**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 2024** ## **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 - 11| ## **THE HERBAL MEDICINE TRUST** ## **TRUSTESS REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The trustees present their annual report and financial statements for the year ended 31 December 2024. 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. - To provide post-graduate courses in herbal medicine and allied disciplines. - To establish and maintain facilities in the science of herbal medicine for the purposes of investigating and evaluating the therapeutic claims of herbal remedies examining herbal constituents and their pharmacological action preparing clinical trials of herbal remedies and publishing the resulting information to herbal practitioners and the public. - To establish scholarships and studentships in medical herbal research and to support research programmes in plant remedies and their action and to establish maintain and enlarge a library of books and documents on medical herbalism and cognate subjects and provide a reading room open to the public for the consultation of available books and documents and ancillary library services such as copying facilities indexing and extracting. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. ## **Charitable activities** The Herbal Medicine Trust had a good year in 2024. Our main concern is education and Heartwood education had a full complement of students in the professional course and the four foundation course intakes. It continues to repay the setup costs very well. We also supported other endeavours. We funded a first aid van, Junior herbalist club, Betonica School of Herbal Medicine and the School of Herbal Medicine. We also funded The National Institute of Medical Herbalists to employ an events manager to get their Power of Plants festival running and self-supporting. The charity will continue to support other good causes In the medical herbalism field. ## **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 £802,670 (2023: £ 738,565). 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 - 1 - ## **THE HERBAL MEDICINE TRUST** ## **TRUSTESS REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 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: 18 March 2025 - 2 - ## **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 2024. ## **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: - 1 accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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: 18 March 2025 - 3 - ## **THE HERBAL MEDICINE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**2**|45,289|3,545| |Charitable activities|**3**|730,858|724,164| |Investments|**4**|26,523|10,856| |**Total income**||802,670|738,565| |**Expenditure on:**|||| |Charitable activities|**5**|745,406|656,139| |Other|**9**|7,526|5,088| |**Total expenditure**||752,932|661,227| |Net gains/(losses) on investments|**10**|47,781|46,599| |**Net incoming resources before transfers**||97,519|123,937| |Gross transfers between funds||(1,200)|498,590| ||||| |**Net movement in funds**||96,319|622,527| |Fund balances at 1 January 2024||977,087|354,560| |**Fund balances at 31 December 2024**||1,073,406|977,087| 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. - 4 - ## **THE HERBAL MEDICINE TRUST** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2024**_ |**Notes**
**Fixed assets**
Tangible assets
**11**
Investments
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**14**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds - general|**2024**
**£**
28,326
237,060
265,386
(126,380)|**£**
1,352
933,048
934,400
139,006
1,073,406
1,073,406
1,073,406|**2023**
**£**
36,592
173,796
210,388
(91,783)|**£**
-
858,482| |---|---|---|---|---| |||||858,482
118,605| |||||977,087| |||||977,087| |||||977,087| 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 2024. 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 18 March 2025 Mr P J Hambly **Trustee** ## **Company registration number CE017794** - 5 - ## **THE HERBAL MEDICINE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **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. - 6 - ## **THE HERBAL MEDICINE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** **(Continued)** ## **1.5 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 the statement of financial activities. ## **1.6 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. ## **1.7 Impairment of fixed assets** At each reporting end date, the trust 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). ## **1.8 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. ## **1.9 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**|Unrestricted| |---|---|---| ||**funds**|funds| ||**general**|general| ||**2024**|2023| ||**£**|£| |Donations and gifts|45,289|3,545| - 7 - ## **THE HERBAL MEDICINE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **3 Charitable activities** |||**2024**|**2023**| |---|---|---|---| |||**£**|**£**| ||Courses|730,858|724,164| |**4**|**Investments**||| |||**Unrestricted**|Unrestricted| |||**funds**|funds| |||**general**|general| |||**2024**|2023| |||**£**|£| ||Income from unlisted investments|26,427|10,028| ||Interest receivable|96|828| |||26,523|10,856| |**5**|**Charitable activities**||| |||**2024**|**2023**| |||**£**|**£**| ||Staff costs|338,551|321,072| ||Depreciation and impairment|677|-| ||Donations|3,000|-| ||Clinical training|190,921|144,345| ||Administration|68,644|67,342| ||Whipps Cross|3,123|4,725| ||Marketing and advertising|92,260|66,411| ||Computer and software costs|13,645|13,420| ||Licences|5,351|7,898| ||Student membership|5,880|5,760| ||Travel and accomodation|670|2,158| ||Other direct costs|10,941|11,155| |||733,663|644,286| ||Share of support costs (see note 6)|8,046|7,868| ||Share of governance costs (see note 6)|3,697|3,985| |||745,406|656,139| - 8 - ## **THE HERBAL MEDICINE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **6 Support costs** |**Support costs**
**Governance**
**costs**
**£**
**£**
Insurance
2,851
-
Printing, postage and
stationery
364
-
Legal fees
2,200
-
Professional fees
2,631
-
Independent examiners fee
-
3,300
Bank charges
-
397
8,046
3,697
Analysed between
Charitable activities
8,046
3,697|**2024**
Support costs
Governance
costs
**£**
£
£
2,851
2,501
-
364
196
-
2,200
2,340
-
2,631
2,831
-
3,300
-
3,600
397
-
385
11,743
7,868
3,985
11,743
7,868
3,985|2023
£
2,501
196
2,340
2,831
3,600
385| |---|---|---| |||11,853| |||11,853| ## **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: ||**2024**|**2023**| |---|---|---| ||**Number**|**Number**| ||9|9| |**Employment costs**|**2024**|**2023**| ||**£**|**£**| |Wages and salaries|304,279|289,087| |Social security costs|25,693|23,597| |Other pension costs|8,579|8,388| ||338,551|321,072| There were no employees whose annual remuneration was more than £60,000. - 9 - ## **THE HERBAL MEDICINE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **9 Other** |||**2024**|2023| |---|---|---|---| ||Financing costs|7,526|5,088| |||7,526|5,088| |**10**|**Net gains/(losses) on investments**||| |||**Unrestricted**|Unrestricted| |||**funds**|funds| |||**general**|general| |||**2024**|2023| |||**£**|£| ||Revaluation of investments|47,781|46,599| |**11**|**Tangible fixed assets**||| ||||**Computers**| ||||**£**| ||**Cost**||| ||Additions||2,029| ||At 31 December 2024||2,029| ||**Depreciation and impairment**||| ||Depreciation charged in the year||677| ||At 31 December 2024||677| ||**Carrying amount**||| ||At 31 December 2024||1,352| ## **12 Fixed asset investments** |**Listed**
**investments**
**Unlisted**
**investments**
**£**
**£**
**Cost or valuation**
At 1 January 2024 & 31 December 2024
105
858,377
**Carrying amount**
At 31 December 2024
105
858,377
At 31 December 2023
105
858,377|**Total**
**£**
858,482| |---|---| ||858,482| ||858,482| - 10 - ## **THE HERBAL MEDICINE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **12 Fixed asset investments** ## **(Continued)** |**13**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
**14**
**Creditors: amounts falling due within one year**
Other taxation and social security
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income|**2024**
**£**
24,762
3,564
28,326
**2024**
**£**
7,720
93,226
20,186
1,948
3,300
126,380|**2023**
**£**
30,312
6,280| |---|---|---| |||36,592| |||**2023**
**£**
7,751
51,127
27,459
1,846
3,600| |||91,783| ## **15 Related party transactions** There were no disclosable related party transactions during the year (2023 - none). - 11 -