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 2024 *AEB143QHM' 2610912025 COMPANIES HOUSE
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NPA Health Education Foundation IA company limited by guarantee) Financial Stalements for the year ended 31 December 2024 Contents Page Charity Reference and Administrative Details Twstees, Annual Report (Including Directors, and Strategic report) Independent Examiner's Report Stalement of Financial Activities (Including Income and Expenditure Accounll Balance Sheet Notes lo the Financial Slalements
NPA Health Education Foundation (A company limited by guarantee) Directors and Trustees Gerald M Alexander, Bsc. FRPham)S (appointed 26 November 2024) lan Cubbin, BSc{Phaml. FRPharmS, PhD Wally F Dove, BPharn. FRPhamS (appointed 26 November 2024) Michael Guenn, BSC. FPSINII Nicholas Kaye, BPharn. MRPhannS James Wood, MPharrn, FPharmS, MIPhamM (appointed 26 November 20241 om an Secreta Helga Mangion Iresi9ned 20 August 20241 islered Offi Mallinson House 40-42 si Peter's Sl St Albans Hertfordshire AL1 3NP num 02424922 haril 802178 Inde endent Examiner Lee Facey FCA Lubbock Fine LLP Paternoster House 66 St Paul's Churchyard London EC4M 8A8 nke HSBC Bank plc 31 Chequer Street Sl. Albans Hertfordshire AL1 3YN Inveslmenl Mana er Meridian Asset Management P.O.Box 22 9 Castle Street St Heller Jersey JE4 OXN NPA Health Eduealion Foundation is regis18red as a charity, number 802178 and is ferred to throughout Ihese accounts as a chantable Company rather than as a company.
NPA Health Education Foundation IA company limited by guarantee} Trustees, Annual Report (Including Directors, Report and Strategic Reportl for the year ended 31 December 2024 The Trustees present their report together with the unaudited financial stalemenls of the Charity for the year ended 31 December 2024. The Trustees have adopted the provision of the Statement of Recommended Practice ISORP) 'Accounling and Reporting by Charities, {FRS102) in preparing the annual port and financial statements of the Charity. Trustees of the Charity The Directots of the charitable company are the Trustees for the pUose of charity law. The Trustees who have Seed during the year and since the year end are listed on page 2. Governing document The organisalion is a charitable company limited by guarantee, incorporated on 21 September 1989 and registered as a charlly. The Company was established under a Memorandum of Association which established the objects and powers of the Company and is govemed under the A'cleS of Association. In the event of the Company being wound up members are required to conlnbule an amount not exr£eding £1, Charity Objectives and Activitles The objectives of the Foundation remain the relief of sickness and Ihe preservation and protection of heaiih by advancing public education in the prevention and proper Irealmenl of disease and ill health by the correct use of medicines and olhei fonns of therapy. The Charity offers hardship funds for students undertaking phamiacy qualifications. In addition the Charity awards bursanes for community phamiacy practice search. Public Benefit Statement The Trustees have complied with the duty in s.4 of the Charities Act 2011 to have due regard lo public benefit guidance published by the Charity Commission. In meeting the aims detailed above the Charity awards annual bursaries into community pharmacy research and supports studenis with hardship funds in order lo complete their phaacY qualifications. All our work is ultimately directed towards the benefit of the general public in providing enhanced health seIcS through community phamacy. Strat icRe ort Achievements and Performance The Charity's results have been helped by the perfomiance of the stock matel which has led to unrealised gains of £52.276. The Charity benefitted from investment income of £54,018 and11 made bursary payments of £10,000 each. The first bursary relates to commission a paper on the 'Oevelopment. evaluabilily assessment and feasibility lesling of a Preconp1I0n inlervents'on toolkit for use by community phannacy te3rns in the UK, to support people preparing for a healthy pregnancy,. Th8 second is a continuation of payments for a paper to understand the role of Community Pham)acy in the end-of-life care. Certain administrab've costs of the Charity are bome by the National Pharnacy Associats"on Ltd. The portfolio showed 8 salisfaclory total relum of over 80/0 in 2024 as a result of ils equity exposure and the almost total absence of fixed interest secunlies. The latter eXperIend another year in which they undeerf0m1ed equities with the sterling bond mad<el suffering negative retums at a ts'me when most equity markets showed positive returns. Whilst the geopolitical background remained very unsettled in 2024, and has delerioraled further in 2025. attention ha5 now.focused on PSIdent Trump's economic policies, notably his tanff proposals announced on 2 April 2025 which initially caused a sharp fall in equity markets before they recovered. One of the biggest economic concerns is the very high level of many governments, borrowing requirements ansing from large budget deficits which are likely to continue to affect fixed interest markets negatively exc£pl at the very short end ol the mart(et which should benefit from any further central bank interest rate reductions. Directors and management committee The Board of Directots and Managing Committee are appointed by the members of the charitable company. Only members of the charitable company are eligible to so seiiie. The Direclors act as trustees for the tharitable aclivibes of the charitable company. In accordance with Ihe charitable Company's Articles of Association. all of the business and affairs of the charitable company are managed by the Managing Committee. The Articles of Associatson place no restrictions on the investment powets of the Managing Committee.
NPA Health Education Foundation (A company limited by guarantee) Trustees, Annual Report {Including Directors, Report and Strategic Report) for the year ended 31 December 2024 Risk management The Trustees believe that adequate controls are in place given the size and complexity of the Charity. Intemal control risks are minimised by the implemenlalion of procedures for the aulhorisats.on of all non-inveslmeni transactions and payments. Investment transactions are made by the asset manager in line with the investsnent policy. Investrnenl assets are held in a pool at BNP Paribas SA as is common for institutions. They are segregated al the asset manager level. The key financial risk to the charitable company is market Tisk through the charitable company's holding of equities. These equities are diversified over a number ol companies and industries in different geographical location5. This policy of diversification is used lo manage the Charity's rnarket risk. Quarterly investment reports are review8d by the Trustees who also receive a monthly valuation. Reseryes pollcy The Charity's reserves a unrestricted and are required to meet wort<ing capital requirements and lo make charitable donations from income generated from the reserves. The present level of reserves is adequate for this purpose. The level of reserves has seen an increase in the year primarily due to unrealised investment gains. 11 is anlicipaled that there will be long-lenn gains in the coming years through improved performance and initiatives to ralse income. The reseNes balance held al the year end lotalled £1,420,224. Investment powers, pollcy and performance The investment policy is to provide a level of income sufficient to provide for the bursaries awarded by the Trust consistent with long tem capital growth to protect and. if possible, enhance the feal value of the portfolio and the income which it produces. This is provided largely by investment in UK and overseas equities, exchange traded funds and open and closed ended funds. There is also modest exposure to the corporate bond market through an open ended fund. The main exposure of the portfolio is to sterling which matches Our liabilities which a also in sterling. Recrullrnent and Appointment of Management Commlttee The diieclors of the company are also charity Iruslees for the purposes of charity law and under the company's Articles are known as members of the Managing Committee. The Charity Iruslees are appointed to the Managing Committee from the Board of the National Phamiacy Association. The Managing Committee in accordan with the Articles shall compnse no less than four and no more than len trustees. The Managing Committee in accordancÈ with the Articles is entitied to appoint a President and one or more Honorary Patrons. All members of the Managing Committee give their lime voluntarily and receive no benefils from the chanty. The traditional business and phannacy skills are well represented on Managing Committee. In accordance with the Articles, to ensure an appropriate skill set is available lo maintain oversight of the invèstment portfolio the Managing Committee has appointed Honorary Patrons. No Trustee had any beneficial interest during the year in the charitable company. Trustee Inductlon and Tralning There is no requirement for training as all members of Ihe Managing Committee are registered pharmacists. An induction for new Iwstees is carried out by members of the Managing Committee to lamiliarise them w¢lh the current activities of the charity and its modus operandi. Organisation Structure The Managing Committee of the Charity meet when required, currenlly quarterly. and are responsible for the strategic direction and policy of the charity. At psent the Committee has six trustees. There were three Honorary Patrons who have become Trustees during the year. The Trustees are responsible for the day-to4ay activities of the Chanly. Plans for Future Period8 Future plans for the Charity are lo continue ils bursary award scheme supporting practice research in order to enhance the services available in community pharmacy. The Trustees will also consider any appropnate hardship grants or submissions it may receive.
NPA Health Education Foundation (A company limited by guarantee) Trustees, Annual Report (Includtng Directors, Report and Strategic Report) for the year ended 31 December 2024 Statement of trustees, responslbllltles The Trustees (who a also the directors of NPA Health Education Foundation for the purposes of company law) are responsible for pparIng the Trustees. Annual Report (including Strategic Report) and the financial ststements in accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year whith give a true and fair view 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 chantable ttHnpany for that period. In preparing those financial statements, the Irus18es are required to.. sel8cl suitable accounllng policies and then apply them consi5tently', observe the methods and principles in the Chariles SORP 2019 IFRS 1021., make judgements and eslimales that are reasonable and prudent., stale whether applicable UK accounting standards have been followed, subject to any malerial departures disclosed and explained in the financial statements., prepare the finanaal statements on the going concem basis unless il is inappropriate lo pSUrne that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that dlsclose with reasonable accuracy al any lime the financial poslllon of the charitable company and to enable them lo ensure that the financial $181emènls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of thé charitable umpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In approving the Twslees. Annual Report, we also approve the Strategic Report inclvded therein. in our capacity as company directors, On behalf of the Board of Trustees lan J Cubbin Chairman of the Trustees 25 September 2025
NPA Health Education Foundation (A company limited by guarantea) Independent Examiner's Report to the Trustees of the NPA Health Education Foundation report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are sel out on page 7 to 12. Responsibilities and basis of report As the charity Iruslees of the company {who are the directors for the purposes of company lawl you Ère responsible for the preparation of the accounts in accordance wlh the requirements of the Companies Act 2006 ('the 2006 A¢t'l. Having satisfied myself that the accounts of the company are not required to be audited for the year under Part 16 of the 2006 Act and are eligible for independeni examination, I report in respect of my examination of your company's accoLrntS as carrted out under section 145 of the Charities Act 2011 ('Ihe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerfs statement I havè completed my examination, I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of Ihe company as required by section 386 of the 2008 Act., or the accounts do nol accord with those records.. or the accounts do not comply with the accounting requirements of section 396 of the 20C6 Act other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination.. or the sccounls have not been prepared in accordance with the methods and prinuples of the Slalemenl of Recomménded Practice for accounting and pOrting by charities. applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concems 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. Lee Facey FCA Lubbock Fine LLP Patefnosler House 66 Sl Paul's Churchyard London EC4M SAB
NPA Health Educatlon Foundation {A company limited by guarantee) Statement of financial activities (Including Income and Expenditure account) for the year ended 31 December 2024 UNRESTRICTED FUNDS UNRESTRICTED FLINDS AS RESTATED 2023 2024 Notes Income from Investment income 54,018 46,730 Total income 54,018 46,730 Expenditure on Charitable expenditure Raising funds {15,213} (3,786 {22.2611 3,5911 Total expenditure (18.9991 125.8521 Net gains on investments 52,276 55,389 Net income and movement in funds for the year 87,295 76.267 Recon¢illation of funds Total funds brought fonvard 1,332,929 1,258,662 Total funds carrl•d fOard 1.420.224 1,332 929 All income and expenditure derives from continuing aclmties. The ststemenl of financial activities includes all gains and losses recognised dvring the year. The notes on pages g 10 12 fonn part of thesa financial stalemenls.
NPA Health Education Foundation (A company limited by guarantee) Balance sheet at 31 December 2024 AS RESTATED 2023 2024 Notes Flxed Assets Investments 1.242.354 1.190,258 Curr•nt Ass•t$ Cash al bank and in hand Short-leim deposits Prepayments and accrued income 27.256 169.995 2,845 18,076 150,511 1.784 Creditors - Amounts falling due wthin one year Accruals Provision for mulli year bursaries 14,091) {10,0001 13,8351 (10,0001 Net Current Assets 186,005 156,536 Total Assets Less Current Liabillties 1,428.359 1,346,794 Creditors . Amounts falling ¢Jue after one year Provision for mulli year burs8ry 18,1351 {13,8651 N•t a88ets 1420,224 1,332 929 Charity funds: Unrestricted income funds 1,420,224 1,332.929 Total ch•rity lunds 1,420,224 1,332,929 For the year ending 31 December 2024 the company was entitled lo exemption from audit under sects'on 477 of the Companies Act 2006 relating lo small companies. The diredors acknowledge their responsibilities for complying with the requirements of the Companies Act 2008 with respect lo accounting records and the preparation of acLounls. The members have not required the company to obtain an audit of ils accounts for the year in queslion in accordance wilh section 476. These finanaal statements have been prepared in accordance with the provisions applicable to companies subject lo the sm811 companies, regime. The financial statements were approved by the Board on 25 September 2025 and aulhorised for issue on 25 September 2025 and signed on its behalf by.. /. J a&6_ lan J Cubbin Chaimian of the Trustees Thé notes on pages 9 to 12 fom part of these financial statements. Company Registration Number 02424922
NPA Health Education Foundation (A company limited by guarantee) Notes to the financial statements for the year ended 31 De¢ember 2024 ACCOUNTING POLICIES General information and basts of preparation NPA Health 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 liability in respect of the guarantee is limited to £1 per member of the Charty. The address of the registered Offi is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are described in the Trustees, Report on page 3. The charity conslitules a public benefit entity as defined by FRS 102. The financial statements have been prepared In accordance with Accounting and Reporting by Charities., Statement of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reports"ng Standard applicablè in the UK and Republic of Ireland IFRS 1021 issue¢J in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Charities Act 2011. the Companies Act 2006. and UK Generally Accepled Practice. The financial statements are prepared on a going concem basis under the historical c05t convention, modified lo include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the Charity and rounded lo the nearest £. The significant accountlng policies applied in the prèparation of these flnancial statements are set out below. These policies have been consistently applied lo all years presented unless othe¢Se slated. The following pnncipal accounting policies are applied.. Funds Unrestricted funds are available for use al the discretion of the Trustees in furtherance ol the general objectives of the Charity and which have not been designated for other purposes. Income All income including donations. legacies and other gifts are included in the Slalement of Financial Activities (SOFA) 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 that aggfegale all costs related lo the category. Expenditu is recognised where there is a legal or constructive obligation lo make payments lo third parties, il is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is calegorised under the following headings.. Expenditure on charitable acbvilies indudes bursary payments Other expenditure represenls Ihose items not falling into the above category. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties are within charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant. as this gives rise to a aSOnable expectation that the recipient will reL*ive the grant. Where grants are conditional relating lo the pertornanc8 then the grant is only accrued when any unfulfilled conditions are outs8 of thè control of the charity. Investments. Investments are recognised initially at fair value, which is nomially the transaction pri exduding the transaction costs. Subsequently. they are measured al fair valve with changes recognised in 'Nel investment gains and losses. in the statement of financial activities if the shares are publically traded or can otherwise be measured reliably.
NPA Health Education Foundation {A company limited by guarantee) Notes to the flnancial statements for the year ended 31 December 2024 Cash flow The charitable company is a small company as defined in $382 and s465 of the Companies Act 2006 and has elected to take advantage of the exemption provided in Charities SORP (FRS 102) and has thus not presented a cash flow statement. Debtors and Creditors receivablelpayable within one year Debtors and creditors with no slated interest rate and receivable and payable within one year are recorded at transactlon price. Any losses arising from Impaimienl are recognised in expenditure. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand. deposits hekl al call with banks and other short tem liquid investrnents with original maturities of three months or less. Tax The Charity is exempt within the meaning of schedule 3 of the Charities A¢t 2011 and is considered lo pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of 8 charllable company for UK corporation lax putposés. Golng concern The financlal slalem8nls have been prepared on a going concem basis as the Trustees believè th81 no material uneert8lnlies exisl. The Trustees have considered the level of funds held and the expected level of incomè and expenditure for 12 months from aulhorising these finanaal slalemenls. The expected income and expenditure is sufficient with the level of reseNes for the Charity to be able lo continue as a going concem. COMPANY STATUS The charitable company does not have a share capital and is limited by the guarantee of its members of £1 each. The number of Trustees al 31 Oecember 2024 was 612023.. 3). Membership ol tha charitable company is limited lo those founding members who were appointed at incorporation and lo current members of the Board of Man8gem&nl ol the National Pharmacy Assoaalion Limited. TRUSTEES, REMUNERATION The Trustees neither received nor waived any MuneratIon during the year {2023'. £nil}. The Trustees did not have any expenses reimbursed dunng the year12023'. £nill. Travel c0318 and day allowanc£s amounting to £1,384 {2023.' £2351 were reimbursed to the Honorary Patron's. Payments of £nll (2023.. £nil) were made lo th8 Company Secretary for seNices provided. The charitable company did not have any employees in the year12023'. nil). 10
NPA Health Education Foundation (A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2024 RAISING FUNDS 2024 2023 Portfolio m8nagemenl fee 3.786 3,591 INVESTMENTS 2024 2023 Market value at 1 January Nel vnrealised gains during Ihe year Realised gains during the year Ch8rges paid from portlolio fund 1.190,258 52,276 1.135.049 55,389 180 180 Mart<el value al 31 December 1 242 354 1 190 258 The value of quoted investments was £1,242,354 {2023.' £1,190,258) including the value of cash held by the lund manager al £6,338 {2023.' £12,683). All inveslments are quoted on recognised sio¢k èxchanges and all af the investment income is allributable to these investrnents and the cash at bank. All investment income arose from the charitable company's portfolio of investments described on page 4. CHARITABLE EXPENDITURE Charitable expendilufe consisted ol 2024 2023 Charitable donations - butsaries Bank charges Independent examiner's fee Miscellaneous expenditure 10,000 147 2.400 2,666 19,618 140 2,220 283 FINANCIAL COMMITMENTS The Company had no capital commitments at 31 December 2024 {2023 Nil). RELATED PARTY TRANSACTIONS There were no transactions with related parties requiring disclosu oihef than those described in note 3. In the opinion of the Trustees there is no ultsmale controlling paty
NPA Health Education Foundation (A company limited by guarantee) Notes to the financial statements for the year ended 31 December 2024 FUND RECONCILIATION Bal•n¢¢ at 1 January 2024 1.332,929 Balence at 31 December 2024 Income Expenditure 18,999 GalnsllL0$8esl 52.276 Unrestricted 54,018 1,420.224 8alan¢e at 1 January 2023 1.256.662 Balance at 31 December 2Q23 1.332,929 Incoma 46.730 Expenditure 25,852 GalnsllLossesl 55,389 Unrestricted 10. PRIOR YEAR ADJUSTMENT A pnor year adjustment has been processed lo correctly Cognise commitments made in relation to mulli-year grant bursaries. The lolal impact of the adjuslment for the year ended 31 December 2023 is a decrease in the brought forward unrestricted funds of £20,000, an increase in creditors by £10,000 and increase the surplus for the year by £10,000. 12