Haywood Rheumatism Research and Development Foundation Trustees, Report and Financial Statements for the year ended 31 March 2024 Charity ReEiYtr&tion No. 507273
HAywood Rbeumatism Research and Developmettt Foundation LegAE and administrative finformation Pmfident Dr T Hothersall ChAirma Dr Z Paskins Vice Chairnia Mrs K Stevenson Secr¢tary Mrs J Brammar Treasurer Mrm Abbott Tyustees Mr J S Rowley MrD D ONeill Mrs H C Duffy Mrs M K Humphreys Mr M Abbott Ms l Bentley Charity number 507273 ddress of Charity sffordShire Rheumatolo8y Centre Haywood Hospitsl High Lane Burslem Stok&on-Trent ST6 7AG Independent ExamlD¢r Heather Tweddle of Dean Statham Chartered Accountants 29 King Stre¢t Newcastle-Under-Lyme Staffordshire ST5 IER B*nkers Natwest Bank plc 2 Market Street Longto Stoke-on-Trent Staffordshire ST3 2HW Solicitors Knights LLP The Brarnpton Newc&stle-Under-Lyme Staffordsbir¢ ST5 OQW Investment Advlsors Charles StleY & Co Ltd 55 Bishopgate London EC2N 3AS
Haywood Rheurnati5m Research Development Foundatio Contents Pagc Twsle¢s' R¢port Independent Examin¢r's R¢port Statement of Financial Activitie5 Balance Sheet Statement of Cashflows Notes to the Financial Ststements 10-15
Haywood Rheumatism RearCkn And Development Foulldatlon Trustees, Roport for the year ended 31 Mareh 2024 llltroductlon Tbe Trustees present their report and the unaudited financial statements for the year ended 31 March 2(124. REFERENCE AND ADMINISTRATION Ik l and administrative informgtlon Haywood Rheumatism Research and Development Foundation, Staffordshire Rheumatology Centre, Haywood H05pitsI. High Lane, BUrSle Stoke-on-Trent, ST6 7AG is registered with the Charity Commissioners (No. 507273). The Charity is constituted and governed by a Thist DKd dated 24th September 1978 as amended 21 May 1979. Trustees And Office The Charity was administ¢r¢d by the following members during the yw.. President Dr T Hothersall ChAirman Dr Z Paskins VA¢e Chairman Mrs K Stevenson Secretary Mrs J Brammar Treasurer Mr M Abbott Tru$l¢¢s Mr J S Rowley Mr D D ONeÉll Mrs H C Duffy Mrs M K HurnphTeys Mr M Abbott Ms I Bentley appointed 21 st November 2023 The Charity is served by Natwe5t Bank plc in Longton, Knights LLP in Newc4stle-Under-Lym¢ as Soli¢itors. Heather Tweddle of Dean Statham Chartered Accountants in New¢a¥tlc•Und¢r-Lyme as Independcnt ExaminLr and CharlL Stanley & Co Lin]itd in London as Investment Managers. Trustees, onsibiliti The Slat¢ment of R¢commended Practice, "Accounting and Reporting by Cbarit1¢5" and the Charity's Constitution require the trustee5 to make available an Annual Report for each financial year, showing a true and fair view of the financial transactions of H&ywood Rh¢iimatism R¢srCh and Developmellt Foundation (The Foundation) during the finanrial year and of the disposition at the end of the financial year, of the assets and liabilitie5.
Haywood Rheumatism Resoarch and Development FollDdation Trustees, Report for the year ended 31 March 2024 Trustccs, r¢5 ousibilili¢s CODllllued In preparing the financial statements, the Trust¢e5 are requir to.. - select suitable accounting policiex and apply them Gonsistently; - make judgements and estimates that are reasonable and prudent. - stale whether applicable accounting Standd$ and statements of Tccornmended practi¢¢ have been followed, subj¢ct to any material d¢partur¢s dtsclosed and explained in the financial statements" and - prepare the financial statements on the going concern basis unless it 1$ inappropriate to presume that this basis applies. The Trustees under Trust Law are responsible for ensuring proper accounting records are kept which disclose, with reasonable accuracy at }Y one time, the financial position of the Charity and cnablc thcm to ensure that the fInriE41 slatcments Comply with the Trust Deed datsd 24 September 1978 *$ amended 21 May 1979 and the Charities Act 2011. They ore also responsible for safeguarding ihe assets of th¢ Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. STRUCTURE RNANCE AND MANAGEMENr Anisatio The Foundation is rnanaged on a voluntary basis by a ¢omtnitt¢e whirh meets at l¢a$t six times per year, and Trustees who meet at least quarterly. Management of the Foundation's funds is delegated to Fund Manager, Charles Stanley & Co Limited. Investment by the Fund Manager is prescribed by th¢ Trustees in an Investment Policy Statemen( it operates on & Discretionary Servi¢¢ b18, a b81anced objective of Income and Capital Growth and a Medium High Risk exposure in pursuit of the objective$ Suitable for the Charity. Trustee inductiou tr inin Trustses ure appointed as and when required by the Tritstees. New Trustees ar¢ identified by personal and professional eontscts. Approach is mad¢ to individuals who hold responsible positions within the cotTununity, have skills appropriate to those of such a Charity's Trustees and are willing to contribute their time, skills and knowledge. New Trustees hre inducted by an Offtcer to the Trustee5 and are provided with appropriate published literature, both specific to the Charity And general to the position of a Charity TrustL¢, OprtunitI¢S for att¢ndon¢e at appropriate workshops are provided. Risk Mana ement A potential risk is that there are insufficient funds to achieve the Charity's goals. This is man&ged by the Trustees who rnonitor the quarterly reports from the sto¢kbrokern. Financial controls The fmancial position is regularly mortitored by the Trustc¢s. Payments over £2,000 must be signed by 2 TrusLe4s by email if paid by electronic banking or cheques must be sign¢d by 2 Trustees. Payments for less than £2,000 must be signed by 2 officers by email if paid by electronic banking or ¢heques then must be signed by 2 officers.
Haywood Rheumatigm Research Development Folllldatlon Tru%tees' Report for th¢ year ended 31 March 24 TIVE AIYD ACTIVITIE Ob'ectlV¢5 Ihe chari The objective of the Charity is to help people suffering from rheumatic dIs¢eS and to provide funds for res¢ar¢h into the prevention, cure and relief of such disease8. The rnain objectives for the year were.. i) protnote PIER gervices widely, includiilg in)plemeiitation of 2 digital kiosks for Bradw¢ll Hospital where PIER online can be accessed by patients. u) to undertake activities to understand b¢tter the needs of our local population in order that w¢ can c(Trmmi5sion appropriate researth to address th¢s¢ needs. iii) explore opportunities foi. proa¢tiv¢ approaches to fuftding, working in partnership with our local rheuimatolo8y clinical and operational management teani, iv) coijtinue to support research and edu¢ation that will enhance the live$ of people with arthritis and related conditions. The strategies employed to achieve the stated objectives are: l. To provide grants for projects around improving patient and ¢arer support at the Haywood and Bradwell. 2, To provide grants to research based at the Haywood and L4radwell Hospital& in collaboration with Keele University. 3. To provide educational bursaries. 4, To dclÉv¢r our ¢oi]vnunication strategy to promote PIER services. S. To Continue to build relations atid networks with NHS coll¢agLies. to codevelop bids foi. funding. Charl rant maldn olicies Grants are awarded to local researchers and edu¢ators for projects in keeping with the ain)s of the Foundation, subject to extsrnal review of the projects. The contributlon of volunteers. The Charity is run by volunt¢¢rs who do not receive any r¢mull¢ration. Public Benefit The Trustees confirn] they have referred to guidance contained in the Charity Commission's general guidance on publi¢ benefLt when reviewing the Charity'5 aims and objeGtives.
Haywood Rheumatism Researeh and Development Foundatio Trustees, Report for tho year eoded 31 March 21)24 ACHIEVEMENTS AI¥D PERFORMANCE Activities and Rchievements In accordance with our strategic obj¢ctiv¢$ in 2023, thi5 year we have been focused on how to establish online PIER (patient infomip4tion and education resources) and better understand the needs of our con)munity. The PIER website, & omprch¢nsive online repository of all the written infomiation (and more) was prevIo$1Y in our dedicAted PIER ¢entre was Irlunched on world Arthritis day and our commurtications officer continues to work on promotional activities. The charity has eontinued to fund the secondment of a project manager from the Beth Johnson Foundation. The post holder has reduced her hours over this period but continues to oversee provision of th¢ Patient Information and Educatton Resource (PIER) projects including An in-person PIER servlce at the local Bradwell hospital. This service employs 4 volunteerB and has helped 84 patients over the months of March to May 2024. PIER eleGtroniG kiosks, which include the new PIER website, have been built but are not yet operational. Funding of T&i chi activiti for peopl¢ with athitis has continued, with 48 people benefiting fiDm this provision over the la8t 12 months. HRRDF wntinue to fuftd people and projec1$ including, thig year, matched funding of trwo PhD exploring the importance of illnes5 beliefs in people with gout, and how best to addrcss the psychological impact of osteoporosis and fractures. Two additional projects were fjjnded to support practi¢V41 projects with tangible patient b¢nefit', first, the development of a national e-leaming resource for rheumatology nurses in dealing with advice line calls, and second, a di8ital rcsuurL'L to support self-management and retum to work for people with musculoskeletsl pain. Funding towards the Hothersall PhD 5tudentship Professor of Rheumatology nursing both completed this year, with successful graduation of the Hothersall PIID candidate and thc loLal NHS Trust continuing to [ld the Profc8sor of Rheumatology nursing. In cordan¢e with our objectives, we have established regular meetings betwecn thc Chair of the Foundation and operational mllnagem¢nt in the NHS Trust to 5UPPOrt relp4tionship building and fu¢ilitste more $trat¢gic co.developed nding proposals. Flnallclal r lew During the year the Foundation received total income of £176,608 and expended £122,418 on charitable acttvities. After expenditurc of £21,259 on inv¢stmenl management, income exreedd exp¢nditure by £32,911. Tbis figure wh¢n adjusted for realised 105se5 on the disposal of investments of £7,241 and unrealis¢d gain5 on those investments held at 31 March 2024 of £121,261 has resulted in a positive movement in ThdS for the year of £146,930. The investment portfolio increased in value by £76,317 during the year, with the net Value of additions and disposals totalling £44,944 as well as an in¢rease in the market value of investments of £121.261. The closing value of the investment portfolio was £3,639,032,
Haywood Rbeumatism Researeh and Developmettt Foundation Trnst¢¢s' Report for the year ended 31 March 2024 Financial Review continlltd This represents an increase of 2.14/0 during the year. After adjustments for cash, debtors ond creditors, the total net a$8¢ts in¢r¢ased by 4,14C/o. Together with antiGipated other income, the por¢folio is wnsidered adequats to generat¢ suffi¢ient income to meet the objectives of the Foundation in future years. Reserves A J¢v¢l of reserves is maintained to produce an income which, together with thher Anticipated income, is adequa to finance the provision of the grants. PLANS FOR FUTURI PERIODS Our strategic priorities remain to fund local research within the field of rheumatology. provide yupport and education for health professionals dedi¢ated to the ¢are of p¢opl¢ with arthritis and retsted ¢ondilions and providing suppo information, and health promotion to people with such conditions, and their ¢arers. In our lagt three reports we indtcated that we would set out to consider if we could commission research on a Specific resCrGh topic, of importancc to our population. Thc conunittcc fclt wo need to better understsnd the needs of our loGal population. We have made some progress to codevelop a proposal with the NHS Trust Director of Lived Lixperience but this remains a strategic objective. The charity also remains kccn to re5torc hydroiherapy services for local people is di8cussinB with a new senior therapies lead how best to address this. Finally the charity's 'Bright Ideas. ¢ampai which aims to elicit request for funding for equipment or other reSoUeS thai Ight directly enhance the lives of people with arthritis and rclated conditions has not reyullcd in any applications this year and tl)e comtnittee are seeking to refresh this initiative to explore how fiinding opportunities in thi5 area ran b¢ better addressed.'Ihis includes supporting development of a n¢w lo¢al allotment project fnr people with arthritis. In the Coming year we will therefore endeavour to i) continue to promo PIER servi¢eB widely, including ImplenntaIIon of 2 digital kiosks for Bvadwell Hospital where PR online can be accessed by patients; li) undertake activities to understand better the need5 of our loeal population in order that we can commission appropriate research to address these needs. iii) revisit hydrotherapy opportunities. iv) Continue to support research and education that will enhance the lives of people with arthritis and related conditions. v) f(ffth¢r develop our Bright Ideas offer to fund equiptnent and resource5 to SUPPOrt the lives of people with arthrttis and related wnditions. Signed on behaifof the BoArd of Tru8t¢eg ($lBnature) (Name) Trustee Dated..l.k.": J<.e..rt.AAe(I ZoL
Haywood Rheumalism Research and Development Foundation INDEPENDENT EXAMINERS REPORT Independent Examlners Report to the Trnstses of HAywood RheuThatism Re5¢ar¢h and Development Foundation I report on the accounts of the Charity for the year ended 3 1st March 2024, which are set out on pages 7 to 15. R¢spective respoDsiblliti¢s of Trustees and Examlner The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider that an audit is not required for this year linder section 144 of the Charities Act 2011 (the Charities Act) and that an Independent Examinalion is needed, It is my responsibility to: Cixamine the accounts under section 145 of the Charities Act); To follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act). and To State whether particular nutters have come to my attention. BASIS of independent emInerS roport My exarnination was carried out in accordAI)¢e with the General Directions given by th¢ Charity Commission. An ¢xarnination includes a review of the acKounling records kept by the Charily and a comparison of the uccounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explan¥4tion5 from you as tru8tee8 concerning any such matt¢rs. Th¢ pro¢edur¢$ undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the VI given by the counts. llldepeDdeDt examillers sta¢¢ment In connection with my examination, no matter has come to my attention.. (l) which gives me reasonable cause to believe that in any rnaterial respect the requirements lo keep accounting records in accordance with sections 130 & 131 of the Charities Art. and . to prepare accounts which accord with the aoUntIng records and to cornply with the accounting requirements of the Charities Act have not bcen mel, or (2) to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be rea¢h¢d, Heather Tweddle of Dean Statham Chartered Accountants 29 King Street New¢aytl¢-Und¢r-Lyme Staffordshir¢ ST5 IER Dated .i.E-. .
Haywood RheumAti5m Research 4nd Development Foundation Statement of Fillancial Aetivltles for the year ended 31 March 2024 Unrestricted Note Funds Restricted Funds Total Fulld$ 2024 Tot•1 Ftsnds 2023 Illcome Donations and Gift5 LL8acies Inveslment income: Income from listed fjxed asset investments 6,256 29,535 6,256 29,535 4,656 133.563 140,817 140,817 161782 Total income 176.608 176.608 301.001 Exp¢Dditur¢ Costs of raising fundB: Inveslment management costs 21,259 21,259 20,847 Expenditure on ch4rltfjble activltles 122,438 122,438 266,441 Total expeDdltur• 143,697 143,697 287,288 Net Incomel(expendilure) 32,911 32,911 13,713 TrAnsfer8 Transfers between ndS Net Incomel (expendlture) befor¢ g4in¥ 4nd lo¥¥¢¥ invet4tmellts 32.911 32,911 13,713 Net gainy/(losses) on investments 114,019 114,019 (294.397) l¥et mov¢m¢nt in funds 146,930 146,930 (280,684) Recollciliation of FuDds Balances brought forward at l April 2023 3,551.475 3,551.475 3,832.159 Balances carried forward at 31 Mawh 2024 3.698.405 3.698.405 3,551,475 The statement of Financial Activities has been prepared on the basis that all op¢rdtions are continuing. Th¢r¢ are no gains or loss¢$ other than those passing through the Statement of Financial Activities.
Haywood Rh¢um4tism Re$¢xrch and Dev¢lopment Foundadon Balance Sheet *% at31 Mareh 2024 Note 2024 2023 Fixed a35ets Investments 3,639,032 3,562,715 Current assets Debtors Cash at bank and in hand 4.433 268,654 216.166 273,087 216,166 Creditors: amounts falling due within one year 213,714 227,406 Net curr¢nt Ass¢ts 59,373 (11,240) Total osiets less eurrent Ilabllllloj 3,698,405 3,551,475 Net assets 3,698,405 3,551,475 Funds UnrestrACted 3.698,405 3,551,475 3,698.405 3,551,475 Approved by the Board of Trtte¢s o signed on their behalf by: (Signature) (Name) Truslee (Signature) (Name) Trustee
Haywood Rheumalism Research and Developm¢nl Foundation STATEMENT OF CASH FLOWS for the yèAr ended 31st March 2024 2024 2023 Note Net cash generated from operating activities io (126,031) 13.635 CAgh flow from InvtIng actlvltles Intcrcst and dividends Proceeds from sale of invegtments Purchase of investments 140.817 342,039 (304,336) l62,782 432,837 (483,064) Net ehange in ¢a8h and eish equlvalents 52,489 126,190 Casb and cash ¢qulval¢nts At l Aprll 2023 216,166 89,976 Cash and egib equlvalents at 31 March 2024 268.654 216,166
Haywood Rheumatism ReSe2h Development Foundatlon io Iyotes to the Accounts for Ihe year ended 31 March 2024 Accountin Policies The following a¢countin8 policies have been applied consistently in dealing with itsms which are Gonsidered matertal in relation to the Charitys financial statements. Bagls of Aecountin The Financial Statements have been prepared under the historical cost Convention as modified by the revaluation of fixed assets. The financial ststements have been prepared in accordance with the Statement of R¢¢ommended Practice Accounting and Rcporting by Ci]aritics prLparing thcir aounts in accordance with the Financial Reporting StAndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) and the Charities A¢t2011. lllcome All incoming resources are included in the SOFA wh¢n tb¢ Charity is legally entitled to the income and the amount can be quantified witli reasoiiable a¢¢uracy. L¢gaci¢s are ¢redited to the statement of financial activities once the Charity has been notified of its entitlement to the income and the value of the leB8cy is capable of flnancial measurement. Donations and gifts comprise amounts received during the year, Investment income includes interest and dividends from investsnents and bank interest. It is accounted for on an aceruals basis. endlture All expenditure is a¢counted for on an accruals basis and has been Classified under headings that aggregate all costs related to the category, Costs of generating funds includes fundraisin8 and investment managers costs. Charitable activities includes grants paid and support costs. Governance costs are those in¢urred in connection with the administration of the Charity and compliance with constitutional and statOry requirernents. R¢#li$¢d in$ and losses All gains and losses are tV4ken to the Statement of Financial kntivities as they arise. Reali5ed gains and losses on investments ar¢ ¢al¢ulated as the differen¢¢ between sales proceeds and their opeDing carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are ¢aIculat¢d as the difference betwe¢n the fair value at the year end and their carryin8 value. Realised and unrealised investment gains and losses are combined in Éhe Statement of Financial Activities,
Hgywood Rh¢umati5m Research and Development Foundation li Notes to the Aeeounts for the year ended 31 March 2024 Accountin Polieies Continued Fixed Ast Investments Investments are a form of basic financial instrnment and are initially r¢¢ognised at their transaction valu¢ and subsequently measured at their fair value as at the balance sheet d&te using the Glosing quoted market price. The statement of fu]anrial tivItIeS includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity d4)es not acquire put options, d¢rivativ¢s or other complex fjnancial instruments. The main fDrnI of fJn8ncial risk faced by the Charity is that of volatility in equity markets and investsnent m*rkets due to wider ecoiiomic conditions, the attitude of investor8 to investment risk, and Ghanges in s¢ntimen¢ ¢on¢¢rning equities and within particular sectors or sub sectors. xatio AB a registered Charity, the Foundation is exempt from incorne and corporation tsx to the extent that its in¢ome and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the Charity, and is therefore included in the relevant Costs in Ihe Statement of Financial Activities. Fund Aeeountln The Charity maintains a general unrestricted fund which repregents funds which are expendable at the discretion of the Trustees in rth¢ranCe of the objects of the Charity, Such funds may be held in order to finance both working capitd and capital investment. IDeon)e from Ilst¢d flx¢d Rss¢t Inv¢$tm¢n Uurestricted Fllndj Restricted Funds Total 2024 Tot81 2023 Investment income from quoted investments 137,809 137,809 161,424 Interest on cash as part of investment portfolio 3,008 3,008 1,358 140,817 140,817 162,782
Haywood Rheutllatism Re$eareh #nd Development Found4tioll 12 Notes to the Accounts for the year ended 31 Mar¢h 2024 elldlture OD Charitable Activities Unmtrlctsd Fund5 Restricted Fullds Total 2024 Total 2023 Costs of cbgrlt&ble Aclivltie8 Grdnts paid (see detailed schedule below) PIER costs Websi Tai chil Quigong Gla55eS Printin8 and slationery costs Conference fee5 106.351 689 3,023 6,346 1,058 1,936 106,351 689 3,023 6.346 1.058 1.936 257,132 102 4,548 2,150 Support Costs Accountancy fees Sundry expenses 1112 923 2,112 923 2,016 493 122,438 122,438 266,441 Grants PayAbl¢ Unrestrlcted Funds Restrlct¢d Funds Total 2024 Total 2023 Payroll grAnts Keele University MPFT 129,627 68,869 61,254 61,254 Other Keele University r¢s¢ar¢h Beth Johnson Foundation 2,030 43,067 2,030 43,067 20,800 37,836 Total ant paid 106,351 106,351 257,132
Haywood RheumatiBm Rese?reb and Development Foundatlon 13 Nots$ to tbe Accollnts for the yevdr ended 31 March 2024 endllure on Chxritable Activities Continued The grant payable to Keele University is for a regeArch grant within the Keele Research Institute. Th¢ grant payable in relation to Beth Johnson Foundation is the developrn¢nt of the fim¢tion$ of the Patient )forniation Education Resource ("PIER ). There are no specifi¢ support cost5 associated with the ryts. Investmen 2024 2023 Cost or valuatlon Market value at l April 2023 Additions at cost Disposal proceeds Realised gain51(losses) on disposals Unrealised gains/(losses) on revalu&tion8 3.562.715 304,336 (342,039) (7,241) 121 ?61 3.806.884 483,064 (432,837) 7,927 (302,323) Market value at 31 M&rth 2024 3,639,032 3,562,715 2024 2023 Portfolio valiiation Securities 3,639,032 3,562,715 3,639.032 3,562.715 Reallsed gains oll disposals 2024 2023 Carrying value of disposals Disposal proceeds 349,280 (342,039) 424,910 (432,837) Net re&li5ed gain51{Ios5¢3) {7,241) 7.927
Haywood Rheumatism Researeb and Development Foundation 14 Not¢$ to the Accounts for the year ¢llded 31 ivlareh 2024 InvestmerÉts eontinued All investments are CWTied at their fair value. Investment in equities and fixed intrrest securities are all traded in qui)ted public markets, primarily the London Stock Exchange. Holdings in ¢ou]mon investtnent fiulds, unit trust and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equival¢nt to the market value, using the bid price. Asset sales and purchases are reGogThised at th¢ dat¢ of trade cost (that is their transaction value). The Charity is mainty reliant on dividend yield to finance its work. With the majority of funds being made available to the charities fund manager. The main risk to the Charity from financial instruments lies in the cotnbination of uncertain investment markets and volatility in yield. Due to recent mket conditions favourin8 lower i'isk investments, the yield on bonds has been abnormally low giving rise to a fall in capital values. Although rising interest rates resulting from improved economi¢ activity Should b¢ indi¢ative of improving dividend yields and equity values, there is concem that the 4bnorn]al availability of '¢h¢ap Mone to the banking sector h88 led lo wid¢r over.valuation of traded assets that may depress equity value5 once economic conditions ease. Due to the investment in intemational companies the Charity is exposed lo exchange rate risk when converting the holdings and their yield into sterling. The outlook for the sterling ¢xchange rate is that it is anticipated to weaken 8s European, US and Asian economies strengthen. A weakening in the exchange rate will improve sterlÉng r¢tUrn8 from foreign ¢urr¢ncy denominated holdings. Liquidity risk is low as the rnajority of the Charity's investment9 are traded in markets with good liquidity and high trading volumes, with a Commitment of intervention by market regulators providing for orderly tr8ding. Th¢ Charity manages thes¢ inv¢stment risks by retaining an expert fund manager that operat¢s an investment policy of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and sirnilar complex financial instruments. Debtorj 2024 2023 Prepaymellts and Accrued ineom¢ Prepaid expenses 4,433 4,433
Haywood Rheumatism Research alld Development Foundation 15 Note$ to the Accounts for the y¢ar ended 31 Mgr¢h 2024 Credltors: Amounts fallin due withln otte e4r 2024 2023 Aru]8 AccountanGy Charles Stanley f¢e$ Grants Other 2,112 5,400 196.996 9,206 2,016 5.400 199,088 20,902 213,714 227.406 Balance Movement ill Rosource8 In¢oming Oulgoing GainslL035es Balance crn Unrestricted Fund 3,551,475 176,608 (143,697) 114,019 3,698,405 The unrestricted funds available to b¢ sp¢nt for any purpose of the Charity. Trllstee Ex enw and Remuner No Trustee received any remuneration or expenses in respect of Services as Trustee during the year (2023 - £nil). Windi nd Dissolutlon of the Chari If upon winding up or dissolution of the charity there remain Any assets, after the satisfaction of all debts and IiE4bilili¢s, the assets r¢presented by the accutnulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity. 10 ReconciliAtioD of net ment In funds to net cash flow from o erAtin activities 2024 2023 Net movement in funds Investment income Losse(gainS} on investments Decrease/(incre&5e) in debtors tncrea5e/(deGrease) in ¢r¢ditors 146,930 (140,817) (114,019) (4,433) (13,692) {280,684) {162,782) 294,397 4.482 158.222 N¢t c#sh us¢d in operating activities (126,031) 13.635