NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE TRUSTEES AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED S APRIL 2024 REGISTERED NUMBER: N1007549 CHARITY COMMISSION for NORTHERN IRELAND REGISTRATION NUMBER: 101560
NORTHERN PHARMACIES LIMITED TRUST FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page Legal and Administrative Information Report of the Trustees 2 to3 Report of the Auditors Statement of Financial Activities Balance Sheet Statement of Cash flows Notes to the Financial Statements 10 to 14
NORTHERN PHARMACIES LIMITED TRUST FUND LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES: Sarah Burrows Gerard Greene Michael Hamill Dr Sheelagh Hillan (Chairperson) Paul Kelly Dr Martin Ke Dr Tery Matsuire John Raymond Anderson Stephen Slaine Edel Etherson Sarah Mawhinney SECRETARY: Sarah Mawhinney PRINCIPAL OFFICE: 5 Annadale Avenue Belfast BT7 3JH CHARITY NUMBER HMRC Ref: XN48756 CCNI= 101560 AUDITORS: Baker Tilly Mooney Moore Chartered Certified Accountants Registered Auditors 17 Clarendon Road Clarendon Dock Belfast BTI 3BG BANKERS: Ulster Bank Limited 91193 University Road Belfast BT7 ING INVESTMENT MANAGERS: Evelyn Partners The Ewart 3 Bedford Street Belfast BT2 7EP Page I
NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report together with the audited financial statements of the fund for the year ended 5th April 2024. The financial statements have been prepared in accordance with the policies set out in note I to the accounts and comply with the Accounting 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 l January 2015). REFERENCE AND ADMINISTRATIVE DETAILS Northern Pharniacies Limited Trust Fund is constituted under a Trust Deed dated 28 November 1977 and is a registered charity (HMRC No. XN48756), (Northern Ireland Charity Commission.. 101560) whose principal office is at 5 Annadale Avenue. Belfast. The trustees who served during the year are given on page 3 and particulars of the charlty's external advisors are set out on page l. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is an unincorporated trust, constituted under a trust deed dated 28 November 1977. The Trnst was established by initial subscriptions for its charitable objectives. The Trust does not actively fundraise and seeks to Continue its charitable work through the careful stewardship of its exRsting resources. The Trust Deed provTrdes for a minimum of three trustees, to a maximum of eleven trustees. The power of appointing new trustees is vested in the existing trustees and their survivors. Additional trustees may be appointed at any time provided the maximum number of trustees is not exceeded. The Trustees of the Board have agreed to review and update the "Deed of Trust" and have taken infomied legal advice on this matter. The Board meets fornlally four times a year and agrees the broad strategy and areas of activity for the Trust. The Secretary is responsible for the day to day management of the trust's affairs and for implementing the policies agreed by the Board of Trustees. OBJEcfivES AND ACTIVITIES The Northern Phamiacies Limited Trust Fund provides: funding for charitable funds, associations or institutions with a connection to the Pharn]a¢y and healthcare professions- support for pharmacists and health professionals and funding for the training, research and education of students and those in the phannaceutical profession in Northem Ireland- and support for activities designed to educate the general public in health matters. GRANT MAKING POLICY The Trust Fund has a policy of issuing grants in accordance with its charitable objectives. All such payments receive approval of the trustees. ACHIEVEMENTS AND PERFORMANCE UCA Leadership Course Sponsorship Sponsorship was provided for the UCA (Ulster Chemists Association) leadership pre-reg course in the year. Service Development Pharmacist The service development pharn]acist role was resumed during the year working with the HSCB on projects in the community phannacy setting. A report on the cough and cold project published in the pharn]aceutical journal was made possible by this role in prior years. This study could not have been done without the support of the trusl and the role of the development phannacist. The development pharmacist role is now involved in a study working on an obesity and diabetes management project. Page 2
NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 ACHIEVEMENTS AND PERFORMANCE cont'd FINANCIAL REVIEW During the year to 5 April 2024 the Trust generated a positive net movement in fvnds on its financial activities of £56,862 (2023: Negative Movement £69,914). Incoming resources of £54,165 were an increase of £13,553 on the £40,612 achieved in the previous year. RESERVES POLICY The Trust's policy is to achieve a level of reserves which matches the needs of the Trust both at the cutrent time and in the foreseeable future. They aim to maintain free reserves in unrestricted funds at a level which equates to approxirnately six months unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and to ensure that there are sufficient funds available to cover support and governance costs. INVESTMENT POLICY The Trust has engaged Evelyn Partners as investment managers to pursue a policy of maximising income whilst maintaining some apital growth. PLANS FOR FUTURE PERIODS AND REVIEW OF BUSINESS The trust plans to continue the activities and objectives outlined above in the forthcoming years subject to satisfactory resources. The results for the year and flnancial position of the trust are as shown in the annexed financial statements. TRUSTEES The trustees duiing the year under review were: Sarah Burrows Gerard Greene Michael Hamill Sarah Mawhinney Dr Sheelagh Hillan Dr Martin Kerr Paul Kelly Dr Terry Maguire John Raymond Anderson Stephen Slaine Edel Etherson STATEMENT OF TRUSTEES, RESPONSIBILITIES The Charities Act (Northern Ireland) 2008 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern ba515 unles5 It is inappropriate to presume that the trust will continue in business. 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 (Northem Ireland) 2008. 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. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS Each of the Trustees confinn5 that. so far as they are aware, there is no relevant audit information of which the auditors are unaware. Each Trustee ha5 taken all the steps they ought to have taken a5 a Trustee in order to make themselves aware of any relevant audit inforn]ation and to establish that the auditors are aware of that infonnation. Approved by the trustees of Northern Pharmacies Limited Trust Fund on and signed on their behalf by: Sarah Mawhi Dated.. .2 0. ne Page 3
NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE AUDITORS TO THE TRUSTEES OF NORTHERN PHARMACIES LIMITED TRUST FUND FOR THE YEAR ENDED 5 APRIL 2024 OPINION We have audited the financial statements of Northern Phannacies Limited Trust Fund (the 'charity') for the year ended 5th April 2024 which comprise Statement of Financial Position, Balance Sheel the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 5th April 2024, and of its total incoming resources and expenditure of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOINC CONCERN We have nothing to report in respect of the followiniF matters in relation to which the ISA5 (UK) require us to report to you where.. the trustee5' use of the going concem basis of accounting in the preparation of the financial statements is not appropriate. or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months frorn the date when the financial statements are authorised for issue. OTHER INFORMATION The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infomiation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the fmancial statements or a rnaterial mtsstaternent of the other information. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters in relation to which the Charitie5 (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to report to you if, in our opinion: the infortnation given in the financial statements is incon51Stent in any material respect with the trustees report or.. sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records. or we have not received all the infonnation and explanations we require for our audit. Page 4
NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE AUDITORS TO THE TRUSTEES OF NORTHERN PHARMACIES LIMITED TRUST FUND FOR THE YEAR ENDED 5 APRIL 2024 RESPONSIBILITIES OF TRUSTEES As explained more fully in the Directors, responsibilities statement set out on page 3. the Directors (who are also the Trustee5 of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liqutdate the charitable company or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL ST ATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. IegularitIes, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstaternents in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. We considered the opportunities and incentive5 that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAS (UK), we are also required to perfonn specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable Company operates in. focusing on provisions of those laws and regulations that had a direct effect on the detennination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included in The Charities Act (Northern Ireland) 2008. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the ftnancial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. Our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing to supporting documentation to asse55 complRance with provisions of relevant laws and regulations described as having a direct effect on the financial statements- enquiring of management and external legal counsel concerning actual and potential litigation and claims. perforniing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing regulatory correspondence. in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments. assessing whether the judgements made in making accounting estimates are indicative of a potential bias. and evaluating the rationale of any significant transactions that are unusual or outside the nonnal course of business. Page 5
NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE AUDITORS TO THE TRUSTEES OF NORTHERN PHARMACIES LIMITED TRUST FUND (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS ...eontinued We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. Because of the inherent limitations of an audiL there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding iTregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. We communicate with those charged with governance regarding. among other matters, significant audit findings. including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities is available on the Financial Reporting Council's website at.. httPS:Ilwww.frc.org.uklOur-Work/AuditlAudit-and-assurancelStandards-and-guidancelStandards-and-guidance-for- auditors/Auditors-responsibilities-for-audiUDescription-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. USE OF OUR REPORT This report is made solely to the charity's trustees, as a body, in accordance with section 65(2) of the Charities Act (Northern Ireland) 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pennitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trustees, as a body, for our audit work, for this report or for the opinions we have fornied. Baker Tilly Mooney Moore Registered Auditor 17 Clarendon Road Clarendon Dock Belfast BTI 3BG Date.. Baker Tilly Mooney Moore is elioible to act as an auditor in tenns of section 1212 of the Companies Act 2006. Page 6
NORTHERN PHARMACIES LIMITED TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Ineome and Expenditure Account) FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Funds Restricted Funds Totsl Funds 2024 Total Funds 2023 Notes Income Investment income 36,365 36J65 40,612 Donations 17,800 17,800 Total Income 54,165 54,165 40,612 Expenditure Cost of Raising funds Expenditure on Charitable activities 7,695 7,695 10,048 36,042 36,042 54,034 Total Expenditure 43,737 43,737 64,082 Net expenditure 10,428 10,428 (23,470) Gainsl(Los5es) on investment assets Realised (13) (13) (13) (46,431) Unreali5ed 46,447 46,447 Net movement in funds 56,862 56,862 (69,914) Reconciliation of Funds: Balances carried forward 6 April Balances brought forward 5 April 1.064,246 1,064,246 1,077,298 1,007,384 1.007,384 1.007.384 Page 7
NORTHERN PHARMACIES LIMITED TRUST FUND (CCNI NUMBER: 101560) BALANCE SHEET 5 APRIL 2024 2024 2023 Notes FIXED ASSETS Investments Investment Property 970,797 145 074 1,115,871 921,213 145 074 1,066,287 CURRENT ASSETS Cash at bank 53,343 65,482 53,343 65.482 CREDITORS Amounts falling due within one year Deferred Consideration {4,560) 14,668) (4,200) 19,888) NET CURRENT ASSETS 34,115 41,394 TOTAL ASSETS LESS CURRENT LIABILITIES 1,149,986 1,107,681 CREDITORS Amounts falling due after more than one year (85,740) (100,297) TOTAL ASSETS LESS LIABILITIES 1,064,246 1,007.384 FUNDS Unrestricted Funds Restricted Funds 1,064,246 1,007,384 TOTAL FUNDS 1064 246 1007 384 The financial ststements were authorised for issue by the trustees on!).- Iland signed on their behalf by: Sarah Mawhinney Dr Sheelagh Hilla Page 8
NORTHERN PHARMACIES LIMITED TRUST FUND STATEMENT OF CASH FLOWS 5 APRIL 2024 Total Funds 2024 Total Funds 2023 Reeoneiliation of net movement in funds to Det Cash flow from operating activities Net movement in funds 56,862 (36,365) (46,447) 360 (69,914) (40,612) 46,431 2.400 Deduct interest income shown in investing activities Add back losses / deduct (gains) on investments Increase / (Decrease) in creditors Net cash used in operating activities (25,590) (61,695) Cashflowsfrom invesling aclivities Interest & dividends 36,175 83,906 (86,852) 40,612 186,164 (109.376) Proceeds from sale of investments Cost of new investments Cost of investment propety Decrease in other creditors (19,778) 13,451 (9,889) Net cash provided by investing activities 107,511 Change in cash and cash equivalents (12,139) 45,816 Cash and cash equivalent brought forward 65,482 19,666 Cash and cash equivalent carried forward 53,343 65,482 Page 9
NORTHERN PHARMACIES LIMITED TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES Basis of preparing the flnancial statements The financial statements have been prepared under the historical cost convention and in accordance with Accounting 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 the Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Income recognition All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations and bequests are included in full in the Statement of Financial Activities on initial receipt by the charity. Investment income is included when receivable. Expenditure recognition Liabilitie5 are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is more likely than not that a transfer of economic benefits will be required and the amount can be measured or estimated reliably. All expenditure is accounted for on an accruals basis. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments ale initially recognised at transaction value and subsequently measured at their settlement value. Taxation There is no liability to taxation due to the trust's charitable status. Costs of raising funds The cost of raising funds consists of investment management fees. Charitable activities Costs of charitable activities comprise costs associated with the education of students and members of the Pharniaceuti¢al Profession and costs of research in pharn)aceutical matters. Investment Property Investment property is shown at most recent valuation. Any aggregate surplus or defjcit arising from changes in fair value is recognised in profit or loss. Fixed asset investments Investments are initially recognised at transaction price. Subsequently they are measured at fair value using the closing quoted rnarket price as at the balance sheet date. The statement of financial activities includes the net gain5 and 105ses arising on revaluation and disposals throughout the year. Realised gains and losses All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Fund Accounting The cornpany has various types of funds for which it is responsible and which require separdte disclosure. These are as follow5.. (i) Restricted Funds Funds received which are designated by the donor for specific purposes. Such purposes are within the overall aims of the organisation. (li) Unrestricted Fund5 Funds which are expendable at the discretion of the charity in furtherance of the objects of the charity. Page 10
NORTHERN PHARMACIES LIMITED TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 INVESTMENT INCOME Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2023 Dividends Bank interest Accumulation share5 rec'd Rental Income 28Jll 854 28,311 854 30,873 134 2,405 7,200 7200 36,365 7,200 36,365 EXPENDITURE Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2023 Costs of raising funds Investment Property Insurance Investment Management fees 1,145 6,550 7,695 1,145 6,550 7,695 1,121 8,927 10,048 Unr¢strieted Funds Restricted Funds Total Fund5 Total Funds 2024 2023 Charitable expenditure Marie Curie Hospice UCA pre reg course Ulster University Prize Sponsorship Service Development Phamiacist costs Air Ambulance 20,815 18,000 2,000 5,203 2,000 48,018 16,350 16,350 11,119 11,119 27,469 27,469 Governance cosls Audit fees Bank charges nterest on deferred consideration Indemnity insurance Solicitors Fees Financial Services Fees 2,520 152 222 1,431 2,520 152 222 1,431 2,400 loo 112 1,400 2,004 4.248 8.573 4,248 8,573 6,016 43,737 43,737 64,082 Pagell
NORTHERN PHARMACIES LIMITED TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 NET INCOMING RESOURCES Net resources expended is stated after charging.. 05.04.24 05.04.23 Audit fees 2,400 TAXATION No provision is required for taxation due to the trust's charitable status. FIXED ASSET INVESTMENTS 05.04.24 05.04.23 Market Value at 6 April 921,213 1,044,452 Acquisitions at cost Disposals at carying value Net (Loss) / Gain on revaluation 86,852 (83,906) 46,638 109,356 (186,151) 46,444 Market value at 5 April 970,797 921213 Historical Cost at 5 April 659,931 635,340 INVESTMENT PROPERTY Total FAIR VALUE At 6 April 2023 Revaluations 145,074 At 5 April 2024 145,074 NET BOOK VALUE At 5 April 2024 145,074 At 5 April 2023 145.074 Page 12
NORTHERN PHARMACIES LIMITED TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 05.04.24 05.04.23 Accruals DefetTed Consideration 4,560 14,668 4,200 19,888 19,228 24.088 AMOUNTS FALLING DUE AFTER ONE YEAR 05.04.24 05.04.23 Defeed Consideration 100 297 100,408 120.185 ANALYSIS OF FUNDS Unrestricted Funds Restricted Funds Total Funds At 6 April 2023 Net movement for the year 1,007,384 56,862 1,007,384 56,862 At 5 April 2024 1,064,246 1,064,246 io. RELATED PARTY TRANSACTIONS The trustees of Northem Phannacies Limited Trust Fund with the exception of Gerard Greene, Sarah BuOW5 and Sheelagh Hillan are also directors of Northern Pharniacies Limited. The trustees received no remuneration for their services. Related paty transactions during the year relating to Northern Pharn]acies Ltd totalled £11,119 (2023.. £5,203) for payment relating to pharmacist costs for service development projects. During the year Northem Pharn]acies Trust Ltd paid off part of a creditor balance owed to Northern Phamiacies Ltd in relation to the purchase of a property. This creditor is to be paid off over 10 years from the date of purchase of the investment property. Northern Phamiacies Tst Ltd a150 charged rent to Northern Phannacies Ltd for the use of an investment property. The rent for the year was £7.200. EMPLOYEE COSTS There were no employees during the year and none of the Trustees (or any persons connected with them) received any remuneration or expenses dwing the year (2023: £Nil) Page 13
NORTHERN PHARMACIES LIMITED TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12. ANALYSIS OF NET ASSETS BETWEEEN FUNDS Fixed Assets Current Assets Creditors Total 2024 Total 2023 Unrestrieted funds: General Fund 1,115,871 53,343 (104,968) 1,064,246 1,007,384 Restricted funds: Total funds 1,115,871 53 J43 {104,968) 1,064,246 1,007,384 Page 14