Charlty Re&15tralSon No. 1144798 Company Reglstralon No. 7S67881 IEntsnd and Wales) KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Tru5t*s Dr A V Crowe P L Grlffiths A Hammad Prof G Kemp 5¢retary P L Grlffiihs Chlef Executb S Stalsber8 Charlty numb•r 1144798 Comp•ny number 7567881 Re815tertd offl 3rd Floor 5 Temple Square Ternple Street Livecpool Mefseyslde L2 SRH Audltor BWM Suite 5.1 12 Tithebarn Streei Liverpool Merseyside L2 2DT Bankers Santander Corpofate Banklng 298 Dean58ate Manchester M3 4HH In¥estment advlsors Blankstone Slngton Ltd Walker House Floor 10 Exchange Flags LJ"verpool Merseyside L2 3YL
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE CONTENTS Pai• Trustees, report Independent auditor's report 9-12 Statement ol financlal aulvIe9 13 Balance sheet 14 Statement of cash flows 15 Notes to the flnanclal statements 16-27
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2021 The trustees prèsènt ihelr report and ffinan¢ial statemènis lor the year ended 30 Junè 2021. The financlal slatement5 have been prepared In accordance with the accounting policie5 Set out In note I to the financial statement5 and comply with the charity'5 Memorandum and Article5 of Association. the Companie5 Act 2006 and 'Accounts"n8 and Repotting by ChariD"es,. Siatement of Recommended Pracb"ce applicable to charities preparin8 their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 lÈffe£tive l January 20191" ObleclS¥es and acllvftbes The principal objects of the charity are to undertake, promote. develop and encoura8e research Into diseases of the kldney and urlnary tract and research into the treatment of such d15eases. The prlncipal method ol achieving Its objetts Is io invite appllealons to fund research prolects from tonsuliants and othef medical staff at ihe Royal Liverpool University Hospital and other hospitals in the Merseyside and Cheshire areas. In principle, Ihè char5ty agreès to support training posts in the three fields ol Transplantab"on. Urology and Nephrolo8V, pro¥idlng that ihese posts afe formulated into specific research pfolects. Publlc btnefii The trustees have pald due re8ard to 8uldance Issued by the Charity Commlsslon In declding what activlfjes the charity shguld undertake. Grant makln8 pollcy All application5 lor funding are channelled through an Adviwry s¢lenfiC Sub-committee. Applicatlon5 could cover projects lasung up to five years. Following fevlew by that Commlttee. the flndings are psented to the trusiees and consideration Is given a5 to the avallability of funds. If funds are available and ihe Medical Sub-commlttee wlshes to support a proposal, then the appllcation and supporting d(Kymentalon are sent to two out51de assessors. The Independent and impartial assessors can be spe£i31ists either in the UK or worldwide and will consider thè scients.fic value of ihe proposals put befo them, They may accept the project, SU88est changes to the way it is cond¢Jcted or dismiss the project. The trustees will take account ol the external as5e5sments before committing the charity to anv costs.
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Achle¥ements and performance The charity coniinues io fund laboratory-ba5ed research Projects. Ourin8 the year there were four projerts in progre. De¥elopln8 a comblnatorSal thornp•udc sirately for kldney canc•r by tarytlni metabollc and apoptotlc reiulatoys F6PI and p53 Kldney cancer kills around 4,0 people each year in the UK and worrylngly. ha5 been on the Increase lor the past three decades with the number of people affected and dying approximately doubling in that perlod. For many patiènts, particularly thosè In whtsm the cancer has spread lrnètastasiiedl to new sites In the kndy. ¢urrentlv avallèble therapies, which largely target new blood vessel formatson langlogene5isI and Cell growth. have only modes effects in prolonRin8 survival. For cells to gmw, they must synthesis the bulldln8 blocks of life. and ihls Is actompllshed by the cell metabollsm using raw materials obtained from outside of the cell. All ol the pcocesses that take place inside the cell depend. directly or Indirectly upon energy. and the metabolism ol corbohydrates, particularly glucose, provldes a major source ol energv. One of the Major difference5 beiween turnour ce115 and m05t normal cells, is that thelr metabolism 15 greatly dlstorted. Recent studles have Identlfied that a key fe8ulator ol metabolism called F8PI is almost always switched off in kldney cancer. We think that it wlll be possible io take advantage of this abnormality in the cancer cells as outlined below. We already know from our own earlier studies thai another pathway that does not work pfoperly in *idnw cancer is re8ulated by a 8ene called p53. P54 Is normally one of the most important 8enes that prevent5 cancer and we have developed o strategy to re-actS¥ate thi5 cancer preventing pathway ol p53. However. cancers easily escape Irorr treatments that target a sin8le paihway. We therefore propose to Inve5tiBate ways to target both p53 and FBPI since thls will hopefully provide for a more robust therapeutlc approach. To achleve this. we must first dlscover how F8PI Is suppressed In kidney cancer and then try to find ways to reverse this effect. We will then examlne the effect ol comblning boih approaches. In the first instance we will Use tumour cell Ilne5 but In later studies we propose to perform eMperlment5 vsing patient biop5ie5. sinte these more accurattly reflect the disease. The proposal 15 almed èt takin8 advant38e of two pathways ihat ère altered In most kidney cancer5 to determine whether these can be targeted as a therapeuiic strategy. The uliimate goal belng to identjfy novel approathes for trean8 kidney cancer may provide si8nlfficant Improvements In patent outcomes in the future. The prgjett ha5 been disrupted due to a number ol p95t-dodoral research a5SiStan15 lea¥inB and the proKre55 h45 not been as hoped or expected. Howe¥er, a replacement research assistant started In May 2019. Thè primary focu5 wlll bt to finSsh the experlrnental work ntedèd to complete a substaniial manu5crlpt de5crlbSng the therapeufjc potential ol targen@ rescue of p53 in renal cell carclnoma IRCCI cells combined wlih a BH3 mlmetic to sensibse the cells to apopiosls. Following tht granting of a no c05t Èxtension a5 a result of Covid-19, the projett finally completed in May 2021.
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Explorfng h¢)w téll thèraples am*lloiate renal dama WSth thls prolect we wlll analyse the therapeuUc efficary of cell therapies admlnSstered via three different routes to mice with acute kidney injury. In particular. we are interested in understanding how the route of adrnini5tration can Influence therapeutic efficacy. and elutldate the relationship io the immunomodulètory effect ol the cells, The project Is going to plan. It ha5 involved analysls of ihe Issues (kidneys, lung, spleenl for Injury markers and cells ol the inflammatory system. It will also look at cell culture and cell adminlstration technique5. The PhD student presented her work at a meetin8 "Inflammatlon.. from initia15on to restoration" by the 8ritish Society for Immunology held in Aprll 2019. FollowSn8 the 8rantin8 of a no cost extension as a result of Covld-19, the prole(t was completed in Febfuary 2021. Phaie thènpy to treat batterlal urlnarytrnrt Infecllons Urinary trort infections IUTlsl are arnone51 the most common infections In human5 both in the community and in a hospital setting, with the lètter often associated with catheter use. Thèy are a common cause ol morbldity but can also lead to more severe dlsease and occasional latallthes. While Infecon Is often Ilmlted to the bladder ¢cys"s), pyelonephrltis can occur, and this can cause renal laSlure. In additson, UTIS can lead dlrectly to 1Sle-threatening bacteraemlas. Although the majority of UTIS are treated and treatable with anllblotlCS, there Is increasin8 Cgncern about the spread ol aniimitrobial reslstance IAMRI in pathogens causlng UTIS in the UK. wlth AMR impacting on the efficacy of clinical treatment, leadin8 to the development ol more complex cases of UTIS and potentially bloodsiream Inle(tlon5 requlrlnR hospitalisatlon. Two ol ihe key bacterlal pathogens causlng UTIS (Escherlchla toll. Pseudomonas aeruglnos31 have been ldenb.fled by the World Health Or8anisarlon as Priority I 'Crltlcal" pathogens associated with antibiotic reslstance, and a8alnst whlch new therapies are urgently needed. It 15 clear that the overuse of antiblolc5 drives AMR. In 2016, the highest cornbined eneral practsce. hospltal and denfjst Usage ol antlblotlcs In En8land was in Merseyside, ai 27 deflned daily doses per I,(Kl) inhabitants per day. Hence, as a hl8h-prescribln8 region, merslde is especlally vulnerable in this respect, and is therefore a priority area lor potenbal intervention5. In En8land, there is a national iar8et to reduce the incldence ol healihcare-associated bacteraemias caused by E. coll and P. aeru8inosa by 50% over the ne¥t few years. empha5isin8 the particular importance of these species. Indeed, more than half of bloodstream Inletitsns IBSlsl caused by E.toli. the most tommort pathogen associated with Bsls In England. are caused by an underlying UTI. Although relative1 low ai present in England. carbapenem resistance In E.coli and P. aeruginosa can increase drama(allY over a relatively shori peciod of tlme and is seen as a SiRniflcant threat. Hence. there is an ur8ent need to de¥elop aliernabve therapeutic approache5 to tackle these common Inleclons.
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Phage thèrnpy to treai bactÈrlal urlnary trntt Infetdons Iconiinuedl The 1herapeuC applicaiSon ol bactedal vlru5es Ipha6e therapy) has a lon6 hlstory, and It has been used routinely In Ea51ern Europe for sorne time. However. use in the West ha5 been limited because of the lack ol clinical trial data. In additson. the redu£ed spectrum of activity that bacteriophages Iphagel have compared to conventional antibiotits has made them less attractive to the pharmaceub.cal industry. Despite this, pha8e iherapy wès identified in the recent O'Nelll report ès a key technolo8y In the fi8ht a8alnst AMR and there is Increasin4 reco8nllon ol the need to develop this approach. The purpose of thi5 project is to isolate and characterise pha8es thal are effective ogain5t contemporary pathogens most commonly associated with UTIS In the Mersey5ide region, and wider repre5entalives of pathogen populations, in order to develop phage cocktails that could be protected Ipatentedl and taken forward 5nio clinlcal trials to benefit palems with UTIS. Thls prolett finally got under way in July 2020 and has tonlnued to progress throughout the year. Deffinlni strjteiles to Jddress the suppty and dernJnd ol dece•sed donor kldney tr•nsplant•tlon wlth opomlxd *quliy of •tcess: A mlMed.mèthod rtudv. Kldney tran5planiatlon In patients wlth End-Sta8e Kldney Dlsease confefs both lon8evity and quallty ol Ille. However, there remains a slgnificant gap between the nurnber of patients who would benefit from transplantation and availability ol donor kidneys. Re115Ing patsents for a setond or subsequent transplant leads to addltional pressure on the national WaIn8 list. Also, the allocab.on of good quality allo8raft5 Wlth the potenb.al for prolonged graft sutvival, to recipient5 with the potenJal lor relatively short Survival and vice ver5a Increases the gap between supply and demand lor deceased donor kidneys. Therefore, resear£h for prèlèrèntial waiting li5b"n8 01 patients for their first deceasèd donor transplant Is requlred. There Is simultaneously a fequlremeni lor developlng and valldaung the best pair ol rlsk scores Irecipieni and donorl and develop a new composite risk score ihat would match a 8raft Ikldneyl io a reclpient in a more soph15Cated manner to ensure extended graft and patient. Thls study Sntends to develop thls hypothesls by u51ng a mlxed-methods study design. The quantytalve ami wlll 11$e data obtained Irom the UK Renal Registry IUKRRI and NHS 81ood and Transplant INHSBTI whlch will then be merged with NHS digital to enrich data quality with detai15 01 comorbldity and H05Pltal Episode Stati5b'c5 data. Descriptive 51atistics and re8fession models wlll be used to analyse the daia. Techniques thai have noi typically been applled before, such a5 Random Forest metho(J for re8ressionlsurvlval analysis and advanced machine learning 3pproache5 will also be explored. The qualitative arm will involve semS-structur@d intèrview5 Wlth Patients who have recelved flrst, settsnd and subsequeni deceased donor transplants and also patients on dlalysls waib'ng for their lirst transplant. Thematsc analysis will be used to oanIse the coded daia, and Nvivo software IQSR Internationall wlll be used to ald analysis. Thls proposed study alms io Infofm ihe naonal allocalon policy on both Ilstln8 for kldney transplantalon and the OPMal allocaiion ol deceased donor kidneys. This project was approved by the trustees at its meeting in january 2021. Jolntty lunded prolert wlth North West Cancer Re5earth Durin8 the year negotiations took place wilh Nofth Wtst Cancer Research regardin8 ihe leaslbilliy ol carryin8 out a Sointly funded project linked to kidney cancers. An advertisement for applIcaon$ wès put out by both organisaon$ with a view that a joint Sclentiflc Panel would revlew and agree on the most appropriate project to take forward. The panel met oft 2 September 2021, and whilst thefe was some disappoinimeni with only iwo applitations being received, the quality of both applications wa5 noted with the successful applicant bein8 notified in the current financial vear.
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 COd-19 As Covid-19 continued throughout 2020 and into 2021. the chadty conlnued to be affetted in all aspects of rts operab'ons. The Universiiv of Liverpool contlnued to keep Its buildings closed untll laie 2020 but thanklully once the laboratories r opened we were able to continue our research work. The office too was subject io restrictions, particulèrly on the number of people that were allowed Inside Ihe buildlng. Our staff continued to work lar8ely from home durln8 th15 period with regular vlsSts to pick up mail and deal with specific matters as they ar05e. Fundraisln8 acts¥iiles ceased durin8 2020-21 ahhough we contlnue to remain 8rateful for the 8enerosity of our supporters. Thankfully as lockdowns eased throu8hout the world, the value of our portfollo returned to prC0VId levels. We ontinue to monltor performance through our meetings with 81ank5tone Sington. Trustee meeilngs were held remotely throu8hout althou8h consldefa15on is now beln8 8lven to some luture meen retunin8 to lace-to-face. Flnanclal r•W The atcounts ltsr the year to 30 June 2021 are attached to ihls report. Totsl Income lor the year was £292,350, compared wlth £115,969 lor the previous year. Th15 was primarily the result ol two le8acie5 arnounting in total to £203.024. without which the figufe would have been £89,326, reflecting a fall In both dOnaonS and Investment Income from the pre¥lous year. Total resources expended durin8 the year Te £278,41912020 E230.4011 whlch Included E192.89012020 £142.2161 of contracted research project costs net of releages from prior commitments. There was a surplus of £13,93112020 deficit £114,432) for the year before Investmeni 8alns and losses. Investment Bains totallln8 E343,82112020 loss £311.9631 omprised a realised gain on the disposal of investments amounting to £13,351120201055 £9,112), and unreali5ed 8ain5 of E330.470120201055 £302,851>. Reser¥*s polky The irustees regard its -free" reserves to be the unrestricted funds of the charity less the amount which is included In the Investmeni portfollo up to a figure of £2 mllllon that Is held for the pvrposes of earnln8 income (to refleci the significant proporbon of the charitV'5 income that this &enerates1, les5 the carrying value ol tangible fixed assets. Ideallv the trustees would wish to create 'lree' reserves equal io one year'5 total expenditure. At thls level the tru5tee5 feel thai rhey can honour exlsilng research prolecis in the event ol a si8nlficani Fall in lundln8. At 30 June 2021 free reserves amounted to £544,518 however excludlng total funds retalned in the portfolio. the amount Ss only £l(Xl,939.
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 InStMentS and shStMthl polltv The constitution author15e5 the trusiees to make and hold investments using ihe general funds of the charity. detalls of whSch are shown In note 14 to ihe accounts. The trustees delegate responsiblllty lor the management of ihe portfollo to an Investment Sub-commlttee. discretionary management hès been given to the charity's investment mana8ers. 8lankstone Sinyon Limited. The Investment Sub-tommittèe meets quarterly and reviews the performante ofthe lund over the period and Is advSsed of chan8es made or proposed changes to Indlvidual holdln8S. Thé ¢harlty adopts a low r15k profile In It5 invstfflent poli¢y. Income from investments 15 targeted to achleve the London Interbank Offer Rate ILIBORI. Capital performante Is benchmarked a8ainst ihe FTSE 100 Index. Ff-All Share Index, and more specifically the FTSE UX Private Investor Income Index. The Investment Sub-comrnlttee ha5 prevlously Set a tarBet of total Income of £120,CQO from It5 InVement activldes, but more recently it has been a8reed that a tar8et income ol £llJ),(JJ) Is more realisiii In the shori term, Durlng the vear incorre from these sources amounted to £85,634 12020 £107.6581, as a result ol the impact ol Covid-19 on the dlvidend pollcies ol certain Ilstèd invtsimenis. The charity has re8ard to ethical conslderalon5 whereby no dlrect Investments are permltted In companies that are dlrertly Involved in Armaments or Tobacco produrtlon. Prformant bttwéen l July 2020 and 30 Junè 2021 Is ¢ompared a8alnst thè btn¢hmarks In tht tsble below.. Yeir end 30 June 2021 % chan8• Charity portfo160 15.73% FTSE IrKJ FT All Share MSCI PIMFA Pl Income 14.06% 17.70% 11.07% Risk management The trustees have undertaken a review of the major areas of rlsk faced by the charity and £ontinue io monltor and Improve the on80in8 risk mana8ement straie8ies that should ensure that risks are miti8ated ro an acceptable level in Its day to day opera0$. The trustees consider ihe maln rlsk5 to be.. A significant fall in the value ol the inve5tmenl portfolio and the level of investment income. Reduced donations and fundralsing Income. Funding inappropriaie research projects. The irusiees ¢onfjnue to lake the appropriate actions io mitigate the risks Sn ea¢h of these areas. Future development5 There are no planned changes to the activities of the tharitv. Strurture. 8o¥Yman¢e ¥nd mana8ement The charity is a company limited by guarantee and is 8overned by a Memorandum and Atcles of Association adopted on 17th March 2011 as subsequently amended on 25th October 2011.
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Trusièes The trustees, who are also the diredors for the purpose of company law, and who served during the year and up to the date ol $58nature ol the tlnancial staiements were.. Dr A V Crowe P L Griffiths A Hammad Prol G Kemp N Vlatkovic (Reslgned 19 Augus120211 Recruhment and appolntment of tTUStees Appointment of trustee5 is governed by the Article5 of Associaon. The tTUStee5 have the power to aPFTroint new rnembe io fill vacancies arising thfough resignatlon or death of exlstln8 members. Addltionally trusiees may be appointed by ordinary resoluts'on of the members. Orynls•llon The charity is administered by a Board ol Trustees. The number ol irustees shall not be less than three and Ihere 15 no rnaxlmum. The trustee5 meet on a quarterly ba51s. The trustees delegate the day to day respon5ibllity lor markeln8. organisln8 fund ralsSn8 events and administraiion io the Chief Execullve. The trustees have appointed an Advisory Medical Su&committee to ¢onsidr and examine applicallon5 for fundln& ènd an Investment Sub-committee to oversee the management of ihe investmtnt portfolio. Trnst Indutdon and trnlnln8 Potentlal trustees are often drawn from volunteers, from medleal staff wlihln the Royal Llverpool Unlverslty Hospltal, former nal pabents, and from the local buslne5s community and ès a result are often already famillar with the objects ol the A550clation. Potential trustees are glven the opportunity lo meet the exi5bn8 trustee5 and wlth the Chief Executive to di5CUS5 the operation of the eharity and are provided with relevant Charity Comrni5510n publications and the constltution ol the charSty Sn relaOn to thelr responslbilltle5. Rtmunèrniion ol kèy manaiemnt lIannel It Is the charlty's policy to pay the siaff ai rates reflecting ihe local market and inllne with simllar organisations. The workforce conslsts OF the Chlef Executive and one administration worker whose pay reflt the experience, length ol Service and level ol responsibility of the individua15 concerned. Related partle5 Full details of iransactlons wlth related parues are Included In note 9 to the flnanclal statements.
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 ststement of tNStees' responslbllllles The trusiee5, who are also the directors of Kidney Research Northwest for the purpose of company law, are responsible for preparin8 the Trustee5' Report and the Nnancial staternent5 in accordance with applicable law and United Kin8dorn ACcoUnn£ Standards Iunlted Kln8dom Generally Accepted Accounting Pfathcel. Company Law requlre5 the tru5tee5 to prepare financial statements for each ffinanclal year which glve a true and fair view of the state ol affalr5 of the charity and of the incoming soUrCeS and applica0 of resources. Including the Income and expenditure, ol the charitable company lor thai year. In Pfepaflng ihese flnan¢ial statements. the trustees are reqUId to.. select sultable accountlni policles and ihen apply them consSstentlv- observe ihe methods and prlnclples In the Chafities SORP.. rnake lud8ements and estirnates that are reasonable and prudent., stale whether appllcable UK AccountSn8 Standards have been followed. subled to ary materlal departures dlsclosed nd explained in ihe financbal staternents,. and prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue In operauon. The trustees are respon51ble for keeping adequate accoUnn8 records that disclose wlth reasonable atturocy at anv tlme the financlal posib.on ol the charlty and enable them io ensure that the financial statements comply wlih the Companies Act 2(K16. Thry are also responslble for safeguardin8 the assets of the charity and hence for taking reasonable steps lor the prevention and deiedion of Iraud and other Irregularities. Audltor The auditor, BWM, Is deemed to be reappointed under secb.on 487121 of the Companles Act 2(, Dlsdosyre of Inforrn•tson to •udlior Each of the trustees has confirmed that there 15 no Snformalon of which they are aware whlch Is relevant to the audlt, but of which the auditor is unawave. They have further confirmed that they have taken appropriate steps to idenknfy such relevant inlormailon and to establish thai the audlior is aware of such informauon. The trusiees. report was approved by ihe 8oard of Trustees. P L Griffith5 Trustee Dated.- 16 February 2022
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KIDNEY RESEARCH NORTHWEST Oplnlon We have aLtdited ihe financial statemenis ol Kidney Research Northwesi lihe 'charity'l fof the year ended 30 Ivne 2021 which comprise the statement of financial activities, the balance sheet, the staiement of cash flows and the notes to the financial statement5. includlng a summary ol sIBnificant accounlng policle5. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accoundng Standards. Including Financial Reportin8 Standard 102 The Finonclal Reporttng 5iondord opplicoble in ihe UK ond Republic ol Irelond Iunited Kingdom General Accepted Accounts'n8 Practice). In our oplnlon. the flnan¢lal statements= 8rve a true and fair view of the state of the Iharitable iompony's affairs as at 30 June 2021 and of its incomin8 resources and application of resources. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Practlce., and have been prepared in accordante with the requirement5 of the Companié5 Act 2006. Basls lor oplnlon We conducted our audit in acwrdance with Internafjonal Slandard5 on Auditin8 IUKI IISAS IUKII and appllcable law. ¢)ur responslbiiities under those siandards are lurther described In ihe Auditor's responslbllitles Jor rhe oudir of the finonciol statements secty.on ot our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit ol the financial 5tatement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethSc31 re5ponsibS1ities in accordance with thest rtquiremtnts. We believe that the audlt evidÈn¢e we have obtalned Is sufficient and appfoprlate to wovlde a basis for our oplnlon. Conclusbons rel•tln8 to iolni concern In audltlng the financlal 5tatement5. we have toncluded that the trustees. use of the going concern basls of actounng the pfeparaiion ol the financial statements Is appropriate. Based on the work we have performed, we havè not Identiflèd any material uncertainties relating to evenis or £ondStlons thai, Indlvidually or collecbvely, may cast signlficant doubt on the charlty's abillty to conbnue as a going contern for a period of at least twelve months Irom when the financial statements are authorised for issue. Our responslb511tles and the responslbllltles of the irustees wilh respect to goln8 concern are descrlbed In the relevant sections of thls report. Other Inform•tlon The other infomation comprises the information included in the annual report oiher than the financlal statements and our auditor's report thereon. The trusiees are responslble for the other InformaOn contained within the annual report. Our opinign on the financial statement5 does not cover the other inlorrnation and, except to the extent otherwise explicitlv slated In our report, we do not express any form ol assurance concluslon thereon. Our responsibillty is io read the other InfOrmaon and. In doin8 $0, conslder whether ihe other Informadon Is materially inconsi51ent with the financial statement5 or our knowledge obtained In the course of the audit. or otherwise appear5 to be materSally m15Stated. If we Identify such rnateri31 inconsistencies oi apparent matèrial misstatements. we are required to determine whether this 81ves rise to a materlal mlsstatement In ihe financial siatemenis themselves. If, based on the work we have performed, we conclude that there is a maierial missiaternent of this other information, we are required to report that fact. We ha¥e nothing io report in this re8ard.
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KIDNEY RESEARCH NORTHWEST Oplnlon5 on other matt¢rs prescrfbed by the Companles Art 2006 In our opinion. based on ihe work undertaken in the course ol our audit., the informatign Biven in the trustee5' report, which includes the dirertor5' report prepared lor the purp05e5 Of company law. lor the flnanclal year for which the financial siatemenis are prepared Is consistent with ihe financial statements. and the director5, report Included within the tru5tees' report has been prepared In accordance wlth appllcable le8al requirements. Matters on whlth wo are r•qulred to report by exupuon In the IIBht ol rhe knowled8e and understanding ol the chaflty and rts ènvironment obtalned the course of the audlt. we have not Idenfjfled material mlsstatements the dlrectors, report included withln the trustees. report. We h*e nothlnB to report in respect of the followlng matters In relation tts whi¢h the Companie5 Act 2006 requlres us to report to youll. In our oplnion., adequate accounts.ng records have not been kept. or returns adequate for our audlt not been recelved from branches not vlsited by us,. or Ihe flnancial siatements are not In agreement wlih the a¢¢ouniin8 re¢ords and returns.. or ertain disclosures of trustees, rernuneration spectfied by law are not made". or we have not recelved all the Informalon and explanabons we require for our audit- or Ihe trusites were not entitled 10 prepare the financial statemen15 in accordance with the small companies fe8ime and take advantage ol the small tompanles, eMemp¥ons In preparln8 the trustees, repori and from the requlrement to prepafe a stiaie8ic report. Responslbllbdes ol trustees As explained more fully in the siatement ol trustees, responsiblllties. the Erustees, who are also the d5rettors of the charity for the purpose of company law, are responsible lor the preparation of the financial statements and for beln8 satisfied that they give a true and lair view. and for such internal control as the trustees determlne is nKe55ary lo enable the preparation of financial Statements that are free from material rni55tatemenl. whether due io fraud or error. In preparing the flnancial statemenis, rhe irustees are responslble for assessin8 ihe charity's abiliiy io ConnUe as a goin8 concern, dlsc105in8. as appllcable. matters related to 8oin8 concern and usin8 the 80in6 concern basis of accounbn8 Uriless the trusteès eiihèr intend io liquldatè the charltable company or 10 tease opèrations, or have no reallstlt altefnafjve but to do so. Audltor's responslbllltles for the •udlt of the flnanclal statements Our objective5 are to obtain reasonable 355urance about whether the financial statements as a wholt are free from maierial mlsstatemeni, wheiher due to fraud or error, and to Issue an audlior's report that Includes our oplnion. Reasonable assurance 15 a high level of assurance but is not a 8uarantee that an audit conducted in accordance with ISAS IUKI wlll always detect a material mls5taterntnt when It exists. Mi55tatements tan arlse from fraud or error and are considered materlal il, indivldually or In the a88re8ate, they could reasonably be expected to inlluence the economlc decislons of users taken on the basls ol these flnancial statements. Irre8ularities. includin8 fraud. are in5tance5 of non-cornpliance with law5 and re8ulalions. We desi8n procedure5 in line with our responslbllities. outllned above. to deiett material mlsstaiements in respeei of 5rre8ularlties. Intludlng fraud. The extent io which our procedures are capable of detetting irreBulariiies, includin8 fraud, is detailed below. 10-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KIDNEY RESEARCH NORTHWEST The extent to whlch the audlt was consIded capable of detertln8 lffe8ularlWes Includln8 fraud Our appioach to identilyin8 and assessin8 the risks ol material misstaiement bn respect of Iriegularlties, including Iraud and non-complianie with laws and re8ulab"ons, was as follow5.' Ihe engag•ment partner ensured that the engagement team collectively had the appropriate competence. capabllitles, and skills to identsly or reco8nlse non-compliance with applicable laws and re8ulations. we identified the laws and re8ulations applicable to the charitable company throu8h discussions Wlth trustee5 and oiher rnanagernent. we focused on speclfic laws and re8ulations which we consldefed may have a direct maierial effeu on the financial statements or the operatsons of the charltable company. Sncludin8 the Companle5 Act 2CI)6, data protecbon, antl-brlbery, employment and health and Safety legislation. we 35sessed the exient of tompllance wlth the laws and re8ulats.ons ideniifled above through makln8 enquiries of mana8ement and inspecting legal correspondence, and identified laws and re8ulations were comrnunicated wlthin the audit tearr re8ularly and the team remained alert io instances ol non4ompliance throu8hout the audit. We assessed the 5usceptibllity ol the charitable company's financlal Statements to materlal mlsstatement, includin8 obtainln8 an undtr5tandinB of h¢)w fraud mi8ht CUr. bv.. making enquiries of management ès to where they consKlered there wa5 Suscepbl11ty to fraud, their knowledge ol actual. Suspected, and alleged fraud.. and conglderin8 the Internal controls In place to MI@ale risks of fraud and nonvcompliance with laws and regulations. To addre55 the risk of fraud throu8h mana8ement blas and overrlde of contro15, we.. performed analykntal pr¢xedures to Idenb'fy any unusual or unexpected relationshlps, tested journal entries to ideniify unusual transactions., assessed whether jud8ernents and a55umptions made in determlnin8 the accounfjn8 estirnate5 were indlcayve of poienlal bi35.' and Investi8ated the raJonale behlnd $18nlflcant or un¢Jsual transactjons. In response to the risk ol irregularitie5 and non<ompliance with la and reBulatsons. we designed pr¢¢edures whi¢h Included. but were noi Ilmited to.. greeing financlal statement di5closure5 to underlying SUpporn8 documenlalon.. readlng the mlnuies ol meefjn85 ol those charyed with governance., and enqulrlng of management as to actual and potenlal litigation and claims. There are inhtrent limitalon5 in our audit procedurt5 described abovt. The morè removed that laws and regulations art from flnancial transacD"ons. the less likely it is that we would become aware ol non-compliance. Auditing standards also Ilmit the audit procedures required to identify non-compliance with laws and re6ulations to enquiry of the trystees and other management and the inspects.on ol regulatory and legal torrespondence, il any. Materlal misstatements that arlse due to fraud can be harder to detect than those that arise Irom error as they may Involve deliberate concealment or collusion. A further dèserlplon of our responsib51111ès Is avallable on the FSnanclal Reporlng Councll's wèbslte at.. https.-11 www.frc.org.uk/auditorsresponsibilities. This descdption forms part of our auditor's report. 11
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KIDNEY RESEARCH NORTHWEST Use ol our report This report is made solely to the charitable compary's members, as a body, in accordance wSth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might state to the charitable company's members those rnatters we are required to state to them in an aud5tors' reF)Ort and for no other purpose. To the lulle5t exlent permitted by law. we do not accept or assume re5pon5ibility to anyone other than thè charitable company and the charltable company's members as a body, for our audit work, lor ihis report, or lor the oplnlons we have lormed. W/_/ Mf Peter Taaffe FCA cfA DChA IS•nlor St•tOry Audltorl for and ¢)n behalf of BWM 2410212022 Charter•d Accountants St*tutory Audltor Suite S.1 12 Tithebarn Street Liverpool Merseyslde L2 2DT 12-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE2021 Vnrèstrlcted lund5 Rtstrlrted lund5 Total Unrestdcted funds Restricted lund5 Total 2021 2021 2021 2020 2020 2020 Notes Income from: Donations and le8acie5 Invemments 206,716 85,634 206,716 85,634 8.311 107,658 8.311 107,658 Tot•1 Inumne 292,350 292,350 115,969 115,969 ExpendItU ¢)n: Raisin8 lunds 39,842 39,842 42,117 42,117 Charitable acb"¥iTreS 238,577 23B,577 188,284 188.284 Total r•soU •xpend•d 278,419 278,419 230,401 230,401 galnslllossesl on Investments li 343,821 343,821 1311,9631 1311,9631 Net mo¥•ment In funds 357,752 357,752 1426,3951 1426.3951 Fvnd balances at I july 2020 2,187,426 13.427 2,21JO,853 2.613.821 13.427 2.627.248 Fund balantes it 30 June 2021 2,545,178 13,427 2,558,605 2,187,426 13.427 2,2,853 The statement of finantlal activie$ Includes all galns and105ses retognised in the year. All income and expendiiufe deri¥e from continuln8 acI5vieS. The statement of financlal a¢tlvities also ¢omplles wlth the requlrement5 ftsr an in¢c*me and expenditure a¢¢ount undef the Companies Act 2C#J6. 13-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT30 JUNE 2021 2021 2010 Not•s Flxed asset5 Tangible assets Investments 13 14 660 2.443.579 2.111.366 2.444.239 2.111,366 Current •ssets Debtors Cash at bank and In hand 16 203.930 282,234 427.683 486.164 428.591 Cr•dltors: amounts f4lllni du• wlthln on• vejr L7 1174.7681 1210.2281 NW Current assets 311.396 218.363 Total ass•ts l•ss cuff•nt Ibabl1•S 2.755.635 2.329.729 Credltors: •mounts l•lllni du• •ft•r mor• th•n one ye•r 1197.0301 1128,8761 Net •Ssets 2,558,605 2.2CQ.853 IbKom• lunds Resiricled lunds Unrestrirted funds 20 13,427 2,545.178 13.427 2,187,426 2.558,605 2,2C(1,853 The financial statements were approved by the Trustees on 16 February 2022 AL.- C_ Dr A V Crowe Trusts• Company Re815tOn No. 7567881 14-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 Noits Cash flows from operallng adlvSlles Cash absorbed by operatsons 26 1241.9581 1207.7121 IN$tnI •¢dvltses Purchase ol tan8ible fixed assets Purchase ol investments Proceeds on disposal of investments Invesimeni Income received 17331 1120.3621 131,970 85.634 1425,4531 435,457 111.818 Net ush ynernted from In¥eslln¢ IctltI•l 96,509 121,822 Net ush used In flnJncln¢ •dlvlUes N¢t decr*•s• In ush •nd c•sh equlfftlents 1145.4491 185.8901 Cash and cash Èquivalents ai bealnnlng ol year 427.683 513.573 Cash •nd cash •qulv•l•nts at •nd of y••r 282,234 427.683 15-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Accoun¥n8 polld•s Chjrkty inform¥lion Kidney Research Northwest is a private company 1Smlted by 8uarantee incorporated In England and Wales. The registered offlce is 3rd Floor, 5 Temple Square, Temple Street, Liverpool, Merseyside. L2 SRH. 1.1 Accoun# conb*ndon The financial ateMentS have been prepared in accordance with the charity'5 Memorandum and Articles of Associètion, the Companies Act 2006 and -Accountlng and Reporting by Chèrlties.. Statement of Recommended Pracbce applicable to chafities preparin8 their accounts in accordance wirh the Financial Reportin8 Standèrd appllcable in the UK and Republic of Ireland IFRS 1021 leffectlve l January 20191" The charlty is a Publlc Benefit Entity as defined by FRS 102. The financial stalements are prepared in 5terlinB. which is ihe func¥onal currency ol the charity. Monetsry amounts In these financial staiements are rounded to the nearest £. The nnantial stètèments have been prèpared under the historical tost tonvention, modified to Include tertaln financial instruments at fair value. The prlnclpal 4ccounts.ng pollcles adopted are sei out below. 1.2 Golni concern At the tsme ol approving the financial statements, and having due reaard to the impact ol Covid-19, the trustees have a rea50nable expectatson that the charity ha5 adequale resource5 to continue in operational existence for the loreseeable future, Thus ihe trustees conne io adopt the goin8 concern basls ol a¢couniln8 In preparlng the financial staternents. 1.3 Charhabl• funds Unrestricted funds are avallable for use at the d15cretion of the trustees In furtherance of thelr charltable objectives. Aestrirted fund5 are subject to specific conditions by donors as to how they may be used. The purposes uses of the restritted funds are set out in the notes to the financial staiements, 1.4 Income Income 15 retO8ni5èd when the charlty is le8ally enltled to it after any performanct tonditlons have bttn met, the amounts can be measured rellably, and li Is probable that income wlll be reCeId. Cash dOnaon5 are reco8nlsed on receSpt. Other dOnaon$ are COnI1 once the charity has been notified of the donation, unless perlorrnance condityons require deferral of the amount. Income tax recoverable in relatyon to donation5 received under Gilt Aid or deed5 of covenant is retognised at the tlme ol the donation. Oue to the various Covid restrIOn5 In place at different Jmes of the year. the charity dld not benefit from anv volunteer fjme. Ltgacie5 are recognised on receipt oi otherwise if the charlty has been notlfied ol an Impending distribution, the amount is known, and receipt is expected. If ihe amouni is not known, the legacy is treaied as a contin8ent asset. Investment Sncome is earned through holdln8 assets for investment purposes such as shares and bank deposit5. It includes dividends and interest. Where it is not practicable to identify investmenl management ¢gSts incurred within a scheme with reasonable accuracy the invesiment income is reported nei ol these costs. It is included when the amount can be measured reliably. Interest income is recognised usin8 the effective interest method and dividend Income is reco¥nised as the charitV'5 rl8ht to receive payment Is established. 18-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Accoun8 polld•s (colnu*d) 1.5 Ejtpendlture All empendlture is accounted for on an accruals basi5 and has been classified under headln8S that a88re8ate all costs related to the ¢atègory. Expendllure Ss recognisèd whère there is a legal or construcllve obllgation to make payments io third parties. it Is probable that the settlement will be required and the amount of the obligation can be measured liably. It Is cate8orised under the followin8 headin85'. Costs ol ralslng funds. Expenditure on charitable activities. Other expenditure represents those ilems not fallln8 into the cate8orSes above. Research project tosts are now reco8nlsed as a Ilabillty in full In ihe year in which ihe prolett Is approved. Thls represent5 a chan8e in accounting policy due to the implementation of FRS 102. as previously research grants were rètognised in the period to whlth thè costs related. I1coVerable VAT Is charged as an expense a8alnst the a(¥11¥ lor whlch expendlture arose. Support costs are those that aS51St the work of the charity but do not directly represent charitable athy1e$ and Intlude officè costs, governante costs and admlrtistrative payroll costs. They are Inturred directly in support Of expenditure on the objects ol ihe charity and Include project rnana8ement carried out at the charliy's ie8lStered office. Where support costs cannot be directly attributed to particular headin85 they have been allocated to cost of raising funds and expenditure on charitable actlvitye5 on a basls con515tent with use of the re50urces. Premi5e5 and overheads have been allocated on the basls of staff numbers. Fund-ralsin4 c05t5 are those Incurred In 5eekin8 voluntary contrSbution5 and do not Include the c05t5 of disseminating informatSon in support ol the Charitable acdvitles. The analys55 ol these costs Is included in note 8. 1.6 Tan8lble fixed a55et5 Tangible fixed assets are initially measured at cost and subsequently measured at cost or ¥aluatlon. net of depreciation and any impairment105ses. Depreciation Is reco8ni5ed 50 as to write oll the c05t or valuayon of a55ets le55 their resldual values over their useful lives on the followlng basès.. FSxtures and nttin8S omputers 20% per annum 33% per annum The gain or loss arising on the disposal ol an a55et 15 determined a5 the difference between the Sale proceeds and the carrying value of the asset. and is reco8ni5ed in net incomellexpenditurel for the year. 1.7 Flxed asset Investments Fixed asset investments are initially measured ai transactlon prlce excluding transaction costs, and are subsequently measured at fair value at each reporting date. Chan8es In fair value are reco8nised in net incorne/lexpenditurel for Ihe yÈar. Transaclon tosis are expÈnsèd as Incurrèd. 17-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Accoun8 polld•s (colnu*d) 1.8 Impalrnient of flxed asstts At èach rèptsrtln8 end date, the charity re¥lews the tarrying amounts ol its tangiblè assets to determlne whethèr Ihere Is any Indicadon that those assets have suffered an Impalrment loss. If any such indlcation exisis. the coverable amouni ol the asset Is eSMated in order to delermlne the extent ol the impalrment los$111 anyl. 1.9 Cash and cash Ul¥alentS Cash and cash equivalents includè cash In hand. deposlis held at call wlth bank5. Other short.term liquid imesimènts wlth oilginal maiurib.es of three months or less. and bank overdrafts. Bank overdrafts are shown wlihln t>orrowlngs in current liabilibes. 1.10 Flnanclal Instruments The charity ha5 elected to apply the provlslon5 of section 11 '8a5ic Finantlal Insirumtnts. and SetOn 12 '0th¢r Flnancial Insiruments Issues, ol FRS 102 10 all of its financial instruments. Financial instrument5 a re¢ogni5ed in the charlty's balan¢e sheet when the Charity becomes party to the contractual prov15ions of the Instrument. Financial assets and liabilitie5 are offset, with the net 3mounts presented In the financial ststernents. when there Is a legally enloreeable right to set off the recognised amount5 and there is an inienb.on to settle on a net basis or to reallse ihe asset and settle the liability simultaneously. 8oslcflnondol ossets 8asic financial assets. which include debtors and cash and bank balances, are Iniilally measured at transactlon price Including transactlon costs and are subsequenlly corrled at amortised cost uslng the effecty've interest method unless Ihe arrangement con5titute5 a financing transaction, where the transaction 15 measured at the present value ol the luiure recelpts dlscounted at a market raie of Inierest. Flnancial assets tlasslfied as recelvable wlthln one year are not amortised. 8aslcflnanclol Ilabllltles Basic financial liabilities, includin8 creditors and bank loans are inirially reco8nised at transaction Pfice unless the arrangement consts"tute5 3 flnancinB Iransactlon, where the debt in5trurnent Is measured at the present value of the Iuiure payments discounied èt a market rate ol interest, Flnancial liabilities classified as payable wlthin one year are not amorUsed. Oebt in5trument5 are sub5equenily carried at amorti5ed cost. Using the effective interest rate method. Trède creditors are obligations to pay for goods or seryices that have been acquired in the ordinary covrse of operab.ons from 5upplier5. Amounts payable are classifled as current1Sablllties if payrnent 15 due wlthin one year or less. If not, they are presented as non.current liabilitses. Trade cdItorS are recognised initsally at transaction Pfice and subsequenily measured at amordsed cost usin8 the effecbve Interest method. Derecoqnldon oyflnonclul Ilabllldes Financial liabilities are dereco8nised when the charltws contractual obligations explre or are dSschar8ed or cancelled. 1.11 Taxa6on The Charity 15 an exempt charity within the rneaning of %hedule 3 of the Charities Act 2011 and is considered to pas5 the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore It meets the definitson ol a chèriiable company for UK corporation lax purposes. 18-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Accoun8 polld•s (colnu*d) 1.12 Employee btneflts The tost of any unused holiday entitlemeni Is recognlsed in the period in which thè èmployeè's sèrvlees are received. Termination benefit5 are recogni5ed immediately a5 an expense when the charity 15 dernon5trably commltted to ierminaie ihe employment ol an employee or to provide termbnation benefits. 1.13 Retbrernent beneftts Payments to defined contrlbution retirement benefit Khemes are char8ed as an expense as they fall due. Crfdtal aCUnd esdmaf•s and lud8•m•nts In the applIcaOn of the charlty's accountlng pollcles. the trustees are requlred to make ludgements. esilmaies and assumptions about the carrying amouni of assets and liobilitie5 that are noi readily apparent from other sources. The estimate5 and associated as5umption5 are based on historlcal experience and other factors that are consldered to bt relevant. Actual results may differ from these estimates. The e5tymates and underlying assumptions ore reviewed on an ongoing basi5. Revision5 to occounting estSmate5 are recogni5ed in the perlod in which the estlmate is revised where ihe revision affect5 only that period. or In ihe period ol ihe revlsion and future periods where the fevlslon affects both curfent and luture perlods. Oon4lon5 Ind le•5 Unrestrlrted UDrestrlcted lunds lunds 2021 2020 Donadons and gifts Legacies recelvable 3.692 203.024 8,311 206.716 B.311 Investments Unrostrlcted UnrestrScted fvnds fund5 2021 2020 Inme from Ilsled inve5tmentS Bank interest receivable 85,202 432 104.450 3,208 85,6YI 107,658 19-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Ra151ni fvnds Unrestrirted Unrestricted fvnds funds 2021 2020 Fundralsln8 and publklty Support costs 27.235 26.042 Inv•stm•nt mana#tm•nt 12.607 16.075 39.842 42.117 Ch•rltable •dvhles RoMarch projects 2021 R•Marth projects 2020 Grant fundln8 of aalvlties Isee note 71 192,890 142,216 Share of support cost5 Isee note 81 Share of governance costs Isee noie 81 42,027 3.660 42,521 3.547 238,577 188,284 Grants payabl• Ae5earch prolerts 2021 Research projects 2020 Grants to InStituonS.. University of Li¥erpog1 192.890 142.216
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Support Costs Support costs G+Jv•rnan¢ cost5 2021 Support cosis Governance costs 2020 Staff costs Dtprecialen Telephone Postage and statlonery Travel expen5e5 Bank charges Insurance 58,277 73 871 S8,277 73 871 59,062 59,062 1,012 103 121 1,012 103 121 128 63 549 63 549 128 548 8ookkeepin8 ènd admlni5tr¥tion Sundry expenses 9,353 76 9,353 76 7,455 134 7.455 134 Audit fees Statutory fees 3,582 78 3,582 78 3,440 107 107 69,262 72,922 68,563 3,547 72,110 Analysed between Fundraisin8 Charitable acfjvlfje5 27,235 42,027 27,235 45,687 26,042 42.521 26,042 46.068 3.547 69,262 72,922 68,563 3.547 72.110 With the excepb.on of ihe Chlef Executive's employment costs and trawl. Ihat afe charged 60% to fundraising and 40% to charitable actsviiies based on the esbmated proporuon of time spent on those areas, all other support Costs are char8ed to charitable activitses. Trustees An amount 01 £9.35312020 £7,455> Iln¢luding value added tax) was charged by Mitchell Charlesworth LLP, Chartered Ac£ountant5, during the year for bookkeeping and accountancy servic¢s. Mr. P.L. Griffith5 la trustee and the Company Secretary), is a partner in Mirchell Charlesworih LLP. No remuneradon was pald to any other Irusitès during the yÈar. nor were any trusteè Èxpenses rèlmburstd. The totsl amount of employee remuneralon recelved by key management personnel was £41,01312020 £41,015). The tharliy tonslders its key management personnel to comprise the Chief Executive Officer. 21
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 10 Employees Th average monthly number of employees during the year wa5: 2021 Number 2020 Number Administration and fundraisin8 Employm•nt costs 2021 2020 Wages and salaries Social securlty costs Other penslon costs 55.5CQ 1.235 1,542 55.5 2,267 1,295 58,277 59,062 There were no employees whose annual TeMUneraOn was £60,C(Q or more. li N•t Ialnslllossttl on In$1Mnts Unrnstrlct•d Unrestrlcted funds lunds 2021 2020 Revaluation of investments Gainlllossl on sale of invesimentS 330,470 13.351 1302,8511 19.1121 343.821 1311,9631 12 Taxatlon The company Is exempt from corporation tax on it5 charitsble activities. -22-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 13 Tan8lble fixed a$5¢t5 Tthl Cost At I july 2020 Addiilons Oisp05als 2,569 1,849 733 4,418 733 14c(II At 30 June 2021 2.S69 2.182 4.7SI Depredatlon and Impalrnient At l July 2020 Depreciation char8ed in the year Ellmlnated In respect of dlsposals 2.569 1.849 73 4.418 73 At 30 lune 2021 2,569 l.S22 4,091 Carrylni amount AI 30 June 2021 660 660 At 30 lune 2020 -23-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 14 Flxed asset Invertm¢nts Utted Investments C4sh In portlollo Totsl Cost or At l July 2020 Additlons Valuation changes Movement in cash 2.075.756 120,362 330,470 35.610 2.111.366 120,362 330.470 107,305 1225,9241 107.305 Disposals 122S,9241 At 30 lune 2021 2,3C(1,664 142.915 2,443.579 CJrryln{ •mount At 30 lune 2021 2,3C(1.664 142.915 2,443,579 At 30 lune 2020 2,075,756 35,610 2,111,366 2021 2020 Fees pald to Blankstone Slniton Llmlted Mana8ement fee5 12.E4)6 16,075 The hlstorlcal cosi ol the Ilsted invesiments at 30 June 2021 was £2,151,68012020 £2,225,771). IS Fln•ncl•l Instruments 2021 2020 C•rrylni *mount of fln•ncS•1 •55ets Instruments measured at lair value ihrough profit or loss 2.3th).664 2.075.756 16 D•btors 2011 2020 Amounts talllni due wbthln one year. Other debtor5 Prepayments and accrued Income 906 203.024 203.930 -24-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 17 credor$. amounts fallln8 due wlthln one year 2021 2020 Other iaxatitsn and soclal seturlty Trade creditors Accruals and deferred income 861 865 6,483 202.880 173.847 174.768 210,228 Crndhors: •mounts lalllnl du• aft•r mor• than on• y••r 2021 2020 Accruals and deferred income 197.030 128,876 19 Retbrement beneht xhem D•hn•d contrlbullon schtm•5 The charity operates a defined contribub.on penslon scheme for all qualifying employees. The asseis of the scheme are held separately Irom those of the charlty In an Independently admSnistered fund. The char8e to profil or10$5 in re5pett of defined contrlbutyon scheme5 was £l,54212020- £1,295). éstrkted lunds The Income funds of ihe charity include re51ricted funds comprisln8 the followln8 unexpended balances of donafjons and 8rants held on trust lor specific purpose5: Movement In fvnds Movement In fvnds Bilant• It l July 2019 Incomlni rmourcqs comlni 5Lwrrq5 l July 2020 30 June 2021 Mrs. C e Gleave Ideceasedl fund 13.427 13.427 13.427 The restricted fund repSentS a lery receWd by Mersey Kidney Research from ihe estate of M. Clarlsse Bamford Gleave which must be used wholly to provide research into'wegeners, and other related diseases. -25-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 21 Analys15 of net ¥Et5 between fvnds Unr•strlcted fvnds 2021 R•sirlcted funds 2021 Total Unrestrlcted funds 2020 Restri£ted funds 2020 Toial 2021 2020 Fund balances at 30 lune 2021 are represented by.. Tangible assets Investrnent5 Current assets1l1iabllies) Long term li4bilities 660 2.443.579 297,969 1197.0301 660 2.443.579 311,396 1197,0301 2.111.366 204.936 1128.8761 2,111,366 218,363 1128.8761 13,427 13.427 2.545.178 13.427 2,558.605 2.187.426 13.427 2.2c.8S3 cap11 commltmlnis There were no capStal comrnitment5 as at 30 June 202112020 £nlll. R•l•t•d party transacllons There were no disclosable related party tr3nsartlon5 durin8 the year12020 - nonel other than th05e reported In note 24 Other Inlorm•llon A payment of É250,CQO was made by tht charlty durln8 the year ended 3thh June 1995, as a grant, for the provision of researth laclllt4es ai the Unlversity of Li¥erpoDI over a period of 25 years. The ¢harity has exer¢ised Its right to extend the term by a further 15 years at no extra cosi. 25 Analysls of ch•nge% In net lunds The charity had no debt during the year. -28-
KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 26 Cash 8en¢rated trom operayons 2021 2020 Surpluslldeficltl for the year 357,752 1426,3951 Adjustments for.. Investment Income recognlsed In statement of finantlal activklles (Gainllloss on disposal of Investments Fair value 8ains and losses on investments Oepreciation and lrnpalrment ol tangible fixed assets 185.6341 113.3511 1330,4701 73 1107.65BI 9.112 302,851 Movements in workin8 Capltal.. Ilncre35elldecrease in debior5 Increase In creditors 1203.0221 32,694 74 14,304 Cjsh •brbed by oper•Uons 1241,9581 1207,7121 27 Comp•ny Ilmlt•d by iy4r4nt•• The company is Ilmlted by 8uarantee and has no share capStal. On wlndln8 up of the company each member wlll contrlbute £1. 27-