Charlty r•gl$tr•tion numb•r 1169835 (England and Wales) FARMACY GREEN FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FARMACY GREEN FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustoes Ms Camilla Fayed Hon Emily Jane Marina Pears<)n Ms Emma Newrnan Charlty number (England and Wal•$) 1169835 Principal addrnss 60 Park Lano London W1K1NA Indap•ndont •xaminer Philippe Her5zaft ACA Glazers 843 Finchl8y Road London NW118NA FARMACY GREEN FOUNDATION CONTENTS Page Trustees. rgport Ind8p8nd8nt examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 6-10 FARMACY GREEN FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present thèlr annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared In accordance wlth the accounting policies Set out in note 1 to the financial statements and comply with the charitys govèming document. thg Charities Act 2011 and 'Accounling 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 20191. Objecti￿$ and actlvities The objects of the charity are such charitable Purposes {accordingly to ihe law of England and Wales) as the Trustees may in their absolut8 discretion determine. Specffically. it aims to SUPPOrt charitable causes focused on education. health or the saving of lives. arts, culture. heritage and scienco. environmental prolectionlimprovement and animal welfare. The Trustees will seek to satisfy themselves that each grant is made in furtherance of a charitable purpose that offers an identifiable benefit to the public or a significant Section of the public, and that private benefit that may arise to any person or company as a result of a granl is incidentsl. The Trustees are responsible for ensuring that ev6ry grant is a proper appllcation of th8 charity's assets and that It is in the best interests of th8 charity to make the grant. They retain ultimate responsibility for the decision to award grants. Accordingly, the Trustees will approve all grants co118Ctiv8ly In a m8etlng or by taklng coll8CtIv8 declslons In writing. Publlc ben8fft The trustees have pald du8 regard to guidance issued by the Charty Commission in deciding what activities the charlty should undertake. Achlevements and perforniance Slgnificant activities and achievem8nts agalnst obJ8ctlv8s Contlnued r8vlew of all grant applications to ensure successful applicatlons confomi wlth the charitys objectives. Financial review The Trustees are ¢ontinuously searching for sultabl8 caus8S to support. During the year we received donations totalling £32.729 (2023: £4,912) and gave grants totalling £8,992 (2023: £273). Unrestricted funds amounted to £44.556 (2023: £23.226) at the year end. Res8ms policy It is the policy of the charity that unrestricted funds which hava not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensur8 that, in the event of a signifirant drop in funding. they will be able to continue the tharity's current activities while consideration is given to ways in which additional fvnd5 may be raised. Thi5 level of resen￿5 has been maintsined throughout the year. Structure. govornanrA and managam•nt The charity is controlled by It goveming document. a deed of trust and constitutes a tharitab18 incorporated organisation (CIO). Th8 trusl8es who served during the year and up to the date of signatur8 of the financlal stat8m8nts were: Ms Camilla Fayed Hon Emily Jane Marlna Pearson Ms Emma Newman FARMACY GREEN FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 R8cmltment and appolntment of trustees Trustees are appointsd by M5 C Fayed based on the charity's identtfied requlrements. Oryan188th818tmcture The charlty Is a slngle organlsatlon. The Iruslees. report wa5 approved by the Board of Trustees. Ms Camllla Fayed Date: 1510112025 FARMACY GREEN FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FARMACY GREEN FOUNDATION I report to th8 trustees on my examination of the financial statem8nts of Farmacy Green Foundation (tho charity) for the year ended 31 December 2024. Responslbilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the charity's financial statements carri8d oul under section 145 of the Charities Act 2011. In carying out my examination I have followed the D1￿CtionS given by the Charity Commission under section 145(5}(b) of the Charities Act 2011. Indepondant oxamlnerfs ststoment Your attention is drawn to the fact that the charity has prepared the financlal stat8m8nts in accordanc8 with the r8lévant verslon of the Statement of Recommended Pradlce applicable to charities prepaTing th8lr financlal statements in accordanc8 wlth th8 Flnanclal R8portlng Standard applicable in the UK and R8publlc of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Ststement of Recommended Practice issued on 1 Aprll 2005 whlch Is r8f8rr8d to In tha extanl regulatlons but has now bean withdrawn. l understand that thls has been done in order for the financlal statements to provide a true and fair view in accordanc8 whth UK Generally Accepted Accounting Practice. I have completed my examination. I confinn that no matters have ￿rne to my attentlon in connection with the 8xamination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records: or the financial statement5 do not comply with the applicable requirements conceming the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 olher than any requirement that the financial statements gNe a true and fair view, which is not a matter considered as part of an independent examination. I hav8 no concems and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order io enable a proper understanding of the financial statements to be reached. Phlllppo Herszaft ACA Glazers 843 Finchley Road London NW118NA Date.. FARMACY GREEN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstricted funds 2024 Unrostricted funds 2023 Incomè from: Donations and legacies 32.729 4.912 enditure on: Charitable activities 11,392 273 Oiher 10 Total expenditure 11.399 275 Not Incomo for the yearl Net movement in funds 21,330 4.637 Fund balances at 1 January 2024 23.226 18,589 Fund balances at 31 DeCeM￿r 2024 44.556 23,226 The statement of financlal acllvltles includès all gains and lossès r8cognis8d In the year. Th8 stat8m8nt of financial 8Ctivities includes all gains and losses recognisèd in th8 y8ar. All Income and expenditure derive from continuing actmties. FARMACY GREEN FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Current assets Debtors Cash at bank and In hand 12 1.362 43.794 23,226 45.156 23.226 Credltors: amounts falllng du• withln on• y•ar 13 {600) Net current assèts 44.556 23,226 Tho funds of the charity Unrestricted funds 14 44,556 23.226 44.556 23.226 The financial statements wer8 approved by the trustees on ......15101125....,,.......,,.... Ms Camilla Fayéd Trustoe FARMACY GREEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollel•s Charlty Inforniatlon Famacy Green Foundation is a charitable incorporated organisation {CIO). Th8 Prtncipal office address is 60 Park Lane. London W1K 1NA. 1.1 Accountlng convèntlon The financial statements have been prepared in accordan￿ with the charity's goveming document. the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and thg Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prgparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provlsions in the SORP for charities not to prepare a statemenl of cash flows. The financial ststements have d8part8d from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Ststement of Recommended Practlc8 for charft18s applying FRS 102 rather than the version of the Stal8m8nt of Recommended Practice which is referred to in the Regulations but which has since been wlthdrawn. The financial statemants are pr8par8d In sterflng. whlch Is the functional currency of the charlty. Monetary amounts in these financial Statements are rounded to the nearest £. The financial statements have been pr8pared under the historical Cost convention. The prlnclpal accounting policies adopted are s8t out below, 1.2 Going ¢oncern At the tim8 of approvlng th8 flnanclal statemènts. the twst88s hav8 a reasonable expectation that the charity has adequate resources lo conlinue in op8rational 8XiSt8nce for the foreseeable fvtur8. Thus the trustees contlnue to adopt the going concem basis of accounting in preparing the flnancial stat8ments. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees In furtherance of their charitable objectives. Restricted fijnds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to th8 financial statements. Endowment funds are subject to specific conditions by donors that the c8Pital must be maintsined by the charity. 1.4 Income Income is recognis8d wh8n thè charity is legally entitled to it after any perfonnance conditions have been rnel. the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipL Other donations are recognised once th8 charity has been notified of the donation, un185s pèrforrnance conditions require deferral of the amount. Income tax recoverable in relation to donations rec8ived under GiftAid or deeds of covenant is recognised at the time of the donalion. Legacies ar8 recognls8d on re¢8lpt or 0thgTwl$e If the charlty has b88n notified of an impending distributlon, the amount is known. and r8C8iPt is expectsd. If the amount is not known, the legacy 1$ trèatèd as a ¢ontlngent asset, FARMACY GREEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Continued) 1.5 Expendituro Expenditure is recognised once there is a legal or construclive obligation to transfer economic benefit to a third party. 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 dassified by activity. The costs of each activty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs atlributable to a single activty are allocated directly to that activity. Shared costs which contribute to more than one adivty and support costs which are not attributable to a single activity are apportioned beiween those activities on a basis consistent with the use of resources. Central staff rA)sts are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asseys use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits h8ld at call with banks. othor short-term liquid investments with original maturiiies of threo months or18ss. and bank overdrafts. Bank overdrafts are shown wlthln borrowlngs in current liabilities. 1.7 Financial Inslrumonts The charlty has elected tt) apply the provisions of Section 11 'Basic Financial Instrum8nts' and Section 12 'Other Financial Instruments Issu8s' of FRS 102 to all of Its financial instruments. Financial instruments are r8cognis8d in the charitys balancé sheet wh8n the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with th8 net amounts presented in the financial ststém8nts. whèn there is a18gally ènforceable right to set off the recognised amounts and thèr8 is an Intention to settle on a net basis or to realise the asset and s8tt18 th8 Ilabllity slmultan8ously. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest mèthod un18ss the arr8ngement ¢onstitutes a financing transaction, whère the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liablllties Basic financial liabilities. including ￿edItorS and bank loans are initially recognised at transaction price unless the arrangement conSti￿leS a financing transaction. where the debt instrurnent is measured at the present value of the future payments discounted at a markel rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or sep11￿S that have been acquired in the ordinary course of operations from suppliers. Amounts payabl8 are classrfied as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the 8ffective interest meth¢)d. Derecognitson of financlal I1•￿11118$ Financial liabllltles are derecognised when the charity's contractual obligations explr8 or are dlscharged or canc811ed. FARMACY GREEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal a¢¢ounting estimatos and Judgomonts In the application of the charity's accounting policies. the trustee5 are required to make judgements. estimates and assumptions about the carrying arnount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considerod to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are r8viewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in vthich the estimate is revised where the revision affects only thal period. or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestrlcted Unrestrict funds funds 2024 2023 Donations and gifts 32,729 4,912 Expendlturo on charftablè aetlvltles Grants 2024 Grants 2023 Dlrect costs Grant funding of activities Ise8 not8 5) 8,992 273 Share of support and governance costs (sa• not• 6) Governance 2.400 11.392 273 Analysis by fund Unrestricted ftjnds 11.392 273 Grants payablo Grants 2024 Grants 2023 Grants to institutions: Robins Nest Earthed More Plantae Sustainable Food Trust 273 5.100 1.392 2.5 8.992 273 FARMACY GREEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable (Contlnu•d) Support costs allocated to actlvltles 2024 2023 Govemance costs 2.400 Analysod between: Grants 2.400 Net movement In funds 2024 2023 The net movement in fvnds is stated after charginW(crediting)'. Fees payable for the independent examlnatlon of the charlty's finandal statements 600 Trustses Non8 of the tTUStegs (or any persons connected with them) received any remuneration or benefits from the charity during th8 year. Employees The average monthly number of employees durlng th8 yéar was.. 2024 Number 2023 Number Total There V￿re no employees whose annual remuneration was more than £60.000. Rèmuneration of key management personnel The remuneration of key management personnel was as follows: 10 Other Unrestricted Unreslrlcted funds funds 2024 2023 Financing costs FARMACY GREEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 11 Taxatlon Thè Charity is exempt from taxation on its activities because all its income is applied for charitable purp)s8s. 12 Debtors 2024 2023 Amounts falling duo within one year. Other debtors 1,362 13 Creditors: amounts falling due within one year 2024 2023 Accruals and doferred Incom8 600 14 Unrestrlctod funds Th8 unr8strlct8d funds of the charity comprise the unexpended b8lance5 of donatlons and grants which are not subject to spethc condltlons by donors and grantors as to how th8y may be used. These include deslgnated fijnds vh)ich have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng Rosourcos resourcgs éxpnd•d At31 D0￿mb•r 2024 General funds 23.226 32.729 (11,399) 44.556 Provlous year: At 1 January 2023 Incomlng resources Resources oxpondad At31 December 2023 General funds 18,589 4,912 1275) 23,226 15 Rolated party trnnsactlon5 At Ihe year end the charity vms owed £1.362 (2023:£Nil) from Orion Farmacy Holdings Limited. a company controlled by the Trust88 Ms C Fayed. 10-