Charity registration number.. 118e061 Bowel Research UK Annual Report and Financial Statements for the Year Ended 31 December 2023 ocm acmole
INDEX TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS Slalement from Chair of Trustees Welcome from the Chief Executive Introduction from Incoming CEO About Bowel Research UK 2023 - Year in review Staff Funding life changing research Grant making Fiolicy 2023 Grant awards Types of research funded in 2023 Diversity. equity and inclusion within research People & Researchers Together IPaRTI network Pseud(Fobstruction Research Trust Fundraising Fundraising governance Communications Working with others Future plans 10 10 10 10-11 11-12 Financial review Charity structure Charity governance Risk and uncertainties Our approach as an employer Legal and adminislralive details statement of Trustees responsibilities 12-13 13 14 14-15 15 16-17 18 Independent Auditor's Report statement of Financial Activities Balance Sheet Statement of cash flows Notes to the Financial Statements 19-21 22 23 24 25-37 Page 2
Statement from the Chair Welcome lo our Annual Report for 2023. Bowel Research UK is now established in the sector following our merger in 2020. Lynn Dunne moved from an interim post to our definitive CEO and continued to provide the leadership for developing the charity's strategy, governance and implementation. We are extremely grateful lo her for the immense amount of hard work that she pul in. She annoUnd her retirement lo take effect in summer of 2024. We have since appointed her successor, Lindsay Easton. During 2023 we were able to lake advantage of our new grants management system which proved to be efficient and reliable. We were able to increase our capacity in 2023 and we funded £758,474 of research grants during the year. Our focus remains 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 Advisory Committee and our commitment to change the outlook for current and future generations of those with bowel diseases. We were successful in achieving a grant from Project Giving Back to create a garden at Chelsea Flower Show in 2024 and lo this end an immense amount of work was done in 2023 in anticipation. We continue to work closely with our key partners, the Association of Coloproclology of Great Britain and Ireland, whose members, health care professionals in the field of bowel diseases, are the major applicants and deliverers of the research that we fund. We remain widely embedded in the delivery of research on a national level, working with the National Institute for Health and Care Research INIHRI, Association of Medical Research Charities IAMRCI and Royal College of Surgeons of England lo deliver the highest quality research for our patients and the public. We are proud of our Auguts campaign, reminding people in August that our guts need attention both in health and disease. Of course, none of this would have been possible without the hard work and commitment of our Board of Trustees, commillees, staff, volunteers, supporters and clinical and scientific advisers. It is thanks to their passion and support that we have continued lo achieve so much in 2023. Asha Senapati Chair, Bowel Research UK Page 3
Welcome from the Chief Executive Bowel Research UK continues ils mission as a leading, early career, bowel research charity. The role of Bowel Research UK as the 'starter molorf, for both the careers of the next generation of researchers, passionate about finding new cures and treatments for bowel disease, and through the early research, proof of principle grants is an exciting and important one. Without this critical niche position that the charity occupies in the bowel research arena, many possible cures, great ideas, potential treatments and new careers, simply would not see the light of day. Our core beliefs and aims are.. Far too many people are needlessly dying from bowel cancer and having lo suffer with other bowel diseases. Research offers our best Chan of curing these conditions, or helping to 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 to be overcome in order to make progress. We need to invest in the next generation of scientists and fund new ideas. To fund the life changing and lifesaving research we pride ourselves upon, we need to have great fundraisers and I am particularly pleased that in 2023 with the appointment of a Challenge Events and Community Fundraising Officer we have increased our income from challenge events, particularly around the London Marathon and the new Challenge 42 event. In a year that saw record inflation due lo rising energy prices, the negative impacts of the post pandemic job market and increasing global instability, Bowel Research UK has continued lo successfully raise money In a tough fundraising climate. Our fundraising team have worked hard lo diversify the fundraising portfolio in these difficult circumstanS and have also strengthened the Bowel Research UK legacy pipeline with a new Will writing partnership offer for our supporters. The charity has also been the beneficiary of two major legacies for which we are sincerely grateful. March 2023 saw Bowel Research UK launch the 'Hard to Fund, Fund. The Fund aims to direct 100/0 - 250A of our annual grant allocation to hard to fund research. As we continue to fund more eady career research, l am pleased to give you our revised impact statistic". for every £1 that Bowel Research UK invests in early career research,. that research will go on to attract a further £3 in further research funding. This is proof positive that Bowel Research UK invests in world class early research that is highly attractive and further supported by the major UK funding bodies such as the National Institute for Health and Care Research INIHRI and Cancer Research UK. We continue lo develop and strengthen our close lies and special relationship with the Association of Coloproctology of Great Britain and Ireland IACPGBII. This relationship, together with the Bowel Research UK Patients and Researchers Together IPaRTI neOrk gives the charity a unique perspective and reach within the bowel cancer and bowel disease community. Combining world class bowel research with the lived experience of patients gives the charity two vital components,. research that has both scientific merit and the potential to add life enhancing value lo individuals living with bowel cancer and disease. Bowel Research UK can only continue lo be successful with the support of our Trustees. committee members, staff, the research community, patients and their families and of course our many wonderful supporters and friends. With their help and yours we can, and will, keep moving Closer to meeting our commitment to end bowel cancer and bowel disease. In closing, this will be my final report as Chief Executive of Bowel Research UK as I will be retiring in 2024. 1 would like to thank the Board of Trustees for entrusting me with the stewardship of Bowel Research UK these past three years. I wish the charity every success for the futu. Chief Executive Page 4
Introduction from Incoming CEO l am delighted lo join our Chair of Trustees, Asha Senapali and retiring Chief Executive, Lynn Dunne, in welcoming you to Bowel Research UK'S Annual Report & Accounts for 2023. As someone, like many, with a strong, personal connection to the work of this great charity, l am passionate about our mission and excited to now be part of a team of such dedicated staff, volunteers, partners and funders. The Trustees are committed lo growing the charity's impact, not least in fundraising where investment is strong. We analyse our fundraising planning and performance carefully and understand that some of these strategic investments will take lime to deliver the results we seek. During the coming months we will be conducting an independent Governance Review, a timely slep four years since our merger lo become Bowel Research UK. In addition lo the considerable benefits we believe such a review will yield, il will also provide strong foundations for our work together in developing a new organisational strategy for the charity. This new strategy, I believe, will ensure that we are best placed lo deliver the most resources possible to fund our life-changing and life-saving research and thus impact the lives of literally millions of people in the UK and around the world. Finally, a huge thank you to Lynn Dunne for her great contribution as Chief Executive of Bowel Research UK. I wish Lynn a very happy retirement. Lindsay Easton Page 5
About Bowel Research UK Bowel Research UK funds life-changing and life-saving research into bowel cancer and other bowel diseases. Over 42,000 people in the UK are diagnosed with bowel cancer every year. One million live with other life changing inflammatory bowel diseases, such as Crohn's and ulratiVe colitis. Being diagnosed or living with these diseases impacts every aspect of daily life from wort( and studies lo socialising and relationships. By researching cutting edge treatments and investing in the best science, we're saving and improving people's lives. In creating Bowel Research UK it was the ambition of the Trustees of the two founding charities, Bowel & Canr Research and the Bowel Disease Research Foundation to build the 'go lo, charity for researchers working in the area of bowel cancer and other bowel diseases, through supporting eady career researchers, combining the expertise of the two Grants Commillees, being able to invest more funds in research through working together, and helping to direct research funding where it is needed most and where it will have most impact. 2023 - Year in review Staff Bowel Research UK is staffed by a small, but efficient team. In 2023, the charity recruited a Business Support Manager, Challenge Events and Community Fundraising Officer, Income Generation and Engagement Officer and Patient & Public Involvement Manager. These roles join the CEO, Trusts & Impacts Manager, Director of Engagement, Marketing and Income Generation, Head of Income Generation and Research and Grants Manager. Finance and IT support are outsourced lo achieve the necessary governance, segregation of function, responsibility and improved economies of scale for the charity. Funding life changing research Bowel Research UK fvnds research that can relate to all aspects of bowel disease from bench to bedside. We support research that is laboratory-based all the way through to clinical trials, noting that all studies musl have a tangible translational component. Areas of Interest include, but are not limited lo.. Colorectal cancer Inflammatory bowel disease (ulcerative colitis and Crohn's disease) Diverticular disease Benign proclology Functional problems Iconslipalion, inconlinencel Long-term quality of life after surgery and other treatments Stoma care and complications Emergency surgery In March 2023, we launched the 'Hard lo FLJnd" fund. This was created lo address the funding gap for 'unfashionable' or uncommon bowel diseases and conditions,. and meth(Idologies or topics that are often overlooked in other research calls. Bowel Research UK has identified six main criteria for assessing applications for'Hard to Fund, fund projects. These are." Rarer condits'ons or overlooked diseases Diseases or conditions requiring different research methods Conditions with long-term quality of life issues resulting from surgery or other treatments Cross-disciplinary research Emerging technologies or particularly novel approaches Under-represented FX)pulalions Grant making policy The Board of Trustees bestows types of grants through an annual competitive funding call.. Small grants and PhDs. Grants are awarded entirely on scientific merit In relation lo Bowel Research UK'S research priorities and based on open competition. Page 6
The quality of the application, quality of research proposed and applicants, experience in their field are the key determinants of outcome. Each application is subject to a rigorous review process guided by the charity's Grants Committee. Both the small grants round and the PhDs are a one stage application process. All applications are subject to rigorous peer review which involves a minimum of two independent expert reviewers who specialise in the area of the application, bLJt who do not have a conflict of interest and are not a member of the Grants Committee. They provide a written assessment of the quality, novelty, importance and relevance of the proposal. All research grants are awarded in line with the principles and standards sel out by the Association of Medical Research Charities IAMRCI of which Bowel Research UK is a member. 2023 Grant Awards The Grants Committee, made up of eminent specialists across many research disciplines, met throughout 2023 10 shortlisl and award grants. £758,474 worth of research funding was awarded in 2023 overall, comprising nine small grants and four PhDs. Dlstrlbutlon of grants awarded In 2023 PhD Small grant Grants awarded in 2023 PhDs University of Liverpool £118,282 Development of novel therapies for Hirschsprung's Disease Peri-operalive Surgical Care Oplimisalion for Patients requiring Emergency Surgery {PERI- SCOPES} NHS Greater Glasgow and Clyde £57,006 Sheffield Hallam £116,827 Illuminating the tissue barriers leading lo treatment resistance and recurrence University of Oxford £93,780 Investigating interactions beeen colorectal cancer subclones and fibroblasts Page 7
Small grants Imperial College London £49,937 The impact of ethnicity on inflammatory bowel disease." phenotype and response to treatment Clinical, immune and microbial characlerisation of genilal Crohn's disease REview of Sigmoid VoLVulus ManagEment'. RESOLVE Study Developing NOTUM as a target for immunotherapy of bowel cancer Epigeneti¢ reprogramming of monocytes in Crohn's disease." a pilot study of a multiomic approach Decoding extracellular matrix signatures that drive malignancy in colon cancer National Open Abdomen Audit {NOAAI University of Manchester £32,105 East Lancashire Hospitals NHS Trust £5,000 University of Southampton £49,756 Queen Mary University of London £48,419 Roger Williams Institute of Hepatology £49,017 Salford Royal NHS Foundation Trust £28,449 Countess of Chester Hospital £20,044 DAMASCUS11 study. Diverticulitis Management A Snapshot Collaborative Study The 'empty pelvis syndrome, _ defining and reducing morbidity from a major cause of complications after complex pelvic cancer surgery University of Southampton £42,096 Types of research funded in 2023 Bowel Research UK funds a huge spectrum of research, from clinical work such as trials, audits and patient engagement," lo lab-based translational research using models of disease. Below are the breakdowns of the topic and amount of money allocated lo each grant type in 2023. Over a third of total funding went to bowel cancer research, with the next highest amounts to IBD and surgical projects. Broadly, PhDs are more likely to be translational, lab-based projects, and small grants are more often clinically focused. Clinical projects were slightly less expensive on average than translational work. 2023 grant funding by topic £118,28ZOO 220,044.C £132,55LOO tig0.461.00 Bowel cancer IBD Suryery DlverOcus Hlr5chsprun¥s dsease Page 8
PhD category 2023 PhD fundingby category £57,006.00 25% 75% £328.889.00 ¢b"nical • Tran¢1 Cbrlul •TranSOr•I Small grant category 2023 small grant funding bycategory 33% 2147.192JJO 67% ' £177,631.00 CuCl • Tr8ns1gborNyl Cbrtcl • TransLrytk)nl Diversity, equity and inclusion IDE&II within research As part of Bowel Research UK'S organisational commitment to diversity, equity and inclusion IDE&II, we have integrated DE&1 reporting within our grants application system. This Means the age, ethnicity, sex, gender identity and disability status of all applicants is now logged in an anonymised way. This allows the team lo examine trends in who is applying and being awarded grant funding and provides useful dats for our ongoing analysis of grant funding. People and Researchers Together IPaRTI network Bowel Research UK continues lo engage with its neOrk of around 1,000 individuals who share an interest in bowel disease. In 2023, new engagement initiatives included a patient co-applicanl training webinar, the launch of podcasl.can l Butt In?" and the publication of poetry book What Our Guts Tell Us, featuring poetry from patients and families affected by bowel disease with proceeds from book sales going to the charity. The charity's patient and public involvement IPPII services were refined in 2023, outlining a wide range of SeiceS for academic and industry researchers with associated fees. Page 9
PseudoQbstructlon Research Trust IPORTI Bowel Research UK supports the Pseudo-obslruclion Research Trust IPORTI in its gmnl awarding process, lending the experbse of our Grants Committee to review their Small Grant Applications. PORT was formed in 2006 with the aim to fund research Into the rare and debilitating disease Chronic Inleslinal Pseudo Obstruction ICIPOI. Four applications were made to PORT'S Small Grants funding round, two of which were shortlisted and moved forward to the peer review stage. Fundraising Our aims in fundraising are to invest wisely where we can achieve the highest returns, enabling us to increase our support of world-class research Into bowel cancer and bowel disease. Bowel Research UK received two signifi'cant legacy gifts in 2023. These gifts will be invested with great scrutiny to ensure they have the greatest impact. Legacies play a vital role in our work, and we extend our gratitude to everyone who remembers the charity in their wills, helping us fund crucial research through their generosity. We would like to extend a special thank you to Bladonmore for their lime and services in launching our Auguts campaign 2023, to SurgEase for sponsoring our Christmas Event, and to the Syncona Foundation for their generous research gift. We wish to express our gratitude to Project Giving Back for sponsoring a 2024 garden at the RHS Chelsea Flower Show. This opportunity to highlight bowel research would not be possible without them and our garden designers Sid Hill and Chris Hull. Thank you to all our supporters who participated in our 2023 activities. We had marathon runners, basketball players, wing-walkers, hikers, mountain climbers, and more. Our volunteer fundraisers organised events and activities across the UK, and we could not be prouder. Fundralslng governance 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. Fundraising activity and overall strategy are regularly considered by the Board of Trustees and the Engagement, Marketing & Income Generation Committee. Our leadership team has accountability and oversight of fundraising activities and monitors performance and quality lo identify any significant challenges or changes that May be required. We are committed lo retaining and building the trust of our supporters, and we will continue lo look for ways lo further strengthen and improve our fundraising programme. Bowel Research UK always aims for high standards, but we understand there may be times when we do not meet the standards we aim for. When this happens, we are committed lo listening to our supporters, feedback, so that we can try to put il right, learn and continuously improve. We have a complaints policy and provide internal training for staff who handle complaints. We did not receive any complaints in 2023. We are very aware of our obligations to the public in respect of data protection and we are vigilant in our fundraising activities lo ensure that there is no intrusion on people's privacy or any undue pressure applied. All communications from the charity include details of how to be removed from any futLJre mailing lists. Communications In 2023 we sel out a new communications strategy with the following aims.. Aid the funding of research. Engage effectively with potential donors I stakeholders I partners. Increase brand awareness. Ensure that we are communicating with impact al the right moments. Key investments in brand awareness included significantly investing in digitsl marketing through Facebook, social media and Google. This has helped us achieve a competitive position against other charities and is our main pipeline for challenge events, new donors and prospects. Page 10
Our relationship with the media proved lo be stronger than ever, with our research featured in prominent outlets such as The Guardian, BBC, and The Telegraph. Working with others We highly value our membership of the Association of Medical Research Charities IAMRCI. an organisalion dedicated lo supporting medical research ¢harilies in saving and improving lives through research and innovation. The AMRC unites health and medical ¢harilies to produce high-quality research, influence policy, and highlight the sector's contributions to patient and public health. The Association of Coloproetology of Great Britain and Ireland IACPGBII, with over 1,000 surgeons, nurses, and allied health professionals, has been a steadfast partner. Their support and friendship have been paramount during this challenging year, and we look fOnard lo continuing our close relationship. We have also built a strong relationship with the Medical Research Council, which has supported our research initiatives. 2023 saw the establishment of the National Bowel Alliance. The aim of the Alliance is lo bring together charities with an interest in the field of bowel cancer, bowel diseases and bowel health lo promote more effective working for the benefit of patients, carers and the public. Meetings are held twice per year and are attended by the CEOS of the relevant charities and organisations. Founding members Include.. Bowel Cancer UK Bowel Research UK Cancer Research UK Colostomy UK Crohn's & Colitis UK Guts UK Ileoslomy and Internal Pouch Association MASIC Foundation Pelican Foundation Sl. Mark's Hospital Foundation Our staff actively engage with various organisalions focused on bowel cancer and other diseases, exploring potential future collaborations and partnerships. Future plans 2023 saw record inflation due to rising energy prices, the ongoing cost-of-living crisis and increasing global instability, Bowel Research UK has continued lo successfully raise money in a tough fundraising climate. Our fundraising team have worked hard lo diversify the fundraising portfolio in these diffi'cult circumstsnces and have also strengthened the Bowel Research UK legacy pipeline with a new Will writing partnership offer for our supporters. The charity has also been the beneficiary of tsvo major legacies for which we are sincerely grateful. In 2024 we will.. Continue to 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 a bespoke grant round for Microbiomo Research as part of our ongoing research strategy.. In addition to our published research strategy, we plan to launch a microbiome grant round tied lo our garden al the RHS Chelsea Flower Show. Increase the reach of our Patient and Public Involvement IPPII programme. Imth the arrival of our new Patient and Publi¢ Involvement Manager in early 2023 Bowel Research UK will be providing more opportunities to explore both general and specific PPI issues to ensure our programme acts as an important resource for researchers and allied healthcare professionals, as well as those patients who benefit from the informal peer-lo-peer support these meetings offer. Bowel Research UK hopes the PaRT network will become the 'go to, place for PPI advice and recruitment in bowel research studies. Our fundraising strategy: We will update our fundraising strategy continuing to focus on diversifying income streams to ensure the charity remains sustsinable and continues lo invest in bowel research. Additionally, we will enhance our engagement efforts and prioritise acquiring new supporters, while leveraging the opportunities presented by the upcoming RHS Chelsea Flower Show. Page11
Our communications strategy.. We will continue with a new communication strategy, capitslising on the RHS Chelsea Flower Show. We will also focus on participating in national campaigns and celebrations. Develop partnership opportunities- We aim to address the needs of all individuals affected by or interested in bowel cancer, bowel diseases and bowel health. By collaborating with various organisations, charities, and advocacy groups, we will persist in driving change, raising awareness, and unifying our voices for greater impact. Financial review Income A total of £2,052,78812022'. £1,046,512) was raised during the year. We are extremely grateful to have received £210,39612022.' £104,356) from our donors including those who continued lo give via regular gifts and payroll giving. We received £246,27612022.' £210,279) from trusts and foundations, £367,54012022.' £128,264) from grant income and £150,14712022'. £140,320) from challenge events and in memory giving. During the year our legacy income was £1,019,50212022'. £428,201). Investment income Investment income was £49,33512022.. £25,960). Our Investment Managers are Quilter Cheviot. Charitable activity income for research lotslled £9,59212022'. £9,132) Investment gain During the year investment gains tolalled £62,50012022.. losses lotalled £128,7891. Expenditure Totsl expenditure for the year was £1,562,41112022". £710,577). Raising funds The costs of raising funds were £419,76212022.' £254,376), which includes costs of events and generating voluntary income. Charitable activty Charity costs of £1,562,41112022.' £710,577) includes grants awarded of £758,47412022'. £206,825), staff costs, supporting research costs, patient and public involvement, fundraising and staff costs and governance and support costs. ReseNes policy The Trustees have set a reserves policy of holding at least 12 months operating costs. Free reserves as at 31 December 2023 were £1,292,36512022 restated.. £753,447) which equates to over 12 months of operating costs. At 31 December 2023, the charity was holding reslricled funds of £24,93012022 restated.. £35,380) and unrestricted funds of £1,298,88912022."£735,5621 Investment policy The charity uses the services of Investment Managers, Quilter Cheviot, lo maximise the retum on investment with a level of risk that is commensLJrale with our financial position and appetite. This is achieved through an actively managed diversified portfolio. The performance is overseen by the Finance & Investment Committee. The Investment Policy sets clear guidelines for the Investment Managers, and these are reviewed annually. Having an Investment Policy setting out clear parameters between short and long-term reserves has provided the charity with financial resilience. Page 12
To ensure the financial viability of the organisalion, all money held is segmented into ils 'purpose' having carried out a detailed analysis of the Charity's cash flow requirements. We hold sufficient funds in Unity lo manage the day-to-day requirements. The rest of money is held as 'inveslments', which is split into short-lerm i.e. money needed within the next two to three years to fund medical research Igrants are general award over three years) and plaTrd on deposit over fixed terms lo maximise the opportunity i.e. the amount of interest earned while proleclingl minimising the risk to capital. As al 31 December, we had just over £2m in cash split between Unity, Flagstone, an online cash management system, money market fund (Royal London Asset Managemenll and short- dated government and corporate bonds. This enabled us lo generate an additional c.£30,000 to c.£50,000 uplift through active treasury management, to help fund future research. Long-term reserves are invested in a specialist multi-asset charity fund {CAIFI where our primary objective in the maintain the real value of the capitsl i.e. against inflation while having sufficient liquidity to fund special projects, unexpected costs andlor funding shortfalls. We have set a total return tsrget of CPl+3.50/o net of fees with a level of risk that is aligned lo our financial position. In year end to 31 December, the holding in Quilter Cheviol Global income & Growth Fund for Charities was value at C.£867,000 delivering a total return of 10.90/0 which was above CPl+3.50/o tsrgel of 7.40/0 and the ARC Steady Growth Charity Index of 7.50/0 the peer group. At the end of December 2023 investments were valued al £2,483,89412022'. £810,101) which represented an overall gain of £62,50012022.' loss £128,789) over the year. Going concern The Trustees consider that the charity has adequate resources to continue in operational existence for al least 12 months from the dale of this report. Accordingly, they continue lo adopt the going Gonrn basis of accounting in preparing the financial slatemenls. Charity structure Subsidiarios and related parties Bowel Research UK consists of a group of charities, with Bowel & Cancer Research (registered charity 11191051 and Bowel Disease Research Foundation Iregistered charity 11204601 being wholly owned subsidiaries. The nel assets of each charity were transferred to Bowel Research UK on 30th September 2020 by way of a hive- up agreement. The Trustees of Bowel Research UK believe that the new charity is in the public interest, as this is an opportunity lo share the expertise of the research community lo achieve greater results for patients and their families. Details of related paty transactions can be seen in note 21 of the Financial Statements. Constltutlon Bowel Research UK is a Charitable Incorporated Organisation ICIOI Icharily commission number 11860611 registered in England and Wales. It was incorporated on 301h October 2019. The governing document is the Constitution document as registered al The Charity Commission. The charity was previously registered as Bowel Cancer & Disease Research Charity ICIOI. Objects and public benefit The objects of the Charitable Incorporated Organisation are as follows.. The provision of financial and other assistance for.. the conduct of research into bowel cancer and other bowel diseases and the publication of the useful results of such research", and the advaneement of eduealion relating to bowel cancer and other bowel diseases in each case for the benefit of the public. The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by The Charity Commission for England and Wales. Page 13
Charity governance Recruitment of Trustees Trustees are recruited through an executive search or on the recommendation of incumbent members of the Board commensurate with the aim lo maintain a balanced composition of skills and background. Applications from individuals seeking to become a Trustee will be considered as and when appropriate by the Board. The Board meets four times per year. Tralning and Inductlon of Trustees On appointment, Trustees receive an induction programme which includes a meeting with the leadership team, lead programme researchers and visit to the research programmes. In addition, the Chief Executive advises Trustees of opportunities that will increase their general understanding of voluntary sector, healthcare andlor medical research issues. Deelslon maklng The Board of Trustees regularly reviews the charity's direcb'on in the wider context of medical research charities, requiring the Chief Exeeulive to identify relevant key issues and present options for ils consideration. Due governance remains a key requirement. The Board of Trustees meets quarterly. At the operational level, the Board delegates the day-to day running of the charity to the Chief Executive, requiring her lo deliver all aspects of governance, planning and performance in accordance with the agreed strategic direction. The Finance and Investmgnt Committee is responsible for the financial oversight of the charity including budgeting, financial planning and monitoring and the creation and monitoring of internal controls and accounting policies. The Committee meets four times per year and presents a report lo the Board of Trustees following each meeting. The Grants Committee is responsible for providing expert, independent, peer review in validating applications for new research grants, monitoring existing grants and the verification of outcomes. It presents a report lo the Board of Trustees following each of ils meetings and makes recommendations to the Board for new grant awards as appropriate. Membership of the Committee, which includes independent clinicianslresearchers, is carefully selected lo ensure a broad range of opinions and advi. The Engagement. Marketing and Income Generation Committee meets to provide expertise and guidance to the fundraising team. The Committee meets four limes per year and presents a report to the Board of Trustees following each meeting. The Sclentiflc Advlsory Commlttee provides oversight and strategic guidance for the scientific aims of the charity. The Committee Meets three to four times per year. The Patient and Publlc Involvement Commlttee is Made up of researchers, heatthcare professionals, pats'enls, and staff, covering a mnge of experience and expertise areas. The committee provides guidance on current PPI projects, growing our People and Researchers Together network, increasing our paid PPI work, improving processes, and more. The Committee meets twice per year. Risks and uncertainties The Board of Trustees are responsible for ensuring that the charity has effective and adequate risk management and internal control systems in place to Ljnderstand and ensure miligalion of the major risks the charity is exposed to. The Finance & Investment Committee and Board of Trustees review the quarterly Risk Register prepared by management. Specific risks which, if materialised, would have had a significant impact on the charity have been identified as.. Governance and compllance: Ablllty to malntaln a Board of Trustees wlth all the skllls requlred to ensure that all aspects of governance are adhered to. Mitigation An ongoing review of the composition of the Board of Trustees to ensure that all key functions are covered by suitsbly qualified individuals. Training and support for Board of Trustees and Committees. Dedicated specialist resource applied in key areas. Page 14
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 lo include benchmarking of compensation and benefits. staff development, training and succession planning programmes. Communication programme lo ensure stsff are involved in the development of and progress towards mission and vision. Financial: Economic pressures, competition. fundraising rogulatory environmont and consumer behaviour changes leading to a significant fall in income Mitigation AnnLJal budgeting and ongoing management, reporting and monitoring of financial performance. Diversification of income streams. Ongoing consideration of market and consumer trends and regulations. Environmental l External: Changes in government policy or budgets, charity sector regulations, or refomi 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 basis to ensure potential risks can be proactively managed. Chief Executive and relevant Committees scrulinise alignment with, and progress of, the charities mission and vision. Research: Research Programme fails to deliver results Mitigation Scrutiny and approval of research funding applications by the Grants Committee and key personnel. Annual review of progress. In addition to identifying and mitigating identrfied risks,events around the global pandemic and economic uncertainty have highlighted the importance of being prepared for a range of eventualities. VlIst it is not possible to anticipate specific issues we seek to have a well-trained, experienced team of staff and advisers, to have regular lines of communications and to maintain a strong financial position. Our approach as an employer Bowel Research UK is committed to recruiting and retaining talented stsff. Staff are kept fully informed of the organisation's strategy and objectives, and individual performance is reviewed throughout the year. Learning and personal development is a priority. Temporary and volunteer personnel are engaged for specific tasks to ensure a balanced approach to managing adminislralion, awareness and fundraising. The salary of the Chief Executive is sel by the Board of Trustees in consultation with the Finance & Investment Committee following an annual review of performance. The charity uses sector salary surveys for benchmarking salaries of all other members of staff. Annual salary increases for staff are discussed and where applicable approved by the Finance & Investment Committee and Board of Trustees. Trustees do not re1ve remuneration. Penslons The charity contributes a defined amount to the NEST pension scheme via auto-enrolment for all employees. Diversity Bowel Research UK is committed to diversity in terms of equality, gender, race, sexual orientstion, religious beliets and socioeconomic status. We recognise our responsibility to ensure our programmes and activities are open and inclusive and meet the needs of a diverse society. We are committed to developing our staff, Trustee and Committee recruitment and retention policies and processes lo ensure we reflect the communities we serve, and to support staff and volunteers to uphold equity in all of our work. Page 15
Legal and administrative details Registered charity name.. Bowel Research UK Registered charity number.. 1186061 Incorporated and registered in England and Wales Registered Offi.. Registered Offi.. Bowel Research UK, clo The Royal College of Surgeons, 3543 Lincoln's Inn Fields, London VVC2A 3PE Trustees The Trustees who served during the period were as follows.. Miss Asha Senapati Ichairl Miss Nicola Fearnhead Professor Charles KnoeS Professor Marilena Loizidou Taryn McHarg Charles Mesquita Professor Dion Morton Richard Pertwee Kathryn Pretzel-shiels Mr Jim Tiernan Grants Committee Members The members who served during the period were as follows". Professor Susan Clark (Chairl Mr Austin Acheson Miss Catherine Boereboom Professor Simon Carding Dr Michael Crichton Professor Lesley Dibley Miss Nicola Fearnhead Professor Trevor Graham Mr James Kinross Professor Charlie Knowles Professor Mohammad Ilyas Professor Simon Leedham Professor Marilena Loizidou Mr Mohamed Rabie Ms Azmina Rose Ms Panchali Sarmah Dr Andrew Stagg Dr Gabrielle Thorpe Mr Jim Tiernan Mr Dale Vimalachandran Finance & Investment Committee The members who served during the period were as follows.. Taryn McHarg (Chairl Charles Mesquita Richard Pertwee Chris Shepard Engagement, Marketing and Income Generation Committee The members who served during the period were as follows". Kathryn Pretzel-shiels (Chairl Matt Black Amanda Bringans Jon May (resigned 20231 Professor Dion Morton Richard Pleeth Adele Sayers Robin Thomas Ms Azmina Rose Page 16
Scientific Advisory Committee The members who served during the period were as follows.. Miss Nicola Fearnhead {Chairl Professor Sue Clark Ms Rachael Clifford Dr Michael Crichton Professor Lesley Dibley Ms Rebecca Langley Professor Marilena Loizidou Professor Dion Morton Mr Dale Vimalachandran Mr John Woolston Patient & Public Involvement Committee The members who served during the period were as follows.. Professor Marilena Loizidou Ichairl Sue Blackwell Rachael Clifford Professor Lesley Dibley Eric Douglin Nigel Horwood Rebecca Langley Prof Susan Moug Sarah Squire Dr Gabrielle Thorpe Mr Dale Vimalachandran Chief Executlve Lynn Dunne (appointed as Chief Executive (formerly Interim Chief Executive) April 20231 Leadership Team Lynn Dunne (Chief Executive) Matthew Aldous {Accounlanll Daniel Magson (Director of Engagement, Marketing and Income Generation) Chartered Accountants and Statutory Auditors A C Mole LLP stafford House Blackbrook Park Avenue Taunton Somerset TA12PX Bankers Unity Trust Bank plc Four Brindleyplace Birmingham B1 2JB Flagstone Investment Managers Flagstone Group Ltd 1 st Floor, Clareville House 26-27 Oxendon Street London SW1Y 4EL Fund Managers Quilter Cheviol Senator House 85 Queen Victoria Street London EC4V4AB Bowel Research UK website www.bowelresearchuk.or Page 17
ststement 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 including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trusl*s 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 reSoUrS and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP", make judgments and accounting estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply wrth the Charities Act 2011, the Charf(y (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charrty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditor Each of the persons who are Trustees at 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 unaware, and that Trustee each has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charf(able group's auditor is aware of that information. The Annual report of Bowel Research UK was approved by the Board of Trustees on 23 September 2024 and signed on their behalf by.. Asha Senapati Chair of Board of Trustees Page 18
Bowel Rosearch UK Indopgndont Auditorfs Rgport to the Mombers of Bowel Resoarch UK Opinion We have audited the financial statements tsf Bowel Research UK (the 'charity'l for the year ended 31 December 2023. whith comprise the Staternent of Financial Activities. Balan Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a sutntnary of 51gnificant accounting policies. The financial reporting framewoik that has been applied in their pieparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law Iunited Kingdom Generally Accepted Accounting Piacticel. In our opinion the financial statements.. give a true and fair view of the State of the chaiiws aflaiis as at 31 Demb8[ 2023 and of its incotning resources and application of resources. induding ils inwme and expenditure. for the ye81 then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi, and have been prepared in accordan with the requirements of the Charities Act 2011. 8asi¥ for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Sland8rd, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is suffiaent 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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any rnaterial uncertainties relating to events or conditions that. individually or collectively. may cast significant doubl ON the charitys ability lo continue as a going ncern for a period of 8t least twelve months from when the original financi81 slalements were aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The trustees are responsible ft)r the other information. The othei infomation cotllpiises the infomation induded in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in OLJr report, we do not express any ft)mi of assurance condusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be rnaterially misstated. If we identify such rnaterial inconsistencies or apparent rnaterial misst8temenls, we are required to deterrnine whether there is a Material misstatement in the financial statements or a material misstatement of the other infomialion. If, based on the work we have perfomied. we conclude that there is a rnaterial misstatement of this other information. we are required to report that fact. We have nothing to report in this regaid. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and ils environtnent obtained in the course of the audit. we have not identilied rn8teii81 misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion.. P8ge 19
Bowel Rosearch UK Independent Auditorfs Rgport to tho Mgmbgrs of Bowel Research UK {continuod) adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us.. or the fin8n¢i81 slalernenls ale not in agreement with the accounting records and returns,. or certain disdosures of trustees remuneration specified by law are not made", or we have not reiVed all the inforrnation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on page 181, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charills ability to continue as a going concein. disclosing, 85 applicable. m8tters related to going concern and using the going conr basis of 8ccounting unless the Iruslees either intend to liquidate the charity or lo oease operations, or have no realistic altem8live bul lo do so. Auditor Responsibilities for the audit of the financial statements Qur objectives 8ie to obtain re8son8ble assurance about whether the financial $18lements 88 a whole are free from materi81 misstaternent. whether due to fraud or error, and to issue an auditorfs report th8t includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in 8ccordance with ISAS IUKI will always delect a m8leri81 missl3lement when il exists. Misstatements can arise from fraud or etror and are ¢onsideied materi81 if. Individually or in the 8ggiegate, they could ie8s0n8bly be expected to influence the eoonomic de$lon5 of users taken on the basis of these financi81 stslemenls. The extent to which our procedures are capable of detecting irregLJlarities, including fraud is detailed below". Identifying and assessing potential risks of rnateri81 misstaternent due to irregularities We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regul8tions'. the legal and regulatory framework in which the charity operates the sector in which the charity operates the control environment and controls established lo mitigate such risks the result5 of our enquiries of managetllent about their identilication and 8ssessment of risks of itregul8rities discussions with the audit engagement tearn aboLrt where fraud might occur the incentives for fraud. Laws and regulations which are Considered to be signtficant to the charity include those relating to the requirements of financial reporting fiamework FRS102. the Chaiities Act 2011. UK tax legislation, ernployment law and health and safety. In addition, we consider other law5 and iegulation which may not directly irnpact the financial statements but may impact on the operation of the charrty. As a result of these procedures we eoncluded, in accordance wth Intemational Auditing Standards, that 8 risk in relation to the potential for management override of controls existed. Audvt responses to risks identified We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook induded the following.. gaining an understanding of the charity's ProdureS for ensuring compliance with laws and regulations testing the appropriateness of journal entries and other adjustments considering whether accounting estimates were indicative of potential bias considering whether any transactions arose outside the normal course of business making enquiries of man8gement corroborating our enquiries through review of Board Minutes and corresponden. We also comrrunicated relevant laws and regulations and potential fraud risks to 811 engagement team mernber5 8nd remained alert to any indicators of fraud or n0cOMplI8n with laws and regulation5 throughout the audit. P8ge 20
Bowel Research UK Independent Auditor's Report to the Members of Bowel Research UK Icontinuedl A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklaLtditorsresponsibilities. This description forms part ol our auditor's report. Use of our report This report is made solely to the chaiity trustees. as a body. in accordance with sectiori 144 01 the Charities Act 2011 and regulations made under section 154 01 that Act. Our audit work ha5 been undertaken so that we might slate lo the trustees Ihose matters we are required lo slate to trustees In an auditors, report and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and ils Iruslees as a body, for our audit work. for this report, or foi the opinions we have formed. We have been appointed as auditor under section 1441145 01 the Charities Act 2011 and report in accordance with the iegLJlalions made under seciion 145 of that Act. A C Mole LLP, (Statutory Auditor) Chartered Accounlan15 and Statutory Auditor Slafford House Blackbrook Park Avenue Taunton Sornersel TA12PX Date. A C Mole LLP is eligible lor appointtllent as auditor ol the charity by virtue of ils eligibility for appointment as auditor ol a company under section 1212 of the Companie5 Act 2006. Page 21
Bowel Rosearch UK ststomont of Financial Activities for the Ygar Ended 31 Docembor 2023 Unre5trieted funds R•stricted funds Total 2023 Note Income Donations and legacies Charitable activities Investment income 1.707.118 9,592 49.335 286.743 1.993,861 9,592 49,335 Totsl income 1.766,045 286,743 2.052,788 Expenditu Raising funds haritable activrfcies 1419,7621 1.060,793 1419,7621 11,142,649 81,856 Totsl expenditure Gainslllossesl on investment assets 11,480,555) 62,500 181,8561 11,562,411) 62,500 Net income Transfers betr4een funds 347,990 215,337 204,887 215,337 552,877 Net movement in funds se3,327 110,4501 552,877 ReconcSllatlon of funds Totsl funds brought fotward 735.562 35.380 770.942 Total funds carried fOard 19 1,298,889 24,930 1,323,819 Unrestricted funds Restricted funds Totsl 2022 £ IA8 reststedl Note Ineomè Donations and legacies Charitable activvties Investment income 890,926 9,132 25,960 120,494 1,011,420 9,132 25,960 Total income 926,018 120,494 1,046,512 Expenditure Raising funds Charitable activities 1254,3761 456,201 1254,3761 456,201 Total expenditure Gain51lloss851 on Investtnent 8SS8ts 1710,5771 128.789 1710,5771 1128,789 Net income Transfers beeen funds 86.652 120.494 99,994 207.146 Net movement in funds 186,648 20,500 207,148 Re¢on¢iliation of fund¥ Total funds brought forward 548,916 14,880 563,796 Total funds carried foNard 19 735.562 35.380 770.942 The notes on pages 25 to 37 form part ofthese finanaal statements. Page 22
Bowel Rgsearch UK (Registration numbgr: 11860611 Balance Sheet a¥ at 31 D¢cember 2023 2023 2022 £ IAS r•statadl Fixed a¥89ts Tangible a558ts Investments 6,524 2,483,894 115 810,101 12 2,490,418 810,216 Cuffent assets Debtors Cash ot bank and in h8nd 13 14 184,178 393017 180,8C 1.269 266 S77,195 1,450,072 Creditors.. Amounts falling due within one year 15 1.315 104 1 224613 Net CUkT8nt Illabllltlesllassèts 737,909 225.459 Total ass•ts lèss ¢urr•nt liabiliti•s 1.752,509 1,035,675 Crodit¢rs'. Amounts f8lling du• aftor moro than on¢ ar 16 428,69) 264,733 Net assets 1,323,819 770,942 Funds ofthe charlty: Restricted funds Unrestricted funds 24,930 1,298,889 35,380 735,562 Total funds 19 1,323,819 770,942 The finan81 staternents on pages 22 to 37 approved by the trustges, and aulhorised for issue on 23 September 2024 and signed on their behaw by". Miss Asha Senapati Chair The notes on pagès 25 to 37 form part ofthèse finanaal statemènts. P8ge 23
Bowel Rosearch UK Cash Flow Statement for thg Yoar Ended 31 Decembor 2023 2023 2022 £ IAS rnstatadl Not* Cash flows frorn operating a¢tivitie¥ Net cash income 552,877 207,146 Adjustments to cash flows from non-cash Items Depreaation Investment income Net Igainslllosses on investments 3,377 149,3351 62,500 2,224 125,9601 128,789 444,419 312,199 Worklng capltal adjustments Ilncreaselldecrease in debtors In¢re8sellde¢re8sel in creditors 13 15 13,3721 254,448 66,400 421,944 Nel cash flows from operating activities 695,495 43,345 Cash flows from invèsting aetivitiès Interest receivable Purchase of tangible fixed assets Purchase of investments Sale of investments 49,335 19,7861 11,594,888) 9,430 25,980 12 Nel cash flows from investing activities 1.545,909 25,960 Net decrease in cash and cash equivalents 1850,4141 {17,3851 Cash and cash equivalents at 1 January 1,269.266 1,286,651 Cash and cash equivalents at 31 Detsmber 14 418,852 1.269,266 The notes on pages 25 to 37 form part ofthese finanaal statements. Page 24
Bowel Rosearch UK Notes to the Financial Statements for the Year Endod 31 Docgmber 2023 1 Accounting policies General Informatlon Bowel Research UK is registered in England 85 8 Charitable Incorporated Organis8tion (registered no. CE0193771 and also with the Charity Comtnission (registered no. 11860611. The address of its registered office is Royal College of Surgeons. 3543 Lincoln's Inn Fields, London. WG2A 3PE. Statement of compliance and basis of preparation The financial statements have been prepared under the historical cost ¢onvenlion with items recognised at cost or transaction value unless slated otherwise within these notes. The financial statements have been prepared in 8ccord8nce wlh Acwunling and Reporting by Gh8rities'. Slalement of Recommended Practice applicable lo ch8rities pieparing their accounts in accordance with the Financi81 Reporting St8nd8rd 8pplicable in the UK and Republic of Iieland IFRS 1021 Iissued October 20191- (Chaiities SORP IFRS 10211, th8 Financial R8porting Standard applicable in the United Kingdom and Republic of Iieland IFRS1021, and the Charities Act 2011. Bow81 R85e8rch UK rn8et5 th8 definition of a public b8nefit entity under FRS 102. GoSng concern The trustees consider that there are no material uncertainties about the charity's ability lo conts'nue as a going concern. Ineomè and •ndowm•nts All incorne is recognised when the charity has entitlement to the income, it is probable that the incorne will be received and the amount can be measured with sufficient reliabilily. Donations and legaci8S Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliabty measured. Grants receivable Grants are recognised when the charity has an entrtlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment income Income from investments is recognised when receivable. Expenditure All expendrture is iecognised once there is a legal or constructive obligation to that expenditure, it is probable Settlement 15 required and the amount can be measured reliably. All costs ale allocated to the applicab18 expendituie heading that aggregate 51milar costs to that category. Where c05t5 cannot be directly attiibuted to particular headings they have been allocated on a basis consistent with the use of restsurces, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. All resources expended are indusive of irrecoverable VAT. Raising funds These are costs incuried in attiacting voluntary Income, the rnanagement of investTnents and those incuired in trading activities that raise funds. P8ge 25
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl Charitable activities Charitable expendrture compiises those costs incurred by the charity in the delivery of its activities and services for it5 beneficiaiies. It includes both c05t5 that ean be allocated directly to such activities and thos8 costs of an indirect nature necessary to support them. Grant payable Grants payable are charged in the year when the offer 15 Tnade except in those case5 where the offer is conditional. such grants being recogni5ed 88 expenditure when the conditions attaching are fulfilled. Giants offered subject to conditions which have not been met at the year end are included within grants payable 8s a commitment, but also within piepayments to the extent that the related conditions have not been met. Support costs Support costs include traI functions and have been allocated lo activity cost categories on a basis consistent with the use of resouices. for ex8rnple. allocating pioperty Costs by floor areas, or per caprt8, Staff costs by the titne Spent and other costs by their usage. Governance costs Governance costs are those incurred in connection with conslilulional and stslutory requirements of the Charity 8nd included within support costs. Irrècovèrablè VAT The charity is registered for VAT. All expenditure is stated indusive of VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Taxation The charity is a registered charity and is, therefore, exempt from liability to taxation on its income and capital gains, to the extent that they are applied for charitable purposes. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreaation and subsequent accumulated impairment losses. DepCiatIon and amortisation Depreaation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows". Asset class Office Equiprnenl Depreciation method and rate 33DJ¢ Sli8ight line Fixed asset investments Listed investments Listed investments are a fom) of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period. The Trust does not acquire or use put options, derivatives or other complex financial instruments. Re81ised gains and losses All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales prOedS and their opening carrying value or their purchase value if acquired subsequent to the first day of the financi81 year. Unrealised gains and losses are ralculated as the differell between the fair value al the period end and their carrying value. Realised and unrealised investment g8ins and losses are combined IN the Statement of Financial Activities. P8ge 26
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deptssits, and other short-term highly liquid investTnents that are re8dity conv8ttibl8 to 8 known amount of rash and a18 subi8Ct to 8n In51gnificant risk of change in value. Fund accounting Unie5tiicted incotne fund5 are gener81 funds that are available for use at the tIU5tees discietion in furtheiance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. The costs of raising and administering such funds are charged against the specific fund. The airn and use of each restricted fund is set out in the notes lo the financi81 slalemenls. Financial instrum8nts The charity only enters into basic fiNanci81 instrument5 that result in the recognlcion of financial assets and li8bilities such as trade and other debtors and creditors together with loans to related parties. Debt instturnents. such 85 trade debtors and creditors, are initially rneasured al Ir8ns8clion price and subsequently measured al amortised cost. Fin8n¢ial 3sset$ are assessed at the end of each reporting period for objective eviden of imp8iiment. If objectlV8 evidence of impairtnent is found, an impairment10ss Is recogni5ed in the Income statement. Penslons The Group operates a defined contribution pension scherlle and the pension tharge represents the amounts payable by the Group to the fvnd in respect of the ye8r. Consolidation Bowel Research UK is the sole rnernber of Bowel & Cancer Research and Bowel Disease Research Foundation. Consolidated accounts have not been prepared as the subsidiaries did not trade during the year and are no longer trading, all assets and trade of the subsidiaries have been donated to the charity on 1st October 2020. Critical Accounting Estimates and Judg8ments The preparation of the financial statements in conformity wth FRS 102 requires management to make judgements. estimates and assumptions that affect the application of poliaes and reported amounts of assets and liabilities, incorne, and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the clrcurnstans. The charity rnakes estimates and as3UrnPtions concerning the future. The resulting accounting estimates will. by definition, seldom equal the related actual results. The Trustees consider that the following critical accounting estimates and judgernenls have 8 significant risk of causing a material adjustment to the carrying arnounls of assets and liabilities wlhin the next rin8nci81 year. Leg8cies Legacy income 15 recognised when there is a giant of probate. the executors have est8bli5hed there ale sufficient funds to distribute Income fioTn the estate, the legacy ran be valued with reasonable accuracy and any conditions attached to the legacy have been met or 81e within the conliol of the Gh81ity. It is possible that actual amounts received could vary from those recognised. Prior period adjustments Where an error or omission is identified in respect of cornp8r*ive figures this IS 8djusled in the predIng period. P8ge 27
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl 2 Income from donations and legacies Unrèstrietèd funds Rèstrietèd funds Total 2023 Donations Legacies Grants 606,819 1,019.502 80,797 $06,819 1.019,502 367,540 286,743 1,707,118 286,743 1.993,861 Unrestricted funds Restricted funds Total 2022 Donations Leg8¢ies Grants 454,455 428.201 8,270 500 454,955 428.201 128,264 119,994 890,926 120,494 1.011,420 3 Income from charltable actlvltles Unrestricted fund¥ Restricted funds Totsl 2023 Research 9,592 9,592 Unrestricted funds Restricted funds Total 2022 Research 9,132 9,132 4 Investment income Unrestrlcted funds Restrlcted funds Total 2023 Dividends Interest rec8ivab18 37,165 12.170 37,185 12,170 49,335 49,335 Unrestricted funds Restricted funds Total 2022 Dividends Interest receivable 25,846 114 25,846 114 25,960 25,960 P8ge 28
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl S Expenditure on charitable activities Unrèstrietèd funds Rèstrietèd funds Total 2023 Direct costs Research Grant funding of activities Allocated support costs 74,662 6.835 728,480 250.816 10,000 41.862 29,994 84,662 48,697 758,474 250.816 1,080,793 81,858 1,142,649 Unrestricted funds Restricted funds Total 2022 Direct costs Research Grant funding of activities Allocated support costs 25.515 112,202 206,825 111,659 25,515 112,202 206,825 111,659 456.201 456.201 P8ge 29
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl 6 Grants awarded Total 2023 Total 2022 Marshall Wa Parastom81 hernia and shared decision making Identification of spatial biomarkers in colorectal cancer Che5ter- Virnalachandr8n - Damascus Salford Royal Foundation Trust-vijayan Imperial College London- Balarajah Roger Willi8ms Institute of Hepatology- Uib8ni Manchester- Hancod( East Lancashire- Heywood Southampton- West Southampton- Khakoo QMUL- Stsgg Oxford- Zhou Liverpool Uni- Ha00d Paisley- Moug Sheffield- Peake Salford Royal Foundation Trust- Paine 15,0(XJ 107,579 84,246 20.044 28,449 49,937 49.017 32,105 5,000 42,096 49,758 48.419 93,780 118,282 57.006 116,827 47,756 758,474 206,825 7 Trustees remuneration and expense¥ No trustees. nor any persons connected with Iherll, have reiVed any rerlluneralion from the charity during the year.12022- Nill Nts trustees have received any reimbursed expenses from the charity during the year.12022- Nill 8 Staff costs The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows.. 2023 No 2022 No Employees No ernployee received emoluments of more than £60.000 during the year Remuneration paid to key management personnel of the Group amounted to £115,29012022 - £125,199) for the year. Key management personnel consisted of the Chief Executive Officer, Director of Engagement, Marketing and Income generation. 2023 2022 Wages and salaries Social security costs Contribution to defined contribution pension schemes 342,641 32.033 15,209 155,378 11,471 5,853 389.883 172.700 P8ge 30
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl 9 Auditors. remuneration 2023 2022 Fees Payable to the audrtor foi the audit of the 8nnu81 account5 Preparation of the financial slalernents Other 9,030 3,393 810 8,400 2,040 13,233 10,440 10 Taxation Th8 charty Is a registered charity and 15 th8refore exernpt fiotn taxation to th8 extent that it's incotne and gains are applicable to charitable purposes only. 11 Tangibk fixed assets Office equipment Totsl Cost At 1 January 2023 Additions 6,671 9,786 6,671 9,786 At 31 December 2023 16,457 16,457 Depreciation Al 1 January 2023 Charge for the year 6,556 3.377 6,556 3.377 At 31 Dember 2023 9,933 9,933 Net book value At 31 December 2023 6.524 6.524 At 31 Dember 2022 115 115 P8ge 31
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl 12 Fixed asset investments 2023 2022 Cost or Valuation At 1 January 2023 Additions Disposals Revaluation 810,101 1.594,888 19,4301 62.500 938,890 1128.7891 2,458,059 810,101 Cash held within investment portfolio 25,835 At 31 Dember 2023 2.483,894 810.101 13 Debtors 2023 2022 Tr8de debtors Prepayments and accrued income 2,190 181,988 177,860 184,178 180,806 14 Cash and cash equlvalents 2023 2022 Cash at bank Cash held in investment portfolio 393.017 25,835 1.269,266 418,852 1.269,266 15 Credltors: amounts falllng due wlthln one year 2023 2022 £ IAS restated) 115.302 5,569 1,082,127 Trade creditors PAYEINIC Grants Payable Other credrtors Acctuals and defeired income 64.782 22 1,227,170 5,893 17.237 21,615 1,315,104 1,224,613 The balance of deferred income is recognised based on the following.. 2023 2022 Deferred income at 1 January 2023 Amounts released from previous period5 9,995 9,995 18,2e5 8,270 Deferred income at year end 9,995 P8ge 32
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl 16 Creditors: amounts falling due after one year 2023 2022 Grants payable 428,690 264,733 17 Reconciliation of grants payable 2023 2022 Grants comTnitment blfwd 1 January 2023 Commitments made in the period Grants paid during the period 1,346,860 758,474 1449,4741 1,717,537 206,825 1577,502 Grant cotntnitmenls 8t ye8r end 1,655,860 1,346,860 18 Commitm•nts Pension commitmentB The charity operates a 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 represents contributions payable by the charity to the fund and amounted to £15,20912022- £5,884). At the year end there was a total of £4,81412022- £6751 owed to the pension scheme, and this is induded within accruals. P8ge 33
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Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl Funds Donors of the funds identified above specified that inctsme should be used for the activities as oudined below. Th8 funds will continu8 to be cairied forward Ljntil Spent in 8ccoid8nc8 Wlth the specific requ85t5 set out. Nasbo Project Funding- This fund relates to an underspend on a grant previously approved by BDRF. The funds will be matched to a similar project on agreement from the funder. David and Ruth Lewis Charitable Trust- This fund supports Dr Helen Jones in her work at Oxford University. NSW Davidson This fund represents a donation made to Bowel & Cancer Research on Professor Norman Williams, retirement to put 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 future grant. Kendrick and Slyvia Evans- The Sylken Charitable Trusys award for BRUK research., to be allocated to research, preferably in the Shropshire or West Midlands area. Borelli- This is a P.O.R.T. grant. The Pseudo Obstruction Research Trust IP.O.R.T.I funds research into Chronic Intestinal Pseudo-obstruction IC.I.P.O.I. BRUK Grants Comrnittee, hosts, scrutinises and manages the P.O.R.T. grant applications and grant awards. Twist this is a P.O.R.T. grant. The Pseudo Obstruction Research Trust IP.O.R.T.I funds research into Chronic Inleslinal Pseudo-obstruction IC.I.P.O.I. BRUK Grants Committee, hosts. scyutinises and manages the PORT gr8nl applications and grant awards. steel Ch8rilatAe Trust - This fund was granted lo provide funding to develop 8 8t8nd8rd colorectal biopsy lernpl81e. ACPGBI - This was a match funded award with BRUK for the COVIDSurg research into the safely of surgery during the CQVID pandernio. The Medical Research Council - This was part of Govemment supptsrt for charity-funded early career iesearch following the imp8Ct of Covid-19. Coral Samuel Charitable Trust- The donation of £10k was made in memory of a sadly deceased Trustee of the CSCT named Sydney Levinson. Frognal Trust- this grant is restricted for research. The Inman Charty- This fund is restricted for the Helen Byme PhD in Oxford. The transfer of funds relates to income towards grants that have already been awarded. on funding for a grant is agreed by our Grants committee we follow accounting principle which states that we must recognise the full commitment, which may span a number of years. We may then receive specific income against these grants in later years. 20 Anatysi8 of net assets between funds Total funds at 31 December 2023 Unr•striet•d funds Rèstrietèd funds Tangible fixed assets Fixed asset inve5ttnents Current assets Current liabilities Creditors over 1 year 6,524 2,483.894 552,265 11,315,104) 428,690 6,524 2.483,894 577,195 11,315,104) 428,690 24,930 Total net assets 1,298,889 24,930 1,323,819 P8ge 36
Bowel Rosearch UK Notes to the Financial Statements for tho Ygar Ended 31 Dgcembor 2023 Icontinuedl Total funds at 31 Decembèr 2022 Unrestriet•d funds Rèstrictèd funds Tangible fixed assets Fixed asset investments Current assets Cuirent liabiliknes Creditor3 over 1 year 115 810.101 1,414,e92 11,224,613) 264,733 115 810,101 1,450,072 11,224,613) 264,733 35,380 Total net assets 735,562 35,380 770,942 21 Related party transactlons There have been no related party transactions during the year12022- Nill. 22 Prior year restatements Fund claBsification During the year it was identified that £210,44e of restricted funds related to items which had been already been recognised as expenditure in earfier years. Accordingly a prior period adjustment has been made to reduce restricted funds by £210,446 and increase unrestricted funds by the same amount. There is no net impact on net assets as a resuh of this adjustment, it is purely a redassification of fund balans. In addition, it was identified that £99,994 of restricted funds received during the prior period related to grants awarded in earfier years. Accordingly, the cornparative figure s have been restated to reflect a transfer of these funds to unrestricted funds within the prior period. There is no net impact on net assets as a result of this adjustment, it is purely a redassification of fund balances. Grant commitments During the year it was identified that a grant of £20,000 awarded in 2019 had been omitted from grants payable. This grant was partly funded by reslricled donations. Accordingly a prior period adjustment has been made to increase the grants payable liability on the balance sheet by £20,000. This reduTrs unrestricted funds by £10,000 and restricted funds by £10,000. The impact of this adjustment is a reduction to net assets of £20,000. The effect of the prior year adjustment on the reserves as at 1 January 2022 is as follows.. Unrestricted funds Restricted funds Total As previously reported Prior year adjustment 348,470 200,446 235,326 220,446 583,796 20,000 As restated 548,916 14,880 563,796 P8ge 37