Reglstered Company Number. 4620347 NPPG A Private Company Limited by Guarantee Company Number. 4620347 Registered Charity Number.. 1117648 ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE CONTENTS Pagè Ref8r8nce and Adminislr8tive Details Report of1h8 Board Ilnduding Directors, Report) Independent Auditors, Rew)rt Statement of Finaneial Activitiès IlnduLliThJ Income and endIture Accourtt) Balanca Sheet Accounting POIleS No19S to Ihg Flnanclal Slalements
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE REFERENCE AND ADMINISTRATIVE DETAILS DIRECTORS: ARMee S R Tomlin N Gocxjing N Chtisliansen SECRETARY: Profile Productions Limited CHAIR.. N Christiansen TREASURER: P Sandorson REGISTERED OFFICE.. Boundary Housg Boston Road Hanwell London W7 2QE COMPANY NUMBER: 4620347 REGISTERED CHARITf NUMBER: 1117648 STATUTORY AUDITOR: Donn8llyBentley Ltd Chartered Accountants & Statutory Audthr Hazlemere 70 Chorfey New Road Bolton Lancashire BL14BY BANKERS: HS8C 525 Prescol Road Old Swan Liv8rpotsl L13 5UU
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE REPORTOF THE BOARD (AS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2022 The truslges, who are also directors of the charity for the purposès of the Companies Act, are pleased to present their annual report together wlh Ihe audited financial statemer¢ts of the charity for th8 y&ar ended 31 December 2022. The trustees have adopted the provisM)n of the Statement of Recommended Practice ISORPI 'Accounling and Reporb'ng by Charities, in preparing the annual report and financial statements of the charty- Th9 financlal st3t8m&nts have been pr8pared in accordance with the accounting policies set out in nolgs lo the accounis and comply with the charity's govaming document, the Charities Act 2011 and Accounting and Reporting by Charil*.' Slalemenl of Recommended Practica applicabl8 io Charities preparing their accounls in accordancè wilh the Financial Reporting Standard Bpplicable in Ihe UK and Repubtic of Iraland published in October 2019. 1. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng Documont The organlsalion is a charitable company limited by guaranteg, incorporated on 18 Decombgr 2002 and registered as a charty slnce 22 January 2007. It is govemed by its Memorandum and Articles of Asstscialion. As a registered charity the company is non-profit making and its dlrgclot5 and trustees ale volunteers. The ¢ompany has been incorporated without sharg capital and il is limited by guaranleg. lo a maximum of £1 by each of ils members. Appointment of Tte•S The directorsllruslees are appointed by the NPPG as the directorsltrustees have the power under the governing duMents to Co-opt indNMluals who support the objects of the organisalion. Truste• Induction As part of their induction, the new direclorsltruslees are provided with information about the ¢harity, the management structure, its history and working practices. In addition thèy are also provided with axtracts ol the Memorandum and Arlcles of Association plus information from the Charlty Commisslon and Companies House r9garding the duti8s and r8sponslbllrtles ol directors and Irustees. The Directorsrrruslees who sarved durin9 the y&ar are listed bolow.. 31 December 2022 Ms Abigail R Mee Mr Stephen R Tomlln Ms Diana Mowbmy Irasigned 061121221 r Nigel Gooding Ms Nanna Christiansen (appointed 06112122) 31 December 2021 Ms Abigail R Mee Mr Stephen R Tomlin Ms Diana Mowbray Mr Nigel Gooding Members.. Rlsk rovlgw Tha Board has wnducled its own review of tha rnalor rlsks to whl¢h the charlty Is 8xposgd and systems have been established to mitigat8 those risks. Organisatlonal Structuro NPPG is managed by its Board of Members and an executive committee which meeis four limes a year.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE REPORT OF THE BOARD {AS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2022 Minutes from the previous meefjng and dlscusslon papers are ¢lrculalecl before the scheduled meeting. The discussion ParS 2r8 tablèd either by a directorllruslee or the executive committee. DUr1r the meetings the progress of the past months is assessed and considered against the targets and aims. The current statUS Df the planned work is considered and discuss¢d. Future aims and ambitions are conshSgr8d in conjunction wilh the ongolng programme. Any disGussion papers ¢irculatsd bgforg the meeting woll be dlscussed and con8ldered. 2. OBJECTIVES AND ACTIVITIES The principal activi14as contTrnuè to be thè advan¢ement of education and training in paediatric and naonatal pharmacy, including thè UrertakIng ol research and the provision of informalhTh and advice ¢oni*rning paediatric and neonatal phamiacy for the benefil of the general public. 3. PUBLIC BENEFrr Wè havé r8férrred to the guidance in the Charty Commission's general guidance on public bènefit when reviewing our objectives and acltvrties and in planning our flrtura activili8s. In particu18r thè trustees consider how planned activities will conlribLrte to the aims and obj8Ctivès th8y have seL 4. ACHIEVEMENTS AND PERFORMANCE IN THE YEAR Invdvement in a joint venture to publish a Nallonal Formulary of Medlclnes for Chldrgn IBNFCI. This is widely used by Health Care Professionals across the UK lo ensure that medicines are used in children salèty and effectivety. Involvement in a joint venture to devolop information leaflgts aimed al the parents of children who are prescribed medicines for various conditions, leading to information leafiels and a website. Study days have continued and are now being carrled out 8ither face to face or remotely via 'TEAMS'. The annual conferenc8 reverted back to being held face-lo-face for the first time since the COVID-19 pandem. Products"on of Conference podcasts (placed on thè NPPG wèbsilel to extend the audienc8 the information can reach. Annual resgarch awards resumed at the NPPG confe[er@ after a brfrak dug lo COVID. Ensur9 Ihat ¢hildrgn'$ medicines practice has romained hlgh on tho aggnda of national p)licy. induding involv•m8nt in NICE, MHRA. DH and RPS. The NPPG specialist intere51 grDUPS helcl several training events on-line lo provide education and support for vnembgrs and lo attract new members lo NPPG. Continued lo produce the paedialric IV guidas in conjunclion with Medus8. Working with the RPS as one of its affiliated $p$aalist partnership groups to aid credentialing of education needs for our membership.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE REPORT OF THE BOARD {AS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2022 ACHIEVEMENTS AND PERFORMANCE IN THE YEAR (Continued) Information olficer rasponded lo sevwal consullalions from NPC. RPS, MHRA, EMA, Health, and Care Profes5ioris Council and NICE in addilioll to responding to requests from the membership via the website's message board. NPPG has put a proportion of our caprtal into investments with a company "Investec- who specialises in helping charitiès to invèst thair capital in a rèlatniely safè and low risk mann8r. This company is managing th8 Portfolio wlh input from NPPG in accordan¢e with our inveslmgnl policy docurnonl to onhancg fulurB Income from our capital. Engag8d with industry to d8valop standardising drug infv$iDn concentrations for national use within paediatrics. Developèd an unli¢ensedlspecials formulary in conjunction with DOH to aid a reduction of drug tariff cosls and to aid primarylsecondary care interface issues. NPPG has now issuod soveral position statements which are being kept up¢Jaled in IKJht of new information when it arrives. NPPG continues lo use corporate packag9S to attract pharmacaulical industry swnsorship lo further ils goals. NPPG Golllinues to work with regional procurement specialists to ensure formulations pur¢hase(I bwll be suitable for use within the paedialric population. NPPG has taken out indemnity insurance lo cover the company shCd any of thèse slalements be challenged. NPPG has d8¢ld8d to contlnue wlth funding of the Educatlon and Training and Position ststemenl posts lo further their work. NPPG has been aiding the BNFC by acting as expert advisors on queries they have during the updating process of the BNFC. Regional subgroups have mel through the yeai to aNJ study days. A risk register has been dgveloped for NPPG. OnB new subgroup was developed and supported by NPPG - Rheumatology S. FINANCIAL REVIEW Thg dgfiGit for the year was To which is added th8 retained surplus bioughl fotward 1113,7041 916,282 Leaving a surplus Garried forward of 802,578 NPPG general fund adfflini51ers the day lo day running of the charity. Income is derived mgmb8r subscriptions, publicatw)ns and donations.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE REPORTOF THE BOARD (AS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2022 5. FINANCIAL REVIEW {Continued} Investment Policy Under thg Memorandum and Articles of Assotiath)n. the charty has tho pow8r to invest in any way thg trustees Sh. The trustees, having regard lo tha liquidity requirements of the charity and to tha ras8rv8$ polw. have plad a proportion of capStal Into investments with a company "Inveslec" who sp$¢ialises in elping charities to invest théir capital in a relatively safe and low risk manner. The company will manage the portfolio on behalf of NPPG in accordance with the charity's Invèstment policy lo enhance future income from capital. The remaining capital remains within intotest bearing current accounts. Rgsgrvgs Pollcy It is tho policy of the charity to maintain unrestricted funds. which are fr&è reserves of Ihe Charty, al a level which equates lo approximately Six months unreslricled expenditure which would be in the region of £76.CIOO al 31 D&¢gmber 2022. Thi5 provides sufficient funds lo cover managelnenl, adminislratson and support costs and allows the charily lo react to changès in funding in a constructive manner. Currently reseNes generated are £802,578. The Tru$tee8 are aware of th8 position. They arè invè8ligaling increasing eXndstUr0 In aclivrties whlch SLSPPOrt thè objects of t Charity as outlined in the plans for futurg periods. 6. PLANS FOR FUTURE PERIODS The charfty plans conllnuing the aclivits as oullined in121 above in the forthcoming years by.. Continuing to furthèr develop jointly with othèr Intested parties and charities, PatTent Informallon Leaflets (PILS) for a greater range of m9dlclngs usad in chlldren. oiklng wSth othèr interested organisatiorss to consider ways of iisk managlng the us8 of unlicsnsed oral liquid medklngs In children. Updalng the Pagdlalrlc Intensive Care Untt package wllh a vigw to br8ak11 down ink> smaller rrM)re manag8able solutlons which may bg possib19 to host on a web based platfom). Continuing to provide UCation and trainiThJ opportunlties for NPPG rnemb9rs by hosting all 8nnual eonfèrence and specialist study days. FlltatIng research and development in the field of paediatric pharmacy by hosting research awards. Reviewing the NPPG'S fInanS to ensure resources are maximised to invest in supporttng its members lo mg¥t the Gharity's mission and vision_ NPPG lo monitor our investments carefully lo ensure income is genarated, liaising elosely with our invgstmenl advisors. NPPG lo promote ¢orporalg SPDn50fship packages to industy lo enhance our investments for the company.
NPPG A PRIVATE COMPANY LIMITED B Y GUARANTEE REPORT OF THE BOARD (AS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2022 6. PLAMS FOR FUTURE PERIODS {Continu•dl Continuing involvement in a joinl venture lo provKle speaalist input into materials used lo train non-specialisl pharmacists and pre-registration pharmacists about issues relating to the safg and effective use of rnedicines in children. Oeveloping an electronic based eduGallonal package for paedlaM¢ oncology phanaSts. Maintaining a national IV database suitable for use in children and to develop one suitable for use in neonates. To work with likeminded pharmaceutical companies to create various tiers of corporate sponsorship of NPPG in order to raise capital to maintain our work. in lieu of reducirKJ funds from the contract with NICE for BNFC year on year. To WOTk mre closély with Ihe Paediatric Chief Pharmaeisls group lo ensure similar subjects arg boing covared by all aspects of tho profession. To woth with CPPE to Ltpdate paediatric educational packages cn Ihelr website, and to discuss their h051ing of the oncology packages being developed by the POP group. NPPG will act as expert advi$ers io BNF Publications when asked to do so. NPPG will be raviawing th8 nead for a community pharmacy link to the group. The risk register will be regular reviewed and updated as appropriate. NPPG plans to &ngage with technician groups and develop an agenda lo support pharmacy technicians. 7. EVENTS SINCE THE YEAR END With the COVID19 pandemic restrictions boing largely lifted NPPG and ils m9mbers havg been able to meet face to face for execulwg and committ8e meotings, respe¢tively. Some of these meetings are now being held remotely. Th& NPPG conf8r8nce for 2023 is being planned and will be held in November 2023 FUNDS The funds held by the char ar8 detailed in note 11 to the a¢counts. . TAXATION Exomption to taxation has been granted to thè eharitable company by virtue of its Charitab status. 10. STATEMENT OF TRUSTEES AND DIRECTORS RESPONSIBILITIES The tiuslees Iwho are also dire¢lors of NPPG for the purposes of MPanY lawl are responsible lor preparing the Trustee5' Annual Report and the financial statements in acwFdanre wilh applicablo law and United Kingdom Accounting Standards IUnf(ed Kingdom Generally AGGepl8d Acwunling Pr8¢ticel.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE REPORT OF THE BOARD (AS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2022 10. STATEfvIENT OF TRUSTEES AND DIRECTORS RESPONSIBILITIES {Contlnu•d) Company law requires the Iruslees lo prepare fi'nancial statements frjr 8ach financial year, which give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and applic*ion of resources, including the income and expenditure. of the charitrdble Company for Ihe year. In preparing lhasa finanual statements the trustees ar8 required lo.. select SLtiiable accounting policies and then apply th8m consisl8ndy', observe Ihg mglhods and principles in tha Charitiès SORP 2019., mak8 judgements and eslimales that are reasonabl8 and prudent.. stale whether applicable UK Accounting Standards have bgen followed-, prepare the financial statements on the going ¢on¢ern basls unless il is inapproprrate lo presum& that tha charitat6 company will continue In operallon. The trustees are responsible for keeping proper accounting records that disclose wrth reasonable accuracy at any time the financial posilion of the charitable company Bnd enable them to ensure that the financial sl8lemenls comply with Ihe Companies Act 2006. They are also responsible for Safeguarding the assets of Ihe charitable company and hence for taking reasonable stsps for the prevention and dètèction of fr8ud and olhef irregularities. 11. STATEMEMT AS TO DISCLOSURE OF INFORMATION TO AUDITORS We. the trustees of the company who held Dffice at the date of approval of these Financial Ststements as set out abov6 ea¢h confirm, so far as we are awara, that.. there is no relevant audit information of which the company's auditors 8re unaware., and we have taken all thè slgps that we ought lo have tskgn 8s truslg98 in order to make ourselvgs aware of any relevanl audit information and to estsblish that the company's auditors are aware of that information. 12. SMALL COMPANY EXEMPTION In pParIng this report th¢ dire¢lors have kken a(Ivantago of the special provisions of Part 15 of the Companies Act 2006 relaling lo small cofftpanie5. 13. AUDITORS resolution will bo proposed al the Annual Gangral M88ting lo reappoint the Auditors, DonnellyB8nlley Limited. Charterod Ac¢ountanl$ and Register8d Auditor. SIGNED BEHALF OF THE BOARD BY:_ Nanna Christiansen, Director 25 Sgptember 2023
INDEPENDENT AUDITORS, REPORT TOTHE MEMBERS OF NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE FOR THE YEAR ENDED 31 DECEMBER 2022 Opinion We have audlled the financkql statements of NPPG (the 'charltsble company'l for the ygar ended 31 December 2022 which comprise the statement of financial aclivilies. the balance sheet and notes lo the financial slatgments, including a summary of signrficanl accounting polici8s. The financial rgporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Finanal Reporting Standard applicable in the UK and Republic of IlAn[l {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststemènts.. give a true and fair view of th8 state of the charitable company's affairs as al 31 Dernber 2022, and of its Incoming rgsoure9s and appll¢ation of resOuffs. induding its incom8 and axpandY(ure, for the year then erKled". have be8fb properfy prepared in accordance with United Kingdom Generalty Accepted Accounting Practi¢o.' and hav8 b8&n pr8par8d in CordanCe with the requiram&nts of the Compani&s Act 20C6. Basis lor oplnlon e conductsd our audlt in accordance with Inlemational Standard5 on Audlllng (UK} IISAS IUKJI and applicable law. Our rosponsibllitoes un¢Jer those standards ar8 further des¢rltsed In the Audoiorfs responsibililigs for the audrt of thg finanaal slattrments section of our rewrt. We ar¢ indopendenl of the charitable company in accordance with the ethical requirements that ar8 relevant to our audit of the financial stslements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanco with these requirements. We believe that the audit @vldonGe we have obtained is sufficient and appropriate to provide a basis for our C*pinion. Conclusions relating to going concem In audlllng the flnanclal statements, we have conduded that the trwstees. use of the going concern basis of accounting in Ihe preparation ol th9 financial siatemgnts r6 approprialg. Based on the work we have perfoimad, WÈ havÈ not idèntifiéd any material une8rtainli&s relating lo events or conditions that, individually or Collectively, may cast signifi¢ant doLJbt on the Charitate company's ability to continue as a going con¢erft ftsr a peritxl of al least iwetve month$ from when the financial statements are aulhorised for issue. Our responsibilities and the r8spJnsibilities of tha trust8eswilh respect to going conc8m ar& dèscrib8d in the relavant s8ctions of this r&port.
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE FOR THE YEAR ENDED 31 DECEMBER 2022 Othor Inforniatlon rhg other information comprises the Information Included in report of the board, other than tho financial statements and our audilorfs report Ihereon. The Iruslees are responsible for lh& olhar information contained within the report of the board. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explic((ly slated in our report, we do not express any form of assurance con¢lusiorb thereon. Our responsibilrty is to read the other informalion and. in doing so. consider whether the other information is materially inconsistènt wilh tha ffinancial statèments or our knowlèdg8 obtain&d in Ihè course of the audit or otherwise appeats to be malèrialty misstated. If we identtfy sh material ificonsistencies or apparent matèrial misstatèments, we are required lo delemiine whether this gives rk%e lo a material misstatement in the finanGial ststements themselves. If, baseé on the work we have performed. we condude that thèrg is a matèrial missialemant of this other information, wè are required lo rsport that fa¢l. We have nothing to report in this regard. Oplnlon8 on other matters pre8crlbed by the Companlgs Act 20D6 In our opinion, based on the work undertaken in tha couise of the aL1t.. th8 information gNen in the Report of th8 Board {inco¥poraling lh8 diractors. report) for th8 nancial year for which th8 finanaal stat&mgnts are praparad is consistent with the financial statements,. and the directors. report hos been prepared in accordance with applicable legal requirements. Matters on whl¢h we are requlred to report by exceptlon In th8 light of our knoedge and understanding of the charitable company 8nd its environment oblalned in th9 course of the audit. we havo not idontled matèrial misstsl6ments In the directors, report. We have nothing to port in respect of the following matters in relation to whth th6 Companies Act 2006 requires us lo report lo you if. in our opinion= adpquatg aw)unling reGords havg not bgen kgpl, or rgtums a¢Joquat¢ for our audit have not b99 re¢eNed from branches not visited by us., or the financial Statements 8re not in agrèement with the ac¢ounlir)g records and tUrft$- or C8rt8in discloskjres of direclors. remltneration specrfied by law are not made. or we have not received all the irbformalion and explanations we require for our autltt: or the trustees were not enlilled lo prepare th8 financial stat8m8nls in accordance with the small Companies, reyimo and tske advantag¢ of the small companies. exemptions in preparing the directors, report and Irom the requirement lo prepare a strategic report.
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE FOR THE YEAR ENDED 31 DECEMBER 2022 Responslbllltios of trust•o$ As explain8d moro fully in the trustees, responsibilities stat8menl sel out on page 2.4. the Iru5ts8S (who a also the directors of the charitable company lor the purposes of company law) are responsible for the preparation of the financial slalements and for being satisfied Ihal they give a true and fair view, and for such internal conlrd as the twsteès determine is necessary to enable the proparation of financial slatempnls Ihal are frae from malerial misslalemonl, whether due lo fraud or eiror. In preparing the fin8n¢ial slalemonts. the trustees are spOnSiblÈ for assèssing the charitable company'5 abilrty lo continue a5 a going concem, disclosing, as applicable, matters relate(I lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease operations, or have no realisb'o alternative but to do so. Auditor's rÈsptsnsibilitiÈs lar thè audit of thè finaneial statèmènts Our objeGtives are to obtain reasonable assurance about whether the financial statements as a wh)le are frge from mal8rial mi$slatemenl, whether due to fraud or error, and lo issue an auditorfs rewrt that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance WFth ISAS IUK} will always delecl a material misstalerllent whén il exists. Misslalements can arise from fraud or èrror and aré considered matèrial sf, Individually or in the aggregate. they could reasonably be expected lo inffuence the economK dècisions of users taken on the basis of these financial slalements. Irragulariligs, including fraud, aro instancos of non-complianco with laws and F9gulalions. We design ProdureS in line with our responsibilities, outlined above, lo detect material misststements in respect of irregulaiities, including fraud. The specifi'c procedures for this engagement and the extent lo which these are capable of deteing irregularities, including fraud is detailed beFow'. We obtained an understanding of thg Iggal and regulatory framework applicable lo the charitable CA)mpany and tho sgctor in which it operatgs and considgred the risk ol non compliance with applicable laws or regulations. We detemiined that the folh)wing laws and regulations were most significant to the charitable company.. the Companies Act 2006 and the Ch8ritiÈs A¢1 2011. Wè designed audit procedures to respond lo the risk, recognizing that the rtsk of not delgcling a mal8rial mi88talernenl due lo fraud is higher than the risk of not dglecting one rgsulling from error. as fraud may involve deliberate concealment, for example, forgery or intentional misrepiesentstions. or through collusion. We obtained an unii8rstanding of how the charitable Company is complying Wlth those legal and regulatory frameworks by maklng enquirtes of tho management. We Corroborated our enquiries through our r9view of board minu19S. Our tests also induded agreeing the financial statements disdosurgs to undertying supporting documentation. There are inherent limiialions in the audit procedures described above and. the furthèr ramoved non-complianca with laws and regulations is from Ihg evants and transaclions reflecled in the financial stalemgrnts. the Igss likely would b9m? awarg of IL Wa dld not id9ntfy any kèy audit mattèrs rÈl8ting lo irr8gularib"ès, Including fraud.
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE FOR THE YEAR ENDED 31 DECEMBER 2022 We also addr8ss8d th8 risk of management override of intemal controls. including testing journals and évaluating whether there was evidence of bias by the directors that represented a risk of matenal misstatement due to fra1. A further descriplh?n of our responsibilities for the audit of the financial stslements 15 located on the Financial Reporbng Council's website al.. v•ww.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's rèwrt. Usp of our report This r&port Is made solaty lo tho charilabla company's mambors, as a body, in accordancg with Chapter 3 of Part 16 of thg Companies Act 2006. Our audh work has been undèrt8k8n so that we mlghl state to the eharflable Company's members thos8 matters we are r8quired to stsle to them in an audilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume SpOnsIbl11ty to anyone other than the charitab19 oompany antJ Ihg charilabla company's members as a body. Igr our audit woik, for this feport. or for the opinions w8 havè lorm6d. Catherine Cole FCA (Senior Stslulory Auditor} for and on behalf of DonnellyBenlley Limited Chartered Accountant5 & Statutory Auditor 70 Chor1ey New Road Bolton BL148Y 25 Sèptsmber 2023
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 UNRESTRICTED 2022 2021 Note INCOME AND EXPENDrruRE INCOME: Donations and legacies Charilablg activities Invoslmonl income 84,459 18,619 11,753 137,017 25.360 10.756 TOTAL INCOME 114,831 173.133 EXPENDITURE.. Charitable aclivilies.. Advancemenl of aducalion training in paediatric and neonatsl pharmacy 153.698 189,169 TOTAL EXPENDITURE 153,698 189.169 NET IEXPENDITUREYINCOME {38,8671 {16,0361 OTHER RECOGNISED GAINS AND LOSSES: ILossllGain on revaluatK)n of fixed ass61 inv&stsm8nts 74.8371 51.373 NET MOVEMENT IN FUNDS FOR THE YEAR {113.704} 35,337 Reconciliation of Funds Fund Balanee Brought Forward al 1 JanuBry 2022 916.282 880,945 Fund Balance Carrth Fornard at 31 December 2022 802,578 916.282 Mtsvamants in funds a dis¢losÈd in note 1110 the financTral stalem8nls. All incoming resources and resources expended aro derived from continuing actwiti89. There aro no other gain5 or losses other than those noted above and Iherefr>re no separate stalewEnt of total recognised gains and losses has been prepared. Thè accompanying accounting polieS and notes form an integral part of these financial slalements.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Nole FIXED ASSETS Investm8nts 626015 698,840 CURRENT ASSETS Dgblors Cash at bank 83,638 164,304 99,370 190,533 247,942 289,903 LIABILlEs Creditors falling due within one year 71,379 72.461 NET CURRENT ASSETS 176,563 217,442 NET ASS5 802,578 THE FUNDS OF THE CHARITY: Unreslriclgd Funds 802,578 916.282 These accounts have been prepared in accordance with the special provision5 of Part 15 of t CDmpanies 2006 relating to small companies and constK(Lrte the annual accounts requirèd by th8 Companles Act 2006 and are for circulation lo members of the company. Tha financial statements on pxges 4 to 7 were approved by the Board of thè Direclofs and signed on its behalf b Nanna Christiansen, Dctor 25 Seplomber 2023
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2022 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Information and basi¥ of preparation MPPG 1$ a company limited by guaranteo and hag no shar& capital. In the evènt of the charity being wound up, lh8 liabilily respect ol th8 guarant8a 18 limitad to £1 par m8mb8r of th& chamty. The addrgss of Ihg rg91$19r9d offi¢fr Is Boundary Housg, Boslon Road, Hanwell, London, W7 2QE. Thp nature of the charty's operations and principal actwilies are the advancement of education and training in paedi8lric and neonatal pharmacy including the undertaking of research and the provision of information and advice concerning paediatric and neonatal pharmacy to the benefit of the general public. Th& charity constfÉulgs a public bgnofil enlily as defined by FRS 102. Th8 financial stataments have been prepared in accordance with Accounting and Raporting by Charitiès.. Statèment of Recommended Pract0 appllcable to charitigs preparing Ihoir a¢¢ounts in accordance with the Financlal Reporting Stsndard applicable in the UK and Republic of Ireland issued in October 2019. the Flnancbal Reporting Standard applicabl8 in th6 Un(ted Kingdom and RgpLtblie of Ireland IFRS 1021, the Charrtios Act 2011. the Companios Act 2006 and UK Ganerally Ac¢epad AuntIng Practice. Exemption has been taken from preparing a cash Ilow stsl8ment under tha chare5 SORP 2019 as gloss incorne 15 below £500.000. Thè financial stat•m8nts ar8 preparnd on a going concarn basis undèr thè historical cosl Convenlton, modified to indude certain items at f8ir valuè. Thè financial ststÈmÈnts are prèsèntè(J in sterling which is the fiJn¢tnal CurreY of the charity. Thg significathl accounting policies applied in the preparalion of th9se financial statements are $¢1 out balow. These policies havè b88n consisl8nlly applied to all yèars pres8nl6d unless otherwise slated. CONSOLIDATION The finan¢ial staltsmt8 cL)ntain information about NPPG as an individual company and do not conlain consolidated information about is associate, RCPCH Publications Limited. NPPG is nol a parent company and is therefore not required to account for tho inveslm8nt in its associate using the 8quty method. Tha inv8stm8nt in its associ8t8 has b88n moasurad at (x>st lèss imp8irnnt. FUND ACCOUNTING Ggneral Funds are unrestricted funds which ropresenl Ihe accumulated funds o the cOmpY that are not subject lo any restrictions regarding their Use, and are available in the fijrtherance of the general objectives of the ¢ompany. Designated Funds have been designated by the Board for partlcular purposes, and are also unrestricted AS the Board can re-assign thosÈ monies if it so desires.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2022 Restricted FurK15 can onty be used for th9ir stat9d puipose, duo lo specifi¢ conditions imposgd by the providers of those funds or grants. The costs of ralsing and admlnislerlng such funds ar& charged against the Speci fund. The aim and use of each restricted fund is set out in the note$ to the finanual slatemonts. INCOAIE RECOGNITION POLICIES Al Incoming r8sourcas ar8 includad in tha Slat8m8nt of Financial Activities ISOFAI wh8n th8 ¢hartty 1$18gally ontilleé to the incom8 after any performance condFtions have boen mel, the amount can b8 m8asured r81iably and tt Is probabl& that the Income wlll be received. For donatKJns to be recognised the charity will have been notifted of the amounts and the seitlem8nt date in writing. If the are conditions attached to the donation and this requires a level of parfomance before enlrtlemenl can be obtained then in¢ome 1$ deferred until those conditions are fully mel ow the fulfilment of those Go[lI10nS is within the control of the charity and it is probable that Ihgy will be fulfilled. Grants or Inc(Mne rèlating to a ILrtLJf8 accounting riod or raceivad in advanca ol the attributablè Costs defeN8d and carrled forward as grants and incom8 in advance in cr8ditors. For legacies, entillement is the eartier of the charity being notified of an impending distribution or the legacy being received. Investment income is earned through holding asséts for inv8slm8nt PLJfpos8s. It compris&s interest Teceivablg on cash balance$ held in appropriate int¢st bearing a¢counts and dividends raceived from shares hdd as part 018 managed invesknent portfolio. No amount is includod in thg financial slalgmanls lor volunteers timg ifb lino with thg SORP. EXPENDITURE Expenditure is accounted for on an accruals basis. Expenditure is recognised wheTe there 15 a legal or constructive oblwjation to make payments to third parties. il is probable that the settlement will ba roqu1d and the amount of the obligation can be measured reliably. Expenditure in¢ludss Irrewvgrable VAT and is roported as part of the expenditure lo which it relates. Ch8rilable expenditure comprises those cosls incuired by the eharity in the delivery of its activf(ies and services for its beneficiaries. It includes both costs that can be allcKated diredy to such tiVItieS and Ihose costs of an indirect nature nesSary to support them. AJI cosls are allocated b91w9911 Ihg exPendre calegorios on a basis designed to reflect the use of Ihe resource. Costs relaliw lo a pariiculai activity am allo(>tèd direclly, other5 are apportioned on an appropriate basi5. Grants payablo lo third parties are within the tharitatAe objectives. Where unconditional grants are off8rgd, Ihls Is accrued as soon as the recipSent is notrfied of the grant as this glves rise to a reasonable expectation that the recipient will receive the grants. Whore grants are condilional relating to porfomance then th& grant is only ac¢ru8d when any unfulfilled C4)nditions are outside the control ol the charity.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2022 VAT ACCOUNTING All grant inwrne arnd dOnatll5 are outside the Scope ofVAT. Irrecoverable VAT on expenditure is not anaSysed separatety but attributed lo the category of gxpgndlture on whlch It18 Incurred. FIXED ASSET IMVESTMENTS Investments are recognised initially at fair value which is normally the transaction prlce excluding transaction costs. Subspquendy, they ale m8asured al fair value with changes recognised in 'nel gains I Ilosse51 investments, in the SOFA rf the shares are publicty traded or their fair value can otherwise be measured reliably. Other investments are measured at ¢osl less impairment. Invèstmènts in associates 8rè measured At tost less impaimenl. FOREIGN CURRENCIES Assets and liabililigs in lorolgn curren¢S9s arg Iranslaleil into sterfing at the ratss of gxchango ruling at the balan¢e sheet dale. Transactions in foreiqn currencies are translated into sterting at th8 rate of exchange ruling al the date of Iransaclion. Exchange differences are taken into account in arriving al the operating result. DEBTORS AND CREDITORS RECEIVA8LEIPAYABLE wrrHIN ONE YEAR Debtors and creditors with no slated interest rale aThJ receivablelpayable within one yaar ara re¢orded at Iransaclion price. Any losses arising from impaimienl are re¢J)gnised in 0xp8ndi1u. CASH AT BANK AND IN HAND Cash at bank and In hand includes cash and short term highlyAiquid InVlMentS with a short maturity of three months or less from the dale OT acquisition or opening of Ihe deposit or similar account. TAXATION The eh8rity is an èxempt charity within the meaning of schedule 3 of the Charities Acl 2011 and is considered to pass the lesls OLrt in Paragraph 1 Schedule 6 Financè Act 2021 and thereforè it meets the definibon of a charitable company for UK corporation tax purposes. GOING CONCERN The financlal stslements have been prepared on a going concem basis as the directors believe that no material uncertainty exists. The direGtors have wnsidered the level of fLJnds held and the expected level of income and expenditure for fvlelvè months from authorising these frnancial stalemenls. The budgeted income and expenditure is suffioenl wilh the level of rosèwes for tho charity lo be able lo continue as a going concarn.
NPPG A PRIVATE COMPANY LIMITED B Y GUARANTEE ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2022 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of these financial 5tatemen15 requires certain judgements, eslimales and assumptions that affect the reported amDtJnts of assets, liabilities, income and expenses. Estimates and judg8ments are ¢onlinually evaluat and aro based on historical exp9rien¢9 and Othgr factors, indudiro expectations of future events that are bdieved lo be reasonable under the circumstsncès.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 1. INCOME Income Is d1CtlY attributsble lo the principal activities of the company. All income irb 2022 and 2021 was attributable to unrestricted funds. 2. DONATIONS AMO LEGACIES ToLIl Funds 2022 Total Fund5 2021 Donation from RCPCH Publications Ltd Isee note 121 Corporate donation POP Sponsorship 80.744 3,715 96,532 35,485 84,459 137.017 3. INCOME FROM CHARITABLE ACTIVITIES Total Fund¥ 2022 Total Fund8 2021 Membèrs, subscriptions Income from SOCMO study days Incoffle from PANG St days 18,619 18,620 4,740 2,000 18.619 25,360 4. INVESTMENT INCOME Total Funds 2022 Total Fund$ 2021 Bank inleresl Income from managed inve5trnenl porlfolio 11,753 10,756 10.756
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 5. ANALYSIS OF CHARITA8LE EXPENDITURE 2022 2021 Grants MediGines for Children InformalK)n officer servic8S Membership liaison offKer services Post and stationary Travelling exppnses Technieal Iit8rature Administrallon and clerical support InsurarKe Audit Accountan Sundry Investment management costs Loss from annual conference Posrtion staternent offi1 E¢JLs¢alion and training offlcar E19Ctronic committee votillg System PANG study day Treasurer Profile disbursements Bank charges 15.665 24,285 20,000 35,000 19,470 35.000 19,632 20 6,012 9,265 15.000 5.730 3.560 3,560 9,863 15,000 5.417 3.626 3.625 9,741 4,037 7,372 12.476 10,006 21,490 7,372 12,087 523 1,395 1,959 4,345 10 153.698 189.169 l expenditure in 2022 and 2021 was attribLrtable to unrestricted funds. Al of the abovo costs relat8 lo direct servi¢8 provision. Medicinès for Children is a partnership programme by NPPG, RCPCH and Wellchild whi¢h aims to provide up lo dale leaflets and a website aimed at parents of children who are pre3¢ribgd medicines for various conditions. OLEring the year 8nded 31 DeG8mber 2022 a grant of £15,665 was paid lo Aklgr Hgy Chlldrgn's NHS Foundation Trust for paediatsic research12021.. £24,285I, Volunteers provlde impcAtsnt SUPF()rt for the charity. in partlcular through consullatkjns wllh NICE and providing feedback and support for the positlgn slaternent officgr and Ihg educat and Irainlng Offir. 6. STAFF COSTS Therg arg no amployeos who receivgd total employeg bgnefrts18xcluding employer pension costs) of more than £60,00012021'. nlll. Neither thè Chaifman nor any olh8r directors rac8¢v6d any remuneration for their seNices during the y8ar, thus there was no directors or key managem6nt p8rsonnel remuneration benefits (2021. nill. Thèra w•re no employees during the year excluding directors and voluntary slaff12021.' nil).
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 7. FIXED ASSET INVESTMENTS hlanaggd Inve¥lment Portfollo Intgrost in As¥o¢lat•d Undertaking Total COST OR VALUATION.. Al 1 January 2022 Additions Disposal Ravaluation 698,838 11,753 19,7411 74.837 698,840 11,753 19,7411 74.837 At 31 Decemter 2022 626.013 626.015 IMPAIRMENT.. Al 1 January 2022 and 31 December 2022 4RRYING AMOUNT.. Al 31 Docember 2022 626 013 626,015 At 31 D8¢8mb&r 2021 698,838 698,840 Investments at fair value within the managed investment portfolio comprise.. 2021 Equities Securities Cash w1n Invasbngnl portfolh) Property within investment portfolK) Alternativè assèts 369,808 139,999 12.171 17,964 86.071 413,153 159,469 11.756 22.845 91,615 626,013 698,838 The Investment manager Is responslble for managlng the Investment portfolio In the best Interests of the Gharity which involves the prchase and sal8 of shares. Any gains on the sale of sharès are reinvested directly in the fund and are therefore Irealed as unrealised by th& charity. Investmènts within lh8 managèd invèstment portlolio are valued on the basis ol mid-market prices frorn the appropriate Stock Exchango or from th6 relevant fijnd manager at the Balance Sheet dale. The decrease in valLbe of the investments amounting to £74,837 is an unrealised loss lo bè disclosed under Charities SORP 2019 and does rellect any actual losses or gains reali$8d by the charlty from sales of inveslmenls. Investment management fees for the year to 31 December 2022 were £9.741 (2021: £10,006). NPPG owns 50% of the ordinary share capital of RCPCH Publicatlons Limiled Ihgre is no controlling interest. Therefore the investment in RCPCH Publications Limit has beèn trèated as an associate. 80th ttlmpanies arè gIsterèo England and Wales.
NPPG A PRIVATE COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 8. DEBTORS 2022 2021 Amount owed from related undertakings Prepayments 80,744 96.532 2.838 83.638 99.370 9. CREDITORS: APIOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 A¢crual$ end deferred in¢ome Accrual for giants payablg 55,714 15.665 48,176 24,285 71,379 72,461 10. AMALYSIS OF GROUP NET ASSETS BETWEEN FUNDS: UNRESTRICTED 2022 2021 Fixed assel investments Currènt assèls Current liabilities 626,015 247,942 71.379 698,840 289,903 72,461 802.578 916.282 The unrgstricled fund is used in futherancg of tho charity's pr1r1Pal aclivilies as 8xplained in the report of the Board. 11. NEf MOVEMENTS IN FUNDS Galns and Losses At 0110112022 Incaming Resources Outgoing Resources At 3111212022 Unreslhcted Funds." General Fund 916.282 114,831 153.698 74,837 802.578 The General Funds represent the free funds of the Gherity which are Tr)t designate¢J for particular purpos8s.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. NET INCOME FROM AND TRANSACTIONS WITH RELATED UNDERTAKINGS The Charity owns 50Yo of the ordinary share capitsl of its associate RCPCH Publicats'ons LiTTriled. ftArther details of which are given in note 7. RCPCH PublatIonS Limited makes gift payments to ils shareholders, usualty its Eolal net profit. The share due to NPPG amounts lo £80,74412021.. £96,532> in these financlal sla19mgnls. RCPCH Publications Limilad publishas a formulary for NPPG almad al phannaclsls. paedialricians. gèneral practition8rs, nurse prescribers and other health ¢aw professlonals. Tho of this forTnulary Is lo assist those who prescribe. dispense or attminisler medicines for chlldren. The fomulary is unusual in that they Gover the off-labol use of medicinès and al80 list unlicensèd medicines neGessary for the treatment of children. NPPG ks ngt a parent MpanY and Iherofor¢ the investmonl in RCPCH PubliGations Limitgd has not been accounted for usiny the equtty method. Had il been accounted for u511w the equity nwthod there would not be 8ny change lo the results of NPPG because RCPCH Publications Limited has no accumulal8d reserves and has not made a profit or loss for the year. This Is because all tho profits of RCPCH Publications Limit8d hav8 b88n giftad to NPPG as 3 5OVo shar8hold8r and lo the charity Royal Coltegg ol Paedlalri¢s and Child Heabth as Ihe olhgr 500/0 shareholder. RCPCH Publications Limited has an accounting reference dale 0131 August and a summary of ils trading results is shown below. RCPCH PublS¢atlons Llmlted: Summary Results 3110812022 3110812021 Turnover Cost of sales and administratNe expenses 200.463 39,032 231,402 38.353 0rating profil 161,431 193.049 Interest recelvable 57 15 N8t Profit 161.488 193,064 Charitable Trading Funds.. 8alance al 1 September Net profit To be gifted lo RCPCH for year ended 31 August To ba glfted lo NPPG for yaar gndgd 31 August 161.488 (80,7441 80,744 193,064 (96,5321 96,532 Balarbca at 31 August Charity shar8- Balance al 1 September Balance al 31 August
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Tha British NalK)nal Formulary for Children IBNFCI is produced a5 a joint venture. the arrangements for which were fornialised in an agreement between RCPCH Publications Lirllited, The Royal Phamiaceulical Society and BMJ PL)blishing Group Limited dated 13 April 2005. Thg joint ventures thèn entered into a three year supply agreement with the Department of Health dated 20 September 2005 to 9nsure all rglevanl health professionals in England r8c6ived tho BNFC. On 9 Mar¢h 2011. the PaediatrSG Publi¢ations Board considered. agreed and sign8d tha naw BNFC contract wrth NICE {Nalional Institute of Clinical Exc8llenGo1 for the bulk purchas8 of the formulary over the next eight y9ars. The flrst edition ol the BNFC was published in September 2005 with tho website going live Ihat month and publication of a cRom vèrsion in October 2005. The year ended 31 August 2022 principally includes the companls Sha of income associated with developing and publishing the elghleenth edition of BNFC. During 20218 new tsvelve year contract was signed with NICE. 13. RELATED PARTY TRANACTIONS There were no related party Iransaclions. 14. TRANSACTIONS WITH DIRECTORS AND TRUSTEES None of lh8 direciors receivod any remuneration for thgir services during the year. The direGtors were reimbursed £1.191 12021.. nil) for costs incurred during the year. 15. ULTIMATE CONTROLUNG PARTY The charitable company under the control of the Board. 16. FINANCIAL COP4lMITMENTS Total financial commitments which are not included in the balance sheet are nil12021.' £15.6651.
NPPG A PRIVATE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 17. FINANCIAL INSTRUMENTS The carrying amounts of the charity's flnoncial ststemonts arè as follows.. 3111212022 3111212021 Mgasur8d at lair valu8 through nel incomelexpenditure.. Fixed asset listed investments fr18 71 626013 698,838 Debit instruments measured at amortksed cost.. Other debtors Inole 81 mount owed by related undertakings Inote 8} 2,894 80,744 2,838 99.370 Finan¢ial liabilities mgasured al amortised cost.. Accruals and deferred incomg Inole 91 Accrual frjr grants payable (note 91 55,714 15,665 48,176