BLACK PHARMA CIC

Company limited by guarantee

Company Registration Number:
13277801 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

BLACK PHARMA CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

BLACK PHARMA CIC

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The principal activity of the company in the year under review was that of promoting diversity in the Pharmaceutical and life Sciences industry.



Directors

The director shown below has held office during the whole of the period from
1 April 2023 to 31 March 2024

J Amponsah Adjalo M M Hanson and S Oyesola


The director shown below has held office during the period of
1 April 2023 to 13 December 2023

K Sowemimo


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
21 November 2024

And signed on behalf of the board by:
Name: J Amponsah Adjalo M M Hanson and S Oyesola
Status: Director

BLACK PHARMA CIC

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 367 0
Tangible assets: 4 5,439 7,488
Investments:   0 0
Total fixed assets: 5,806 7,488
Current assets
Stocks:   0 0
Debtors: 5 5,605 37
Cash at bank and in hand: 17,006 20,647
Investments:   0 0
Total current assets: 22,611 20,684
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 14,448 ) ( 4,210 )
Net current assets (liabilities): 8,163 16,474
Total assets less current liabilities: 13,969 23,962
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: ( 1,033 ) ( 1,423 )
Accruals and deferred income: 0 0
Total net assets (liabilities): 12,936 22,539
Members' funds
Profit and loss account: 12,936 22,539
Total members' funds: 12,936 22,539

The notes form part of these financial statements

BLACK PHARMA CIC

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 24 November 2024
and signed on behalf of the board by:

Name: J Amponsah Adjalo M M Hanson and S Oyesola
Status: Director

The notes form part of these financial statements

BLACK PHARMA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, and is recognised as follows: Revenue from sale of event tickets are recognised to the period in which the event takes place. Revenue from grant income is recongnised at the point it is received.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost, or deemed cost, [or valuation] less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment - 33% on cost

    Intangible fixed assets amortisation policy

    Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Patents and licences are being amortised evenly over their estimated useful life of ten years.

    Other accounting policies

    Basis of preparing the financial statements These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Hire purchase and leasing commitments Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

BLACK PHARMA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 4 4

BLACK PHARMA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2023 0 0
Additions 0 0
Disposals 0 0
Revaluations 0 0
Transfers 370 370
At 31 March 2024 370 370
Amortisation
At 1 April 2023 0 0
Charge for year 0 0
On disposals 0 0
Other adjustments 3 3
At 31 March 2024 3 3
Net book value
At 31 March 2024 367 367
At 31 March 2023 0 0

BLACK PHARMA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 8,093 8,093
Additions 708 708
Disposals
Revaluations
Transfers
At 31 March 2024 8,801 8,801
Depreciation
At 1 April 2023 605 605
Charge for year 2,757 2,757
On disposals
Other adjustments
At 31 March 2024 3,362 3,362
Net book value
At 31 March 2024 5,439 5,439
At 31 March 2023 7,488 7,488

BLACK PHARMA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Debtors

2024 2023
£ £
Trade debtors 1,671 0
Prepayments and accrued income 3,934 37
Total 5,605 37

BLACK PHARMA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 0 3,490
Other creditors 14,448 720
Total 14,448 4,210

BLACK PHARMA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Loans to directors

Name of director receiving advance or credit:
Description of the transaction:
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: K Sowemimo
£
Balance at 31 March 2023 37
Advances or credits made: 37
Advances or credits repaid: 37
Balance at 31 March 2024 37

COMMUNITY INTEREST ANNUAL REPORT

BLACK PHARMA CIC

Company Number: 13277801 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

During the financial year of Mar 2023 - Mar 2024, Black Pharma benefited the community in the following ways: Mentorship Programme Delivered our 2023/24 Mentorship Programme, sponsored by a pharmaceutical employer. Black Pharma’s Mentorship Programme is designed to provide 6 months of dedicated 1:1 support to mentees to enhance their professional development. The 2023/24 programme included 100 participants (46 mentees and 54 mentors), with 70% rating the programme 5 stars. Collectively, participants contributed 10,000 hours of mentee-to-mentor engagement. Career Fairs Hosted both in-person and virtual Black Pharma stands at career fairs at Brunel University, University of Bristol, Loughborough University, and Hertfordshire University, where our Brand Ambassadors shared valuable information about career opportunities within the pharmaceutical industry. Reach Society Career Fair: Hosted a Black Pharma stand at the 2023 Reach Society Career Fair, a social enterprise event encouraging, motivating, and inspiring young people to realise their potential. Events Black Pharma organised a range of impactful in-person and virtual events, including: Networking Events: Hosted two in-person networking events with 102 attendees, providing opportunities for our community members to connect and share experiences. Educational and Community Events: Facilitated virtual “fireside chats” discussing key diversity and inclusion topics relevant to the pharmaceutical industry. Delivered a virtual CV and Cover Letter Workshop for students and early career professionals. Annual Summit: Hosted our first-ever Annual Summit, “Together We Can: Amplifying Diverse Voices,” attended by 167 delegates and four diversity partners. The summit featured panel discussions, networking opportunities, and shared insights that empowered beneficiaries to thrive.

Consultation with stakeholders

Black Pharma’s stakeholders include our members, followers, customers, sponsors, and educational institutions (i.e., universities). We engage with our stakeholders to get feedback on the services we provide and suggestions on how we can better serve the community in the following ways: Black Pharma has engaged with various stakeholders to ensure a holistic approach to community service. Our primary stakeholders include our members, followers, customers, sponsors, and educational institutions, particularly universities. To foster open communication and collaboration, Black Pharma has employed several consultation methods throughout the reporting period: Member Surveys: Regular post programme and/or event surveys are conducted among our members to gather their opinions on the quality of our services, their needs, and areas for improvement. Sponsor Meetings: We maintain an ongoing dialogue with our sponsors to understand their expectations, align our goals and ensure our initiatives align with their corporate social responsibility objectives. Educational Institution Collaborations: Regular meetings and collaborations with universities help us stay connected with academic institutions. These interactions enable us to align our programmes with educational needs and identify opportunities for mentorship and skill development. During the reporting period, the following actions were taken: Service Enhancements: Based on member and customer feedback, we have implemented enhancements to our services, including updates to our programmes, website, and stakeholders support processes. Community Outreach Programmes: Stakeholder suggestions, specifically from our pharmaceutical employer, inspired the creation of a new community outreach programmes ‘Cultivate’ career programme in partnership with a pharmaceutical employer. Cultivate was a 4-week long online programme for students, graduates and early career professionals, providing foundational industry knowledge and training for a successful career in industry’ Sponsorship Programme Improvements: Feedback from sponsors informed adjustments to our sponsorship mentoring programme, ensuring that they align more closely with the values and goals of our corporate partners. We introduced the Black Pharma’s Mentorship Programme which was designed to provide 6 months of dedicated 1:1 support to mentees to support their professional development and allowed our sponsors pharmaceutical employers to provide mentors to supplement the industry knowledge and skills component of the programme. Educational Initiatives: Collaboration with educational institutions has led to the development of tailored educational initiatives, including student led workshops by Black Pharma’s Brand Ambassadors and peer-to-peer in-person and social networking.

Directors' remuneration

The total amount paid or receivable by Director Amponsah Adjalo Ms J in respect of qualifying services was £3,750 There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
21 November 2024

And signed on behalf of the board by:
Name: S Oyesola
Status: Director