2021-09-30-accounts

	BOARD OF TRUSTEES
Chair:	MrStuartHay
Vice'chair:	MsAnna Rennie
Finance sub-committee
chair:	MrGordon Briars
Trustees:	Ms Cepta Burke
	MrsAlison Crawshaw RGN, BSc, ENB216(from15 May2021)
	Mr David Drakeley
	Ms Nicola Gee
	Mrs Carol Katte RGN, DipN(Lond),NDNCert, ENB216(until15May20211
	Mrs Jacqui Sibbald
	MrJohn Smail
	MrMichael Thompson MD, FRCS
	MsTracey Usher

Medical adviser:	Professor Christopher Probert MD, FRCP,ILTM
Gynaecological adviser:	MrOlu.iimiJibodu MRCOG
Research advisers:	Professor Sir Miles lrving DSc (Hon). MD, ChM, FRCS, FMedSci
	Professor Sir NormanSWlliamsFRCS, FRCP, FRCPE,
	FMedSci, FRCA
	ProfessorMG Dunlop MD, FRCS, FMedSci, FRSE
	Professor JRTMonson MD, FRCS, FRCSI, FACS,
	FRCPS Glas (Hon)
	ProfessorDG Morton MD, FRCS(Colorectal)
Surgical advisers:	Professor Neil Mortensen MBChB, MD, MA, FRCSEng,
	FRCS Glas, FRCS Edin,FRCSI
	MrMike Thompson MD, FRCS
Dermatological adviser:	DrCalum Lyon MA, MRCP
Pharmaceutical adviser:	MsAnne Chetwood

	PROFESSIONAL ADVISERS
Legal advisers:	BatesWells&Braithwaite LLP
	10Queen Street Place
	London EC4RlBE
Principal bankers:	The Co-operative Bank
	POBox250, Delf House, Southway, Skelrnersdale WN8 8WT
Auditors:	Jones Avens Limited
	PiperHouse,4Dukes Court, Bognor Road, Chichester PO19 8FX
lnvestment manager:	Rathbone lnvestment Management Limited
	George House, 50 George Square,Glasgot,G21EH

ve	ar ende	d30Septemb	er2021
	Note	Unl€strictcd Funds e	Rostricted Funds €	Totalfunds 3U9nO21 f	Totalfunds 301912020 f (Note2)
lncomefrom:
Donations and legacies	3	122,283	91,248	213,531	142,888
Charitable activities	4	109,278		109,278	124,U9
lnvestments	5	135,303	9,983	145,286	181,27',|
Other income Total income	6 I@		101,231	468,095	4,758 453,566
Expenditureon:
Raising funds	7	28,9U	2,O78	31,012	17,930
Charitable activities	8	417,756	40,173	457,929	608,410
Totalexpendifure Netincome/Gxpenditure) before gains andlosseson investments Net gains (losses) on investments	IrI	446,690 (79,826) 751,265	12,251 58,980 56,031	488,941 (20,846) 807,296	626,340 (,t72,7741 (750,688)
Netincomcr(expenditure)		671"t:}9	115,0{I	785,450	(923,462)
Transfers between funds	21	(1,076)	1,078
l{otmovement infunds		670,363	116,087	786,r150	(923,462)
Reconciliation offunds:
Total funds broughtforuard Totalfunds carried forward	I	4,808,8s5 5,479,218	530,587 646,674	5,339,442 6,125,892	6,262,904 5,339,442

Balance Sheet as at	Balance Sheet as at	30September202'l	30September202'l
	ltotes	€	Tet Erg:m2r €	f	Tota! 30r9r2t)20 f
FiredAsscts
lnta.EiHeassets	11				117
lnvestnents	't5		6,025,689		5,295,539
TGIFixedAsscts			6,025,689		5,295,656
CurrentA$cts
Debtors	17	105,24		71,190
C6hon depositardinhand		161,902		162,495
TffilGunentAssets		m7,112		236,985
Liabalitbs
Credito6falling due within oneyear	19	166,939		193,199
etCurentAssets			100,203		lr:l,786
Totalassetrhsscureot liabililies			6,125,892		5,3:l9,t142
l{et Assets			6,125,892		5,339,{42
The Funds oftfteGharig
Generalunrestidedincornefunds	21&22	4,673,030		4,197,983
Revaluation reserye		806,188		610,872
Total unrestrictedincornefunds			5,179,218		4,808,855
General restrictedincone funds	21&22	567,387		501,628
Revaluatbnreserve		79,247		28,959
TGIr€strictedincornefunds			645,674		5:X),587
TotalGharity Funds			6,125,892		5,339,.142

		Total	Total
	Notes	Funds	Funds
		m21	2020
		€	f,
Netcashusedinoperating activities	24	(223,025)	1332,6241
Cash f,orusfromiNe6tingactivities
lnterestanddividend income		145,286	181,271
Proceeds ftom sale of investments		1,999,623	1,461,553
Purchase of investments		(1,922,477)	(1,790,546)
Net cashprovidedbyr{uEodin)inv$tingacfvities		222,432	1147,7221
Change in cash and cashequivalenbin theyear		(sss)	(480,346)
Cash and cash equivalentS brought forward		162,495	u2,841
Cash and cashequivalents carried forward		161,002	t62,t195
Relatingto:
Cash on deposit andinhand		t6{,902	162,495

		Note	Unr€stricted Funds	Restricted Funds	Totalfunds 30/9/20m
			c.	f,,	t.
lncomefrom:
Donations and legacies		3	118,773	24,115	142,888
Charitable activities		4	124,649		124,649
lnvestmenls		5	168,660	12,611	181,271
Other income		6	4,758		4,758
Total income			4't6,840	36,726	4s3,566
Expenditureon:
Raising funds		7	16,748	1,182	17,930
Charitable activities		o	474,720	133,690	608,410
Total expenditure			491,t168	134,Vt2	626,340
Netincome(expenditure) before
gainsand loaaeson investnentS			174,6281	(98,r{6)	1172,7741
Net gains (losses) on investments			(697,987)	(52,701)	(750,688)
Netincome/(expenditur€)			1772,6151	(150,847)	1923,46'21
Netmovement infunds			(772,61s1	(150,847)	(s23,462)
Reconciliationoffunds:
Total funds broughtfonrard			5,581,470	681,434	6,262,9U
Totalfunds cerriodfor*erd	I		4,808,855	530,587	5,33g,42

	Funds
	transferred in
	fromBranch	Member
	member	organisation	Ottrer		Total	Total
	organisations	donations I	donations t	Legacies €	2021 c	2020 f,
GeneralFund			10,677	23,939	34,616	22,666
Elizabeth Fund ClayMemorial				67,374	67,374	8?,927
Branch Designated funds			19,793	500	20,293	13,180
Total unrestrictedfunds			30,470	91,813	122,283	118,773
Research Fund		500	345	25,224	26,069	2,219
Robert Wainwright Fund				60,000	60,000
Branch Restricted funds	5,179				5,179	21,896
Total restricted funds	5,179	500	345	85,224	91,248	24,115
Totel2021	5,179	500	30,8{5	177,037	2{3,53{
Totat 2020	21,500	500	24,590	96,298		142,888

	Unre.ficted funds €	Rcatricted funds €	Total 202{ E	Total2020 €
lA Journal	44,920		44,920	45,138
Annual (National Council) meeting
Member organisation annual subscriptions	30,951		30,951	32,274
Member subscriptions	33,407		33,407	47,075
Pouch lnformation Day				162
Total	109,278		109,278	124,649
Total 2020	124,U9			124,U9

	2021 €	2020t
UK listed investments	145,286	181,271
Bank interest
Total	145,285	181,271

	2021t	2020 €
Coronavirus Job Retention Scheme grant		4,758
Total		4,758

	2021I	2020 I
lnvestment management c€sts	30,434	17,352
Online fundraising costs	578	578
Total	31,O12	17,930

	Note		2021 €	2020t
lAJournal (including distribution costs)			53,535	53,738
Grants and donations		I	20,851	105,523
Annual (National Council) meeting (apportioned)			1,185	476
YounglAactivities			3'18
lnternal Pouch Group activities				2,782
Visitor training			1,110	807
Publicity & promotion			71,768	89,942
lnformation sheets & booklets			241	1,187
Nationaloffice (apportioned)			144,783	159,609
Charitable activities			91	3,028
Branch member organisation activities			27,835	32,956
Support costs	1	0	8,273	12,6U
Governance costs	11		127,939	145,678
Total			457,929	608,410

	2021	2020
	C	f,
Grantstoindividuals	8,850	11,880
Grantstoinstitutions and organisations (see below)	10,300	9't,709
GrantstolA member organisations	1,308	804
Other donations	393	1,'130
Total	20,851	105,523

ecipients of grantstoinstitutions and organisations were:
	f,
TheAssociationofColoproctologyofGreat Britainandlreland: Grantfor	10,300
maintenance oftheNational Pouch Registry

	m21	2020
	€	€
lAJoumal	3,105	2,972
Annual (National Council) meeting (apportioned)		380
Publicity&promotion		4,793
YounglA	120
lntemalPouch	120	30
Charitable activities	4,928	4,509
Total	8,273	12,684

	2021	2020	2020
	€	f
National office (apportioned)	111,769	1	18,590
Annual (National Council) meeting (apportioned)	1,173		95
Other administrative meetings	5		2,541
Audit fee	3,700		3,600
lnsurance	3,350		2,690
Bank charges&currency costs	812		1,056
Legalcosts	1,513		7,078
Other expenses	5,617		10,o27
Total	127,939	145,678

	2021	2020
	f	€
Salariesandwages	162,083	174,597
Social security costs	12,354	13,238
Pension costs	20,499	17,473
Other benefits	4,403	4,608
Agency/contractstafi	16,765	15,297
Total	216,104	225,213

	Total
	€
Softcrare
Cost
At1October 2020		6,211
Additions
At30September202t		6,211
Amortisation
At1October 2020		6,094
Charge for theyear		117
At30September2021		6,211
I'let bookvalue
At 30 September 2020		117
At 30 September2021

Movements on investments for theyearen	ded30SeptembP-r 2021	were asshorrn
illarketvaluebasis	2021 €	2020 €
Quotedinvestments
Brought forward	5,295,539	5,717,234
Additions	1,922,477	1,790,546
Disposalsatcarrying value	(1,828,U2)	(1,666,568)
Unrealisedgains/losses	635,715	(545,673)
At marketvalue30s September	6,025,689	5,295,539
At cost 30 September	5,110,214	4,655,708

allocated tofundson the basis follows:	of thecost	input by each fund.At1October 2019,th	esplitwa
Capital lnvestment Fund	87.U%	ResearchFund	6.64Yo
GeneralFund	0.00o/o	Welfare Fund	0.46%
Etizabeth Clay Mernorial Fund	5.18%	Bryan N. Brooke (lA) Overseas Travel Fund	0.18%

I6FINANCIALINSTRUT,IENTS
	2021 f	2020 t
Carryingvalueof financial assets
lnstrumerismeasuredatfair value throughprofitand loss	6,025,689	5,295,539

Amountsfallingduewithinoneyear:	2021 f,	2020 €
Legacies due	68,042
Prepayments	3,255	4,539
Other debtors	19,501	24,110
Duefiombranch member organisations	10,942	42,y1
Rentdeposit	3,500	3,500
Total	105,240	74,490

	m.21	2020
	€	€
Accruals	34,715	30,601
Deferred income		1,012
Researchprojects	113,210	146,333
Taxation and social security	4 1 1	4,585
Dueto branch member organisations	758	638
Other creditors	14,135	10,030
Total	166,939	193,199

Forthe financialyo	arerdod30Se	ptember20	2t
				Gains/
	Balance tn0120 €	lncome €	Expenditute t	(locs6)on investment asaets	Transferc beeen funds	Balance 3[J,,9no21 €
				e
Unrestrictad funds
General	231,'106	23"t,384	441,159		189,124	210,455
Capital lnvestment	4,420,790			711,4'11	(30,119)	5,102,O82
Elizabeth Clay Memorial	47,461	74,475	2,785	39,854	(159,005)
Branch Designated	109,498	61,005	2,746		(1,076)	166,681
Totalunrestcted funds	4,808,855	366,864	tt46,690	751,265	(1,076)	5,179,218
Restrictedfunds
Research	45,960	35,175	12,196	51,107		120,046
Welfare	32,375	626	130	3,517		36,388
Bryan N Brooke(lA) Overseas Travel	18,931	251	52	1,407		20,537
Young lA Bursary	5,230					5,230
The VictoriaWills lA lntemal Pouch	1,813					1,813
lAAnnual Award for lnnovation	571					571
RobertWainwright		60,000				60,000
Branch Restricted	425,707	5,179	29,873		1,076	402,089
Total restricted funds	530,587	t0t,231	42,251	56,031	1,076	646,674
Totalfunds	5,339,42	2t68,095	188,941	807,296		6,125,892

Forthe ftnancialye	ar ended30Sep	tcmber20	20
				Gains/
	Balance 1t10t19 f	lncome €	Expenditrre E	(loa3es)on investment aaaots t	Tranefers betrveen funds	Balance 30flJ,t2020 €
Unrestricted funds
General	228,533	258.1U	488,8r9		233,228	231,106
Capital lnvestment	5,081,291			(660,501)		4,420,790
ElzabethClay Memorial	227,740	91,897	'l,462	(37,486)	(233,228)	47,461
Branch Designated	43,906	66,779	1,187			109,498
Totalunr$ficted fundS	5,58r,470	4{6,840	491,468	(697,987)		4,808,855
Restricted funds
Research	173,095	13,722	92,7A7	(48,070)		45,960
Welfare	35,466	791	574	(3,308)		32,375
Bryan N Brooke (lA) Overseas Travel	20,221	317	284	(1,32s)		18,931
Young lA Bursary	5,230					5,230
The Victoria WillslA	1,813					't,813
lntemal Pouch
lA Annual Awardfor Innovation	571					571
Branch Restricted	445,038	21,896	41,227			425,707
Total restricted funds	681,434	36,726	134,872	(52,70r)		530,587
Totalfunds	6,262,904	453,566	626,3/f0	(7s0,688)		s,339,442

		NetCurrent
	FixedA$etg	Assets, (Lisbilities)	Long Term Liabilities	Total 3019t2021
	€	€	€	C
Unrestricted funds
General		210,455		210,455
Capital lnvestment	4,939,168	162,914		5,102.082
Elizabeth Clay Memorial	292.265	(292,2651
Branch Designated		166,681		166,681
Totalunrestricted funds	5,23r,433	247,785		5,479,218
Restrictedfunds
Research	374,U1	(254,595)		120,046
Welfare	25,9*	10,4v		36,388
Bryan N Brooke(lA)Overseas Travel	10,156	10,38'l		20,537
Young lA Bursary		5,230		5,230
The VictoriaWillslA lnternal Pouch Bursary		1,813		1,813
lAAnnual Awardforlnnovation		571		571
Robert Wainwright		60,000		60,000
Branch Restricted	383 ,505	18,584		402,089
TotalrGtrictedfunds	794,256	(47,5e21		646,674
Totalfunds	6,025,689	100,203		6,125,892

		ItletCurent
		Assets/	Long Term	Total
	FixedAssets	(Liabilities)	Liabilities	3019t2020
	€	e	f,	E
Unrestrictedfunds
General		231,'106		231,106
Capital lnvestment	4,331,075	89,715		4,420,790
Elizabeth Clay Memorial	256,399	(208,938)		47,461
Branch Designated		109,498		109,498
Totalu nreetricted funds	4,587,174	221,381		4,808,855
Restrictedfunds
Research	328,s',t7	(282,557)		45,960
Welfare	22,758	9,617		32,375
Bryan N Brooke (lA) Overseas Travel	8,906	10,o25		't8,931
Young lA Bursary		5,230		5,230
The VictoriaWllslA lntemal Pouch Bursary		1,813		1,813
lAAnnual Award for lnnovation		571		571
Branch Restricted	348,001	77,706		425,707
Total restdctedfunds	708,{82	(177,595)		530,587
Totalfunds	5,295,656	tl:t,786		5,339,442
Unrealisedgainson investrnent	assets included above:
	2021		2020
	g		E
Unrestricted funds	806,188		610,872
Restricted funds	79,287		28,959
Total	885,475		539,831

Paymentdue	2021 f,	2020 €
Nolater than oneyear	15,000	4,814
Laterthanoneyear and not later lhan fiveyears	49,583
Total	64,583	4,814

	2021	2020
	€	e
Netincome/(expenditure) for the reporting period (asperthestatement of financial activities)	786,.(i0	1923,1621
Adiustments for:
Add back depreciation on intangible fixed assets	117	2,802
Deduct interest income shown in investing activities	(14s,286)	('t8't,271)
Deductgainyaddback losses oninvestmenk	(635,715)	546,575
Loss/(profit) on the sale of investments	(171,581)	2U,113
(lncrease)/decreaseindebtors	(30,750)	(23,874)
lncrease/(decrease)increditors	(26,260)	42,493
Netcashused inoperatingactivities	1223,Ozsl	1332,6241