research day and offering trainees the opportunity to briefly experience teaching endoscopy to pre-specialty doctors. We continue to be actively involved in Shape of Training conversations to represent the views of trainees to the BSG.

The mentoring programme is being re-launched with vigour led by our Mentoring Lead. The new programme will not only offer training/up skilling to mentors but allow more individualised mentorship matches. The society is here to support its members with coaching and maintaining wellbeing.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

Clinical Services and Standards

Training Committee

Committee

The landscape has been dominated by the recovery of training following the severe service pressures of the COVID pandemic and plans to finalise and implement the new Curriculum for Higher Specialty Training. Actions to mitigate the reduction in training time have been a major focus and the Endoscopy Academy initiative and related schemes in the devolved nations to improve the oversight of endoscopy training and speed up the process have been welcome. The BSG Training Committee remains an important stakeholder in these national conversations. The provision of subspecialist training after CCT needs clarification and the Committee has started to explore how this may be codified with an initial focus on subspecialty IBD training in conjunction with the IBD Section. We were fortunate to be able to host the annual National Introduction Day at the RCP with excellent speakers including Sir Andrew Goddard.

The new CSSC strategy incorporating regional networking, guidelines and quality improvement was approved in early 2022. Work continues across the 4 nations with remarkable resilience despite Covid. There are many examples of innovative working including development of endoscopy dashboards particularly in Northern Ireland and Mersey region. A Covid tool kit has been developed to aid BSG members with solutions to everyday clinical problems which is published on the website.

Guidelines and guidance continue to be developed at pace despite the pandemic.

Quality Improvement work is entering a pivotal phase with the development of the latest iteration of the BSG Quality Standards Framework (QSF) in early 2022.

The future plans of the Training Committee are detailed within the Strategy document.

Research

Delivering support through the International Programme

The BSG research strategy 2021 to 2024 was released in summer 2021 detailing the three overarching priorities of defining research priorities, supporting participation in research and supporting research delivery. The clinical research groups have been re-energised with new members including introduction of trainees in all CRGs and allied health membership. The Exec and Council have approved initiation of three key projects for supporting research – a BSG scholars programme, BSG supported research data platform and statistical support. Closer collaborative working arrangements with the NIHR gastroenterology and Hepatology national speciality groups has started with the launch of the trainee research related initiatives.

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

The International Strategy has been published and projects are underway across all global ‘development zones’. In addition to established partnerships delivering a National Endoscopy Training Programme for Bangladesh, and endoscopy and liver training in Malawi – covered by specific Memoranda of Understanding – additional project streams, led by Zonal Development leads include; setting up International Fellowships in association with the Gastroenterological Society of Australia (GESA); supporting the development of Bowel Cancer Screening Services in North Africa and the Middle East; working with the Royal College of Physicians to establish links with partner Colleges in sub-Saharan Africa to develop educational materials and support quality improvement projects with regional hospitals; and to work with International Specialist Societies to deliver joint webinars. In addition, we are working to establish a Registry of BSG members interested or actively engaged with international work and to improve the benefits of being a BSG International member.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

The 2021 European Specialty

Climate Change and Sustainability

Examination in Gastroenterology and Hepatology

The impact of climate change and sustainability on health and healthcare provision is of concern to our members, as it is to our patients and the wider population. BSG recognises that there is a global climate emergency, and that this has adverse effects on health. BSG is committed to support and promote environmental sustainability across all aspects of its practice nationally and internationally, and to support the NHS in its aims to achieve a net zero service.

The 2021 European Specialty Examination in Gastroenterology and Hepatology was sat on 7th April 2021.

A total of 444 candidates completed both sessions. The results of the 2021 examination were equated using the performance of the 2019 UK trainees as the base form. All future exams will be equated with the same base form until the ESEGH Board decides a change in standards.

In 2021 BSG Executive commissioned a

multidisciplinary working group, led by the President Elect Prof Andrew Veitch, to develop a strategy on climate change and sustainability for the society. The draft strategy was approved by BSG Trustees and Executive in October, and launched in November 2021 (https://www.bsg.org.uk/strategic-areas/ climate-change-and-sustainability/). The strategic objectives encompass personal, professional, organisational, political, international, and research activities of our members and the Society.

The group of 444 candidates had a mean score of 59% (S.D. = 7.1), with a range of 24.2% to 77.3%. The equated pass mark was set at 432 (54.6%). This resulted in a pass rate for all candidates of 78.8% (350/444). The pass mark for UK graduates was 86.4%, UK trainees 83.7%, and European candidates 82.2%.

The results for UK trainees represent a considerable improvement on 2020 (65.1%) and most likely represents improved time for study as the effect of COVID has impacted less on clinical work. Most trainees are sitting the exam in years ST4-ST6. The pass rate for trainees undertaking the exam at ST3 to ST6 is broadly similar.

A 5 year strategic plan has been developed, and the first year strategic objectives are being delivered on schedule. Engagement on these issues is occurring nationally and internationally, and BSG’s strategy is being used as an exemplar elsewhere in the world. Going forward, environmental sustainability will be an integral part of all aspects of BSG’s activities.

Discussions are being held to increase the frequency of the exam and a decision is expected later this year.

Delivering impact through medical publications:

Summary

Despite the challenges of a global pandemic, and a professional workforce stretched close to breaking point by the pressures of maintaining services and reducing the backlog of care in the NHS, the BSG remains a healthy, vigorous professional membership society and charity. Indeed the Society has emerged as a more caring and responsive organisation as a result of the pandemic with a renewed purpose to look after the wellbeing of its members, to work actively to become a more equal and diverse organisation, and to lead the specialty in its work on sustainability and limiting climate change.

Gut - Under the continued inspirational leadership of Professor Emad El-Omar, the journal achieved its highest ever impact factor in 2021 (23.059) a 16.3% increase from 2020,. It is acknowledged as one of the most highly ranked specialist journals in the world, and retains a leading position in the SJR gastroenterology & hepatology category (3/92) with an outstanding Citescore of 35.6. This was another outstanding year of achievement. Gut is a Plan S compliant Transformative Journal.

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. Frontline Gastroenterology has continued to evolve as a major publisher of predominantly clinically based research and advice.

We understand that

we are on a journey of improvement, but our aspiration always remains to be, “Best in Class.”

BMJ Open Gastroenterology - Under the leadership of Editor-in-Chief Prof Mark Beattie, BMJOG has seen a continued growth in submissions. The journal continues to consolidate its position in terms of open access publications.

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REPORT FROM THE BSG CHAIR OF THE TRUSTEES

Results for the year

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 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 31 of the annual report and financial statements.

Investment policy and performance

~~Income for the year was £2,246,924~~ ~~(2020 - £1,688,270)~~

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 reduced income in 2020 related 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 £857,549 (2020 - £889,052).

~~The Society incurred expenditure of £1,923,825~~ ~~(2020 - £1,543,261)~~

The Trustees consider the fund to have performed adequately during 2021 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.

With the direct costs of these events being eliminated in 2020 where possible. In 2021, the Society also looked to continue to seek cost savings in other areas to ensure that financial stability can be maintained.

Reserves and going concern assessment

The results for the year show an overall increase in funds of £1,148,924 (2020 – increase of £130,309). This includes unrealised gains on investments of £825,825 (2020 – unrealised losses of £375,871 and realised gains of £390,571) (see note 12). Net income before investment gains and losses for the year was £323,099 (2020 – net income of £145,009).

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 profit within BSG Limited amounted to £183,986 (2020 – loss of £98,918). The loss in 2020 arose due to unavoidable sunk costs relating to future events which could not be rescheduled. Events for 2021 focussed on providing digital offerings to members and this resulted in sufficient surpluses to be generated by BSG Limited to reverse the accumulated losses at 1 January 2021 and made that a Gift Aid distribution of £85,068 was payable to the charity in respect to operations for the year.

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 £2,144,962 (2020 – £2,073,154) and this is broadly in line 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 £8,635,663 (2020 - £7,486,739). This included restricted funds of £132,655 (2020 - £71,629) and designated funds at the year end totalled £6,358,046 (2020 - £5,341,956). 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:

United Kingdom and Republic of Ireland (FRS 102);

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: 22 June 2022.

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Independent
auditor’s report to
the members of
British Society of
Gastroenterology
The British Society of Gastroenterology | Annual Report
2021
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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 2021, 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.

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:

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

competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•

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: 6 July 2022

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

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

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Consolidated
statement of
financial activities
(Year to 31 December 2021)
Incorprating income and expenditure
The British Society of Gastroenterology | Annual Report
2021
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Notes Unrestricted
£
Restricted
£
2021
Total funds
£

Unrestricted
£
Restricted
£
2020
Total funds
£
Income
Donations and legacies
. Membership subscription
1
Donations
Government grants
. 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 before gains (losses) on
investments
8
Gains (losses) on investments
12
Realised losses 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		 520,612
123
4,513
187,372
51,935
554,082
857,549
—		 —
828
—
—
—
66,230
—
3,680		 520,612
951
4,513
187,372
51,935
620,312
857,549
3,680		 458,486
—
24,858
166,400
72,884
34,470
889,052
—		 —
—
—
—
—
41,165
—
955		 458,486
—
24,858
166,400
72,884
75,635
889,052
955
2,176,186 70,738 2,246,924 1,646,150 42,120 1,688,270
48,629
954,643
579,595
286,379
44,867		 —
9,712
—
—
—		 48,629
964,355
579,595
286,379
44,867		 98,551
521,630
654,189
245,687
13,625		 —
9,283
—
296
—		 98,551
530,913
654,189
245,983
13,625
1,914,113 9,712 1,923,825 1,533,682 9,579 1,543,261
262,073
—
825,825		 61,026
—
—		 323,099
—
825,825		 112,468
(390,571)
375,871		 32,541
—
—		 145,009
(390,571)
375,871
825,825 — 825,825 (14,700) — (14,700)
1,087,898
7,415,110		 61,026
71,629		 1,148,924
7,486,739		 97,768
7,317,342		 32,541
39,088		 130,309
7,356,430
8,503,008 132,655 8,635,663 7,415,110 71,629 7,486,739

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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Balance
Sheets
The British Society of Gastroenterology | Annual Report
2021
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Notes Group Group Charity Charity
2021
£		 2020
£		 2021
£		 2020
£
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		 40,580
56,235
6,958,809		 54,364
15,760
6,132,984		 40,580
56,235
6,958,810		 54,364
15,760
6,132,985
7,055,624 6,203,108 7,055,625 6,203,109
852,655
1,046,177		 877,597
1,304,475		 848,258
1,003,151		 712,983
922,817
1,898,832
(318,793)		 2,182,072
(898,441)		 1,851,409
(271,371)		 1,635,800
(253,251)
1,580,039 1,283,631 1,580,038 1,382,549
8,635,663 7,486,739 8,635,663 7,585,658
2,144,962
6,358,046
132,655		 2,073,154
5,341,956
71,629		 2,144,962
6,358,046
132,655		 2,172,073
5,341,956
71,629
8,635,663 7,486,739 8,635,663 7,585,658

Approved by the Trustees and signed on their behalf by:

Approved on: 22 June 2022

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
2021
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Notes 2021
£		 2020
£
Cash fow from operating activities:
Net cash (used in) 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		 (391,936) 477,485
187,372
(53,734)
—
—
—		 166,400
(3,862)
(8,645)
5,785,189
(5,913,172)
133,638 25,910
(258,298)
1,304,475		 503,395
801,080
1,046,177 1,304,475

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

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STATEMENT OF CASH FLOWS

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

2021
£		 2020
£
Net movement in funds (as per the statement of fnancial activities)
Adjustments for:
Depreciation charge
Amortisation
(Gains) losses on investments
Dividends and interest from investments
Defcit on disposal of tangible fxed assets
Decrease in debtors
Decrease in creditors
Net cash (used in) provided by operating activities		 1,148,924
9,363
13,784
(825,825)
(187,372)
3,896
24,942
(579,648)		 130,309
14,643
28,191
14,700
(166,400)
29,440
459,118
(32,516)
(391,936) 477,485

B Analysis of changes in net debt

Cash at bank and in hand
Total cash and cash equivalents		 1
January
2021
£
1,304,475
1,304,475		 Movement
in year
£		 31
December
2021
£
(258,298) 1,046,177
(258,298) 1,046,177

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Principal
accounting
policies
31 December 2021
The principal accounting policies adopted,
judgements and key sources of estimation
uncertainty in the preparation of the financial
statements are laid out below.
The British Society of Gastroenterology | Annual Report
2021
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Basis of preparation

These financial statements have been prepared for the year to 31 December 2021, with comparative information for the year to 31 December 2020, 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. The Trustees do not have material 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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PRINCIPAL ACCOUNTING POLICIES

c) 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 released are not accrued for but are noted as financial commitments in the notes to the financial statements.

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.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

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

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.

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.

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.

Expenditure recognition

Support costs and governance costs are allocated between activities with the allocation based on staff time use.

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.

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.

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:

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:

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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39

1. Subscriptions

20
Notes to
the fnancial
statements		 Unrestricted funds Unrestricted funds
2021
£		 2020
£
Membership subscription
Total funds		 520,612 458,486
520,612 458,486
2. Investment income
Income from listed investments
Interest receivable
Total funds

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NOTES TO THE FINANCIAL STATEMENTS

3. Income from charitable activities

Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2021
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2020
£
Education and training
. Income from scientifc
meetings
. Sponsorship income
GI Research
. ‘GUT’, Frontline
Gastroenterology and
Open Gastro
journals
Service standards
. Other income
Total funds		 547,319
6,763		 66,230
—		 613,549
6,763		 32,197
2,273		 35,918
5,247		 68,115
7,520
554,082 66,230 620,312 34,470 41,165 75,635
857,549 — 857,549 889,052 — 889,052
857,549 — 857,549 889,052 — 889,052
— 3,680 3,680 — 955 955
3,680 3,680 — 955 955
1,411,631 69,910 1,481,541 923,522 42,120 965,642

4. Cost of raising funds

Unrestricted Funds Unrestricted Funds
2021
£		 2020
£
Investment manager’s fees
Staf costs (note 9)
Total funds		 —
48,629		 10,159
88,392
48,629 98,551

The charity now holds investments within pooled funds, as a result investment management fees are not separately identifiable.

5. Expenditure on charitable activities

Un-
restricted
funds
£		 Designated
funds
£		 Restricted
funds
£		 Total
funds
2021
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
2020
£
Education and training
Direct costs
. Scientifc meetings
. Section meetings
. Committee meetings
. Mentoring
. Staf costs (note 9)
Support costs (note 6)
GI research
Direct costs
. ‘GUT’ journal
. Frontline
Gastroenterology
journal
. Section meetings
. Bursaries & prizes
. Clinical Research Groups
. Research Workshops
Priority setting
partnerships
Other costs
. Staf costs (note 9)
. Grant to BASL
. Grant to Guts UK
Support costs (note 6)		 401,207
12,853
12,693
11,713
131,786
299,855		 —
—
—
—
—
84,536		 9,158
554
—
—
—
—		 410,365
13,407
12,693
11,713
131,786
384,391		 199,213
5,003
2,460
2,013
61,332
251,609		 7,383
1,900
—
—
—
—		 206,596
6,903
2,460
2,013
61,332
251,609
870,107 84,536 9,712 964,355 521,630 9,283 530,913
237,258
107,034
2,067
500
—
—
—
—
43,091
5,000
—
98,044		 —
—
—
—
—
27,686
6,274
—
—
25,000
27,641		 —
—
—
—
—
—
—
—
—
—
—
—		 237,258
107,034
2,067
500
—
—
27,686
6,274
43,091
5,000
25,000
125,685		 239,294
103,786
3,545
28,000
754
3,510
52,976
5,000
—
217,324		 —
—
—
—
—
—
—
—
—
—		 239,294
103,786
3,545
28,000
754
3,510
52,976
5,000
—
217,324
492,994 86,601 — 579,595 654,189 — 654,189

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NOTES TO THE FINANCIAL STATEMENTS

5. Expenditure on charitable activities (continued)

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
Grants & awards
Support costs (note 6)
Total funds		 2,971
450
19,412
1,368
68,272
155,339		 2,823
—
(10,000)
1,950
—
43,794		 —
—
—
—
—
—		 5,794
450
9,412
3,318
68,272
199,133		 6,188
—
8,031
129
45,340
185,999		 —
—
296
—
—
—		 6,188
—
8,327
129
45,340
185,999
247,812 38,567 — 286,379 245,687 296 245,983
10,561
—
—
24,031		 —
—
3,500
6,775		 —
—
—
—		 10,561
—
3,500
30,806		 1,796
4,462
—
7,367		 —
—
—
—		 1,796
4,462
—
7,367
34,592 10,275 — 44,867 13,625 — 13,625
1,645,505 219,979 9,712 1,875,196 1,435,131 9,579 1,444,710

6. Support costs

Education
and
training
£		 GI
research
£		 Service
standards
£		 Inter-
national
£		 2021
Total
£
Premises expenses
Administration and ofce expenses
Website
Legal and professional fees
Human Resources
Consultancy
Accountancy and bookkeeping
Staf costs
Recruitment
Marketing
Bank charges and foreign currency (gain)
Depreciation and disposal of assets
Sundry expenses
Irrecoverable VAT
Governance costs (note 7)
2021 Total		 84,535
45,261
13,245
16,530
11,052
22,956
13,241
127,989
6,540
3,415
1,634
14,047
3,068
2,736
18,142		 27,641
14,799
4,331
5,405
3,614
7,506
4,329
41,849
2,138
1,117
534
4,593
1,003
894
5,932		 43,794
23,447
6,862
8,563
5,726
11,893
6,859
66,304
3,388
1,770
846
7,277
1,589
1,417
9,398		 6,775
3,627
1,061
1,325
886
1,840
1,061
10,257
524
274
131
1,126
246
219
1,454		 162,745
87,134
25,499
31,823
21,278
44,195
25,490
246,399
12,590
6,576
3,145
27,043
5,906
5,266
34,926
384,391 125,685 199,133 30,806 740,015

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NOTES TO THE FINANCIAL STATEMENTS

6. Support costs (continued)

Education
and
training
£		 GI
research
£		 Service
standards
£		 Inter-
national
£		 2020
Total
£
Premises expenses
Administration and ofce expenses
Website
Legal and professional fees
Human Resources
Consultancy
Accountancy and bookkeeping
Staf costs
Recruitment
Marketing
Bank charges and interest payable
Depreciation and disposal of assets
Sundry expenses
Irrecoverable VAT
Governance costs (note 7)
2020 Total		 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		 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		 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		 594
569
424
37
75
858
319
2,773
423
46
(24)
804
41
262
166		 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
251,609 217,324 185,999 7,367 662,299

7. Governance
Unrestricted funds
2021
£		 2020
£
Council meetings
Trustees’ expenses
Auditor’s remuneration
Total funds		 16,220
4,806
13,900		 —
1,936
12,950
34,926 14,886

None of the Trustees received remuneration from the charity in respect of their services as Trustees (2020 - none).

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

This is stated after charging:

Staf costs (note 9)
Depreciation (note 11)
Loss on disposal of tangible fxed assets
Auditors’ remuneration (group basis)
. Audit fees – current year
. Non-audit fees		 2021
Total funds
£
592,934
23,147
3,896
13,900
—		 2020
Total funds
£
576,278
42,834
29,440
13,900
3,760

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

Wages and salaries
Social security cost
Pension cost
Redundancy and severance costs
Consultancy costs		 2021
Total funds
£
472,950
43,606
20,474
8,692
545,722
47,212
592,934		 2020
Total funds
£
379,947
27,352
44,186
—
451,485
124,793
576,278

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NOTES TO THE FINANCIAL STATEMENTS

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

Staff costs analysed by activities

Cost of raising funds
Charitable activities
. Education and training
. GI research
. Service standards
. International
Support costs		 2021
Total funds
£
48,629
131,786
43,091
68,272
10,561
290,595
592,934		 2020
Total funds
£
88,392
61,332
52,976
45,340
1,796
326,443
576,278

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

Employees 2021
No.
10.3		 2020
No.
9.2

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:

£80,001 - £90,000
£100,001-£110,000		 2021
No
—
1		 2020
No
1
—

Pension contributions for this employee totalled £9,363 (2020 – £9,407).

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 £241,172 (2020 – £223,657). No Trustee received any remuneration from the Society in their ongoing role as a Trustee. Travelling and subsistence expenses were reimbursed to twelve Trustees amounting to a total of £4,746 (2020 – £5,939 to 3 Trustees). At the year end a balance of £nil (2020 – £nil) 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 2021
£		 2020
£
Turnover
Cost of sales
Gross proft
Administration
Interest receivable
Net proft (loss)
Gift Aid to BSG
Proft/(loss) for the period		 700,314
(481,942)		 131,894
(217,897)
218,372
(34,408)
22		 (86,003)
(13,401)
486
183,986
(85,068)		 (98,918)
—
98,918 (98,918)

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NOTES TO THE FINANCIAL STATEMENTS

11. Fixed assets

Intangible fixed assets

Intangible fxed assets
Group and charity Database
& website
£
Cost
At 1 January 2021
Additions
At 31 December 2021
Amortisation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 68,920
—
68,920
14,556
13,784
28,340
40,580
54,364
Tangible fxed assets
Group and charity		 Leasehold
buildings
£		 Ofce
equipment,
fxtures and
fttings
£		 Total
£
Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposal
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 165,000
—
(165,000)		 53,467
53,734
(40,372)		 218,467
53,734
(205,372)
— 66,829 66,829
161,700
3,300
(165,000)		 41,007
6,063
(36,476)		 202,707
9,363
(201,476)
— 10,594 10,594
— 56,235 56,235
3,300 12,460 15,760

12. Investments

Total funds Total funds
2021 2020
£ £
Market value at 1 January 6,132,984 6,019,701
Additions at cost — 5,913,172
Disposals at opening market value — (6,175,760)
Unrealised gains 825,825 375,871
Market value at 31 December 6,958,809 6,132,984
Group
Investment in BSG Limited 1 1
Society 6,958,810 6,132,985
At 31 December, the Group and Society’s listed investments comprised the following:
2021 2020
£ £
Unit funds (COIF Charity Fund) 6,958,809 6,132,984
6,958,809 6,132,984
Historical cost of investments (excluding cash held with investment managers) 5,757,113 5,757,113
The total unrealised gains as at 31 December constitutes movements on revaluation and are as follows:
2021 2020
£ £
Unrealised gains included above:
On investments 1,201,696 375,871
Total unrealised gains at 31 December 1,201,696 375,871
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 375,871 1,391,278
In respect to disposals in the year — (1,391,278)
375,871 —
Net gains arising on revaluation arising in the year 825,825 375,871
Total unrealised gains at 31 December 1,201,696 375,871

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NOTES TO THE FINANCIAL STATEMENTS

13. Debtors

Group Group Charity Charity
2021
£		 2020
£		 2021
£		 2020
£
Trade debtors
Other debtors
VAT
Amount due from subsidiary
Loan to subsidiary
Prepayments and accrued income		 30,376
—
64,052
—
—
758,227		 332,452
1,292
135,764
—
—
408,089		 4,576
—
29,193
241,764
150,000
422,725		 210,472
1,292
11,291
230,523
—
259,405
852,655 877,597 848,258 712,983

14. Creditors: amounts falling due within one year

Group Group Charity Charity
2021
£		 2020
£		 2021
£		 2020
£
Trade creditors
Accruals and deferred income
Social security & other taxation
Other creditors		 215,160
74,445
13,061
16,127		 121,905
310,887
16,466
449,183		 208,190
50,120
13,061
—		 121,905
114,880
16,466
—
318,793 898,441 271,371 253,251

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

Included within the above is deferred income as set out below:
2021
£		 2020
£
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		 183,004
22,500
(183,004)		 274,681
183,004
(274,681)
22,500 183,004

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
2021
£		 New
designations
£		 Utilised
in year
£		 At 31
December
2021
£
359,225
113,268
258,744
125,000
—
90,314
38,050
74,934
—
4,000,000
1,201,696
96,815
Research
Training and Education
Clinical Services
International
Refurbishment and sinking fund
Research PSP
Workforce App
Membership development
Property
Investments
Investment gains
Tangible and intangible assets		 50,500
113,268
261,584
88,500
149,175
118,000
40,000
74,934
4,000,000
—
375,871
70,124		 340,000
—
—
30,000
(13,490)
—
—
—
—
4,000,000
825,825
53,734		 (31,275)
—
(2,840)
6,500
(135,685)
(27,686)
(1,950)
—
(4,000,000)
—
—
(27,043)
5,341,956 5,326,069 (4,219,979) 6,358,046
At 1
January
2020
£		 New
designations
£		 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
Research
Training and Education
Clinical Services
International
Refurbishment of ofces
Research PSP
Workforce App
Membership development
Property
Restructuring
Investment gains
Tangible and intangible assets		 30,000
44,663
221,475
74,500
100,000
—
—
150,844
4,000,000
23,276
—
129,891		 45,500
70,000
45,000
14,000
50,000
118,000
40,000
—
—
—
375,871
12,507		 (25,000)
(1,395)
(4,891)
—
(825)
—
—
(75,910)
—
(23,276)
—
(72,274)
4,774,649 770,878 (203,571) 5,341,956

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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 and sinking fund – 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 had been designated to secure alternative office accommodation for the Society, following consideration in 2021 this fund has been released since the charity is not currently seeking to move premises.

Investments – The Society considers the income from their investment portfolio to subsidise the general operations of the charity. Holding the investment portfolio helps to mitigate the risk of cyclical reductions in other income streams. The Society has determined that a minimum of £4,000,000 should be designated as an investment fund to ensure an ongoing level of supplementary income sufficient to contribute towards the cost base of the Society can be generated in perpetuity.

Investment gains – The Society has also designated the unrealised gains from investment holdings as it is not the intention to draw down on these amounts in the short term.

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

16. Restricted funds

At 1
January
2021
£		 Income
£		 Expenditure
and
transfers
£		 At 31
December
2021
£
Endoscopy - Paul Brown travel fund
Presidents travel 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
10,176
3,627
42,894
957
3,682		 —
828
—
—
—
3,680
—
66,230
—
—		 —
—
—
—
—
(135)
—
(9,577)
—
—		 3,540
828
2,603
2,850
1,300
13,721
3,627
99,547
957
3,682
71,629 70,738 (9,712) 132,655
At 1
January 2020
£		 Income
£		 Expenditure
and transfers
£		 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		 —
—
—
—
5,245
—
35,918
957
—		 —
—
—
—
—
(296)
(1,260)
(8,023)
—
—		 3,540
2,603
2,850
1,300
10,176
3,627
42,894
957
3,682
39,088 42,120 (9,579) 71,629

Restricted funds are as follows:

The Paul Brown travel 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 presidents travel fund represents donations received to be utilised on travel expenses for the BSG president.

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.

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17. Analysis of net assets between funds

Group Unrestricted funds Unrestricted funds Restricted
funds
£		 Total
funds
£
General
fund
£		 Designated
funds
£
Fund balances at 31 December 2021 are
represented by:
Intangible fxed assets
Tangible fxed assets
Investments
Current assets
Current liabilities
Total net assets		 —
—
1,757,113
701,349
(313,500)		 40,580
56,235
5,201,696
1,064,828
(5,293)		 —
—
—
132,655
—		 40,580
56,235
6,958,809
1,898,832
(318,793)
2,144,962 6,358,046 132,655 8,635,663
Group Restricted
funds
£		 Total
funds
£
54,364
15,760
6,132,984
2,182,072
(898,441)
7,486,739
General
fund
£		 Designated
funds
£
Fund balances at 31 December 2020
are represented by:
Intangible fxed assets
Tangible fxed assets
Investments
Current assets
Current liabilities
Total net assets		 —
—
1,581,571
1,377,424
(885,841)		 54,364
15,760
4,551,413
733,019
(12,600)		 —
—
—
71,629
—
2,073,154 5,341,956 71,629

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 (2020 – one grant of £25,000 which remained payable at 31 December 2020).

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