Charity number: 700037
NORTHERN COUNTIES KIDNEY RESEARCH FUND
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
for the year ended 5 April 2023
NORTHERN COUNTIES KIDNEY RESEARCH FUND
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 18 |
NORTHERN COUNTIES KIDNEY RESEARCH FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 5 April 2023
Trustees
Professor THJ Goodship, Chair Mr NJ Channon, Treasurer Professor NS Sheerin Dr Sally Johnson
Charity registered number
700037
Principal office
Level 4 Podium Block Freeman Hospital Newcastle upon Tyne NE7 7DN
Accountants
Ryecroft Glenton Chartered Accountants 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Bankers
Barclays Bank Plc 49-51 Northumberland Street Newcastle upon Tyne NE1 7AF
Stockbroker
Barclays Wealth Management Tay House 300 Bath Street Glasgow G2 4LH
Page 1
NORTHERN COUNTIES KIDNEY RESEARCH FUND
TRUSTEES' REPORT for the year ended 5 April 2023
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2022 to 5 April 2023.
Objectives and activities
Policies and objectives
The Charity provides funds for Kidney Research. The Trustees limit the geographical spread of the Charity's activities to the Counties of Cumbria, Durham, Tyne & Wear and Northumberland. Within these areas, the Charity will fund both projects and posts where there is a definable benefit to Kidney Research arising out of the funding.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Strategies for achieving objectives
Projects and posts requiring funding must be research orientated. The Charity will part-fund larger projects and projects not wholly orientated towards kidney research where the element of research not related to kidneys is small. The Charity will also underwrite new projects and research posts for a period of time where there is the possibility that longer term funding may be received at a later date from other organisations such as Kidney Research UK. Trustees may make use of consultants to moderate areas requiring research, but fees will not be paid for this advice.
Activities undertaken to achieve objectives
The Charity makes use of the considerable knowledge and contacts available through its Trustees and the members of its committees to ensure that it is aware of all relevant projects and posts. As the demand for funding exceeds the supply of funds available to it, the Charity is able to choose those projects and posts that most closely match its objectives.
Achievements and performance
Review of activities
The Charity has made or committed grants during the year of £61,150, analysed in note 8 to the financial statements (2022: £9,765).
The net outgoing resources for the year amounted to £36,138 (2022: incoming £89,249). The deficit after net investment losses of £27,411 (2022: gains of £18,293) amounted to £63,549 (2022: surplus £107,542). Legacies receivable in the year amounted to £nil (2022: £19,442).
Investment performance
Investments held by the Charity at 5 April 2023 have been made in accordance with the powers and policy stated below. Trustees are satisfied with the performance of investments, which have overall yielded average income of 3% excluding interest from cash deposit balances.
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2023
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Reserves policy
It is considered prudent to maintain cash reserves at approximately thirty months' expected future expenditure (that being the average length of time to complete a research project) and to ensure that existing free reserves cover future commitments. At the year end, free reserves totalled £606,375 (2021: £669,924).
Investments policy
The Trustees are authorised under the trust deed to invest or apply the Charity's monies without restriction as they see fit.
Whilst the Trust Deed allows Trustees to liquidate investments and apply the proceeds towards the objects of the Charity, the Trustees' current policy is to use the income generated by investments towards research but to maintain the capital. A cautious risk policy is applied.
The day-to-day management of investments has been delegated to Barclays Wealth. The Trustees review the investment holdings at each meeting for performance and compliance with policies.
Principal funding
The Charity's main source of funding is donations and legacies from members of the public. It does not rely on investment income.
Structure, governance and management
Constitution
Northern Counties Kidney Research Fund is a registered charity, number 700037.
The principal object of the Charity is to finance research projects relating to kidney disorder in the North of England. The Charity was established by a trust deed dated 18 March 1988.
There have been no changes in the objectives since the last annual report.
Methods of appointment or election of Trustees
Trustees are appointed in accordance with the memorandum of appointment under the Charities Act 2011. New Trustees can be nominated by existing Trustees.
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2023
Structure, governance and management (continued)
Organisational structure and decision-making policies
Trustees have delegated the decision making process to a committee of unpaid individuals with relevant experience in the fields of medicine, finance and the law. This committee deals with fundraising, marketing and investment decisions. It receives funding recommendations from a scientific sub-committee onto which scientists are co-opted as necessary. Committee meetings are held on a quarterly basis.
Trustees meet at least three times a year to receive and approve all recommendations from the committee and other applications for funds.
Policies adopted for the induction and training of Trustees
There are no formal procedures for the induction and training of Trustees. Senior Trustees ensure, on an informal basis, that new Trustees are given adequate information to ensure that they have knowledge of the Charity and their role within it.
Related party relationships
The majority of the Trustees and committee members are employed by organisations to which the Charity makes grants, primarily the Freeman Hospital and Royal Victoria Infirmary in Newcastle upon Tyne. Neither Trustees nor committee members take part in any decisions of the Charity where they, or a project with which they have an interest, might benefit.
Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed. They consider that the major risks are in the areas of investment management and the control of the recording of donations receivable. Systems have been implemented by the Trustees to mitigate these risks and they consider the controls to be adequate and appropriate. The effectiveness of these controls is reviewed regularly.
Plans for future periods
In the coming year, the Charity will continue to provide charitable support in accordance with its objectives. In particular, the Charity will consider applications for ongoing scientific research and support of research orientated PhD projects.
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
TRUSTEES' REPORT (CONTINUED) for the year ended 5 April 2023
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 23 November 2023 and signed on their behalf by:
NJ Channon
Trustee
Page 5
NORTHERN COUNTIES KIDNEY RESEARCH FUND
INDEPENDENT EXAMINER'S REPORT for the year ended 5 April 2023
Independent examiner's report to the Trustees of Northern Counties Kidney Research Fund ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 an Independent examiner's 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 or for this report.
Dated: 23 November 2023
Deborah Graham FCA
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2023
| Note Income from: Donations and legacies 3 Investments 4 Other income 5 Total income Expenditure on: Raising funds 6,7 Charitable activities Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 21,560 12,264 - 33,824 2,984 66,978 69,962 (36,138) (27,411) (63,549) 669,924 (63,549) 606,375 |
Total funds 2023 £ 21,560 12,264 - 33,824 2,984 66,978 69,962 (36,138) (27,411) (63,549) 669,924 (63,549) 606,375 |
Total funds 2022 £ 55,574 10,772 40,542 106,888 |
|---|---|---|---|
| 2,655 14,984 17,639 |
|||
| 89,249 18,293 107,542 |
|||
| 562,382 107,542 669,924 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
BALANCE SHEET as at 5 April 2023
| Note Fixed assets Investments 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 15 Total funds |
4,468 377,364 381,832 (148,428) |
2023 £ 372,971 233,404 606,375 606,375 606,375 606,375 |
4,299 388,025 392,324 (122,782) |
2022 £ 400,382 269,542 |
|---|---|---|---|---|
| 669,924 | ||||
| 669,924 | ||||
| 669,924 | ||||
| 669,924 |
The financial statements were approved and authorised for issue by the Trustees on 23 November 2023 and signed on their behalf by:
NJ Channon Trustee
Professor THJ Goodship Chair of Trustees
The notes on pages 9 to 18 form part of these financial statements.
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
1. General information
Northern Counties Kidney Research Fund is a grant making charitable trust registered in England, charity registration number 700037. The principal office is Level 4 Podium Block, Freeman Hospital, Newcastle upon Tyne, NE7 7DN.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Northern Counties Kidney Research Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Charity has cash resources and has no requirement for external funding. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. There are no plans that would significantly alter the resources available. In the opinion of the Trustees the going concern basis of accounting continues to be appropriate in preparing these financial statements.
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.4 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 on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
2. Accounting policies (continued)
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations and collections 9,182 Great North Run income 8,720 Covenants and gift aid 3,658 Total 2023 21,560 Unrestricted funds 2022 £ Donations and collections 17,588 Legacies 19,442 Great North Run income 14,989 Covenants and gift aid 3,555 Total 2022 55,574 |
Total funds 2023 £ 9,182 8,720 3,658 21,560 |
|---|---|
| Total funds 2022 £ 17,588 19,442 14,989 3,555 55,574 |
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
4. Investment income
| Investment income Interest receivable Total 2023 Investment income Interest receivable Total 2022 |
Unrestricted funds 2023 Total funds 2023 £ £ 11,369 11,369 895 895 12,264 12,264 Unrestricted funds 2022 Total funds 2022 £ £ 10,149 10,149 623 623 10,772 10,772 |
|---|---|
5. Other incoming resources
Total funds 2023 £
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Returned grants | 40,542 | 40,542 |
9 grants have been written back that were no longer required in the year to 5 April 2022.
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
6. Expenditure on raising funds
Costs of raising voluntary income
| Just Giving fees Great North Run fees Total 2023 Just Giving fees Great North Run fees Total 2022 |
Unrestricted funds 2023 £ 198 2,682 2,880 Unrestricted funds 2022 £ 216 2,050 2,266 |
Total funds 2023 £ 198 2,682 2,880 Total funds 2022 £ 216 2,050 2,266 |
|---|---|---|
7. Investment management costs
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Investment management fees | 104 | 104 |
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
7. Investment management costs (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Investment management fees | 389 | 389 |
8. Analysis of grants
| Grants Grants The Charity has made the following grants to institutions during the year: Name of institution University of Newcastle upon Tyne |
Grants to Institutions 2023 £ 61,150 Grants to Institutions 2022 £ 9,765 2023 £ 61,150 |
Total funds 2023 £ 61,150 |
|---|---|---|
| Total funds 2022 £ 9,765 |
||
| 2022 £ 9,765 |
9. Analysis of expenditure by activities
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Direct costs - grant making and support | 61,150 | 5,827 | 66,977 |
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
9. Analysis of expenditure by activities (continued)
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Direct costs - grant making and support | 9,765 | 5,218 | 14,983 |
Analysis of support costs
| Books and publications Insurance Website costs Governance costs Total 2023 Books and publications Insurance Stationery Website costs Governance costs Total 2022 |
Activities 2023 £ 1,798 559 635 2,835 5,827 Activities 2022 £ 1,780 557 (297) 538 2,640 5,218 |
Total funds 2023 £ 1,798 559 635 2,835 5,827 |
|---|---|---|
| Total funds 2022 £ 1,780 557 (297) 538 2,640 5,218 |
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
| 10. | Independent examiner's remuneration | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Fees payable to the Charity's independent examiner in respect of: | ||
| The preparation and Independent examination of accounts of the Charity 2,360 |
2,200 | |
| 11. | Trustees' remuneration and expenses | |
| During the year, no Trustees received any reimbursed expenses, remuneration or other benefits | (2022 - | |
| £NIL). | ||
| 12. | Fixed asset investments |
| Cost or valuation At 6 April 2022 Revaluations At 5 April 2023 Net book value At 5 April 2023 At 5 April 2022 The investments are held in Barclays Charity Fund R holdings and a maturity bond. |
Listed investments £ 400,382 (27,411) 372,971 372,971 400,382 |
|---|---|
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
13. Debtors
| Due within one year Prepayments and accrued income Creditors: Amounts falling due within one year Authorised grants, not yet paid Accruals |
2023 £ 4,468 4,468 2023 £ 145,561 2,867 148,428 |
2022 £ 4,299 |
|---|---|---|
| 4,299 | ||
| 2022 £ 120,070 2,712 |
||
| 122,782 |
14. Creditors: Amounts falling due within one year
15. Statement of funds
Statement of funds - current year
| Balance at 6 | Balance at 6 | Gains/ | Balance at 5 | Balance at 5 | |||
|---|---|---|---|---|---|---|---|
| April 2022 | Income | Expenditure | (Losses) | April 2023 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | |||||||
| General funds | 669,924 | 33,823 | (69,961) | (27,411) | 606,375 | ||
| Statement of funds - prior year | |||||||
| Balance at | Gains/ | Balance at | |||||
| 6 April 2021 | Income | Expenditure | (Losses) | 5 April 2022 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | |||||||
| General funds | 562,382 | 106,888 | (17,639) | 18,293 | 669,924 |
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NORTHERN COUNTIES KIDNEY RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023
16. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Fixed asset investments 372,971 Current assets 381,832 Creditors due within one year (148,428) Total 606,375 Analysis of net assets between funds - prior year Unrestricted funds 2022 £ Fixed asset investments 400,382 Current assets 392,324 Creditors due within one year (122,782) Total 669,924 |
Total funds 2023 £ 372,971 381,832 (148,428) 606,375 Total funds 2022 £ 400,382 392,324 (122,782) 669,924 |
|---|---|
17. Related party transactions
In view of the relationship of certain Trustees with the University of Newcastle upon Tyne, who receives grant funding from the charity, any potential conflict is managed between the Trustees and the University such that members of the scientific sub-committee cannot vote on any recommendations from it to the main committee. All grants to the University of Newcastle upon Tyne are fully disclosed in the financial statements.
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