Charity Registration No. 1056410 (England and Wales)
THE NOVO NORDISK UK RESEARCH FOUNDATION
REPORT AND
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 December 2025
The Novo Nordisk UK Research Foundation
LEGAL AND ADMINSTRATIVE INFORMATION
Trustees who served throughout the year and up to the date of the approval of the accounts
| Professor Shareen Forbes — Chair ofTrustees | |
|---|---|
| Professor David Russell-Jones (retired 24 March 2025) | |
| DrAvideh Nazeri (resigned 16 February 2026) | |
| Professor Richard Holt | |
| Dr Danijela Tatovic | |
| Professor Pratik Choudhary | |
| Professor Steve Luzio Ms Sandra Mulrennan |
|
| Mr Nicholas Raymond Cahm (appointed 1 January 2025) | |
| Dr Dinesh Selvarajah (appointed 22 May 2025) | |
| Ms Hannah Beba (appointed 19 July 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 |
-{-
The Novo Nordisk UK Research Foundation
TRUSTEES’ REPORT for the year ended 31 December 2025
The trustees present their annual report and financial statements for the year ended 31 December 2025. 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 accounis 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 18 October 2000 and 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:
-
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 social media and via learned societies and professional organisations. 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 2025
Doctor 1 - £12,000
Delineating the Role of Adrenaline in Hypoglycaemia-Induced Cardiovascular Disease in Individuals with Diabetes: Mechanisms and Clinical Implications.
Doctor 2 - £11,793
Can Cultural Tailoring of Diabetes Structured Education Increase Physical Activity in Adults of African and Caribbean Heritage?
Doctor 3 - £11,600
Investigating the functional desensitisation of the pancreatic human glucose-dependent insulinotropic polypeptide receptor (GIPR).
-2.
:
|
==> picture [1 x 1] intentionally omitted <==
----- Start of picture text -----
:
----- End of picture text -----
The Novo Nordisk UK Research Foundation
TRUSTEES’ REPORT for the year ended 31 December 2025
ig
Fellowship. Awards 2025
Since 2019 the Fellowship Award programmeofthe Charity has awarded £1,482,473. The increase in fellowship awarded from the previous year related to additional funding for existing... projects. é
The fellowships awarded have been for the following.projects.
2019
A qualitative study exploring the barriers and facilitators to healthy lifestyle choices in women with a history of gestational diabetes (GD). —
2020 : fe, , , Bile acid therapy for diabetes. and obesity. 2021... - The impact of total total diet replacement replacement for remission of type type 2 diabetes on for worse? 2022 Redesigning the pathway to diagnosis in childhood type 1 diabetes (T1D). . .
The impact of total total diet replacement replacement for remission of type type 2 diabetes on disordered eating, for better or for worse?
2022
2023 . . Optimising gestational diabetes care pathways towards a personalised approach. 2024 . cot . ooh: : Hybrid closed loop initiation and early worsening of diabetic retinopathy. 2025 _ :
2023
2025 _
No fellowship grants awarded in the year.
=.
The Charity also made two Clinical Project grant totalling £7,974 (2024: three £12,470) and:seven Education grants totalling £17,379.(2024: two £6,725).
PUBLIC BENEFIT _ a — A a 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. ots
REVIEW OF THE YEAR couse 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 2025, £295,000 was received from the charity's sole donor, Novo Nordisk Limited (2024: £285,000):
During the year, £1 35,034 was awarded in fellowships. and grants (2024: £261,384), and the Charity incurred £26,543 in direct support costs (2024: £30,852). There was also a write backs and refunds of grants previously granted of £4,776 (2024: £11,986).
From 21 April 2025 the secretary took over the administration for the charity. under. a .contract..of employment with Novo Nordisk Limited. The associated costs have been recognised in the accounts as a donated service. .
-3.
The Novo Nordisk UK Research Foundation
TRUSTEES’ REPORT for the year ended 31 December 2025
RESERVES POLICY AND INVESTMENT POLICY
Total reserves at 31 December 2025 were £183,676 (2024: £21,629). It is the policy of the charity to maintain a sufficient cash balance to cover expenditure for a year. The trustees have secured through 2026 an undertaking from Novo Nordisk Limited to cover committed expenditure on research fellowships.
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 has secured funding:‘for 2026. However, as of the date these financial statements were approved, no funding has been confirmed for 2027 or subsequent years. As a result, the Foundation will not issue any awards in 2027 to ensure it can meet its existing award commitments.
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 trustees on mm Ly \ rer
Professor Sharren Forbes Chair of Trustees
-4-
|
The Novo Nordisk UK Research Foundation
TRUSTEES’ RESPONSIBLILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS Ye for the year ended 31 December 2025
ws
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 Gharity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assetsofthe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
-5-
Kerry Gallagher
20/04/26
| |
.
The Novo Nordisk UK Research Foundation
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2025
,
| Notes | 2025 | 2024 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| INCOMEfrom | |||||||
| Donations | , | 2 | 317,732 | 304,202 | |||
| Charitable activities | 3 | - | 80,929 | ||||
| Investments | 4 | 13,156 | 2,127 | ||||
| TOTAL INCOME | ~ | 330,888 | 387,258 | ||||
| . | |||||||
| EXPENDITURE on | . | ||||||
| Charitable activities | 5 | 168,841 | 285,290 | ||||
| TOTAL EXPENDITURE | - | 168,841 | 285,290 | ||||
| NET INCOME and net movement in funds | 162,047 | 101,968 | |||||
| Reconciliation offunds | |||||||
| Balance brought forward at | 1 January | 21,629 | (80,339) | ||||
| Balance: carried forward at 31 December | : | 10 | 183,676 | 21,629 | |||
| Allfundsareunrestricted. |
The notes on pages 9 to 13 form part of these accounts.
-7-
The Novo Nordisk UK Research Foundation
BALANCE SHEET
as at 31 December 2025
==> picture [1 x 2] intentionally omitted <==
----- Start of picture text -----
.
----- End of picture text -----
==> picture [462 x 371] intentionally omitted <==
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Notes|2025|2024|
|£|£|
|||
|CURRENT|ASSETS|||
|Debtors|7|65,308|81,685|
|Cash|at.bank|and|in|hand|762,262|720,395|
|.|
|.|827,570|802,080|
|CREDITORS:|Amounts|falling|due|within|one|year|8|(407,668)|(400,768)|
|Net current assets|419,902|401,312|
|CREDITORS:|Amounis|falling|due|after more than|one|year|9|(236,226)|—|(379,683)|
|TOTAL|NET ASSETS|183,676|21,629|
|UNRESTRICTED|FUND|—|SURPLUS|10|183,676|21,629|
|Approved|by the|trustees|on|and|signed|on|their|behalf by:|;|
|a|The|(et|[|He|| LO|25|
----- End of picture text -----
a The Professor Shareen Forbes Chair of Trustees
The notes on pages 9 to 13 form part of these accounts.
-8-
: a
| |
The Novo Nordisk UK Research Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
1 ACCOUNTING POLICIES
ACCOUNTING GONVENTION
The Novo Nordisk UK Research Foundaiion 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. Theaccounts 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 Accountingand Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iretand (FRS 102) effective January 2019.
The Charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 not secured funding for 2027 or subsequent years and therefore will not be advertising awards for 2026 to ensure the Foundation has the funds to meet its existing award commitments. 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.
-Q-
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
The Novo Nordisk UK Research Foundation
EXPENDITURE RECOGNITION
Expenditure is included on an accruals basis.
Support costs comprise costs for processing grants and applications, including supportto 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 ai 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.
-10-
(
The Novo Nordisk UK Research Foundation
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
| 2 | DONATIONS | 2025 | 2024 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Corporate. donor | 295,000 | 285,000 | |||
| Donated services | 22,/32 | 19,202 | |||
| "317,732 | 304,202 | ||||
| 3 | CHARITABLEACTIVITIES | 2025 | 2024 | ||
| £ | £ | ||||
| Awardfunding | - | 80,929 | |||
| 4 | INVESTMENTS | 2025 | 2024 | ||
| £ | £ | ||||
| Interest receivable | 13,156 | 2,127 | |||
| 5 | EXPENDITURE ON CHARITABLE ACTIVITIES | 2025 | 2024 | ||
| : | £ | £ | |||
| Grants | |||||
| Research Fellowship | — grantto 0 individual (2024: 1 individual) | - | 161,858 | ||
| Research Fellowship | additional funds | 74,288 | 61,975 | ||
| Grants to Doctors— grants to 2 individuals (2024: 2 individuals) | 35,393 | 18,356 | |||
| UK Diabetes Fund— grants te 9 individuals (2024: 5 individuals) | 25,353 | 19,195 | |||
| . | 135,034 | 261,384 | |||
| Grants to Doctors — written back in 2025 | (14) | (11,986) | |||
| UK. Diabetes Fund— written back in 2025 | (285) | .. | - | ||
| Research Fellowship— | —written back in2025 | (4,477) | - | ||
| 130,258 | 249,398 | ||||
| Grants are paid to institutions on behalf of the individuals above. | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Support costs | |||||
| Indemnity insurance | 269 | 269 | |||
| AMRC Subscription | 641 | 625 | |||
| Bank charges and compensation | (42) | 217 | |||
| Website maintenance | 3,750 | 2,700 | |||
| Administration support | 15,912 | 19,202 | |||
| Trustee and Committee meetings | 6,013 | 7,839 | |||
| 26,543 | 30,852 |
-11-
The Novo Nordisk UK Research Foundation
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
5 EXPENDITURE ON CHARITABLE ACTIVITIES (Continued)
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Governance | ||
| Fees payable to the independent examiner for: | ||
| Accountancy fees | 3,000 | 2,880 |
| Independent Examination fees | 2,220 | 2,160 |
| Secretarial administration | 6,820 | - |
| 12,040 | 5,040 | |
| Totalexpenditureoncharitableactivities | 141,509 | 285,290 |
During the year, the charity received donated staff time through the secondment of an employee from Novo Nordisk Limited. The value of the donated service, analysed as administration support and secretarial administration has been measured at the cost to the donaiing entity, representing the salary.
6 STAFF COSTS
Noneofthe trustees received any remuneration during the current or previous year. Travelling expenses of £760 were reimbursed to 5 trustees during the year (2024: £848 5 trustees). There were no.employees in either year.
| 7 | DEBTORS | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Other debtors | - | 756 | |
| Accrued income | 65,308 | 80,929 | |
| 65,308 | 81,685 |
Included within the debtors is £49,924 (2024: £65,308) due in more than one year.
| 8 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Grants | 402,448 | 395,728 | |
| Accruals | 5,220 | 5,040 | |
| 407,668 | 400,768 | ||
| 9 | CREDITORS: AMOUNTS FALLING DUE AFTER MORETHAN | 2025 | 2024 |
| ONE YEAR | £ | £ | |
| Grants | 236,226 | 379,683 |
-12-
The Novo Nordisk UK Research Foundation
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025
| NOTES | TO THE FINANCIAL STATEMENTS | : | |||
|---|---|---|---|---|---|
| for the year endedended 31 December 20252025 | |||||
| 10 | UNRESTRICTED FUND | 2025 | .. | 2024 | |
| £ | £ | ||||
| Balance at 1 January | 21,629 | (80,339) | |||
| Net.income for the year | 162,047 | 101,968 | |||
| Balanceat31December | 183,676 | 21,629 |
11 RELATED PARTIES
Other than the tfansactions with trustees detailed in note 6, there were no related party transactions during the current or prior year.
-13-