Charity registration number 262584
THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr P J Hambly Ms D L Sweetman Mr A P Carter Charity number 262584 Independent examiner MMP Limited 64 High Street Broadstairs Kent England CT10 1JT
THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 - 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 18 |
THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their annual report and financial statements for the year ended 31 December 2022.
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 charity's [governing document], the Charities Act 2011 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 charity's objects are :-
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To establish and maintain a school for the training and education of students of medical herbalism, giving both lectures In theoretical aspects and demonstrations In practical training.
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To provide post-graduate courses In herbal medicine and allied disciplines.
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To establish and maintain research facilities In the science of herbal medicine, for the purpose of investigating and evaluation the therapeutic claims of herbal remedies, examining herbal constituents and pharmacological action, preparing clinical trials of herbal remedies and publishing the resulting information to herbal practitioners and the public.
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To establish scholarships and studentships In medical herbal research and to support research programmes In plant remedies and their action, and to 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 the available books and documents and ancillary library services such as copying facilities, Indexing and extracting.
The trustees may apply out of the Income of the charity such a sum In any year as they think fit In awarding scholarships and grants to persons who are attending any school or other educational establishment for the purpose of studying herbal medicine or who are engaged In research In herbal medicine and who are In need of financial assistance. The Dorothy Carroll awards are presented annually to the student who achieves the highest result in the clinical examination.
Public benefit
The main activity of the charity furthers public benefit through:
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Supporting bodies that educate the public In the use of herbs as a means of maintaining health.
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Teaching the public directly through the provision of the 'Foundation Course In Herbal Medicine' via Heartwood College.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Charitable activities
For the first six months of the year the charity continue it's support of our education project, Heartwood, and has been the main activity for this period after which this activity was transferred to our new CIO,
The charity generated investment income in the year of £4,505 (2021 - £6,513).
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Financial review
On the 30th June 2022 the Charity transferred its activity to The Herbal Medicine Trust, a charitable incorporated organisation (CIO), company number CE017794, charity number 1183842. The investments are currentlyl held in the name of the charity and when this has been amended these too will transfer over together with any residual funds.
During the period the trustees have received Income available at their disposal of £510,408 (year ended 31st December 2021 : £871,255).
The reserves held at the balance sheet date are:-
Unrestricted funds £295,260 (2021 : £306,298).
Restricted funds £1,761 (2021 : £1,775).
Endowment funds £215,622 (2021 : £240,762).
Structure, governance and management
The charity is controlled by Its governing document, a deed of trust and constitutes an unincorporated charity.
The charity was established by a charitable trust deed on 26 April 1971. It Is a registered charity and the number Is 262584.
The trustees 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
Mr A P Carter
The Trustees are appointed for a term of five years by a resolution of the Trustees passed at a special meeting of which not less than 21 day's notice has been given. They may be appointed not more than one month before the term of an existing Trustee expires with effed: from the date of expiry.
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 company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
The charity Is administered by the Trustees who normally meet at least twice a year. A minimum of three trustees Is required In order to form a quorum. No specific restrictions are Imposed by the governing document concerning the way that the charity can operate.
The trustees' report was approved by the Board of Trustees.
..............................
Mr P J Hambly Trustee Dated: .........................
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
I report to the trustees on my examination of the financial statements of The National Institute of Medical Herbalist Ltd Education Fund (the charity) for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of 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 charity’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 the Association of Chartered Certified Accountants, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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: .........................
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Notes £ £ £ Income from: Donations and legacies 3 76,146 - - Charitable activities 4 429,757 - - Investments 5 3,091 - 1,414 Total income and endowments 508,994 - 1,414 Expenditure on: Raising funds 7 1,513 - 1,133 Charitable activities 6 345,741 - - Other 11 2,966 - - Total expenditure 350,220 - 1,133 Net gains/(losses) on investments 12 (31,030) (14) (25,421) Net incoming/(outgoing) resources before transfers 127,744 (14) (25,140) |
Total Unrestricted Restricted Endowment funds funds funds 2022 2021 2021 2021 £ £ £ £ 76,146 500 - - 429,757 864,242 - - 4,505 4 - 6,509 510,408 864,746 - 6,509 2,646 2,394 - 2,258 345,741 667,700 - - 2,966 7,001 - - 351,353 677,095 - 2,258 (56,465) 15,114 25 9,080 102,590 202,765 25 13,331 |
Total 2021 £ 500 864,242 6,513 |
|---|---|---|
| 871,255 | ||
| 4,652 | ||
| 667,700 | ||
| 7,001 | ||
| 679,353 | ||
| 24,219 | ||
| 216,121 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment funds funds funds funds funds funds 2022 2022 2022 2022 2021 2021 2021 Notes £ £ £ £ £ £ £ Net incoming/(outgoing) resources before transfers 127,744 (14) (25,140) 102,590 202,765 25 13,331 Transfer to CIO (139,263) - - (139,263) - - - Net movement in funds (11,519) (14) (25,140) (36,673) 202,765 25 13,331 Fund balances at 1 January 2022 306,298 1,775 240,762 548,835 103,533 1,750 227,431 Fund balances at 31 December 2022 294,779 1,761 215,622 512,162 306,298 1,775 240,762 |
Total 2021 £ 216,121 - |
|---|---|
| 216,121 332,714 |
|
| 548,835 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
BALANCE SHEET
AS AT 31 DECEMBER 2022
| 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 Capital funds Endowment funds - general Income funds Restricted funds Unrestricted funds |
2022 £ 2,358 37,449 39,807 (11,018) |
2021 £ £ - 483,373 483,373 44,411 166,293 210,704 (193,415) 28,789 512,162 215,622 1,761 294,779 512,162 |
£ 550 530,996 |
|---|---|---|---|
| 531,546 17,289 |
|||
| 548,835 | |||
| 240,762 1,775 306,298 |
|||
| 548,835 |
The financial statements were approved by the Trustees on .........................
.............................. Mr P J Hambly Trustee
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
The National Institute of Medical Herbalists Ltd Education Fund is an unincorporated charity, registered In England & Wales. The charity's registered number and principal address can be found In the Report of the Trustees.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, 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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. 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 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.
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 charity.
1.4 Incoming resources
Income is recognised when the charity 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 charity 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 charity 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.
Course Income received In advance Is recognised as deferred Income and released to the Statement of Financial Activities over the duration of the course provided.
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
1.5 Resources expended
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.
Governance costs Include the costs which relate to the general running of the charity as opposed to the direct management function Inherent In generating funds, service delivery and program or project work.
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 the statement of financial activities.
1.7 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.
1.8 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 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | - | 500 |
| Legacies receivable | 76,146 | - |
| 76,146 | 500 |
4 Charitable activities
| Foundation course Whipps Cross Professional course Other income |
2022 £ 108,800 - 320,835 122 429,757 |
2021 £ 343,537 560 518,145 2,000 |
|---|---|---|
| 864,242 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
5 Investments
| Unrestricted Endowment funds funds general 2022 2022 £ £ Investment income 3,059 1,414 Interest receivable 32 - 3,091 1,414 |
Total Unrestricted Endowment funds funds general 2022 2021 2021 £ £ £ 4,473 - 6,509 32 4 - 4,505 4 6,509 |
Total 2021 £ 6,509 4 |
|---|---|---|
| 6,513 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
6 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| donations | donations | |
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 130,032 | 239,588 |
| Charitable donations | 5,999 | 7,644 |
| Heartwood cost of sales | 197,846 | 404,534 |
| Examination prizes | - | 542 |
| Library | 2,286 | 1,681 |
| 336,163 | 653,989 | |
| Share of support costs (see note 8) | 6,666 | 9,742 |
| Share of governance costs (see note 8) | 2,912 | 3,969 |
| 345,741 | 667,700 |
7 Raising funds
| Unrestricted Endowment funds funds general 2022 2022 £ £ Investment management 1,513 1,133 1,513 1,133 |
Total Unrestricted Endowment funds funds general 2022 2021 2021 £ £ £ 2,646 2,394 2,258 2,646 2,394 2,258 |
Total 2021 £ 4,652 |
|---|---|---|
| 4,652 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 8 Support costs Support costs Governance costs £ £ Depreciation 1,134 - Insurance 295 - Postage and stationery 257 - Legal fees 2,160 - Professional fees 2,820 - Legal fees - - Independent examiners fee - 2,880 Bank charges - 32 6,666 2,912 Analysed between Charitable activities 6,666 2,912 |
2022 Support costs Governance costs £ £ £ 1,134 550 - 295 1,886 - 257 - - 2,160 1,504 - 2,820 5,324 - - 478 - 2,880 - 3,900 32 - 69 9,578 9,742 3,969 9,578 9,742 3,969 |
2021 £ 550 1,886 - 1,504 5,324 478 3,900 69 |
|---|---|---|
| 13,711 | ||
| 13,711 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| 6 | 7 | |
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 118,475 | 214,620 |
| Social security costs | 8,003 | 18,529 |
| Other pension costs | 3,554 | 6,439 |
| 130,032 | 239,588 |
There were no employees whose annual remuneration was more than £60,000.
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
| 11 Other Unrestricted funds 2022 Financing costs 2,966 2,966 |
Total 2021 £ 7,001 |
|---|---|
| 7,001 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12 Net gains/(losses) on investments
| Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment funds funds funds funds funds funds general general 2022 2022 2022 2022 2021 2021 2021 £ £ £ £ £ £ £ Revaluation of investments (28,709) (14) (23,558) (52,281) - 25 7,653 Gain/(loss) on sale of investments (2,321) - (1,863) (4,184) 15,114 - 1,427 (31,030) (14) (25,421) (56,465) 15,114 25 9,080 |
Total 2021 £ 7,678 16,541 |
|---|---|
| 24,219 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
13 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
14 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Computers | |
| £ | |
| Cost | |
| At 1 January 2022 | 4,557 |
| Additions | 584 |
| At 31 December 2022 | 5,141 |
| Depreciation and impairment | |
| At 1 January 2022 | 4,007 |
| Depreciation charged in the year | 1,134 |
| At 31 December 2022 | 5,141 |
| Carrying amount | |
| At 31 December 2021 | 550 |
15 Fixed asset investments
| Listed investments Unlisted investments £ £ Cost or valuation At 1 January 2022 & 31 December 2022 105 530,891 Carrying amount At 31 December 2022 105 530,891 At 31 December 2021 105 530,891 |
Total £ 530,996 |
|---|---|
| 530,996 | |
| 530,996 |
16 Debtors
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2022 £ 804 1,554 - 2,358 |
2021 £ 33,507 5,774 5,130 |
|---|---|---|
| 44,411 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
17 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2022 £ - 1,608 6,710 2,700 11,018 |
2021 £ 6,753 164,058 2,523 20,081 |
| 193,415 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 18 Analysis of net assets between funds Unrestricted Restricted Endowment 2022 2022 2022 £ £ £ Fund balances at 31 December 2022 are represented by: Tangible assets - - - Investments 483,373 - - Current assets/(liabilities) 28,789 - - 512,162 - - |
Total Unrestricted Restricted Endowment 2022 2021 2021 2021 £ £ £ £ - 550 - - 483,373 530,996 - - 28,789 17,289 - - 512,162 548,835 - - |
Total 2021 £ 550 530,996 17,289 |
|---|---|---|
| 548,835 |
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THE NATIONAL INSTITUTE OF MEDICAL HERBALIST LTD EDUCATION FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
19 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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