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 fO￿ard 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 othe￿iSe 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
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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.
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