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2023-06-30-accounts

Company number: 2724405 Charity Number: 1013084

The Institute for Optimum Nutrition

Report and financial statements For the year ended 30 June 2023

The Institute for Optimum Nutrition

Contents

For the year ended 30 June 2023

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ....................................................................................................... 14 Statement of financial activities (incorporating an income and expenditure account) ................... 18 Balance sheet ............................................................................................................................... 19 Statement of cash flows ................................................................................................................ 20 Notes to the financial statements ................................................................................................. 21

The Institute for Optimum Nutrition

Reference and administrative information

For the year ended 30 June 2023

Company number 2724405 – incorporated in the United Kingdom 2724405 – incorporated in the United Kingdom
Charity number 1013084 – registered in England and Wales
Registered office Ambassador House
and operational Paradise Road
address Richmond
TW9 1SQ
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
Miss J Bridger
Mrs R Hampson Chair
Ms S Hillman
Ms C Pestell (Joined June 2023)
Mrs D S Mills
Ms L Ranganathan
Mrs A Wyles Treasurer
Key management personnelChris Mansi Chief Executive
Heather Rosa Dean
Charlton Berthold Head of Finance
Bankers CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
Solicitors Russell-Cooke
2 Putney Hill
London
SW15 6AB
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House
110 Golden Lane
London
EC1Y 0TG

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

The Trustees present their report and the audited financial statements for the year ended 30 June 2023.

Reference and administrative information set out on page 1 form part of this report. The financial statements comply with current statutory requirements, the Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The charitable objects as set out in the Articles of Association are;

“To advance education of the public and health professionals in all matters relating to nutrition”. And

“The preservation and protection of health of the general public by giving advice, assistance and where necessary treatment through nutrition”.

The Institute’s principal aim is to further the knowledge and practice of optimum nutrition. The primary means by which it seeks to meet its objective is through the training of Nutritional Therapists in the principles of optimum nutrition, as complementary to orthodox medicine, as a part of integrated functional medicine training. Trained Nutritional Therapists, through their practice, promote the principles of optimum nutrition both within the medical profession and the public at large, focusing on prevention of disorders through healthy eating and reducing reliance on remedial medicine, in accordance with the guidance set out by the Complementary and Natural Healthcare Council (CNHC regulator), the accrediting body Nutritional Therapy and Education Commission (NTEC) and the professional body the British Association for Nutrition and Lifestyle Medicine (BANT).

The Institute is accredited by the British Accreditation Council for all its courses. The University of Portsmouth validates the BSc (Hons) Nutritional Therapy, Graduate Diploma Integrative Functional Nutrition (aimed at medics and other allied healthcare professionals) and Credit Bearing Short Courses.

Our other activities, such as continuing professional development (CPD), Optimum Nutrition eNewsletter, webinars and podcast support our programme to increase awareness and provide evidence-informed information to the public on the benefits of nutrition to health and wellbeing. The Institute’s short courses are CPD credited through BANT (the professional body).

Public Benefit

The Trustees review the aims, objectives, and activities of the charity at Board meetings and annually when reviewing the strategic plan. The business plan for 2023 – 2028 was approved during the year. The plan confirms the work of the charity is to educate people on the benefits of personalised nutrition and lifestyle practice to wellbeing. The increasing incidence of obesity, diabetes and other

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

chronic conditions is putting significant pressure on the health economy. Through increasing the number of Nutritional Therapy Practitioners, courses, clinics, media communications (e.g. newsletter), and forms of information accessible to the general public (Food as Fuel and Food for Thought online series, podcasts and blogs), we are working to improve the health outcomes of the general population through the promotion of dietary changes in line with evidence-based research, providing a public benefit that is in accordance with ION’s charitable aims and objectives. This report also looks at what the charity has achieved and the outcomes of its work within the last twelve months.

The priorities for the financial year 2022/23 were:

The business plan sets out the vision and mission for ION. The ION vision statement is: Optimum nutrition for all throughout life .

The ION mission statement is: To educate and enthuse, instilling personalised nutrition as the foundation of health for all.

The Institute’s core values are:

To nourish, empower and transform through our education and practice, and to be inclusive and responsible in our approach.

We nourish people, through engaging with learning, empowering confident decision making that can transform self and others.

We are inclusive, highlighting and celebrating diversity in all aspects of our work.

We are responsible through our commitment to quality standards in our message, evidenceinformed education, employment practices and corporate citizenship.

During the year, Trustees, senior managers and staff reviewed and agreed the business plan and strategy for 2023 – 2028.

The business plan 2023 - 2028 sets out our Key Outcomes, which are to:

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance in the delivery of public benefit

All our charitable activities focus on supporting our charitable aims and objective: optimum nutrition for all throughout life; to educate and enthuse, instilling personalised nutrition as the foundation of health for all, and they are undertaken to further the Institute for Optimum Nutrition’s charitable purposes for the public benefit.

The beneficiaries are primarily individuals wishing to train as practitioners in nutritional therapy or to maintain their professional knowledge through continuing professional development as well as those that wish to add integrative functional nutrition to their existing health care practice (i.e. medics, GPs, osteopaths, pharmacists). Additionally, our beneficiaries include people with health issues who wish to access the Optimum Nutrition Training Clinic, those who have an interest in all matters relating to health and wellbeing, and who listen to the Optimum Nutrition podcast, watch Optimum Nutrition webinars, read and share ION’s Optimum Nutrition eNewsletter to gain further insights for their own wellbeing. Connecting with the general public, providing clear and evidencebased information is a key aspect of ION’s work.

The Optimum Nutrition eNewsletter and Podcast showcase interviews with guests from the world of nutrition and touch on some common health conditions, with the aim of inspiring listeners and readers through their health and wellbeing journey. During the year, the current episodes had a total of 2584 views (across 14 episodes). The episode with the highest number of downloads was “The Importance of Nutrition and Diet in ADHD with Dr Alex Richardson”.

During the year, training clinics have provided guidance to our clients about food and lifestyle, impacting health and wellbeing outcomes. Our trainee clinicians, supported by professional practitioners (clinical supervisors) provide personalised nutrition and lifestyle recommendations helping clients to re-engage positively with food, which is a corner stone to the therapeutic process. A total of 468 appointments were conducted through the training clinic.

A key event in the Institutes calendar is our graduation ceremony. We were delighted, this year, to have been able to join with our graduates who came together in central London to celebrate their achievements.

Trustees are grateful to Social Investment Bank for the Resilience and Recovery Fund’s loan and NatWest Social and Community Capital loan, used to support the continued development of the organisation.

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

Highlights of the year include:

Key Priorities

To increase the number of courses provided by the Institute and work in collaboration with partners to develop new courses.

As the profession has continued to develop, the Institute recognised the need for personalised nutrition training for those working in the health and wellbeing industry. The graduate diploma integrative functional nutrition is a fast-track pathway for medics and allied health care professionals to expand their practice and work as nutritional therapists. The Institute also recognised the need for other practitioners in the health and wellbeing sector to understand the principles of personalised nutrition and provide general advice to clients on diet and lifestyle to enhance the wellbeing outcomes for their clients which led to the creation of two new awards.

During the academic year we validated a credit bearing short course - Diet and Health, this university-validated short course provides a thorough grounding in the principles of diet and lifestyle approaches to health and wellbeing. The course is suitable for people who want to inform their current work role or practice, or just want to improve their personal knowledge and development.

Additionally, we validated a Cert HE Personalised Diet and Health, this course provides a thorough grounding in the principles of personalised diet and lifestyle approaches to health and wellbeing, and with a solid grounding in health sciences. This course is suitable for people wishing to develop their personal knowledge, inform their current work role or practice (e.g., health coaches, personal trainers, complementary therapists, etc.) or commence a new career as a diet and lifestyle educator.

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

We also diversified our offer through the introduction of a full-time degree and certificate in higher education. The Institute can graduate nutritional therapists within three years should they follow the full-time option.

The Graduate Diploma modules and the initial module of the degree and behaviour change modules are validated as credit bearing short courses. This will enable people to take these modules as independent courses, which can be credited towards the Graduate Diploma award or towards the degree. These short courses provide flexibility for people to fit their studies and CPD into busy lives.

Our CPD course provision ensures that practising clinicians are able to keep their knowledge current and in line with new research and practice guidelines. The courses are delivered live online and on demand. Numbers at the live events are limited to enable participants to interact with the presenter throughout the day.

Increase the number of students attending the Institute’s validated awards and short courses.

Whilst the numbers of students on the BSc (Hons) Nutritional Therapy increased by 28%, overall, student numbers commencing the degree courses were lower than the previous year.

There is no doubt that the economic climate has created challenges for people to self-fund higher education courses.

The work undertaken to increase the number of awards that students can study will support this priority as we move forward. Providing students with awards that provide them with a route to employment earlier will help them to build their business and continue their studies whilst earning.

Additionally, we will increase our marketing activities to raise awareness of our range of courses and increase student numbers in the coming year.

Plans for the future

The priorities for the financial year 2023/24 were agreed:

The Institute has used reserves during the year to invest in new course developments and manage resources during challenging economic environment. It is expected that the return on investment will be seen in the next couple of years and beyond. The Institute has faced some significant challenges during the year as well as positive changes and exciting new developments. The Trustees would like to extend their thanks to the management team for their leadership and to all

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

staff for their hard work, dedication and commitment to ION and its charitable aims and objectives, during what has been an exceptional year.

Financial review

There is no doubt this has been a challenging financial year. We have seen high rates of inflation and a significant increase in the cost of living. ION, as with the higher education sector has seen fewer students deciding to embark on long term training courses.

Overall student numbers were lower than the previous financial year by 14%. The nutritional therapy diploma course stopped accepting new students in 2020, as the professional body BANT (British Association for Nutritional and Lifestyle Medicine) raised the threshold for entry to the profession to degree level. As a result, student numbers for the ION nutritional therapy diploma course reduced by 61%. There are still some students completing this award. The effect of the change in the professional body requirement is that the course requires a longer time and higher cost commitment for students.

During the year, the third year of the part-time nutritional therapy course was rolled out which increased overall numbers for the BSc (Hons) Nutritional Therapy by 28%. We also introduced the full-time degree course for September cohorts.

Aware of the financial pressures expected during the year Trustees approved a deficit budget, which is expected to be recovered in the five-year plan. Ultimately, reduced costs compared to budget were not enough to offset the lower than budget total income as a result of the reduced student numbers, giving rise to a below budget deficit for the financial year. This deficit has resulted in the use of reserves to support the organisations activities. Reserves were reduced by £390k, ending the year with reserves of £85k, of which £14k are restricted.

During the year, bank loan capital repayments totalled £100k: the bank loan from NatWest Social & Community Capital, which had £41k outstanding at the start of the year, was fully repaid in April 2023, and £59k of the Social Investment Bank loan with an interest rate of 7% was also repaid. A new £250k loan agreement was entered into with NatWest Social & Community Capital in April 2023 with an interest rate of 5.5%, with the first tranche of £150k drawn down in May 2023. This tranche is mainly being used for IT and marketing activities, and is being repaid in equal monthly instalments of capital plus interest, the final repayment due in June 2028. There are no plans currently to draw down the second tranche of £100k.

Going concern

The Trustees have considered detailed cash projections for the sixteen months from the date of this report. The current global economic downturn and general cost of living pressures are seen as the largest driver on student numbers, from who nearly all our income is received. The Trustees have therefore modelled the impact of lower student numbers on income and our ability to

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

maintain sufficient cash levels. However, there are inherent uncertainties regarding the forecasts, particularly the level of student intake, which, to a certain extent, is beyond the Institute’s control in as much as it is driven by the current global economic downturn and general cost of living pressures. We anticipate that the next financial year (2024/25) will continue to be challenging, though with a slight improvement in student numbers. Looking further ahead, early in the 2025/26 financial year several factors will combine to give the opportunity to hugely reduce the Institute’s cost base, including the end of the lease on its current premises as well as other operating leases. We anticipate that this will improve the Institute’s reserves levels for that and future years.

In the forecasts, in all except the most pessimistic scenarios modelled, cash levels were shown to be sufficient throughout the sixteen months forecast. However, if these most pessimistic scenarios were to come about, the Institute would have insufficient cash funds, meaning there is material uncertainty on the Institute’s ability to continue as a going concern. Despite this, based on our 40 years of being at the forefront of nutritional therapy training, providing high quality courses that our students value, along with the careful cost management that is in place and the material reduction in the Institute’s cost base expected in 2025/26 as described above, the Trustees have every expectation that there will be sufficient income to cover projected expenditure.

The Institute therefore continues to adopt the going concern basis in preparing its financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting policies note to the accounts.

Reserves Policy

The Trustees regularly monitor the charity's reserves to ensure that an adequate level is maintained to meet its stated objectives for the development of educational courses, and the furtherance of knowledge and acceptance of the principles of optimum nutrition.

Reserves are needed to cover any potential shortfall in income, allowing time for Trustees to make appropriate cost adjustments, and to develop and maintain the Institute's educational programmes. The Trustees consider the minimum desirable level of reserves should be £550k, sufficient to cover approximately three months of operating expenditure, as a medium to long-term target. We aim to achieve it over time through careful control of costs and an increase in course income during the life of the Institute’s strategic five year plan. As explained in the going concern section above, recent economic and other factors have led to lower student numbers, resulting in the need for reserves to be used to manage the impact of the consequential lower income.

Reserves at 30 June 2023 were £84,892 of which £14,000 is restricted for research purposes and £10,903 designated for fixed assets, leaving free reserves of £59,989. At this point we are using reserves to grow revenue through focusing on our flagship degree course, in order to increase adoption within our primary market segment of mature students, and by innovating on new ways to identify and market to newer audiences within the UK and internationally.

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

Remuneration Policy

The HR and Remuneration Committee consider the remuneration of all staff, including Senior Management, benchmarking against market rates for academic and corporate roles at least every three years. The lowest pay point is the London Living Wage.

Annual pay awards are linked to organisation performance and decided by the Board of Trustees.

Investment policy and objectives

Under the Articles of Association, the charity has the power to invest in any way the Trustees consider appropriate.

The Trustees seek maximum return on any investments while maintaining maximum security of the funds. The Head of Finance will be investigating potential investment vehicles for cash balances to maximise returns. Trustees will continue to review investment options as cash reserves build.

Fundraising practice

The Institute is funded mainly through course fees and other charitable trading income. The Institute has not actively fundraised or used any external body to raise funds. There have been no complaints about the Institute’s fundraising practices.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 16 June 1992 and registered as a charity on 22 July 1992.

The Articles of Association provide for Members of the Institute to be Fellows and Fellowship is granted only on invitation by the Board of Trustees. Each Fellow commits to contribute £1 in the event of the charity winding up.

The Trustees undertake a skills audit prior to the recruitment of new Trustees and this informs the content of the job description and the essential skills required for the recruitment and selection process. The post is advertised via a range of appropriate job sites and noticeboards, and prospective Trustees are interviewed and references taken up prior to being co-opted to the Board. The nomination is then confirmed to Fellows at the subsequent Annual General Meeting. The Trustees are elected by the Fellows of the Institute at the Annual General Meeting. The maximum number of Trustees is nine and the minimum three. Trustees become Fellows of the Institute upon nomination to the Board. The Chair of the Board is elected by the Board of Trustees. All Trustees give their time voluntarily. Trustees are able, where they provide specialist services to the organisation, to receive compensation for their time. Any expenses reclaimed from the charity are set out in note 5 to the accounts.

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

Trustees undergo relevant training. All new Trustees undertake in-house induction training covering their roles and responsibilities and an overview of the Institute’s activities and governance procedures. Trustees also attend training courses provided by the Institute on aspects or changes to charitable governance or statutory compliance as defined by their own audit. Trustees are provided with best practice reports recommended by the Charity Commission as part of their induction.

Trustees of the charity meet at least four times a year to direct its affairs. Committees review specific areas of the charity’s business and report to the Board. The structure and reporting process enables Trustees to plan and monitor the strategic direction of the charity. The Chair of Trustees and the Chief Executive are in contact before each meeting to agree a formal agenda and papers.

The day-to-day operation of the business of the charity is delegated to the Chief Executive – Chris Mansi and her Senior Management Team. There are functional managers for each of the key areas of the business.

The Board has a number of sub-committees and steering groups, chaired by the different Trustees, which assist the monitoring of the performance of the business.

The committees met with varying frequency during the year and oversee the activities and performance of the organisation as detailed below:

The Finance, Audit and Technology Committee (meets at least four times a year)

The Finance, Audit and Technology Committee monitors financial performance, ensuring resources are used efficiently and effectively in achieving our objectives. It agrees the budget, monitors performance against this during the year and makes recommendations to the Board. The committee ensures appropriate financial systems and processes are in place to support the activities of the organisation. It oversees the audit process; reviews audited accounts and Trustees’ report and makes recommendations on these to the Board of Trustees. The committee monitors development activity to ensure it meets our objectives and the Public Benefit requirement. It also monitors the development, implementation and revision of the ICT strategy. The committee reviews and makes recommendations on all financial and ICT policies, including the reserves policy.

The committee is chaired by Anita Wyles (Treasurer), the vice-chair is Laksh Ranganathan. The other member of the committee is Rachel Hampson. The committee is also attended by the Head of Finance, Business Manager and CEO.

The HR and Remuneration Committee (meets at least twice a year)

The HR and Remuneration Committee monitors the HR and Remuneration Strategy and ensures appropriate policies relating to staff recruitment, retention and development are in place.

The committee is chaired by Sue Hillman. The other member of the committee is Laksh Ranganathan. The committee is also attended by the CEO, Business Manager, Dean and Finance Manager.

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

The Joint Staff Consultation Committee (meets at least twice a year and reports into the HR and Remuneration Committee)

The JSCC allows staff and management to exchange views and discuss issues, and for management to share information and hear the views of all staff groups. The issues for discussion will relate to organisational performance and proposed changes that may affect staff, although this will not be a forum for negotiating pay, terms and conditions.

Views coming to the JSCC will inform management decisions. Representatives elected by each of the staff areas will take on the important roles of gathering views, representing these in the meetings and then feeding back to their staff group.

The committee is chaired by Sue Hillman. The other members of the committee are CEO, Business Manager, one staff representative from academic services, one staff representative from corporate services and one staff representative to cover all departments.

The Education Committee (meets at least twice a year)

The Education Committee monitors academic strategy and ensures viability of all courses.

The committee is chaired by Rachel Hampson. The other members of the committee are Dian Shepperson-Mills, Jo Bridger and Carmai Pestell. The committee is also attended by the CEO, Dean and Head of Undergraduate Courses.

The Marketing and Communications Committee (meets at least four times a year) The Marketing and Communications Committee ensures appropriate strategies and resources are in place to support ION’s activities. The committee met four times during the year to support the development of the strategy and oversee activities.

The committee is chaired by Jo Bridger. The other members of the committee are Rachel Hampson, Sue Hillman, and Laksh Ranganathan. The committee is also attended by the CEO and Business Manager and other members of the staff team as appropriate to the agenda.

Risk management

The Institute’s annual review of the business includes consideration of the major risks to which the charity is exposed and the risk management strategy to contain those exposures and to mitigate significant risks. Low student numbers are seen as the greatest risk to the Institute and the Trustees have modelled how this impacts income and our ability to maintain sufficient cash levels. The current global economic downturn and general cost of living pressures are seen as the largest driver, which are outside our control.

Mitigation of risks is managed through review of our cost base and planning for 2025 when significant costs will be reduced. The lease on the Institute’s premises is a significant liability and this, along with other costs, are being reviewed with a view to relinquishing unnecessary costs where

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

possible. Trustees have reviewed and redirected investment in marketing activity, in order to continue to recruit sufficient students as far as possible, including updated marketing strategies, supporting the development of current students to aid retention and promotion of payment plan options. Collaborations with third parties and provision of new course options allows students to practice at different level whilst they continue their studies.

Longer term strategies include applying for registration with OfS in order to provide prospective students with access to student finance and to attract different demographics to ION’s courses.

The Trustees believe all the current risks are monitored and have done all that is feasible to address the uncertainty.

Statement of responsibilities of the Trustees

The Trustees (who are also directors of The Institute for Optimum Nutrition 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).

For each financial year, company law requires the Trustees to prepare financial statements that 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 that period. In preparing these financial statements, the Trustees are required to:

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.

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The Institute for Optimum Nutrition

Trustees’ annual report

For the year ended 30 June 2023

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 30 June 2023 was 20 (2022: 20). The Trustees are directors of the charity, some Trustees are also members which entitles them to voting rights at the AGM. The Trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies’ subject to the small companies' regime.

Approved by the Trustees on 28[th] February 2024 and signed on their behalf by

Rachel Hampson Chair of Trustees

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Independent auditor’s report

To the members of

The Institute for Optimum Nutrition

Opinion

We have audited the financial statements of The Institute for Optimum Nutrition (the ‘charitable company’) for the year ended 30 June 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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.

Material uncertainty relating to going concern

We draw attention to note 1d in the financial statements, which indicates that the trustees reflect on the current financial position of the charity and the fact that the forecasts for the next 12 months include material levels of future funding that are yet to be secured. As stated in note 1d, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. Our evaluation of the trustees’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included reviewing the forecasts and budgets prepared by management and assessing the valuation and impact of potential cost-saving measures.

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Independent auditor’s report

To the members of

The Institute for Optimum Nutrition

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’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

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 trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Independent auditor’s report

To the members of

The Institute for Optimum Nutrition

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 the 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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Independent auditor’s report

To the members of

The Institute for Optimum Nutrition

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 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. Our audit work has been undertaken so that we might state to the charitable company's members 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, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

8 March 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 110 Golden Lane, LONDON, EC1Y 0TG

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The Institute for Optimum Nutrition

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 June 2023

For theyear ended 30June 2023
Note
2
Expenditure on:
3a
Reconciliation of funds:
Income from:
Total funds carried forward
Net (expenditure) for the year and
movement in funds
Total funds brought forward
Total expenditure
Donations
Charitable activities
Charitable activities
Educational courses
Information dissemination activities
Educational courses
Information dissemination activities
Investments
Total income		 Unrestricted
£
471
1,734,189
30,063
5,098		 Restricted
£
-
-
-
-		 2023
Total
£
471
1,734,189
30,063
5,098		 Unrestricted
£
536
1,951,211
67,141
565		 Restricted
£
-
-
-
-		 2022
Total
£
536
1,951,211
67,141
565
1,769,821 - 1,769,821 2,019,453 - 2,019,453
1,802,589
357,504		 -
-		 1,802,589
357,504		 1,860,154
348,441		 54,143
-		 1,914,297
348,441
2,160,093 - 2,160,093 2,208,595 54,143 2,262,738
(390,272)
461,165		 -
14,000		 (390,272)
475,165		 (189,142)
650,307		 (54,143)
68,143		 (243,285)
718,450
70,893 14,000 84,893 461,165 14,000 475,165

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

18

The Institute for Optimum Nutrition

Balance sheet

Balance sheet
As at 30 June 2023 Company no. 2724405
Note
Fixed assets:
9
Current assets:
10
Liabilities:
11
13
14
15
Total unrestricted funds
Cash at bank and in hand
Tangible assets
Debtors
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Total assets less current liabilities
Restricted income funds
Unrestricted income funds:
Designated funds
General funds
Total charity funds		 £
382,432
637,207		 2023
£
10,902		 £
408,386
961,258		 2022
£
9,757
10,902
313,921		 9,757
662,989
1,019,639
(705,718)		 1,369,644
(706,655)
10,902
59,991		 9,757
451,408
324,823
(239,930)		 672,746
(197,581)
84,893 475,165
14,000
70,893		 14,000
461,165
84,893 475,165

Approved by the Trustees on 28 February 2024 and signed on their behalf by

Rachel Hampson Chair of the Board of Trustees

19

The Institute for Optimum Nutrition

Statement of cash flows

For the year ended 30 June 2023

For the year ended 30 June 2023
Cash at bank and in hand
Total cash and cash equivalents
Loans falling due within one year
Loans falling due after more than one year
Total
Cash flows from financing activities:
Net cash (used in) investing activities
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Analysis of cash and cash equivalents and of net debt
(Decrease) in creditors
Cash flows from operating activities:
Repayments of borrowing - capital
Net (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
Interest on borrowing
Increase in debtors
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year
Net cash provided by / (used in) financing activities
Change in cash and cash equivalents in the year
Cash inflows from new borrowing
Repayments of borrowing - interest		 £
£
(390,272)
4,104
(5,098)
14,852
25,954
(8,953)
(359,413)
5,098
(5,249)
(151)
(99,635)
(14,852)
150,000
35,513
(324,051)
961,258
637,207
At 1 July
2022
Cash flows
£
£
961,258
(324,051)
961,258
(324,051)
(96,469)
6,969
(161,992)
(57,334)
702,797
(374,416)
2023		 £
£
(243,285)
2,490
(565)
13,396
34,281
(26,430)
(220,113)
565
(10,006)
(9,441)
(82,965)
(13,396)
-
(96,361)
(325,915)
1,287,173
961,258
Other non-
cash changes
At 30 June
2023
£
£
-
637,207
-
637,207
-
(89,500)
-
(219,326)
-
328,381
2022
5,098
(5,249)		 565
(10,006)
(99,635)
(14,852)
150,000		 (82,965)
(13,396)
-
At 1 July
2022
£
961,258		 Other non-
cash changes
£
-
(324,051)
961,258		 (325,915)
1,287,173
637,207 961,258
Cash flows
£
(324,051)		 At 30 June
2023
£
637,207
961,258 (324,051) - 637,207
(96,469)
(161,992)		 6,969
(57,334)		 -
-		 (89,500)
(219,326)
702,797 (374,416) - 328,381

20

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

1 Accounting policies

a) Statutory information

The Institute for Optimum Nutrition is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address and principal place of business is Ambassador House, Paradise Road, Richmond, TW9 1SQ.

b) Basis of preparation

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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

As disclosed in the Trustee’s Report, the current global economic downturn and general cost of living pressures have had a significant impact on the Institute. In assessing its going concern status, the Trustees have prepared detailed cash flow forecasts and projections and applied stress test scenarios to those forecasts. The Trustees have also taken into consideration further potential funding and how the Charity has adapted positively to the effect of reduced student numbers by improving marketing activity and reducing the cost base.

Trustees consider that, given the current financial position of the charity and the fact that material levels of future funding are yet to be secured, there are material uncertainties about the Institute's ability to continue as a going concern. In light of the financial position, in addition to the improved marketing activity, the reduced cost base and other actions as disclosed in the Trustees' Report, the Trustees have identified further measures that could be taken to ensure the charity continues to operate, should it be necessary. Therefore, the Trustees have every expectation that there will be, through a combination of increased student numbers and a reduced cost base, sufficient income to cover projected expenditure and consider that these factors support the conclusion that the charity remains a going concern.

The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Course fees are recognised within the financial statements when receivable by way of performance of services. Course fees that are unpaid at the year-end are included within trade debtors. Course fees received in advance of course commencement after the year-end date are carried forward within creditors as deferred income.

Non-refundable student registration fees are recognised on receipt.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

21

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is charitable expenditure.

Expenditure on charitable activities includes the costs of delivering courses and other educational activities and of producing our magazine and running our clinics to further the purposes of the charity and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on income, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on income, of the amount attributable to each activity

 Educational courses 97%

 Information dissemination activities 3%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Rental charges are charged on a straight line basis over the term of the lease.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The useful lives are as follows:

Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors and provisions

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

p) Pensions

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

q) Finance Leases

Assets purchased under finance leases are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charge. Finance charges are written off to the statement of financial activities over the period of the lease so as to produce a constant periodic rate of charge.

22

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

the year ended 30 June 2023
Income from charitable activities
Diploma and Degree courses
Science Access courses
CPD Short courses
Enrolment fees
Other courses income
Magazine, membership and marketing
Clinical income
Sub-total for educational courses
Total income from charitable activities
Sub-total for information dissemination		 Unrestricted
£
1,510,854
128,200
36,179
55,210
3,746		 Restricted
£
-
-
-
-
-		 2023
Total
£
1,510,854
128,200
36,179
55,210
3,746		 Unrestricted
£
1,506,776
287,429
63,195
83,561
10,250		 Restricted
£
-
-
-
-
-		 2022
Total
£
1,506,776
287,429
63,195
83,561
10,250
1,734,189
18,630
11,433		 -
-
-		 1,734,189
18,630
11,433		 1,951,211
47,062
20,079		 -
-
-		 1,951,211
47,062
20,079
30,063 - 30,063 67,141 - 67,141
1,764,252 - 1,764,252 2,018,352 - 2,018,352

23

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

3a Analysis of expenditure (current year)

Charitable activities

Staff costs (Note 5)
Contract and casual staff
Lecturers' and tutors' fees
Clinical costs
Magazine and membership costs
Marketing and promotion costs
Room and equipment hire
Course costs
Trustee training and expenses
Auditor's remuneration
Premises Costs
Office and IT costs
Legal and professional fees
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Educational
Courses
£
694,041
-
60,711
-
-
-
2,822
191,634
-
-
-
4,947
-		 Information
Dissemination
Activities
£
195,759
-
-
23,484
25,500
72,903
-
-
-
-
-
13,618
-		 Governance
costs
£
36,805
-
-
-
-
-
-
-
540
11,484
-
-
-		 Support
costs
£
318,021
-
-
-
-
-
-
-
-
-
192,906
311,244
3,674		 2023
Total
2022
Total
£
£
1,244,626
1,257,068
-
6,775
60,711
79,007
23,484
42,050
25,500
36,830
72,903
82,991
2,822
3,257
191,634
171,444
540
1,402
11,484
10,039
192,906
171,138
329,809
371,198
3,674
29,539
2,160,093
2,262,738
-
-
-
-
2,160,093
2,262,738
2,262,738
954,155
801,070
47,364		 331,264
24,775
1,465		 48,829
-
(48,829)		 825,845
(825,845)
-
1,802,589 357,504 - -
1,914,297 348,441 - -

24

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

3b Analysis of expenditure (prior year)

Charitable activities

Staff costs (Note 5)
Contract and casual staff
Lecturers' and tutors' fees
Clinical costs
Magazine and membership costs
Marketing and promotion costs
Room and equipment hire
Course costs
Trustee training and expenses
Auditor's remuneration
Premises Costs
Office and IT costs
Legal and professional fees
Support costs
Governance costs
Total expenditure 2022		 Educational
Courses
£
727,231
-
79,007
-
-
-
3,257
171,444
-
-
-
2,982
-		 Information
Dissemination
Activities
£
128,234
-
-
42,050
36,830
82,991
-
-
-
-
-
29,562
-		 Governance
costs
£
34,997
-
-
-
-
-
-
-
1,402
10,039
-
-
-		 Support
costs
£
366,606
6,775
-
-
-
-
-
-
-
-
171,138
338,654
29,539		 2022
Total
£
1,257,068
6,775
79,007
42,050
36,830
82,991
3,257
171,444
1,402
10,039
171,138
371,198
29,539
983,921
885,331
45,045		 319,667
27,381
1,393		 46,438
-
(46,438)		 912,712
(912,712)
-		 2,262,738
-
-
1,914,297 348,441 - - 2,262,738

25

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

This is stated after charging:

This is stated after charging:
2023 2022
£ £
Depreciation 4,104 2,490
Interest payable on bank loans and finance leases 14,852 13,396
Operating lease rentals:
Property 149,728 122,585
Other 26,376 23,373
Auditor's remuneration (excluding VAT):
Audit 8,400 8,400

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2023
£
1,113,693
108,677
22,256		 2022
£
1,134,233
99,932
22,903
1,244,626 1,257,068

The following number of employees received employee benefits (excluding employer pension costs and employer national insurance) during the year between:

2023 2022
No. No.
£60,000 - £69,999 1 1
£70,000 - £79,999 - 1
£80,000 - £89,999 1 -

The total employee benefits (including employer pension contributions and employer national insurance) of the key management personnel were £241,331 (2022: £232,267).

Seven members of staff were made redundant during the year and received total redundancy payments of £16,293 (2022: one member of staff received £1,780).

The charity Trustees were not paid or received any other benefits from their role as Trustees of the charity in the year (2022: £nil).

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £400 (2022: £1,172) incurred by 3 (2022: 5) members relating to attendance at meetings of the Trustees.

26

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Educational courses
Information Dissemination
Support		 2023
No.
8.2
33.5
2.1		 2022
No.
6.3
36.5
3.0
43.8 45.8

7 Related party transactions

The following Trustee was paid fees for lecturing in accordance with the amendment to the articles of association that was approved in 2003.


that was approved in 2003.
J Lynch 2023
£
-		 2022
£
52
- 52

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Tangible fixed assets

Tangible fixed assets
Cost
Net book value
At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Additions in year
At the end of the year
At the start of the year
Depreciation		 Fixtures and
fittings
£
25,807
-		 Computer
equipment
£
24,733
5,249		 Short
leasehold
improvements
£
144,580
-		 Total
£
195,120
5,249
25,807 29,982 144,580 200,369
25,807
-		 14,976
4,104		 144,580
-		 185,363
4,104
25,807 19,080 144,580 189,467
- 10,902 - 10,902
- 9,757 - 9,757

All of the above assets are used for charitable purposes.

27

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

10 Debtors

Debtors
Trade debtors
Other debtors
Prepayments		 2023
£
201,169
82,992
98,271		 2022
£
211,318
82,960
114,108
382,432 408,386

Other debtors includes £82,992 deposit on the lease at Ambassador House, which is due in over one year.

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accruals
Deferred income (note 12)
Trade creditors
Taxation and social security
Bank Loans
Other creditors		 2023
£
89,500
50,026
26,756
6,413
41,629
491,394		 2022
£
96,469
83,662
32,204
17,765
70,500
406,055
705,718 706,655

12 Deferred income

Deferred income comprises course fees received in advance, net of early payment discounts, for courses commencing after the year-end.


commencing after the year-end.
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2023
£
406,055
(406,055)
491,394		 2022
£
379,281
(379,281)
406,055
491,394 406,055

13 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
One to five years 2023
£
239,930		 2022
£
197,581
239,930 197,581

Amounts falling due after one year comprise accruals of £20,604 (2022: £35,589) and bank loans of £219,326 (2022: £161,992)

Bank loans are secured by a first ranking debenture over all the assets.

28

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

14a Analysis of net assets between funds (current year)

14a
Analysis of net assets between funds (current year)		 14a
Analysis of net assets between funds (current year)
14b
15a
At 1 July
2022
£
Restricted funds:
14,000
Total restricted funds
14,000
9,757
Total designated funds
9,757
General funds
451,408
461,165
475,165
Fixed Asset Reserve Fund
Unrestricted funds:
Designated funds:
Net assets at the end of the year
Net assets at the end of the year
Tangible fixed assets
Analysis of net assets between funds (prior year)
Long term liabilities
Net current assets
Movements in funds (current year)
Research
Tangible fixed assets
Net current assets
Long term liabilities
Total unrestricted funds
Total funds		 General
unrestricted
£
-
299,921
(239,930)		 Designated
£
10,902
-
-		 Restricted
£
-
14,000
-		 Total funds
£
10,902
313,921
(239,930)
59,991 10,902 14,000 84,893
General
unrestricted
£
-
648,989
(197,581)		 Designated
£
9,757
-
-		 Restricted
£
-
14,000
-		 Total funds
£
9,757
662,989
(197,581)
451,408 9,757 14,000 475,165
Income &
gains
£
-		 Expenditure
& losses
£
-		 Transfers
£
-		 At 30 June
2023
£
14,000
14,000 - - - 14,000
9,757 - - 1,145 10,902
9,757 - - 1,145 10,902
451,408 1,769,821 (2,160,093) (1,145) 59,991
461,165 1,769,821 (2,160,093) - 70,893
475,165 1,769,821 (2,160,093) - 84,893

29

The Institute for Optimum Nutrition

Notes to the financial statements

For the year ended 30 June 2023

15b Movements in funds (prior year)

Movements in funds (prior year)
Restricted funds:
Total restricted funds
Total designated funds
General funds
Research
Total unrestricted funds
Unrestricted funds:
Designated funds:
Fixed Asset Reserve Fund
Total funds
Resilience and Recovery Grant		 At 30 June
2021
£
14,000
54,143		 Income &
gains
£
-
-		 Expenditure
& losses
£
-
(54,143)		 Transfers
£
-
-		 At 30 June
2022
£
14,000
-
68,143 - (54,143) - 14,000
2,241 - - 7,516 9,757
2,241 - - 7,516 9,757
648,066 2,019,453 (2,208,595) (7,516) 451,408
650,307 2,019,453 (2,208,595) - 461,165
718,450 2,019,453 (2,262,738) - 475,165

Purposes of restricted funds

Research: The Institute holds a donation of £14k and plans are in place to spend this on research in the next five years.

Resilience and Recovery Grant : The Institute received a £100,000 grant in 2020.21 from Social Investment Business to support with working capital as the business transitions to the provision of degree courses. This was used to support additional staff costs of delivering the degree.

Purposes of designated funds

Fixed Asset Reserve : This has been established to represent the net book value of fixed assets, net of finance lease creditors.

16 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


the following periods
Over five years
Less than one year
One to five years		 2023
2022
£
£
123,335
123,335
169,586
292,922
-
-
292,921
416,257
Property		 2023
2022
£
£
33,688
23,874
36,596
30,677
8,478
-
78,762
54,551
Other
292,921 416,257 78,762 54,551

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

30