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← Haywood Rheumatism Research And Development Foundation

2025-03-31-accounts

Haywood Rheumatism Research and Development Foundation Trustees' Report and Financial Statements for the year ended 31 March 2025

Charity Registration No. 507273

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Haywood Rheumatism Research and Development Foundation

Legal and administrative information

President DrTHothersall
Chairman Dr Z Paskins
ViceChairman MrsK Stevenson
Secretary Mrs JBrammar
Treasurer MrMAbbott
Trustees MrJ SRowley resigned 1November2024
MrDDONeill
MrsHCDuffy resigned 2 April2025
MrsMKHumphreys
Mr M Abbott
Ms I Bentley
Charitynumber 507273
Address ofCharity StaffordshireRheumatology Centre
Haywood Hospital
HighLane
Burslem
Stoke-on-Trent
ST6 7AG
IndependentExaminer HeatherTweddleof
Dean Statham Chartered Accountants
29KingStreet
Newecastle-Under-Lyme
Staffordshire
ST5 LER
Bankers NatwestBank plc
2 Market Street
Longton
Stoke-on-Trent
Staffordshire
ST32HW
Solicitors KnightsLLP
TheBrampton
Newcastle-Under-Lyme
Staffordshire
ST50QW
Investment Advisors CharlesStanley&Co Ltd
55 Bishopgate
London
EC2N3AS

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Haywood Rheumatism Research and Development Foundation

Contents

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|||| |---|---|---| |Page| |Trustees’ Report|1-5| |Independent Examiner's|Report|6| |Statement of|Financial Activities|7| |Balance|Sheet|8| |Statement of Cashflows|9|

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Notes to the Financial Statements 10-15

Haywood Rheumatism Research and Development Foundation

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Trustees' Report for the year ended 31 March 2025

Introduction

The Trustees present their report and the unaudited financial statements for the year ended 31 March 2025.

REFERENCE AND ADMINISTRATION

Legal and administrative information

Haywood Rheumatism Research and Development Foundation, Staffordshire Rheumatology Centre, Haywood Hospital, High Lane, Burslem, Stoke-on-Trent, ST6 7AG is registered with the Charity Commissioners (No. 507273). The Charity is constituted and governed by a Trust Deed dated 24th September 1978 as amended 21 May 1979.

Trustees and Officers

The Charity was administered by the following members during the year:

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|||||| |---|---|---|---|---| |President|Dr T Hothersall| |Chairman|Dr Z Paskins| |Vice Chairman|Mrs K|Stevenson| |Secretary|Mrs J Brammar| |Treasurer|;|Mr M Abbott| |Trustees|Mr J S Rowley|resigned|1|November 2024| |Mr D D|ONeill| |Mrs.H C Duffy|resigned|2|April 2025| |Mrs M K Humphreys| |Mr|M|Abbott| |Ms|I Bentley|

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The Charity is served by Natwest Bank plc in Longton, Knights LLP in Newcastle-Under-Lyme as Solicitors, Heather Tweddle of Dean Statham Chartered Accountants in Newcastle-Under-Lyme as Independent Examiner and Charles Stanley & Co Limited in London as Investment Managers.

Trustees’ responsibilities

The Statement of Recommended Practice, “Accounting and. Reporting by Charities" and the Charity's Constitution require the trustees to make available an Annual Report for each financial year, showing a true and fair view of the financial transactions of Haywood Rheumatism Research and Development Foundation (The Foundation) during the financial year and of the disposition at the end of the financial year, of the assets and liabilities.

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Trustees’ Report for the year ended 31 March 2025

Trustees’ responsibilities continued

In preparing the financial statements, the Trustees are required to:

~ select suitable accounting policies and apply them consistently;

~ state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

~ prepare the financial statements on the going concern basis unless it is 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 any one time, the financial position of the Charity and enable them to ensure that the financial statements comply with the Trust Deed dated 24 September 1978 as amended 21 May 1979 and the Charities Act 2011. 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.

STRUCTURE. GOVERNANCE AND MANAGEMENT

Organisation

The Foundation is managed on a voluntary basis by a committee which meets at least 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 the Trustees in an Investment Policy Statement, it operates on a Discretionary Service basis, a balanced objective ofIncome and Capital Growth and a Medium High Risk exposure in pursuit of the objectives suitable for the Charity.

Trustee induction and training

Trustees are appointed as and when required by the Trustees. New Trustees are identified by personal and professional contacts. Approach is made to individuals who hold responsible positions within the community, have skills appropriate to those of such a Charity's Trustees and are willing to contribute their time, skills and knowledge. New Trustees are inducted by an Officer to the Trustees and are provided with appropriate published literature, both specific to the Charity and general to the position of a Charity Trustee. Opportunities for attendance at appropriate workshops are provided.

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Risk Management

A potential risk is that there are insufficient funds to achieve the Charity's goals. This is managed by the Trustees who monitor the quarterly reports from the stockbrokers.

Financial controls

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The financial position is regularly monitored by the Trustees. Payments over £2,000 must be signed by 2 Trustees by email if paid by electronic banking or cheques must be signed by 2 Trustees. Payments for Jess than £2,000 must be signed by 2 officers by email if paid by electronic banking or cheques then must be signed by 2 officers.

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Trustees’ Report for the year ended 31 March 25

OBJECTIVES AND ACTIVITIES

Objectives of the charity

The objective of the Charity is to help people suffering from rheumatic diseases and to provide funds for research into the prevention, cure and relief of such diseases.

The main objectives for the year were:

i} promote PIER services widely.

ii) undertake activities to understand better the needs of our local 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) further develop our bright ideas offer to fund resources and equipment.

The strategies employed to achieve the stated objectives are:

Charity's grant making policies

Grants are awarded to local researchers and educators for projects in keeping with the aims of the Foundation, subject to external review of the projects.

The contribution of volunteers.

The Charity is run by volunteers who do not receive any remuneration.

Public Benefit

The Trustees confirm they have referred to guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives.

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Trustees‘ Report for the year ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

Activities and achievements

In accordance with our strategic objectives in 2024, this year we have been focused on how to promote PIER. Our communications officer continues to work on promotional activities.

The charity has continued to fund the secondment of a project manager from the Beth Johnson Foundation. The post holder continues to oversee provision of the Patient Information and Education Resource (PIER) projects including an inperson PIER service at the local Bradwell hospital. This service employs 4 volunteers and has helped 103 patients over the months January to June 2025. PIER electronic kiosks, which include the new PIER website, have been built but are not yet operational.

Funding of Tai chi activities for people with arthritis has continued, with 38 people benefiting from this provision.

HRRDF continue to fund people and projects including, this year, a national project to. understand the needs of nonmedical prescribers.

We have provisional plans regarding hydrotherapy, surveying the local patient population and developing Bright Ideas that will continue into 2025/26 (ii,iii and v) that require more time to realise.

Financial review

During the year the Foundation received total income of £149,421 and expended £102,785 on charitable activities. After expenditure of £21,908 on investment management, income exceeded expenditure by £24,728.

This figure when adjusted for realised gains on the disposal of investments of £27,230 and unrealised losses on those investments held at 31 March 2025 of£190,734 has resulted in a negative movement in funds for the year of £138,776.

The investment portfolio decreased in value by £190,247 during the year, with the net value of additions and disposals totalling £487 as well as a decrease in the market value of investments of £190,734. The closing value of the investment portfolio was £3,448,785.

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Trustees’ Report for the year ended 31 March 2025

Financial Review continued

This represents a decrease of 5.22% during the year. After adjustments for cash, debtors and creditors, the total net assets decreased by 3:75%.

Together with anticipated other income, the portfolio is considered adequate to. generate sufficient income to meet the objectives of the Foundation in future years.

Reserves

A level of reserves is maintained to produce an income which, together with other anticipated income, is adequate to finance the provision of the grants.

PLANS FOR FUTURE PERIODS

Our strategic priorities remain unchanged for 2025/26. Outline plans to achieve objectives have been slow to realise, partly due to the current rebuild of the Haywood hospital. The newly rebuilt outpatients is due to open in November and we will be supporting this endeavour with artwork and PIER resources. .

Signed on behalf of the Board of Trustees

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INDEPENDENT EXAMINERS REPORT

Independent Examiners Report to the Trustees of Haywood Rheumatism Research and Development Foundation

I report on the accounts of the Charity for the year ended 31st March 2025, which are set out on pages 7 to 15.

Respective responsibilities of Trustees and Examiner

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 under section 144 of the Charities Act 2011 (the Charities Act) and that an Independent Examination is needed.

It is my responsibility to:

. Examine 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 matters have come to my attention:

Basis of independent examiners report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures 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 view given by the accounts.

Independent examiners statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements

: to keep accounting records in accordance with sections 130 & 131 of the Charities Act; and .

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‘ to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached,

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Heather Tweddle i falidl
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Dean Statham Chartered Accountants

29 King Street Newcastle-Under-Lyme Staffordshire ST5 1ER

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Dated 2lealteren

Haywood Rheumatism Research and Development Foundation

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Statement of Financial Activities for the year ended 31 March 2025

Unrestricted Restricted TotalFunds Total Funds
Note Funds Funds 2025 2024
£ £ £ £
Income
Donations and Gifts 4,985 - 4,985 6,256
Legacies - - - 29,535
Investment income:
Income from listed fixed asset investments 2 144,436 - 144,436 140,817
Totalincome 149,421 - 149,421 176,608
Expenditure ;
Costs ofraisingfunds:
Investment managementcosts 21,908 - 21,908 21,259
Expenditureoncharitable activities 3 102,785 - 102,785 122,438
Totalexpenditure 124,693 - 124,693 143,697
Netincome/(expenditure) 24,728 - 24,728 32,911
Transfers
Transfers between funds - - - -
Netincome/(expenditure) before
gainsand losseson investments 24,728 - 24,728 32,911
Net gains/(losses) on investments (163,504) - (163,504) 114,019
Netmovement infunds 7 (138,776) - (138,776) 146,930
Reconciliation ofFunds
Balances brought forward at 1 April 2024 7 3,698,405 - 3,698,405 3,551,475
Balancescarriedforwardat31March2025 7 3,559,629 - 3,559,629 3,698,405

The statement of Financial Activities has been prepared on the basis that all operations are continuing.

There are no gains or losses other than those passing through the Statement of Financial Activities.

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Balance Sheet as at 31 March 2025

Note Note 2025 2024
£ £ £ £
Fixed assets
Investments 4 3,448,785 3,639,032
Current assets
Debtors 5 - 4,433
Cashatbankandinhand 305,453 268,654
305,453 273,087
Creditors:
amounts fallingduewithinoneyear 6 194,609 213,714
Netcurrentassets £10,844 59,373
Total assets lesscurrent liabilities 3,559,629 3,698,405
Netassets 3,559,629 3,698,405
Funds
Unrestricted 7 3,559,629 3,698,405
3,559,629 3,698,405
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Haywood Rheumatism Research and Development Foundation

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STATEMENT OF CASH FLOWS

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for the year ended 31st March 2025

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£|£|£| |Net cash generated from| |operating|activities|10|(134,380)|(126,031)| |Cash|flow|from investing|activities| |Interest and dividends|144,436|140,817| |Proceeds|from|sale of investments|380,421|342,039| |Purchase of investments|(353,678)|(304,336)| |Net change|in cash and|cash|equivalents|36,799|52,489| |Cash and|cash|equivalents|at|1|April 2024|268,654|216,166| |Cash|and cash|equivalents|at 31|March 2025|305,453|268,654|

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Notes to the Accounts for the year ended 31 March 2025

1 Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charity's financial statements.

Basis of Accounting

The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of fixed assets.

The financial statements have been prepared in accordance with the Statement of Recommended Practice : 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) (effective 1 January 2015) and the Charities Act 2011.

Income

All incoming resources are included in the SOFA when the Charity is legally entitled to the income and the _, amount can be quantified with reasonable accuracy.

Legacies are credited to the statement of financial activities once the Charity has been notified of its entitlement to the income and the value of the legacy is capable of financial measurement.

Donations and gifts comprise amounts received during the year.

Investment income includes interest and dividends from investments and bank interest. It is accounted for on an accruals basis.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of generating funds includes fundraising and investment managers costs.

Charitable activities includes grants paid and support costs.

Governance costs are those incurred in connection with the administration of the Charity and compliance with constitutional and statutory requirements.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

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Notes to the Accounts for the year ended 31 March 2025

1 Accounting Policies Continued

Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price: The Statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Taxation

As a registered Charity, the Foundation is exempt from income and corporation tax to the extent that its income 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 the Statement of Financial Activities.

Fund Accounting

The Charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the Trustees in furtherance of the objects of the Charity. Such funds may be held in order to finance both working capital and capital investment.

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Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
Investment income from quoted investments
141,044 - 141,044 137,809
Interestoncash as partofinvestment portfolio 3,392 - 3,392 3,008
144,436 - 144,436 140,817

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Notes to the Accounts for the year ended 31 March 2025

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|||||||| |---|---|---|---|---|---|---| |3|Expenditure|on|Charitable|Activities| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2025|2024| |£|£|£|£| |Costs|of charitable|activities| |Grants|paid (see detailed|schedule below)|93,585|-|93,585|106,351| |PIER costs|-|-|-|689| |Website|1,665|-|1,665|3,023| |Tai|chi/ Quigong classes|4,928|-|4,928|6,346| |Printing and stationery costs|-|-|-|1,058| |Conference|fees|-|-|-|1,936| |Support cests| |Accountancy fees|2,112|-|2,112|2112| |Sundry expenses|495|-|495|923| |;|102,785|-|102,785|122,438| |———EEeS|EEE|————_——|I —————| |Grants Payable| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2025|2024| |£|£|£|£| |Payroll grants| |MPFT|20,361|-|20,361|61,254| |Other| |Keele University|research|10,270|-|10,270|2,030| |Beth Johnson|Foundation|37,950|-|37,950|43,067| |MPFT|research|25,004|-|-|-| |Total grant paid|93,585|-|93,585|106,351|

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Notes to the Accounts for the year ended 31 March 2025

3 Expenditure on Charitable Activities Continued

The grant payable to Keele University is for a research grant within the Keele Research Institute.

The grant payable in relation to Beth Johnson Foundation is the development of the functions of the Patient Information Education Resource ("PIER").

There are no specific support costs associated with the grants.

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Cost or valuation| |Market value|at-1|April|2024|3,639,032|3,562,715| |Additions|at cost|353,678|304,336| |Disposal proceeds|(380,421)|(342,039)| |Realised gains/(losses) on disposals|27,230|(7,241)| |Unrealised gains/(losses)|on revaluations|(190,734)|121,261| |Market value|at|31|March 2025|3,448,785|3,639,032| |2025|2024| |£|£| |Portfolio|valuation| |~|Securities|3,448,785|3,639,032| |3,448,785|3,639,032| |Realised gains on|disposals| |2025|2024| |£|£| |Carrying value|of disposals|353,191|349,280| |Disposal proceeds|(380,421)|(342,039)| |Net realised gains/(losses)|27,230|(7,241)|

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Notes to the Accounts for the year ended 31 March 2025

4 Investments (continued)

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trust and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade cost (that is their transaction value).

The Charity is mainly 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 combination of uncertain investment markets and volatility in yield. Due to recent market conditions favouring lower risk investments, the yield on. bonds has been abnormally low giving rise to a fall in capital values. Although rising interest rates resulting from improved economic activity should be indicative of improving dividend yields and equity values, there is concern that the abnormal availability of ‘cheap money' to the banking sector has led to wider over-valuation of traded assets that may depress equity values once economic conditions ease.

Due to the investment in international companies the Charity is exposed to exchange rate risk when converting the holdings and their yield into sterling. The outlook for the sterling exchange rate is that it is anticipated to weaken as European, US and Asian economies strengthen. A weakening in the exchange rate will improve sterling returns from foreign currency denominated holdings.

Liquidity risk is low as the majority of the Charity's investments are traded in markets with good liquidity and high trading volumes, with a commitment of intervention by market regulators providing for orderly trading.

The Charity manages these investment risks by retaining an expert fund manager that operates 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 similar complex financial instruments.

5 _Debtors 2025 2024
£ £
Prepayments and Accruedincome
Prepaidexpenses - 4,433
- 4,433

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Notes to the Accounts for the year ended 31 March 2025

6 Creditors: Amounts fallingduewithinoneyear 2025 2024
£ £
Accruals
Accountancy 2,112 2,112
Charles Stanleyfees 5,400 5,400
Grants 178,575 196,996
Other 8,522 9,206
194,609 213,714

7 Statement of Funds

Balance Movement in Resources Movement in Resources Movement in Resources Balance
B/F Incoming Outgoing Gains/Losses C/F
£ £ £ £ £
Unrestricted Fund 3,698,405 149,421 . (124,693) (163,504) 3,559,629

The unrestricted funds are available to be spent for any purpose of the Charity.

8 Trustee Expenses and Remuneration

No Trustee received any remuneration or expenses in respect of services as Trustee during the year (2024 - £nil).

9 Winding up and Dissolution of the Charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

10 Reconciliation of net movement in funds to net cash flow from operating activities

2025 2024
£ £
Netmovement in funds (138,776) 146,930
Investment income (144,436) (140,817)
Losses/(gains)on investments 163,504 (114,019)
Decrease/(increase) in debtors 4,433 (4,433)
Increase/(decrease) in creditors (19,105) (13,692)
Netcashusedinoperatingactivities (134,380) (126,031)

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