Charlty r¢glstratlon number SC006557 IS¢otlandl SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trusteos Dr L Kayne Dr D Reilly Dr W McGrandles Mrs P Donnachie Mrs C Greene Mrs N Morris (Appointed 31 October 20241 (Appointed 1 October 20251 Secretary and Treasurer Mrs l Leese Charlty nUMr IS¢otlandl SC006557 Registered office 1053 Great Western Road Glasgow G12 OYN Independent examln•r Paul Hut¢hison ACA Azets Audit servIs Chartered Accounlanls Quay 2 139 Fountainbridge Edinburgh EH3 9QG Bankers The Co-operative Bank 29 Gordon Street Glasgow G1 3PF Investment advlsor$ Rathbones So George Street Glasgow G2 1EH
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST CONTENTS Page Trustees. retx)rt Independent examiner's report Statement of financial activities Balance sheet Notes lo the financial slaltrmtrnls 7-12
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustees present their annual report and financial statements for the year ended 30 September 2025. The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Deed, the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts (Scotlandl Regulalions 2006 las amended), 'Accounting and Repong by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Repong Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191 and "The Financial Reporting Standard in the UK and Republic of Ireland. IFRS 1021. Oblectlves and actlvltles The objectives of the trust are the following.. a. To raise, maintain and manage a Trust Fund of capital and income which is to be used for the advancement of the leaching and practi of Homoeopathy in any part of the world and in particular for the promotion of the advancement of Homoeopathy and other allied sciences and practice and research therein or otherwise so as to secure the greatest benefit lo the community. b. To make grants to student bodies, Medical Schools and institutions and at Universities recognised by the Trustees as giving education in Homoeopathy for the purpose of furthering the advancement of teaching and practice of Homoeopathy and to assist either by grant or otherwise individual medical students or graduates desirous of studying or contributing to knowledge of Homoeopathy. c. To undertake or execute any trusts and to contribute to Homoeopalhy and any society trust or institute in such manner and to such extent as may appear to the Irustees to be conducive to the objects of the Trust. d. To do all such other things as are in the opinion of the Trustees likely to lead to an advance in Homoeopathi¢ education, teaching practi and knowledge. The main objoctivg of the Trust is lo identify suitsble candidates and proje¢ls to support and Ihweforo lo meet the TrLJSt's objectives outlined above. During the year the charity gave awards for individual projects. To preserve individual confidentiality the names of the recipients are not listed in this report. Achievements and performance During the year, the Trust provided £50,17412024 - £29,419) to assist in the funding of hornoeopathic training. The Trust is now a leader in the educational field and il is the intention of the Trustees lo maintain this position. Financial review The reserves of the Trust are mainly represented by investments. the income from which is principally ulilised in making grants. The Trust endeavours lo rnanage their investment portfolio to maximise the reserves in order lo distribute grants lo suitable good ¢auses. During the year, lolal income by way of dividends, legacies and grants el¢. amounted lo £10,11412024 - £14,301) and expenditure amounted to £82,55712024 - £64,013) resulting in an operating deficit of £62,858 lin¢luding gains of £9,585112024 - £75,699) for the year. The Trustees a satisfied that the level of expenditure as stated in the accounts has been necessary to maintain the level of education and research that the TrLJSt has set and indeed to progress it in UK terms. Risk Management The Trustees have assessed the major risk5 to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place lo mitigate exposure lo the major sks.
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Investment Policy The Trustees have the power lo invest in such stocks, shares, investments and property in the UK as they see fit. The Trustees had previously appointed RBC Brewin Dolphin as investment advisers but during the year transitioned lo Rathbones as their new investment advisers. The policy was lo adopt a rnedium risk investment strategy based on maxirnising income. The Trustees have Consided that this investment strategy has achieved ils objectives during the Current year. Reserves Policy The reserves of the Trust are mainly represented by inveslments.the income from which is principally utilised in making grants. The Trust endeavours to manage their investment portfolio to maximise the restrrves in order to distribute grants lo good Causes. Taxation The Trust is a ¢harity and is recognised as such by HM Revenue and Customs for tsxation purposes. Accordingly, there is no direct liability to taxation on the trust's in¢ome. Structure. governance and managernent The Trust is governed by its constitLJtional document dated 2 September 1948 whi¢h was presented for registration in the book of the Lords of Council and Session for preservation. The Trust aims to provide grant funding for the furtherance and advancement of the teaching and practice of Homoeopathy. The Truslees review grant applications received and award funds on merit in relation lo the charitsble objectives as specified by the Trust Deed, the objectives of which are to promote the advancement of the teaching and practice of Homoeopathy. Trustees are recruited through a combination of word of mouth and advertising. Trustees can be appointed at any time and are approved al the AGM. There is no formal structure for induction and training for new Tnjslees. However, all are made aware of the charity's objectives and activities. Trustees shall not be more than fifteen or less than five in number and the said Trustees may by Deed of Assumption appoint any additional Iruslees as aulhorised by the Trust (Scollandl Act 1921. All Trustees except the Chairman as after provided shall have one vole at the meeting. Al all limes the number of non-medical Trustees rnusl exceed the lluber of medical Trustees. The management of the Trust shall be vested in the Trustees and subject lo clause 11 all monies and property of the Trust shall be and remain vested in them. Trustees have sole and absolute discretion in dealing with the income or the capital of the Trust within the tems of the Ttusl Deed. Clause 11 of the Trust Deed slates that upon the assumption of any additional or new Trustee the Trust Funds and propety of the Trust shall be transferred $0 as lo vest in the trustees for the lime being or such of them Ibut in no case less than threel as the Trustees may dire¢t and a statement in writing setting out the names of the trustees for the time being so appointed to hold the monies, fund and properties of the Trust and purporting to be signed by any two trustees and the Secretary of the TrLJSt for the time being shall be accepted by any person dealing with the trLJStees as sufficient evidence that the persons therein named are trustees and have been duly appointed to hold such monies, funds and property. Persons dealing with the Trust shall be bound to acpt the signature of the TrLJStees so appointed and shall not inquire as to their authority or title. The Trustees shall have absolute immunity from personal liability for any loss which may be incurred particularly in the exercise of any powers conferred upon Ihem herein and their actions shall not be brought inlo question whatsoever.
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustees who served during the year and up to the dale of signature of the financial statements were.. Dr L Kayne Dr D Reilly Dr W McGrandles Mrs P Donnachie Mrs C Greene Mrs N Morris (Appointed 31 October 20241 (Appointed 1 October 20251 The trustees. report was approved by the Board of Trustees. L Kayne Trustee l Leese Secretary and Treasurer Dale.. 26 May 2026
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF scorrisH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST I report on the financial statements of the Trust for the year ended 30 September 2025, which are set out on the statement of financial activities, balance sheet and related notes. ReSCtive rèsponsibilitiès of Trustees and examinor The Trust's Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments Iscollandl Act 2005 and the Charities Accounts (Scollandl Regulations 2006. The charity's Trustees consider that the audit requirement of Regulation 1011llal lo Icl of the 2006 Accounts Regulations does not apply. 11 is my responsibility lo examine the financial stslemenls as required under section 4411 Ilcl of the Act and to slate whether particular matters have come to my attention. Basis of independent examinerfs statement My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial slalemenls presented with those records. 11 also includes consideration of any unusual items or disdosures in the financial statements, and seeks explanations from the trustees concerning any such rnatters. The prOdureS 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 financial slalements. Independent examinerfs statement In connection with my examination, no other matter except that referred to in the previous paragraph ha5 come lo my attention.. lal which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordan with section 44111 (al of the 2005 Act and Regulation 4 the 2006 Accounts Regulations., and lill to prepare financial slalemenls which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations., have not been met or Ibl to which, in my opinion, attention should be drawn in order lo enable a proper understanding of t financial statements to be reached. Paul Hutchison ACA Azets Audit Services Chartered Accountants Quay 2 139 Founlainbridga Edinburgh EH3 9QG Dated.. 02 Jun8 2026
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrestricted Unrestricted funds fund5 2025 2024 Notes Donations and legacies Charitable activities Investments 55 350 9,709 260 14,041 Total Income 10,114 14,301 Raising funds 5,484 5,253 Charitable activities 77,073 58,760 Total expenditure 82,557 64,013 Net gainslllossesl on investments 11 9,S85 75,699 Net movement in funds 162,8581 25,987 Fund balan¢es at 1 October 2024 556,815 530,828 Fund balances at 30 September 2025 493,957 556,815 The slalernenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2025 2025 2024 Notes Fixed assets Investments 12 486,919 557,669 Current assets Cash al bank and in hand 10,957 5,391 Creditors.. amounts falling due within one year 14 13,9191 16,2451 Net ¢urrent assetsllliabilitiesl 7,038 18541 Total assets less current liabilities 493,957 556,815 Income funds Unreslricled funds 493,957 556,815 493,957 556,815 The financial stslemenls were approved by the Trustees on . 26 May 2026 L Kayne Truste• l Leese Secretary and Treasurer
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies Charity information Scottish Homeopathic Research & Educational Trust is c(Introlled by its goveming document, a deed of trust, and constitutes an unincorporated charity. 1.1 Accountlng convèntlon The financial statements have been prepared in accordance with the Trust's constitution, the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 las amended), FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102 1 and the Charities SORP 'Accounling 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 IFRS 1021. (effective 1 January 20191. The Trust is a Public Benefit Enlily as defined by FRS 102. The Trust has tsken advantsge of the provisions in the SORP for charities not lo prepare a Statement of Cash Flow5. The financial statements are prepared in sterfing, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statemenis have been prepared under Ihe historical cost convention, modified to include Ihe revaluation of certain financial instrLJments at fair value. The principal accounting PDlicies adopted are set out below. 1.2 Going ¢on¢ern At the time of approving the financial statements, the Trustees have a reasonable expectation Ihat the trust 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 Charitsble funds Unrestricted funds are av8ilable for use at the discretion of the Trustees in furtherance of their ¢h8ritsble objectives. 1.4 Incomè Income is included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Income from inveslrllents is credited to the income and expenditure account in the year in which is il receivable. 1.5 Expenditu Expediture is recognised when a constructive or legal obligalion arises. Due to Ihe simple nature of the trust's activities, expenditure is allocated directly to the function to which it relates. Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Governance costs include those costs associated with meeting the conslitulional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting policies {Continued} 1.6 ValueAdded Tax The Trust is not registered for Value Added Tax and accordingly expenditure includes V81ue Added Tax where applicable. 1.7 Investments Investments are shown at market value at the balance sheet date. Gains and losses on investments are recognised in the statement of financial activities in the year in which they arise. 1.8 Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highly IiqLJid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.9 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.10 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event ItrHI will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised al their settlernenl amount after allowing for any trade discounts due. 1.11 Funds The general fund is made up of income which is expendable in furtherance of the general purpose of the charity. Crltlcal accountlng estlmatès and ludgaments In the 8ppli¢alion of the Trust's accounting policies, the Trusletrs are qUIrd lo make judgements, estimates and assumptions about the Carrying amount of assets and liabilities that ar& not readily apparent from other sources. The estimates and asso¢ialed assumptions are based on hislori¢al experience and other fa¢lors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to a¢¢ounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and futLJre periods where the revision affects both current and future periods. The Trustees are of the opinion that there are no significant estimates or judgements that would have a material impact on the financial statements.
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Donations and legacies Unrèstrictèd Unrèstrictèd funds funds 2025 2024 Donations and gifts 55 260 Incorne from charitable activities Unrestricted Unrestricted funds funds 2025 2024 Grants Refunded 350 Charitable trading income Incorne from investments Unrestricted Unrestricted funds funds 2025 2024 Dividends Interest receivable 6,976 2,733 13,819 222 9,709 14,041 Raising funds Unrestricted Unrestricted funds funds 2025 2024 Investment management 5,484 5,253 5,484 5,253
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Charitable activities 2025 2024 Hint.org Homeopathy UK NCIM courses HAWL Other small donations 7,000 17,178 41,206 5,000 3,000 968 4,000 1,241 50,174 29,419 Regional educational tutors British Homo&opalhi¢ library Staff costs (See note 91 Trustee's reimbursement IT Costs Postsge Bank Charges 2,693 600 19,800 144 120 60 2,647 3,600 19,800 45 73,593 55,515 Share of governance costs Isee note 81 3,480 3,245 77,073 58,760 All payments under'other small donations. have been paid to individLJals. Support costs Support Governanc costs costs 2025 Support Governanc costs costs 2024 Independent examiner's fees 3,480 3,480 3,245 3,245 3,480 3,480 3,245 3,245 Analysed between Chariiable activities 3,480 3,480 3,245 3,245 Trustees The Trustees do not receive remuneralion for management of Ihe trust or for Iheir setvices as trustees. Dr L Kayne reiVed remuneration of £2,693 12024 - £2,647) in his capacity as a Tutor and Mrs P Donnachie received remuneration of £60012024- £6001 in her capacity as line manager of the librarian. There were expenses of £144 paid lo trustees during the year12024 - £nill. 10-
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Social security costs Pension costs 17,712 1,556 532 17,712 1,556 532 19,800 19,800 11 Galns and losses on Investments Unrestricted Unrestricted funds funds 2025 2024 Gainslllossesl arising on.. Revalualion of investments Sale of investments 25,384 115,7991 65,913 9,786 9,585 75,699 12 Flxèd asset Investmènts Listed investments Cash in portfolio Total Cost or valuatlon Al 1 Oclober 2024 Additions Valu8tion changes Cash movement Disposals 547,123 519,079 25,384 10,546 557,669 519,079 25,384 11,4591 1613,7541 11,4591 1613,7541 At 30 September 2025 477.832 9,087 486,919 Carrying amount At 30 September 2025 477,832 9,087 486,919 At 30 September 2024 547,123 10,546 557,669
SCOTTISH HOMEOPATHIC RESEARCH & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 13 Financial instruments 2025 2024 Carrying amount of financial assets Instruments measured at fair value through profit or loss 477,832 547,123 14 Creditors- amounts falling due within one year 2025 2024 Accruals and deferd income 3,919 6,245 15 Related party transactions There were no disclosable related party transactions during the year12024 none). 12-