2023-12-31-accounts - The Private Physiotherapy Educational Foundation

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Company Number: 02652861

The Private Physiotherapy Educational Foundation Report and Financial Statements

31 December 2023

Charity Registration Number: 1005738

The Private Physiotherapy Educational Foundation

Contents of the Financial Statements

For the year ended 31 December 2023

	Page
Legal and administrative information	1
Report of the trustees	2-8
Report of the auditors	9-13
Statement of Financial Activities	14
Statement of Financial Position	15
Notes to the financial statements	16-20

The Private Physiotherapy Educational Foundation

Legal and administrative information

Trustees:	F Kitsell – Chairman
	M Whale - Treasurer
	G Jordan
	S Lewis
	L Connor (resigned 24 March 2023)
	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
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 2023

The trustees present their report together with the financial statements of the charity for the year ended 31 December 2023.

Structure, governance and management

The Private Physiotherapy Educational Foundation (PPEF) 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 2023

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.

During 2023 the Foundation advertised for one round of applications for Scheme B awards; as well as for a new large multi-year award in honour of the Charitable Foundation’s forthcoming Silver Jubilee, and named as its Silver Jubilee Award.

a) Scheme B (Individual Scholarly Activity awards) – fifteen (15) applications were received which were reviewed at the meeting of Trustees in February 2023. However due to no response being received from one applicant, that award was cancelled. All 14 funded Scheme B awards are listed in Table 1 below.

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2023

Table 1 – Scheme B Grant awards made during 2023

----- Start of picture text -----
Project Applicant Name Name of Scholarly activity Amount Amount
no. requested awarded
(£) (£)
392 Philip Hodgson Present at World Physiotherapy Congress 2023 (Dubai) 2,274.00 2,053.90
393 Enza Leone Present at World Physiotherapy Congress 2023 (Dubai) 3,000.00 2,850.00
394 Sherron Furtado Present at International Society of Posture and Gait Research 2,991.00 2,991.00
(ISPGR) Australia
395 Christine Present at World Physiotherapy Congress 2023 (Dubai) 2,094.79 1,694.16
Bilsborough Smith
396 Gráinne Donnelly Present at The Female Athlete Conference 2023 (Boston) 1,800.00 2,554.78
398 Laura McGibbon Study: MSc Advanced Practice Paediatric Physiotherapy – final 2937.50 2,656.25
Dobson year of study funding support.
399 Louise Johnson Present at 4th International Congress on Neuro-Rehabilitation 803.00 803.00
and Neural Repair
400 Grace Lavelle Present at 35th European Academy of Childhood Disability 1,300.00 1,300.00
(EACD) Annual Meeting
401 Simon Lack Participate in the International patellofemoral pain research 1,500.00 1,500.00
retreat 2023
402 Bradley Neal Participate in the International patellofemoral pain research 1,500.00 1,500.00
retreat 2023
403 Dylan Powell Present work at the Physiotherapy UK 2023, the Drake Sports 2,739.00 511.00
Head Impact Symposium, and submit review paper on
Sustainable healthcare: Considerations for integrating
wearables into everyday practice’ into Nature Partner Journals
Digital Medicine
404 Rhian Milton-Cole Present at the World Physiotherapy Congress 2023 (Dubai) 888.00 888.00
405 Dr Fraser Philip Present at the British Elbow and Shoulder Society 833.00 930.00
406 Eliza Steen Present at the British Society for Rheumatology Annual 584.00 489.00
Conference 2023 & Britspine Conference 2023
25,763.29 22,721.09
Total Scheme B Applications 14
funded in 2023
Total amount applied 25,763.29
Total amount awarded 22,721.09
----- End of picture text -----

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2023

b. Silver Jubilee Award:

The development of this award and its purpose were reported in the Trustees Annual Report for the year of 2022, and so below describes the process of advertising and assessing applications that took place during the calendar year of 2023. Developing and offering this Award was felt by Trustees to be a very useful and worthwhile thing to do, however, it was also very time-consuming and has completely dominated the work of the Trustees during the year 2023. Below is a brief summary of the work carried out during 2023.

Online Meetings: Four open-invitation online (duplicate) meetings were held for anyone interested in learning more about the PPEF Silver Jubilee Award (9 March, 28 March, 12 April and 11 May). The format for these meetings was the same and included a slide presentation on the award, outlining its purpose and some conditions. Following the presentation, attendees were free to ask questions of the Trustees. Each session was led by the Chair of the Board of Trustees (Fleur Kitsell) and as many other Trustees who were available attended as well. Following these sessions we developed a comprehensive Frequently Asked Questions (FAQs) document that was then made available to any interested person unable to attend one of the above events.
Questions: Potential applicants with other questions were encouraged to email these in, and these together with the answers were also added to the FAQ document.
Applications: A total of 24 applications were received by the deadline of midnight of 31 July 2023 in the following categories:
- Innovation Category – 9 applications
- Research Category – 11 applications.
- Education Category – 4 applications
Assessment of Applications : A thorough process assessing the applications was carried out. Initial screening of each application to check compliance with requirements resulted in two applications not going forwards; the remaining 22 applications were reviewed by all Trustees at a number of meetings. The overall quality and thoroughness of the applications was high and the range of topics very wide; the whole process was very encouraging. Trustees provided feedback to all applicants.
Shortlisted applicants: Four applications were short-listed and up to three members of each applicant team were invited to present their proposals to Trustees, in person, followed by a question and answer session, at a meeting in London, on Thursday 9 November.
Winner of the award : The applicant team headed up by Professor Dylan Morrissey, for a three-year programme of work beginning in February 2024.
Title: Data-to-Practice: Defining and Translating best Physiotherapy practice for common musculoskeletal conditions: a mixed-methods evidence translation programme.
Amount of Award: £499,990.84

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2023

2. PPEF Membership: During 2023, slower progress has been made in this area, as the workload involved in the Silver Jubilee Award was very high. Now that the Silver Jubilee Award is underway, Trustees will devote more time to this aspect during 2024.

3. PPEF Website and Publicity: During 2023 the PPEF website has continued to benefit from regular small improvements; including the creation of a PPEF channel on Youtube – which contains a number of video logs (vlogs) from PPEF Award holders. Trustees have agreed a much larger programme of work to rebuild the PPEF Website to take place during 2024.

4. PPEF Trustees: Three Trustees have announced their intention to retire from their Trustee role in the next 12/18 months and so recruitment of new Trustees is underway; with six applicants being interviewed on Friday 26 April 2024.

5. Key Plans for 2024:

A) Grants/Awards:

a. Scheme B Awards: One round of Scheme B Awards were advertised at the end of 2023, and will be reviewed by Trustees at their March 2024 meeting.
b. Scheme A and C Awards: One round of applications for these awards will be advertised by the end of April 2024, and reviewed by Trustees at their meeting in September 2024
c. Amounts available for each award: Trustees will review the upper limits available for each award from 2025 onwards, at their September 2024 meeting

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 intent is to make it more user-friendly, to increase the amount of video material and other social media links, as well as include an online version of all Application Forms for Grants and Awards.

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

D) Trustee Recruitment : recruit Trustees to replace vacancies created by the Trustees who have announced their intention to retire from the role in the next 12/18 months.

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.

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 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 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.

The Private Physiotherapy Educational Foundation

Report of the Trustees (continued)

For the year ended 31 December 2023

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

Report of the Independent Auditors

For the year ended 31 December 2023

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 2023 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 2023, 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.

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.

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors (continued)

For the year ended 31 December 2023

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 other information comprises the information included in the trustees report, other than the financial statements and our auditors report thereon. The trustees are responsible for the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the trustees’ report has been prepared in accordance with appliable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors (continued)

For the year ended 31 December 2023

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with
the small companies regime and take advantage of the small companies’ exemption in preparing the trustees’ report and from the requirement to prepare a strategic report.

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

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

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors (continued)

For the year ended 31 December 2023

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.

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;
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

The Private Physiotherapy Educational Foundation

Report of the Independent Auditors (continued)

For the year ended 31 December 2023

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.

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 2023

		Unrestricted	Unrestricted
	Notes	Funds 2023	Funds 2022
		£	£
Income:
Investment income	2	209,994	190,951
Donations		-	-
		__	__
Total income		209,994	190,951
		__	__
Expenditure:
Expenditure on charitable activities	4	511,910	211,832
Cost of raising funds	4	22,627	10,779
		__	__
Total expenditure		534,537	222,611
		__	__
Net expenditure before gains on investment		(324,543)	(31,660)
Net gain/(loss) on investments	7	502,051	(666,497)
		__	__
Net movement in funds for the year		177,508	(698,157)
Total funds brought forward		8,546,552	9,244,709
		__	__
Total funds carried forward	10	8,724,060	8,546,552
		=======	=======

There are no restricted funds at 31 December 2023 (2022 - £nil).

The Private Physiotherapy Educational Foundation

Statement of Financial Position

As at 31 December 2023

	Registration	number: 02652861	number: 02652861
	Notes	2023	2022
		£	£
Fixed assets
Investments	7	9,010,777	8,508,726
		__	__
Total fixed assets		9,010,777	8,508,726
Current assets
Cash at bank and in hand		299,767	291,993
		__	__
Total current assets		299,767	291,993
Liabilities
Creditors falling due within one year	8	247,368	254,167
		__	__
Net current assets		52,399	37,826
Creditors falling due after one year	8	339,116	-
		__	__
Net assets	9	8,724,060	8,546,552
		=======	=======
The funds of the charity:
Unrestricted income funds	10	8,724,060	8,546,552
		__	__
		8,724,060	8,546,552
		=======	=======

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 2023

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, 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.

The Private Physiotherapy Educational Foundation

Notes to the Financial Statements (continued)

For the year ended 31 December 2023

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.

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

	2023	2022
	£	£
Dividends – Newton Global Growth & Income Fund	209,994	190,951
Money Market Interest	-	-
	__	__
	209,994	190,951
	=======	=======
Analysis of expenditure on charitable activities
Charitable activities expenditure comprises grants to:
	2023	2022
	£	£
Physio First (see note 11)	-	15,000
Grants to individuals	511,910	196,832
	__	__
	511,910	211,832
	=======	=======

3. Analysis of expenditure on charitable activities

The Private Physiotherapy Educational Foundation

Notes to the Financial Statements (continued)

For the year ended 31 December 2023

----- Start of picture text -----
4 Analysis of expenditure
Direct Support Total Total
costs costs 2023 2022
£ £ £ £
Expenditure on charitable activities
- - -
Physio First 15,000
Grants to individuals 511,910 - 511,910 196,832
-
511,910 511,910 211,832
Cost of raising funds
Travel and subsistence - 1,354 1,354 296
-
Audit and accountancy 3,582 3,582 3,258
-
Management charges 8,932 8,932 4,936
Sundries - 8,759 8,759 2,289
-
22,627 22,627 10,779
Total expenditure 511,910 22,627 534,537 222,611
Analysed support costs consist of the following:
Management costs 19,045 7,521
Administration costs 3,582 3,258
22,627 10,779
This is stated after charging:
Auditor's remuneration 3,582 3,258
----- End of picture text -----

5. Analysis of trustee remuneration and expenses

The trustees received no remuneration. Expenses reimbursed amounted to £1,354 (2022 - £297) 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 2023

7. Investments at Market Value

		Quoted	Quoted
		Unrestricted	Unrestricted
		2023	2022
		£	£
	Market value at 1 January 2023	8,508,726	9,175,223
	Net gains/(losses) on revaluation	502,051	(666,497)
		__	__
	Market value at 31 December 2023	9,010,777	8,508,726
		=======	=======
8.	Current liabilities
		2023	2022
		£	£
	Unpaid grants	244,368	251,167
	Accruals – Legal & Professional	3,000	3,000
		_	_
		247,368	254,167
		======	======
	Non-current liabilities
		2023	2022
		£	£
	Unpaid grants	339,116	-
		_	_
		339,116	-
		======	======
9.	Analysis of charitable funds
	Analysis of movements in unrestricted funds
		2023	2022
		£	£
	Opening members’ Unrestricted Funds	8,546,552	9,244,709
	Movement in total funds for the year	177,508	(698,157)
		___	___
	Closing members’ Unrestricted Funds	8,724,060	8,546,552
		========	========

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 2023

10. Analysis of net assets between funds

	General Funds 2023 £	Restricted Funds 2023 £	Total Funds 2023 £

Non-current assets Current assets Non-current liabilities Current liabilities	9,010,777 299,767 (339,116) (247,368)	- - - -	9,010,777 299,767 (339,116) (247,368)
	8,724,060 General Funds 2022 £	- Restricted Funds 2022 £	8,724,060
			Total Funds 2022 £

Non-current assets Current assets Non-current liabilities	8,508,726 291,993 (254,167)	- - -	8,508,726 291,993 (254,167)

	8,546,552	-	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 £nil (2022 - £15,000) awarded to Physio First in respect of approved projects.

At the Statement of Financial Position date £4,433 (2022 - £15,000) was owed to Physio First in respect of approved projects.

Cost of raising funds includes £8,932 (2022 - £4,936) of recharges from Physio First.

At the Statement of Financial Position date £nil (2022 - £nil) was owed to Physio First in respect these recharges.