Company registration number: Nl 053349 Nl Charity Commission registered number: NIC 103849 Northern Ireland Kidney Research Fund Limited Company limited by guarantee Annual rèport and financial statements 5 April 2024
Northern Ireland Kidney Research Fund Llmlted Company Ilmited by guarantee Staternent of financial activities Year ended 5 April 2024 Note Restricted Funds unrestricted Total Funds Funds 2024 2023 Incoming resources Incoming resources from generated fun(S Group contributions, donations and legacies Covenanted Income 185,569 185,569 815,458 160 Investment income 111,928 111,928 90,447 Total incoming resourceslincome 297,497 297,497 906,065 Resources expended Costs of generating funds Costs of generating voluntary income Investment management costs Charitable activities 39,327 39,327 38,094 13,563 13,563 12,162 1,109,407 1,109.407 210,558 Total resources expended before other recognised gains and losses 1,162,297 1,162,297 260.814 Net incoming resources before recognised gains and losses other recognised gains and (losses) (864,800} (864,800) 645,251 168,786 168,786 (79,999) Net movement In funds Total funds brought fOard at 6 April 1696,014) {696,014) 565,252 2.798,404 2,798,404 2,233,152 Total funds carried forward at 5 April 2,102.390 2,102,390 2,798,404 Ail 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 11
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Statement of financial position 5 April 2024 2024 2023 Note Fixed assets Tangible assets Inveslments 10 4,580 11 2,988.159 5.128 2.502,280 2.992,739 2.507.408 Current assets Debtors Cash at bank and in hand 12 13 254,665 535.161 254,665 535,161 Creditors: amounts falling due within one year 14 (1,145,014} {244,165) Net current liabilities {890.349) 290,996 Net assets 2,102,390 2,798,404 Funds: Unrestricted funds General Revaluation reseNe 16 16 2,054,113 48,277 2,764,858 33,546 Total charity funds 2,102,390 2,798,404 Page 12
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Statement of financial position (Gontinued) 5 April 2024 The directors consider that the company is entilled 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 Ihe 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 Ihe stale of affairs of the company as at 5 April 2024 and of its profit for Ihe year then ended in accordance with the requirements of section 394 and 395 of the Act and which otheiSe comply with the requirements of the Companies Act 2006 relaling to the financial stalements 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 4 September 2024 and were signed on its behalf by: Margaret Elliott Trustee James Mccaughan Trustee Company registration number: Nl 053349
Accounting policies The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments and in accordance with Ihe Statement of Recommended Practice (SORPI, "Accounting and Reporting by Charities" applicable to charities preparing their acGounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland IFRS 102) effective October 2019- (Charities SORP (FRS 1021) and the Companies Act 2006. The principal accounting policies which have been applies consistently throughout the year, are set out below. Tanglble flxed assets Tangible fixed assets are stated at cost less accumulated depreciation. The cost of tangible fixed assets is their PLsrchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimaled residual values on a reducing line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are as 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 nel 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 Statement of Financial Activities does not distinguish between the valuation adjustments relating to sales and those relating to continued holding as they are together treated as changes in the investment portfolio throughoul the year. Incoming resources All incoming resources are included in Ihe 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 14
Northern Ireland Kidney Research Fund Limited Cornpany limited by guarantee Notes to the financial statements {continued) Year ended 5 April 2023 Investmenl income Income from investments is included, logelher 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 aGcruals basis and has been classified under headings Ihat aggregate all costs related to the category Costs of generating funds Costs ofgenerating funds comprise the costs oftrading for fundraising purposed including the cost of goods sold and investment management costs. Charitable activities Charitable expenditure comprised those cost incurred by the charity in the delivery of its activities and seNiGes 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 wilh meeting the constitutional and statutory requirements of the charity. Irrecoverable Value Added Tax is charged lo 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 nol carried as fair value are assessed to determine whether there is an indication that the asset lor asset's cash generating unil} 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 (or asset's cash generating unil). Page 15
The recoverable amount of the assel (or asset's Gash generating unit) is the higher of the fair value less costs to sell and v?lue 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 assel's (or assel's cash generating unit} continued use. These cash flows ara discounted using a pra-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount ofthe asset lor asset's cash generating unit) is estimated to be lowerthan the carrying amounts, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the statement of financial activities. If an impaimient 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 Ihe carrying amounl that would have been determined (net of depreciation or amortisation) had no impairment 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 investmenls with original maturities of three months of less. Financial instruments The charity only has financial assets and fi nancial liabilities of a kind that qualify as basic financial instruments. Basic f inancial instruments are initia Ily recognised at transaction price and Subsequently measured at their settlement value, unless the arrangement constitutes a financing transaction. Financing tra nsactions are initially measured at the present value of the f uture receipts discounted at a market rate of interest, and a re subsequently carried at amorti5ed cost, usi ng the effective interest rate method. Fund Accounting The Charity has two types of funds for which it is 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. Restrirted 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 f und. Page 16
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Note5 to the financial statements {continued} Year ended 5 April 2023 2. Critical accounting judgements and estimation uncertainty Estimates judgements are continually evalualed are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the Gircumstances. CritlGaljudgements in applying the entity's aGcounting policies There are no critical judgements in applying the company's accounting policies. Critical acGounting estimates and assumptions There are no critical accounting estimates and assumptions. 3. Investment income 2024 2023 Dividends Deposit interest 111,928 90,447 111,928 90,447 Cost of generatlng voluntary income 2024 2023 Cost of activities for generating funds Stationery Insurance Advertising Depreciation Sundry expenses Website Waringstown Cavalcade Bank charges Telephone 1,336 1,537 18.216 548 2,878 11,234 3,288 153 137 1,073 1,267 17,135 609 2,129 12,528 3,243 110 39,327 38,094 Page 17
Charitable activities 2024 2023 Research grants awarded.. Queens University, Belfasl Belfast Health and Social Care Trust Janet Greeves Legacy Dr Jennrfer Mccaughan Bursary Governance costs - accountancy Legal and Professional 1,055,932 36,370 5,552 1,512 4,500 5,541 170,158 38,000 2,400 1,109,407 210,558 Grants are awarded to projects generally run by the Belfast Health and Social Care Trusl and Queen's University, Belfast for the purpose of supporting individual staff in conducting medical research which furthers Ihe objectives of the charity. Net incoming resources 2024 2023 Net incoming resources before other recognised gains and losses arè stated after Charging.. Deprecialion 548 609 548 609 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 trustees12023'. none). Trustees, emoluments The trustees didn't receive. Reimbursement of expenses during the year amounted to £2,119 (£149- 2023) The charity had indemnity insurance for its trustees at a cost of £1,537 {2023'. £1,204). Page 18
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Notes to the financial statements (continued) Year ended 5 April 2024 Taxation The company is a registered charity, and as such is entitled to certain tax exemplions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charily's primary objectives, if 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 2023 Additions Al 5th April 2024 11,023 11,023 Accumulated deprecation At 6th April 2023 Charge for the year 5,895 548 At 5th April 2024 6,443 Net book amount At 5th April 2024 4,580 At 5th April 2023 5,128 Investments 2024 2023 At 6 April 2023 Additions at cost Disposals at market value Net gain & loss 2,502.280 2,391,352 462,624 384,270 {145,531 > {193,343) 168,786 (79,999) Closing Balance at 5 April 2024 2,988,159 2,502,280 Page 19
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Notes to the flnan¢lal statements (continued) Year ended 5 Aprll 2024 11. Investments continued.... Cost 2024 Valuation 2024 Cost 2023 Valuation 2023 Bonds- UK Bonds- Overseas Alternatives & Multi Asset Equities- UK Equities - Overseas Global 631,358 101,862 263,346 301,477 583.128 230,329 613,989 83,235 327,666 684,957 930,199 348,113 280,355 101.862 263,346 350,742 595.330 230.330 261,854 85,753 312,382 669.644 838,751 333,896 2,111,500 2,988,159 1,818,965 2,502,280 12. Debtors 2024 2023 Prepayments and acGrued income 13. Cash at bank and in hand 2024 2023 First Trust Bank Danske Bank Evelyn Partners 363,093 251.868 2.797 173,068 254,665 535,161 Page 20
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Notes to the financial statements (continued) Year ended 5 April 2024 14. Creditors: amounts falling due within one year 2024 2023 Grants Accruals and deferred income Deferred restricted income 1,133,714 5,300 6,000 238,865 5,3DO 1.145,014 244,165 15. Financial instruments The company has the following financial instruments 2024 2023 Financial assets measured at amortised cost Cash at bank and in hand 254,665 535,161 254,665 535,161 Financial liabilities measured at arnortised cost other creditors 1,145,014 244,165 1,145,014 244,165 16. Unrestricted funds General Fund Revaluation Fund 2024 Total Balance at 6 April 2023 Net incoming resources for the year Transfer of revaluation realised on investments sold GainllLoss) on revaluation of investments (Note 11) 2.764.858 (864,802> 154,056 33,546 2,798,404 (864,802) (154,056) 168,786 168,786 Balance at 5 April 2024 2,054,112 48,276 2,102,388 Page 21
17. Analysis of net asset5 between funds Fixed Assets Current Assets 2024 Total Unrestricted funds 2,992,739 (884,349) 2,108,390 Total funds 2,992,739 (884,349) 2,108,390 18. Financial commitments As 5 April 2024, the company had the following financial commilments.. 2024 2023 Research. student and scientific staff funding commitments 1,133,714 238,865 1,133,714 238,865 19. Ultimate controlling party There is no ultimate controlling paty. 20. Related party transactions There were no transactions with related parties in the year. Page 22
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