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 nUM￿r IS¢otlandl
SC006557
Registered office
1053 Great Western Road
Glasgow
G12 OYN
Independent examln•r
Paul Hut¢hison ACA
Azets Audit servI￿s
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 Repo￿ng by Charities..
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe
Financial Repo￿ng 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 Conside￿d 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 llu￿ber 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 ac￿pt 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.
ReS￿Ctive 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 prO￿dureS
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 ￿qUIr￿d 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 re￿iVed 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 defer￿d income
3,919
6,245
15 Related party transactions
There were no disclosable related party transactions during the year12024 none).
12-