Charity number: 1186061 BOWEL RESEARCH UK TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 BOWEL RESEARCH UK CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent auditor's report on the financial statements Consolidated statement of financial activities 17-20 21 Consolidated balance sheet 22 Charity balance sheet Consolidated statement of cash flows 23 24 Notes to the financial statements 25-45 BOWEL RESEARCH UK TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Statement from the Chair Welcome lo our Annual Report for 2021. In the past year, COVID-19 has continued lo provide major challenges and disruption. Thankfully, the situation in the UK and for us as a charity seems lo be improving. We have eome through an extremely difficult period, demonslraled our resilience and have plenty to be proud of over the p8St year and much lo look forward to in the years ahead. We have been delighted by the progress we have made over the p8St year. Our relatively new charity is al￿adY making an impact," in 2021 we funded research grants of £877,382 in our Inaugural Grants programme. We have come through an unprecedented period as a newly merged Charity, and we should be proud of our achievements so far. Throughout the year, we worked extremely hard eontinuing lo integrate the two charities, YOU Can read more about our activities in the Trustees Report. We have 8 plan in pla￿ lo 18ke the Charity forward which requires us to evolve and ad8pI to a changed world. We can say with confidenee that we are on a strong footing lo take on the challenges ahead. Our focus continues on improving the outlook for those diagnosed and living with bowel cancer and other bowel diseases. We have announced key research priorities set out by our new Scientific sub-committee and our Commitment lo change the oullook for current and future generations with a research investment of £1,000,000 over the next eighteen months. Of course, none of this would have been possible without the hard work and commitment of our B08rd of Trustees, Committees, staff and supporters, clinical and scientific advisors and volunteers. It is thanks to their passion and support that we have been able to achieve so much in a year which has challenged so many. would like lo thank our outgoing Trustee P8uI Reynolds for everything he has contributed over the past 12 years, and especially over the past year as my Co-chair of the Bowel Research UK Charity. Asha Senapati Chair Page 1 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Welcome from the Chief Executive l am pleased to be introducing the 2021 annual report of Bowel Rese8reh UK. The ch8rity18unched on the 29 September 2020 with 8 commitment to end bowel cancer and bowel disease. In launching the charity and our new identify we set out five core beliefs. We believe that". Far loo many people are needlessly dying from bowel eancer and having to suffer painful and debilitating symptoms with other bowel diseases. Research offers our best chance of curing these conditions and developing better treatments that will help lo limit the impact they have on people's lives. Research into bowel cancer and other bowel diseases is chronically underfunded. The unnecessary stigma and embarrassment around the bowel has lo be overcome in order to make progress. We need to invest in the next generation of scientists and funding new ide8S. Bowel Research UK is al the start of an exciting and important journey. Our founding charities achieved so much and we are proud to bring with us their knowledge, expertise and commitment. This will stand us in good stead for the future. Our Close lies and special relationship with the ACPGBI and our Patients & Researchers Together IP8RTI network give Bowel Research UK unique perspective and reach within the bowel cancer and bowel disease community. Our world class surgeons and ￿searCherS ensure that all submilled rèsearch proposals are critlC811y viewed and scrulinised, ensuring the charity only funds the best proposals. The Bowel Research UK PaRT network works alongside lo bring the benefits of lived experience with bowel cancer and disease to the research through PROMS IPalient Reported Outcome Measures). Combining these two vital eomponents is our Unique Selling Point," certainty that the research supported by Bowel Research UK is of scientific merit whilst also ensuring the research has the FX)lenlial to add life enhancing value to individuals living with bowel cancer and disease. With the support of our Trustees, Committee members, staff, the research community, patients and their families, decision makers and influencers and of course our many wonderful supporters and friends we Can and will keep moving one slep closer to meeting our commitment to end bowel cancer and bowel disease. Over the last year we have seen the importance of community and working together. I hope that you will join us in this exciting journey. Lynn Dunne Chief Executive Page 2 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 About Bowel Research UK Bowel Research UK is funding life-changing research into bowel cancer and other bowel diseases. Every year over 16,000 people die from bowel cancer in the UK and over a million suffer from bowel disease. By researching cutb'ng edge treatments and investing in the best scienee, we're saving and improving people's lives. Since 2018, the eoneept of Bowel Research UK has been the ambition of the Trustees of the founding charities, Bowel & Cancer Research and Bowel Disease Research Foundation. Building the 'go lo charity for resèarchers working in the area of bowel cancer and other bowel diseases, supporting eady career researchers, combining the expertise of Iwo Grants Committees and being able to invest funds in research by working together, will help us direct the research funding where il is needed most and where it will have the greatest impact. Our launch in 2020 was the ￿SuIt of the considerable investment- in time, commitment and dedication. We are grateful to all those involved from our network of researchers and supporters to our staff, Trustees and Commilleè members. We are indebted to 811 those who supported us during this process and to 8 generous SUPFX)rter who met the launch costs of the new charity- Brand name and identity Our Trustees, Committees and staff were actively involved in the new name, str8pline and brand identity- Throughout the process we involved our stakeholders and their feedback throughout was inlegol to our final selection. We are pleased to report the new name and brand identify, design, colours and resources have been well received by our stakeholders. Staff Following 8 review of our staff Structu￿ and future plans, a new Leadership Team was established comprising the Director of Finance & Opeffttions, the Director of Research & Patient & Public Involvement and the Director of Fundraising. In November we appointed a Research and Patient & Public Integration Assistant lo support 8 unique pan- European study into faecal incontinence. The Fundraising Team includes staff from the legacy charities and a new fundraising and marketing strategy is being developed. Going fotward the charity will look to develop its digital fundfftising expertise and to appoint dedicated communications support. Funding Life Changing Research Our Grants Committee brings together 8 wide range of expertise and specialist knowledge from both charities. The Committee throughout 2021 mel to short-lisl and award grants. In its meeting on 25th January il short-listed from 49 Inauguol Grant 8ppliealions some 29 to go fotward for peer review and awarding. At its meeting of 16th April 2021, it discussed and awarded four PhD's which it had been unable to award previously due lo the pandemic. Finally, at its meeting of 15th July 2021, the Committee discussed and awarded eight Inaugural grants. One of Bowel Research UK'S key research priorities is to work in partnership with other charity partners, and Bowel Research UK has always managed the grant 8W8rding process for The Pseudo Obstruction Research Trust IPORTI which was formed, in 2006, with the aim to fund research into the rare and debilitating disease, Chronic Intestinal Pseudo Obstruction ICIPOI. Bowel Research UK provides the support setviees for grant awarding and management purposes regarding PORT research. Therefore, al its meeting of 15th July 2021, the Grants Committee short listed four PORT research grants and at the 25th November 2021 meeting, it recommended 2 PORT awards. Page 3 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 During 2021, we continued to bring together the founding charities, research progr8mmes, established research priorities and ensured the relevant systems and protocols were in place lo guarantee the quality of the research we consider, to advance understanding of bowel cancer and other bowel diseases and maximize the impact of our funding. This included. The apF)ointment of 8 new Grants Committee Chair to consider grant applications and make recommendations for funding. A skills audit of current membership which resulted in 6 new members being invited onto the committee. Establishing ￿search priorities to include diseases with significant impact, poorer outeomes and low awareness. Investing in a new Grants Management System lo support our current and future gmnls. Communicating with all current grant holders and key stakeholders. Reaching out to those with an interest in bowel eancer and other bowel diseases and ￿lated areas such as stress, quality of life and emotional well-being. Funding eight Inauguml grants tot811ing £456,367 and four PhDs tol811ing £346,367. During 2021, our grants committee continuing to work, efficiently and effectively via remote channels. Our Inaugural Grants Call To mark the launch of Bowel Rese8reh UK, a new grant round opened in 2020 through which we invited high quality 8ppIic8tions for eonsideration. Awards of up to £50,000 were avai18ble for lime-limited lindicalively 12-24 monlhsl proof-of-principle studies based on sound hypotheses. Successful applicants We￿ expeeted lo make strong ease for how the prospective funding would benefit Patients and be used to lever further funding to continue the resulting work. Propos81s could relate to any aspect of bowel disease and could vary from basic science through to clinical trials, noting that all studies musl have a tangible Irans18tional component. Are8s of interest included, but were not limited, to-. Colorectal cancer Inflammatory Bowel Disease lulcerative Colitis and Crohn's disease) Benign proclology Functional problems IconstlP8tion, incontinence) Stoma preventionlimprovement in quality of life Eight Inaugural grants were funded in 2021 and reflected our intent to fund rare diseases, those with poor public awareness, those with limited research investment, those with signifie8nt impact on quality of life and those which affeel specific members of our community. Page 4 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Grant Making Policy The B08rd of Trustees bestows two types of grants through an annual competitive funding eall". Sm811 Grants and doctoral research grants. Grants are awarded entirely on scientifi'c merit with referencè to Bowel Research UK'S research priorities and through a process of open competition. The quality of the application, research proposed and applicants, experience in their fièld are the key determinants of outcome. Each application is subject 10 8 rigorous review process guided by the charity's Grants Committee. Both the small grants and the PhD rounds are 8 one stage application process. All applications are subject to rigorous peer ￿VIeW which involves 8 minimum of two independent expert ￿vIewerS who specialise in the a￿8 of the application, but who do not have a conflict of interest and are not a member of the Grants Committee. Reviewers provide a written assessment of the quality, novelty, importance and relevance of the proposal. All research grants are awarded according to the principles and st8nd8rds set out by the Association of Medic81 Research Charities IAMRCI of which we are 8 member. The Trustees We￿ delighted to appoint Professor Sue C18rk as the Chair of the Grants Committee and noted that the future of the Grants Committee was in excellent hands. People and Research Together {PaRTI network Bowel Research UK has a nationwide network of individuals from all walks of life who share an Inte￿$t in bowel disease. Studies have shown that involving people in this way strengthens the success of research projects. Over 1,200 people are involved in the programme and have the opportunity to eontribule their experience and knowledge to a wide range of studies supporting our research interests. Participants engage in various ways, from telling us what the priorities for research should be, to helping shape our research strategy, lo guiding researchers in extemal projects through participation in focus groups. "med￿81 rese8rchers frequently come up with bnlliant ide8S that can tr8nsform people's lives, but sometimes theyre so deeply involved that they don t see the everyday impractlc81ilies of Iheirpropos81s. As a patient, I have seen how 8sking the prospective end user, for their thoughts while 8 tri81 1$ 81 the planning stage c8n help steer research and enable inveslig81ots to see things from a different petspeclive. I feel privileged to be involved such v81u8ble work 8nd honoured to have my opinion consNdered in such lrfe changing projects.. Patient Fundraising Throughout 2020 the COVID-19 pandemic caused many severe reslriclions lo day to day life which led to difficult first year for the charity. Our events income dropped significantly with mass participation challenge events and community fundraising unable to 18ke place. additionally, many companies, trusts and grant making bodies diverted their funds to support the pandemic crisis. We are grateful to all those who continued to support our work and to the many individuals who gave donations during this lime through regular gifts, payroll giving and in memoriam gifts and legacies. Legacies play such an important Part in the work of so many charities and we would like to thank everybody who bequeaths us 8 legacy. Each legacy helps us conb'nue lo fund important research through their generosity. Finally, we would also like to thank a generous donor who supported our launch campaign. Thanks to the wonderful efforts of so many people, companies, trusts and foundations we raised £655,015 during the year. Page 5 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Fundraising Note We are registered with the Fundraising Regulator, and are committed to ensuring we are open and transparent about our fundraising and spending, and that all of our activities comply with the Fundraising Code of Practice. Our membership of the Fundraising Regulator reflects the fact that". We are committed to high standards", We are honest and open", We are clear, we are respectful", We are fair and reasonable", and We are accoun18ble. When individu81s or groups organise events on our behalf, we have a robust policy and procedure for undertaking risk assessments, including consideration for key risks around health and safety and safeguarding. We know there may be limes when we do not meet the high standards we aim for. If this happens, we are committed lo listening lo our supporters, feedback, so we ean try lo put il right and learn to continuously improve. We have a complaints policy and provide intern81 training for staff handling complaints. In the past year we did not receive any complaints. We ask supporters and donors for their preferences 8S to how we should communicate with them. We give them the option lo let us know if they would prefer to no longer wish to hear from us and always res￿et their wishès. We do not sell or exchange lists of data with any other charib'es or companies for markekn'ng or fundraising purposes. We are very awa￿ of our obligations to the public in this are8 and we are vigilant in our fundraising activities to ensure that there is no intrusion on peoplè's privacy or any undue pressure applied. All communications from the charity include details of how to be removed from any future mailing lists. Fundraising activity and overall str8tegy are ￿gUlarlY considered by the Board of Trustees and the Fundraising Markèb'ng and Communiealions Committee. Our leadership team has accountability and oversight of fundraising activities and monitors performance and quality lo idèntify any significant challenges or changes that are quired. We are committed to retaining and building the trust of our SUPF)Orters, and we continue lo look for ways to further strengthen and improve our fundraising programme. Working with others We value our membership of the Association of Medical Research Charities IAMRCI. AMRC is a membership organisation dedicated to supporting medical research charities in saving and improving lives through research and innovation. AMRC bring together and support health and medical charities to produce high-quality research through influencing policy and research, and highlighting the sector's contribution to patient and public health. The Association of Coloproctology of Great Britain and Ireland IACPGBII comprising over 1000 surgeons, nurses, and allied health professionals, has been 8 long standing partner and in this exceptional and most challenging of years their support and friendship has been par8mounl. We value our close relationship and look forward to working with them going forward. Our staff engage with a range of organisalions working in the area of bowel cancer and other diseases to explore potential future co118borations and partnerships. Page 6 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Responding to COVID-19 The COVID-19 pandemic created great uncertainty for all charities 8t its height. B()wel Research UK quickly sponded and ad8pled lo these changing circumstances, Closing our offices and moving to a home-based working model. Our leadership team mel weekly throughout the stages of the pandemic lo co-ordinate our organisalional response", staff working arrangements, communiealions and medi8, fundraising impact and mitigation, and business continuity and p18nning. The Chief Executive has met weekly with the Co-chairs to report on progress. This has helped in our scenario p18nning and fin8nci81 modelling of the COVID-19 pandemic. The way our staff responded lo the pandemic alongside our merger and launch is lo be commended. We want to record our heartfelt thanks lo every member of staff and to all those who supported us during this period. Future plans As with so many other charities, the COVID-19 pandemic has had a significant impact on every aspect of our work and changed the outlook and priorities of those affected by bowel cancer and other bowel diseases. These challenges also present opportunities to consider how we deliver our putpose and we are clear about what we want to achieve in 2022. Invest in innovative research and the next generation of researchers". Funding research and supporting early career researchers remains at the core of everything we do. Launch our research strategy- We will publish our new research strategy in 2022 which sets out how we use our funds to invest in resèarch to have the maximum possible impact. This will include rare diseases, those with poor public awareness, those with limited research investment, those with signific8nl impact on quality of life and those which affeel specific members of our community. Increase the reach of our Patient and Public Involvement IPPII programme: Providing more virtual opportunities lo explore both general and specific issues will ensure our pr(￿mmMe acts as an important resource for researchers and allied healthcare professionals as well as patiènts who benefit from the informal peer-to-peer support these meetings offer. Supporting colleagues.. The pandemic has meant that many of our colleagues within the NHS have been deployed to COVID-19 duties and research has been pul on hold for the foreseeable future. We are working with the research community to support them and ensuo projects can resume as quickly as possible. Our fundraising strategy: Given the impact of the pandemic on fundraising we will ensu￿ we maintain a diverse range of funding streams, look to devèlop opportunities to work with the business eommunily and invest in our individu81 giving and marketing strategy. Our communications strategy- We will develop 8 new communications strategy, priorilising the impact of our research on people affected by bowel cancer and other bowel diseases. We will maximise our new bmnd and identify ways of lne￿as1ng our reach across all communication channels. Develop partnership opportunities- We w8nl to ensure we meet the needs of everyone affected by or interested in bowel cancer and other bowel diseases. Working together with other organisations, charities and Campaigning groups we will continue to drive change, raise awareness and have 8 shared voice. Page 7 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Financial Review 2021 Income A total of £778,773 was raised during the year. The pandemic caused many fundraising events such as the Virgin Money London Marathon to be postponed and this had a considerable effect on the ability of our supporters to take part in challenge events or to organise their own community based events. However, we applaud the efforts of those supporters who came up with innovative ways to raise funds and donated £9,780. Individual income was also affected by the pandemic and we are extremely grateful lo have re￿IVed £62,499 from our supporters including those who continued to give via regular gifts and payroll giving. During the year our legacy income was £81,345 of which £10,685 will be received in the next financial year. During the year we benefitted from a GO￿le grant award to the value of £12,926. The Google Adwords funding allows for free marketing and positioning on the Google search engine and improves visibility for the charity. Investment Income Investment income was £29,198 and our investment manager is Quilter Cheviot. Investment Gain During the year investments gained £83,475. Expenditure Total expenditure for the year was £1, 179,134. Raising Funds The costs of fftising funds were £67,206 which includes salary payments and the GO(￿le grant funding re18ted cost. Whilst events did not take place throughout the year, many of these had al￿adY been paid for prior to the pandemic. Charitable Activity The costs of £1,179,134 includes grants aw8rded, staff costs and supporL Governance Tot81 costs of £24,551 include audit fees, bank charges, IT support, insurance and depreciation. Reserves The Trustees have sel 8 free reserves policy of holding al le8sI twelve months operating costs whilst the COVID- 19 pandemic is affecting fundraising income. This was agreed on the basis that the charity would continue to support research grants with a target of £1,000,000 in the first 2 years. Annual expenditure is currently £1,179, 134 with free reserves being £955,132. Our long term target is to move to a reserves policy of holding six months operating costs so that we can invest as much as possible into research year on year. Al the 31 sl December 2021 the charity was holding restricted funds of £127,479 and unrestricted funds of £957,471. Subsidiaries and Related Parties Bowel Research UK consists of a group of charities, with Bowel & Can￿r Research Iregislered charity 11191051 and Bowel Disease Research Foundation Iregistered charity 11204601 being wholly owned subsidiaries. The net assets of each charity were transferred lo Bowel Research UK on 30 September 2020 by way of a hive-up agreement. The Trustees of Bowel Research UK believe that the new charity is in the public Inte￿$1 as this is an opportunity lo share the experb'se of the research community to achieve greater results for patients and their families. Details of related party transactions can be seen in note 21 of the Financial Statements. Page 8 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Structure, Governance and Management Constitution Bowel Research UK is 8 ChariL9ble Ineorporaled Organi88tion Ich8rity Commission number 11860611 registered in England and Wales, it was incorporated on 30th October 2019. The governing document is the constitution document as registered at the Charity Commission. The charity was previously registered as Bowel Cancer & Disease Research Charity CIO. Objects and Public Benefit The objects of the Charitable Incorporated Organisalion ICIOI is conducted in respect to our vision lo end bowel cancer and bowel disease for the benefit of the public. Specifically, the provision of financial and other assistance for". the conduct of research into k)owel cancer and other bowel diseases and the publication of the useful results of such research", and the 8dvancement of education ￿lating to bowel eaneer and other bowel diseases Charity Governance Code The Trustees are aware of the Charity Governance code Ilasl updated December 20201 and are adopting the core principles". Org8nisation81 purpose, Leadèrship, Integrity, Decision making, risk and control, Board effectiveness, Equality, diversity and inclusion Openness and accountability. As a young charity we have drawn on the expertise of the legacy charities lo bring together the principles of good governance. Recruitment, Induction and Training of Trustees and Senior Management Trustees are recruited through 8n executive search or on the recommendation of incumbent members of the Board commensurate with the Co-chair's aim to maintain 8 balanced composition of skills and background. Applications from individuals seeking lo become a Trustee will be considered as and when appropriate by the Board. The Board met four limes during the year. During the COVID-19 pandèmic Trustees mel virtually. Senior m8nagemenl are recruited through use of executive search with pay and benefits detemined with reference lo external benchmarking lo simi18r sized charity organisalions. Trustee Training and Induction On appointment, Trustees receive 8 comprehensive induction programme which includes a meeting with the leadership team, lead programme researchers and visit lo the research programmes. In the absence of in-house provision, or an otherwise formalised programme of training, the Chief Executive advises Trustees of opportunities that will increase their general understanding of voluntary sector, healthcare andlor medical research issues. During the COVID-19 pandemic the induction programme was delivered remotely. Page 9 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Decision Making At the strategic level, the Board of Trustees regu18rly reviews the charity's direction in the wider context of medical research charities, requiring the Chief Executive lo identify relevant key issues and present options for ils consideration. Due governance remains 8 key requirement. The B08rd of Trustees is supported by the following sub committees", The Finance & Investment Committee is responsible for the financial oversight of the Ch8rily including budgeting, financial planning and monitoring as well as financial reporting and the creation and monitoring of internal Controls and accounting policies. 11 presents a ￿port lo the Board 8t each of its meetings. The Grants Committee is responsible for overseeing the expert independent peer review process in validating applications for new research gmnls, monitoring existing grants and the verificab'on of outcomes, it presents 8 report lo the Board at each of ils meetings and makes recommendations to the Board for new grant 8W8rds as appropriate. Membership of the Committee, which includes independent clinicianslresearchers, is earefully selected to ensure 8 broad range of opinions and advice. The Trustees express their sincere appreciation to members of the Grants Committee, all of whom generously donate their lime and are invested in supporting and steering the charity's research aclivilies. The Scientific Committee is responsible for providing guidance and insights into the research strategy which guides the work of the Grants Committee. The Fundraising Marketing and Communications Committee meets to provide expertise and guidance to the fundraising team. It presents to the Board al each of ils meetings. At the opemtional level, the Board delegates the day-to day running of the Charity to the Chief Executive, requiring her lo deliver 811 aspects of governance, planning and perfomance in 8ecord8nce with the agreed strategic direction. Principal risks and uncertainties The Board are responsible for ensuring that we have effective and adequate risk management, and that internal control systems are in place to understand our risk appetite and lo m8n8ge the major risks the Charity is exposed to. 11 earries this out by monitoring the effectiveness of our risk m8nagemenl framework. The risk management fr8mework is designed lo support informed decision-making regarding the risks that affect our ability 10 achieve our objectives. It also provides a consistent 8ppr08ch to identifying, assessing and dealing with the risks we face lo ensure that they are aligned with the level of risk we are willing 10 accept. The fmmework is designed to manage, rather than eliminate the risks to our objectives and lo provide reasonable, but not absolute, 8ssurance against material miss18tement or loss. The risk management framework meets the Charity Commission's requirements. This consists of five stages, from understanding the risk environment through key risk idenlific8tion, risk an81ysis, evaluation and treatment. A 'tOP-down' risk review, by the CEO, alongside a 'bottom-up' review, by the Leadership Team, is undertaken annually and the risks identified through this process are documented in 8 risk register along with miligalion plans. The Finance & Investment Committee reviews the results of risk reviews undertaken by m8nagemenl. The Fundraising and Marketing Committee and Grants Committee regulady review the key risks relevant lo their remits. Specific risks which, if maleri81ised, would have had a significant impact on the Charity have been identified as". Page 10 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Governance and complianee: Ability to maintain a Board of Trustees with all the skills required to ensure that all aspects of governanee are adhered to. Mitigation An ongoing review of the composition of the Board of Trustees to ensure that all key funelions are covered by suitably qualified professionals Training and support for Board of Trustees and Committees Dedicated specialist resouree applied in key areas Ensuring that key management personnel and advisers are of a calibre to ensure that the Charity is aware of and compliant with regulatory and similar requirements Operational: Attracting, developing and retaining talented staff in a Competitive employment market Mitigation Annual salary review to include benchmarking of compensation and benefits Staff development, tfftining and succession planning programmes Communication programme to ensure staff are involved in the development of and prog￿SS Iow8rds mission and vision Financial- Economic pressures, competition, fundraising regulatory environment and consumer behaviour changes leading to a significant fall in income Mitigation Annual budgeting and ongoing management, reporting and monitoring of financial performance Diversifi'cation of income streams Ongoing consideration of market and consumer trends and regulations Environmental l External- Changes in govemment policy or budgets, Charity seetor regulations, or reft>rm of the NHS or Changes to the research environment that negatively impact on the charity's work Mitigation Key personnel monitor the regulatory environment on an ongoing b8SlS to ensure potential risks can be proactively managed Chief Executive, Director of Research and PPI and relevant Committees scrutinise alignment with, and progress of, activities in meeting Bowel Research UK'S mission and vision Research: Research Programme fails to deliver results Miligalion Scrutiny and approval of research funding applications by the Gmnls Committee and key personnel Annual review of pro5￿SS In addition to identifying and mitigating risks, events around the global pandemic and economic uncertainly have highlighted the importance of being prepared for 8 range of eventualities. Whilst it is not possible lo anticipate specific issues we seek lo have a well-trained, experienced team of staff and advisors, to have regu18r lines of communications and to maintain 8 strong financial position. Page11 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Our approach as an employer Bowel Research UK is commilled lo recruiting and retaining talented staff. Staff are kept fully infomed of the organisation's strategy and objectives, and individual performance is ￿vieWed throughout the year. Learning and person81 development is a priority. Temporary and volunteèr personnel are engaged for specific tasks lo ensure a balanced approach to m8n8ging administration, awareness and fundraising. The key management personnel comprise the Chief Executive, Director of Finance & Opeffttions, the Director of Research & PPI and the Director of Fundraising. The salary of the Chief Executive is set by the Co-chairs of the Board of Trustees in consultation with the Finance Committee and Board of Trustees following an annu81 review of perfotmance. The Charity uses Sector Salary Surveys for benchmarking salaries of all other members of s18ff. Annual salary increases for staff are discussed and where applicable approved by the Finance Committee and Board of Trustees. Trustees do not receive remuneration. Pensions We contribute 8 defined amount lo either our workp18ce scheme NEST or to an individual employee's personal pension schemes. Details of pension contributions can be found in note 20 to the Financial Statements. Diversity Bowel Research UK is commilled to diversity in terms of equality, gender, race, sexual orientation, religious beliefs and socioeconomic status. We recognise our responsibility to ensure our pr(￿ramme$ and activities are open and inclusive and meet the needs of a diverse society. We are commilled to developing our staff, Trustee and Committee recruitment and retention policies and processes to ensure we reflect the communities we serve, and to support staff and volunteers lo uphold equity in all of our work. The charity interacts with 8 diverse cross- seelion of society and has mechanisms in place lo ensure that respect and dignity are main18ined. Going eoneern The Trustees have 8ssessed whether the use of the going concern assumption is appropriate in preparing these financi81 statements. The Trustees have made this assessment in respect 10 8 ￿[lod of one year from the date of approval of these financial statements and have considered the ongoing impact of the coronavirus pandemic and challenging operating environment on the charity's operations with a focus on forecasts and projections in light of the pressures on income. The Trustees have concluded there is a degree of uncertainty around specific income streams for 2022", however, there is 8 reasonable expectation that the charity has adequate ￿soUrceS to continue in operational existenee for the foreseeable future and cost savings measu￿$ have been introduced. The Charity has a diverse range of funding streams and is developing specific areas such as individual giving. A portfolio of events both face to face and virtual is in place and new activities have been added throughout the year. Based on these reviews, the Trustees consider that despite the challenging operating environment, the charity has adequate resources to continue in operab'onal existence for al least 12 months from the dale of this report. Accordingly, they conb'nue to adopt the going eoncern basis of accounting in preparing the financial statements. Page 12 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Investment Policy The charity uses the services of an investment manager to m8ximize the return on investment with a level of risk that is commensurate with our financial FX)Sition. This is achieved through an actively managed diversified portfolio. The performance is overseen by the Finance Committee. The Investment Policy statement sets clear guidelines for the investment manager and these are reviewed annually. 2020 was a turbulent year for investments. However, having an Investment Policy setting out elear parameters between short and long-lerm resetves provided the charity with financial resilience. The merits of being invested in a well-diversified portfolio and the decision lo invest with Quilter Cheviot and into their spècialist charity fund has proven a good decision. The investment in the Global Income and Growth Fund for Charities delivered 8 total return of 10.60A over the year against the Funds composite benchmark of 3.2010. 11 is also worth noting that this is well ahead of inflation (CPI at 0.90/DI. At the end of December 2021 investments were valued at £938,890 which represented an ovemll gain of £83,475 during the year. Page 13 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Legal and Administrative Details Registered charity name. Bowel Research UK Registered charity number". 1186061 Ineorporaled and regISte￿d in England and W81es Registered office. Bowel Research UK, clo The Royal College of Surgeons 3543 Lincoln's Inn Fields London WC2A 3PE Trustees The Trustees who served during the period were as follows". Miss Asha Senapali Co-Ch8ir Mr Paul Reynolds Co-Ch8ir Iresigned 2nd May 20221 Miss Nicola Fearnhead lappoinled 26th May 20211 Professor Ch8rles Knowles Professor M8rilena Lozidou lappointed 26th May 20211 Professor John Northover Irèsigned 1 sl July 20211 Mr Charles Mesqui18 Professor Dion Morton (appointed 26th May 20211 Mr Richard Pertwee Ms Kathryn Pretzel-shiels (appointed 26th May 20211 Mr Jim Tiernan18ppoinled 26th May 20211 Ms Taryn McHarg lappointed 19 April 20211 Grants Committee Members Mr Austin Acheson Miss Catherine Boeoboom Professor Simon Carding Professor Susan Clark Ms Diana Cripps Miss Nicola Fearnhead Professor Charlie Knowles (Chairl Professor Mohammad Ilyas Professor Simon Leedham Professor Marilena L()zidou Professor John Northover Azmina Rose Dr Andrew Stagg Dr Gabrielle Thorpe Mr Jim Tieman Peter Vaugh8n-Sh8W Mr Dale Vimalachandr8n Dr Philip Woodland Finance Committee The Ttustees who served during the period were as follows". Ms Taryn McHarg Ichair, appointed 19 April 20211 Mr Jeremy Hilchins Iresigned November 20201 Mr Charles Mesqui18 Mr Richard Pertwee Mr Chris Sheppard Page 14 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Fundraising, Marketing and Communications Committee The members who setved during the period were as follows". Ms Kathryn Pretzel-shiels (Chairl Mr Clive Booth Ms Lam Leigh-wood Mr Jon May Professor Dion Morton Mr Richard Pleeth Ms Azmin8 Verjee Company Secretary Miss Martine Gabbilass {￿SIgned 31 March 20221 Chief Executive Ms Lynn Dunne lappoinled 31 December 20211 Miss Rebecca Porta (resigned 31 December 20211 Leadership Team Mrs Lesley Booth {Di￿clor of Research and PPII Miss Martine Gabbilass (Director of Finance and Operations, left 31 March 20221 Mr Peter Rowbollom (Director of Fundraising, left 7th April 20211 Auditors Crowe U.K. LLP Statutory Auditor 4th Floor St James House St J8mes' Square Cheltenham Gloucestershire GL50 3PR 8ankers Unity Trust Bank Four Brindley Pla Birmingham B1 2JB Flagstone Investment Managers 17th Floor New Zealand House 80 Haymarkel London SW1Y 4TE Fund Managers Quilter Cheviot 1 Kingsway London WC28 6AN Website www.bowelrese8rchuk.org Page 15 BOWEL RESEARCH UK TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Statement of Trustees responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Ac￿pIed Accounting Practieel. The law applicable to charities in England & Wales requi￿$ the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expènditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them eonsistently", observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been foll()wed, subject to any material departures disclosed and explained in the financial statements, prepare the financial sL9tements on the going concem basis unless il is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate aceounling records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAecountS and Reportsl Regu18tions 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hern￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Diselosure of infomiation to auditor Each of the persons who a￿ Trustees al the time when this Trustees, report is approved has confirmed that". so far as that each Trustee is aware, there is no relevant audit information of which the charitable group's auditor is un8W8re, and that Trustee each has taken all the steps that ought lo have been taken 8S 8 Trustee in order to be aware of any relevant audit information and to establish that the ch8ri18ble group's auditor is aware of that infomalion. Aporoved by order of the members of the board of Trustees and signed on their behalf by." Asha Senapati Chair Dale." 28111r22 Page 16 BOWEL RESEARCH UK INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOWEL RESEARCH UK Opinion We have audited the financial statements of Bowel Research UK Ilhe 'parenl charity'l and ils subsidiaries (the 'group'l for the year ended 31 De￿rnber 2021 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally AC￿pted Accounting Praclicel. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the slate of the Group's and of the parent charity's affairs as al 31 De￿mber 2021 and of the Group's incoming resources and application of reSoUr￿s, including ils income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordanee with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufFicienl 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 doubl on the Group's or the parent charity's ability lo continue as a going concern for a period of al least Iwelve months from when the financial stslements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect to going concem are described in the relevant sections of this report. Page 17 BOWEL RESEARCH UK INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOWEL RESEARCH UK ICONTINUEDI other information The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial slalements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assuran￿ conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misslatemenl in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which are required to report by exception We have nothing lo report in respect of the following mallers where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial slalements., or the parent Charity has not kept sufficient accounting records., or the parent Charity financial statements are not in agreement with the accounting records and retums,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustegs As explained more fully in the Trustees, responsibilities stslemenl, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine Is ne￿SSary lo enable the preparation of financial stslements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going con￿￿ and using the going concern basis of accounting unless the Trustees either intend lo Iiquidale the Group or the parent charity or lo cease operations, or have no realistic alternative but lo do so. Page 18 BOWEL RESEARCH UK INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOWEL RESEARCH UK ICONTINUEDI Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 152 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalement, whether due to fraud or error, and to issue an Audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instan￿$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstalemenls in respect of irregularities, including fraud. The exlenl lo which our prO￿dureS are capable of delecling irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the Group operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial slatemenls. The laws and regulations we considered in this context were the Charities Act 2011 and the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls but compliance with which might be fundamental lo the Group's ability to operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the Group for fraud. Auditing standards limit the required audit procedures lo identify non-complian￿ with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal corresponden￿, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be the override of controls by management and recognition of AMELIE grant income and legacy income. Our audit procedures to respond lo these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence including that with the Charity Commission, reading minutes of meetings of those charged with governan￿, and designing audit procedures for the recognition and classification of income. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstalemenls in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial slalemenls, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-delection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to delecl non-compliance with all laws and regulations. These inherent limitations are particularfy significant in the case of misstalemenl resulting from fraud as this may involve sophisticated schemes designed lo avoid deleclion, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditor's report. Page 19 ## **BOWEL RESEARCH UK** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOWEL RESEARCH UK (CONTINUED)** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 29 November 2022 Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 20 BOWEL RESEARCH UK CONSOLIDATED STATEpJfENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Income from: Donations and legacies Investments 50,918 698,657 29.198 749,575 29.198 655.015 23, 736 Total income 50,918 727,855 778,773 678, 151 Expenditure on: Charitable activities 66.169 1.112.965 1,179.134 593,094 Total expendlture 66,169 1,112,965 1,179,134 593,094 Net lexpenditurellincome Transfers be￿een funds 115,2511 140.6001 {385.1101 40.600 {400.3611 85,05T 19 Net movement in funds before other recognised gains Other recognised gains: Gains on revaluation of investments 155,8511 {344,5101 {400,3611 85,057 83,475 83,475 60,222 Net movement in funds 155.8511 {261.0351 {316.8861 145,279 Reconciliation of funds.. Total funds brought forward Nel movement in funds 183,330 55,8511 1,218,506 {261,0351 1,401,836 {316,8861 1,256,557 145,279 127,479 957,471 1.084,950 1,401,836 Total funds carried forward The Consolidated Statement of Financial Activities includes 811 gains and losses recognised in the year. The notes on pages 25 to 45 form part of these financial statements. Page 21 BOWEL RESEARCH UK CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Fixed assets Tangible assets Investments 2,339 938,890 4,218 855,415 14 941,229 859,633 Current assets Debtors Cash al bank and in hand 15 748.360 1,286,651 827,300 1,458, 733 2,035,011 2,286,033 Creditors.. amounts falling due within one year 16 11.403.211} (1,258,370J Net current assets 631,800 1,027,723 Total assets less current liabilities 1,573,029 1,887,356 Creditors.. amounts falling due after more than one year 17 {488.0791 (485,520) Total net assets 1,084,950 1,401,836 Charity funds Reslricled funds Unrestricted funds 19 19 127,479 957,471 183,330 1,218,506 Total funds 1,084,950 7,401,836 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Asha Senapati Chair Dale.. 28111r22 The notes on pages 25 to 45 form part of these financial statements. Page 22 BOWEL RESEARCH UK CHARITY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Fixed assets Tangible assets Investments 2,339 938,890 4,218 855,415 14 941,229 859,633 Current assets Debtors Cash al bank and in hand 15 139.359 1,286,651 131, 799 1,458, 733 1,426,010 1,590,532 Creditors.. amounts falling due within one year 16 11.403.211} (1,258,370J Net current assets 22,799 332,222 Total assets less current liabilities 964,028 1, 191,855 Creditors.. amounts falling due after more than one year 17 {488.0791 (485,520) Total net assets 475,949 706,335 Charity funds Reslricled funds Unrestricted funds 19 19 127,479 348,470 183,330 523,005 Total funds 475,949 706,335 The Charity's nel movement in funds for the year was £1230,3861 (2020- £T06,335J. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Asha Senapati Chair Dale.. 28111122 The notes on pages 25 to 45 form part of these financial statements. Page 23 BOWEL RESEARCH UK CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Note Cash flows from operatlng actlvltles Nel cash used in operating activities 21 1201,280) 1,438.337 Cash flows from Investlng actlvltles Dividends and interest from investments Purchase of tangible fixed assets 29.198 23,136 (2, 740) Net cash provided by investing activities 29,198 20,396 Change in cash and Cash equivalents in the year Cash and cash equivalents at the beginning of the year 1172,082) 1,458,733 1.458.733 Cash and cash equlvalents at the end ofthe year 22 1,286,651 1,458, 733 The notes on pages 25 to 45 form part of these financial statements Page 24 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 General information Bowel Research UK is registered in England as a charitable incorporated organisalion {registered no. CE0193771 and also with the Charity Commission Iregistered no. 11860611. The address of ils registered office is Royal College of Surgeons, 3543 Lincoln's Inn Fields, London, WC2A 3PE. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. This is the first sel of financial statements Bowel Research UK has prepared in accordance with FRS 102. Bowel Research UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction valLJe unless olhenNise slated in the relevant accounting policy. The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial statements of the Charity and ils subsidiary undertakings. The results of the subsidiary are consolidated on a line by line basis. Bowel Research UK became the sole member of Bowel & CanTrr Research on 27 May 2020, and of Bowel Disease Research Foundation on 8 June 2020. The results have been consolidated from the respective dates Bowel Research UK became the sole member. Bowel Research UK began trading on 1 October 2020. when the trade and assets of its subsidiaries were donated. 2.2 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 lo a period of one year from the date of approval of these financial statements and have considered the impact of the COVID-19 pandemic on the charity's operations with a focus on forecasts and projections in light of the pressures on Income. The Trustees have concluded there Is a degree of unTrrtainty around specific income streams for 2020121., however, there is a reasonable expectation that the charity has adeqLJate resources lo continue in operational existen￿ for the foreseeable future and cost savings measures have been introduced. The Charity has a diverse range of fLJnding streams and is developing specific areas such as individLJal giving. A portfolio of events both face to face and virtual is In place and new activib.es have been added throughout the year. Consideration has been made of future local and regional lockdowns and extended ban on face-to-face interactions. Based on these reviews, the Trustees consider that despite the challenges of the COVID-19 pandemic, the charity has adequate resources to continue in operational existence for at least 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements. Page 25 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.3 Income Income lax recoverable in relation lo investment income is recognised at the time the investment income is re￿1Vable. Donations are recognised on a cash basis. Income from investments is included in the year in which it is receivable. Donated services have been included and expensed al full cost where the Group feels that this best shows the benefit to the charity that has been received wilhoul payment. Legacy income is recognised when there is a grant of probate, the executors have established there are sufficient funds lo distribute income from the estate, the legacy can be valued with reasonable accuracy and any conditions attached lo the legacy have been met or are within the control of the Group. Grants receivable, including government grants, are credited to income as these become receivable, except in situations where they are related lo performance, in which case these are accrued as the charity earns the right through performan￿. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not allributable lo a single activity are apportioned belMeen those activities on a basis consislenl with the use of reSoUr￿s. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Group's objectives, as well as any associated support costs. Support costs include central functions and have been apportioned across activities on a basis consistent with the use of reSoUr￿s. Governance costs are those incurred in connection with conslilulional and statutory requirements of the Group and are included within support costs. Support and governance costs are allocated lo activities based on the number of staff involved in each aclivily. Page 26 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.4 Expenditure {continued) Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, bul not accrued as expenditure. 2.5 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives using the slraighl-line method. Depreciation is provided on the following basis.. Office equipment 33Qh straight line 2.6 Investments Investments are held al fair value at the balan￿ sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiaries are valued al cost less provision for impairment. 2.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.9 Liabilities Liabilities are recognised when there is an obligation al the Balan￿ sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised al the amount that the Group anticipates it will pay lo sellle the debt or the amount il has re￿iVed as advanced payments for the goods or services it musl provide. Page 27 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.10 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. Financial assets held al amortised cost comprise cash al bank in hand, together with trade debtors, other debtors and accrued income. Financial liabilities held at amortised cost comprise trade creditors, other creditors and accruals. 2.11 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. 2.12 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are fvnds which are to be used in accordan￿ with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fvnd. Critical accounting estimates and areas of judgment Eslimales and judgments are continually evaluated and are based on historical experien￿ and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. Legacies Legacy income is recognised when there is a gonl of probate, the executors have estsblished there are sufficient funds lo distribute income from the estate, the legacy can be valued with reasonable accuracy and any conditions attached to the legacy have been met or are within the control of the Group. Page 28 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Income from donations and legacies Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Donations Legacies Grants 507,175 81,345 110,137 507,175 81,345 161,055 50,918 Government grants 50,918 698,657 749,575 Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Donations Legacies Grants Government grants 78,000 392,332 158,824 470,332 158,824 15,619 70,240 15,619 10,240 93,619 561.396 655,015 Government grant income relates to amounts received from the Coron8virus Job Retention Scheme. Investment income Unrestricted funds 2021 Total funds 2021 Dividends 29,198 29,198 Page 29 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Investment income Icontinuedl Unrestricted funds 2020 Total funds 2020 Income from local listed investments Investment income 15,693 7,443 15,693 7,443 23,136 23,136 Anatysls of expendlture on charltable actlvltles Summary by fund type Restrlcted Unrestrlcted funds funds 2021 2021 Total funds 2021 Charitable Expenditure 66,169 1,112,965 1,179,134 Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Charitabe Expenditure 30,619 562,475 593,094 Analysis of expenditure by activities Activities undertaken directly 2021 Grant funding of activities 2021 Support costs 2021 Total funds 2021 Charitsble Expenditure 67,206 633,654 478,274 1,179,134 Page 30 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of expenditure by activities Icontinuedl Activities undertaken directly 2020 Grant funding ol activities 2020 Support Gosts 2020 Total funds 2020 Direct costs 121,605 139,830 331,659 593,094 Analysis of direct costs Total funds 2021 Direct costs 2021 Fundraising costs 67,206 67,206 Total funds 2020 Direct costs 2020 Fundraising costs 121,605 121,605 Page 31 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of expenditure by activities Icontinuedl Analysis of support costs Charitable expenditure 2021 Total funds 2021 Staff costs IT Costs Postage, Printing & Stationery Telephone Rent Legal and Professional Membership Advertising General expenses Conference costs HR Consultsncy AMELIE costs 348,899 8,775 4,336 804 7,266 3,703 3,907 12,926 489 2,802 15,547 35,514 33,306 348,899 8,775 4,336 804 7,266 3,703 3,907 12,926 489 2,802 15,547 35,514 33,306 Governance costs 478,274 478,274 Page 32 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of expenditure by activities Icontinuedl Analysis of support costs Icontinuedl Total funds 2020 Dirgct costs 2020 Staff costs IT Costs 147,953 17,320 2,326 521 1,625 4,956 2,844 105, 791 147,953 17,320 2.326 521 1,625 4,956 2.844 105, 791 Postage, Printing & Stationery Telephone Rent Insuran Membership Merger costs General expenses Bowel Buddies RCS Surgical Speciality Governance costs li 3,092 15,000 15,000 15,231 3,092 15,000 15.000 75,231 331,659 331,659 Analysis of Governance costs 2021 2020 IT Support Bank charges Audit fees Depreciation Insuran 1.081 1.149 26,670 1,879 2.527 4,719 352 8,073 2,480 20T 33.306 15,231 Page 33 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Grant commitments in the year 2021 2020 Limiting chromosomal instability in colorectal can￿r Development of Bile acid diarrhoea in posl-cholecyslectomy patients Self-m8nagement intervention lo improve health and wellbeing and quality of life of people with a par8Stom81 hernia Emergency Laparotomy and Frailty Study Perculaneous infracoccygeal Botulinum toxin injection for treatment of dyssynergic defaecalion ReCaP Project Development of 8 blood test lo find eady signs of colorectal cancer in people with inflammatory bowel disease New strategies for improving radiotherapy response in bowel cancer Investigating variations in I￿0 genes that increase the risk of bowel cancer Utility of Motility-MRI in the assessment of Feorgut Neuromuscular Function in children with Paediatric Intestinal Pseudo-obslruclion Identify new stmtegies to prevent immune cells supporting liver melaslasis in co10￿ClaI cancer 50,000 37,596 49,214 23,300 4.103 22,500 5,249 75,000 74.919 74.574 50,000 so,000 Treatment pathway to improve bowel control after bowel resection for colorectal cancer Effectiveness of an A¢￿Ptan￿ and Commitment Therapy based psychological intervention on reducing psychological distress in those diagnored with Gaslro-inleslinal Dysmolilily Understanding how immune dysfunction impacts ul￿ratiVe colitis using human mini colons Causes of rare and severe complications of Paedialric Inflammatory Bowel Disease Investigating the role of bacteria-infecting viruses in inflammatory bowel disease 50.000 49.994 49,708 49,013 48,950 46.186 IBD Self management Decision-making in complex pelvic exenlreration surgery for patients with locally advanced or recurrent rectsl cancer International eollaboartion to improve management of patients with rare retroreclal lumours 39,923 18,007 16.205 {62.928} Laparoscopy or Antibiotics for Managing Appendicib"s Grants withdrawn (48,029) 633,654 139,830 Page 34 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Reconciliation of grants payable 2021 2020 Grant commitments on transfer from subsidiaries Commitments made in the period Grants paid during the period Grant commitments withdrawn 1.543.574 696,582 1479,691) {62,928} 1, 792,341 187,859 {388,597) (48,029) 1.697.537 1,543,574 10. Audltorfs remuneratlon 2021 2020 Fees payable lo the Group's auditor for the audit of the Group's annual accounts 7.350 7,000 Fees payable to the Group's auditor in respect ot. Independent Examinations for the Group's subsidiaries Preparation of the financial statements 3,000 1,750 1.825 11. Staff costs Group 2021 Group 2020 Charity 2021 Charity 2020 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 301.969 33,094 192,433 15,476 301.969 33,094 89,27T 4,948 13,836 6,352 13,836 4,346 348,899 214,261 348,899 98,571 During the year there were temiination payments made which amounted lo £26,58512020 - £Nill. There was £Nil12020 - £Nill outstsnding al year end. Page 35 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11. Staff costs {continued) The average number of persons employed by the Group during the year was as follows.. Group 2021 No. Group 2020 No. Employees The number of employees whose employee benefits (excluding employer pension costs) ex￿eded £60,000 was.. Group 2021 No. Group 2020 No. In the band £80,001- £90,000 Remuneration paid lo key management personnel of the Group amounted to £234,007 (2020 £159,347) for the year. Key management personnel consisted of the Chief Executive Offi￿r, Director of Finance and Operations, Director of Fundraising and Director of Research. 12. Trustees. remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other benefits (2020- £NIL). During the year ended 31 December 2021, no Trustee expenses have been incurred (2020- £NILJ. Page 36 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Tangible fixed assets Group and Charity Office equipment Cost At 1 January 2021 Disposals 13,313 16.6421 At 31 December 2021 6,671 Depreciation At 1 January 2021 Charge for the year On disposals 9,095 1,879 16.6421 At 31 December 2021 4,332 Net book value At 31 December 2021 2,339 At 31 De￿mber 2020 4,218 14. Flxed asset Investments Listed investments Group and Charity Valuation At 1 January 2021 Gains 855.415 83.475 At 31 December 2021 938,890 Page 37 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 15. Debtors Group 2021 Group 2020 Charlty 2021 Charity 2020 Due within one year Trade debtors Other debtors Prepayments and accrued income 13.226 427 734,707 13.226 427 125,706 8,442 818,858 8,442 123,357 748,360 827.300 139,359 131. 799 16. Creditors: Amounts falling due within one year Group 2021 Group 2020 Charity 2021 Charity 2020 Trade creditors other laxalion and social security Accruals and deferred income 143.906 83,903 1,979 114,374 1,058,054 143.906 83,903 1,979 114,374 1,058,054 49,847 1,209,458 49,847 1,209,458 Grants payable 1.403.211 7,258,310 1.403.211 1,258,310 The balance of deferred income is recognised based on the following.. Group 2021 Group 2020 Charity 2021 Company 2020 Income received during the year Amounts released during the year 88.694 {70,429} 104,313 (15,619) 88.694 {70,429} 104,313 (15,619) Closing deferred income 18,265 88,694 18,265 88,694 Deferred income relates to grant income received in advance of the work being performed. 17. Creditors: Amounts falling duo after more than one year Group 2021 Group 2020 Charity 2021 Charity 2020 Grants payable 488,079 485,520 488,079 485,520 Page 38 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 18. Financial instruments Group 2021 Group 2020 Charlty 2021 Charity 2020 Financial assets Financial assets measured at fair value through income and expenditure 938.890 855,415 938.890 855,415 Financial assets measured al fair value through income and expenditure comprise listed investments. 19. Statement of funds Statement of funds At 1 January 2021 Transfers inlloutl Gainsl Balance at 31 (Losses) December 2021 Income Expenditure Unrestricted funds General Funds 1.218.506 727.855 {1.112,9651 40.600 83A75 957,471 Page 39 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Statement of funds (continued) Balance at 31 December 2021 At 1 January 2021 Transfers inl{out} Gainsl (Losses) Income Expenditure Restricted funds PhD fund PhD fund- Ulcerative Colitis Role ofAdam 17 in thegut Lucy Thomas Fund Graham Kirkham Foundation K McDonald General Charitable Trust Robin Charitable Trust 65.169 165.169) 49.726 49,726 3,813 3,813 11.742 8,818 20.560 5.000 15.0001 5.000 15,0001 11,000 11,000 Nasbo Project Funding David and Ruth Lewis Charitable Trust 1.880 1.880 3.000 7.000 3,000 7,000 ELF Study David & Ruth Lewis Hospital Saturday Fund G W Turner Trust M Jackson 26,600 126,6001 2,000 2.000 1,000 12,0001 12.0001 {1,000) Catherine Cookson Sylvia and Colin Shepherd CT NSW Davidson 10,000 10,000 500 500 20,000 20.000 Total Restricted funds 183,330 50,918 166,1691 140,6001 127,479 Total of funds 1,401,836 778,773 {1,179,1341 83,475 1,084,950 Page 40 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Statement of funds (continued) statement of funds - prior year Balance at 31 December 2020 5alance al l January 2020 Transfers in/out Gains/ (Losses) Income Exp8nditure Unrestricted funds General Funds 1,038, 185 584,532 f562,475J 98,042 60,222 1,218,506 Restrlcted funds PhD fund PhD fund - Ulcerative Colitis Role ofAdam 17 in the gul Lucy Thomas Fund 65,169 65,169 49,726 49, 726 3,813 3,813 11,742 11,742 Graham Kirkham Foundation K McDonald General Charitsble Trust 12,500 (7,500) 5,000 12,500 (7,500J 5,000 Robin Charitable Trust Nasbo Project Funding David and Ruth Lewis Charitable Trust 11,000 11,000 1,880 1,880 3,000 7,(100 3.000 ELF Study David & Ruth Lewis Hospital Saturday Fund G W Turner Trust 7,000 1,000 (1,000) 1,800 (1,800) 75,000 (75,000) (7 7,363) M Jackson Catherine Cookson 17,363 19,679 (19,679) Page 41 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Statement of funds (continued) statement of funds - prior year Icontinuedl Balance at 31 December 2020 5alance al l January 2020 Transfers in/out Gains/ (Losses) Income Exp8nditure Sylvia and Colin Shepherd CT NSW Davidson PORT 200 3,000 {3,2(10) 20,000 20,000 15,619 {15,619J 218,372 93,619 (30,619) (98,042) 183,330 Totsl offunds 1,256,557 678, 151 (593,094J 60,222 1,401,836 Page 42 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Statement of funds (continued) Donors of the funds identified above specified that income should be used for the activities as outlined below. The funds will continue lo be carried forward until spent in accordance with the specific requests set out. The PhD fund was originally formed to support the infraslruclure and research wort( within the National Bowel Research Centre. This has now been committed lo funding the PhD programme. The PhD fund - Ulcerative Colitis was given by the Davidson Family Trust. This covers the cost of a PhD sludenl and associated costs for 3 years for a project dedicated lo Ulcerative Colitis. The Role of Adam 17 in the gut project look place in prior years. The remainder is due to be transferred lo a project that covers similar work. The Lucy Thomas Fund is lo provide research into the BRAF gene and ils role in bowel cancer in memory of Lucy Thomas who sadly died in 2017. The fund has been raised by family and friends who have carried out various events and challenges. The funds from Graham Kirkham Foundation and K McDonald General Charitable Trust are lo support trial of the Bowel Buddies project, aimed at connecting patients who have recently been through surgery lo be befriended by someone who has also been through a similar prO￿dure. Robin Charitable Trust- This fund relates to a grant previously approved lo Prof Frank Carey. This grant has subsequently been cancelled and the funds will be transferred to similar research on agreement from the funder. Nasbo Project Funding- This fund relates lo an underspend on a grant previously approved by BDRF. The funds will be matched lo a similar project on agreement from the funder. David and Ruth Lewis Charitable Trust- This fund supports Dr Helen Jones in her wort< al Oxford University. ELF study- This fund relates to stage 2 of the ELF research grant which will start in 2021 and al this point be transferred to the new grant. The income from G S Plaul and G.M Morrison Charitable Trust has been received against projects that were agreed in previous years with expenditure being mel from general reserves. The Masonic Charitable Foundation is a 3 year grant totalling £225,000 which has supported the work of 3 PhDs. Callo Charitable Trust- This fund represents support for research al St Mark's Hospital. Ileoslomy Association and Kingston Trust- This fund represents a joint funding agreement which supported various projects within BDRF. NSW Davidson- This fund represents a donation made to Bowel & Cancer Research on Professor Norman Williams, retirement lo pul to research of his choice. The original donation was for £100,000 and this represents the residual balance of this donation which will be given as a grant in 2022. AMELIE- This is a Horizon 2020 grant working across the EU delivering a project looking into incontinen￿. Bowel Research UK are part of a consortium, with the main aim of our project to deliver dissemination of the grant findings. Page 43 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Statement of funds (continued) The transfer of funds relates to income towards grants that have already been awarded. Once funding for a grant is agreed by our Grants committee we follow accounting rules which slates that we musl show the full cost immediately even if the grant spans multiple years. We may then, as above, re￿1ve specific income against these grants which we have lo show as received. 20. Analysis of net assets between funds Analysis of net assets between funds Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 2,339 2,339 938,890 938,890 1,907,532 2,035,011 11,403,211) 11,403.2111 1488,0791 {488.0791 127,479 Total 127,479 957,471 1,084,950 21. Reconciliation of net movement in funds to net cash flow from operating activities Group 2021 Group 2020 Nel incomelexpendilure for the year las per Statement of Financial Acti'vities) 1400,361} 85,057 Adjustments for: Depreciation charges Dividends and interest from investments Decreaselllncreasel in debtors Increase in creditors 1.879 {29.198} 78,940 147,460 2,480 (23, 136) (827,300) 7.743.830 (795, 193) (3,958) 1,256,557 Introduction of Investments from BCR NBV of fixed assets intrOdU￿d Funds brought fO￿ard introduced Net cash lused inllprovided by operating activities 1201,280) 7.438,337 Page 44 BOWEL RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 22. Analysis of cash and cash equivalents Group 2021 Group 2020 Cash at bank and in hand 1,286,651 1,458, 733 Total cash and cash equivalents 1.286.651 1,458. 733 23. Anatysis ofchanges in net debt At1 January 2021 Cash flows At31 December 2021 Cash al bank and in hand 1,458,733 1172,082} 1,286,651 24. Pension commitments The group operates 8 defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge in the year represents contributions payable by the group to the fund and amounted to £6,352. Al the year end there was a total of £3,091 owed to the pension scheme, and this is included within 8ecruals. 25. Related party transactions There have been no related paty transactions during the ye8r. The results of the subsidiaries included within the consolidation are as follows". Income IDeficiti Bowel & Can￿r Research Bowel Disease Research Foundation 186.5001 Page 45