Charlty registration number 1132901 (England and Wales
Company reg15tration number 06230101
HOMEOPATHY RESEARCH INSTITUTE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Doc ID: 23ba9c743a1011a57a3dd7661ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
A L Touinier
Mr C J V*lansbrough
DrAHARoss
MrA F T Winkler
Secretary
Mr B Dowdeswell
Charity number IEngland and Wale8>
1132901
Company number
I￿230101
Registered offl¢e
Internalional House
142 Cromwell Road
Kensinglon
London
Sv￿1 4EF
Audltor
Mander Duffill
The Old Post Office
41-43 Market Place
Chippenham
Wlllshire
SN15 3HR
Doc10'. 23ba9c743a1011a57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
CONTENTS
Page
Twslees, report
Slalemenl of trustees, responsibilities
Independent auditor's feport
Stalem8nt of ffinancial activities
10
8alance sheel
11
Slatemenl of cash Ilows
12
Notes lo the accounts
13-26
Do¢ ID.. 23ba9¢74381011a57a3dd7681a¢7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their reporl and fnan¢ial slalements for the year ended 31 Oecember 2024.
The accounts have been prepared in accordanc8 With the accounling policies set out in note 1 to the accounls
and Comply wilh the charily's governing documenl. the Companies Ad 2006 and "Accounling and Reporting by
Charities: Statement of Recommended Practice applicable lo charities preparing their a¢counls in accordance
wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (as amended for
accounting periods commencing from 1 January 2016)
Our alms and obJectlve8
oses and ain)s
The Homeopathy Research Instilule (HRI) is a UK-based charity dedicaled to prornoting high-quality sclenllfic
research in homeopalhy al an internalional level. The Inslilule used ils resources and expertise lo foster néw
projecls. improve Ihe qualily of research being carried out in Ihe field and communicate the existlng evidence on
homeopalhy to new audiences.
There has been no change in these objectives during Ihe year.
Ensurin
our woTk delivers our ai
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what aclivilies the
chafily should undertake.
The Homeopathy Research Institute (HRI) team engaged in a typically diverse range of acllvilies In 2024, all of
which conlribuled effectively to eilher generaling new high quality research in homeopalhy or communicating lh&
evidence base. As such, all actlvilles fulfilled HRI'S slialegic aims and objectives.
HRI'S biennial inlernalional homeopalhy researd) conferences - recognised as the leading evenl of Ih8ir kind
worldwide
provide a professional plalform for researchers lo present Iheir findings and a unique forum for
inleinalional collaboration. Preparalions for Ihe 6th HRI International Research Conference 'HRI Gr8ec8 2025,
progressed on schedule, with widespread positive feedback following announ¢emenl of the location in
Thessaloniki and our emlnenl keynote speakers.
Six active HRI research projects progiessed in 2024. with one reaching complelion (olills media revlew) and one
new PfO3ecl being launched (Crealing a core outcome sel for acule otilis media). Two scienlific publications were
generated
the acute olilis media systematic rewew related lo antimicrobial resistance (Perry et al.
H81ion, 2024) and a third paper from the ongoing Clificol data collection project {Toumiei el al. OBM Inlegratlve
and Complemenlary medI￿ne, 2024).
On requesl, HRI responded Io fequesls for information andlor provided academic input to multip18 8xlemal
projects throughout the year. This activity took various forms. including pro bono advice to support academic5
involved in homeopathy research for other organisalions and acceptir)g invitations lo peer review articles
submitted lo journals for publl¢alion.
Ooc ID: 23ba9c743a1011a57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
The HRI'S academic team disseminaled the findings of high-quality research in homeopalhy at an unprecedenled
level by accepting invitations lo deliver 22 presenlalions at external events in 12 counlries, including
conferences. webinars and expert meetings <2023: 15 evenls in 6 counlfies).
The HRI website - available in three languages (English, French and German) conlinues Io feach an ever-
growing audience. and is recognised as Ihe leading websile on homeopalhy research worldwide. HRI'S
Homeopathy FAQS
presenled in 12 languages - continues to be the mosl well-used HRI communications
re$our¢e. The scientific contenl of the FAQS and Resources se¢lion of Ihe HRI website unde￿ent regular
updates in 2024 to r8f]ecl the lalest developments in Ihe field, providing an essential and unique resource on this
topic.
A key communicalions highlight for 2024 was publication of the 'HRI Evldence Summary.. providing a much-
needed a¢ademi¢ally robust. yet easy lo read. single document on homeopathy research.
Rellecting on anolher year of intensrve ac11¥￿tIeS, the Twstees noled that extensive pogllive feedback In 2024 has
provided on-going cnnfirmalion Ihal the Inslilute's work is highly valued for our unlque combination of high-level
academic expertise, and ability lo create eaSY-l￿UnderSIand materials making ihe science on this IopiG availab18
lo a wide audience, including th8 general public, patients and decision-makers alike.
urac
ies deliver
Members of the public need aceurate and Upl￿date Information in order to make informed choices about
healthcare options, Including homeopathy. The Trustees therefore believ8 Ih8Te is a clear benefit from a number
of Ihe Instilute's aclivilles, including-
Conducting and assisling wilh novel fesear¢h into homeopathic medicines and treatment
Holding conferences and expert meetings lo facilitate international ¢ollal)orallon between fesearcheis
and dlssemlnation of the lalesi findings In the field
Communicating accurale and up-lo-dale information about homeopathy research to prof8S8ionals and
the public via printed material. webslte. social media and eleclroniG newsletters.
Doc10: 23ba9c743a1011a57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
The TrLfslees are mindful ol the necessity to generate sufficienl incoming resources to furKI bolh scientific
research projects and Ihe Inslitule's other activit18s. Research projecl funding commilmenls are relatively short
term and the Truslees only commit lo funds currently in hand.
HRI reports a surplus for the year of £1,122,354 on total expendilure of £490,511. increasing fund balances to
£1.612.889.
Income rose from £712,871 in 2023 to £1.612.865 in 2024. due primarily to a subslanlial one-off r8sliicled
donalion and associated Gift Aid. Tolal donation income in 2024 was £1,582,145, comprising £559,213
unrestri¢led and £1.022.932 rèstricted funding.
This compares lo total donations in 2023 of £577,882, of which £425,614 was unreslricled and £152,268
restricted. The increase is largely attributable lo a significant reslricled donalion of £800,000 from Iwslee Mr C J
Wansbrough, plus Gift Aid. This donation was givèn specifically lo support HRI'S research activilles, with the
express inslruclion Ihal the capilal be invested and the inveslment in¢om8 used lo fund research. These funds
are held within Ihe 'Wansbrough Research. reslricled fund.
In ac¢epling this significant donation from a trustee. Ihe charity has underlaken due diligence and sought
professional advice to ensure compliance with governance best praclices and regulatory requirements. The
Board has reviewed and formally approved the donation in accordance with ils conflicls of interesl policy,
ensuring that the process was Iranspaienl. robust, and In Ihe besl inleresls of Ihe charity.
Expenditure decreased from £643.480 in 2023 10 £490.511 in 2024, reflecling the absence of cycllcal blennlal
conference costs. Key costs remain focused on core staffing, research project dellvery. and research-related
communlcalions.
The Charity reported a strong unrestricted surplus of £89,783 in 2024. This oulcome reflects light cost control and
continued Support from donors. si9nificanlly slrenglhening HRI'S unreslricted reserves position.
This result supports Ihe Truslees. slralegic financial objective to bulld and mainlain unrestricted reserves
equivalent to 12 months of operalional expenditure by Ihe end of 2025, enabling HRI to remain stable in a
challenging funding environment.
During the year, the Charily resolved an historical inlercompany balance with 11$ wholly owned subsidiary,
Homeopalhy Research Enterprises Ltd, by writing off Ihe outstanding balance (see Note 8). This accounting
lieatrnent, approved by the Trustees and based on Professional advice. beller reflects Ihe economic reality of the
group slruclure and does not affect Ihe consolidaled posilion.
Inves
ment oli
The charily invests capital funds to generate passive income supporting operational Costs and specific research
aclivily, as well as providing a contingency to support Ihe reserwos policy in times of crisis. Investments are
managed for the medium to long temi, wilh a focus on generating regular income and modest capital growlh.
Investment decisions are made wilh due regard to risk, diversification, liquidity. and ethical ￿nSIderatIOns. The
charity avoids investments deemed inconsistent wilh ils values and minimal risk slralegy. Investmenl
performance is reviewed quarterly and reported lo the Board of Trustees biannually. with additional reporting
should Ihe need arise.
Doc10: 23ba9c743a1011a57a3dd7681 ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
erves
The Truste8s aim to maintain unrestricted reserves equivalenl to 12 rnonlhs of operaling expenditure by lh8 end
of 2025. This largel is aligned with Charity Commission (CC) guidance (i.e. Ihe level of reserves should reflecl
Ihe particular circumstances and commitmenls of the individual charity - para 3.4: Building resilience) and
reflects HRI'S calegorisalion by the CC as a 'large charily, (income > £500k per year}. These reserves provide
rinandal slabilily, protects against income volatility. and enables long-lerm planning for oulpul and operation8.
The reserves level is reviewed annually lo ensure it remains appropriate for the charily's needs and risk profile.
Plans for Ihe future
The charity plans to continue the key activities oullined above In forthrA)ming years, subject to satisfaclory
funding arrangements.
Successful recnjilment in Q4 2023 HRI ol Iwo part-time researchers, enabled us to expand Ihe Institute's
academic capacity from January 2024 onwards, conlribuling to our highest level of impact to date towards
fulfilrnenl of our Iwo key strategic aims
cL>nlributing lo Ihe generation of new high-quality research in
homeopathy and promoting accurate cornmunicalion of Ihe evidence base. However. further recrullmenl will be
needed in 2025, most urgently a new adminislralive assislant to replace a leam member who sadly passed away
in 2024.
structurei gov?rnance and management
HRI 18 registered as a charity in England and INales.
The charity is also a company limited by guarantee, a deed ol Irust. and conslilutes a company limited by
guarantee.
HRI'S governing Instruments are a Memorandum and Artlcles ofAssociation.
The Iruslees. who are also the directors for the purpose of company law, and who sep4ed during Ihe year and up
lo the date of signature ol the financial statements were..
Dr A L Tournier
Mr C J Wansbrough
DrAHARoss
MrA F T Winkler
t)oc ID.. 23ba9c743a1011a57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
None of Ihe truslees has any beneficial interest in the company. All of the trustees are members of the company
and guarantee to contribute £1 in Ihe evenl of a winding up.
Dr A L Tournier, Trustee, receives lunds in respect of research work carried oul on behalf of the charity and
fulfilment of his role as Executive Direclor. Full disdosure of the amounts is given in the notes to the accounts.
Recruitment and a
ointment of Truslees
The power to appoint new Tfuslees rests with the current Trustees and if it Is felt appropriate, they will look for
new Tfuslees with relevant skills and experience. New Trustees are appoinled following a successful inlefview
with Ihe exisling Tfuslees.
Or
anisali
nal slruclure
The Trustees delegate the responsibility of ensuring policies and procedures are carried out and Ihe operational
management of Ihe charily to the Chief Executive, Ms Rachel Roberls. She heads up our staff leam, made up of
employees and conlradors. who advise on and deliver the work of the charity.
ff mana
emen
HRI is forlunate in having skilled and dedicated people. both as employees and conlraclors. At the close of this
rinan¢lal year, the HRI team ¢onsisls of 3 full lim8 employees. 1 part lime employee and 3 conlractors. The pay
of all staff is reviewed annually and any increase relaling to cost of Ilving may lake inlo consideralion external
factors, such as the economic environment and market rate reviews. as well as Ihe charity's financial po$illon.
din
HRI has one subsidiary, Homeopalhy Research Enlerprises Llmited, wholly owned and registered in England
and Wales. The principal aclivily of Ihis company Is consultancy work, providing expert academic input to
projects relating lo scienlific research. These include, bul are not limited to. projects involving communicating
outcomes from research sludies and improving Ihe quality of new scientific research studies.
Risk mana
emen
The Trustees have assessed the major risks lo which the charity is exposed and are satisfi8d thal systems are in
place to mitigate exposure lo Ihe major risks. The main major risks identified relate to maintaining voluntary
income and Ihe performance of our Research Conferences and funded pro1￿1$.
Audltor
In accordance with Ihe company's articles, a resolulion proposing Ihat Mander Duffill be reappointed as auditor of
Ihe company will be put at a General Meelin9.
The trustees, report was approved by the Board of Truslees.
Dr A L Toumler
Trustee
Dated..
2711012025
Doc ID: 23ba9c743a1011a57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees, who are also the directors of Homeopalhy Research Institute for the purpose of company law. are
responsible for preparing Ihe Trustees. Report and the financial stalemenls in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the tnjslees to prepare financial slatements for each financial year which oive a true and fair
view of Ihe stale of affaifs of the charity and of the incoming resources and application of resources, including the
income and expenditure, of the charitable company for Ihal year.
In preparing these financial stalemenls, Ihe trustees are required to..
select suitable accounting policies and then apply them consislenlly:
obserye Ihe method5 and principles in Ihe Charilies SORP;
make judgements and eslimates Ihal are reasonable and prudent.,
slate whelher applicable UK Accounling Standards have been followed, subjecl to any material departures
dis¢losed and explained in the financial slalem8nls'. and
prepare the financial statements on the goin9 cK)ncem basis unless il 1$ Inappropriate to p￿SuMe Ihal the charity
wlll Continue in opefalion.
The Irustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any lime the financial position of the charity and enable Ihem to ensure that Ihe financial statements comply with Ihe
Companies Act 2006. They are also responsible for safeguarding the assets of Ihe charity and hence for laklng
reasonable sleps for the prevention and detection of fraud and other irregularities.
Do¢10: 23ba9¢743a101 la57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF HOMEOPATHY RESEARCH INSTITUTE
Opinion
We have audited the ffinancial statements of Homeopalhy Research Inslilule {Ihe 'charity') for Ihe year ended 31
December 2024 which comprise Ihe slalement of financial activities, the balance sheet, Ihe stalemenl of cash flows
and notes to the financial stalements, including significant accounting policies. The financial reporling framework
that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards. including
Financial Reporting Standard 102 The Fin8ncial Reporting Slandard applicable in Ihe UK and Republic of Ireland
(Uniled Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial slalemenls:
give a true and lair view of the state of the charitable companrfs affalrs as at 31 Decemb8r 2024 and of its
Incoming resources and application of resources, lor the year then ended:
have been properly prepared in accordance wilh Uniled Kingdom Generally Accepted Accounling Pracllce:
and
have been prepared in accordance with the requirements of the Companies Act 2006.
8a815 for oplnlon
We conducted our audit in accordance with International Standards on Audiling (UK) (ISAS {UK}) and applicable
law. Our responsibilities under those standards are further described in Ihe Auditorfs rnsponsibilili8s for Ihe audit of
the financial slatemenls section of our report. We are independent of the charily in acLordance with lh8 ethical
requirements that are relevant to our audit of the financial statements in Ihe UK. including the FRC'S Ethical
Standard, and we have fulfilled our olher elhi¢al responsibilities in accordance wilh Ihese requlremenls, We believe
that Iha audit evidence we have oblained is sufficienl and appropriate to provide a basis for our oplnlon.
Concluslons relatlng to golng ¢oncern
In audiling the finanaal slatemenls. we have cL)ncluded that the truslees. use of the going concem basis of
accounling in the preparation of th8 financral slalemenls is appropriale.
Based on the work we have perform8d, we have not Idenllfied any material uncertainlles relatlng to events or
condilions that. individually or cKJlleclively. may cast significant doubt on the charily's abilily lo continue as a going
concern for a period of al least ￿e1ve months fiom when the financlal slalemenls are aulhorised for issue,
Our responsibililies and the responslbilttles of the truslees wilh respe￿ io going concem are described in the
relevant seclions of this report.
other informatlon
The olher informatlon comprises the information induded in Ihe annual report other than the financial statements
and our audilorfs report thereon. The truslees are responsible lor the olher infomiallon Contained within the annual
report. Our opinion on the financial statements does not cover Ihe other information and we do not express any form
of assurance conclusion Ihereon. Our responsibility is to read the other infomiation and, in doing so, consider
whether the olher information is malerially inconsistent wilh the financial slalements or our knowledge obtained in
the course of Ihe audil, or otherwise appears to be materially misstated. If we identify such material inconsistencles
01 apparent material misslatemenls, we are required to determine whether this gives rise to a material mlsstalement
in the financial slalemenls Ihemselves. If, based on Ihe work we have performed. we conclude Ihal Ihere is a
material misslatetnenl of this other infonrtrallon, we are required to report that facl.
We have nolhlng lo report in this iegard.
Matters on which we are required to report by exceptlon
We have nolhing to reporl in iespecl of Ihe following mallers in relalion to whlth the Charities (Accounts and
Reports) Regulations 2008 requires us lo ieport to you if. in our opinion..
Ihe informalion given in Ihe financial statemenls is in¢onsistenl in any material respect with Ihe truste8S'
report., or
SUffi￿ent accounling records have not been kept" or
Ihe financial slalements are not in agreement with the accounling records: or
we have not received all the informalion and explanations we require for our audit.
Doc ID.. 23ba9c743a1011a51a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF HOMEOPATHY RESEARCH INSTITUTE
Responslbllltles of trustees
As explalned more fully in the slalemenl of truslees. responsibililies, Ihe trustees. who are also the directors of the
charily for Ihe purpose of company law, are responsible foi Ihe preparation of the financial statemenls and for being
$alisfied that they give a Ifue and fair view, and for such inlernal control as the Irustees delennine is necessary to
enable Ihe preparation of financial statements that are free Ifom material misslalemenl. whelher due to fraud or
error. In preparing Ihe financial slalements, the truslees are responsib18 for assessing the charity's ability lo
continue as a going concern. disclosing. as applicable, matlers related to going ¢on¢em and using the going
concein basis of accounting unless the trustees either tnlend to liquidate Ihe charitable company or lo cease
operations, or have no realislic alternaliv8 but to do so.
Audltorfs responslblli1188 for the audlt of the financlal $tstom¢nts
We have been appoinled as auditor under seclion 144 of Ihe Charities Act 2011 and report in accordance wilh the
Act and relevant regulalions made or having effect Ih8reunder.
Our objeclives are lo obtain reasonable assurance about whelher the financial slatemenls as a whole are free fiom
maleiial misslalement, whelher duè lo fraud or erfol. and to issue an audilofs report Ihal includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee Ihat an audit conducted in accordance
with ISAS (UK) will always delect a material misslalemenl when il exists. Misslatemenls can arise from fraud or
error and are considered material if. individually or in Ihe aggregate, they ￿Uld reasonably b8 expecled lo intluence
the economic decisions of users taken on the basis of Ihese financial slalements.
The extent lo which our procedure5 are capable of detecting iTregulartties. includlng fraud, is delailed b810w.
In planning and designing our audil tests, we identify and assess the risks of malerial mis-statements, whether due
to fraud OT error. Our risk assessment procedures includ8d-
Enquiries of management aboul the entities policies and procedures on compliance wilh laws and regulations and
whether Ihey were aware of any instances of noncompliance together wilh the Internal conlrols established to
miligale risks of fraud or non-cK)mplian¢e with laws and regulations.
Enquiri8s of management about Ihe entilies policies and pioceduies on fraud risks. Includlng any aclual,
suspected or alleged fraud.
Considered the nalure of the industry and sector, control environment and business performance Includlng the key
drivers for directors, remuneration, bonus levels and performance targets.
Reading minutes of meetings of those charged with govemance.
We communicated relevant identified laws and regulalions and potential fraud risks lo all engagement leam
members and remained alert to any Indications of fiaud or non-compliance wjlh laws and regulations throughout the
audit.
We oblained an underslanding of the legal and regulatory frameworks Ihal Ihe entity operates in, Ihrough
discusslons with the director, and from our commercial knowledge and experience ol the sector in which the
company operates, to enable us lo idenlify Ihe key laws and regulations applicable lo the company. We focused on
specific laws and regulalions which we ¢ongidered may have a direct material effect on the finandal slalemenl 01
the operations of the company, including Ihe Companies Act 2006. laxalion legislalion, data proleclion, anli.biibery,
employment, environmental and heallh and safely legislation.
Doc ID: 23bagc743a1011a57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF HOMEOPATHY RESEARCH INSTITUTE
As a result of these pro￿d￿reS. we considered the opportunilies and incenlives Ihat may exisl wilhin the
organisalion foi fraud. In common with all audils under ISAS (UK). we are also requifed to P8rfoim specific
procedures lo respond lo Ihe risk of management override of conlTols including the following..
Reviewing financial stalemenl disclosures and testing lo supporting documentation lo assess compliance wilh
applicable laws and regulalions.
Enquiry of managem8nt concerning actual and potential liligalion and claims.
Reviewing correspondence wilh HMRC, and Ihe company's legal advisors.
Addressing ihe risk of ffaud through managemenl override of controls, testing the appropriateness of journal
entries and other adjuslmenls. assessing whether judgements made in making accounling estimates are indicative
of a potential bias. and evalualing the business ralionale ol any signtficanl transactions Ihal are unusual or outside
the normal course of business.
Owing lo Ihe inherent limilalions of an audit. Ihere 15 an unavoidab18 risk Ihal we may not have d&lècted som8
material misslatemenls in Iha financial statements, even though we have properly planned and performed our audit
in accoTdance wllh audiling standards. The more removed Ihal laws and regulations are from finanrial transactions,
the less likely11 1$ that we would become aware of non-compliance.
In addition. as with any audit, Ihere remained a high8r risk of non-deleclion of fraud. as these may Involve collusion.
forgery, intentional omissions. misrepresentations, (x the override of internal conliols. Our audit procedures are
designed to delect material misstatemenl. We are nol responsible for preventing non.compliance or fraud and
cannol be expected to detecl non-compliance wilh all laws and regulations.
A furih8r description of our responsibilities is available on Ihe Financial Reporting Council's website at.. hllps'.11
Yrnw.frc.org.uklauditOTsr8sponsibilities. This desuiplion forms part ol our audilorfs report.
U80 of our report
This report Is made solely to the charity's Irus188s, as a body. in accordance with Part 4 of the Charities (Accounts
and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo Ihe charity's tfuslees
Ihose matters we are required to slate lo them in an audilor's report and for no other purpose. To Ihe fullest exlenl
permitted by law, we do not accept or assume responsibility lo anyone other Ihan the charily and Ihe charity's
Irustees as a body. for our audit work, for this report, or for the opinions we have formed.
Mander Duffill
Chartered Ac¢ounlanls & Stalulory Auditor
The Old Posl Office
41-43 Market Place
Chippenham
Willshire
SN15 3HR
Dale..
Mander Duffill is eligible for appointment as auditor of Ihe Charity by virtue of ils eligibilily for appolntment as auditor
of a company under seclion 1212 of Ihe Companies Act 2006.
tYo¢ ID". 23ba9c743a1011 a57a3dd7681a¢7b3bca9827¢aa

HOMEOPATHY RESEARCH INSTITUTE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestrlcted Restrlcted
funds
fund$
2024
2024
Total
Total
2024
2023
Notes
Incom• from:
Donalions and legacies
Charitable aclivilies
Inveslmenls
559,213 1,022.932 1,582,145
7.294
7.294
23.426
577,882
134,989
23.428
Total income
566.507
1.046.358 1,612.B65
712,871
Ex
endlture on:
Raising funds
6,722
8,722
8,324
Charitable activilies
468.220
15,569
483,789
635,156
Total re80ur¢e8 expended
474,942
15.569
490,511
643,480
Net Income for the yearl
Net Incomlng resources
91.585 1.030,789 1.122,354
69.391
other re¢ognl8ed galns and1038e8
Other oains or losses
13
(1,782)
(1,782)
{1,767)
Net movement in fund8
89.783 1.030,789 1,120,572
67,624
Fund balances al 1 January 2024
426,213
66,104
492.317
424,693
Fund balances at 31 December 2024
515.998 1.096,893 1.612,889
492,317
The slatemenl of financial aclivilies includes all gains and losses re(x>gnised in Ihe year.
The statement of financial activilies indudes all gains and losses r8cognised in Ihe year. All income and expenditure
derive from continuing activities.
The statement of financial adivilies also complies with the requirements for an income and expendilure account
under Ihe Companies Acl 2006.
10-
Doc ID: 23ba9c743a101 la57a3dd7681ac7b3b¢a9827caa

HOMEOPATHY RESEARCH INSTITUTE
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
2023
Notes
Flxed assets
Tanglble assels
Investments
14
15
816
100
1,827
100
918
1,927
Current assets
Debtors
Cash at bank and in hand
16
29.702
1.644,720
57,125
449,612
1.674.422
506.737
Credltor8: amounts falllng duo within
one year
17
(62,449)
(16,34n
Nel current assets
1.611,973
490.390
Total a88ets less current Ilabllllle8
1.612,889
492,317
Income funds
Restricted funds
Unrestricted funds
18
1.096,893
515.9
66,104
426.213
1.612.889
492.317
These financial statemen1$ have been prepa￿d in accordance with Ihe provisions applicable to companles 8ubjecl
lo the small companies regime.
271TOI2025
The accounts were approved by the Trustees on .........................
Di A L Tournier
TTUStee
Company Reglstratlon No. 06230101
11
Doc ID: 23ba9c743a1011a57a3dd76818¢7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
Cash flows from operating a¢tlvltles
Cash generated from operations
1,171,682
101,364
Invesllng a¢llvltles
Purchase of tangible fixed assets
Interest received
(2.415)
23.426
Not ¢a8h generated froml(used In)
invgstlng actlvltlgs
23,426
(2,415)
Net ca$h used In flnanclng actlvltles
N6t increase In cash and ca8h equlvalents
1.195,108
98,949
Cash and cash equivalenls at beginning of year
449,612
350,663
Cash and cash equlvalents at end of year
1,644,720
449.612
12-
Doc ID: 23ba9c743a1011a57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng policies
Charity Informatlon
Homeopathy Research Inslitute is a private company limited by guafantee incorporaled in England and
Wales. The registered office is Inlernalional House. 142 Cromwell Road, Kensington, London. sihri 4EF.
1.1 Ac¢ountlng conventlon
The accounts have been prepared in accordance with Ihe d)arity'S governing docum8nt. the Companies Acl
2006 and 'Accounling and Reporting by Charities: Slatemenl of Recommended Practice applicable to
charilies preparing their accounts in aC￿rdance with the Financial Reporting Standard applicable in the UK
and Republic ol Ireland (FRS 102). (as amend8d for accounling periods commencing from 1 January 2016).
The charity is a Public Benefit Enllty as defined by FRS 102.
The financial slatemenls are prepared in stefling. which is the funclional currency of the charlly. Monetary
amounts in these financial statements are rounded to Ihe nearest £.
The financlal statements have been prepared under the historical cost Convention. The princip81 accounting
policies adopted are sel out below.
1.2 Golng concern
At Ihe lime of approving the financial stalemenls, the Iruslees have a reasonable expeclalion Ihat Ihe charity
has adequate resources lo conlinue in operational èxistence for lh8 foreseeable future. Thus the Iruslees
conlinue to adopt the going concern basis of accounting in preparing the financial slalemenls.
1.3 Charltablo funds
Unrestricted funds are available for use at th8 discretion of the trustees in furtherancè of thelr charllable
objectives.
Designated funds are unrestricted funds of the charily which the Trustees have decided at their discr81ion to
set aside to use for a Specif￿ purpose. The purposes and uses of the designated funds ara sel out in the
notes to th8 accounts.
Reslricled funds are subject to specific conditions by donors or grantors as to how Ih8y may be used. The
purposes and uses of Ihe festricled funds are set out in Ihe noles to Ihe financial slatemenls.
1.4 Incomlng resourcei
All income is recognised when the charity has enlillement to the funds. it is probable that Ihe Income will be
re￿iVed and Ihe amount Can be measured ieliably.
1.5 Rosour¢e8 expended
Expendilure is recognis8d as soon as a liability is probable.
13-
Doc10: 23ba9c743a1011a57a3dd7681a¢7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Ac¢ountlng pollcles
(Contlnued)
ExpenditUTe is dassified under Ihe following aclivity headings:
Cosls of raislng funds. being the promotion of the work of the Charity
Expenditure on charitable aclivilies, being mainty project fvnding and management
Other expenditure, being amounls not falling into the above headings
Allocation of support costs:
Support costs are those functions thal assisl the work of the charily but do not directly urKlertake charitable
aclivilies. These costs have been included under the heading of charitable aclivilies.
1.6 Tanglble flxed assets
Tangible fixed assets are inilially measured al cost and subsequenlly measured at cost or valuation, net of
depreciation and any impaimient losses.
Depreclalion is recognised so as lo write off Ihe cost or vatuation of assets less their residual values over Ihelr
useful Iiv8s on the following bases..
Computers
33% on ￿$t
The galn or loss arising on the disposal of an asset is determined as Ihe difference between Ihe sale
proceeds and Ihe carrying value of the asset, and is recognised in the slatement of finanual activities,
1.7 Flxed asset Inv6Stments
A subsidiary is an enlity controlled by Iha charity. Conlrol Is the power to govern Ihe financial and operating
policies of Ihe enlily so as lo obtain benefits from ils activities. Inveslments in subsidiary undertakings are
shown at cost.
1.8 Impaimient of flxed assets
At each reporting end dale, Ihe charity reviews Ihe carrying amounts of Ils tangible assets to delemiine
whelher there is any indication Ihal those assels have suffered an impairmenl loss. If any such indicalion
exists, the recoverable amounl of the asset is estimated in order lo determine Ihe exient of Ihe impairment
loss (if any).
1.9 Cash and cash equlvalents
Cash and cash equivalenls include cash and short-term highly liquid inveslments wilh a short maturity of
Ihree months or less, and bank overdrafts. Bank overdrafts a￿ shown wilhin borrowings in current liabililies.
1.10 Financlal Instruments
The Irust only has financial assets and financial liabiliiies of a kind that qualify as basic finanaal instruments.
Basic financial instiumenls are inilially rècognised al transaclion value and subsequently measured at Iheir
settlement value.
1.11 Employee beneflts
The cosl of any unused holiday enlillement is recognised in the period in which Ihe employeè's setvices are
received.
14-
Doc ID: 23ba9c743a101 la57a3dd7681 ac7b3b¢a9827¢aa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
A¢countlng policleg
Icontinued)
1.12 R8tlrement benefits
Payments to defined contribulion retirement benefit schemes are ¢harg8d as an expense as they fall dua.
1,13 Forelgn exchange
Transactions in currencies other than pounds slerling are recorded al the rates of exchang6 prevailing al the
dales of the transactions. Al each reporting end dale, monelary assels and liabilities that are denominated in
foreign curfencies are relranslaled al the rates prevailing on the reporting end dale. Gains and losses arislng
on Iranslalion are Included in nel incomel{expendilure) for the peflod.
1.14 Ba¥ls of Preparatlon- Group Accounts
The charily has a subsidiary underlaking bul has not prepared consolidated financial stalemenls for the year
ended 31 December 2024. This is in accordance with lh8 exemption available under Section 399(2) of the
CompaniesAcl 2006, on the grounds that the subsidiary is immaterial.
The resulls of the subsidiary are not material lo Ihe charily's financial stalemenls. and ils exciuslon does not
8ffe¢l the true and fair view of the financial stalemenls.
Donatlon8 and legacles
Unrostrlcled Re8trlcted
funds
fund8
Total
Tolal
2024
2024
2024
2023
Donations and gifts
559,213 1.022,932
1,582,145
577,882
Charltable activllles
Unrostrlcted
fund$
2024
Total
2023
Conference income
Other income
122,910
12.079
7,294
7,294
134,989
15-
Doc ID: 23ba9c743a1011a57a3dd7681a¢7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Income from investments
Restrl¢ted
fund5
2024
Restrlcted
funds
2023
Interest receivable
23.426
Raising funds
Unrestrlcted
funds
Total
Total
2024
2024
2023
Fundraising
Other fundraislng costs
Staff costs
2,996
3,726
2,996
3.726
5,779
2,545
Fundraising
6,722
6.722
8,324
16-
Doc ID: 23ba9¢743a101 la57a3dd7681 ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Chirltibl• •¢tlYltl
R•1•1￿￿
r¢•¥••r¢h
liellllallon &
dlBs•mlnallon
Oth•r
Tot•1
2024
Tolol
2023
m•o4g•rn•nl &
d•v•lopm•nl
siaff <018
HRI Cw Te8m thwN8rrt*
Exlornal contraclori
R•seari* fvndlng & ivpw1
HRI C￿l*rent*S & Ext•fft￿ Ev¢rn•
Tra¥il & Sub¥hlen¢•
Po$1. le*ph￿•, %la1knory & sundrfe•
Armjnlancy
Srs¥u¥dncè
Sofvwt & IT
L•oal ond wo1•88kJnAlle•i
Oowecialh)n
Ronl al￿￿x￿￿1 l•¥
Lo•nw4h¥t¢ wb65YIgry
15.122
26.383
12.695
13.260
140,358
29.104
03.891
3,977
2,488
243.318
66,51?
12.695
13,515
6,49)
5,141
3.247
26.989
1.487
7.730
12.880
1.011
17,973
52,784
244,570
34,08
975
113.187
137,795
265
6.131
4S
24
193
10,128
15,462
2,078
16,016
15,7eo
26,989
1.487
4.397
4.825
3,892
1.011
17,973
18,877
52,784
72,334
183.652
152,789
83.014
471,789
635,IS6
Audil l¢•
I2,￿)
12.Cfj)
183.652
152.789
75.014
493.789
63S,188
17.
ID.. 23¥th74￿l0lI•S7•3&d7681•¢7ty￿￿9a2Tt*l

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Grants payable
2024
2023
Donation to Universily of Bristol for otitis media syslemattc review
Conlribulions to Cartwright Physico•Chemical Investigalion
Conlribulion to Bern Basophil Proje¢l
Donation to Universily of Technology Sydney lor su￿0Y project
Grants for allending HRI London Conference
Small grants supporting Iwo research projects
21,860
28.000
50,000
8,225
5,302
12.000
1,515
Totsl
13,515
113,187
Loan waiver to Subsldlary
In 2024. the Charity formally resolved an hislorical inlercompany balanc8 wilh its wholly owned subsidiary,
Homeopathy Research Enterprises Ltd (HRE). by wriling off the outstanding amount. This action followed
professional accounling advice and a comprehensive internal review of the subsldiary's financial position.
The decision was approved by the Board of Truslees al ils meeting on 24 Octobèr 2024 and reflects the
practical realities of the group slruclure and Ihe current role of HRE in supporting the Charity's broader
mission. As the organisalion felains full control of HRE. Ihe wrile-off is accounled for as a loan waiver lo Ils
subsidiary and does not impact Ihe consolidaled financial position of the organisalion.
This Ireatmenl ensures the balance she81 more accur31ely reflects Ihe economic substance of the relalionshlp
between the Charity and ils subsidiary. The Truslees consider Ihis an appropriate slep in Ilne wilh good
financial governance and Iransparency.
18-
Doc ID: 23ba9c743a101 la57a3dd7681a¢7b3bca9827¢aa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Net movement In funds
2024
2023
The net movement in funds is slated after chaigingl{crediting)-
Fe8s payable to the charills audilor..
for the audit of the charity's financial statements
for oth6r financial services
Deprecialion of owned langible fixed assets
12,000
852
1.306
1,011
10 Trusteeg
No amounts were ieimbursed lo truslees for expenses Sncurred in acllng in thal capacily.(2023'. Expenses of
£1.225 were reimbursed lo two Iwstees for expenses incurred in acting in Ihal capacity).
Dr A L Tournier, Trustee. was paid consultancy fees and expenses of £15.724 (2023.. £18,061). This is In
respecl of work carrled oul on behalf of the Charity. The iemuneralion was paid In accordan￿ with the
provisions of the governing document ol Ihe Charity.
11 Employees
The average monthly number ol employees during Ihe year was:
2024
Number
2023
Number
Employment costs
2024
2023
Wages and salarles
Social security costs
Other pension cosls
222,230
21,179
3.665
222,550
20.692
3.873
247,074
247,115
The number of employees whose annual remuneration was more than £60.000
is as follows=
2024
Numbor
2023
Numb8r
£80.000 to £90.000
£90,000 to £100,000
19-
Doc ID.. 23ba9G743a1011a57a3dd7681ac7b3b¢a9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11 Employees
Icontlnued)
Remuneration of key management personnel
The remuneration of key managemenl personnel was as follow5..
2024
2023
Total employment benefits, including employer pension ¢onlribulions and
employer National Insurance contributions
103,938
99,202
12 Taxatlon
The charity is exempl from laxallon on its acllvlties because all ils Income is applied for charitable purposes.
13 Other galns or loss•s
Unr•strict•d
funds
Total
2024
2023
Foreign exchange lossesl(gains)
1,782
1,767
14 Tanglble fixed assets
Comput•M
C08t
At 1 J8nuary 2024
6,360
At 31 December 2024
6,360
Depreclatlon and impaim)ent
At 1 January 2024
Depreciation charged in Ihe year
4.533
1.011
At 31 December 2024
5.544
Carrylng amount
At 31 De￿rnb8r 2024
816
At 31 December 2023
1,827
-20-
Doc ID". 23ba9c743a1011a57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15 Foxed asset Investment8
Other
investments
Cost or valuatlon
Al 1 January 2024 & 31 December 2024
100
Carrylng amount
At 31 December 2024
100
Al 31 December 2023
100
2024
2023
Other investments comprise".
Note8
Investments in Subsidiaries
23
100
100
16 Debtors
2024
2023
Amounts falllng due wlthln one year:
Trade debtors
Amounts owed by subsidiary undertakings
Other debtors
4,147
53,458
3,667
25,555
29,702
57,125
17 Crèdltors: amounls falllng due withln one year
2024
2023
Olher laxalion and social security
Trade credilors
Amounts owed lo subsldiary undertakings
Olher creditors
10.463
9,945
783
41.258
9,446
3.531
3.370
62.449
16,347
-21
Doc ID.. 23ba9c743a1011a57a3dd7681ac7b3b¢a9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18 Restrlctsd funds
The restricted funds of Ihe charity comprise the unexpended balances of donations and grants held on twst
subject to specific conditions by donois as to how Ihey may be used.
Movement Sn funds
Incomlng Resources Balance at 31
resources
expended
December
2024
Balancè at 1
January
2024
Cartwright Physico-chemical Investlgations
Malhie Plus SRS
MHC Clinical Research
MHC Educational Grant Scheme
Mosley Arnica Review
Olilis Media Systematic Review
UK TCIM Survey
Wansbrough Research Fund
2,000
12,989
35.455
8.611
4.245
2,804
10,000
4,277
(12,000)
{2,720)
14,546
35,455
8,611
3,805
2,804
8,246
1,023,426
(440)
8,655
1,023,426
(409)
66,104 1.046.358
(15,569)
1,096,893
-22-
Doc ID.. 23ba9c743a101 la57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18 Restrlcled funds
Icontlnued)
The reslflcted funds are as set out below:
Cartwrlght Physlco-chemlcal Investlgatlons
HRI provides financial supporl to an ongoing fundamental science projecl 6xploring the possible mechanism
of aclion of homeopathic medicines by Dr Steven Cartwrighl i.e. using solvalochromic dyes to Investigate the
physico-chemical properties of homeopathic dilulions.
Mathle Plu8 SRS
There is a recognised need for more systematic reviews (SRS) on homeopathy, to clarify th8 slatus of Ihe
existing evidence and lo inform fuluTe research. Thls fund - named in reference lo the seminal work In this
field by Dr Robert Mathie - received funds in 2024 towards new research planned for 2025.
MHC Cllnlcal Research
These funds, provided by Manchester Homeopathic Clinic, have been provided to Support clinical research In
homeopathy. As per the donor's dir8dions. the funds will be allocaled to suitable projecl(s) chosen by HRI.
There have been no financial movemenls on Ihis fund in 2024.
MHC Educatlonal Grant Scheme
A donation of £20k from Manchesler Homeopathlc Cllntc is used lo support educalit)n of homeopalhs In
homeopathic research via a series of 'HRI Educational Grant, schemes. In accordanc8 with Ihe wishes of Ihe
donor, this funding is made available to UK residenls via periodic grant Galls, and has supported successful
appli¢anls in attending the bienni81 HRI Conferences since 2017.
Mosley Arnlca Rovlew
HRI Is acting as fund-holder and adminislrator for Ihls project conducling a sy$tematSc review of the evidence
for the homeopathic medicine Afnica montana. Th1$ project has been on hold since Q4 2021, In 2024,
followlng discussion with lead author Dr Mosley. HRI funds previously provided lo this projecl have been
returned. such that the Institule now only holds external funds for this proj8d which aims to restart Sn 2025.
Otitls Medla Sy8temallc Revlew
These funds support closely associaled projects. A syslemalic revlew of homeopathy in Ihe Irealmenl of
acute olilis media, led by Dr Esther van der Werf in collaboration wilh the Univeisily of Bristol, as well as Dr
Teut at Charilé University, 8erfin, was compleled in 2024. The findings from this sludy dernonstrated a clear
need for a Core Outcome Set for Olilis Media. leading to continuation ol Ihis academic collaboration in the
form of HRI'S new 'COS.OM' project for 2024-2025.
-23-
Doc ID: 23ba9c743a1011a5783dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18 Restrtcied funds
(Continued)
UK TCIM Survay
This reslficled grant funding Irom The Blackie Foundation Tw5t of £7,905 wlll co-fund a scientific survey to
clarify the status of Tradilianal Complementary and Integrative Medicines ITCIM) in the UK, with a specific
focus on homeopathy. This projecl is being conducted in collaboration with ARCCIM at Universily of
Technology Sydney, Australia.
Wan8brough Research Fund
These funds, provided by Mr Charles Wansbrough, are reylricted to Ihe support of homeopathy research
projects. In accordance wilh the donor's instruclions, the capilal is to ba invasled. and any income generated
restricted lo this same purpose. These combined funds are available for allocation to suitable projects{s)
chosen by HRI, which are aligned wilh the Institute's charitable aims.
19 Unrestrlcted fund8
At 1 January
2024
Incomlng Rp8our¢e8
resource•
expended
Transferd
Galns and
losses
At31
December
2024
General funds
426.213
566.507
(474,942)
(1.782)
515,996
Pr6vIou8 yoar: At 1 January
2023
Incomlng Resources
re8ourc8s
expended
Transfer8
Galn8 and
losse8
At31
December
2023
General funds
372,701
560,603
(505,350)
26
(1,767)
426,213
20 Analysls of net a88ets betwe•n fund8
Unrostrlctod R•gtri¢ted
2024
2024
Total
2024
Total
2023
Fund balances at 310ecember 2024 are
represented by:
Tangible assets
Inveslmenls
Current asselsllliabililies)
818
100
515.080
816
100
1,811,973
1,827
100
490.390
1.096,893
515,996
1.096,893 1,612,889
492.317
-24-
Doc ID: 23ba9¢743a1011a57a3dd7681 ac7b3bca9827ca8

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21 Operatlng lea8e Commllments
Lessee
At Ihe reporting end date the charily had outstanding cx)mmitments for fuluie minimum lease paymenls under
non-cancellable operating leases, which f811 due as lollows=
At the reporting end dale the charily had outstanding cornmitments for fuluie minimum lease paymenls under
non-cancellable operating leases, which fall due as follows=
2024
2023
Within one year
2,116
2,058
22 Related party tran8action8
Tran8actlon$ wlth related partl
Payments lo Trustees:
During the year Ihe charity mad8 payments to Trustees as disclosed above.
Donation Irom Trustee..
During Ihe year, Ihe charity received a restricted donation of £800.000 from tnjstee Mr C J Wansbmugh, plus
associaled Gift Aid of £200,000, tolalling £1.000.000. The funds are induded in the reslricled fund
"Wansbrough Research Fund" (see Note 17).
In line with Ihe donor's inslruclions, the capital is lo be invested, and only Ihe Income generaled used to fund
research aclivilies. The donation is reslricled both in use and form.
The Board undertook appropriate due diligence and sought professional advice before accepiing Ihe gift, and
formally approved it in accordance wilh Ihe charily's Conflicts ol Interest Policy.
-25-
Doc ID.. 23ba9c743a101 la57a3dd7681ac7b3bca9827caa

HOMEOPATHY RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23 Subsidiaries
These financial stalements are separate charity financial stalemenls for Hom80palhy Research Inslilule
Limited.
Details of the charitys subsidiaries al 31 December 2024 S￿ as follows:
Name of undertaklng
Registered
offlce
Nature of buslne88
Cla88 of
% Held
8hare8 held Dlrect Indlroct
Homeopathy Research
Enterprises Ltd
UK
Provtslon of infomation on
Homeopathy Research
Enterprises Ltd
Ordinary
shares
100.00
The aggregale capilal and reserves and the result for the year of subsidlaries excluded from consolidalion
was as follows:
Name of undertaklng
ProflV(Lo88) Capltal and
Re8eNes
Homeopathy Research
Enlerprises Ltd
53,234
6,325
Do¢ ID: 23ba9¢743a101 la57a3dd7681ac7b3bca9827caa