Charity Registration No. 1056410 (England and Wales)
THE NOVO NORDISK UK RESEARCH FOUNDATION
REPORT AND UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 December 2024
The Novo Nordisk UK Research Foundation
LEGAL AND ADMINSTRATIVE INFORMATION
Trustees served throughout the year and up to the date of the approval of the accounts
| Professor David Russell-Jones — Chair ofTrustees | |
|---|---|
| Dr Avideh Nazeri | |
| Professor Dan Cuthbertson (retired 15 October2024) | |
| ProfessorSimon Griffin (retired 15 October2024) | |
| Professor Shareen Forbes | |
| MrAlex Todd (retired 15 October 2024) | |
| Professor Richard Holt | |
| Dr Danijela Tatovic | |
| Professor Pratik Choudhary | |
| Professor Steve Luzio (appointed 1 January 2024) | |
| Ms Sandra Mulrennan (appointed 1 January 2024) | |
| Mr Nicholas Raymond Cahm (appointed 1 January 2025) | |
| 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 | |
| Davidson House | |
| Forbury Square | |
| Reading | |
| Berkshire | |
| RG1 3EU | |
| Bankers | Barclays Bank Plc |
| Leicester | |
| LE872BB |
af
The Novo Nordisk UK Research Foundation TRUSTEES’ REPORT for the year ended 31 December 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024. 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 in the United Kingdom and in particular, but not so as to limit the generality, of the foregoing:
-
T: 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 2024
Doctor 1 - £6,450 Genetic analysis of REMOVAL trial to understand nitric oxide synthases and arginine hydrolases in vascular complications of type 1 diabetes.
Doctor 2 - £11,906
Unravelling the molecular basis of fatty liver disease with CRISPR screens.
2S.
The Novo Nordisk UK Research Foundation
TRUSTEES’ REPORT for the year ended 31 December 2024
Fellowship Awards 2024
Fellowships awarded since 2019 total £1,408,186.
2019
A qualitative study exploring the barriers and facilitators to healthy lifestyle choices in women with a history of gestational diabetes (GD).
2020
Bile acid therapy for diabetes and obesity.
2021
The impact of total diet replacement for remission of type 2 diabetes on disordered eating, for better or for worse?
2022
Redesigning the pathway to diagnosis in childhood type 1 diabetes (T1D).
2023
Optimising gestational diabetes care pathways towards a personalised approach.
2024
Hybrid closed loop initiation and early worsening of diabetic retinopathy.
The Charity also made three Clinical grants totalling £12,470 (2023: five £7,979) and two Education grants totalling £6,725 (2023: one £495).
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 2024, £285,000 was received from the charity’s sole donor, Novo Nordisk Limited (2023: £260,000).
During the year, £261,384 was awarded in fellowships and grants (2023: £302,642), and the Charity incurred £30,852 in direct support costs (2023: £21,226). There was also a right-back of grants previously granted but not paid of £11,986 (2023: £7,242). As in previous years the trustees have secured an undertaking from Novo Nordisk Limited to cover committed expenditure on research fellowships and awards, as well as jointed-funding arrangement with BreakthroughT1D for 50% of the 2024 Research Fellowship and possible other fellowships in the future specifically targeted by type 1 diabetes. Through these methods, the trustees have managed to turn the Charity’s fund deficit of £80,339 at 31 December 2023 to a surplus balance of £21,629 at 31 December 2024.
The administrative services were funded by Novo Nordisk Limited until the 2024 AGM, after that the responsibility for sourcing and paying admin fell to NNUKRF, hence the uplift in the funding compared to 2023.
2S.
The Novo Nordisk UK Research Foundation
TRUSTEES’ REPORT for the year ended 31 December 2024
RESERVES POLICY AND INVESTMENT POLICY
Total reserves at 31 December 2024 were £21,629 (2023: deficit of funds £80,339). 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 committed expenditure on research fellowships, as well as a joint-funding arrangement with BreakthroughT1D for possible fellowships specifically targeted at type 1 diabetes.
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. The running and operating the charity on a dayto-day basis is done by the Secretary of the charity. Details of trustees’ expenses are disclosed in note 6 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 has a joint-funding arrangement with BreakthroughT1D for possible fellowships specifically targeted at type 1 diabetes.
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 ofthe trustees on t** Mevew 224
==> picture [136 x 26] intentionally omitted <==
----- Start of picture text -----
PY rey \ are ¥ { =?
----- End of picture text -----
Professor David Russell-Jones Chair of Trustees
Bao
nt
The Novo Nordisk UK Research Foundation
TRUSTEES’ RESPONSIBLILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS for the year ended 31 December 2024
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:
-
e select suitable accounting policies and then apply them consistently;
-
¢ observe the methods and principles in the Charities SORP;
-
e« 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 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.
-5-
Kerry Gallagher
17/04/25
=
ard
The Novo Nordisk UK Research Foundation
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024
| Notes | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| INCOME from | oo | ws | |||||
| Donations ~~ | aa | a | i: | 2 | 304,202 | 272,798 | |
| Charitable activities | 3 | 80,929 | - | ||||
| Investments | 4 | 2,127 | - | ||||
| TOTAL INCOME | 387,258 | 272,798 | |||||
| EXPENDITURE on | |||||||
| Charitable activities | 5 | 285,290 | 321,546 | ||||
| TOTAL EXPENDITURE | 285,290 | 321,546 | |||||
| NET INCOME/(EXPENDITURE) and net movement in funds | 101,968 | (48,748) | |||||
| Reconciliation offunds | |||||||
| Balance broughtforward at 1 January | (80,339) | (31,591) | |||||
| Balancecarriedforwardat31December | 10 | 21,629 | (80,339) |
All funds are unrestricted.
The notes on pages 9 to 12 form part of these accounts.
ae
The Novo Nordisk UK Research Foundation
BALANCE SHEET
as at 31 December 2024
==> picture [496 x 256] intentionally omitted <==
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Notes|2024|2023|
|£|£|
|aa"|GURRENT ASSETS|a|a|
|Debtors|7|81,685|2,000|
|Cash|at|bank|and|in|hand|720,395|645,292|
|802,080|647,292|
|CREDITORS:|Amounts|falling|due|within|one|year|8|(400,768)|(329,146)|
|Net|current|assets|401,312|318,146|
|CREDITORS:|Amounts|falling|due|after|more|than|one|year|9|(379,683)|(398,485)|
|TOTAL|NET ASSETS“|LIABILITIES)|21,629|(80,339)|
|UNRESTRICTED|FUND — SURPLUS/(DEFICIT)|10|21,629|(80,339)|
----- End of picture text -----
Approved by the trustees on 9 44" “ech 2625 and signed on their behalf by: Professor David ated Chair of Trustees
The notes on pages 9 to 12 form part of these accounts.
-8-
The Novo Nordisk UK Research Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024
1 ACCOUNTING POLICIES
ACCOUNTING CONVENTION
The Novo Nordisk UK Research Foundation is a registered charity in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are detailed on page 2. These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value. 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) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
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 102.
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 and will continue in operational existence for at least 12 months from the date of approving these financial statements. When making their assessment they have considered all previously committed expenditure on Research Fellowships awarded by the Charity and have secured funding from Novo Nordisk Limited to cover these commitments. The trustees have also secured a joint funding opportunity to cover 50% of future Research Fellowship awards. Based on this the trustees consider it appropriate to adopt the going concern basis for the preparation of its financial statements. 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.
-9-
The Novo Nordisk UK Research Foundation
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024
EXPENDITURE RECOGNITION
Expenditure is included on an accruals basis.
Support costs comprise costs for processing grants and applications, including support to actual and potential applicants.
Governance costs 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.
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 setilement 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.
==> picture [2 x 1] intentionally omitted <==
----- Start of picture text -----
;
----- End of picture text -----
-10-
The Novo Nordisk UK Research Foundation
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024
| 2 | DONATIONS | 2024 | 2023 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Corporate donor | 285,000 | 260,000 | |||
| Donated services | ee | ee | 19,202 | 12,798 | |
| 304,202 | 272,798 | ||||
| 3 | CHARITABLE ACTIVITIES | 2024 | 2023 | ||
| £ | £ | ||||
| Award funding | 80,929 | - | |||
| 4 | INVESTMENTS | 2024 | 2023 | ||
| £ | £ | ||||
| Interest receivable | 2,127 | - | |||
| 5 | EXPENDITURE ON CHARITABLE ACTIVITIES | 2024 | 2023 | ||
| £ | £ | ||||
| Grants | |||||
| Research Fellowship — grant to 1 individual (2023: 1 individual) | 223,833 | 276,787 | |||
| Grants to Doctors—grants to 2 | individuals | (2023: 2 individuals) | 18,356 | 17,381 | |
| UK Diabetes Fund—grants to 5 individuals | (2023: 9 individuals) | 19,195 | 8,474 | ||
| 261,384 | 302,642 | ||||
| Grants to Doctors —written back in 2024 | (11,986) | - | |||
| UK Diabetes Fund—written back in 2023 | - | (7,242) | |||
| 249,398 | 295,400 | ||||
| Support costs | |||||
| Indemnity insurance | 269 | 733 | |||
| AMRC Subscription | 625 | 625 | |||
| Bank charges and compensation | 217 | 251 | |||
| Website maintenance | 2,700 | - | |||
| Administration support | 19,202 | 12,798 | |||
| Trustee and Committee meetings | 7,839 | 6,819 | |||
| 30,852 | 21,226 | ||||
| Governance | |||||
| Fees payable to the independent examinerfor: | for: | ||||
| Accountancy fees | 2,880 | 2,820 | |||
| Independent Examination fees | 2,160 | 2,100 | |||
| 5,040 | 4,920 | ||||
| Totalexpenditureoncharitable | activities | 285,290 | 321,546 |
-11-
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024
The Novo Nordisk UK Research Foundation
6 STAFF COSTS
None of the trustees received any remuneration during the current or previous year. Travelling expenses of £848 were reimbursed to 5 trustees during the year (2023: £1,002 4 trustees). There were no employees in either year.
==> picture [447 x 406] intentionally omitted <==
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|7|DEBTORS|2024|2023|
|£|£|
|Other debtors|756|2,000|
|Accrued|income|80,929|-|
|81,685|2,000|
|8|CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR|2024|2023|
|£|£|
|Grants|395,728|316,674|
|Accruals|5,040|12,472|
|400,768|329,146|
|9|CREDITORS:|AMOUNTS|FALLING|DUE AFTER|MORE|THAN|2024|2023|
|ONE YEAR|£|£|
|Grants|379,683|398,485|
|10|UNRESTRICTED|FUND|2024|2023|
|£|£|
|Balance|at|1|January|(80,339)|(31,591)|
|Net|income/(expenditure)|for the|year|101,968|(48,748)|
|Balance|at 31|December|~~|21,629|~|(80,339)|
|11|RELATED|PARTIES|
|Other than|the transactions|with|trustees|detailed|in|note|6,|there were|no|related|party|
|transactions|during|the|current|or|prior year.|
----- End of picture text -----
a
= BOs