2022-03-31-accounts - Pharmaco Foundation Ltd

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REGISTERED COMPANY NUMBER: 07016271 (England and Wales) REGISTERED CHARITY NUMBER: 1133643

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2022

for

PHARMACO FOUNDATION LTD

Brindleys Limited 2 Wheeleys Road Edgbaston Birmingham West Midlands B15 2LD

PHARMACO FOUNDATION LTD

Contents of the Financial Statements for the Year Ended 31 March 2022

		Page
Report of the Trustees	1	to	2
Independent Examiner's Report		3
Statement of Financial Activities		4
Statement of Financial Position	5	to	6
Notes to the Financial Statements	7	to	12
Detailed Statement of Financial Activities		13

PHARMACO FOUNDATION LTD

Report of the Trustees for the Year Ended 31 March 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

1) The relief of poverty, sickness and distress by providing such services and facilities as are necessary including food, clothing and medical supplies;

2) To advance education by providing grants and such items, services and facilities as required particularly, but not exclusively, for the benefit of young people;

3) To advance the islamic religion in accordance with the shia school of thought by such means as the trustees in their absolute discretion determine.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07016271 (England and Wales)

Registered Charity number

1133643

Registered office

Unit 4 Boultbee Business Units Nechells Place Birmingham West Midlands B7 5AR

Trustees

Mushtaq Jafferali Ismail Trustee Lyakat Gulamhusein Jaffer Trustee Mustakali Pyarali Kurji Trustee

Company Secretary

Lyakat Gulamhusein Jaffer

Independent Examiner

Brindleys Limited 2 Wheeleys Road Edgbaston Birmingham West Midlands B15 2LD

Approved by order of the board of trustees on 20 July 2022 and signed on its behalf by:

Page 1

PHARMACO FOUNDATION LTD

Report of the Trustees for the Year Ended 31 March 2022

Mushtaq Jafferali Ismail - Trustee

Page 2

Independent Examiner's Report to the Trustees of Pharmaco Foundation LTD

Independent examiner's report to the trustees of Pharmaco Foundation LTD ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for 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)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Sajjad Sumar FCA ICAEW Brindleys Limited 2 Wheeleys Road Edgbaston Birmingham West Midlands B15 2LD

20 July 2022

Page 3

PHARMACO FOUNDATION LTD

Statement of Financial Activities for the Year Ended 31 March 2022

Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 38,201 Investment income 2 31,545 Other income 904 Total 70,650 EXPENDITURE ON Charitable activities 3 Education activities 5,500 Food & clothing activities 2,000 Medical activities 1,000 Assitance - Poor & Needy 25,090 Other 7,398 Total 40,988 NET INCOME 29,662 RECONCILIATION OF FUNDS Total funds brought forward 314,718 TOTAL FUNDS CARRIED FORWARD 344,380	Restricted funds £ - - - - - - - - - - - - -	2022 Total funds £ 38,201 31,545 904 70,650 5,500 2,000 1,000 25,090 7,398 40,988 29,662 314,718 344,380	2021 Total funds £ 45,653 32,185 1,113
			78,951 3,000 3,160 1,000 26,840 10,476
			44,476
			34,475 280,243
			314,718

The notes form part of these financial statements

Page 4

PHARMACO FOUNDATION LTD

Statement of Financial Position 31 March 2022

Unrestricted funds Notes £ FIXED ASSETS Tangible assets 8 263,094 CURRENT ASSETS Debtors 9 281 Cash at bank 88,915 89,196 CREDITORS Amounts falling due within one year 10 (7,910) NET CURRENT ASSETS 81,286 TOTAL ASSETS LESS CURRENT LIABILITIES 344,380 NET ASSETS 344,380 FUNDS 11 Unrestricted funds: General fund TOTAL FUNDS	Restricted funds £ - - - - - - - -	2022 Total funds £ 263,094 281 88,915 89,196 (7,910) 81,286 344,380 344,380 344,380 344,380	2021 Total funds £ 265,194 7,937 50,785 58,722 (9,198) 49,524 314,718 314,718 314,718 314,718

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The notes form part of these financial statements

Page 5

continued...

PHARMACO FOUNDATION LTD

Statement of Financial Position - continued 31 March 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 20 July 2022 and were signed on its behalf by:

Mushtaq Jafferali Ismail - Trustee

The notes form part of these financial statements

Page 6

PHARMACO FOUNDATION LTD

Notes to the Financial Statements for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - Not depreciated Plant and machinery - 10% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME

INVESTMENT INCOME
	2022	2021
	£	£
Rents received	31,545	32,185

continued...

Page 7

PHARMACO FOUNDATION LTD

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

3. CHARITABLE ACTIVITIES COSTS

Education activities Food & clothing activities Medical activities Assitance - Poor & Needy	Direct Costs £ 5,500 2,000 1,000 25,090
	33,590

4. SUPPORT COSTS

Other resources expended NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets	Governance Other costs Totals £ £ £ 6,998 400 7,398 2022 2021 £ £ 2,100 2,100

5. NET INCOME/(EXPENDITURE)

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 45,653 Investment income 32,185 Other income 1,113 Total 78,951 EXPENDITURE ON Charitable activities Education activities 3,000 Food & clothing activities 3,160	Restricted funds £ - - - - - -	Total funds £ 45,653 32,185 1,113
		78,951 3,000 3,160

continued...

Page 8

PHARMACO FOUNDATION LTD

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Medical activities Assitance - Poor & Needy Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. TANGIBLE FIXED ASSETS COST At 1 April 2021 and 31 March 2022 DEPRECIATION At 1 April 2021 Charge for year At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021	Unrestricted funds £ 1,000 26,840 10,476 44,476 34,475 280,243 314,718 Freehold property £ 258,894 - - - 258,894 258,894	Restricted funds £ - - - - - - - Plant and machinery £ 21,000 14,700 2,100 16,800 4,200 6,300	Total funds £ 1,000 26,840 10,476 44,476 34,475 280,243 314,718 Totals £ 279,894 14,700 2,100 16,800 263,094 265,194	Total funds £ 1,000 26,840 10,476
				44,476
				34,475 280,243
				314,718

continued...

Page 9

PHARMACO FOUNDATION LTD

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

2021 £ 7,656 281 7,937 2021 £ 2,030 1,518 5,250 400 9,198 At 31.3.22 £ 344,380	2021 £ 7,656 281 7,937 2021 £ 2,030 1,518 5,250 400 9,198 At 31.3.22 £ 344,380	2021 £ 7,656 281
		7,937
		2021 £ 2,030 1,518 5,250 400
		9,198
344,380
	29,662

continued...

Page 10

PHARMACO FOUNDATION LTD

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.4.20 £ Unrestricted funds General fund 280,243 TOTAL FUNDS 280,243 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 78,951 TOTAL FUNDS 78,951	Net movement At in funds 31.3.21 £ £ 34,475 314,718 34,475 314,718 Resources Movement expended in funds £ £ (44,476) 34,475 (44,476) 34,475	At 31.3.21 £ 314,718	At 31.3.21 £ 314,718
		314,718
			34,475

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund TOTAL FUNDS	At 1.4.20 £ 280,243 280,243	Net movement in funds £ 64,137 64,137	At 31.3.22 £ 344,380
			344,380

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	149,601	(85,464)	64,137
TOTAL FUNDS	149,601	(85,464)	64,137

continued...

Page 11

PHARMACO FOUNDATION LTD

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022.

Page 12

PHARMACO FOUNDATION LTD

	Detailed Statement of Financial Activities
	for the Year Ended 31 March 2022
		2022	2021
		£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations		38,201	45,653
Investment income
Rents received		31,545	32,185
Other income
HMRC Gift Aid		904	1,113
Total incoming resources		70,650	78,951
EXPENDITURE
Charitable activities
Education activities		5,500	3,000
Food & clothing activities		2,000	3,160
Medical activities		1,000	1,000
Assistance-Poor & Needy		25,090	26,840
		33,590	34,000
Support costs
Finance
Bank charges		-	70
Other
Rates, Insurance & S/Charges		2,572	5,269
Light and heat		2,326	2,624
Sundries		-	13
Depreciation of tangible fixed assets		2,100	2,100
		6,998	10,006
Governance costs
Accountancy fees		400	400
Total resources expended		40,988	44,476
Net income		29,662	34,475

This page does not form part of the statutory financial statements

Page 13