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2024-12-31-accounts

Charity registration number: 1186061

Bowel Research UK

Annual Report and Financial Statements for the Year Ended 31 December 2024

Bowel Research UK

Contents

Introduction from the Chair of Trustees 2
Trustees Annual Report 3 to 16
Independent Auditors’ Report 17 to 19
Statement of Financial Activities 20
Balance Sheet 21
Cash Flow Statement 22
Notes to the Financial Statements 23 to 37

Page 1

Introduction from the Chair of Trustees

Welcome to our Annual Report for 2024.

Bowel Research UK continues its mission as the leading, early career, bowel research charity. We serve as a vital launch pad for the next generation of researchers committed to discovering new treatments and cures for bowel cancer and bowel diseases. Through our targeted 'proof of principle' grants, we provide crucial early-stage funding that helps transform promising ideas into viable breakthroughs. Without our critical, niche position in the bowel research arena, many possible cures, new concepts, potential treatments and disease preventions, simply would not happen.

Our core beliefs and aims are:

To fund our vital, life changing and lifesaving research, we need to generate income. Throughout the year our supporters have been inspiring and generous as they continue to raise vital funds for our work.

The highlight of our year was Bowel Research UK’s garden at the Chelsea Flower Show. With the theme of the microbiome, the garden provided the charity with the largest and most impactful, awareness-raising platform for the charity to date. My thanks to everyone who helped us to make the garden a great success.

Total income received during the year was £1,371,531 (2023: £2,052,788). £1,074,373 (2023: £974,359) from in year fundraising, £178,313 (2023: £1,019,502) from legacies, £95,990 (2023: £49,335) from investments and £22,855 (2023: £9,592) from charitable activity income.

During the year, we awarded grants of £425,027 (2023: £758,474) to institutions throughout the UK. On the back of the microbiome theme from Chelsea, we created a fund specifically to support research into the microbiome, which we plan to award in 2025.

Our updated impact statistic shows that, for every £1 that Bowel Research UK invests in early career research, that research will attract a further £3 in research funding. This is proof positive that Bowel Research UK invests in world class early career research that is highly attractive and further supported by the major UK funding bodies like the National Institute for Health & Care Research and Cancer Research UK.

We continue to strengthen our close ties and special relationship with the Association of Coloproctology of Great Britain and Ireland (ACPGBI) most notably this year in the joint creation of the Research App designed to increase patient participation in bowel research clinical trials. This relationship, together with our Bowel Research UK Patients and Researchers Together (PaRT) network 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 to individuals living with bowel cancer and bowel disease.

Bowel Research UK can only continue to 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. Thank you so much for your support.

Asha Senapati

Chair, Bowel Research UK

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Review of the year

Funding life changing research

Bowel Research UK funds research that relates 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 must have a tangible translational component. Areas of interest include, but are not limited to:

Grant making policy

The Board of Trustees bestows two types of grants through annual competitive funding calls: Small grants and PhDs. In 2024 the charity added a Microbiome grant round as a one-off specialist call. Grants are awarded entirely on scientific merit in relation to Bowel Research UK’s research priorities and based on open competition.

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, but 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 set out by the Association of Medical Research Charities (AMRC) of which Bowel Research UK is a member.

2024 Grant Awards

The Grants Committee, made up of eminent specialists across many research disciplines, met throughout 2024 to shortlist and award grants. £425,027 worth of research funding was awarded in 2024 overall, comprising 13 grants.

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Distribution of grants awarded in 2024

Institution
Amount
Title		 Institution
Amount
Title		 Institution
Amount
Title
Small grants
Leeds Beckett
University		 £49,933
(Co-funded with
the Cystic
Fibrosis Trust)		 Optimising bowel cancer screening and surveillance for
people with cystic fibrosis: a qualitative study to identify and
understand clinician and patient challenges and needs and
ways to address these
NHS Glasgow
and Clyde		 £30,000 Tackling important (but hard to fund) questions in bowel
disease: assessing the feasibility of decision architecture
randomisation trials in routine care
Sheffield
Teaching
Hospitals NHS
Foundation
Trust		 £31,587 Does female anal intercourse cause damage to the anus
and anal sphincter?
University of
Leeds		 £46,576 Remote Monitoring for Preoperative Risk Assessment for
Major Colorectal Surgery
University of
Manchester		 £50,000 Targeting the mucus matrix to prevent peritoneal metastasis
in mucinous lower GI cancers
University of
Nottingham		 £16,910 The Impact of Ethnicity of Surgical Outcomes in Patients
with Inflammatory Bowel Disease
University of
Oxford		 £26,200 Re-evaluating colorectal cancer diagnostic markers and
therapies in the context of tumoral acidosis: towards
molecularly-stratified treatments that consider in-vivo
chemical selection pressures
University of
York		 £50,000 Exploiting sodium transport as a novel biomarker of
aggression in bowel cancer

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PhD PhD PhD
University of
Oxford		 £113,513 Investigating the role of periostin-innate immune cell
neighbourhoods (PIN's) in colorectal cancer progression
Other Grants Other Grants Other Grants
Alder Hey
Children’s NHS
Foundation
Trust (PORT
grant))		 £47,186 Babies with Enterocolitis - A study of faecal Calprotectin in
Hirschsprung’s disease (the BEACH study)
Brunel
University (PhD)		 £2,763 Functional analysis of two novel colorectal cancer risk loci
on chromosome 11:POLD3 and CHRDL2
University of Hull
(PhD)		 £2,341 Targeting ADAM10 as a novel strategy for radiotherapy
enhancement in hypoxic colorectal cancer
University of the
Highlands and
Islands (Small
Grant)		 £2,366 STAMP: Self-help to actively manage parastomal hernial

Types of research funded in 2024

Bowel Research UK funds a huge spectrum of research, from clinical work such as trials, audits and patient engagement; to lab-based translational research using models of disease. Below are the breakdowns of the topic and amount of money allocated to each grant type in 2024.

A large proportion of total funding went to bowel cancer research, with other projects focusing on IBD, functional disorders and study design.

Microbiome grant round

Bowel Research UK scoped, accepted applications and began the review process for our bespoke grant round focusing on the gut microbiome and its impact on health and bowel disease. This round was set up differently to the yearly rounds, accepting both PhD and project grant applications of up to £120,000 in value. 23 applications were received.

At least £250,000 has been ringfenced for the successful projects, which reflects the foundational nature of this topic to Bowel Research UK’s charitable aims. These awards will be made in early 2025.

‘Hard to Fund’ fund

In 2024 we awarded three grants under our ‘Hard to Fund’ fund, which was launched in 2023. The ‘Hard to Fund’ fund was created to address the funding gap for ‘unfashionable’ or uncommon bowel diseases and conditions that struggle for backing from conventional funding mechanisms.

The main criteria for assessing applications for ‘Hard to Fund’ fund projects were:

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The three grants awarded were as follows:

AMELIE - Faecal Incontinence Treatment Research

Progress on the European Union funded research project aimed at finding a treatment for faecal incontinence continued in 2024. This project focuses on the pioneering use of cell therapy to potentially cure this debilitating condition, which impacts an estimated 67 million people across Europe.

The consortium, named AMELIE (Anchored Muscle cELls for IncontinencE), includes 13 organisations across nine countries, with UCL coordinating the project under the leadership of Professor Richard Day, an expert in Regenerative Medicine Technology. Bowel Research UK has taken the lead in patient involvement, working alongside prominent UK partners such as Queen Mary University of London and NHS Blood and Transplant.

Over the course of five years, the research has progressed through several stages, with dedicated leadership from institutions in the UK, Spain, and Portugal. The project explores the use of patients’ own muscle cells, which will be loaded onto specially designed microcarriers and implanted into damaged muscle tissue to promote regeneration and restore normal function.

While faecal incontinence is frequently under-reported due to stigma and shame, it is a far more common issue than many realise, with approximately 1 in 10 people in the UK affected. This innovative research offers hope to individuals affected by this condition, offering the potential for a transformative new stem-cell treatment.

Bowel Research UK is proud to be part of this EU-funded initiative, ensuring patient and public involvement is at the heart of the project’s success.

Diversity, Equity and Inclusion (DE&I) within research

As part of Bowel Research UK’s organisational commitment to diversity, equity and inclusion (DE&I), we have integrated DE&I 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 to examine trends in who is applying for, and being awarded, grant funding and provides useful data for our ongoing analysis of grant funding.

Travelling Research Fellowship: Expanding knowledge through global collaboration

Our Travelling Research Fellowship continues to be an invaluable initiative, enabling researchers from various disciplines to explore new environments, collaborate internationally, and gather insights that contribute significantly to the advancement of their work.

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Early Career Research Ambassador

Our Early Career Research Ambassador programme has proven to be a pivotal initiative in supporting and promoting the growth of emerging researchers. By providing a platform for individuals early in their career to develop leadership skills, network with peers and senior researchers, and gain exposure to research opportunities, this programme aims to nurture the next generation of innovative thinkers and leaders in research.

Clinical trials app

The Clinical trials app is a joint venture between The Association of Coloproctology of Great Britain & Ireland and Bowel Research UK. This important collaboration has led to the creation of an app designed to increase the participation of patients in all bowel research clinical trials. Researchers around the UK are being encouraged to upload their trials onto the app, so that these can be ‘filtered’ by research focus and geographical proximity to patients and clinicians. The app will be launched in 2025.

People and Researchers Together (PaRT) network

The PaRT network includes over 1,000 individuals who share an interest or experience in bowel disease. Bowel Research UK continues to connect these patients and carers with researchers for the benefit of current and future research studies.

In 2024, Bowel Research UK helped involve patients in 31 different research projects. Involvement and participation activities included responding to surveys, attending focus groups, participating in interviews, sitting on patient advisory groups, and acting as patient co-applicants on funding applications.

The diverticular disease priority setting partnership (PSP) was a high priority project in 2024. This PSP was jointly funded and co-ordinated with Guts UK and led by the James Lind Alliance. It is bringing patients, carers and healthcare professionals together to create a list of the top ten questions that future research into diverticular disease should address. This project will continue into 2025.

Our annual patient-facing virtual conference, the Big Bowel Event, was another success in 2024 and was held in partnership with the Royal Society of Medicine with more than 180 attendees.

Fundraising

RHS Chelsea Flower Show 2024 – Bowel Research UK ‘All About Plants’ garden

We are pleased to report the success of our ‘All About Plants’ garden at the prestigious RHS Chelsea Flower Show 2024, where we were honoured to receive a Gold Medal. Winning the Gold Medal at such a renowned event is a testament to the creativity, dedication, and hard work of all involved. We are very grateful to Project Giving Back for sponsoring the garden, without which this project would not have been possible.

The garden served as a once-in-a-lifetime opportunity for Bowel Research UK, representing the largest and most impactful awareness-raising platform for the charity to date. Our garden was designed with a strong focus on the microbiome, biodiversity, sustainability, and the beauty of native plants. The garden captivated visitors with its innovative and environmentally conscious landscaping. The plant selections were made not only for their aesthetic appeal but also for their ability to positively impact local ecosystems and support human and soil microbiomes. This powerful connection demonstrated the crucial role plants play in enhancing both environmental and human health.

The garden attracted a significant amount of national publicity, including:

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The garden also received invaluable support from well-known figures. Saliha Mahmood Ahmed, a gastroenterologist at Imperial College and MasterChef winner, created a microbiome-themed feast for Bowel Research UK on press day. Saliha's commitment to the charity has been exceptional, and we are delighted that she has now become an official Charity Ambassador.

The garden received a royal visit from HRH The Princess Royal and Vice Admiral Sir Timothy Laurence.

Two successful receptions were held during the week, with sponsorship from Chuckling Goat, who not only supported the event but also covered the production costs for the soil microbiome film. We are also grateful for the generous sponsorship from Apollo Group.

The ‘Microbiome Appeal’ launched alongside the show to raise funds for gut microbiome research. The special microbiome grant round will take place in 2025.

We were also fortunate to receive artwork donations from renowned artists. Society painter Sheree Valentine Davies contributed an oil painting of the garden, which was auctioned at the show.

Special thanks go to James Kinross, who has been a stalwart supporter of the Microbiome Garden and the soil film, who spoke so passionately about the need for evidence based, clinical research into the gut microbiome and also the important part that Bowel Research UK plays in supporting early career research, citing his own journey as a clinical researcher as a powerful example.

We would like to extend our sincere thanks to all our designers, gardeners, volunteers, and partners who made this project possible.

London Marathon 2024: Our most successful marathon to date

We are thrilled to report that the 2024 London Marathon was our most successful marathon event to date. Thanks to the incredible dedication of our 30 runners and supporters we not only raised more than £100,000 but also generated significant awareness for the vital work undertaken in bowel research.

From seasoned marathoners to first-time participants, every runner’s efforts contributed to the success of the event and helped elevate the profile of bowel health. Among the standout moments were the extraordinary effort of one supporter who ran dressed as a poo emoji, raising over £5,000 - a fun, yet impactful, reminder of the importance of bowel health awareness.

Goodwood Health Summit

We are grateful to Goodwood who generously gave Bowel Research UK the opportunity to have a presence at their Health Summit on 19th September 2024. This collaboration provided us with a unique platform to raise awareness about research into bowel cancer and bowel disease and engage with a broader audience.

Fundraising Governance

Bowel Research UK is registered with the Fundraising Regulator, affirming our commitment to transparency and accountability in all our fundraising efforts. We adhere to the Fundraising Code of Practice, ensuring that every activity is carried out with integrity and responsibility.

Our fundraising strategy and activities are regularly reviewed by our Board of Trustees and Finance & Investment Committee. The Trustees, alongside our CEO, oversee these initiatives, monitor their performance, and address any challenges or adjustments that may arise.

As a charity registered with the Information Commissioner’s Office (ICO), we are committed to fulfilling our data protection and privacy obligations. We ensure that all our fundraising activities respect individuals' privacy and avoid any undue pressure. Communication from the charity includes clear instructions on how to opt out of future contact or to tailor communications preferences.

Working with others

Our staff actively engage with a variety of organisations dedicated to bowel cancer and other related diseases, exploring potential future collaborations and partnerships.

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Association of Medical Research Charities (AMRC)

We greatly value our membership of the Association of Medical Research Charities (AMRC), an organisation committed to supporting medical research charities in saving and improving lives through research and innovation. The AMRC unites health and medical charities to produce high-quality research, influence policy, and showcase the sector’s contributions to patient and public health.

Association of Coloproctology of Great Britain and Ireland (ACPGBI)

The Association of Coloproctology of Great Britain and Ireland (ACPGBI), with over 1,000 surgeons, nurses, and allied health professionals, has been a longstanding and invaluable partner. Bowel Research UK is the charity of the ACPGBI. Bowel Research UK is the result of a 2020 merger which included the ACPGBI’s former charity, the Bowel Disease Research Foundation.

National Bowel Alliance

The National Bowel Alliance, established in 2023, held two meetings in 2024, with administration coordinated by Bowel Research UK and generously hosted at Quilter Cheviot’s offices. The Alliance brings together charities focused on bowel cancer, bowel diseases and bowel health to promote more effective collaboration for the benefit of patients, carers, and the public. The meetings, which are attended by the CEOs of participating charities, occur twice a year.

FUTURE PLANS

In 2025 we will:

Governance:

Strategy:

Charity efficiency and effectiveness

Research:

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Patient and public involvement (PPI):

Fundraising:

Communications:

Partnership opportunities:

Financial review

Income

A total of £1,371,531 (2023: £2,052,788) was raised during the year.

We are extremely grateful to have received £226,336 (2023: £210,396) from our donors, including those who continued to give via regular gifts and payroll giving.

We received £413,430 (2023: £246,276) from trusts and foundations, £221,240 (2023: £367,540) from grant income and £213,367 (2023: £150,147) from challenge events and in memory giving.

During 2024, our legacy income was £178,313 (2023: £1,019,502).

Investment income

Investment income was £95,990 (2023: £49,335).

Investment gain

During the year investment gains totalled £67,184 (2023: £62,500).

Expenditure

Total expenditure for the year was £1,548,257 (2023: £1,562,411).

Raising funds

The costs of raising funds were £584,784 (2023: £419,762).

Charitable activity

Charitable activity income for research and other income totalled £22,855 (2023: £9,592).

Charity costs of £1,548,257 (2023: £1,562,411) includes grants awarded of £425,027 (2023: £758,474), staff costs, supporting research costs, patient and public involvement, fundraising and staff costs and governance and support costs.

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Reserves policy

The Trustees have set a reserves policy of holding at least 12 months operating costs.

Free reserves as at 31 December 2024 were £1,053,905 (2023: £1,292,365) which equates to over 12 months of operating costs.

At 31 December 2024, the charity was holding restricted funds of £157,110 (2023: £24,930) and unrestricted funds of £1,057,167 (2023: £1,298,889)

Investment policy

The charity uses the services of investment managers, Quilter Cheviot, to deliver the best long-term total return on investment with a level of risk that is commensurate with our financial position and appetite. This is achieved through an actively managed, diversified, specialist charity fund. 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.

To ensure the financial viability of the charity, all money held is segmented into its ‘purpose’ having carried out a detailed analysis of the charity’s cash flow requirements. We hold sufficient funds in our current bank account (Unity) to manage day-to-day requirements. The rest of money is held as ‘investments’, which is split into short-term i.e. money needed within the next two to three years to fund medical research (grants are general awarded over three years) and placed on deposit over fixed terms to maximise the opportunity i.e. the amount of interest earned while protecting and minimising the risk to capital.

As of 31 December 2024, we had just over £1.8m in cash split between Unity (c.£246,000) and c.£1.6m sitting with Quilter Cheviot which was invested in the Royal London money market fund and short-dated government and corporate bonds. Over the year the portfolio delivered a total return of 4.6% versus the composite benchmark (25% short date gilts 1 to 5 years and 75% cash) of 3.9%.

Long-term reserves are invested in a specialist multi-asset charity fund (CAIF) where our primary objective is to maintain the real value of the capital i.e. against inflation while having sufficient liquidity to fund special projects, unexpected costs and/or funding shortfalls. We have set a long-term total return target of CPI+3.5% net of fees with a level of risk that is aligned to our financial position.

In year end to 31 December 2024, the holding in Quilter Cheviot Global income & Growth Fund for Charities was valued at C.£917,000 delivering a total return of 9% which was above CPI+3.5% target of 5.22% and the ARC Steady Growth Charity Index of 7.9%.

Going concern

The Trustees consider that the charity has adequate resources to continue in operational existence for at least 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

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Charity Structure

Constitution

Bowel Research UK is a Charitable Incorporated Organisation (CIO), with charity registration number 1186061, incorporated on 30th October 2019. The charity is governed by a Board of Trustees, chaired by Asha Senapati, under powers defined in the Constitution document registered at The Charity Commission. The charity was previously registered as Bowel Cancer & Disease Research Charity (CIO).

Subsidiaries and related parties

Bowel Research UK consists of a group of charities, with Bowel & Cancer Research (registered charity 1119105) and Bowel Disease Research Foundation (registered charity 1120460) being wholly owned subsidiaries. Details of related party transactions can be seen in note 21 of the Financial Statements.

Objects and public benefit

The provision of financial and other assistance for:

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 to the public benefit guidance published by The Charity Commission for England and Wales in determining the activities undertaken by the charity.

Name: Bowel Research UK

Registered Charity number: 1186061 (registered in England and Wales)

Registered office: c/o The Royal College of Surgeons, 38-43 Lincoln’s Inn Fields, London WC2A 3PE

Trustees:

Finance & Investment Committee

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Grants Committee

Engagement, Marketing and Income Generation Committee

Scientific Advisory Committee

Patient & Public Involvement Committee

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Chief Executive

Chartered Accountants and Statutory Auditors

A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Bankers

Unity Trust Bank plc Four Brindleyplace Birmingham B1 2JB

Investment Managers

Flagstone Group Ltd 1st Floor, Clareville House 26-27 Oxendon Street London SW1Y 4EL

Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB

Appointment of Trustees

Trustees are appointed through an executive search or on the recommendation of incumbent members of the Board commensurate with the aim to maintain a balanced composition of skills and experience. Applications from individuals seeking to become a Trustee will be considered as and when appropriate by the Board.

New trustees receive a thorough induction into the work of the charity.

One trustee was appointed during the financial period (2023: none).

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Management

The Trustees exercise executive responsibility for the governance of the charity and, through the Chair, supervise the management of the charity by the Chief Executive. The Chair and Chief Executive also task the Board with decision-making on strategic management issues as well as overseeing the research grants application process and monitoring the progress of awarded grants.

The day to day running of the charity has been delegated to the Chief Executive and includes the operational management of the charity.

The salary of the Chief Executive is set 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.

Decision making

The Board of Trustees meets quarterly and regularly reviews the charity's strategic direction and performance. At the operational level, the Board delegates the day-to-day management of the charity to the Chief Executive. The Chief Executive is responsible for delivering governance, planning, and performance in line with the agreed strategic direction.

The Finance and Investment Committee oversees the charity's finances, including budgeting, financial planning and monitoring, implementation and maintenance of internal controls and accounting policies. The Finance and Investment Committee meets quarterly, and minutes are circulated to the following Board of Trustees meeting.

The Grants Committee is responsible for providing expert, independent peer review of new research grant applications, monitoring ongoing grants, and verifying outcomes. The committee makes recommendations for new grant awards as appropriate to the Board of Trustees. Committee membership, which includes independent clinicians and researchers, is carefully selected to ensure a broad range of perspectives and advice.

The Scientific Advisory Committee provides oversight and strategic guidance on the charity’s scientific objectives. The committee meets when required most notably to review the charity’s Research Strategy.

The Engagement, Marketing, and Income Generation Committee offers expertise and guidance to the fundraising team and presents a report to the Board following each meeting.

The Patient and Public Involvement Committee comprises researchers, healthcare professionals, patients and staff with a diverse range of experience and expertise. It offers guidance on current PPI projects, the expansion of our People and Researchers Together (PaRT) network, the growth of paid PPI work and process improvements. The Committee meets twice per year.

Risks and uncertainties

The Board of Trustees is responsible for ensuring that the charity has robust risk management and internal control systems in place to identify and mitigate the key risks the charity faces. The Finance & Investment Committee, along with the Board of Trustees, reviews the quarterly updated Risk Register prepared by management.

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Statement of Trustees responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the charity and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to Auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

The Annual report of Bowel Research UK was approved by the Board of Trustees on Monday 2 June 2025.

Asha Senapati

Chair of Board of Trustees

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Bowel Research UK Independent Auditor's Report to the Members of Bowel Research UK

Opinion

We have audited the financial statements of Bowel Research UK (the 'charity') for the year ended 31 December 2024, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 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 (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:

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Bowel Research UK Independent Auditor's Report to the Members of Bowel Research UK (continued)

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks of material misstatement 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 regulations:

Laws and regulations which are considered to be significant to the charity include those relating to the requirements of financial reporting framework FRS102, the Charities Act 2011, UK tax legislation, employment law and health and safety. In addition, we consider other laws and regulation which may not directly impact the financial statements but may impact on the operation of the charity.

As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed.

Audit 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 included the following:

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

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Bowel Research UK

Independent Auditor's Report to the Members of Bowel Research UK (continued)

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

We have been appointed as auditor under section 144/145 of the Charities Act 2011 and report in accordance with the regulations made under section 145 of that Act.

......................................

A C Mole LLP, (Statutory Auditor) Chartered Accountants and Statutory Auditor Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Date:.............................17 June 2025

A C Mole LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 19

Bowel Research UK Statement of Financial Activities for the Year Ended 31 December 2024

Note
Income
Donations and legacies
2
Charitable activities
3
Investment income
4
Total income
Expenditure
Raising funds
5
Charitable activities
6
Total expenditure
Gains/(losses) on investment assets
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
21
Note
Income
Donations and legacies
2
Charitable activities
3
Investment income
4
Total income
Expenditure
Raising funds
5
Charitable activities
6
Total expenditure
Gains/(losses) on investment assets
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
21		 Unrestricted
funds
£
896,527
22,855
95,990
1,015,372
(584,784)
(926,579)
(1,511,363)
67,184
(428,807)
187,085
(241,722)
1,298,889
1,057,167
Unrestricted
funds
£
1,707,118
9,592
49,335
1,766,045
(419,762)
(1,060,793)
(1,480,555)
62,500
347,990
215,337
563,327
735,562
1,298,889		 Restricted
funds
£
356,159
-
-
356,159
-
(36,894)
(36,894)
-
319,265
(187,085)
132,180
24,930
157,110
Restricted
funds
£
286,743
-
-
286,743
-
(81,856)
(81,856)
-
204,887
(215,337)
(10,450)
35,380
24,930		 Total
2024
£
1,252,686
22,855
95,990
1,371,531
(584,784)
(963,473)
(1,548,257)
67,184
(109,542)
-
(109,542)
1,323,819
1,214,277
Total
2023
£
1,993,861
9,592
49,335
2,052,788
(419,762)
(1,142,649)
(1,562,411)
62,500
552,877
-
552,877
770,942
1,323,819

The notes on pages 23 to 37 form part of these financial statements. Page 20

Bowel Research UK (Registration number: 1186061) Balance Sheet as at 31 December 2024

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: Amounts falling due within one year
17
Net current liabilities
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
18
Net assets
Funds of the charity:
Restricted funds
Unrestricted funds
Total funds
21		 2024
£
3,262
2,512,058
2,515,320
200,890
249,463
450,353
(1,488,516)
(1,038,163)
1,477,157
(262,880)
1,214,277
157,110
1,057,167
1,214,277		 2023
£
6,524
2,483,894
2,490,418
184,178
393,017
577,195
(1,315,104)
(737,909)
1,752,509
(428,690)
1,323,819
24,930
1,298,889
1,323,819

The financial statements on pages 20 to 37 were approved by the trustees, and authorised for issue on 06/06/2025 .................... and signed on their behalf by:

.........................................

Miss Asha Senapati Chair

The notes on pages 23 to 37 form part of these financial statements. Page 21

Bowel Research UK Cash Flow Statement for the Year Ended 31 December 2024

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
5
Investment income
4
Net (gains)/losses on investments
Working capital adjustments
Increase in debtors
15
Increase in creditors
17
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable
4
Purchase of tangible fixed assets
13
Purchase of investments
14
Sale of investments
Net cash flows from investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
16		 2024
£
(109,542)
3,262
(95,990)
(67,184)
(269,454)
(16,712)
7,602
(278,564)
95,990
-
(1,363,504)
1,425,358
157,844
(120,720)
418,852
298,132		 2023
£
552,877
3,377
(49,335)
(62,500)
444,419
(3,372)
254,448
695,495
49,335
(9,786)
(1,594,888)
9,430
(1,545,909)
(850,414)
1,269,266
418,852

The notes on pages 23 to 37 form part of these financial statements. Page 22

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024

1 Accounting policies

General information

Bowel Research UK is registered in England as a Charitable Incorporated Organisation (registered no. CE019377) and also with the Charity Commission (registered no. 1186061). The address of its registered office is Royal College of Surgeons, 38-43 Lincoln's Inn Fields, London, WC2A 3PE.

Statement of compliance and basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Charities Act 2011.

Bowel Research UK meets the definition of a public benefit entity under FRS 102.

FRS 102 (2024) is applicable to reporting periods commencing 1 January 2026. The key areas of change are in respect to Section 23 Revenue from Contracts with Customers and Section 20 Leases. Our initial assessment of the new requirements suggests minimal impact on the Bowel Research UK accounting policies.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

All income is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Grants receivable

Grants are recognised when the charity has an entitlement 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 expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, 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 inclusive of irrecoverable VAT.

Page 23

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant payable

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are included within grants payable as a commitment, but also within prepayments to the extent that the related conditions have not been met.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

Governance costs are those incurred in connection with constitutional and statutory requirements of the Charity and included within support costs.

Irrecoverable VAT

The charity is not registered for VAT. All expenditure is stated inclusive 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 depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation 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 Equipment

Depreciation method and rate 33% Straight line

Page 24

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Fixed asset investments

Listed investments

Listed investments are a form 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 Charity does not acquire or use put options, derivatives or other complex financial instruments.

Realised 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 proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund accounting

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance 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 aim and use of each restricted fund is set out in the notes to the financial statements.

Financial instruments

The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties.

Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

Consolidation

Bowel Research UK is the sole member 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 were donated to the charity on 1st October 2020.

Page 25

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Critical Accounting Estimates and Judgements

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, 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 circumstances.

The charity makes estimates and assumptions 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 judgements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Legacies

Legacy income is recognised when there is a grant of probate, the executors have established there are sufficient funds to distribute income from the estate, the legacy can be valued with reasonable accuracy and any conditions attached to the legacy have been met or are within the control of the Charity.

It is possible that actual amounts received could vary from those recognised.

Page 26

Bowel Research UK

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 Income from donations and legacies

Donations
Legacies
Grants
Donations
Legacies
Grants
3
Income from charitable activities
Other income
Research
Research
4
Investment income
Dividends
Interest receivable
Dividends
Interest receivable		 Unrestricted
funds
£
683,979
178,313
34,235
896,527
Unrestricted
funds
£
606,819
1,019,502
80,797
1,707,118
Unrestricted
funds
£
14,040
8,815
22,855
Unrestricted
funds
£
9,592
Unrestricted
funds
£
57,276
38,714
95,990
Unrestricted
funds
£
37,165
12,170
49,335		 Restricted
funds
£
169,154
-
187,005
356,159
Restricted
funds
£
-
-
286,743
286,743
Restricted
funds
£
-
-
-
Restricted
funds
£
-
Restricted
funds
£
-
-
-
Restricted
funds
£
-
-
-		 Total
2024
£
853,133
178,313
221,240
1,252,686
Total
2023
£
606,819
1,019,502
367,540
1,993,861
Total
2024
£
14,040
8,815
22,855
Total
2023
£
9,592
Total
2024
£
57,276
38,714
95,990
Total
2023
£
37,165
12,170
49,335

Page 27

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5 Expenditure on raising funds

a) Costs of generating donations and legacies

Donations
Staff Costs
Allocated support costs
7
Donations
Staff Costs
Allocated support costs
7
6
Expenditure on charitable activities
Direct costs
Research
Grant funding of activities
8
Allocated support costs
7
Direct costs
Research
Grant funding of activities
8
Allocated support costs
7		 Unrestricted
funds
£
222,264
264,517
98,003
584,784
Unrestricted
funds
£
91,924
228,576
99,262
419,762
Unrestricted
funds
£
113,019
151,141
388,133
274,286
926,579
Unrestricted
funds
£
74,662
6,835
728,480
250,816
1,060,793		 Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-
36,894
-
36,894
Restricted
funds
£
10,000
41,862
29,994
-
81,856		 Total
2024
£
222,264
264,517
98,003
584,784
Total
2023
£
91,924
228,576
99,262
419,762
Total
2024
£
113,019
151,141
425,027
274,286
963,473
Total
2023
£
84,662
48,697
758,474
250,816
1,142,649

Page 28

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7 Analysis of support costs

Staff costs
Rent
Insurance
Telephone
Printing, postage and stationery
Consultancy and recruitment
General expenses
Membership
Audit and accountancy fees
Bookkeeping and legal fees
AMELIE costs
Bank charges
Grants management costs
Communications and advertising
Depreciation
This is split between:
Raising funds
Charitable activities		 Total
2024
£
56,112
9,202
6,417
2,878
853
111,504
873
6,367
15,489
32,074
13,200
935
15,120
98,003
3,262
372,289
2024
£
98,003
274,286
372,289		 Total
2023
£
76,104
7,406
5,081
3,091
1,809
84,556
2,148
6,489
13,233
36,273
9,318
1,931
-
99,262
3,377
350,078
2023
£
99,262
250,816
350,078

Page 29

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

8 Grants awarded

University of Oxford
University of York
University of Nottingham
University of Leeds
NHS Greater Glasgow
Sheffield Teacher Hospitals
University of Manchester
Alder Hey Children's NHS Foundation Trust
Leeds Beckett University
University of Oxford
UHI
Hull- Radiotherapy
Brunel - Increased risk 2 genes
Over accrual of grants reversed
Countess of Chester Hospital
Salford Royal Foundation Trust
Imperial College London
Roger Williams Institute of Hepatology
University of Manchester
East Lancashire Hospitals
University of Southampton
University of Southampton
QMUL
University of Oxford
University of Liverpool
NHS Greater Glasgow and Clyde
Sheffield Hallam University
Salford Royal Foundation Trust		 Total
2024
£
26,200
50,000
16,910
46,576
30,000
31,587
50,000
47,186
49,933
113,513
2,366
2,341
2,763
(44,348)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
425,027		 Total
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,044
28,449
49,937
49,017
32,105
5,000
42,096
49,756
48,419
93,780
118,282
57,006
116,827
47,756
758,474

9 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. (2023 - Nil)

No trustees have received any reimbursed expenses from the charity during the year. (2023 - Nil)

Page 30

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Bowel Research UK

10 Staff costs

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

charity during the year expressed as full time equivalents was as follows:
2024 2023
No No
Employees 9 9
No employee received emoluments of more than £60,000 during the year. (2023 - None)
Remuneration paid to key management personnel of the Charity amounted to £148,328 (2023 - £115,290) for the
year. Key management personnel consisted of the former and current Chief Executive Officer and Director of
Engagement, Marketing and Income generation.
2024 2023
£ £
Wages and salaries 404,156 342,641
Social security costs 37,846 32,033
Contribution to defined contribution pension schemes 18,265 15,209
460,267 389,883
11 Auditors' remuneration
2024 2023
£ £
Fees payable to the auditor for the audit of the annual accounts 9,300 9,030
Preparation of the financial statements 5,319 3,393
Other 870 810
15,489 13,233

12 Taxation

The charity is a registered charity and is therefore exempt from taxation to the extent that it's income and gains are applicable to charitable purposes only.

13 Tangible fixed assets

Cost
At 1 January 2024
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
equipment
£
16,457
16,457
9,933
3,262
13,195
3,262
6,524		 Total
£
16,457
16,457
9,933
3,262
13,195
3,262
6,524

Page 31

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

14 Fixed asset investments

Cost or Valuation
At 1 January 2024
Additions
Disposals
Revaluation
Cash held within investment portfolio
At 31 December 2024
15 Debtors
Trade debtors
Prepayments and accrued income
16 Cash and cash equivalents
Cash at bank
Cash held in investment portfolio
17 Creditors: amounts falling due within one year
Trade creditors
PAYE/NIC
Grants payable
Other creditors
Accruals and deferred income
The balance of deferred income is recognised based on the following:
Deferred income at 1 January 2024
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2024
£
2,458,059
1,363,504
(1,425,358)
67,184
2,463,389
48,669
2,512,058
2024
£
3,315
197,575
200,890
2024
£
249,463
48,669
298,132
2024
£
20,929
9,810
1,406,270
2,083
49,424
1,488,516
2024
£
-
14,040
-
14,040		 2023
£
810,101
1,594,888
(9,430)
62,500
2,458,059
25,835
2,483,894
2023
£
2,190
181,988
184,178
2023
£
393,017
25,835
418,852
2023
£
64,782
22
1,227,170
5,893
17,237
1,315,104
2023
£
9,995
-
(9,995)
-

Page 32

Bowel Research UK

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

18 Creditors: amounts falling due after one year

18 Creditors: amounts falling due after one year
Grants payable
19 Reconciliation of grants payable
Grants commitment b/fwd 1 January 2024
Commitments made in the period
Grants paid during the period
Grant commitments at year end		 2024
£
262,880
2024
£
1,655,860
425,027
(411,737)
1,669,150		 2023
£
428,690
2023
£
1,346,860
758,474
(449,474)
1,655,860

20 Commitments

Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £18,265 (2023 - £15,209). At the year end there was a total of £2,197 (2023 - £4,814) owed to the pension scheme, and this is included within accruals.

Page 33

Bowel Research UK

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

21 Funds

Unrestricted funds
General Funds
Restricted funds
Nasbo Project Funding
David and Ruth Lewis
Charitable Trust
NSW Davidson
The Medical Research
Council
Coral Samuel Charitable
Trust
Microbiome Grant Appeal
Memory Giving
University of Oxford
Meilke Foundation
NHS Greater Glasgow
and Clyde
Total funds		 Balance at
1 January
2024
£
1,298,889
1,880
3,000
20,000
-
50
-
-
-
-
-
24,930
1,323,819		 Income
£
Expenditure
£
1,015,372
(1,511,363)
-
-
-
-
-
-
187,005
-
-
-
129,660
-
80
-
26,220
(26,200)
2,500
-
10,694
(10,694)
356,159
(36,894)
1,371,531
(1,548,257)		 Transfers
£
Other
recognised
gains/(losses)
£
187,085
67,184
-
-
-
-
-
-
(187,005)
-
-
-
-
-
(80)
-
-
-
-
-
-
-
(187,085)
-
-
67,184		 Balance at
31
December
2024
£
1,057,167
1,880
3,000
20,000
-
50
129,660
-
20
2,500
-
157,110
1,214,277

Page 34

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Unrestricted funds
General funds
Restricted funds
Nasbo Project Funding
David and Ruth Lewis
Charitable Trust
NSW Davidson
The Sylken Charitable
Trust
ACPGBI
The Medical Research
Council
Coral Samuel Charitable
Trust
Frognal Trust
The Inman Charity
Total funds		 Balance at
1 January
2023
£
735,562
1,880
3,000
20,000
500
10,000
-
-
-
-
35,380
770,942		 Income
£
Expenditure
£
1,766,045
(1,480,555)
-
-
20,044
(20,044)
-
-
-
-
-
(10,000)
245,199
(36,862)
10,000
(9,950)
5,000
(5,000)
6,500
-
286,743
(81,856)
2,052,788
(1,562,411)		 Transfers
£
Other
recognised
gains/(losses)
£
215,337
62,500
-
-
-
-
-
-
(500)
-
-
-
(208,337)
-
-
-
-
-
(6,500)
-
(215,337)
-
-
62,500		 Balance at
31
December
2023
£
1,298,889
1,880
3,000
20,000
-
-
-
50
-
-
24,930
1,323,819

Page 35

Bowel Research UK Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Funds

Donors of the funds identified above specified that income should be used for the activities as outlined below. The funds will continue to be carried forward until spent in accordance with the specific requests set out.

NASBO Audit Project Funding - This fund relates to an underspend on a grant previously approved by Bowel Disease Research Foundation. The funds will be matched to a similar project on agreement from the funder.

David and Ruth Lewis Charitable Trust - This fund supports our grant to Oxford University.

NSW Davidson - This fund represents a donation made to Bowel & Cancer Research upon Professor Norman Williams’ retirement to put to research of his choice. This represents the residual balance of this donation which will be given as a future grant.

The Sylken Charitable Trust’s award to Bowel Research UK to be allocated to research preferably in the Shropshire or West Midlands area.

Association of Coloproctology of Great Britain and Ireland (ACPGBI) - This was a match funded award with Bowel Research UK for the COVIDSurg research into the safety of surgery during the COVID pandemic.

Medical Research Council - This was part of Government support for charity funded early career research following the impact of COVID-19.

Coral Samuel Charitable Trust - The donation was made in memory of a sadly deceased Trustee and allocated to a pump priming grant.

Frognal Trust - This grant is restricted for research.

The Inman Charity - This fund is restricted to a PhD at Oxford University.

Microbiome Grant Appeal - In 2024, Bowel Research UK launched a campaign to raise £250,000 to enable us to invest in world-class innovative research into the gut microbiome.

Memory Giving (registered as 'Purple Patch Management Ltd') - Two restricted donations were received through Memory Giving (registered as 'Purple Patch Management Ltd'). These restricted donations were applied to the Damascus II Study - Diverticulitis Management a Snapshot Collaborative Study.

University of Oxford - This small grant is entitled ‘Re-evaluating colorectal cancer diagnostic markers and therapies in the context of tumoral acidosis: towards molecularly-stratified treatments that consider in-vivo chemical selection pressures’.

Meilke Foundation - The Meilke Foundation have kindly contributed a restricted gift for use in Scotland, which has been allocated to an ongoing PhD project aiming to improve emergency bowel surgery, particularly for elderly and frail patients, led from the Royal Alexandra Hospital in Paisley.

NHS Greater Glasgow and Clyde - Bowel Research UK were grateful to receive donations from a couple who chose to ask guests at their wedding to donate to Bowel Research UK in place of wedding gifts. The sum raised was restricted to the Small Grant taking place at NHS Greater Glasgow & Clyde which is entitled 'Tackling important (but hard to fund) questions in bowel disease: assessing the feasibility of decision architecture randomisation trials in routine care'

The transfer of funds relates to income received towards grants that have already been awarded. Once funding for a grant is agreed by our Grant Committees, we follow accounting principles which state that we must recognise the full commitment, which may span a number of years. We may then receive specific income against those grants in later years.

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Bowel Research UK

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

22 Analysis of net assets between funds

22 Analysis of net assets between funds
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
£
3,262
2,512,058
293,243
(1,488,516)
(262,880)
1,057,167
Unrestricted
funds
£
6,524
2,483,894
552,265
(1,315,104)
(428,690)
1,298,889		 Restricted
funds
£
-
-
157,110
-
-
157,110
Restricted
funds
£
-
-
24,930
-
-
24,930		 Total funds at
31 December
2024
£
3,262
2,512,058
450,353
(1,488,516)
(262,880)
1,214,277
Total funds at
31 December
2023
£
6,524
2,483,894
577,195
(1,315,104)
(428,690)
1,323,819

23 Related party transactions

There have been no related party transactions during the year (2023 - Nil).

Page 37