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2020-12-31-accounts

Charity Registration No. 1132901

Company Registration No. 06230101 (England and Wales)

HOMEOPATHY RESEARCH INSTITUTE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

HOMEOPATHY RESEARCH INSTITUTE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Dr A L Tournier Dr P Viksveen Mr C J Wansbrough Dr A H A Ross (Appointed 2 July 2021)

Secretary Mrs J Johnson Charity number 1132901 Company number 06230101 Registered office International House 142 Cromwell Road Kensington London SW7 4EF Independent examiner Tessa Fowler BA FCA C/o HSP Tax & Accounts Ltd Whiteacres Cambridge Road Whetstone Leicestershire LE8 6ZG

HOMEOPATHY RESEARCH INSTITUTE

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the accounts 11 - 22

HOMEOPATHY RESEARCH INSTITUTE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The trustees took the decision to change HRI’s year end from 30 April to 31 December, effective from 2019 onwards, in order to synchronise with the year end of HRI’s wholly owned subsidiary company – Homeopathy Research Enterprises (HRE). Although this report covers a full financial year (1 Jan – 31 Dec 2020), it should be noted that comparative figures stated for the previous year cover an 8-month period throughout, running from 1 May – 31 Dec 2019.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Coronavirus pandemic

In spring 2020, there was an outbreak of Coronavirus which developed into a global pandemic. Although this had a significant impact on HRI’s operations, the charity has continued to fulfil its charitable aims during 2020 despite the challenges faced. Solid progress has been achieved in many areas of HRI’s work by adapting to the new circumstances. However, an approximate six month delay in implementing key components of the HRI Strategic Plan for 2020 proved unavoidable, due to a combination of pandemic-related factors including reduced personnel availability and restrictions on domestic and international travel.

HRI was very fortunate that donations for 2020 were unaffected, so there has been no detrimental financial impact on the charity thus far – in fact fund balances held are unusually high due to the reduced expenditure associated with the impact of the pandemic on our activities (see financial review below). Donors have been made aware of this situation and have been understanding of the delays in deploying their funding, given the extraordinary circumstances.

The Board and Management Team continue to keep the position under review and make strategic decisions based on their assessment of current and future developments.

Our aims and objectives

Purposes and aims

The Homeopathy Research Institute (HRI) is an innovative international charity created to address the need for high quality scientific research in homeopathy. The Institute used its resources and expertise to foster new projects and to improve the quality of research being carried out in the field.

There has been no change in these objectives during the year.

Ensuring our work delivers our aims

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Our activities

A key activity of the Homeopathy Research Institute is delivery of our international homeopathy research conferences which attract ~250-300 delegates from ~30 countries. HRI Conferences, recognised as the leading event of their kind worldwide, are held every two years, hosted at various European locations. Despite preparations being well underway for the 5 th HRI international Research Conference scheduled for June 2021, in response to the pandemic, the decision was taken to postpone this event, and this is now due to take place in 2022.

HOMEOPATHY RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

HRI’s ongoing long term collaboration with the Australian Homeopathic Association (AHA) to challenge the inaccurate 2015 NHMRC ‘Australian Report’ was another high priority. HRI’s scientific experts continued to provide input into the ongoing investigation by the Commonwealth Ombudsman into NHMRC’s actions, as well as working to correct misinformation regarding this issue at an international level. During this period, HRI has also provided input into the NHMRC’s next review of this topic (the Homeopathy Review 2019-2020) having been recognised by the Australian Department of Health as an ‘interested stakeholder’.

In addition to publication of the HRI London 2019 Conference proceedings in the journal Homeopathy , HRI was delighted to see publication this year of Part 3 of the extensive review of physicochemical experiments in homeopathy by a team led by HRI Executive Director, Dr Alexander Tournier. This publication in JACM , cofunded by HRI, provides insights into the best ways forward for investigating mode of action of homeopathic medicines. 2020 also saw publication of an HRI-funded survey in BMJ Paediatrics Open by Dr Philippa Fibert and Dr Clare Relton, assessing which resources (including homeopathy) are used by families in the UK to manage attention-deficit/hyperactivity disorder (ADHD).

The HRI website continues to reach an ever-growing audience and is recognised as the leading website on homeopathy research worldwide. Our English website is visited by users as distant as North America and Australia/Oceania. In response to demand, we have continued to invest significantly in translation of our online resources. In 2020 we were delighted to launch the full HRI website in French and to have expanded our most popular asset – the Homeopathy FAQs – from 10 to 12 languages.

HRI personnel disseminated the findings of high quality research in homeopathy via invitations to present at various conferences and other external events around the world. As these presentations were moved online due to the pandemic, larger audiences were reached than in previous years.

How our activities deliver public benefit

Members of the public need accurate and up-to-date information in order to make informed choices about healthcare options, including homeopathy. The Trustees therefore believe there is a clear benefit from a number of the Institute's activities, including:

HOMEOPATHY RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

The Trustees are mindful of the necessity to generate sufficient incoming resources to fund both projects and the Institute's other activities. Research project funding commitments are relatively short term and the Trustees only commit to funds currently in hand.

HRI’s income from donations in Jan-Dec 2020 was £493,995, comprising £486,513 unrestricted funding and £7,482 restricted funding. This compares with £327,511 the previous period comprising £160,529 unrestricted funding and £166,982 restricted funding.

Given that £493,995 was raised over 12 months, compared to £327,511 over the previous 8 months, there has been an overall increase in donations, reflecting HRI’s increased focus on fundraising activities this year.

The usually high closing balance in unrestricted funding of £510,804 at 31 December 2020 reflects the impact of the pandemic which caused delays in major activities, and delayed implementation of operational changes planned for 2020, including expansion of the core team through recruitment of two new members of personnel. The existing funds will be used as intended to carry out these activities in 2021.

Investment policy

Aside from retaining a prudent amount in reserves each year, most of the charity’s funds are spent in the short term, so funds are not available for long term investment.

Reserves policy

The Board of Trustees has examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of annual expenditure.

Our operational reserves at the close of the previous financial year were equivalent to 6 months’ annual expenditure. This year, due to lower than planned expenditure, the funds held exceed 6 months’ annual expenditure.

P lans for the future

The charity plans to continue the activities outlined above in forthcoming years, subject to satisfactory funding arrangements.

Operational changes planned for 2020 which could not be fulfilled will be implemented in 2021, including expanding the HRI team to attempt to meet the overwhelming demands currently placed on the charity’s core team. This will include recruitment of a full time researcher to expand our capacity for academic projects and a part-time administration assistant to support the work of the existing team.

Fundraising efforts will continue across a range of income streams to fund more vital research and to address the key financial risk, in common with most charities, of maintaining voluntary income.

HOMEOPATHY RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management

HRI is registered as a charity in England and Wales.

The charity is also a company limited by guarantee, a deed of trust, and constitutes a company limited by guarantee.

HRI’s governing instruments are a Memorandum and Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr A L Tournier Dr P Viksveen Mr C J Wansbrough Dr A H A Ross (Appointed 2 July 2021)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Dr A L Tournier, Trustee, receives funds in respect of research work carried out on behalf of the charity and fulfilment of his role as Executive Director. Full disclosure of the amounts is given in the notes to the accounts.

Recruitment and appointment of Trustees

The power to appoint new Trustees rests with the current Trustees and if it is felt appropriate, they will look for new Trustees with relevant skills and experience. New Trustees are appointed following a successful interview with the existing Trustees.

Organisational structure

The Trustees delegate the responsibility of ensuring policies and procedures are carried out and the operational management of the charity to the Chief Executive, Ms Rachel Roberts. She heads up our staff team, made up of employees and contractors, who advise on and deliver the work of the charity.

Staff management

HRI is fortunate in having skilled and dedicated people, both as employees and contractors. In this financial year the HRI team comprised 2 full time employees and 5 contractors. The pay of all staff is reviewed annually and any increase relating to cost of living may take into consideration external factors, such as the economic environment a n d market rate reviews, as well as the charity’s financial position.

Trading

HRI has one subsidiary, Homeopathy Research Enterprises Limited, wholly owned and registered in England and Wales. The principal activity of this company is the provision of the HRI International Research Conferences.

Risk management

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The main major risks identified relate to maintaining voluntary income and the performance of our Research Conferences and funded projects.

HOMEOPATHY RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees' r eport was approved by the Board of Trustees.

Dr A L Tournier

Trustee Dated: 24 September 2021

HOMEOPATHY RESEARCH INSTITUTE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees, who are also the directors of Homeopathy Research Institute for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

HOMEOPATHY RESEARCH INSTITUTE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF HOMEOPATHY RESEARCH INSTITUTE

I report on the financial statements of the charity for the year ended 31 December 2020, which are set out on pages 8 to 22.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Homeopathy Research Institute for the purposes of company law, are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of The Institute of Chartered Accountants in England and Wales.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

Tessa Fowler BA FCA

C/o HSP Tax & Accounts Ltd Whiteacres Cambridge Road Whetstone Leicestershire LE8 6ZG

Dated: 24 September 2021

HOMEOPATHY RESEARCH INSTITUTE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
2
486,513
7,482
Charitable activities
3
4,036
-
Investments
4
-
-
Total income
490,549
7,482
Expenditure on:
Raising funds
5
15,570
-
Charitable activities
6
184,495
16,660
Return of unused funds to donor
11
-
29,676
Total resources expended
200,065
46,336
Net incoming/(outgoing) resources before
transfers
290,484
(38,854)
Gross transfers between funds
(1,157)
1,157
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
289,327
(37,697)
Other recognised gains and losses
Other gains or losses
13
5,665
-
Net movement in funds
294,992
(37,697)
Fund balances at 1 January 2020
215,812
157,459
Fund balances at 31 December 2020
510,804
119,762		 Total
Total
202031 Dec 2019
£
£
493,995
327,511
4,036
10,402
-
2
498,031
337,915
15,570
3,993
201,155
317,562
29,676
-
246,401
321,555
251,630
16,360
-
-
251,630
16,360
5,665
1,125
257,295
17,485
373,271
355,786
630,566
373,271

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

HOMEOPATHY RESEARCH INSTITUTE

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2020
£
56,572
583,766
640,338
(9,890)		 £
18
100
118
630,448
630,566
119,762
510,804
630,566		 31 Dec 2019
£
£
67
100
167
115,157
305,894
421,051
(47,947)
373,104
373,271
157,459
215,812
373,271

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on 24 September 2021

Dr A L Tournier

Trustee

Company Registration No. 06230101

HOMEOPATHY RESEARCH INSTITUTE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities
Cash generated from operations
24
Investing activities
Interest received
Net cash (used in)/generated from
investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
£
-		 £
277,872
-
-
277,872
305,894
583,766		 31 Dec 2019
£
£
76,102
2
2
-
76,104
229,790
305,894

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Homeopathy Research Institute is a private company limited by guarantee incorporated in England and Wales. The registered office is International House, 142 Cromwell Road, Kensington, London, SW7 4EF.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

All i ncome is recognised when the charity has entitlement to the funds, it is probable that the i ncome will be received and the amount can be measured reliably.

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised as soon as a liability is probable.

Expenditure is classified under the following activity headings:

Allocation of support costs:

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. These costs have been included under the heading of charitable activities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers

33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiary undertakings are shown at cost.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash and short-term highly liquid investments with a short maturity of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The trust 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.

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2020
2020
£
£
Donations and gifts
486,513
7,482
3
Charitable activities
Unrestricted
funds
2020
£
Services provided under contract
4,036
4
Investments
Interest receivable		 Total
Total
202031 Dec 2019
£
£
493,995
327,511
Total
31 Dec 2019
£
10,402
TotalUnrestricted
funds
202031 Dec 2019
£
£
-
2

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Raising funds

Unrestricted
funds
2020
£
Fundraising and publicity
Other fundraising costs
7,685
Staff costs
7,885
Fundraising and publicity
15,570
15,570		 Total
Total
202031 Dec 2019
£
£
7,685
1,533
7,885
2,460
15,570
3,993
15,570
3,993

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

6 Charitable activities

Research
projects
Research
facilitation &
dissemination
Project
management &
development
£
£
£
Staff costs
753
47,466
67,206
HRI Core Team Consultants
2,706
12,030
21,201
External Contractors
4,966
699
-
Research funding & support
9,604
-
-
External Conferences and collaborations
-
2,500
-
Travel & Subsistence
36
12
4,104
Post, telephone, stationery & sundries
-
110
4,024
Accountancy
-
-
-
Insurance
-
-
-
Software & IT
-
240
3,371
Legal and professional fees
-
9,188
2,838
Depreciation
-
-
-
Contribution towards HRI conference
-
-
-
Rent
-
-
5,634
18,065
72,245
108,378
18,065
72,245
108,378		 Other
£
-
-
-
-
-
-
-
1,104
1,314
-
-
49
-
-
2,467
2,467		 Total
2020
Total
31 Dec 2019
£
£
115,425
71,852
35,937
61,564
5,665
11,441
9,604
116,987
2,500
363
4,152
6,687
4,134
8,170
1,104
600
1,314
-
3,611
2,073
12,026
42
49
33
-
37,750
5,634
-
201,155
317,562
201,155
317,562

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

7 Grants payable

Donations to Stiftung für Wasserforschung to support the Water Research
Project (see note 18)
Contribution to HRI Conference - below
Bursary fund donations to individuals
Total		 202031 Dec 2019
£
£
9,604
111,236
-
37,750
-
750
9,604
149,736

Other

The biennial HRI Conferences are organised by Homeopathy Research Enterprises Ltd, the subsidiary company. The conference in 2019 was a milestone event as referred to in the Trustees Report. Recognising the additional costs that would be involved in hosting such an event, Homeopathy Research Institute agreed to make a grant to Homeopathy Research Enterprises to help cover these costs.

8 Trustees

No expenses were paid on behalf of or reimbursed to Trustees acting in that capacity (period to 31 December 2019: £Nil).

Dr A L Tournier, Trustee, was paid consultancy fees of £12,226 (8 months to 31 December 2019: £7,794). This is in respect of research work carried out on behalf of the Charity. The remuneration was paid in accordance with the provisions of the governing document of the Charity.

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2020
31 Dec 2019
Number
Number
2
2
2020
31 Dec 2019
£
£
112,181
67,455
9,070
5,600
2,059
1,257
123,310
74,312

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Employees (Continued)
The number of employees whose annual remuneration was £60,000 or
more were:
2020 31 Dec 2019
Number Number
£60,000 - £69,999 1 -

10 Key management personnel

The total employment benefits, including employer pension contributions and employer National Insurance contributions of the key management personnel amounted to £93,419 (8 months to 31 December 2019: £56,070).

11 Return of unused funds to donor

Restricted Total
funds
£
2020 31 Dec 2019
Return of unused funds - see note 18 29,676 -

12 Fees to Independent Examiner

Fees paid to the Independent Examiner in relation to accounting services amounted to £600 (8 months to 31 December 2019: £600).

13 Other gains or losses

Other gains or losses
Unrestricted Total
funds
2020 31 Dec 2019
£ £
Foreign exchange losses/(gains) (5,665) (1,125)

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14
Tangible fixed assets
Cost
At 1 January 2020
At 31 December 2020
Depreciation and impairment
At 1 January 2020
Depreciation charged in the year
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
15
Fixed asset investments
Cost or valuation
At 1 January 2020 & 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
Other investments comprise:
Notes
Investments in subsidiaries
23
16
Debtors
Amounts falling due within one year:
Amounts owed by subsidiary undertakings
Other debtors		 Computers
£
2,442
2,442
2,375
49
2,424
18
67
Other
investments
100
100
100
2020
31 Dec 2019
£
£
100
100
2020
31 Dec 2019
£
£
52,784
115,157
3,788
-
56,572
115,157

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

17 Creditors: amounts falling due within one year

Other taxation and social security
Other creditors		 2020
31 Dec 2019
£
£
6,969
5,308
2,921
42,639
9,890
47,947

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at 1 Incoming Resources Transfers Balance at 31
January resources expended December
2020 2020
£ £ £ £
£
Blackie Grant 30,000 - (30,057) 57
-
Fibert ADHD Trial & PhD 36,008 - - -
36,008
Teut SR Collaboration 21,372 - (1,673) -
19,699
MHC Educational Grant Scheme 11,716 - - -
11,716
Mosley Arnica 238 7,482 (4,325) 1,100
4,495
Clinical data updates (formerly Raw
IBS Service Evaluation) 2,016 - (640) -
1,376
Water Research Laboratory 56,109 - (9,641) -
46,468
157,459 7,482 (46,336) 1,157
119,762

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Restricted funds

(Continued)

The restricted funds are as set out below:

Blackie Grant

HRI successfully applied for a grant from the Blackie Foundation Trust to be used for novel veterinary research. An extensive scoping process for this project was undertaken in 2019 and it was expected that activity would commence in 2020. However, due to the coronavirus pandemic it became clear that the proposed trial would not be able to take place for the foreseeable future and the decision was taken to return the unspent element of the grant to Blackie Foundation Trust.

Fibert ADHD Trial & PhD

HRI has been supporting a randomised controlled trial assessing the effectiveness of homeopathic treatment for children diagnosed with ADHD. This comprised two types of financial support - an HRI PhD Studentship which provided the researcher with a monthly stipend for the duration of her doctorate (now completed), and the direct costs of the trial itself (ongoing).

Teut SR Collaboration

This fund was intended for a collaboration with Dr Michael Teut on a systematic review of the evidence for homeopathy in infectious diseases treated with antibiotics. As reflected by the minor expenditure from this fund, progress was limited due to multiple challenges faced by key co-authors during the pandemic. As publication has not been achieved within 2 years of the literature search, significant extra work would be required to reactivate this project and produce a sufficiently current and robust review. Given the scarcity of HRI academic personnel time, the decision was taken for HRI to step down from this collaboration in order to focus our limited resources on other projects. The future of this fund will be considered by the Board, in consultation with the donor.

MHC Educational Grant Scheme

Donation of £20k from Manchester Homeopathic Clinic to be used to support education of homeopaths in homeopathic research via a series of 'HRI Educational Grant' schemes. In accordance with the wishes of the donor, this funding is made available to UK residents via periodic grant calls, and supports successful applicants in attending the biennial HRI Conferences.

Mosley Arnica

HRI is acting as fund-holder and administrator for a project conducting a systematic review of the evidence for the homeopathic medicine Arnica montana.

Clinical data updates (formerly Raw IBS Service Evaluation)

With the permission of the donors, this fund was reassigned to a new project i.e HRI commissioned Dr Robert Mathie to conduct a 5-year update of his 2014 analysis of the overall balance of evidence from placebo-controlled randomised clinical trials of homeopathy (% of positive, negative and inconclusive studies).

Water Research Laboratory

A restricted fund to finance the 'WRL project' investigating the mechanism of action of homeopathic medicines. The project, led by Dr Alexander Tournier, is taking a multidisciplinary approach to exploring novel water structures, with a particular focus on the theory of quantum coherence domains.

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

19
Analysis of net assets between funds
Unrestricted
Restricted
2020
2020
£
£
Fund balances at 31 December 2020 are
represented by:
Tangible assets
18
-
Investments
100
-
Current assets/(liabilities)
510,686
119,762
510,804
119,762		 Total
Total
202031 Dec 2019
£
£
18
67
100
100
630,448
373,104
630,566
373,271

20 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2020 31 Dec 2019
£ £
Within one year 6,244 -

21 Related party transactions

Transactions with related parties

During the year the charity made payments to Trustees as disclosed above.

22 Coronavirus Pandemic

As noted in the Trustees' Report, in spring 2020, there was an outbreak of Coronavirus which developed into a global pandemic. Given that HRI managed to fulfil its charitable aims in 2020 despite the challenging circumstances, and the pandemic has not had any detrimental effect on the charity’s income , the trustees are of the opinion that HRI is able to continue to fulfil its objectives over the next 12 months.

23 Subsidiaries

These financial statements are separate charity financial statements for Homeopathy Research Institute Limited.

Details of the charity's subsidiaries at 31 December 2020 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Homeopathy Research UK Provision of information on Ordinary 100.00
Enterprises Ltd Homeopathy Research shares
Enterprises Ltd

HOMEOPATHY RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

23 Subsidiaries

(Continued)

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking
Profit/(Loss)
Capital and
Reserves
£
£
Homeopathy Research
Enterprises Ltd
(36,674)
24
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
(Decrease)/increase in creditors
Cash generated from operations		 2020
31 Dec 2019
£
£
251,630
16,360
-
(2)
5,665
1,125
49
33
58,585
19,135
(38,057)
39,451
277,872
76,102