2023-12-31-accounts - The Novo Nordisk UK Research Foundation

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Charity Registration No. 1056410 (England and Wales)

THE NOVO NORDISK UK RESEARCH FOUNDATION

REPORT AND

UNAUDITED FINANCIAL STATEMENTS

for the year ended 31 December 2023

The Novo Nordisk UK Research Foundation

LEGAL AND ADMINSTRATIVE INFORMATION

Trustees serving during the year	Professor David Russell-Jones - Chairman
	DrAvideh Nazeri
	Professor John Gregory (retired 28 March 2023)
	Professor Dan Cuthbertson
	Professor Simon Griffin
	Professor Shareen Forbes
	MrAlexTodd
	Dr Rita. Forde (retired 12 December 2023)
	Professor Richard Holt {appointed 1 January 2023)
	Dr Danijela Tatovic (appointed 28 March 2023)
	Professor Pratik Choudhary (appointed 28 March 2023)
Secretary	Dr Paul Chester
Charity number	1056410
Principal address	Novo Nordisk UK Research Foundation
	3 City Place
	Beehive Ring Road
	Gatwick
	West Sussex
	RH6 OPA
Independent examiner	RSM Tax and Accounting Limited
	Chartered Accountants
	3 Floor, Portland
	25 High Street
	Crawley, West Sussex
	RH101BG
Bankers	Barclays Bank Pic Corporate Banking
	PO Box 3, 1 North End
	Croydon,SurreyCR91UF

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The Novo Nordisk UK Research Foundation

TRUSTEES’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS for the year ended 31 December 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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) effective 1 January 2019.

CONSTITUTION

The Novo Nordisk UK Research Foundation was established by a Trust Deed dated 20 June 1996, amended 28 September 2006.

OBJECTS

The formal objects are as detailed in the original Trust Deed dated 20 June 1996 and the amended Trust Deed of 28 September 2006. These state the objectives as being the relief of sickness inthe United Kingdom and in particular, but not so as to limit the generality, of the foregoing:

Promoting research into the causes and treatment of diabetes mellitus and publishing the useful results thereof.
The preservation and protection of the health of the public by educating them and conducting research into the causes and prevention of diabetes,
The advancement and promotion of education in the treatment of diabetes by members of the medical profession.

ORGANISATION

The trustees who served during the year and up to the date of the approval of the accounts are set out on page 1. Under the Trust Deed there shall be at least five trustees, with a maximum of eleven, and shall include the Medical Director of Novo Nordisk Limited, or such other employee of Novo Nordisk Limited as it may select. They meet twice yearly and are assisted by two advisory committees which assess award applications.

GRANT MAKING POLICY

The charity invites applications for funding of projects through advertising in social media. Applicants are invited to submit a summary of their proposals in a specific format. The applications are reviewed against specific criteria and research objectives that are set by the trustees. Progress reports are required for one off funding, and for ongoing project reports to ensure that adequate supervision is being provided and the project quality is maintained.

Who can apply?

Healthcare professionals allied to diabetes.

Grant Awards 2023

JG (£6,720)

An investigation into the expectations of ageing for older adults with Type 1 Diabetes and those that care for them.

RL (£10,870)

A qualitative study exploring participants’ experiences of using a fully closed-loop insulin system (CamAPS HX) to manage type 1 diabetes.

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The Novo Nordisk UK Research Foundation

TRUSTEES’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS for the year ended 31 December 2023

Fellowship Awards 2023

Fellowships awarded since 2018 total £1,346,352.

2018 -AA

Exploring the effect of very low-calorie diet with and without adjuvant exercise training on vascular function and metabolic health in overweight individuals.

2019 -CM

A qualitative study exploring the barriers and facilitators to healthy lifestyle choices in women with a history of gestational diabetes (GD).

2020 - YT

Bile acid therapy for diabetes and obesity.

2021 - ET

The impact of total diet replacement for remission of type 2 diabetes on disordered eating, for better or for worse?

2022 -RS

Redesigning the pathway to diagnosis in childhood type 1 diabetes (T1D).

2023 — SM

Optimising gestational diabetes care pathways towards a personalised approach.

PUBLIC BENEFIT

Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties and believe that this is demonstrated by the grants and financial support offered as detailed above and below.

REVIEW OF THE YEAR

The charity's aim is to fund clinical research and support researchers early in their career in the field of Diabetes in the UK, and its activities to this end continue to develop satisfactorily.

in 2023, £260,000 was received from the charity’s sole donor, Novo Nordisk Limited (2022: £260,000).

During the year, £295,400 was expended in fellowship and grant payments (2022: £308,865), and a further £21,226 in direct support costs (2022: £13,205). Due to the donations exceeding income in the year, the charity's funds are in deficit at the year end. The trustees have secured an undertaking from Novo Nordisk Limited to cover future committed expenditure on research fellowships awarded by the charity.

In the prior year, the Administrator reduced her working hours, resulting in the charity needing additional administration support. Novo Nordisk Limited agreed to engage with an external firm who would provide these services to the charity and Novo Nordisk Limited would cover the costs associated with this work. This work commenced on 28 July 2022. Based on this, we are able to measure reliably the cost of this service and therefore have included the cost within these accounts as donated services. There has been no change to the services provided by the Secretary.

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The Novo Nordisk UK Research Foundation

TRUSTEES’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS for the year ended 31 December 2023

RESERVES POLICY AND INVESTMENT POLICY

Total reserves at 31 December 2023 were in deficit amounting to £80,339 (2022: deficit of funds £31,591). It is the policy of the charity to maintain a sufficient cash balance to cover expenditure for a year. The trustees have secured an undertaking from Novo Nordisk Limited to cover future committed expenditure on research fellowships awarded by the charity.

KEY MANAGEMENT PERSONNEL

The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a dayto-day basis supported by two part time administrative persons. Details of trustees’ expenses are disclosed in note 4 to the accounts.

Trustees are required to disclose all relevant interests and register them with the secretary and in accordance with the charity's policy withdraw from decisions where a conflict of interest arises. All such interests have been disclosed.

FUTURE PLANS

The Novo Nordisk UK Research Foundation future plans are outlined in the Business Plan 2024-2027. In summary the Foundation will continue to attract and support high quality research through the three funding streams — Fellowships, Grants and Fund awards. All awards will continue to be made according to open competitive guidelines as laid down by the Association of Medical Research Charities. The Foundation will pay particular attention to appropriate financial management ensuring that the awards, can be funded from the ongoing annual grant from our donor Novo Nordisk Limited. The foundation will seek collaborations with other organisations whose objectives are compatible. The Foundation has entered a 50:50 funding arrangement with JDRF for the 2024 Research Fellowship.

RISK MANAGEMENT

The trustees have reviewed the major strategic, business, and operational risks which the charity faces and have established systems to mitigate those risks, including appropriate indemnity insurance.

Signed on behalf of the trusteeson 2% | 3{ 24

Professor David Russell-Jones (Chairman)

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The Novo Nordisk UK Research Foundation

TRUSTEES’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS for the year ended 31 December 2023

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;

e 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 concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that 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 trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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02/05/24

The Novo Nordisk UK Research Foundation

UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023

	Notes	2023	2022
		£	£
INCOME from
Donations	2	272,798	272,000
TOTAL INCOME		272,798	272,000
EXPENDITURE on
Charitable activities	3	321,546	326,810
TOTAL EXPENDITURE		321,546	326,810
NET(EXPENDITURE)/INCOME and net movement in funds		(48,748)	(54,810)
Reconciliation offunds
Balance broughtforward at 1 January 2023		(31,591)	23,219
Balancecarriedforwardat31December2023	8	(80,339)	(31,591)

All funds are unrestricted.

The notes on pages 9 to 12 form part of these accounts.

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The Novo Nordisk UK Research Foundation

UNAUDITED BALANCE SHEET for the year ended 31 December 2023

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Notes|2023|2022| |£|£| |CURRENT ASSETS| |Debtors|5|2,000|-| |Cash|at|bank|and|in|hand|645,292|629,626| |647,292|629,626| |CREDITORS:|Amounts|falling|due|within|one|year|6|(329,146)|(360,498)| |Net|current|assets|318,146|269,128| |CREDITORS:|Amounts|falling|due|after more|than|one|year|7|(398,485)|(300,719)| |TOTAL|NET|LIABILITIES|(80,339)|(31,591)| |UNRESTRICTED|FUND|-|DEFICIT|8|(80,339)|(31,591)| |Approved|by|the|trustees|on|and|signed|on|their|behalf|by:| |Professor|David|Russell-Jones|DLA|:|er| |(Chairman)|ag }s\3|ie|

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The notes on pages 9 to 12 form part of these accounts.

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The Novo Nordisk UK Research Foundation

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the year ended 31 December 2023

1 ACCOUNTING POLICIES

ACCOUNTING CONVENTION

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the : UK and Republic of Ireland (FRS 102) effective January 2019.

The Charity constitutes a public benefit entity as defined by FRS 7102.

GOING CONCERN

The trustees have considered whether it is appropriate to prepare the financial statements on the basis that the Charity is a going concern. There is an undertaking from Novo Nordisk Limited to cover future committed expenditure on research fellowships awarded by the Charity therefore, the trustees consider it appropriate to adopt the going concern basis for the preparation of its financial statements with funding already secured for 2024, and it is anticipated that this will continue for at least twelve months from the date of approval of these financial statements. Due to the donations exceeding income. in the year, the charity’s funds are in deficit at the year end. The trustees have secured an undertaking from Novo Nordisk Limited to cover future committed expenditure on research fellowships awarded by the charity. The trustees wish to retain the annual fellowship award and have therefore decided that in the period of this business plan, to reduce costs, they will firstly seek joint funding opportunities with other funding organisations. If these initiatives are insufficient or not forthcoming the trustees will withhold awards to ensure expenditure and income can be kept in balance.

INCOME RECOGNITION

Income from donations is recognised when there is evidence of entitlement, receipt is probable, and its amount can be measured reliably. Entitlement usually arises immediately on its receipt.

Donated services are recognised when received at the value of the gift to the charity provided the value of the gift can be measured reliably.

EXPENDITURE RECOGNITION

Expenditure is included on an accrual’s basis.

Support costs comprise costs for processing grants and applications, including support to actual and potential applicants.

Governance cosis comprise costs for the running of the charity itself as an organisation.

Grants payable are charged in the year when the offer is conveyed to the recipient. Amounts not paid at the year end are included as creditors.

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The Novo Nordisk UK Research Foundation

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the year ended 31 December 2023

1 ACCOUNTING POLICIES (continued)

FUNDS

There are no specific restrictions on the use of the General Fund apart from the furtherance of the Charity’s aims.

TAXATION

The Charity is a registered charity with the Charity Commission and therefore is not liable for income tax or corporation tax derived from its charitable activities, as it falls within the various exemptions available to registered charities.

IRRECOVERABLE VAT

irrecoverable VAT is charged against the expenditure heading for which it was incurred.

FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

DEBTORS

Prepayments are valued at the amount prepaid.

CREDITORS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

DONATIONS		2023	2022
		£	£
Corporate donor		260,000	260,000
Donated services		12,798	12,000
		272,798	272,000
EXPENDITURE ON CHARITABLEACTIVITIES		2023	2022
		£	£
Grants	;
Research Fellowship— grants to 1 individual (2022: 1 individual)		276,787	276,644
Grants to Doctors —grants to 2 individuals (2022: 2 individuals)		17,381	20,960
UK Diabetes Fund — grants to 6	individuals (2022: 9 individuals)	1,232	11,261
		295,400	308,865

UK Diabetes Fund includes grants written back of £7,242 (2022: £4,930).

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The Novo Nordisk UK Research Foundation

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the year ended 31 December 2023

3	EXPENDITURE ON CHARITABLE ACTIVITIES (continued)	EXPENDITURE ON CHARITABLE ACTIVITIES (continued)	2023	2022
			£	£
	Support costs
	Indemnity insurance		733	773
	AMRC Subscription		625	485
	Bank charges and compensation		251	(53)
	Administration support		12,798	12,000
	Trustee and Committee meetings		6,819	-
			21,226	13,205
	Governance
	Feespayable to the independentexaminerfor:	for:
	Accountancy fees		2,820	2,760
	Independent Examiners fees		2,100	1,980
			4,920	4,740
	Total expenditure on charitable activities		321,546	326,810
4	STAFFCOSTS	.

None of the trustees received any remuneration during the current or previous year. Travelling expenses of £1,002 were reimbursed to 4 trustees during the year (2022: Enil). There were no employees in either year.

There are no related party transactions in either accounting period that require disclosure.

5	DEBTORS:	2023	2022
		£	£
	Other debtor— Grant paid twice	2,000	-
6	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR	2023	2022
		£	£
	Grants	316,674	355,818
	Accruals	12,472	4,680
		329,146	360,498

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The Novo Nordisk UK Research Foundation

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the year ended 31 December 2023

7	CREDITORS: AMOUNTS FALLING DUEAFTER MORE THAN	2023	2022
	ONE YEAR	£	£
	Grants	398,485	300,719
8	UNRESTRICTED FUND	2023	2022
		£	£
	Balance at 1 January 2023	(31,591)	23,219
	Net expenditure forthe year	(48,748)	(54,810)
	Balanceat31December2023	(80,339)	(31,591)

9 RELATED PARTIES

Other than the transactions with trustees detailed in note 4, there were no related transactions during the current or prior year.

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