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2024-12-31-accounts

Charity registration number 1178566 (England and Wales) Company registration number 11386486

BRIGHT RED CHARITY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

BRIGHT RED CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Mark Thompson
Professor Matthew Collin
Dr Gail Jones
Mrs Kathryn McRae
Ms Bethany Sheldon
Miss Charlotte Ord (Appointed 26 June 2024)
Dr Emily Graves (Appointed 26 June 2024)
Charity number (England and Wales) 1178566
Company number 11386486
Registered office Ward 33 Freeman Hospital
Newcastle Upon Tyne
NE7 7DN
Independent examiner Steven Chambers
Gunnell & Chambers Accountants
8 Fellside Road
Whickham
Newcastle Upon Tyne
NE16 4AL

BRIGHT RED CHARITY

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 17

BRIGHT RED CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, 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 objectives of the charity for the benefit of the public benefit are:

Our vision is to improve the lives and treatment of people with blood cancer across the north of England. Through investments in patient care, research and education we are striving to beat illnesses such as leukaemia, lymphoma, myeloma, myelodysplasia and myeloproliferative diseases.

The trustees confirm they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing Bright Red Charity's aims and objectives and in planning future activities.

Risk management

The charity is small and tightly run with safeguards to cover all identified risks. These are reviewed regularly at trustees' meetings.

The database system Donorfy is used to securely manage donations and supporter records.

The charity's financial reporting and grant management are managed by internal financial reports and a grant tracker for the charity's grant expenditure.

Investment performance and policy

Given the relatively short term commitments and specific needs, the charity retains the bulk of its funds in liquid form with the bankers. In addition, £402,588 (2023: £203,384) is invested in a low risk portfolio under the care of Flagstone Group Ltd.

Half yearly reports from Flagstone Group Ltd are received, which show valuations, performance and any changes to holdings in the period.

Reserves policy

Funds are held to cover the cost of long-term projects, with the aim to maintain a level of reserves of a minimum of 1.5 times commitments. The charity makes no commitment in respect of expenditure for which funds are not already available. At the 2024 year end, the charity held unrestricted funds of £512,305 against commitments of £150,641.

Plans for future periods

In terms of future funding, significant grants remaining include £150,641 to be paid out for patient care, including two Haematology Nurses. The unincorporated charity will continue to operate to pass donations on to Bright Red Charity continuing the activities already established.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

BRIGHT RED CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Grant making policy

All grant applications were presented to trustees in the meeting papers issued in advance of board of trustees' meetings aside from Lee Robson Patient Care Grants. The decisions to award grants sat with the board of trustees, who approved or declined funding at the board meetings. An exception to this was made if the deadline of the activity in question, such as an educational conference, would be reached before the next meeting. In this instance the application in question would be shared with trustees for their decision by email.

Professor Matt Collin continued his role as co-ordinator of the scientific panel for the selection of referees to consider research grant applications and to make recommendations to the trustees. All projects receiving grant support were monitored on an annual basis.

In addition to research, the charity provided patient care and education grants. Applicants can request grant application forms by emailing support@brightred.org.uk.

The Lee Robson Patient Care Award application forms were held at the hospitals at which these grants are funded. These forms require two healthcare professionals from the hospital who are part of the patient care team, to sign the application before sending to the Charity Manager. The application is reviewed for approval by the Charity Manager.

Achievements and performance

Significant activities and achievements against objectives

The trustees of Bright Red, an unincorporated registered charity, number 1105891, considered that the objects of the charity would be best achieved through the transfer of the undertaking to Bright Red Charity. The assets of the unincorporated charity were transferred to the charitable company on 21 January 2019. The unincorporated charity was not dissolved and will remain on the Charity Commission register in order to receive donations which will be passed to the charitable company for furtherance of the objects. Bright Red Charity acts as a corporate trustee of the unincorporated charity and was appointed on 30 January 2019.

Income for 2024 was largely from grants and donations and the donations transferred from the unincorporated charity, as disclosed in note 3 to the accounts.

Existing grant commitments continued to be paid during the year. Two new research grants were agreed to be funded.

During this financial year the charity invested:

Financial review

Donations from individuals, businesses and groups taking part in various fundraising events and regular donors totalled £206,377 (2023: £219,493) in the year. Legacies of £36,432 (2023: £25,000) were also received in the year.

The statement of financial activities shows net income of £134,916 (2023: £78,554) on unrestricted funds and a net deficit of £62,788 (2023: £11,456 deficit) on restricted funds after total expenditure of £193,187 (2023: £178,900) and net gains on investments of £2,588 (2023: loss of £896).

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

BRIGHT RED CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

Bright Red Charity is a company limited by guarantee, incorporated on 29 May 2018 and registered as a charity on 30 May 2018. It is governed by its memorandum and articles of association.

Recruitment and appointment of trustees

Trustees are appointed by a decision of the board of trustees. Each trustee shall retire from office at the conclusion of the third annual trustee meeting following the commencement of their term of office, but may be appointed for a consecutive period. A trustee who has served for six years consecutively must take a break from office and may not be appointed until the earlier of the anniversary of the commencement of their break from office and the annual trustee meeting following the annual trustee meeting at which their break from office commenced.

When looking to appoint new trustees, the charity would in particular, seek those with suitable skills, knowledge and experience who would contribute to and enhance the range and diversity of expertise on the board. The board also expects trustees to have a passion for the charity's cause, fighting blood cancer.

Recommendations can be made to the board of trustees and subsequent approaches made to the individuals in question. The application process includes a review of a candidate's curriculum vitae and a personal statement, which are presented to the board of trustees for their consideration.

The role of Chair is an essential trustee position. The Chair must possess demonstrable considerable business and leadership experience. Future recruitment processes could be expanded and widened to recruit replacements for these two roles when required.

The trustees for the purposes of charity law, who are also directors for the purpose of company law, who served during the year and up to the date of this report are set out on page 1.

Policies and procedures adopted for the induction and training of trustees

New trustees are provided with all relevant Charity Commission publications as well as the charity's governing document.

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:

Mr Mark Thompson Professor Matthew Collin Dr Gail Jones Dr Victoria Hervey (Resigned 11 June 2024) Mr David Tompkins (Resigned 11 June 2024) Miss Charlotte Dickinson (Resigned 29 January 2025) Mrs Kathryn McRae Ms Bethany Sheldon Miss Charlotte Ord (Appointed 26 June 2024) Dr Emily Graves (Appointed 26 June 2024)

Recruitment and appointment of trustees Organisational structure

The charity is managed by the trustees. The number of trustees may not be less than three, but is not subject to any maximum. The quorum for the transaction of business is one third of the trustees or two trustees, whichever is greater. The trustees consist of Honorary Officers and a Chair.

The trustees delegated the day to day administration of the charity to Ms L Saxton, Charity Manager.

BRIGHT RED CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees' report was approved by the Board of Trustees.

Mr Mark Thompson Trustee

28 September 2025

BRIGHT RED CHARITY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRIGHT RED CHARITY

I report to the Trustees on my examination of the financial statements of Bright Red Charity (the Charity) for the year ended 31 December 2024.

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

Since the Charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Association of Accounting Technicians, which is one of the listed bodies.

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:

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.

Steven Chambers

Gunnell & Chambers Accountants 8 Fellside Road Whickham Newcastle Upon Tyne NE16 4AL 28 September 2025

BRIGHT RED CHARITY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
261,469
117
Investments
4
1,141
-
Total income
262,610
117
Expenditure on:
Raising funds
5
86,113
-
Charitable activities
6
44,169
62,905
Total expenditure
130,282
62,905
Net gains/(losses) on
investments
11
2,588
-
Net income/(expenditure) and
movement in funds
134,916
(62,788)
Reconciliation of funds:
Fund balances at 1 January
2024
377,389
36,834
Fund balances at 31
December 2024
512,305
(25,954)		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
261,586
244,493
117
1,141
2,284
-
262,727
246,777
117
86,113
86,896
-
107,074
80,431
11,573
193,187
167,327
11,573
2,588
(896)
-
72,128
78,554
(11,456)
414,223
298,835
48,290
486,351
377,389
36,834		 Total
2023
£
244,610
2,284
246,894
86,896
92,004
178,900
(896)
67,098
347,125
414,223

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

BRIGHT RED CHARITY

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
The funds of the Charity
Restricted income funds
17
Unrestricted funds
18		 2024
£
77
141,493
141,570
(58,491)		 £
684
402,588
403,272
83,079
486,351
(25,954)
512,305
486,351		 2023
£
1,208
294,730
295,938
(86,010)		 £
911
203,384
204,295
209,928
414,223
36,834
377,389
414,223

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

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 28 September 2025

Mr Mark Thompson

Trustee

Company registration number 11386486 (England and Wales)

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Bright Red Charity is a private company limited by guarantee incorporated in England and Wales. The registered office is Ward 33 Freeman Hospital, Newcastle Upon Tyne, NE7 7DN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". 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 include the revaluation of freehold properties and to include investment properties and 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

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.

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

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.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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

25% reducing balance

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.

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.

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

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.

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 Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 261,469 117 261,586 244,493 117 244,610

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3
Income from donations and legacies
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
Michael Airey Fund
-
117
Donations and in kind
Support
206,377
-
Donations from
unincorporated charity,
Bright Red
18,750
-
Legacies
36,342
-
261,469
117
4
Income from investments
Interest receivable
5
Expenditure on raising funds
Fundraising and publicity
Seeking donations, grants and legacies
Membership schemes and social lotteries
Staging fundraising events
Depreciation and impairment		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
(Continued)
117
-
117
117
206,377
219,493
-
219,493
18,750
-
-
-
36,342
25,000
-
25,000
261,586
244,493
117
244,610
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
1,141
2,284
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
8,675
35,031
30,556
29,651
46,654
21,910
228
304
86,113
86,896		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
(Continued)
117
-
117
117
206,377
219,493
-
219,493
18,750
-
-
-
36,342
25,000
-
25,000
261,586
244,493
117
244,610
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
1,141
2,284
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
8,675
35,031
30,556
29,651
46,654
21,910
228
304
86,113
86,896
86,896

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Expenditure on charitable activities

Direct costs
Insurance
Salary, administration and fundraising support
Project costs
Grant funding of activities (see note 7)
Analysis by fund
Unrestricted funds
Restricted funds
7
Grants payable
Grants to institutions:
Research grants
Patient care grants
-
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 2024
£
1,628
37,570
4,768
43,966
63,108
107,074
44,169
62,905
107,074
2024
£
62,905
203
63,108
2024
£
-
228		 2023
£
1,847
36,000
9,868
47,715
44,289
92,004
80,431
11,573
92,004
2023
£
23,460
20,829
44,289
2023
£
-
304

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
2 2

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

11 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 2,588 (896)

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 January 2024 1,807
At 31 December 2024 1,807
Depreciation and impairment
At 1 January 2024 895
Depreciation charged in the year 228
At 31 December 2024 1,123
Carrying amount
At 31 December 2024 684
At 31 December 2023 911

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14 Fixed asset investments

Cost or valuation
At 1 January 2024 & 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
15
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 Unlisted
investments
£
203,384
203,384
203,384
2024
2023
£
£
2
2
75
1,206
77
1,208
2024
2023
£
£
-
1,162
-
19,150
58,491
65,698
58,491
86,010

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 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 January Incoming Resources At 31
2024 resources expended December
2024
£ £ £ £
Michael Airey Research Fund 26,577 117 (62,905) (36,211)
Northumberland County Council - Community
Chest 1,216 - - 1,216
Patient Care - Ward 33 2,962 - - 2,962
The Neighbourly Together Fund 48 - - 48
West Bedlington Comunity Chest 420 - - 420
Cramlington Town Council - Community Chest 41 - - 41
Blyth Town Council 5,000 - - 5,000
West Bedlington Town Council 570 - - 570
36,834 117 (62,905) (25,954)
Previous year: At 1 January Incoming Resources At 31
2023 resources expended December
2023
£ £ £ £
Michael Airey Research Fund 38,033 117 (11,573) 26,577
Northumberland County Council - Community
Chest 1,216 - - 1,216
Patient Care - Ward 33 2,962 - - 2,962
The Neighbourly Together Fund 48 - - 48
West Bedlington Comunity Chest 420 - - 420
Cramlington Town Council - Community Chest 41 - - 41
Blyth Town Council 5,000 - - 5,000
West Bedlington Town Council 570 - - 570
48,290 117 (11,573) 36,834

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 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
General funds
Previous year:
At 1
General funds		 January
2024
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2024
£
£
£
£
£
377,389
262,610
(130,282)
2,588
512,305
January
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2023
£
£
£
£
£
298,835
246,777
(167,327)
(896)
377,389

19 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Tangible assets
684
-
Investments
402,588
-
Current assets/(liabilities)
109,033
(25,954)
512,305
(25,954)
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Tangible assets
911
-
Investments
203,384
-
Current assets/(liabilities)
173,094
36,834
377,389
36,834		 Total
2024
£
684
402,588
83,079
486,351
Total
2023
£
911
203,384
209,928
414,223

20 Financial commitments, guarantees and contingent liabilities

Grants committed total £150,641. These grants are not provided as liabilities in the financial statements. The amounts represent future amounts of research grants offered at the balance sheet date, which are subject to ongoing reviews and are payable out of future income, or are for research projects which have been agreed to commence after the balance sheet date.

BRIGHT RED CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).