## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
**CHARITY NO: 1148335**
**PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
## CONTENTS
||Page|
|---|---|
|Reference and Administrative Information|2|
|Foreword from the Chair|3|
|Trustees’ Report|4|
|Independent Examiner’s Report|11|
|Statement of Financial Activities|12|
|Balance Sheet|13|
|Notes to the Financial Statements|14|
1
## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS**
# **FOR THE YEAR ENDED 31 DECEMBER 2024**
REFERENCE AND ADMINISTRATIVE INFORMATION
## **Registered Charity Number**
1148335
## **Governing Instrument**
Pharmacy Research UK is governed by its Charitable Trust Deed dated 5 July 2012
## **Principal Address**
66-68 East Smithfield, London, E1W 1AW
## **Trustees**
Raymond Anderson Sue Ashelby Ravinder Singh Chahil Professor Brian Edwards Professor Rachel Elliott Malcolm Harrison (Chair) Tase Oputu Jessica Purkiss Dr Dimitri Varsamis
## **Chief Executive**
Guy Parckar
## **Research Manager**
Ardeshier Mofidi
## **Independent Examiner**
Simon Goodridge FCA, Knox Cropper LLP, 65 Leadenhall Street, London, EC3A 2AD
## **Solicitors**
Boyes Turner LLP, Abbots House, Abbey Street, Reading RG1 3BD
## **Investment Manager**
Investec Wealth & Investment Ltd, 30 Gresham Street, London EC2V 7QN
## **Bankers**
Clydesdale Bank PLC, 91 Gresham Street, London EC2V 7BL
2
## **PHARMACY RESEARCH UK**
## **FOREWORD FROM THE CHAIR**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
2024 has been a fantastic year for Pharmacy Research UK (PRUK) in terms of delivering our mission to fund pharmacy research projects and to support the development of research skills among pharmacy professionals.
For the first time in 2024 we offered our new PhD awards, funding two brilliant researchers to take the next stage in their research journeys. Alongside this we have funded an array of smaller awards, and several major partnership awards – including our partnership with Diabetes UK which, when the funding from both partners is considered is the single largest project that we have ever supported.
We also ran a hugely successful event, bringing together many PRUK grantees, past and present, to talk about their work, network and celebrate the impact that PRUK has been able to make over the 12 years in which we have been operating.
All of this combined means that 2024 represents the largest annual outlay that we have ever made in research funding. We committed nearly £400,000 which, when added to the incredible contributions from our many partner organisations, meant in the region of £1million of funding going into pharmacy research.
This represents an remarkable output of research, of which we are incredibly proud, but does also mean that we have also had to work hard to balance our finances to ensure long-term stability for the charity. In the medium term, with financial markets continuing to be challenging, this is likely to mean some careful balancing of our spending in coming years, alongside a developing focus on searching for additional sources of income to supplement our activity.
As such we look back with enormous pride on the work that we have been able to support in 2024, but also with a clear focus on developing and strengthening our long-term sustainability in 2025.
## **Malcolm Harrison**
Chair, Board of Trustees, Pharmacy Research UK
3
## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **OBJECTS**
The object of Pharmacy Research UK, as set out in its Charitable Trust Deed, is: “To advance the education of the public in general (and particularly amongst scientists) on the subject of pharmacy and to promote research for the public benefit in all aspects of that subject and to publish the useful results.”
## **VISION AND PURPOSE**
Our vision of improving the health of the public through excellence in pharmacy research is a longterm challenge. The following purpose statements outline how we address this challenge:
- To promote research into the practice of pharmacy (particularly in the UK) and to publish the useful results of such research to:
- Support the production of timely evidence that informs policy and practice relating to pharmacy's contribution to the health of the public, medicines and their use.
- Publish and disseminate results to ensure knowledge is translated into benefit for patients, the public and the profession of pharmacy.
- To promote the health of the public by educating pharmacists (particularly in the UK) in order to enhance the standard of healthcare available to the public to:
- Build pharmacy practice research capacity and capability through training bursaries, postgraduate research funding, fellowships and grants.
- Develop a new generation of academic and clinical experts who can lead the debate and inform thinking, particularly within pharmacy.
- To advance and promote knowledge and skill in relation to the practice of pharmacy (particularly in the UK) for the public good to:
- Provide a forum in which the research implications can be considered in the widest possible policy context.
- Engage stakeholders, stimulate debate and spread knowledge about medicines and their use to the wider healthcare community and the public.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Pharmacy Research UK is the principal research charity supporting pharmacists and pharmacy to improve healthcare for the benefit of patients and the public. Our broad ambition is to improve the health of the public through supporting and promoting excellence in pharmacy research.
Pharmacy Research UK is a charitable trust established in 2012 and is registered under the Charities Act 2011 (registration number 1148335). Pharmacy Research UK's registered office is 66-68 East Smithfield Street, London, E1W 1AW. Pharmacy Research UK is governed by its Charitable Trust Deed of 5th July 2012.
Our Trustees bring with them a wealth of skills and experience relevant for the work of the charity, including pharmacy and the pharmaceutical sciences, medicine, education, finance, health services, research, business and policy.
4
## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
We consider each of the Trustees to be independent in character and judgments and that there are no relationships or circumstances which are likely to affect, or could appear to affect, the Trustees' judgment.
Apart from where specified in our trust deed, trustees are appointed for an initial term of up to three years by a resolution of the trustees passed at a special meeting. In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity (either the pursuit of its objects or management of the charity).
A Trustee cannot resign unless there are enough trustees remaining in office when the notice of resignation takes effect to form a quorum for meetings (a third of trustees or two trustees, whichever is the greater).
The Board of Trustees sets strategy, decides priorities, establishes funding policies and allocates budgets. The Board of Trustees draws on the advice of the Scientific Advisory Panel in relation to grant making, project management and oversight. Pharmacy Research UK supports high quality pharmacy research across a range of disciplines (social and clinical). Grant making is done through a UK wide competitive process and supported by external expert peer review and overseen by our Scientific Advisory Panel. In the reporting year, Pharmacy Research UK has continued to follow the governance processes established by the AMRC to assure the quality and rigour of our grant review and award processes.
PRUK offers an induction programme for all new Trustees, which includes materials relating to our charitable purposes and finances, the powers of the Trustees and information about day-to-day running of Pharmacy Research UK.
## **OBJECTIVES FOR THE REPORTING YEAR**
At the start of 2024 we set ourselves some clear objectives, in line with delivering our charitable purpose. This is how we delivered on those objectives:
## - **Building the pharmacy research workforce by supporting the development of research skills among pharmacy professionals:**
We were delighted to launch our new PhD award in 2024, as planned, and even more delighted to have received an incredibly strong set of applications to this new award. While we had initially set out plans to fund one full-time PhD award we eventually made the decision to fund two part-time awards, due to the sheer strength of the applications we received.
These awards are now the largest sole-funded award the PRUK makes, and represent a real commitment to finding and supporting the pharmacy research leaders of the future. We will continue to run our PhD award, but it is important to reiterate that, like all our awards, we will only offer funding when applications meet the incredibly exacting standards to which we operate. All grants we offer will have gone through a rigorous assessment process, as per our membership of the Association of Medical Research Charities (AMRC).
Alongside our PhD awards we continue to run our developmental awards, which provide more of a gateway into research for pharmacy professionals. These continue to be a crucial part of our work to build research skills among pharmacy professionals, and are now fully accessible to all registered pharmacy professionals (including pharmacy technicians).
5
## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## - **Supporting high quality research into the practice of pharmacy and the provision of pharmaceutical care that can develop policy and improvements in practice:**
As members of the AMRC we operate a gold-standard assessment process to ensure fairness and rigour in all our grant awards. Any award we make will have gone through an extensive process of assessment and review, including expert peer-review, patient and public review and through our Scientific Advisory Panel.
This ensures that we only fund scientifically robust research projects that we hope can, in time, make a real impact on the practice of pharmacy in many different areas. While the awards that we fund are generally relatively small, we have been able to ‘seed’ many different projects that have gone on to receive further funding, before hopefully then going on to drive real changes in practice.
We were delighted to hear at the celebratory event that we ran in October 2024 from researchers who had received initial funding from PRUK, whose projects had then grown into major national trials. As a small funder this continues to be at the heart of our funding model – both to just support more pharmacy professionals to get involved in research, and to also fund at the early stage of projects that can grow and develop into something much larger.
## - **Entering partnerships to amplify the value and reach of pharmacy research:**
Working in partnership is absolutely integral to how PRUK operates, and this has never been more evident than in 2024. While the amount that PRUK ourselves committed to pharmacy research projects represents a new high for the charity, that amount is more than doubled when the extra resources committed by our partners is added.
In 2024 we partnered with organisations like the British Oncology Pharmacy Association, the College of Mental Health Pharmacy, Diabetes UK, the National Institute for Health Research (NIHR), and Research Capacity Building Collaboration (RCBC) Wales. These partnerships mean that for every £1 that PRUK invests, more that is also added in by partners, massively extending the amount we are able to draw in to pharmacy research each year.
The mix of partners will vary each year, based on the strength of applications that we receive, but we continue both to enjoy fruitful long-term relationships with partners, and to develop exciting new relationships.
We are incredibly grateful to the support that our partners offer, and the dedication they have show to supporting pharmacy research with us, and we expect to add to our portfolio of partnerships in coming years.
## - **Using and promoting research to highlight the important role of pharmacy and pharmacy professionals in health provision:**
We were delighted to run the first dedicated PRUK event for many years in October 2024. Hosted at the offices of the Royal Pharmaceutical Society (RPS), who remain one of our staunchest and longestterm partners, we brought together many people who had received PRUK awards over the years, along with other epxerts and key players in the field.
We were fortunate to have presentations from the likes of David Webb, the Chief Pharmaceutical Officer for England, Professor Debi Bhattacharya, a former PRUK grant-holder who now oversees several major trials, and a brilliant selection of current PRUK grant-holders who could talk through their work and the difference a PRUK grant had made to their careers. It was expertly compered by our chair, Malcolm Harrison, and organised by the dedicated PRUK team.
6
## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
The event also included a long networking session, providing a rare opportunity for many pharmacy researchers to meet and find overlaps and synergies in their research work, and make contact with other potential funders and partners.
PRUK also supported the delivery of an excellent HSRPP conference, hosted in 2024 by University College Cork. As secretariat for the HSRPP committee PRUK offers regular ongoing support to the host institution, and UCC were able to deliver another fantastic, well-attended conference.
Alongside this work we were also delighted to be part of wider efforts across the pharmacy world to increase the visibility of research for pharmacy professionals. We are a key member of both the newly funded Pharmacy Research Professionals Incubator, and of the Pharmacy Research Advisory Group. This work, alongside directly funding pharmacy research, hopefully allows us to be part of the strategic, higher-level work to embed research skills more within pharmacy.
## **PLANS FOR THE FUTURE**
In 2025 we are planning to build upon much of the important work started in 2024. Crucially this means maintaining our suite of grant offers and our usual robust assessment and governance processes, and also looking to find and develop new partnerships. Given the continuing uncertainty in financial markets, it also means beginning the longer-term strategic work of exploring ways in which we can expand and diversify our own funding streams. As a charity we funded more research than ever in 2024, and the challenge for future years will be to fund as much as possible, while also trying to maintain our solid reserves at as high a level as possible. In order to deliver on these goals our plans for 2025 include:
## - **Building the pharmacy research workforce by supporting the development of research skills among pharmacy professionals:**
- Continuing to offer, and refine, our PhD Studentship award, alongside our full range of smaller developmental awards and bursaries.
- Work with sector leadership groups, and others, to support wider initiatives to embed research more fully in pharmacy practice – supporting initiatives like the pharmacy research incubator, alongside our own awards and activity.
## - **Supporting high quality research into the practice of pharmacy and the provision of pharmaceutical care that can develop policy and improvements in practice:**
- Using our research strategy to focus our research into key policy areas to deliver the maximum possible impact;
- Working with our Scientific Advisory Panel (SAP) and trustee board to ensure that all of our research is delivered in line with best practice, including by maintaining our membership of the Association of Medical Research Charities (AMRC)
- **Entering partnerships to amplify the value and reach of pharmacy research:**
- Run joint funding rounds with our established partner organisations including the British Oncology Pharmacy Association (BOPA), the College of Mental Health Pharmacy (CMHP), the National Institute for Health Research (NIHR).
- Continue to explore and develop new funding partnerships and opportunities with likeminded organisations and funders, in particular identifying areas of most interest and relevance for pharmacy research.
7
## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
- **Using and promoting research to highlight the important role of pharmacy and pharmacy professionals in health provision:**
- Support our grantees to achieve publications and promote their research, including through journals, through the AMRC’s Open Research platform, and through our own website and media channels;
- Work with others in the sector to highlight the crucial role of pharmacists in health provision, and the crucial role of research within pharmacy, including through events, social and other media.
- **Identifying opportunities to maximise and diversify PRUK’s income streams:**
- Develop a database of different funders and grant-makers that might potentially support PRUK’s work and begin applying for funds to support different PRUK grant programmes.
- Improve PRUK’s website to both make information more readily accessible and to improve the ‘shop window’ for PRUK to any potential partners / funders.
## **FINANCIAL REVIEW**
Full details of income and expenditure for the year are shown in the Statement of Financial Activities set out on page 11.
## **PUBLIC BENEFIT**
The trustees have referred to the Charity Commission’s guidance on public benefit when reviewing their aims and objectives and planning their future activities.
## **RESERVES POLICY**
Total funds at the year-end were £2,813,326 (2023 £2,996,804) including endowment and restricted funds as set out on page 12.
Free reserves or unrestricted funds amounted to £2,448,917 (2023 £2,629,696). The unrestricted funds are mainly represented by a share of the investment portfolio which is held for the longer term to provide income to the charity out of which it pays for research and other project work.
## **INVESTMENT POLICY**
The charity has power to invest in such assets as it sees fit. The Trustees have appointed Investec as investment managers to manage the charity’s investment assets, with a brief to adopt a medium risk investment strategy whilst providing revenue for the charity’s current needs while enhancing income and capital growth over the long term.
The trustees have adopted an ethical investment and fundraising policy and in particular this makes clear that the trustees do not believe it would be appropriate for Pharmacy Research UK to receive income from the tobacco industry.
## **GOING CONCERN**
The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust’s ability to do so.
8
## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **KEY MANAGEMENT PERSONNEL**
The Trustees consider the board of trustees and the senior management team to comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis.
Details of trustees’ expenses are disclosed in note 5 to the financial statements.
## **RISK MANAGEMENT**
The Trustees have assessed the major risks to which the charity is exposed, in particular those risks related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks, although it is recognized that systems can only provide reasonable, and not absolute, assurance. These systems are reviewed at least once every year. The Trustees’ have identified the following risks:
**Risk identified Action taken to mitigate the risk** Investments will drop in value Trustees have appointed investment advisors to manage the investments Donations made will not be spent how the Trustees actively review donations and ask for Trustees would like updates and reports
9
## **PHARMACY RESEARCH UK**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **TRUSTEES’ RESPONSIBILITIES STATEMENT**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these statements the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on behalf of the Trustees by:
## **Malcolm Harrison, Chair of Trustees**
Dated: 27[th] October 2025
10
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF PHARMACY RESEARCH UK**
I report to the trustees on my examination of the accounts of Pharmacy Research UK for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material aspect:
- a) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- b) the accounts do not accord with those records; or
- c) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination.
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.
Simon Goodridge FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD
Date 29 October 2025
11
## **PHARMACY RESEARCH UK**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**Income from:**
Donations and Legacies
Investments
2
Charitable Activities
Other income
**Total Income**
**Expenditure on:**
Raising funds
3
Charitable activities
3
**Total Expenditure**
**Net (Expenditure) before**
**gains on investments**
Net Gains/(Losses) on
Investments
7
**Net income/(expenditure)**
Transfers between funds
11
**Net Movement in Funds**
**Total Funds Brought**
**Forward**
**Total Funds Carried Forward**|**Unrestricted**
**Restricted**
**Endowment**
**Total**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**2023**
£
£
£
£
£
-
-
115
79,537
3,276
-
82,813
83,226
-
7,260
-
7,260
7,740
-
-
-
-
4,587|
|---|---|
||79,537
10,536
-
90,073
95,668|
||21,357
890
-
22,247
22,046
375,405
23,156
-
398,561
241,692|
||396,762
24,046
-
420,808
263,738|
||(317,225)
(13,510)
-
(330,735)
(168,070)
141,367
1,473
4,417
147,257
157,975|
||(175,858)
(12,037)
4,417
(183,478)
(10,095)
(4,921)
4,921
-
-|
||(180,779)
(7,116)
4,417
(183,478)
(10,095)
2,629,696
110,476
256,632
2,996,804
3,006,899|
||2,448,917
103,360
261,049
2,813,326
2,996,804|
12
## **PHARMACY RESEARCH UK**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|**Note**
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Debtors
8
Cash at Bank
**CURRENT LIABILITIES**
Creditors: amounts falling due within
one year
9
**NET CURRENT ASSETS**
**/(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors : amounts falling due after
more than one year
10
**NET ASSETS**
12
**REPRESENTED BY**
Endowment funds
Restricted funds
Unrestricted funds
**TOTAL FUNDS**
11|**2024**
£
£
3,036,186
2,942
37,706
40,648
(183,076)
(142,428)
2,893,758
(80,432)
2,813,326
261,049
103,360
2,448,917
2,813,326|**2024**
£
£
3,036,186
2,942
37,706
40,648
(183,076)
(142,428)
2,893,758
(80,432)
2,813,326
261,049
103,360
2,448,917
2,813,326|**2023**
£
£
3,161,217
2,640
33,852
36,492
(146,398)
(109,906)
3,051,311
(54,507)
2,996,804
256,632
110,476
2,629,696
2,996,804|**2023**
£
£
3,161,217
2,640
33,852
36,492
(146,398)
(109,906)
3,051,311
(54,507)
2,996,804
256,632
110,476
2,629,696
2,996,804|
|---|---|---|---|---|
||40,648
(183,076)||36,492
(146,398)||
||||||
|||2,893,758
(80,432)||3,051,311
(54,507)|
|||2,813,326||2,996,804|
|||261,049
103,360
2,448,917||256,632
110,476
2,629,696|
|||2,813,326||2,996,804|
Approved by the Trustees and signed on behalf of the Trustees by:
## **Malcolm Harrison, Chair of Trustees**
Dated: 27th October 2025
13
## **PHARMACY RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. Accounting Policies**
## **1.1 Basis of preparation of Financial statements**
The financial statements are prepared under the historical cost convention with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102 second edition – effective 1 January 2019)) and applicable UK accounting standards.
Pharmacy Research UK meets the definition of a public benefit entity under FRS 102.
## **1.2 Going concern**
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
## **1.3 Incoming recognition**
All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.
Costs borne by the Royal Pharmaceutical Society on behalf of Pharmacy Research UK are reflected as income, classified as donations and as expenditure in the appropriate categories where the gift in kind to the charity can be appropriately valued.
Grants have been accounted for when receivable by the charity.
## **1.4 Expenditure recognition**
Grants payable to further charitable objectives are outflows of resources in respect of grants for training and research.
Research costs relate to the charity’s costs associated with pharmacy research plus an allocation of
support costs.
Governance costs are costs associated with constitutional and statutory requirements, eg the costs of trustee meetings and in connection with the statutory accounts. These and other support costs are allocated across the charitable activities
## **1.5 Investments**
Investments are a form of basic financial instrument and are shown in the financial statements at market value. Movements in the market values of investments are shown as investment gains and losses in the Statement of Financial Activities.
14
## **PHARMACY RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1.6 Funds**
Unrestricted funds represent unrestricted income which is expendable at the discretion of the Trustees in furtherance of the objects of the Charity.
Restricted funds are subject to specific conditions imposed by the donor or by the specific terms of a trust deed or other legal measures.
Expendable endowment funds represent assets which have the restriction that the revenue generated by holding the asset is available to spend but the capital itself cannot be spent. Income generated from endowment funds is applied to restricted funds as appropriate.
## **1.7 Estimates and judgements**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustee’s best knowledge of the amount, events or actions, actual results may ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.
## **1.8 Financial instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including debtors and creditors, are initially recognized at transaction value and subsequently measured at their settlement value.
## **2. INVESTMENT INCOME**
|Income from
listed
investments
Interest
receivable|**Unrestricted**
**Funds**
£
78,627
910
79,537|**Restricted**
**Funds**
£
3,276
-
3,276|**Endowment**
**Funds**
£
-
-
-|**Total**
**2024**
£
81,903
910
82,813|**Total**
**2023**
£
81,456
1,770|
|---|---|---|---|---|---|
||||||83,226|
15
## **PHARMACY RESEARCH UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **3. EXPENDITURE**
CURRENT YEAR
|**Direct costs**
£
**Raising funds**
Investment
managers
22,247
**Charitable activities**
**Research Funding**
Staff costs
67,024
Other costs
10,118
77,142
76,514
RIOR YEAR
**Direct costs**
£
**Raising funds**
Investment
managers
22,046
**Charitable activities**
**Research Funding**
Staff costs
68,372
Other costs
8,142
76,514|**Grants**
£
-
-
261,331
261,331
102,873
**Grants**
£
-
-
102,873
102,873|**Support**
**Costs**
£
-
48,588
11,500
60,088
62,305
**Support**
**Costs**
£
-
48,819
13,486
62,305|**Total**
**2024**
£
22,247
115,612
282,949
398,561
241,692
**Total**
**2023**
£
22,046
117,191
124,501
241,692|**Total**
**2023**
£
22,046|
|---|---|---|---|---|
|||||117,191
124,501|
|||||241,692|
||||||
PRIOR YEAR
## **4. SUPPORT COSTS**
|Staff costs
Governance (note 6)
Other support costs|**Total**
**2024**
£
48,588
7,930
3,570
60,088|**Total**
**2023**
£
48,819
11,760
1,726|
|---|---|---|
|||62,305|
16
## **PHARMACY RESEARCH UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **5. STAFF COSTS**
|**AFF COSTS**|||
|---|---|---|
|The staff costs are analysed as follows:
Wages and salaries
Social security
Pension costs|**Total**
**2024**
£
100,039
10,730
4,843
115,612|**Total**
**2023**
£
101,256
11,017
4,918|
|||117,191|
No employee earned total emoluments in excess of £60,000 per annum during the year under review.
|Number of employees|**2024**
Number
3|**2023**
Number
3|
|---|---|---|
The charity’s key management personnel comprise the chief executive and the trustees who were unpaid. The costs of key management personnel for the year was £51,973 (2023: £54,594).
The Trustees did not receive any remuneration during the year. The trustees were reimbursed expenses in the year totalling £370 (2023: £710).
## **6. GOVERNANCE COSTS**
|Trustee expenses
Legal & Professional fees
Independent examination
Audit
Independent examiner/Auditor other services|**Total**
**Total**
**2024**
**2023**
£
£
370
710
120
1,450
6,360
-
-
8,520
1,080
1,080|
|---|---|
||7,930
11,760|
## **7. INVESTMENTS**
|**Listed investments**
Market value at 1 January 2024
Acquisitions at cost
Proceeds from disposals
Investment gains and losses
Market value at 31 December 2024
Cash held by investment managers for
reinvestment|**Total**
**2024**
£
3,055,565
556,897
(733,644)
147,257
3,026,075
10,111
3,036,186|**Total**
**2023**
£
3,038,989
1,820,784
(1,962,183)
157,975|
|---|---|---|
|||3,055,565|
|||105,652|
|||3,161,217|
Investments mainly comprise listed investments on international stock exchanges at market value within an investment portfolio managed by Investec Wealth & Investment.
17
## **PHARMACY RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. DEBTORS**
|Prepayments and accrued income
**REDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accruals and deferred income
Grant commitments (see note 10)
**RANT COMMITMENTS**
Grants falling due in less than one year
Grants falling due in more than one year|**Total**
**2024**
£
2,942
**Total**
**2024**
£
11,960
171,116
183,076
**Total**
**2024**
£
171,116
80,432
251,548|**Total**
**2023**
£
2,640|
|---|---|---|
|||**Total**
**2023**
£
22,953
123,445|
|||146,398|
|||**Total**
**2023**
£
123,445
54,507|
|||177,952|
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **10. GRANT COMMITMENTS**
## **11. STATEMENT OF FUNDS**
|**Endowment**
Galen Trust
**Restricted funds**
Leverhulme
Bursary
Galen Trust
Leverhulme Award
HSRPP
BOPA
CMHP
General fund|**Balance at**
**1 January**
**2024**
£
256,632
6,253
54,135
26,750
23,630
(99)
(193)
110,476
2,629,696
2,996,804|**Income**
£
-
-
3,276
-
-
7,260
-
10,536
79,537
90,073|**Expenditure**
£
-
(4,855)
(890)
-
(8,459)
(9,842)
-
(24,046)
(396,762)
(420,808)|**Investment**
**Gains/(losses)**
**and transfers**
£
4,417
-
1,473
-
-
4,921
-
6,394
136,446
147,257|**Balance at**
**31 December**
**2024**
£
261,049|
|---|---|---|---|---|---|
||||||1,398
57,994
26,750
15,171
2,240
(193)|
||||||103,360
2,448,917|
||||||2,813,326|
18
## **PHARMACY RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **11. STATEMENT OF FUNDS (continued)**
## **Leverhulme Bursary**
Bursaries are made annually to develop individual community pharmacists’ skills and careers in research.
## **Galen Trust**
Awards are made annually to individual pharmacist researchers. This is funded by the Galen Endowment through the Galen Trust.
## **Leverhulme Award**
Awards are made annually for research that is of benefit to community pharmacy.
## **Health Services Research & Pharmacy Practice (HSRPP)**
An annual conference to support novice pharmacist researchers and showcase pharmacy research.
## **BOPA**
A collaborative project with the British Oncology Pharmacy Association (BOPA) – A registered charity promoting excellence in the pharmaceutical care of patients with cancer through education, communication and research
## **CMHP**
A partnership with the College of Mental Health Pharmacy, a charity which aims to benefit individual care through advancing education and research in the practice of mental health pharmacy.
Transfers represent the charity’s contributions towards the funding partnerships with BOPA and CMHP.
Prior year movements in funds
|**Endowment**
Galen Trust
**Restricted funds**
Leverhulme
Bursary
Galen Trust
Leverhulme Award
HSRPP
BOPA
CMHP
General fund|**Balance at**
**1 January**
**2023**
£
252,139
6,253
78,421
24,256
24,782
7,162
(192)
140,682
2,614,078
3,006,899|**Income**
£
-
-
2,781
-
4,587
-
7,740
15,108
80,560
95,668|**Expenditure**
£
-
-
(27,966)
2,494
(5,739)
(14,521)
(15,481)
(61,213)
(202,525)
(263,738)|**Investment**
**Gains/(losses)**
**and transfers**
£
4,493
-
899
-
-
7,260
7,740
15,899
137,583
157,975|**Balance at**
**31 December**
**2023**
£
256,632|
|---|---|---|---|---|---|
||||||6,253
54,135
26,750
23,630
(99)
(193)|
||||||110,476
2,629,696|
||||||2,996,804|
19
## **PHARMACY RESEARCH UK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **12. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Current year
|Investments
Net current
assets/(liabilities)
Long term
liabilities
ior year
Investments
Net current
assets/(liabilities)
Long term
liabilities|**Unrestricted**
**Funds**
£
2,918,976
(389,627)
(80,432)
2,448,917
**Unrestricted**
**Funds**
£
3,049,146
(378,517)
(40,933)
2,629,696|**Restricted**
**Funds**
£
20,026
83,334
-
103,360
**Restricted**
**Funds**
£
18,679
105,371
(13,574)
110,476|**Endowment**
**Funds**
£
97,184
163,865
-
261,049
**Endowment**
**Funds**
£
93,392
163,240
-
256,632|**Total**
**2024**
£
3,036,186
(142,428)
(80,432)|
|---|---|---|---|---|
|||||2,813,326|
|||||**Total**
**2023**
£
3,161,217
(109,906)
(54,507)|
|||||2,996,804|
Prior year
## **13. TRANSACTIONS WITH RELATED PARTIES**
Pharmacy Research UK is hosted by the Royal Pharmaceutical Society which during the year provided office accommodation without charge to Pharmacy Research UK. The charity is unable to put a reliable value on the office accommodation provided for free and so this is not reflected in Pharmacy Research UK’s financial statements.
There were no other related party transactions in the year (2023: none).
20
## **PHARMACY RESEARCH UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**Note**
**Income from:**
Donations and Legacies
Investments
2
Charitable Activities
Other income
**Total Income**
**Expenditure on:**
Raising funds
3
Charitable activities
3
**Total Expenditure**
**Net (Expenditure) before**
**gains on investments**
Net Gains/(Losses) on
Investments
7
**Net income/(expenditure)**
Transfers between funds
11
**Net Movement in Funds**
**Total Funds Brought**
**Forward**
**Total Funds Carried Forward**|**Unrestricted**
**Restricted**
**Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**2023**
£
£
£
£
115
-
-
115
80,445
2,781
-
83,226
-
7,740
-
7,740
-
4,587
-
4,587|
|---|---|
||80,560
15,108
-
95,668|
||21,293
753
-
22,046
181,232
60,460
-
241,692|
||202,525
61,213
263,738|
||(121,965)
(46,105)
-
(168,070)
152,583
899
4,493
157,975|
||30,618
(45,206)
4,493
(10,095)
(15,000)
15,000
-
-|
||15,618
(30,206)
4,493
(10,095)
2,614,078
140,682
252,139
3,006,899|
|||
||2,629,696
110,476
256,632
2,996,804|
21