**Company registration number 7567881 (England and Wales) Charity registration number 1144798 (England and Wales)**
## **KIDNEY RESEARCH NORTHWEST**
# **COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
## **KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Dr A Crowe Mr A Hammad Professor G J Kemp Mr M Lynch Dr A Sharma **Charity number (England and Wales)** 1144798 **Company number** 7567881 **Registered office** C/o DSG Chartered Accountants Castle Chambers 43 Castle Street Liverpool L2 9TL **Independent examiner** DSG Castle Chambers 43 Castle Street Liverpool L2 9TL **Investment advisors** Rathbone Investment Management Limited Port of Liverpool Building Pier Head Liverpool L3 1NW
## **KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Statement of trustees' responsibilities|5|
|Independent examiner's report|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Notes to the financial statements|9 - 19|
**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
The trustees present their annual report and financial statements for the year ended 30 June 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 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).
## **Objectives and activities**
The principal objects of the charity are to undertake, promote, develop and encourage research into diseases of the kidney and urinary tract and research into the treatment of such diseases.
The principal method of achieving its objects is to invite applications to fund research projects from consultants and other medical staff at the Royal Liverpool University Hospital and other hospitals in the Merseyside and Cheshire areas.
In principle, the charity agrees to support training posts in the three fields of Transplantation, Urology and Nephrology, providing that these posts are formulated into specific research projects.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## _Grant making policy_
All applications for funding are channelled through an Advisory Scientific Sub-committee. Applications could cover projects lasting up to five years. Following review by that Committee, the findings are presented to the trustees and consideration is given as to the availability of funds. If funds are available and the Medical Sub-committee wishes to support a proposal, then the application and supporting documentation are sent to two outside assessors. The independent and impartial assessors can be specialists either in the UK or worldwide and will consider the scientific value of the proposals put before them. They may accept the project, suggest changes to the way it is conducted or dismiss the project. The trustees will take account of the external assessments before committing the charity to any costs.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
## **Expanding the scope of HLA-specific antibody detection and monitoring in renal transplant recipients.**
**(Project No. 52/22)** Project started in August 2023
Kidney transplantation is a life-saving treatment, but one in five patients experiences rejection within five years from transplantation. Current monitoring methods rely on late-stage detection, often requiring invasive biopsies. Our research at Liverpool University Hospitals focuses on a non-invasive approach and the integration of donor-derived cell-free DNA (dd-cfDNA) into the standard of practice—tiny fragments of DNA released from the transplanted kidney when it is injured. Alongside with this novel biomarker, we are also studying donor-specific antibodies (DSA), which can develop post-transplant and contribute to rejection. By monitoring both dd-cfDNA and dnDSA in our transplant patients, we aim to identify early warning signs of rejection before kidney function declines.
Our pilot study has successfully established a next-generation sequencing (NGS) assay workflow, demonstrating that dd-cfDNA levels correlate with graft injury. In collaboration with our Bioinformatics colleagues at the University of Liverpool, we aim to integrate machine learning algorithms and analyse patterns in blood tests and clinical data, allowing us to predict which patients are most at risk of rejection, and develop a personalised monitoring protocol after transplant.
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**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2025**_
We are the first UK unit integrating this novel biomarker and approach into a clinical algorithm. We believe our work has the potential to transform kidney transplant monitoring, reduce the need for invasive biopsies, and improve post-transplant outcomes and patient experience.
We have recruited 78% of the target (205 / 258) and to date we have analysed over 700 samples. In March the analysis of the dd-cfDNA proof-of-concept arm of the study (24 high-risk patients at 6- and 12-months posttransplant) will be finished. The industry is supporting our next NGS run 24-26/3/25. The researcher has started writing a thesis and is planning to submit in autumn 2026/early 2027.
## **Use of inverse vulcanized sulfur polymers for prevention of catheter-associated urinary tract infections (Project No. 53/22) Project started July 2023.**
Urinary tract infections (UTIs) are the second most common hospital-acquired infection in the UK, with 50% of those infections occurring in those who are catheterised. UTIs can lead to serious and sometime life-threatening renal complications, including pyelonephritis and urosepsis. End-stage chronic kidney disease requires hemodialysis, and hemodialysis patients with a catheter have a 2-3 fold increased risk of hospitalisation and death as compared to those with an arteriovenous fistula or graft. Thus, there is a pressing need to identify strategies to reduce the likelihood of catheter-associated infections. Preventing bacterial colonisation of catheter materials is one such strategy.
With the support of funding from Kidney Research North West, we have developed a set of sulfur polymers, produced by a process known as inverse vulcanisation, that have potent antibacterial properties. We have produced these polymers as formulations that can be coated onto silicone urinary catheters and have also developed a method where we can mix the polymer in with molten silicone to produce a composite material that retains the strength and flexibility of typical silicone catheters, but with the added benefit of antimicrobial activity. We have shown that coated catheters are less susceptible to bacterial colonisation than conventional catheters. In the final stages of the project, we are focused on demonstrating the safety of these materials and aim to show that they can prevent establishment of infection in a laboratory ‘bladder model’ that simulates urinary flow. We are in the process of seeking industrial partners in the catheter production sector to enable us to further develop the technology.
## **Financial review**
The results for the year and the charity’s financial position at the end of the year are shown in the attached financial statements.
Total income for the year was £125,809, compared with £492,863 for the previous year which included £116,706 (2024 £108,332) of investment income from the portfolio and from surplus funds (see note 4). Total expenditure during the year was £71,156 (2024 £91,275) which included a net credit of £4,206 in respect of grant commitments released on project closures (2024: £nil).
There was a surplus of £54,653 (2024: surplus of £401,588) for the year before investment gains totalling £44,060 (2024: £90,364) Investment gains comprised a realised gain on the disposal of investments amounting to £38,858 (2024: loss of £186), and unrealised gains of £5,202 (2024: gains of £90,550). The result is a surplus of £98,713 (2024: surplus of £491,952) for the year ended 30 June 2025.
## _Reserves policy_
The trustees regard its “free” reserves to be the unrestricted funds of the charity less the amount which is included in the investment portfolio up to a figure of £2 million that is held for the purposes of earning income (to reflect the significant proportion of the charity’s income that this generates), less the carrying value of tangible fixed assets. Ideally the trustees would wish to create ‘free’ reserves equal to one year’s total expenditure. At this level the trustees feel that they can honour existing research projects in the event of a significant fall in funding. At 30 June 2025 free reserves amounted to £608,339 which meets the trustees' target based on 2024/25 expenditure levels.
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**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2025**_
## _Investment policy_
The constitution authorises the trustees to make and hold investments using the general funds of the charity. The trustees delegate responsibility for the management of the portfolio to an Investment Sub-committee. Full discretionary management has been given to the charity’s investment managers, Rathbones. The Investment Subcommittee meets quarterly and reviews the performance of the fund over the period and is advised of changes made or proposed changes to individual holdings.
- The charity adopts a low risk profile in its investment policy. Income from investments is targeted to achieve a return - commensurate with prevailing market interest rates for low risk sterling investments. Capital performance is benchmarked against the FTSE 100 Index, FT-All Share Index and the FTSE UK Private Investor Income Index. The Investment Sub-committee has previously set a target income of £120,000, although a target of £100,000 is considered more realistic in the short term. During the year, income from the investment portfolio amounted to £105,619 (2024: £97,891), slightly ahead of the target. The charity applies ethical considerations and does not permit direct investment in companies involved in armaments or tobacco production.
## _Major risks_
The trustees have undertaken a review of the major areas of risk faced by the charity and continue to monitor and improve the ongoing risk management strategies that should ensure that risks are mitigated to an acceptable level in its day to day operations.
The trustees consider the main risks to be:
- ·A significant fall in the value of the investment portfolio and the level of investment income.
- ·Reduced donations and fundraising income.
- Funding inappropriate research projects.
The trustees continue to take the appropriate actions to mitigate the risks in each of these areas.
## **Structure, governance and management**
The charity is a company limited by guarantee and is governed by a Memorandum and Articles of Association adopted on 17th March 2011 as subsequently amended on 25th October 2011.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Dr A Crowe Mr A Hammad Professor G J Kemp Mr M Lynch Dr A Sharma
## _Recruitment and appointment of trustees_
Appointment of trustees is governed by the Articles of Association. The trustees have the power to appoint new members to fill vacancies arising through resignation or death of existing members. Additionally trustees may be appointed by ordinary resolution of the members.
## _Trustee induction and training_
Potential trustees are often drawn from volunteers, from medical staff within the Royal Liverpool University Hospital, former renal patients, and from the local business community and as a result are often already familiar with the objects of the Association. Potential trustees are given the opportunity to meet the existing trustees and with the Chief Executive to discuss the operation of the charity and are provided with relevant Charity Commission publications and the constitution of the charity in relation to their responsibilities.
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## **KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2025**_
## _Organisational structure_
The charity is administered by a Board of Trustees. The number of trustees shall not be less than three and there is no maximum. The trustees meet on a quarterly basis. The trustees delegate the day to day responsibility for marketing, organising fund raising events and administration to the Chief Executive. The trustees have appointed an Advisory Medical Sub-committee to consider and examine applications for funding, and an Investment Subcommittee to oversee the management of the investment portfolio.
## _Remuneration of key management personnel_
It is the charity’s policy to pay the staff at rates reflecting the local market and in line with similar organisations. The workforce consists of the Chief Executive and one administration worker whose pay reflect the experience, length of service and level of responsibility of the individuals concerned.
## **Small company provisions**
This report has been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006.
The trustees' report was approved by the Board of Trustees.
## Mr A Hammad **Trustee**
18 February 2026
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## **KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
The trustees, who are also the directors of Kidney Research Northwest for the purpose of company law, 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).
Company law 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
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 judgements and estimates that are reasonable and prudent;
- state whether applicable UK 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 operation.
The trustees are responsible for keeping adequate 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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## **KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF KIDNEY RESEARCH NORTHWEST**
I report to the trustees on my examination of the financial statements of Kidney Research Northwest (the charity) for the year ended 30 June 2025.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Jean Ellis BA FCA CTA**
## **DSG**
Castle Chambers 43 Castle Street Liverpool L2 9TL
Dated: 18 February 2026
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## **KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
|||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|---|
|||**funds**|**funds**||**funds**|**funds**||
|||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||**Notes**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Income from:**||||||||
|Donations and legacies|**3**|9,103|-|9,103|384,531|-|384,531|
|Investments|**4**|116,706|-|116,706|108,332|-|108,332|
|||||||||
|**Total income**||125,809|-|125,809|492,863|-|492,863|
|||||||||
|**Expenditure on:**||||||||
|Raising funds|**5**|31,983|-|31,983|31,192|-|31,192|
|Charitable activities|**6**|39,173|-|39,173|60,083|-|60,083|
|||||||||
|Total expenditure||71,156|-|71,156|91,275|-|91,275|
|||||||||
|Net gains on||||||||
|investments|**12**|44,060|-|44,060|90,364|-|90,364|
|||||||||
|**Net income and movement in**||||||||
|**funds**||98,713|-|98,713|491,952|-|491,952|
|**Reconciliation of funds:**||||||||
|Fund balances at 1 July|2024|2,509,698|13,427|2,523,125|2,017,746|13,427|2,031,173|
|||||||||
|**Fund balances at 30 June**||||||||
|**2025**||2,608,411|13,427|2,621,838|2,509,698|13,427|2,523,125|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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## **KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE BALANCE SHEET**
## _**AS AT 30 JUNE 2025**_
|||**2025**|||**2024**|||
|---|---|---|---|---|---|---|---|
||**Notes**|**£**|**£**||**£**|**£**||
|**Fixed assets**||||||||
|Tangible assets|**14**||73|||219||
|Investments|**15**||2,401,176|||2,306,287||
|||||||||
||||2,401,249|||2,306,506||
|**Current assets**||||||||
|Debtors|**17**|-|||372,818|||
|Cash at bank and in hand||380,975|||196,087|||
|||||||||
|||380,975|||568,905|||
|**Creditors: amounts falling due within**|**18**|||||||
|**one year**||(126,211)|||(223,591)|||
|||||||||
|**Net current assets**|||254,764|||345,314||
|||||||||
|**Total assets less current liabilities**|||2,656,013|||2,651,820||
|**Creditors: amounts falling due after**||||||||
|**more than one year**|**19**||(34,175)|||(128,695)||
|||||||||
|**Net assets**|||2,621,838|||2,523,125||
|**The funds of the charity**||||||||
|Restricted income funds|**21**||13,427|||13,427||
|Unrestricted funds|||2,608,411|||2,509,698||
|||||||||
||||2,621,838|||2,523,125||
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 18 February 2026
Mr A Hammad
**Trustee**
Company registration number 7567881 (England and Wales)
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**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **1 Accounting policies**
## **Charity information**
Kidney Research Northwest is a private company limited by guarantee incorporated in England and Wales. The registered office is C/o DSG Chartered Accountants, Castle Chambers, 43 Castle Street, Liverpool, L2 9TL.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
No amount is included in the financial statements for volunteer time in line with the SORP. Further detail is given in the Trustees’ Annual Report.
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**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **1 Accounting policies**
## **(Continued)**
Investment income is earned through holding assets for investment purposes such as shares and bank deposits. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Raising funds.
- Charitable activities.
� Other expenditure represents those items not falling into the categories above. Research project costs are now recognised as a liability in full in the year in which the project is approved. This represents a change in accounting policy due to the implementation of FRS 102, as previously research grants were recognised in the period to which the costs related.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at the charity’s registered office. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises and overheads have been allocated on the basis of staff numbers.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 20% per annum straight line Computers 33% per annum straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
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**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Donations and gifts|9,103|11,713|
|Legacies|-|372,818|
||||
||9,103|384,531|
## **4 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Income from listed investments|105,619|97,891|
|Interest receivable|11,087|10,441|
||||
||116,706|108,332|
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**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **5 Raising funds**
|||**Unrestricted**|**Unrestricted**|**Unrestricted**|**Unrestricted**|
|---|---|---|---|---|---|
||||**funds**||**funds**|
||||**2025**||**2024**|
||||**£**||**£**|
||**Fundraising and publicity**|||||
||Support costs||28,193||28,043|
||Investment management||3,790||3,149|
|||||||
||Total costs||31,983||31,192|
|**6**|**Charitable activities**|||||
|||**Research**||
**Research**||
|||**projects**||**projects**||
||||**2025**||**2024**|
||||**£**||**£**|
||Grant funding of activities (see note 7)||(4,206)||-|
||Share of support costs (see note 9)||39,779||50,759|
||Share of governance costs (see note 9)||3,600||9,324|
|||||||
||||39,173||60,083|
||**Analysis by fund**|||||
||Unrestricted funds||39,173||60,083|
**7 Grants payable**
||**Research**|
|---|---|
||**projects**|
||**2025**|
||**£**|
|Grants to institutions:||
|Other|(4,206)|
- During the year, two grant funded research projects were completed with final expenditure lower than originally awarded. As a result, previously recognised grant commitments totalling £4,206 were no longer required and have been released back to funds.
This release of unspent grant provisions is presented as a credit within grants payable for the year. The credit does not represent income received by the charity, but rather the reversal of grant expenditure that had been accrued in earlier periods but ultimately not required by the recipient institutions.
-
- 13 -
**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **8 Support costs allocated to activities**
||**Total**||**Total**|
|---|---|---|---|
||**2025**||**2024**|
||**£**||**£**|
|Staff costs|58,983||59,181|
|Depreciation|146||147|
|Telephone|1,026||1,113|
|Bank Charges|67||66|
|Insurance|763||731|
|Bookkeeping and administration|5,103||18,507|
|Sundry|297||1,223|
|Printing, postage, stationery and advertising|1,587||24|
|Governance|3,600||7,134|
|||||
||71,572||88,126|
||**2025**||**2024**|
|**Governance costs comprise:**|**£**||**£**|
|Independent examination fees|3,600||3,300|
|Legal and professional|-||3,834|
|||||
||3,600||7,134|
With the exception of the Chief Executive's employment costs and travel, that are charged 60% to fundraising and 40% to charitable activities based on the estimated proportion of time spent on those areas, all other support costs are charged to charitable activities.
## **9**
|**Net movement in funds**|**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|The net movement in funds is stated after charging/(crediting):|||
|Fees payable for the independent examination of the charity's financial|||
|statements|3,600|3,300|
|Depreciation of owned tangible fixed assets|146|147|
## **10 Trustees**
No remuneration was paid to any other trustees during the year, nor were any trustee expenses reimbursed.
- 14 -
**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **11 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||||
|---|---|---|---|---|
|||**2025**||**2024**|
||**Number**||**Number**||
|Administration and fundraising||2||2|
|**Employment costs**||**2025**||**2024**|
|||**£**||**£**|
|Wages and salaries||57,250||57,448|
|Social security costs||390||390|
|Other pension costs||1,343||1,343|
||||||
|||58,983||59,181|
|There were no employees whose annual remuneration was more than £60,000.|||||
|The remuneration of key management personnel was as follows:|||||
|||**2025**||**2024**|
|||**£**||**£**|
|Aggregate compensation||46,988||46,738|
## **12 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|5,202|90,550|
|Sale of investments|38,858|(186)|
||||
||44,060|90,364|
## **13 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 15 -
**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **14 Tangible fixed assets**
|||**Fixtures and**|**Fixtures and**|**Fixtures and**|||**Computers**|**Computers**|||**Total**|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||**fittings**|||||||||
|||||**£**||||**£**|||**£**|
||**Cost**|||||||||||
||At 1 July 2024||2,569||||2,182||||4,751|
||Disposals||(2,569)||||(1,449)||||(4,018)|
|||||||||||||
||At 30 June 2025|||-|||733||||733|
|||||||||||||
||**Depreciation and impairment**|||||||||||
||At 1 July 2024||2,569||||1,963||||4,532|
||Depreciation charged in the year|||-|||146||||146|
||Eliminated in respect of disposals||(2,569)||||(1,449)||||(4,018)|
|||||||||||||
||At 30 June 2025|||-|||660||||660|
|||||||||||||
||**Carrying amount**|||||||||||
||At 30 June 2025|||-|||73||||73|
||At 30 June 2024|||-|||219||||219|
|**15**|**Fixed asset investments**|||||||||||
||||**Listed**||||**Cash in**||||**Total**|
||**investments**|||||**portfolio**||||||
||||**£**||||**£**||||**£**|
||**Cost or valuation**|||||||||||
||At 1 July 2024|2,094,378|||||211,909||||2,306,287|
||Additions|1,508,718|||||-||||1,508,718|
||Valuation changes||5,202||||-||||5,202|
||Movement in cash||-|||(187,775)|||||(187,775)|
||Disposals
(1,231,256)||||||-|||(1,231,256)||
|||||||||||||
||At 30 June 2025|2,377,042|||||24,134||||2,401,176|
|||||||||||||
||**Carrying amount**|||||||||||
||At 30 June 2025|2,377,042|||||24,134||||2,401,176|
||At 30 June 2024|2,094,378|||||211,909||||2,306,287|
|**16**|**Financial instruments**|||||||||||
||||||||**2025**||||**2024**|
||||||||**£**||||**£**|
||**Carrying amount of financial assets**|||||||||||
||Instruments measured at fair value through profit or loss|||||2,377,042|||||2,094,378|
- 16 -
**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
|**17**|**Debtors**|||||
|---|---|---|---|---|---|
||||**2025**||**2024**|
||**Amounts falling due within one year:**||**£**||**£**|
||Other debtors||-||372,818|
|**18**|**Creditors: amounts falling due within one year**|||||
||||**2025**||**2024**|
||||**£**||**£**|
||Accruals and deferred income||126,211||223,591|
||Included in accruals and deferred income are grant commitments of £121,040 (2024: £218,727).|||||
|**19**|**Creditors: amounts falling due after more than one year**|||||
||||**2025**||**2024**|
||||**£**||**£**|
||Accruals and deferred income||34,175||128,695|
||Included in accruals and deferred income are grant commitments of £34,175|(2024: £128,695).||||
|**20**|**Retirement benefit schemes**|||||
||||**2025**||**2024**|
||**Defined contribution schemes**||**£**||**£**|
||Charge to profit or loss in respect of defined contribution schemes||1,343||1,343|
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
## **21 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At**|**1**|**July 2024**|**At 30 June**|
|---|---|---|---|---|
|||||**2025**|
||||**£**|**£**|
|Mrs C B Gleave (deceased) fund|||13,427|13,427|
- 17 -
**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
|**21**|**Restricted funds**||**(Continued)**|
|---|---|---|---|
||**Previous year:**|**At 1 July 2023**|**At 30 June**|
||||**2024**|
|||**£**|**£**|
||Mrs C B Gleave (deceased) fund|13,427|13,427|
The restricted fund represents a legacy received by Kidney Research Northwest from the estate of Mrs. Clarisse Bamford Gleave which must be used wholly to provide research into ‘Wegeners’ and other related diseases.
## **22 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1**|**July 2024**||**Incoming**|
**Resources**|
**Resources**|
**Gains and**|
**Gains and**|
**At 30 June**|
**At 30 June**|
|---|---|---|---|---|---|---|---|---|---|---|
||||**resources**||**expended**|||**losses**||**2025**|
|||**£**||**£**||**£**||**£**||**£**|
|General funds||2,509,698||125,809||(71,156)||44,060||2,608,411|
|**Previous year:**|**At 1**|**July 2023**||**Incoming**|
**Resources**||
**Gains and**||
**At 30 June**||
||||**resources**||**expended**|||**losses**||**2024**|
|||**£**||**£**||**£**||**£**||**£**|
|General funds||2,017,746||492,863||(91,275)||90,364||2,509,698|
## **23 Analysis of net assets between funds**
||**Unrestricted**|**Restricted**|**Restricted**|**Total**|
|---|---|---|---|---|
||**funds**||**funds**||
||**2025**||**2025**|**2025**|
||**£**||**£**|**£**|
|**At 30 June 2025:**|||||
|Tangible assets|73||-|73|
|Investments|2,401,176||-|2,401,176|
|Current assets/(liabilities)|241,337||13,427|254,764|
|Long term liabilities|(34,175)||-|(34,175)|
||||||
||2,608,411||13,427|2,621,838|
- 18 -
**KIDNEY RESEARCH NORTHWEST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 30 JUNE 2025**_
## **23 Analysis of net assets between funds**
|**Analysis of net assets between funds**||||**(Continued)**|
|---|---|---|---|---|
||**Unrestricted**|**Restricted**||**Total**|
||**funds**||**funds**||
||**2024**||**2024**|**2024**|
||**£**||**£**|**£**|
|**At 30 June 2024:**|||||
|Tangible assets|219||-|219|
|Investments|2,306,287||-|2,306,287|
|Current assets/(liabilities)|331,887||13,427|345,314|
|Long term liabilities|(128,695)||-|(128,695)|
||||||
||2,509,698||13,427|2,523,125|
## **24 Related party transactions**
- There were no disclosable related party transactions during the year (2024 none) other than those reported in notes 9 and 10.
## **25 Other information**
A payment of £250,000 was made by the charity during the year ended 30th June 1995, as a grant, for the provision of research facilities at the University of Liverpool over a period of 25 years.
The charity exercised its right to extend the term by a further 15 years during 2020 at no extra cost.
- 19 -