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
s￿ffordShire 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 St￿leY & 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 R￿earCkn 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¢s￿rCh 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 Stand￿d$ 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 fIn￿riE41
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$t six times per year, and Trustees
who meet at least quarterly.
Management of the Foundation's funds is delegated to Fund Manager, Charles Stanley & Co Limited. Investment by the
Fund Manager is prescribed by th¢ Trustees in an Investment Policy Statemen( it operates on & Discretionary Servi¢¢
b￿18, a b81anced objective of Income and Capital Growth and a Medium High Risk exposure in pursuit of the
objective$ 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¢, Op￿rtunitI¢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 [l￿d 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
resC￿rGh 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 reSoU￿eS 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
Implen￿ntaIIon of 2 digital kiosks for Bvadwell Hospital where P￿R 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 e￿mInerS 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 a￿oUntIng 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 Trt￿te¢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 Inv￿tIng 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 ReSe2￿h 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 a￿ounts 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 sta￿tOry 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 As￿t 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 m￿ket 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
A￿ru￿]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