2025-04-05-annual-report - Northern Pharmacies Limited Trust Fund

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NORTHERN PHARMACIES LIMITED TRUST FUND

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

CHARITY COMMISSION for NORTHERN IRELAND REGISTRATION NUMBER: 101560

NORTHERN PHARMACIES LIMITED TRUST FUND

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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|||||||| |---|---|---|---|---|---|---| |Page| |Legal|and|Administrative Information|1| |Report of the Trustees|2|to|3| |Report|of|the|Auditors|4|to|6| |Statement:|of Financial|Activities|7| |Balance|Sheet|8| |Statement|of Cash|flows|9| |Notes|to|the|Financial Statements|10|to|14|

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NORTHERN PHARMACIES LIMITED TRUST FUND

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 5 APRIL 2025:

TRUSTEES;	SarahBurrows
	Gerard ‘Greene
	MichaelHamill
	Dr Sheelagh Hillan (Chairperson)
	Paul Kelly
	DrMartin Keir
	Dr Terry Maguire
	SarahMawhinney
	Raymond Anderson
	Stephen Slaine
	Edel Etherson
SECRETARY:	SarahMawhinney
PRINCIPAL OFFICE:	5 Annadale Avenue
	Belfast
	BT7 3JH
CHARITYNUMBER	HMRC Ref:XN48756
	CENT: 101560
AUDITORS:	BakerTillyMooneyMoore
	Chartered Certified Accountants
	Régistered Auditors
	17 ClarendonRoad
	Clarendon Dock	;
	Belfast
	BT13BG
BANKERS:	UlsterBank Limited
	91/93 UniversityRoad
	Belfast
	BT7 1NG
INVESTMENT MANAGERS:	Evelyn Partners.
	TheEwart
	3 Bedford Street
	Belfast
	BT27EP

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NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their annual report together with the audited financial statements of the fund for the year ended Sth April 2025, The financial statements have been prepared in. accordance with: the policies set out in note 1 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 1 January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS Northern Pharmacies 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 at5 Annadale Avenue, Belfast.

The trustees who served during thé year are given‘on page 3 and particulars of the charity’s external advisors are set out on page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is an unincorporated trust, constituted under a trust deed dated 28 November 1977.aThe Trust was establishedOS 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 existing resources. The.is Trust Deed provides for a minimum of three ‘trustees, to a maximumof eleven trustees. The power of appointing new trustees 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 informed legal advice’on this matter.

The Board meets formally five 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.

OBJECTIVES AND ACTIVITIES

The Northern Pharmacies Limited Trust Fund provides:

funding for charitable funds, associations or institutions with a connection.to the Pharmacy and healthcare professions;
- support for pharmacists and health professionals and funding for the training, research and education of students and those in the pharmaceutical profession in Northern Ireland: and
support for.activities designed to educate the general publicin 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 The NPL Trust Fund supported a part time pharmacist tole in Marie Curie Hospice and also made a grant towards the cost of a Pharmacy Research Fellowship: at QUB. There was ongoing support for the. development of an App designed to assist patients struggling with codeine addiction. This App will be made available to community pharmacists in 2026. In addition, progress was made on a revised weight management proposal and thé potential for application of pharmacogenomics in community pharmacy. Our service.development pharmacists also provided assistance on “Nourish to Live Better’-a nutrition project led byresearchers at QUB.

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NORTHERN PHARMACIES LIMITED TRUST FUND REPORTOF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 ;

FINANCIAL REVIEW During the yearto 5. April 2025 the Trust generated a negative net movement in fundson its financial activities of£57,407 (2024: positive movement £56,862).. Incoming resources of £33,832 were a decrease of £20,333. on the £54,165 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 current time and in the foreseeable future. They aim to maintain free reserves in unrestricted funds at a level ‘which equates to approximately 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 aré sufficient funds available to cover support and governance costs. INVESTMENT POLICY i The Trust has engaged Evelyn Partners as investment managers. to pursue a policy of maximising income whilst maintaining some capital growth.

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |PLANS FOR FUTURE PERIODS AND REVIEW OF BUSINESS| |The|trust plans to|continte the|activities and|objectives outlined above in|the forthcoming years|subject to|satisfactory resources.| |The|results|for|the|year and financial|position|of the|trust|aré-as|shown|in the annexed|financial|statements.| |TRUSTEES| |Thé trustees|during the year under|review|were:| |Sarah Burrows|Paul Kelly|Edel|Etherson| |Gerard Greene|Dr Terry Maguire| |Michael Hamill|Sarah Mawhinney| |Dr|Sheelagh|Hillan|Raymond Anderson| |Dr Martin Kerr|Stephen|Slaine|

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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 ofthe state of affairs ofthe 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 basis unless 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 accutacy at any time: the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008. They are: also responsible for safeguarding ‘the assets of the charity and hence for taking reasonable steps for the prevention and detectionof fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS . Each ofthe Trustees confirms that, so far as they are aware, there is no relevant audit information ofwhich the auditors are unaware. Each Trustee has taken all the steps they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information,

Approved by the trustees of Northern Pharmacies Limited Trust Fund.on and signed on their behalf by:

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}
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Sarah Mawhinney
Dated: .. 26 fle}. 2b
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NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE AUDITORS TO THE TRUSTEES OF NORTHERN PHARMACIES.LIMITED TRUST FUND FOR THE YEAR ENDED 5 APRIL 2025

OPINION

We have: audited the financial statements.of Northern Pharmacies Limited Trust Fund (the ‘charity’) for the year ended Sth April 2025 which comprise Statement of Financial Activities, Balance Sheet, 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 thé financial statements: ‘ e give a true and fair view of the state of the charity’s affairs as at Sth April 2025, and of its total incoming resources and expenditure of resources, for the year then ended;
e 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 ior audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable’ Jaw. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements thesectionfinancialof our'report.statements Weinaretheindependent UK, includingof théthe FRC’scharityinEthical accordanceStandard, withand the ethicalwe have requirementsfulfilled our otherthat are relevantethical responsibilities to our audit ofin accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to. provide-a basis for our opinion.

WeCONCLUSIONS have nothing toRELATING report in respect TO of GOINGthe following CONCERNmatters in.| relation to which the ISAs (UK) require us to report to you where: ® the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is riot approptiate; or
e 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 fora period of at least twelve nionths from 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. Oui opinion on the financial statements does not cover the other information 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 information and, in doing so, consider whether the other information is materially inconsistent’with the financial statements, or our knowledge obtained in the audit or otherwise appears fo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial ‘statements or a material misstatement of the other information. If, based on the work we have performed, we conclude: that there isa material misstatement of this other information, we are required to report that fact. We have have nothing to report in this régard, MATTERS ON WHICH WE ARE REQUIRED TO REPORTBY EXCEPTION We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations (Northern Irelatid) 2015. require us to réport to you if, in our opinion: * the information given in the financial statements is inconsistent in any miaterial respect with the trustees report or,”

We have have nothing to report in this régard,

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 information and explanations we require for our audit.

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NORTHERN PHARMACIES LIMITED TRUST FUND REPORT OF THE AUDITORS TO THE TRUSTEES OF NORTHERN PHARMACIES LIMITED TRUST FUND FOR.THE YEAR ENDED:5 APRIL 2025

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ responsibilities statement set out on page 3, the Trustees’ 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 determine is nécessary to enable the preparation of financial statements that are free from material misstatemeiit, whether due to fraud or etror.

In préparing the financial statements, the Trustees’ are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, mattets related to going concern and using the going concem basis of accounting unless the trustees either intendto liquidate the charitable company or to céase operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasoiiable asstirance 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 error 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 finaricial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatemients 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 incentives 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 perform specific procedures to respond to the risk.of management override.

We also obtained an understanding of the legal and regulatory frameworks that thei charitable Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included in The Charities Act (Northetn Ireland) 2008.

In addition, we considered provisions ofother laws and regulations that do not have a direct effect on the financial statements but comipliance with which may be fundamental to the Company’s ability to operate or to avoid amaterial penalty.

Our procedures to respond to risks identified included the following:

reviewing the fitiaihcial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring ofmanagement and external legal counsel concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected rélationships that may indicate risks ofmaterial 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 normal course-of business.

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NORTHERN PHARMACIES LIMITED TRUST FUND REPORTOF THE AUDITORS TO THE TRUSTEES OF NORTHERN PHARMACIES LIMITED TRUST FUND (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS ...continued We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicatioris of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an: audit, 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 éverts and transactions reflected in the financial statements, as we will be legs likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due ‘to fraud rather than etror, 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 Couneil’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Staridards-and-guidance/Standards-and-puidance-forauditors/A uditors-responsibilities-for-audit/Description-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 (Norther 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 forno other purpose. To the fullest extent permitted 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 formed,

oT: Salter Tilly Moray Mogore Baker Tilly Mooney Mooré Registered Auditor . 17 Clarendon Road

Clarendon Dock Belfast BT13BGdn Date: ag Jamey 2orkb

Baker Tilly Mooney Moore is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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NORTHERN PHARMACIES LIMITED TRUST FUND

STATEMENT OF FINANCIAL ACTIVITIES Cncorporating the Income and Expenditure Account) FOR THE YEAR ENDED § APRIL 2025

		Unrestricted Funds	Restricted Funds	TotalFunds 2025	TotalFunds 2024
	Notes	£	£	£	£
Income
Investment inconie	2	33,832	#	33,832	36,365
Donations		-	-	-	17,800
TotalIncome		33,832	-	33,832	54,165
Expenditure	3
Cost ofRaisingfunds		8,020	-	8,020	7,695
Expenditure onCharitable activities		73,103	-	73,103	36,042
TotalExpenditure		81,123	-	81,123	43,737
Netexpenditure		(47,291)	-	(47,291)	10,428
Gains/(Losses) on investment assets
Realised		7,399	~	7,399	(13)
Unrealised		(17,515)	-	(17,515)	46,447
Netmovement in funds		(57,407)	-	(57,407)	56,862
Reconciliation ofFunds:
Balances carried forward 6 April		1,064,246	-	1,064,246	1,007,384
Balancesbroughtforward5April		1,006,839	™	1,006,839	1,064,246

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NORTHERN PHARMACIES LIMITED TRUST FUND (CCNI NUMBER: 101560)

BALANCE SHEET 5 APRIL 2025

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||||||| |---|---|---|---|---|---| |2025|2024.| |Notes|£|£|£|£| |FIXED ASSETS| |Investments|6|889,938|970,797| |Investment Property|7|145,074|145,074| |1,035,012|1,115,871| |CURRENT ASSETS|,| |Cash at bank|63,127|53,343| |CREDITORS|63,127|53,343| |Amounts|falling due within|one year|8|5,560)|(4,560)| |Deferred|Consideration|8|(14,558)|(14,668)| |NET CURRENT ASSETS|43,009|34,115| |TOTAL ASSETS|LESS CURRENT| |LIABILITIES.|1,078,021|1,149,986| |CREDITORS| |Amounts falling due|after more|than| |one|year|8|(71,182)|(85,740)| |'|TOTAL ASSETS LESS LIABILITIES|1,006,839|1,064,246| |FUNDS| |Unrestricted Funds|1,006,839|1,064,246|:| |Restricted Funds|_-|*| |TOTAL FUNDS|9|1,006,839|1,064,246|

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The financial statements were authorised for issue by the trusteeson ~../.,-... and signed on their behalf by:

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Sarah Mawhinney
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Mr Stephen Slaine (Vice-chairperson)
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NORTHERN PHARMACIES LIMITED TRUST FUND

STATEMENT OF CASH FLOWS

	Total Funds	TotalFunds
	2025	2024
	£	£
Reconciliation ofnetmovement in funds. to net cash flow from operating activities
Net:movement in funds	(57,407)	56,862
Deduct interest incomeshown ininvesting activities	(26,632)	(36,365)
Addback losses /deduct (gains) on investments	17,515	(46,447)
Increase / (Decrease) in creditors	1,000	360
Net cash uséd in operating activities	(65,524)	(25,590)
Cashflowsfrom investing. activities
Interest& dividends	26,632	36,175
Proceeds from sale ofinvestments	379,562	83,906
Cost ofnew investments	(315,896)	(86,852).
Costofinvestment property	-	-
Decrease in other creditors	(14,990)	(19,778)
Net cash providedby investing activities	75,308	13,451
Change incash andcash equivalents	9,784	(12,139)
Cash and cash equivalentbroughtforward	53,343	65,482
Cashandcashequivalentcarriedforward	63,127	53,343

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NORTHERN PHARMACIES LIMITED TRUST FUND NOTES TO THE FINANCIAL STATEMENTS. FOR THE YEAR ENDED 5 APRIL 2025

‘lL ACCOUNTING POLICIES

Basis of preparing the financial 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 1 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 orice the charity has entitlement to the ificome; 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

Liabilities 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.

Financia] Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic: financial ‘instruments. Basic financial instruments are 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 Pharmaceutical Profession.and costs of research in pharmaceutical matters. .

Investment Property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised. in profitor loss, Fixed asset investments Investments are initially recognised at transaction price. Subsequently they are: measured at fair value using the closing quoted market price as at the balance’ sheet date. The statement of financial activities includes the net gains and losses arisingon 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 company has various types of funds for which it is responsible and which require separate disclosure. These are as follows: (i) Restricted Funds Funds received which are designated by the donor for specific purposes; Such purposes are within the overall aims of the organisation.
(ii) Unrestricted Funds Funds which are expendable at the discretion of the charity in furtherance of the objects of the charity.

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NORTHERN PHARMACIES LIMITED TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. INVESTMENTINCOME
‘	Unrestricted		Restricted		‘TotalFunds	TotalFunds
	Funds			Funds	2025		2024
	£			£	£		£
Dividends	25,820			-	25,820		28,311
Bank interest	812			zs	812		B54
Rental Income	7,200			x	7,200		7,200.
	33,832			-	33,832		36,365
3. EXPENDITURE
	‘Unrestricted		Restricted		TotalFunds	TotalFunds
	Funds			Funds	2025		2024
	3			£	-		£
Costs ofraisingfunds
InvestmentPropertyInsurance	1,296			-	1,296		1,145
InvestmentManagement fees	6,724			-	6,724	___	6,550
	8,020			-	8,020		7,695
	Unrestricted		Restricted		TotalFunds	‘Total	Funds
	Funds			Funds	2025		2024
	£			of	£		£
Charitable expenditure
Foundation InterFellowship	14,500			-	14,500		~
Palliative CarePharmacist	23,051				23,051		16,350
Solicitor’s Fee	1,000			-	1,000		-
Consumer safety expense:	12,000			~	12,000		-
SetviceDevelopmentPharmacist costs	18,326			-	18,326		11,119
	68,877		oe	-	68,877	~	27,469 .
Governance costs
Audit fees	2,280			=	2,280		2,520
Bank charges	145			-	‘145		152,
Interest on deferred consideration	333			~	333		222
Indemnity insurance	1,468			“	1,468		1,431
Financial Services Fees	- 4,226			- ~~	- 4,226		4,248 8,573	;
		.
	81,123			-	81,123		43,737

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NORTHERN PHARMACIES LIMITED TRUST FUND

-NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

4.	NETINCOMINGRESOURCES
	‘Net resources. expended is stated after charging:
		05.04.25	05.04.24
		£	£
	Audit fees	2,520	2,520
ny	TAXATION
	No provision is required for taxation dtié'to the trust's charitable status.
6.	FIXEDASSETINVESTMENTS
		05.04.25	05.04.24
		£	£
	MarketValue at6 April	970,797	921,213
	Acquisitions atcost	315,896	86,852
	Disposals atcarrying value	(379,562)	(83,906)
	Net(Loss) /Gainon revaluation	(17,193)	46,638
	Marketvalue at 5 April	889,938	970,797
	Historical Costat 5April	677,541	659,931
7.	INVESTMENTPROPERTY
			Total
			£
	FAIRVALUE
	At 6 April 2024		145,074
	Revaluations		-
	At5 April2025		145,074
	NETBOOKVALUE
	At5 April 2025		; 145,074
	At5.April2024		145,074

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NORTHERN PHARMACIES LIMITED TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

					05.04.25	05.04.24
					£	£
	Accruals Deferred Consideration				5,560 14,558	4560 14,668
					20,118.	19,228
	AMOUNTSFALLINGDUEAFTERONEYEAR
					05.04.25	05.04.24
					£	£
	Deferred Consideration	,		__	71,182	85,740
9.	ANALYSIS OFFUNDS
			Unrestricted	Restricted		TotalFunds
			Funds		Funds
			£		£	£
	At6 April2024		1,064,246		-	1,064,246
	Netmovement fortheyear		(57,407)		-	(57,407)
	At5April2025		1,006,839		<	1,006,839

RELATED PARTY TRANSACTIONS

The trustees of Northern Pharmacies Limited Trust Fund with the exception of Gerard Greene and Sarah Burrows are. also directors of Northern Pharmacies Limited, The trustees received no remuneration for their services. Related party transactions during the:year relating to Northern Pharmacies Ltd totalled £18,326 (2024: £11,119) for payment relating to pharmacist costs for service development projects.

During the year Northern Pharmacies Trust Ltd paid off part of a creditor balance owed to Northern Pharmacies 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 Pharmacies Trust Ltd also charged rent to Northern Pharmacies Ltd for the use ofan investment property. The rent for the year was £7,200.

ll. 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 during the year (2024: £Nil)

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NORTHERN PHARMACIES LIMITED TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED'5 APRIL 2025

12; ANALYSIS OF NET ASSETS BETWEEEN FUNDS:

	Fixéd Assets	CurrentAssets	Creditors	Total2025	Total2024
	£	£	£	£	£
‘Unrestrictedfunds:
GeneralFund	1,035,012	63,127	(91,300)	1,006,839	1,064,246
Restricted funds:	-	-	-	-	=
Totalfunds	1,035,012	63,127	(91,300)	1,006,839	=1,064,246

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