Company registration number: Nl 053349 Nl Charity Commission registered number: NIC 103849 Northern Ireland Kidney Research Fund Limited Company limited by guarantee Annual report and financial statements 5 April 2023
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Statement of financial activities Year ended 5 Aprll 2023 2023 2022 Note Incoming resources Incoming resources from generated funds Group contributions, donations and legacies Covenanted Income 815,458 84,958 160 170 Investment income 90,447 83,847 Total incoming resourceslincome 906,065 168,975 Resources expended Costs of generating funds Costs of generating voluntary income Investment management cosls Charitable activities 38,094 12,162 210,558 21,618 12,160 82,757 Total resources expended before other recognised gains and losses 260,814 116,533 Net incoming resources before recognised gains and losses Other recognised gains and (losses) 645,251 {79,999) 52,442 124,632 Net movement in funds Total funds brought fOard al 6 April 565,252 2,233,152 177,074 2,056.078 Total funds carried forward at 5 April 2,798,404 2,233,152 All amounts above relate to continuing operations of the company. The company has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented. Page 13
Northern Ireland Kidney Research Fund Limited Company limited by guarantee statement of financial position 5 April 2023 2023 2022 Note Fixed assets Tangible assets Investments 10 5,128 11 2,502,280 3,214 2,391,352 2,507,408 2.394,566 Current assets Debtors Cash at bank and in hand 12 13 535,161 86,399 535,161 86,399 Creditors: amounts falling due within one year 14 (244,165) (247,813) Net current liabilities 290,996 (161,414) Net assets 2,798,404 2,233,152 Funds: Unrestrlcted funds General Revaluation reserve 16 16 2,764,858 33,546 1,970,531 262,621 Total charity funds 2,798,404 2,233,152 Page 14
Northern Ireland Kidney Research Fund Llmlted Company limited by guarantee Statement of financial position (continued) 5 April 2023 The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 Act and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 5 April 2023 and of its profit for the year then ended in accordance wrth the requirements of section 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board on 20 September 2023 and were signed on its behalf by: Margaret Elliott Trustee Susan Kee Trustee Company registration number.. Nl 053349 Page 15
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Statement of Cash Flows for Year ended 5 April 2023 2023 2022 Note Cash provided by l (used by) operating activities 19 551,765 (241,489) Cash flows from investing activities Investment income Purchase of equipment Disposal of investments Purchase of investments 90,447 (2,523) 193,343 (384,270) 83,847 240,284 <62,333) Cash used In investing activities 103,003 261,798 In¢reasel{decrease) in cash and cash equivalents in the year Cash and cash equivalents at th8 beginning of the y8ar 448,762 86,399 20,309 66,090 Totsl and cash equivalents at the end of the year 535,161 86,399 Page 16
Northern Ireland Kldney ReSeah Fund Limited Company limited by guarantee Notes to the flnancial statements for Year ended 5 April 2023 Accounting policies The financial statements have been prepared on a going concem basis under the historiGal cost convention, as modified by the revaluation of investment5 and in accordance with the Statement of Recommended Practice (SORP), 'Accounting and Reporting by Charities. applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective October 2019- (Charities SORP (FRS 102)) and the Companies Act 2006. The principal accounting policies which have been applies consistently throughout the year, are set out below. Tangtble fixed assets Tangible fixed assets are stated at cost less accumulated depreciation. The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets. less their estimated residual values on a reducing line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are a5 follows.. Equipment 10 Reducing Balance Investments Investments are stated in the balance sheet at their market value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. It is the fund's policy to keep valuations up to date such that when investments are sold there is no realised gain or loss arising. As a result the Ststement of Financial Activities does not dislinguish between the valuation adjustments relating to sales and those relating to continued holding as they are together treated as changes in the investment portfolio throughout the year. Incoming resources All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantifies with reasonable accuracy. Group contributions Group contributions are included in the financial statements on a received basis and consist of amounts generated from fundraising activities of six active groups throughout Northern Ireland Donations and legacies Donations are included in the financial statements on a received basis. Legacies are recognised when there is entitlement certainty of receipt and measurability of the legacy. Page 17
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Notes to the finan¢lal statements (contlnued) Year ended 5 April 2023 Investment Income Income from investments is included, together with the related tax credits, in the Statement of financial activities of the accounting period in which it is received. Resources expended All expenditure is accounted for an accruals basis and has been classified under headings that aggregate all costs related to the category Costs of generating funds Costs of genepting funds comprise the costs oftrading forfundraising purposed including the cost ofgoods sold and investment management costs. Charitable activities Charitable expenditure comprised those cost incurred by the charity in the delivery of its activities and services for its beneficiaries. It included costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity. Irrecoverable Value Added Tax is charged to the statement of financial activities, or capitalised as part of the cost of the related asset, where appropriate. Grants payable Grants are recognised in the accounts as liabilities after they have been approved by the trustees even if there are conditions attached to them. This is because there is a valid expectation by the recipients that they will receive the grant. Impaimient of non-financial assets At each balance sheet date non-financial assets not carried as fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of the asset lor asset's cash generating unit). Page 18
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Notes to the financial statements (continued Year ended 5 April 2023 The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset'5 cash generating unit) is estimated to be lower than the carrying amounts, the Carrying amount is reduced to its recoverable amount. An impaimient loss is recognised in the statement of financial activities. If an impaiment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined {net of depreciation or amortisation) had no impaiment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the statement of financial activities. Cash at bank and In hand Cash at bank and in hand includes cash, deposits held at call with banks and other short-term highly liquid investments with original maturities of there month5 of less. Financial instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrument5 are initially recognised at transaction price and subsequently measu red at their settlement value, unless the arrdngement constitutes a financing transaction. Financing transactions are initially measured at the present value of the futu re receipts discounted at a market rate of interest, and are subsequently carried at amortised cost, using the effective interest rate method. Fund Accounting The Charity has two types of fund5 forwhich it 15 responsible and which require Specific disclosure. Definition of the various types of fund as follows-. Unrestricted funds Unrestricted funds are amounts received or generated and which are expendable as the discretion of the charity in furtherance of its objectives. Restricted funds Restricted funds are to be used for specified purposed as laid down by the donor. Expenditure which meets these criteria is charged to the fu nd. Page 19
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Notes to the flnancial statements (continued) Year ended 5 April 2023 2. Critical accounting judgements and estimation uncertainty Estimates judgements are continually evaluatecl are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Criticaljudgements in applying the entty's accounting policies There are no critical judgement5 in applying the company's accounting policies. Critical accounting estimates and assumptions There are no critical accounting estimates and assumptions. 3. Investment income 2023 2022 Dividends Deposit interest 90,447 83.847 90,447 83,847 Cost of generating voluntary Income 2023 2022 Cost of activities for generating funds Stationery Insurance Advertising Depreciation Sundry expenses Website Waringstown Cavalcade Bank charges 1,073 1,267 17,135 609 2,129 12,528 3,243 110 739 1,141 18,402 357 391 476 110 38,094 21,616 Page20
Northern Ireland Kidney Research Fund Llmitsd Company limited by guarantee Notes to the financial statements (continued) Year ended 5 April 2023 Charitable activities 2023 2022 Research grants awarded". Queens University, Belfast Belfast Health and Social Care Trust Governance costs - accountancy 170,158 38,000 2,400 29.357 51,000 2,400 210,558 82,757 Grants are awarded to projects generally run by the Belfast Health and Social Care Trust and Queen's University, Belfast for the Purpose of supporting individual staff in conducting medical research which furthers the objectives of the charity. Net incoming resources 2023 2022 Net incoming resources before other recognised gains and losses are stated after Charging-. Depreciation 609 357 609 357 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel. There were no employees and therefore no key management personnel that needs to be disclosed, Other than the trustees (2022.. none). Trustees, emoluments The trustees didn't receive. Reimbursement of expenses during the year amounted to £149 (Nil - 2022) The charity had indemnty insurance for its trustee5 at a cost of £1,204 {2022: £1,141). Page 21
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Notes to the financlal statements (continued) Year ended 5 Aprll 2023 Taxation The company is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, rf these profits and surpluses are applied solely for charitable purposes. The charity is not registered for Value Added Tax and accordingly, all its expenditure is recorded inclusive of any Value Added Tax incurred. 10. Tangible assets Equipment Cost At 61h April 2022 Additions At 5th April 2023 8,500 2,523 11,023 Accumulated deprecation At 6th April 2022 Charge for the year 5,286 609 At 5th April 2023 5,895 Net book amount At 5th April 2023 At 51h April 2022 5,128 3,214 11. Investments 2023 2022 At 6 April 2022 Addrtions at cost Disposals at market value Net gain & loss 2,391,352 2,444670 384,270 82,333 (193,343) (240,284) (79,999) 124,633 Closing Balance at 5 April 2023 2,502,280 2,391,352 Page22
Northern Ireland Kidney Research Fund Limited Company liniited by guarantee Notes to the financial statements (continued) Year ended 5 Aprll 2023 11. Investments continued.... Cost 2023 Valuation 2023 Cost 2022 Valuation 2022 Bonds- UK Bonds- Overseas Alternatives & Multi Asset Equities- UK Equities- Overseas Global 280,355 101,862 263,346 350,742 592,330 230,330 261,854 85,753 312,382 669.644 838,751 333,896 158,744 101,862 203,548 340,742 543,943 230,330 180,258 92.502 285,742 649,767 845,436 357,647 1,818,966 2,502,280 1.579,169 2,391,352 12. Debtors 2023 2022 Prepayments and accrued income 104 13. Cash at bank and In hand 2023 2022 First Trust Bank Evelyn Partners 362,093 173,068 25,114 61,285 535,161 86,399 Page23
Northern Ireland Kidney Research Fund Limlted Company limited by guarantee Notes to the fjnanclal statements {Gontinued) Year ended S April 2023 14. Creditors: amounts falling due within one year 2023 2022 Grants Accruals and deferred income 238,865 5,300 242,513 5,300 244,165 247,813 15. Financial instruments The company has the following financial instruments 2023 2022 Financial assets measured at amortlsed cost Cash at bank and in hand 535,161 86,399 535,057 86,399 Financial liabilities measured at amortised cost Other creditors 244,165 247,813 244,165 247,813 16. Unrestricted funds General Fund Revaluation Fund 2023 Total Balance at 6 April 2022 Net incoming resources for the year Transfer of revaluation realised on investments sold Gainl(Loss) on revaluation of investments (Note 11) 1,970,531 645,251 149,076 262,621 2,233,152 645,251 (149,076) (79,999) (79,999) Balance at 5 April 2023 2,764,858 33,546 2,798,404 17. Analysis of net assets between funds Page24
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Notes to the financial statements (continued) Year ended 5 April 2023 Fixed Assets Current Assets 2023 Total Unrestricted funds 2,507,408 290,996 2,798,404 Total funds 2,507,408 290.996 2,798,404 18. Financial commitments As 5 April 2023, the company had the following financial commitments.. 2023 2022 Research, student and scientific stsff funding commitments 238,865 242,513 238,865 242,513 19. Reconciliation of net movement In funds to net cash flow from operating activities 2023 2022 Net movement in funds Add back deprecation charge Deduct investment income shown in investing activities Add other recognised {gains) and losses Decreasellincrease) in debtors Decrease in creditors 565,252 609 (90,447) 79,999 1TI,074 357 (83,847) {124,633) (3,648) (210,440) 551,765 (241,489) 20. Ultimate controlling party There is no ultimate controlling paty. 21. Related party transactions There were no transactions with related parties in the year Page25
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