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 fO￿ard 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 ReSea￿h 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

Page26