2022-12-31-accounts - The Private Physiotherapy Educational Foundation

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Company Number: 02652861

The Private Physiotherapy Educational Foundation

Report and Financial Statements

31 December 2022

Charity Registration Number: 1005738

The Private Physiotherapy Educational Foundation

Contents of the Financial Statements

For the year ended 31 December 2022

	Page
Legal and administrative information	1
Report of the trustees	2-9
Report of the auditors	10-14
Statement of Financial Activities	15
Statement of Financial Position	16
Notes to the financial statements	17-21

The Private Physiotherapy Educational Foundation

Legal and administrative information

Trustees:	F Kitsell – Chairman
	M Whale - Treasurer
	G Jordan
	S Lewis
	L Connor
	S England
	A Green
	K Lay
Company secretary:	F Kitsell
Principal address and
Registered Office:	PO Box 1720
	C/O Physio First
	Northampton
	England
	NN4 4GP
Company number:	02652861 (England and Wales)
Charity registration number:	1005738
Bankers:	HSBC plc
	7 Commercial Street
	Halifax
	West Yorkshire
	HX1 1HN
	Close Brothers Limited
	10 Crown Place
	London
	EC2A 4FT
Investment managers:	Newton Investment Management
	BNY Mellon Centre
	160 Queen Victoria Street
	London
	EC4V 4LA
Auditors:	Hawsons Chartered Accountants
	Jubilee House
	32 Duncan Close
	Moulton Park
	Northampton
	NN3 6WL

The Private Physiotherapy Educational Foundation

Report of the Trustees

For the year ended 31 December 2022

The trustees present their report together with the financial statements of the charity for the year ended 31 December 2022.

Structure, governance and management

The Private Physiotherapy Educational Foundation was incorporated on 10 October 1991 as a company limited by guarantee and is governed by its Memorandum and Articles of Association as amended on 1 April 2017.

The company was registered with the Charities Commission on 7 November 1991 as a charity.

The company is limited by guarantee and does not have share capital. The trustees therefore do not have an interest to declare.

Trustees are appointed at the Company’s Annual General Meeting.

The liability of the members is limited to £10 each in the event of the Company being wound up.

Objectives and activities

The objectives are to advance education in the field of physiotherapy for the benefit of the public by:

the provision of education and training in physiotherapy to the public at large and in particular:
to physiotherapy patients to enable such patients to relieve or assist in relieving their own suffering.
to persons (professionally qualified or not) providing paid or voluntary care to any person in need of physiotherapy.
the promotion of research and dissemination to the public at large of the results of research in the field of physiotherapy.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2022

Achievement and Performance

1. Grants/Awards : The Private Physiotherapy Educational Foundation (PPEF) has been funding physiotherapy education and research projects since 2001 and the Trustees have continued to review the procedures and priorities of the Foundation.

Due to the COVID-19 pandemic and its continued impact on investments of the Foundation, the Trustees reviewed applications for the following awards during 2022:

a) Scheme A (Research awards) – two cohorts of applications were reviewed in 2022:
a. Cohort 1: advertised in 2021 and reviewed at the meeting on 21 January 2022. Eight (8) applications received and five (5) awards made.
b. Cohort 2: Fourteen (14) applications were received and reviewed at the meeting on 23 November 2022 and five (5) awards were made (see Table 1 below).
b) Scheme B (Individual Scholarly Activity awards) – eight (8) applications were received which were reviewed at its meeting on 20 May. One application was felt to be really important and matched the educational objectives of the foundation, but fit the criteria for a Scheme C award rather than a Scheme B award, and so the Trustees made the decision to transfer the application to Scheme C for the records. All eight (8) applications were supported (see Table 1 below).
c) Scheme C – no general announcement was made for Scheme C awards, however, the Trustees agreed to fund a programme of Skills Exchange education workshops being undertaken by Physio First, in lieu of funding that used to be provided to underwrite any shortfall for the previous Education Day, that ran on the day prior to Physio First’s Annual conference (see Table 1 below).

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2022

Table 1 – Grant awards made during 2022, listed according to award scheme

----- Start of picture text -----
Project Forename Surname Project Title Amount Award
number Awarded (£) Scheme
360 Jeremy Lewis I have shoulder pain. What should I do? £7,500.00 C
Note: Trustees felt this education programme
fit with Scheme C criteria rather than Scheme
B and so made the change.
391 Physio First MOU and funding for the Skills Exchange £15,000.00 C
workshops in 2022 (in lieu of the previous
agreement to underwrite funding for the Physio
First Education Day as part of its Annual
Conference, for the same amount).
363 Anna Hebda- Can on-line gait training improve clinical £14,936.65 A1
Boon practice? Feasibility of an on-line educational
intervention to improve clinician’s gait related
decision-making in ambulant children and
young people with cerebral palsy.
364 Matthew Willett Theoretically-based behaviour change £5,213.38 A1
intervention to promote physical activity in
physiotherapy patients with lower limb
osteoarthritis: a single arm feasibility trial.
366 Rowan Wilson Injury prevention for women in martial arts. £15,000.00 A1
368 Samuel Stuart Brain activity during cognitive and motor tasks £15,000.00 A1
in mild traumatic brain injury.
369 Ellen Ewer Development and initial validation of The £9,894.00 A1
Spider, a multisystemic symptom impact
questionnaire for patients with hypermobility
related disorders.
378 Emma Hargreaves Preparation of a submission to NIHR Research £3,466.00 A1
for Patient Benefit (RfPB) funding stream.
----- End of picture text -----

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2022

----- Start of picture text -----
370 Wayne Kitchener Post-graduate Certificate (PG Cert) £2,800.00 B
Musculoskeletal Ultrasound – Diagnostics (60
M-Level Points).
371 Glykeria Skamagki Scholarship leave for writing up publications £3,000.00 B
from PhD study.
372 Katherine McNabb A comparison of muscle strength and rate of £3,000.00 B
force development between healthy
individuals and Femoro-acetabular
Impingement (FAI) syndrome subjects -
informing targeted rehabilitation for FAI
syndrome patients.
373 Samuel Stuart Presentation at a number of international £3,000.00 B
conferences.
374 Joanne Godley MSc by Research (Allied Health £3,000.00 B
Professionals).
375 Philip Hodgson The 10th Physical Activity Measurement £1,600.00 B
Seminar.
376 Ricarda Tillmann 34 [th] European Academy of Childhood £815.39 B
Disability Annual Conference 2022, Barcelona
Spain, 18-21 May 2022, Poster presentations
(two).
379 Tamara Brown Exploring physiotherapists’ perspectives on £30,000.00 A2
using the fit note in practice, to understand the
opportunities, facilitators, and challenges they
may face, and identify the support, learning
and development they may need.
382 Kirsty Lindsay "Can exercising with the Function Re-adaptive £29,971.51 A2
Exercise Device (FRED) improve stress
incontinence in women following childbirth?
(BabyFRED)".
383 Matthew Look The identification of intrinsic risk factor clusters £29,752.00 A2
for future concussion with development of a
predictive model.
388 Ellen Ewer Further assessment of the psychometric £30,000.00 A2
properties of the Spider, a multisystemic
symptom impact questionnaire for people with
hypermobility related conditions.
----- End of picture text -----

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2022

Note: In 2016 the Trustees had agreed to enter into an agreement with the CSP Charitable Trust to fund a total of three of its pre-doctoral research awards (an annual award, with each award up to a maximum value of £25,000). This commitment has been achieved, and because the Trustees are planning to fund a large Celebratory award in 2023, this agreement has not been extended.

2. Celebratory Award: During 2022 Trustees made the decision to advertise a large multiyear Award during 2023, to celebrate the 21[st] Anniversary of the Foundation.

3. PPEF Membership: During 2022, more progress was made on the concept of PPEF membership. A survey was sent out to 80 current/previous PPEF members as well as those who had received awards in the last five (5) years; exploring the topic of current/potential future purpose and benefits of PPEF membership, with 20 responses; and following these two (2) small focus group meetings were held with a total of 4 interested persons, exploring the matters further. As a result of this information gathering, the Trustees have clarified the purpose and benefit of PPEF membership and made the following decisions:

Purpose and benefit of PPEF Membership – to increase awareness/understanding of the PPEF; attend the AGM, commenting on the Trustees Report; and vote on resolutions at the AGM meeting.
Decisions - a) All current/previous PPEF members will be invited to renew their PPEF membership. b) All award holders from the past three (3) years will be invited to become a member of PPEF.
c) Going forwards all applicants for a PPEF award will be invited to become a member of PPEF.

4. PPEF Website and Publicity: During 2022 the PPEF website has undergone regular small improvements; including the creation of a PPEF channel on YouTube – which contains a number of video logs (vlogs) from PPEF Award holders.

Note: The Channel is found by typing ‘Private Physiotherapy Educational Foundation’ into a search on YouTube.

5. PPEF Trustees: Lin Connor will retire as a Trustee at the AGM meeting in 2023, and recruitment of a new Trustee will begin following the AGM. Her fellow Trustees are hugely grateful for all the work Lin has done during her six (6) years as a Trustee.

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2022

6. Key Plans for 2023:

A) Grants/Awards:

a) The Celebratory Award has evolved and is now known as the PPEF Silver Jubilee Award. Applicants can apply in one of three categories:

i. A Programme of Research

ii. A Programme of Education iii. A programme of Innovation

It is currently out for advert with the following timetable of events:

Open online meetings (duplicate) on Thursday 9 March 2023 at 6.00pm and Tuesday 28 March at 1.00pm. Interested parties are asked to register attendance by emailing admin@ppef.org.uk.
Deadline for completed applications: midnight on 31 July 2023.
Shortlisted applicants will be invited to present their proposals to Trustees on Thursday 9 November – they will be notified by Monday 9 October and then the Trustees will make decisions and successful applicant(s) will be notified by early December; with the work and funding for the award beginning in 2024.

b) Scheme B Awards: One cohort of scheme B awards will be advertised in the early part of 2023.

B) PPEF Website and Publicity: the PPEF Website will be rebuilt to enable it to be more ‘upto-date’, user-friendly, and to increase the amount of video material and other social media links the site is able to include.

C) PPEF Membership: We will continue our work to increase the number of individuals who wish to become PPEF members, including clarifying potential benefits to both them and the Foundation.

D) Trustee Recruitment : We will recruit a Trustee to replace the vacancy created by Lin Connor’s retirement from the role.

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2022

The trustees will continue to encourage more applications from physiotherapists for research and educational programs to fulfil the educational strategy of promoting evidence-based practice within the profession of physiotherapy, as funds allow.

The trustees are satisfied that, at the balance sheet date, the Foundation had adequate resources to meet its current level of commitments. Our Treasurer, Michael Whale, will submit a report on the finances to the forthcoming AGM in March 2023.

Financial Review

Reserve Policy

It is the trustees’ policy to retain the investment portfolio as an unrestricted reserve with a view to achieving long term growth in the charity’s financial resources. It is anticipated that this growth will yield additional income to support the development of the charitable objectives. The trustees will also seek to retain from the charity’s income a sum of between £10,000 and £20,000 to meet any unforeseen outgoings.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposure to the major risks.

Statement of trustees’ responsibilities

The trustees (who are also directors of The Private Physiotherapy Educational Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2015 (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2022

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure of information to auditors

The trustees of the charity who held office at the date of the approval of this Annual Report as set out above each confirm that:

so far as they are aware, there is no relevant audit information (information needed by the charity's auditors in connection with preparing their report) of which the charity's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware;
of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Hawsons Chartered Accountants, have indicated that they are willing to be reappointed at the forthcoming Annual General Meeting.

This report had been prepared in accordance with the small companies regime under the Companies Act 2006.

Fleur Kitsell, PhD MSc MCSP PGCE Chairman of the Board of Trustees The Private Physiotherapy Educational Foundation

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors

For the year ended 31 December 2022

OPINION TO THE TRUSTEES OF THE PRIVATE PHYSIOTHERAPY EDUCATIONAL FOUNDATION

We have audited the financial statements of The Private Physiotherapy Educational Foundation for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial statements have been prepared in accordance with Accounting 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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors (continued)

For the year ended 31 December 2022

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
the charitable company has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors (continued)

For the year ended 31 December 2022

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2022 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The charity is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charity and the environment it operates within, we determined that the laws and regulations which were most significant including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2022, GDPR and the Companies Act 2006. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the charity’s result for the period, management bias in key accounting estimates, income recognition and the overriding of controls in place by management to perpetrate fraud.

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors (continued)

For the year ended 31 December 2022

Audit procedures performed by the engagement team included:

Discussions with management and those responsible for legal compliance procedures within the charity to obtain an understanding of the legal and regulatory framework applicable to the charity and how the charity complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations, as well as ensuring that grants are being awarded exclusively for charitable purposes;
Robustly challenging management’s assessment of going concern;
Challenging assumptions and judgements made by management in their significant accounting estimates;
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
Verifying investment income back to source documentation to ensure the completeness of dividend income. Agreeing the investment valuations at the Statement of Financial Position date to the underlying valuation reports;
Reviewing the minutes of trustees’ meetings.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk. This description forms part of our auditor’s report.

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors (continued)

For the year ended 31 December 2022

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Will Amos Senior Statutory Auditor

For and on behalf of: Hawsons Chartered Accountants Statutory Auditor Jubilee House 32 Duncan Close Moulton Park Northampton NN3 6WL

The Private Physiotherapy Educational Foundation

Statement of Financial Activities

For the year ended 31 December 2022

		Unrestricted	Unrestricted
	Notes	Funds 2022	Funds 2021
		£	£
Income:
Investment income	2	190,951	189,032
Donations		-	500
		__	__
Total income		190,951	189,532
		__	__
Expenditure:
Expenditure on charitable activities	4	211,832	6,864
Cost of raising funds	4	10,779	9,622
		__	__
Total expenditure		222,611	16,486
		__	__
Net (expenditure)/income before gains on		(31,660)	173,046
investments
Net (loss)/gain on investments	7	(666,497)	1,262,206
		__	__
Net movement in funds for the year		(698,157)	1,435,252
Total funds brought forward		9,244,709	7,809,457
		__	__
Total funds carried forward	10	8,546,552	9,244,709
		=======	=======

There are no restricted funds at 31 December 2022 (2021 - £nil).

The Private Physiotherapy Educational Foundation

Statement of Financial Position

As at 31 December 2022

	Registration	number: 02652861	number: 02652861
	Notes	2022	2021
		£	£
Fixed assets
Investments	7	8,508,726	9,175,223
		__	__
Total fixed assets		8,508,726	9,175,223
Current assets
Cash at bank and in hand		291,993	210,739
		__	__
Total current assets		291,993	210,739
Liabilities
Creditors falling due within one year	8	254,167	141,253
		__	__
Net current assets		37,826	69,486
		__	__
Net assets		8,546,552	9,244,709
		=======	=======
The funds of the charity:
Unrestricted income funds	10	8,546,552	9,244,709
		__	__
		8,546,552	9,244,709
		=======	=======

These annual accounts and reports have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved on …………… by the Trustees and signed on their behalf by:

M Whale Treasurer

The Private Physiotherapy Educational Foundation

Notes to the Financial Statements

For the year ended 31 December 2022

1. ACCOUNTING POLICIES

a) Accounting convention

The financial statements have been prepared under the historic cost convention, with the exception of any investments which are included at market value. The financial statements have been prepared in accordance with Accounting 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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The principal accounting policies adopted in the preparation of the financial statements are as follows:

b) Going concern

After due consideration of all relevant factors, including recent temporary restrictions imposed as a result of the COVID-19 pandemic, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the trustees' report and accounts.

c) Income

Donations – Income from donations is credited as income when receivable.

Interest – Interest is included when receivable by the charity.

Investment income - Investment income is accounted for in the period in which the charity is entitled to receipt.

d)

Expenditure

Resources are included in the Statement of Financial Activities (SOFA) on an accruals basis inclusive of irrecoverable VAT. Grants are charged to the Statement of Financial Activities when a constructive obligation exists, notwithstanding that they may be paid in future periods. Governance costs comprise all costs incurred in the general running of the charity.

Support costs, which include general management, budgeting and accounting and financing are allocated across the categories of expenditure on charitable activities and costs of generating funds. The basis of allocation has been illustrated in note 4 to the accounts.

e)

Funds accounting

Funds held by the charity are unrestricted general funds which can be used in accordance with the charitable objects at the discretion of the trustees

The Private Physiotherapy Educational Foundation

Notes to the Financial Statements (continued)

For the year ended 31 December 2022

f) Investments

Investments are stated at market value at the Statement of Financial Position date. The SOFA includes the net gains and losses arising on the revaluations and disposals throughout the year.

g) Taxation

The registered charity is exempt from UK taxation under S505 ICTA 1988.

2. Investment Income

		2022	2021
		£	£
	Dividends – Newton Global Growth & Income Fund	190,951	189,032
	Money Market Interest	-	-
		__	__
		190,951	189,032
		=======	=======
3.	Analysis of expenditure on charitable activities
	Charitable activities expenditure comprises grants to:
		2022	2021
		£	£
	Physio First (see note 11)	15,000	-
	Grants to individuals	196,832	6,864
		__	__
		211,832	6,864
		=======	=======

The Private Physiotherapy Educational Foundation

Notes to the Financial Statements (continued)

For the year ended 31 December 2022

----- Start of picture text -----
4 Analysis of expenditure
Direct Support Total Total
costs costs 2022 2021
£ £ £ £
Expenditure on charitable activities
- -
Physio First 15,000 15,000
Grants to individuals 196,832 - 196,832 6,864
211,832 - 211,832 6,864
Cost of raising funds
Travel and subsistence - 296 296 540
-
Audit and accountancy 3,258 3,258 3,072
-
Management charges 4,936 4,936 3,796
Sundries - 2,289 2,289 2,214
-
10,779 10,779 9,622
Total expenditure 211,832 10,779 222,611 16,486
Analysed support costs consist of the following:
Management costs 7,521 6,550
Administration costs 3,258 3,072
10,779 9,622
This is stated after charging:
Auditor's remuneration 3,258 3,072
----- End of picture text -----

5. Analysis of trustee remuneration and expenses

The trustees received no remuneration. Expenses reimbursed amounted to £297 (2021 - £540) in respect of travel and subsistence and general administration expenses.

6. Staff numbers

At no time during the current or prior year were any full or part-time staff employed by the charity.

The Private Physiotherapy Educational Foundation

Notes to the Financial Statements (continued)

For the year ended 31 December 2022

7.	Investments at Market Value
		Quoted	Quoted
		Unrestricted	Unrestricted
		2022	2021
		£	£
	Market value at 1 January 2022	9,175,223	7,913,017
	Net (losses)/gains on revaluation	(666,497)	1,262,206
		__	__
	Market value at 31 December 2022	8,508,726	9,175,223
		=======	=======
8.	Current liabilities
		2022	2021
		£	£
	Unpaid grants	251,167	138,253
	Accruals – Legal & Professional	3,000	3,000
		_	_
		254,167	141,253
		======	======
9.	Analysis of charitable funds
	Analysis of movements in unrestricted funds
		2022	2021
		£	£
	Opening members’ Unrestricted Funds	9,244,709	7,809,457
	Movement in total funds for the year	(698,157)	1,435,252
		___	___
	Closing members’ Unrestricted Funds	8,546,552	9,244,709
		========	========
	All net assets are held under the General Unrestricted	Fund.

The Private Physiotherapy Educational Foundation

Notes to the Financial Statements (continued)

For the year ended 31 December 2022

10. Analysis of net assets between funds

Non-current assets Current assets Current liabilities	General Funds £ 8,508,726 291,993 (254,167) 8,546,552	Restricted Funds £ - - - -	Total Funds £ 8,508,726 291,993 (254,167)
			8,546,552

11. Related Party Transactions

The Private Physiotherapy Educational Foundation works closely with Physio First, a non-profit making organisation and also has a broader remit, as described by its Articles of Association.

Charitable activities expenditure includes £15,000 (2021 - £nil) awarded to Physio First in respect of approved projects.

At the Statement of Financial Position date £15,000 (2021 - £nil) was owed to Physio First in respect of approved projects.

Cost of raising funds includes £4,936 (2021 - £3,796) of recharges from Physio First.

At the Statement of Financial Position date £nil (2021 - £nil) was owed to Physio First in respect these recharges.