Charity registration number.. 118e061
Bowel Research UK
Annual Report and Financial Statements
for the Year Ended 31 December 2023
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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 annoUn￿d 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
circumstan￿S 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 ne￿Ork 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 ul￿ratiVe 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 & Can￿r
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 be￿een 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
DlverOcu￿￿s
Hlr5chsprun¥s dsease
Page 8

PhD category
2023 PhD fundingby
category
£57,006.00
25%
75%
£328.889.00
¢b"nical • Tran￿￿¢￿1
Cbrlul •TranS￿￿Or•I
Small grant category
2023 small grant funding
bycategory
33%
2147.192JJO
67%
' £177,631.00
Cu￿C￿l • Tr8ns1gborNyl
Cbrtc*l • TransLrytk)n*l
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 ne￿Ork 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 Se￿iceS
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 fOn￿ard 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 Gon￿rn 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. V￿lIst 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 re￿1ve 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 Kno￿eS
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 reSoUr￿S 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 con￿rn 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 De￿mb8[ 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 re￿iVed 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 con￿r￿ 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 Pro￿dureS 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 n0￿cOMplI8n￿ 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 fO￿ard
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 be￿een 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 finan￿81 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.
Dep￿CiatIon 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 prO￿edS 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 clrcurnstan￿s.
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 pre￿dIng 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- Ha￿00d
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 re￿iVed 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 De￿mber 2023
9,933
9,933
Net book value
At 31 December 2023
6.524
6.524
At 31 De￿mber 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 De￿mber 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 balan￿s.
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