REGISTERED COMPANY NUMBER: 07016271 (England and Wales) REGISTERED CHARITY NUMBER.. 1133643 Report of the Trustee$ gnd Unaudited Flnancial Statements for the Year Ended 31 M4r¢h 2024 ror PHARMACO FOUNDATION LTD Brindleys Limited 2 Wheeleys Road Edgbaslon Birniingham West Midlands B15 2LD
PHARMACO FOUNDATION LTD Contents of the Financial Statements for the Year Ended 31 Mar¢h 2024 Page Report of the Tru$tee5 Independent Examiner's Report Statement of Flnancigl Actlvi¢ies Statement of Fin9n¢ial Positlon 5 to 6 Notes ¢0 the Finan¢l41 Ststements 7 to 12 Detailed St&tement of Fin&n¢S9l Activities 13
PHARMACO FOUNDATION LTD Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of ihe Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their a¢count5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectlves ond aim5 l ) The relief of poverty, sickness and distress by providin8 su¢h scrvices and facilities a5 are n¢¢essary including food, Clothing and medical supplies; 2) To advance cducalion by providing grants and such items, servi¢¢s and facilities as required particularly, but not ¢xcIu5ively, 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 iheir Absolute discretion detcnnine. STRUCTURE, GOVERNANCE AND MANAGEMENT Covernlng doeument The charity is controlled by its governing dooumenL 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 (En8land and Wales) Registered Charity number 1133643 Reglstered office Unli 4 Boultbee Business Units Nechells Place Birmingham West Midlands B7 SAR Trustees M J Lsmail Trustee L G Jaffer Trustee M P Kurji Trustee Company Secretiry L G Jaffer Independent Examlner Brindleys Limited 2 Whecleys Road Edgba5ton Birmingham West Midlands B152LD Page I
PHARMACO FOUNDATION LTD Report of the Trustees for the Year Ended 31 March 2024 Approved by order of the board of trustees on 19 September 2024 and signed on its behalf by: M J Ismail . Trustee Page 2
Independent Examiner's Report to the Trustees of Ph2rmco Foundation LTD Independent examiner's report to the trustees of Ph4rmaco FoundA¢ion LTD ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and b$is of report As the charity's Iruslees of the Company (and also its directors for ihe purposes of ¢ompany law) you are responsible for the preparation of the accounts in accordance with the requirements ofthe Companies Act 2006 (Ihe 2006 Act,). Having satisfied myself thal the accounts of the Company are not required lo be audiled under Part 16 of ihe 2006 Act and are eligible for independent examinalion, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charili¢s Act 2011 ('the 201 l Act.). In carrying out my ¢xamination I have followed Ihc Directions given by the Charity Commission under Section 145(5) (b) of the LOI l Act. Indepcndent examlner's stAtement I have complelcd my examination. I confirni 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 a5 required by Section 386 of ihe 2006 Ael. or the accounts do not a¢¢ord with those records. or the accounts do not comply with the accounting requirements of Seclion 396 of the 2006 Acl other than any requirement that the ac¢ounts 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 Statemcnt of Recommended Practice for accounting and reportin8 by charities (appltcable 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 rnatters in connection with the examination to which attenlion should be drawn in this report in order to enable a proper understsnding of the accounts to be rcached. d Sumar FCA Brindleys Limited 2 Wheeleys Road Edgbaston Birmingham West Midlands B15 2LD 19 Seplember 2024 Page 3
PHARMACO FOUNDATZON LTD Statement of FinAncial Activities ror the YeAr Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted funds Restri¢ied funds Notes INCOME AND ENDOWMENfs FROM Donations and legacies 30.193 30,193 37,999 Investment in¢ome Other income 33,123 33,123 34.027 929 Total EXPENDITURE ON Ch#rit%ble ACtivltl¢s Education activities Food & clothing aclivities Religious activities Assilance - Poor & Needy 2,917 2.917 3,833 5,000 8,227 4,250 18,000 18,000 Other 14.859 Total NET INCOME 27,540 27,540 41,525 RECOIYCILIATION OF FUNDS 1 otal funds brought forward 385,905 385,905 344,380 TOTAL FUNDS CARRIED FORWARD 413.445 413 44S 385 905 The notes forni part of these financial statements Page 4
PHARMACO FOUNDA TION LTD StAttment of FinAnci41 Position 31 M4rth 2024 2024 Total fund5 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible ass¢ts 258.894 2S8,894 260,994 CURRENT ASSETS Debtors Cash at bank 17.489 149,991 17,489 149,991 649 132 724 167,480 167.480 133,373 CREDITORS Amounts falling due within one year 10 (12,929) (12,929) (8,462) NET CURREwf ASSETS 154,551 154 551 124911 TOTAL ASSETS LESS CURRENT LIABILITIES 413,445 413,445 385,905 NET ASSETS 413.445 413,445 385 905 FUNDS Unrestricted funds.. General fund 413,445 385 905 TOTAL FUNDS 413,445 385,905 The charitable company is enlitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 Mar¢h 2024. The members have not required ihe company to obtain an audit of its financial statemenis for the year ended 31 March 2024 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 8nd 387 of the Companies Act 2006 and preparing financial stalements which give a true and fair view of the state of affairs of the chariiable 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 Se¢tions 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to ihe charitable Company. (b) The notes forni part of these financial statements Page 5 continued...
PHARiVIACO FOUNDATION LTD Statement of Financial Position - continued 31 Mareh 2024 These financial ststements have been prepared in accordance with the provisions applicable to charitable companies subje¢t to the small companies gime. The financial statements were approved by the Board of Trustees and authorised ftlr issue on 19 September 2024 and were signed on 115 behalf by.. M J Ismail Trustee The notes forni part of the financial statements Page 6
PHARMACO FOUNDATION LTD Notes lo the Finaneial Statements for the Year Ended 31 M4rch 2024 ACCOUNTING POLICIES Basis of preparing the finAnci41 statements The finanrial slatemenls of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounlin8 and Reporting by Charities.. Slalement of Recommended Practire applicable to charitics preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and R¢public of Ireland, and the Companies Act 2006. The financial stalements have been prepared under the historical cost convention. Income All in¢ome is recognised in the Statement of Financial Aclivilies once the charity has entitlemenl to the funds, it is probable that the income will be received and the arnount can be measured reliably. Expendltur¢ Liabilitie5 are recognised as ¢xpenditure a5 soon as there is a Icgal or constru¢live obligation commilting the charity to that expenditure, il 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 a¢¢ounled for on an accruals basis And has been classified under headings that a88regate all cost related to the category. Where costs cannot be directly attributed lo particular headings they have been allocated lo activities on a basis consistent with Ihe use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in ordcr to write off each asset over its estimated useful life. Freehold property Plan( and machinery Not depreciated IOO/o on cost Taxgtlon The charity is exempt from corporation tax on its charitable acliviiies. Fund Aeeountlng Unrestricted funds can be used in accordance with the charitable objectives ai the discretion of the trustees. Restricted funds can only be used for particular reslricled 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 stalemenls. INVESTMENT INCOME 2024 2023 Rents received 33.123 34,027 Page 7 continued...
PHARMACO FOUNDATION LTD Notes to the Finaneial St*ttments - continued for the Year End¢d 31 March 2024 CHARITABLE ACTIVITIES COSTS Dire¢t Costs Education activities Assitance - Poor & Needy 2,917 SUPPORT COSTS Governance costs Other Totals Other resources expended 13,859 NET INCOMEI{EXPENDITURE) Net incomel(expenditur¢) is staled after chargingl(¢rediting): 2024 2023 Depreciation - owned assels TRUSTEES, REMUNERATION AND BENEFITS There werc no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR TIIE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations And legacies 37,999 37,999 Investment income Oiher income 34,027 929 34.027 929 Total EXPENDITURE ON Charitable #ctiviti¢s Education activities Food & clothing activities Religious activities Assitance - Poor & Needy 3,833 5.000 8.227 4.250 3.833 5,000 8,227 4,250 Page 8 continued...
PHARMACO FOUNDATION LTD Notes to the Financial Statements- continued for Ihe Year Ended 31 MArch 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES- ¢ontinued Unrestricted Restricted funds funds Total funds Other Total NET IIYCOME 41,525 41,525 RECONCILIATION Ob FUIYDS Total funds brought forward 344.380 344.380 TOTAL FUNDS CARRIED FORWARD 385.905 385 905 TANGIBLE FIXED ASSETS Freehold property Plant and machinery Tolals COST At l April 2023 and 31 March 2024 258,894 279,894 DEPRECIATION At l April 2023 Charge for year 18,900 2,100 18,900 At 31 March 2024 NET BOOK VALUE At 31 March 2024 258 894 258,894 At 31 March 2023 258,894 260.994 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments 14.214 368 281 649 Page 9 continued...
PHARMACO FOUNDATION LTD Notes to the Financial Statements - continued for the Year Ended 31 M4rch 2024 io. CREDITORS: AMOUNTS FALLING DUE WITIIIN ONE YEAR 2024 2023 Trade creditors VAT Other creditors Accrued exp¢ns¢s 5,122 1,371 5,300 1,315 1.497 5.250 400 ii. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted (unds General fund 385,905 27,540 413.445 TOTAL FUNDS 385 905 27,540 413 445 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 63,316 (35,776) 27,540 TOTAL FUNDS 63J16 35 776) 27,540 CompRra¢lves for movement in funds Net movement in funds At 31,3.23 Al 1.4.22 Unr¢strleted funds General fund 344,380 41,525 385.905 TOTAL FUNDS 344 380 385 905 Page 10 ontinued...
PHARMACO FOUNDATION LTD Not&s to the Financial Statements- tontinued for the Year Ended 31 Mgrch 2024 ii. MOVEMENT IN FUNDS- continutd Comparative net movement in funds, included in the above are as follows: Incoming resources Resourc¢s expendcd Movement in funds Unrestricted funds General fLtnd 72,955 (31,430) 41,525 TOTAL FUNDS 31430) A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.3.24 At 1.4.22 Unrestrlcted funds General fund 344,380 69,065 413,445 TOTAL FUNDS 344,380 413 445 A current year 12 months and prior year 12 months combined nel movement in funds, included in the above are as follows,. Incoming resour¢es Resource5 expended Movement in funds Unrestricted fund8 General fund 136.271 (67,206) 69,065 TOTAL FUNDS 136 271 67,206) Pagell continued...
PHARMACO FOUNDATION LTD Note5 to the FinaneiAI Ststtments - continued for the Year Ended 31 Mareh 2024 12. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Mar¢h 2024. Page 12
PHARMACO FOUNDATION LTD Detailed Statement of FAn#nci41 Activities for the Year Ended 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Donations llnd legAcies Donations 30,193 37,999 Investmen¢ ineome Rents received 33,123 34,027 Other income HMRC Gift Aid 929 Total ineoming resources 63,316 72,955 EXPENDITURE Charitable Activities Education activities Food & clothing activities Religious activities Assislance-Poor & Needy 2,917 3,833 5,000 8,227 20,917 21,310 Support costs Other Rates, Insurance & Slcharges Light and heat Depreciation of tangible fixed assets 5,808 5,951 4,830 2,790 13,859 9,720 Governance costs Accountancy fees Legal & Professional fees 400 600 400 400 Total resources expended Net income 41.525 This page does not forni part of the statutory financial statements Page 13