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
#40
A25

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 pU￿ose of charity law. The Trustees who have
Se￿ed 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 pha￿acY qualifications. All our work is ultimately directed towards the benefit of the general public in
providing enhanced health se￿Ic*S through community phamacy.
Strat
icRe
ort
Achievements and Performance
The Charity's results have been helped by the perfomiance of the stock mat*el 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 Precon￿p1I0n 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 eXperIen￿d another year in which they
unde￿erf0m1ed 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 P￿SIdent 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 p￿sent 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 p￿parIng 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 p￿SUrne 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 fO￿ard
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 outs￿8 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