Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
Charity registration number 328537 (England and Wales) Company registration number 02463858
HOMEOPATHY ACTION TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Ms M T Wyatt J M Pearce-Dickens K Burridge M R Williams (Appointed 3 July 2023)
Charity number (England and Wales) 328537 Company number 02463858 Registered office Unit F Whiteacres Cambridge Road Whetstone Leicestershire LE8 6ZG Independent examiner Tessa Fowler BA FCA C/o HSP Tax & Accounts Ltd Whiteacres Cambridge Road Whetstone Leicestershire LE8 6ZG
Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 12 |
Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2024
The trustees present their annual report and financial statements for the year ended 30 June 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The charity's principle objective is the promotion of homeopathy through funding of education.
The policies adopted in furtherance of these objects are:
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to promote homeopathic education and enable students to study who are in financial need and to help recent graduates establish a practice
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making grants to students for books to enable them to study
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making bursaries to students in financial need
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making grants to recent graduates of homeopathic colleges to enable them to establish a practice
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
In the 2023 accounts we noted that the Charity was in the process of updating and changing the Memorandum and Articles. This was completed in September 2024. The new objects reflect the fact that we are concentrating on the education sector with bursaries, book grants and graduate grants to help to establish them in business.
Since the year end, with permission of the Donor, we moved the restricted funds into the main account and made them unrestricted.
In 2024 we launched successfully the first new bursary application, with 16 awards of £500 and 5 of £1,000 awards being approved to date, 4 of which were paid in this year.
The book grants are working well as is the collaboration with HBC. We have approved to date 102 Book grants, 41
of which were paid in this year.
Going forward in 2025 we are offering an award for recent graduates and will be working on what is the best method of doing this.
The Trustees are working well together and it’s a strong collaboration.
Financial review
With two very large legacies being received in this year and last, HAT is in a solid position financially to achieve its goals in helping the education sector.
We have been prudent with the money and have put large amounts into hight interest savings accounts and is in the process of talking to finance companies on how to best invest the funds. HAT has a clear plan of a way forward.
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HOMEOPATHY ACTION TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least between three and six month’s expenditure. The remainder of the funds will be put into high interest accounts, so that our reserves are maintained throughout the year.
Major risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes a company limited by guarantee.
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:
Ms M T Wyatt J M Pearce-Dickens J C Anderberg (Resigned 23 October 2023) K Burridge M R Williams (Appointed 3 July 2023)
Recruitment and appointment of trustees
Trustees are appointed following a successful interview, and after both signing a contract setting out rights and responsibilities, and agreeing to abide by a model code of conduct based on the Nolan principles. The Trustees delegate the responsibility of ensuring policies and procedures are carried out and the operational management of the charity to the Executive Director.
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.
Other matters
The trustees' report was approved by the Board of Trustees.
.............................. Mary Wyatt Ms M T Wyatt Trustee
31-03-25 | 10:41:00 PDT Date: .............................................
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HOMEOPATHY ACTION TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 JUNE 2024
The trustees, who are also the directors of Homeopathy Action Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOMEOPATHY ACTION TRUST
I report to the trustees on my examination of the financial statements of Homeopathy Action Trust (the charity) for the year ended 30 June 2024.
Responsibilities and basis of report
As the trustees of the charity (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.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
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 386 of the Companies Act 2006.
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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 accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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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 financial statements 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.
Tessa Fowler BA FCA
C/o HSP Tax & Accounts Ltd Whiteacres Cambridge Road Whetstone Leicestershire LE8 6ZG 31-03-25 | 18:41:48 BST Date: ............................
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 2 161,971 - Investments 3 10,037 - Total income 172,008 - Expenditure on: Raising funds 4 2,586 - Charitable activities 5 31,489 4,000 Total resources expended 34,075 4,000 Net income/(expenditure) for the year/ Net movement in funds 137,933 (4,000) Fund balances at 1 July 2023 869,291 28,607 Fund balances at 30 June 2024 1,007,224 24,607 |
Total 2024 £ 161,971 10,037 172,008 2,586 35,489 38,075 133,933 897,898 1,031,831 |
Total 2023 £ 852,507 399 |
|---|---|---|
| 852,906 | ||
| 750 | ||
| 16,818 | ||
| 17,568 | ||
| 835,338 62,560 |
||
| 897,898 |
The statement of financial activities includes all gains and losses recognised in the year.
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.
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
BALANCE SHEET
AS AT 30 JUNE 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Current assets | |||||||
| Debtors | 11 | 109,383 | 844,904 | ||||
| Cash at bank and in hand | 925,313 | 54,281 | |||||
| 1,034,696 | 899,185 | ||||||
| Creditors: amounts falling due within | 12 | ||||||
| one year | (2,865) | (1,287) | |||||
| Net current assets | 1,031,831 | 897,898 | |||||
| The funds of the charity | |||||||
| Restricted income funds | 13 | 24,607 | 28,607 | ||||
| Unrestricted funds | 14 | 1,007,224 | 869,291 | ||||
| 1,031,831 | 897,898 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 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 ......................... 31-03-25 | 10:41:00 PDT
.............................. Mary Wyatt Ms M T Wyatt Trustee
Company registration number 02463858 (England and Wales)
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
1 Accounting policies
Charity information
Homeopathy Action Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit F, Whiteacres, Cambridge Road, Whetstone, Leicestershire, LE8 6ZG.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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. 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 or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
All income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
1.5 Resources expended
Expenditure is recognised as soon as a liability is probable.
Grants payable are recognised when payment is due.
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 159,612 | 851,556 |
| Membership fees | 2,359 | 951 |
| 161,971 | 852,507 |
3 Income from investments
| 4 | Unrestricted Unrestricted funds funds 2024 2023 £ £ Interest receivable 10,037 399 Raising funds 2024 2023 £ £ Fundraising and publicity Other fundraising costs 2,586 750 2,586 750 |
Unrestricted Unrestricted funds funds 2024 2023 £ £ Interest receivable 10,037 399 Raising funds 2024 2023 £ £ Fundraising and publicity Other fundraising costs 2,586 750 2,586 750 |
|---|---|---|
| 2023 £ 750 |
||
| 750 |
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
5 Charitable activities
| General expenses Research and project funding 2024 2024 £ £ Finance manager 1,984 - Website costs 4,003 - Postage, stationery, telephone and sundries 41 - Insurance 471 - Accountancy 612 - Bank charges 132 - Administration costs 13,403 - Professional/Consultancy fees 2,638 - 23,284 - Grant funding of activities (see note 6) - 12,205 23,284 12,205 Analysis by fund Unrestricted funds 23,284 8,205 Restricted funds - 4,000 23,284 12,205 |
Total 2024 £ 1,984 4,003 41 471 612 132 13,403 2,638 23,284 12,205 35,489 31,489 4,000 35,489 |
Total 2023 £ 1,093 844 212 444 612 138 2,255 2,920 |
|---|---|---|
| 8,518 8,300 |
||
| 16,818 | ||
| 9,018 7,800 |
||
| 16,818 |
6 Grants payable
| Grants payable | ||
|---|---|---|
| Heading | Heading | |
| #ac983 | #ac983 | |
| 2024 | 2023 | |
| £ | £ | |
| Grants to institutions: | ||
| 2 (2023: 4) Donations to Homeopathy for Living | 4,000 | 7,800 |
| Bursary to Townsend NW College of Homeopathy | - | 500 |
| 4,000 | 8,300 | |
| Grants to individuals | 8,205 | - |
| 12,205 | 8,300 |
-
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
| 7 | Net movement in funds | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable to the charity's independent examiner: | |||
| - for the independent examination of the charity's financial statements | 150 | 150 | |
| - for other financial services | 462 | 462 |
8 Trustees
Three Trustees (2023: One Trustee) were paid £16,123 (2023: £712) in respect of fees for the administration of the charity and services provided to the charity.
9 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Debtors
| Amounts falling due within one year: Other debtors 12 Creditors: amounts falling due within one year Other creditors |
2024 £ 109,383 2024 £ 2,865 |
2023 £ 844,904 |
|---|---|---|
| 2023 £ 1,287 |
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
HOMEOPATHY ACTION TRUST
13 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| Movement | in funds | |||
|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Balance at 30 | |
| July 2023 | resources | expended | June 2024 | |
| £ | £ | £ | £ | |
| Cancer Fund | 7,432 | - | - | 7,432 |
| Homeopathy Wood | 293 | - | - | 293 |
| The Tanner Trust | 8,700 | - | (4,000) | 4,700 |
| Library Fund | 11,828 | - | - | 11,828 |
| Stephen Gordon | 354 | - | - | 354 |
| 28,607 | - | (4,000) | 24,607 |
The restricted funds are as set out below:
Cancer Fund:
This fund supports the use of homeopathy with cancer. The Trust funded a Cancer Support Project, which published a positive user-outcome study.
Homeopathy Wood:
The Wood, situated at Sywell Country Park, Northamptonshire, is a living collection of homeopathic remedies. Currently we have over 1000 individually sponsored trees and encourage further donations to the Wood or the gifts of single trees or a group of 3 trees.
The Tanner Trust:
The Tanner Trust money was donated for the basis of funding a specific project, Homeopathy for Living, an education programme to teach Homeopathic First Aid to the public.
Library Fund:
This is a Fund to house and make available homeopathy books, currently in storage.
Stephen Gordon Fund:
A fund for donations towards a memorial to Stephen Gordon FSHom, a founding pillar of the Society of Homeopaths and the European Central Council of Homeopaths, who sadly passed away on 8 July 2017. Stephen worked tirelessly to speak up for homeopathy and we owe him an eternal debt of gratitude for his vision, energy and commitment.
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Docusign Envelope ID: 3FBD45AF-6E7C-4A70-BC5C-1CF542D25771
HOMEOPATHY ACTION TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds Analysis of net assets between funds Fund balances at 30 June 2024 are represented by: Current assets/(liabilities) |
July 2023 Incoming resources Resources expended At 30 June 2024 £ £ £ £ 869,291 172,008 (34,075) 1,007,224 July 2022 Incoming resources Resources expended At 30 June 2023 £ £ £ £ 26,153 852,906 (9,768) 869,291 Unrestricted Funds Restricted Funds Total Total 2024 2024 2024 2023 £ £ £ £ 1,007,224 24,607 1,031,831 897,898 1,007,224 24,607 1,031,831 897,898 |
|---|---|
15 Analysis of net assets between funds
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