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2023-12-31-accounts

Charity registration number 1183842

Company registration number CE017794 (England and Wales)

THE HERBAL MEDICINE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE HERBAL MEDICINE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr P J Hambly
Ms D L Sweetman
Ms J M Nicol
Mr I Millership
Mr T C Carter
Ms D Atkinson
Charity number 1183842
Company number CE017794
Registered office The Old Dairy
Durgates
Wadhurst
East Sussex
England
TN5 6DE
Independent examiner MMP Limited
64 High Street
Broadstairs
Kent
England
CT10 1JT

THE HERBAL MEDICINE TRUST

CONTENTS

Page
Trustess report 1 - 2
Independent examiner's report 3
Balance sheet 5
Notes to the financial statements 6 - 10

THE HERBAL MEDICINE TRUST

TRUSTESS REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust'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)" (effective 1 January 2019).

Objectives and activities

The trusts objects are to advance education in the science study and practice of herbal medicine and allied disciplines in particular, but not exclusively by establishing and maintain a school for the training and tuition of students of medical herbalism and giving both lectures in theoretical aspects and demonstrations in practical training.

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

Charitable activities

The number of Foundation and Professional students continues to grow, both courses are taking their maximum number In each cohort. We are currently working towards an MSc to be taking students a large number have already expressed an Interest In this course.

There are also post-graduate courses offered to practitioners belonging to all the main professional registers of medical herbalists. Heartwood post-graduate Continuing Professional Development presentations are based on the principle that the strength of any profession comes from the depth and currency of Its knowledge. Presented by acknowledged subject specialists, the online lectures are underpinned by downloadable text flies, slide presentations and mind-maps to help make the learning process as efficient as possible. The presentations are offered free to qualified medical herbalists, and at low cost to practitioners of other alternative and complementary medical disciplines.

Our Biodynamic Botanic Garden at Emerson College Forest Row, East Sussex Is developing well. We have strong links with Kew gardens and are helping to produce plant Information PDFs for them to use on QR codes. We are forging links to Oxford University with their huge wealth of data of herbariums. A visit from and to The Balkan Botanic Garden at Kroussia was very useful. Our students will be able to travel there to conduct research.

The garden has a dedicated medicinal area as well as established gardens. This offers a public face to the Heartwood courses and will help to conserve and propagate some of the rare and endangered medicinal plants that herbalists like to use. The garden Is a member of the Botanic Gardens Conservation International.

Our library continues to grow thanks to generous donations from other academic Institutions and Individuals now comprises almost 5,000 titles. It Is being catalogued with professional library software to make online and onsite searches as easy as possible. This facility Is opened by appointment.

The charity will continue to support other good causes In the medical herbalism field.

THE HERBAL MEDICINE TRUST

TRUSTESS REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

During the year the investments held by The National Institute of Medical Herbalist Ltd Education Fund, charity number 262584 were cashed in and the funds were then transferred to The Herbal Medicine Trust for re-investment.

During the period the trustees have received Income available at their disposal of £738,565 (2022: £ 513,329).

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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:

Mr P J Hambly Ms D L Sweetman Ms J M Nicol Mr I Millership Mr T C Carter Ms D Atkinson

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.

The trustess report was approved by the Board of Trustees.

..............................

Mr P J Hambly

Trustee Dated: .........................

THE HERBAL MEDICINE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE HERBAL MEDICINE TRUST

I report to the trustees on my examination of the financial statements of The Herbal Medicine Trust (the trust) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

MMP Limited

64 High Street Broadstairs Kent CT10 1JT England

Dated: .........................

THE HERBAL MEDICINE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 2 3,545 -
Charitable activities 3 724,164 513,329
Investments 4 10,856 -
Total income 738,565 513,329
Expenditure on:
Charitable activities 5 656,139 293,868
Other 9 5,088 4,164
Total expenditure 661,227 298,032
Net gains/(losses) on investments 10 46,599 -
Net incoming resources before transfers 123,937 215,297
Gross transfers between funds 498,590 139,263
Net movement in funds 622,527 354,560
Fund balances at 1 January 2023 354,560 -
Fund balances at 31 December 2023 977,087 354,560

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.

THE HERBAL MEDICINE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds - general		 2023
£
36,592
173,796
210,388
(91,783)		 £
858,482
118,605
977,087
977,087
977,087		 2022
£
117,749
326,994
444,743
(90,183)		 £
-
354,560
354,560
354,560
354,560

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 2023.

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 financial statements were approved by the Trustees on .........................

.............................. Mr P J Hambly Trustee

Company registration number CE017794

THE HERBAL MEDICINE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

The Herbal Medicine Trust is a Charity Incorporated Organisation.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Charitable funds

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

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

1.3 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.4 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.5 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

THE HERBAL MEDICINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2 Donations and legacies

Unrestricted
funds
general
2023
£
Donations and gifts
3,545
Charitable activities
2023
£
Courses
724,164		 Total
2022
£
-
2022
£
513,329

3 Charitable activities

4 Investments

Unrestricted
funds
general
2023
£
Income from unlisted investments
10,028
Interest receivable
828
10,856		 Total
2022
£
-
-
-

THE HERBAL MEDICINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

5 Charitable activities

Staff costs
Clinical training
Administration
Whipps Cross
Marketing and advertising
Computer and software costs
Licences
Student membership
Travel and accomodation
Other direct costs
Share of support costs (see note 6)
Share of governance costs (see note 6)
Support costs
Support costs
Governance
costs
£
£
Insurance
2,501
-
Printing, postage and
stationery
196
-
Legal fees
2,340
-
Professional fees
2,831
-
Sundry expenses
-
-
Independent examiners fee
-
3,600
Bank charges
-
385
7,868
3,985
Analysed between
Charitable activities
7,868
3,985		 2023
£
321,072
143,490
67,342
4,725
66,411
13,420
7,898
5,760
2,158
12,010
644,286
7,868
3,985
656,139
2023
Support costs
Governance
costs
£
£
£
2,501
1,823
-
196
61
-
2,340
3,162
-
2,831
644
-
-
91
-
3,600
-
2,700
385
-
326
11,853
5,781
3,026
11,853
5,781
3,026		 2022
£
154,019
45,478
16,653
1,960
35,530
21,628
3,238
2,490
80
3,985
285,061
5,781
3,026
293,868
2022
£
1,823
61
3,162
644
91
2,700
326
8,807
8,807

6 Support costs

THE HERBAL MEDICINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
9 9
Employment costs 2023 2022
£ £
Wages and salaries 289,087 140,274
Social security costs 23,597 9,537
Other pension costs 8,388 4,208
321,072 154,019

There were no employees whose annual remuneration was more than £60,000.

9 Other

2023
Financing costs
5,088
5,088
Net gains/(losses) on investments
Unrestricted
funds
general
2023
£
Revaluation of investments
46,599		 2022
4,164
4,164
Total
2022
£
-

10 Net gains/(losses) on investments

11 Fixed asset investments

THE HERBAL MEDICINE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

11 Fixed asset investments (Continued)
Listed Unlisted Total
investments investments
£ £ £
Cost or valuation
At 1 January 2023 - - -
Additions 91 811,791 811,882
Valuation changes 14 46,586 46,600
At 31 December 2023 105 858,377 858,482
Carrying amount
At 31 December 2023 105 858,377 858,482
At 31 December 2022 - - -
12 Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 30,312 113,362
Other debtors 6,280 4,387
36,592 117,749
13 Creditors: amounts falling due within one year
2023 2022
£ £
Other taxation and social security 7,751 7,064
Payments received on account 51,127 66,575
Trade creditors 27,459 11,975
Other creditors 1,846 1,869
Accruals and deferred income 3,600 2,700
91,783 90,183
14 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).