REGISTERED COMPANY NUMBER 02424922 REGISTERED CHARITY NUMBER 802178 NPA HEALTH EDUCATION FOUNDATION (A company limited by guarantee) Report of the Trustees and Financial Statements Year ended 31 December 2023
NPA Health Education Foundation (A company limited by guarantee) Financial Statements for the year ended 31 December 2023 Contents Page Charity Reference and Administrative Details Trustees, Ann ual Report (Including Directors, and Strategic report) Independent Exsminerfs Report ststement of Financial Activities (Including Income and Expenditure Account) Balance Sheet Notes to the Financial Ststements
NPA Heatth Education Foundation (A company limited by guarantee) ctors and Truste lan Cubbin. BSc(Pharm), FRPharniS. PhD Philip Gaft, BPhami, MRPhamiS. MBA (resigned 2 Oct¢)ber 2023) Michael Guerin, BSC. FPS(NI) Nicholas Kaye, BPhann, MRPharmS Com an SeGreta Helga Mangion (resigned 20 August 2024) nora ns Gepld M Alexandèr, 8SG, FRPharmS Walty F Dove, Bpharm, FRPhamS James Wood. MPhami. FPhannS, MIPharmM istered ffi Mallinson House 4042 St Peterfs St St Albans Hertfordshire AL13NP om 02424922 num 802178 Inde ndent Exarnin8r Lee Facey FCA Lubbock Fine LLP Patemoster House 66 St Paul's Churchyard London EC4M 8AB Bankers HSBC Bank plc 31 Chequer Street St. Albans Hertfordshire AL13YN Investment Mana er Meridian Asset Management P.O.Box 22 9 Caslle Street St Heller Jersey JE4 OXN NPA Heallh Education Foundation is registered as a tharity. number 802178 and is referred to throughout these accounts as a chatitable Company rather than as a Lyjmpany.
NPA Health Education Foundation (A company limited by guarantee) Trustees. Annual Report (Including Directors, Report and Strategic Report) forthe year ended 31 December 2023 The Trustees present their report together with the unaudited financral statements of the Chajity for the year ended 31 December 2023. The Trustees have adopted the provision of ihe Statement of Recommended Practi (SORP) 'Accounting and Reporting by Charities, (FRS102) in preparing the annual report and financial ststements of the Charity. Trustees of the Charity The Directors of the charitsble company are the Trustees for the purpose of charity law. The Trustees who have served during the year and Sin the year end are listed on page 2. Governing document The organisation is a charitable company limited by guarantee, incorporated on 21 September 1989 and registered as a charty. The Company was established under a Memorandum of Association which estsblished the objects and powers of the Company and is governed under the Articles of Association. In the event of the Company being wound up members are required to contribute an amount not eXeding £1. Charity Objectives and Activities The objectives of the Foundation remain the relief of sickness and the pSeNatiOn and protection of health by advancing public education in the prevention and proper treatment of disease and ill health by the correct use of medicines and otherfoms of therapy. The Charity offers hardship fijnds for students undertaking pharmacy qualifications. In addttion the Charrty awards bursaries for communty phamiacy practice research. The first piece of work post pandemic, was rather different to bursary applications when the Charity was invited to part fvnd a scholarship in collaboration with Sundedand Universty as part of their own centenary celebratlons. Following on from this, the Charty also reiVed a similar request from the Untversity ofwesl England, to fund a PhD Scholarship, this time on the application ofihe Independent Prescribing qualificalion through community pharmacy. A study that is not only critical to the current UK workforce p)licy bLrt also the first of its kind, wher8 the policy can be evaluated and tested. Publlc Benefit Statement The Trustees have complied with the duty in $.4 of the Charities Act 2011 to have due regard to public benefft guidance published by the Charity Commission. In meeling the aims detsiled above the Charity awards annual bursaries into communty pharmacy research and supports students with hardship funds in order to complete their pharmacy qualifications. All our work is ultimately directed towards the benefft of the general public in providing enhanced health setvice$ through community pharma¢y. Strate icRe ort Achievements and Perfomiance The Charity's resulls have been helped by the performance of the slock market which has led to unrealised gains of £55,389. The Charty benefftted from investment income of £46,730 and it made bursary payments, one of £10,000 and one of £19,618, in the year. The first bursary relates to a paperto further understand the role of community phamiacy in the end-of-life care. The second focuses on prescribing in community pharmacy. Certain administrative costs of the Charity are borne by the National Phamacy Associalion Ltd. Following the slighdy negalive perf0mlanS in 2022, there was a very solid resutt in 2023 with a total retum of nearly 9/ts. The portfolio beneffted from ils equty exposure at a time when bonds again underperfomied equities. iilst the geopolitical background was even more unsettled, investors concentraled more on economic events with an improvement in the inflation outlook leading lo hopes that interest rates may have peaked and will start to fall in 2024. The expectation has continued to drive equty markets higher in the earty months of 2024.
NPA Health Education Foundation (A company limited by guarantee) Trustees, Annual Report (Including Directors, Report and Strategic Report} for the year ended 31 December 2023 Directors and management committee The Board of Directors and Management Committee are appointed by the members of the charitable company. Only members of the charitable company are eligible to so serve. The Directors act as trustees for Ihe charitable actniities of the charriable company. In accordance with the charitsble companys Articles of Association, all of the business and affairs of the charitable company are managed by the Management Committee. The Articles of Association pla no rèstrictions on the investrnent powefs of the Management Committee. Risk management The Trustees believe that adequate controls are in place given the size and CoMpxty of the Charity. Intemal conlrol risks are minimised by the implementation of procedures for the authorisation of all transactions and payments. Investments are kept in segregated client accounts and managed in accordance wtth the investment policy. The key financial risk to the ¢haiitable company is market risk through the ¢haritable company's holding of equities. These equities are dwersrfied over a number of companies and industries in different geographical locations. This policy of diversification is used to manage the Charivs market risk. Monthly investment reports are reviewed by the Trustees. Reserves policy The Char>ly's reserves are unrestricted and are required to meet working capital requirements and to make charitable donations from income generated from the reseNes. The present level of reserves is adequate for this purpose. The lev&1 of reserves has seen an increase in the year primarily due to unrealised investment gains. It Is anticipated that there will be long-term gains in the coming years through improvéd perfomance and initiatives to raise income. The rèseNes balance held at the year end totslled £1,342,929. Investment powers, policy and perfonnance The investment policy is to provide a level of income sufficienl to provide for the bursaries awarded by the Trust consistent with long term capital growth lo protecl and, rf possible, enhance the real value of the portfolio and th& income which it produces. This is provided lar9ely by investrnenl in UK and overseas equities, exchange traded funds and open and clos@d ended funds. There is also modest exposure to the corporate bond market through an open ended fund. The main exposu ofthe portfolio is lo sterting. Recruitment and Appointment of Management Committee The directors of Ihe company are also charity trustees for the purposes of chartty18w and under the company's Articles are known as members of tr)e Managing Commtttee. The charity trustees are appointed to the Managing Committee from the Board of the National Pharmacy Association. The Managing Cornmittèe in accordan with the Articles shall comprise no less than four and no more than ten Irustees. The Managing Commttee in accordance with the Articles is entitied to appoint a President and one or more Honofary P8trons. All members of the Managing Commrttee give their time voluntarily and ceIve no beneffts from the charity. The traditional business and phamiscy sknlls are well represented on Managing Committee. In accordance with the Articles, to ensure an appropriate skill set is available to maintain oversight of the investmenl portfolio the Managing Cornmittee has appointed Honorary Patrons. No Trustee had any beneficial interest during the year in the charitsble company. Trustee Induction and Training There is no requirement fortraining as 811 members of the Managing Committee are registered phamacisls. An induction for new trustees is (zrried out by members of the Managing Committee to tsmiliarise them with the currenl activities of the charity and its modus operandi.
NPA Health Education Foundation (A company limtted by guarantee) Trustees, Annual Report (Including Directors, Report and Strategic Report) for the year ended 31 December 2023 Organisation Structure and Company Secretary The Managing Committee of the Charity meet when required, cuentlY quarteriy, and are responsible for the strategic direction and policy of the charrty. At present the Committee has four trustees, and in addition three honorary patrons. and a company secretary. The honorary patrons and company secretary have no voting rights. The company secretary is responsible for the daY-tdaY activities of the Charity. Plans for Future Periods Future plans for the Charity are to continue its bursary award scheme supporting pradice rèsearch in order to enhance the services available in community phamjacy. The Trustees will also consider any appropriate hardship grants or submissions it may receive. statement of trustees, responslbilities The Trustees {who are also the directors of NPA Health Education Foundation for the purposes of company law) are responsible for preparing the Trustees, Annual Report (induding Strategic Report) and the financial statements in accordance with appli(ble law and United Kingdorn AoUnting Standards (United Kingdom Generally Accepted Accounting Practi). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair vtew of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing those financial ststemenls, the trustees are required to- select suitable accounting policies and then apply them consistently. obsejve the methods and principles in the Charites SORP 2019 IFRS 102); make judgements and estimates that are reasonablé and prudent., state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements-, prepare the financial ststements on the going concem basis unless rt is inappropriate lo presume that the charitable company will continue in operation. The Trustees a responsible for keeping adequate accounting records that disdose wtth reasonable accur8cy at any lime the financial position of the charltable company and to enable Ihem to ensure that the ffnancial statements comply th the Cornpanies A¢t 2006. They a also responsible for safeguarding the assets of the charitable company and hence for takj'ng reasonable steps for the prevention and detectton of fraud and other irregularitres. In approving the Trustees, Annual Report, we also approve the Strategic Report included therein, in our capaclty as company directors. On behalf of the Board of Trustees lan J Cubbin Chairnian of the Trustees 18 September 2024
NPA Health Education Foundatlon (A company limited by guarantee) Independent Examinefs Report to the Trustees of the NPA Health Education Foundation I report to the charity twstees on my examination of the accounts of the company for the year ended 31 December 2023 whith are set out on page 7 to 11 Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you 2 responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 (Yhe 2006 Arf). Having satis)led myseif that the attounts 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 company's accounts as carried out under section 145 of the CharTbes Act 2011 ('the 2011 Ad). In carrying out my examination I have followed the Directions given by the Chanty C¢Jmmission under section 145{5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confimi that no material matters have ccffie to my attention in connection with the examination giving me cause to believe that in any material resp8¢t aCUnting COrdS were kept in respect of the company as required ty section 386 of the 2006 Act: or the accounts do not accord wtth those records" or the accounts do not comply with the acc#)unting requiremènts 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 methC$ and principles of the Statement of Recommended Practice for accounting and reporting by dTrarities, applicable to Charities preparing their a¢¢ounts in 8ccordance v•ith the Fin8naal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I hav8 no concems and have come across no other matter5 in o)nnection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Lee Facey FCA Lubb¢xk Fine LLP Patemoster House 66 St Paul's Churchyard London EC4M SAB
NPA Health Education Foundation (A company limited by guarantee) Statement of financial activities (Including Income and Expenditure account) for the year ended 31 December 2023 UNREsTricfED FUNDS UNRESTrICYED FUNDS 2023 Notes 2022 Income from Investment income Total income 46.730 44.040 46.730 44,040 Expenditure on Charitable expenditure Raising funds (32.261) (3.5911 (8,211) Total expenditure Net gains/{lossesl on investments (35.852} {11,651) (60.909) 55.389 Net income/{expenditure) and movement in funds for the year 66.266 128,520) Reconciliation of funds Total funds brought forward Totsl funds Carried forward 1,276,663 1,305,183 1.342,929 1,276,663 All income and expendtture derives from continuing activitiès. The statement of finanoal activities inciudes all gains and losses recognised during the year. Th8 notes on pages 9 to 12 form part of these financial statements.
NPA Health Education Foundation (A company limited by guarantee) Balance sheet at 31 December 2023 2023 2022 Notes Fixed Assets Investments 1,190,258 1,135,049 Current Assets Cash at bank and in hand Short-term deposits Prepaymenls and accrued income 18,076 150,511 1.784 65,205 80,507 133 Creditors- Amounts falling due wilhin one year (3,835) (4,231) Net Current Assets 166,536 141,614 Totsl Assets Less Current Llabilities 1,356,794 1.276.663 Creditors - Amounts falling due after one year Net assets (13,865) 1,342,929 1,276,663 Charlty funds: Unrestricted income funds 1,342,929 1,276.663 For the year ending 31 December 2023 the company was entitled to exemption from audlt under section 477 of the Companies Act 2006 relating to small companies. The directors acknowledge their responsibilitses for comptying with the requirements of the Companies Art 2006 with respect to a¢counting records and the preparalion of accounts. The members have not required the company to obtsin an audit of its acwunts for the year in question in a¢cordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to Ihe small cornpanies. regime. The financial statements were approved by the Board on 18 September 2024 and authorised for issue on 18 September 2024 and signed on its behalf by: lan J Cubbin Chairman of the Trustees The notes on pages 9 to 12 form part of these financi21 statements. Company Registration Number 02424922
NPA Health Education Foundation (A company limited by guarantee) Notes to thè financial statements for the year ended 31 December 2023 ACCOUNTING POLICIES General infomiation and basis of preparation NPA HealtFI Education Foundation is a charitable company limited by guarantee, registered in the England and Wales. In the event of the Charity being wound up. the liabilty in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is given in the charity infomation on pa9e 2 of these financial ststemenls. The nature of the chartty's operations and principal attivities are desaibed in the Twslees, Report on page 3. The charity constitutes a PLtblic benefft enlty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo haribes preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019. the Financial Reporknr7g Standard applicable in the United lthngdom and Republlc of Ireland (FRS 102). the Charities Act 2011, the Companies Act 2006, and UK Generally Accepted Practice. The financial statements are prepared on a going ¢oncem basis under the historical cost convention, modlfied to include certain items at fair value. The financial ststemenls are prepared in sterling which is the fvnctronal currency of the Charity and rounded to the nearest £. The significant accounting policies applied in the preparalion of these financial statements are set out below. These policies have been consistenlly applied to all years presented unless otherwise ststed. The following principal accounting policies are applied- Funds Unrestricted fijnds are available for use at the discretion of the Trustees in fijrtherance of the general objectives of the Charity and which have not been designated for other purposes. Income All income induding donations, legacies and other gifts are included in the Stslement of Financial Activities {SoFAI when received. Investment income is eamed through holding assets for investment purposes such as shares. Investment income is recognised on a receipts basis. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings thal aggregate all costs related to the category. Expenditure is recognised where the a legal or o)nstructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation ¢an be measured reliably. It is categonsed under the following headings: Expenditure on charttable aclrvities indudes bursary payments Other expenditure represenis those items not falling into the above category. Irrecoverable VAT is Gharged as an expense against thé activity for which expenditure arose. Grants payable to third parties are within chaTitsble objectives. re unconditional grants are offered. this is accrued as soon as the recipient is notified of the grant, as this grve5 rise to a reasonable expectstion that the recipient will reTrive the grant. Mere grants are condttional relab.ng to the perfomian* then the grant is only accrued when any unfvlfilled condtti'ons are outside of the control of the charity. Investments Investments are recognised initially at fair value, which is nomially the transaction pri excluding the transaction costs. Subsequenly, they are measured at fair value wtth changes recognised in 'Net investment gains and losses, in the ststement of financial activities if the shares are public3lly traded or can otherwise be measured reliably.
NPA Health Education Foundation (A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2023 RAISING FUNDS 2023 2022 Portfolio management fee 3,591 3,440 INVESTMENTS 2023 2022 Market value at 1 January Net unrealised gainsl(losses) during the year Realised gains durtng the year Charges paid from porttolio fvnd Market value at 31 Decembér 1.135,049 55.389 1.196,138 (61,154) 244 (179 180 1 190258 1 135049 The value of quoted inveslments was £1,190,258 (2022.. £1,135.049) induding the valu8 of cash held by the fijnd manager ai £12,683 (2022.. £11,363). All investments are quoted on recognised stock exchanges and all of the investrtent income is attributable to these inveslments and the cash at bank. All investment in¢ome arose from the charilable companls portlolio of investments described on page 4. CHARITABLE EXPENDITURE Ch8ritable expendilure consisted of.. 2023 2022 Charitable donations - bursaries Bank charges Independent examinerfs fee Miscellaneous expenditure 29,618 140 2,220 283 5,000 79 2,100 1,032 FINANCIAL COMMITMENTS The Company had no capital commitrnents at 31 Dember 2023 (2022 Nil). RELATED PARTY TRANSACTIONS There were no transactions with related parties requiring disdosure other than those described in note 3. In the opinion of the Trustees there is no ultimate controlling paty
NPA Health Education Foundation {A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2023 FUND RECONCILIATION Balance at 1 January 2023 1.276,663 Income Balance at 31 December 2023 1,342,929 Unrestricted Expenditure 35,852 Gainsl(Losses) 55,389 46.730 Balance at 1 January 2022 1,305.183 Unr6stricted Income 44,040 Expenditure 11.651 Balance at 31 December 2022 1,276,663 Gainsl(Lossesl 60.909 12