Company no. 03799698 Charity no. 1079390
The Severnside Initiative for Psychotherapy Report and Unaudited Financial Statements
31 August 2023
The Severnside Initiative for Psychotherapy
Reference and administrative details
| For theyear ended 31 | August 2023 | |
|---|---|---|
| Company number | 03799698 | |
| Charity number | 1079390 | |
| Registered office and | 11 Orchard Street | |
| operational address | Bristol | |
| BS1 5EH | ||
| 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: | ||
| Mark Budden | (resigned 25 February 2023) | |
| David Bunker | (resigned 25 February 2023) | |
| Eva Gell | Chair | |
| Lorraine Melrose | ||
| Hazel Millar | ||
| Stephen Poland | (appointed 20 October 2023) | |
| Deborah Spaull | (appointed 20 October 2023) | |
| Jonathan Olds | ||
| Company secretary | Nicola Coates | |
| Independent | Godfrey Wilson Limited | |
| examiners | Chartered accountants and statutory auditors | |
| 5th Floor Mariner House | ||
| 62 Prince Street | ||
| Bristol | ||
| BS1 4QD |
1
The Severnside Initiative for Psychotherapy
Report of the trustees
For the year ended 31 August 2023
Reference and administrative information set out on page 1 forms part of this report. The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019.
The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report together with the unaudited financial statements of the charity for the year ended 31 August 2023.
The charity is a private company limited by guarantee and operates under the name of The Severnside Institute for Psychotherapy (SIP). The governing documents are the Memorandum and Articles of Association.
OBJECTIVES AND ACTIVITIES
Our objects are to provide, or assist in the provision of, psychotherapeutic treatment and related services to members of the public. Our Mission Statement is: to improve the mental health of individuals and the community by promoting psychoanalytic thinking and the practice of psychoanalytic and psychodynamic psychotherapy, and by providing high quality education, and professional training. In the furtherance of these objects, SIP provides a range of services. It provides information on both psychoanalytic and psychodynamic psychotherapy, maintains a register of members qualified to provide it and offers a consultation and referral service for members of the community who are interested in accessing therapy. SIP also raises funds to support the provision of low-cost therapy to people unable to afford the full cost of the treatment they require.
SIP offers a range of training opportunities aimed at increasing the availability of qualified and ethical practitioners in the Southwest of England, and in Wales. SIP’s professional training is accredited by the British Psychoanalytic Council (BPC) meaning that qualification in psychoanalytic psychotherapy or psychodynamic psychotherapy leads to registration with the BPC. SIP provides a safeguarding framework for its practitioners and Continuing Professional Development (CPD) opportunities in order to safeguard the public by ensuring that members work in a competent and ethical manner. These activities are undertaken after consideration of the Charity Commission’s guidance on public benefit, and it is hence the opinion of the trustees that the organisation operates for the public benefit.
SIP also operates as a professional association for its members, providing opportunities for mutual support, ethical guidance, and the furtherance of their knowledge and understanding of the profession. It helps them participate in national activities concerned with the provision and regulation of psychotherapy. SIP purchased 11 Orchard Street from the Lark Trust on 31 January 2023. In consequence, SIP now manages the building and is responsible for its maintenance. The building is used for SIP’s training courses and for CPD events, alongside providing consulting room, meeting and event space to counsellors, therapists, and other therapy-related organisations. SIP is clear that its first aim on becoming the building’s owner is to raise further funds to carry out adaptations to make the building fully accessible, providing a space for mental health professionals to offer inperson sessions to members of the community with mobility challenges. At our AGM in February 2023, it was agreed to work towards establishing an efficient and effective clinic drawing on expressed enthusiasm from members of SIP . As a consequence a working party was set up chaired by Ally Kessler.
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The Severnside Initiative for Psychotherapy
Report of the trustees
For the year ended 31 August 2023
MANAGEMENT OF THE ORGANISATION
At 31 August 2023 SIP had a total of 64 full members (plus 4 pre-retirement members), with an additional 2 non-practising associates, 9 clinical associates, 17 student associates, 4 honorary associates and 4 co-opted associates.
The business of SIP as a charitable company is managed by the Executive Committee, the Board of Trustees and the Ethics Committee. Nicky Coates continues as Finance Manager and Company Secretary. Mike Keating became our first employed Head of Training and Education (HoT&E) in January 2023, and in May 2023 Georgina Holt replaced Janet Wilkinson as Training Administrator. Olivia Baxter’s role changed in December 2022 to Office and Operations Manager (OOM). Clare Harris performs a freelance role as Building Overseer.
A significant proportion of the membership are also involved in the work of committees, giving their time voluntarily to ensure the sound running and further development of the organisation. The trustees are grateful to the honorary officers, committee members and staff who are essential to the running of the organisation. The trustees acknowledge that a huge amount of work is undertaken voluntarily in the management of the organisation and the provision of training and other services.
Sadly, during this year, we lost two long standing Trustees in Mark Budden and David Bunker. Both of them had done so much work in managing the purchasing of the building, and Mark also organised two plaques to commemorate the relationship between SIP and ACPS, who originally shared the use of Orchard Street.
PERFORMANCE
During this year the work of the organisation has continued steadily whilst adapting to the changes brought about by the purchase of Orchard Street and the establishment of more employed staff and its consequences on management procedures. Various changes were also made to the Rules and Bylaws in accordance. As in previous years, the external environment continues to have an impact on the organisation. SIP continues to play its part as a Member Institution of the British Psychoanalytic Council.
A successful Open Day was held in April 2023 to celebrate the purchase of the building.
The detailed work of the organisation is reported on in full at the AGM, but we look in brief at the main areas of activities during the year ended 31 August 2023 in the following paragraphs.
Training
The trustees are extremely grateful to those who have worked so hard running courses and being members of the various training committees. Clare Harris, who was elected Chair of Training in February 2022 continued in the volunteer post working towards establishing the paid HoT&E post in February 2023. She also continued to combine as much as possible the teaching of the two Clinical courses whilst maintaining their relevant differences.
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The Severnside Initiative for Psychotherapy
Report of the trustees
For the year ended 31 August 2023
The range of professional training courses we offer reflects the developing patterns of interest in psychoanalytically-informed therapy in the broader community and indicates the ability of SIP to be malleable and responsive in pursuit of its objectives. A curriculum group, led by Kathy Laurie, has also updated the recommended reading lists taking into account ethnicity, racism, gender and diversity issues. The pre-clinical courses were renamed Foundations of Psychoanalytic Theory and Practice in order to target a wider and more diverse community.
SIP was reaccredited by the BPC in December 2022 and the feedback from them was very positive.
Membership activities
Continuing Professional Development, which is a requirement of professional registration for psychoanalytic and psychodynamic psychotherapists, consists of a range of opportunities for members to enhance their understanding of psychoanalytic issues and share clinical experience. SIP provides clinical courses, as well as study days and workshops, which offer the opportunity to explore relevant topics, sometimes with outside speakers and sometimes when members are invited to give papers. Over the 12 months up to 31 August 2023, SIP hosted a number of successful CPD events. These included the 32nd Annual Public lecture with guest speaker Graham Music, a Connecting Conversation with Sabba Khan, a Study morning with guest speaker Conor McCormack, and a clinical seminar from a SIP member.
Consultation and Referral Service
Clinical services offered by members were further rationalised this year through the continued development of the Consultation and Referral Service. This is undertaken by Area Representatives covering all localities from which SIP draws members. Referrals are managed by a member of SIP’s office staff. This is important for trainees, who can build up their clinical experience by providing lowcost sessions, and also makes a contribution to public well-being at a time when affordable psychotherapy services are hugely in demand. SIP also continued to support Orchard Therapy, a pilot scheme launched in 2021, which saw a number of fully qualified SIP therapists offer 10 free remote therapy sessions to individuals unable to afford therapy (even at a low cost), who were referred by a small group of GPs.
Subsidised treatment and training (STTF)
SIP remains committed to the provision of subsidised treatment for those who need therapy but cannot afford full professional fees. Funds are managed and administered by the Bursary Committee and made available through the Reduced Fee Scheme, and Training Patient Bursary Fund, which supports trainees with the cost of supervision and sessions with training patients. Regular donations received from members provide an important source of funding for this work. In addition to formal subsidies, many patients benefit from reduced fees offered by individual therapists.
During the 12 months to 31 August 2023, thought was given to how we might increase our free and low-cost therapy provisions following the completion of the purchase of 11 Orchard Street. £10,000 of the previous year’s surplus from training provision was transferred to the STTF, and during the year it was agreed that the STTF should no longer shoulder a share of SIP’s salary and running costs. It was also agreed that any surplus generated by Orchard Street Therapy Rooms (OSTR) should be divided between the STTF and the Building Improvement Fund.
SIP continued to offer bursaries to help with the cost of fees for the Foundations courses, named The Iris Tute Bursaries, in remembrance of the work and generosity of a member of SIP, without whom SIP would not have its city centre home at 11 Orchard Street.
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The Severnside Initiative for Psychotherapy
Report of the trustees
For the year ended 31 August 2023
Risk management
The trustees continue to follow Charity Commission advice regarding risk management and good practice and keep a register identifying major risks that apply to SIP.
A safeguarding policy was drawn up by Ben James to cover SIP as an organisation, which sits alongside that produced by the BPC which relates to the safeguarding of individuals. As part of risk management, we have paid someone to oversee the safety and maintenance of the building, as well as working towards the disability adaptations.
Within SIP the finances are looking healthy, the governance is much improved, and therefore we consider that the charity will continue as a going concern for at least 12 months from the date on which these financial statements are approved.
This confidence is underscored by the fact that:
-
Trustees are in touch with other Member Institutions of the British Psychoanalytic Council and are well aware of the dilemmas and discussions taking place across the psychotherapy professions;
-
The charity holds general fund reserves of £113,751; and
-
The charity has made huge headway in its governance and is looking to increase its charity aspect and, through grants, improve the access for disabled persons.
The trustees therefore consider it appropriate to adopt the going concern basis for the preparation of the accounts.
Fees and budgets
Fees were reviewed for all elements of the training and an increase, equating to approximately 5%, was applied to fees for SIP’s Clinical courses. Pre-Clinical and Introductory fees increased by around 10%, as did the amounts paid to freelance staff conducting the training.
SIP’s membership fees increased by approximately 5%, below inflation, which was intended to go some way towards meeting the organisation’s rising costs, while acknowledging that costs were also increasing rapidly for our members.
FINANCIAL REVIEW
A detailed summary of accounts for the year ended 31 August 2023, prior to revaluation of investments and transfers between funds, has been provided by the Finance Manager.
General funds (unrestricted)
In respect of general funds, SIP generates income from three main sources: subscriptions from the members, fees charged for training and courses, and room rental for psychotherapy purposes. Expenditure constitutes staffing, maintenance of the premises, expenses for committee work, fees to the British Psychoanalytic Council and fees to seminar leaders on the various courses. Budgets are drawn up to ensure that income will cover outgoing expenses and maintain a suitable reserve.
At the year end, the general fund has a total value of £113,751.
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The Severnside Initiative for Psychotherapy
Report of the trustees
For the year ended 31 August 2023
Subsidised Treatment and Training Fund (restricted)
The Subsidised Treatment and Training Fund (STTF) is comprised of two amalgamated funds: the Training Patient and Bursary Fund (TPBF) and the Reduced Fee Scheme (RFS) to which The Welsh Fund was added in 2020.
The STTF fund supported the low-cost work of 10 members (including student associates), and their patients, with payments totalling £7,641.
At the year end, the Subsidised Treatment and Training Fund (restricted) had a total value of £25,276, £25,000 of which is earmarked for the Welsh Bursary Fund.
Subsidised Treatment and Training Fund (designated)
This is the repository for internal transfers of SIP funds, and contained £13,698 after the transfer from the OSTR surplus.
Building Improvement Fund (restricted)
This fund is for monies raised for future improvements of 11 Orchard Street since its purchase. Its value at the year end was £1,957.
Building Improvement Fund (designated)
This fund is for monies set aside from general funds surplus, for planned improvements of 11 Orchard Street, which include making the building more accessible. The designation of these funds is reversible, should SIP require the funds for other expenditure deemed more important by the trustees. Its value at the year end was £22,971.
Land and Building Funds (designated)
The amount held in Land and Buildings (to cover the capital costs of the purchase of 11 Orchard Street) at the year end was £171,746.
Total value of restricted and unrestricted funds
The total value of restricted and unrestricted funds at the year end was £349,399.
Reserves
Our policy is to hold general reserves amounting to at least 40% of the previous year’s expenditure (excluding restricted funds). Our reserves at 31st August 2023 (£113,751) were at 66% and therefore the reserves at the balance sheet date meet with this requirement.
The trustees are satisfied that the books are kept in good order and the monitoring of income and expenditure within the various categories is suitably detailed.
Trustees
The Board of Trustees holds the ultimate responsibility for directing the affairs of SIP, and ensuring that it is solvent, well-run and delivering the charitable outcomes for which it has been set up. The trustees are charged with ensuring that SIP complies with charity and company law and with the requirements of the Charity Commission as regulator; in particular ensuring that SIP prepares reports on what it has achieved and annual returns and accounts as required by law. The trustees oversee and review the Executive Committee's management of SIP specifically to ensure that it meets the objectives set out in the Memorandum of Association and complies with the Articles of Association and with both charity and company law.
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The Severnside Initiative for Psychotherapy
Report of the trustees
For the year ended 31 August 2023
The Board of Trustees is elected by the membership at the Annual General Meeting.
The Trustees who have served the charity from 1st September 2022 until the date on which the accounts were signed, are listed at the beginning of this report.
This report has been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies’ regime.
Statement of responsibilities of the trustees
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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▪ observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Independent examiners
Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 9 March 2024 and signed on their behalf by
Eva Gell
Eva Gell - Chair
7
Independent examiner's report
To the trustees of
The Severnside Initiative for Psychotherapy
I report to the trustees on my examination of the accounts of The Severnside Initiative for Psychotherapy (the charitable company) for the year ended 31 August 2023, which are set out on pages 9 to 25.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
Godfrey Wilson Limited also provides payroll services to the charitable company. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Date: 9 March 2024 Rob Wilson FCA Member of the ICAEW
For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
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The Severnside Initiative for Psychotherapy
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 August 2023
| Restricted Unrestricted Note £ £ Income from: Donations and legacies 3 31,985 7,704 Charitable activities: Training - 86,111 Membership - 21,556 Orchard Street management fund - 83,795 CPD and events - 4,352 Consultation and referral service - 2,005 Investments 733 566 Other income - - Total income 32,718 206,089 Expenditure on: Raising funds - 505 Charitable activities: Training - 77,383 Membership - 18,683 Orchard Street management fund - 50,403 CPD and events - 10,355 Consultation and referral service - 7,916 Subsidised treatment and training fund 7,641 4,340 Total expenditure 5 7,641 169,585 Net gains / (losses) on investments (521) - Net income / (expenditure) 6 24,556 36,504 Transfers between funds (59,455) 59,455 Net movement in funds (34,899) 95,959 Reconciliation of funds: Total funds brought forward 62,132 226,207 Total funds carried forward 27,233 322,166 |
2023 Total £ 39,689 86,111 21,556 83,795 4,352 2,005 1,299 - 238,807 505 77,383 18,683 50,403 10,355 7,916 11,981 177,226 (521) 61,060 - 61,060 288,339 349,399 |
2022 Total £ 34,114 83,927 33,273 69,804 3,998 1,603 842 159 |
|---|---|---|
| 227,720 | ||
| 596 68,534 22,086 50,962 6,241 9,753 14,219 |
||
| 172,391 | ||
| (1,335) | ||
| 53,994 - |
||
| 53,994 234,345 |
||
| 288,339 |
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 16 to the accounts.
9
The Severnside Initiative for Psychotherapy
Balance sheet
As at 31 August 2023
| Note Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than 1 year 14 Net assets 15 Funds 16 Restricted funds Unrestricted funds Designated funds General funds Total charity funds |
£ 64,597 232,886 297,483 (144,503) |
2023 £ 610,794 - 610,794 152,980 763,774 (414,375) 349,399 27,233 208,415 113,751 349,399 |
2022 £ 80,705 6,919 |
|---|---|---|---|
| 87,624 63,427 257,319 |
|||
| 320,746 (120,031) |
|||
| 200,715 | |||
| 288,339 - |
|||
| 288,339 | |||
| 62,132 110,215 115,992 |
|||
| 288,339 |
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
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(i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
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(ii) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
10
The Severnside Initiative for Psychotherapy
Balance sheet
As at 31 August 2023
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 9 March 2024 and signed on their behalf by
Eva Gell
Eva Gell - Chair
11
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Severnside Initiative for Psychotherapy meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charitable company is able to continue as a going concern. The charity holds unrestricted, general reserves of £113,751 and a cash balance of £232,866. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of provision of training, membership and subscriptions is deferred until criteria for income recognition are met.
d) Donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
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The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
1. Accounting policies (continued)
e) 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.
f) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
g) 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.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis, being the allocation of support staff time:
| 2023 | 2022 | |
|---|---|---|
| Raising funds | 0% | 0% |
| Charitable activities: | ||
| Training | 53% | 34% |
| Membership | 14% | 24% |
| Orchard Street management fund | 14% | 13% |
| CPD and events | 6% | 7% |
| Consultation and referral service | 8% | 13% |
| Subsidised treatment and training fund | 5% | 9% |
i) Tangible fixed assets
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 depreciation rates in use are as follows:
| Computer equipment | 3 years |
|---|---|
| Land and buildings | 50 years |
Items are capitalised where the purchase price exceeds £500.
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The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
1. Accounting policies (continued)
j) Investments
Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
k) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
l) 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.
m) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
n) Financial instruments
The charitable company 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
o) Pension costs
The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.
p) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Depreciation
As described in note 1i to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.
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The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
2. Prior period comparatives: statement of financial activities
| Income from: Donations and legacies Charitable activities: Training Membership Orchard Street management fund CPD and events Consultation and referral service Investments Other income Total income Expenditure on: Raising funds Charitable activities: Training Membership Orchard Street management fund CPD and events Consultation and referral service Subsidised treatment and training fund Total expenditure Net losses on investments Net income / (expenditure) Transfers between funds Net movement in funds |
Restricted £ £ 11,991 22,123 - 83,927 - 33,273 - 69,804 610 3,388 - 1,603 - 842 - 159 12,601 215,119 375 221 - 68,534 - 22,086 - 50,962 - 6,241 - 9,753 11,256 2,963 11,631 160,760 (1,335) - (365) 54,359 1,335 (1,335) 970 53,024 Unrestricted |
2022 Total £ 34,114 83,927 33,273 69,804 3,998 1,603 842 159 |
|---|---|---|
| 227,720 | ||
| 596 68,534 22,086 50,962 6,241 9,753 14,219 |
||
| 172,391 | ||
| (1,335) | ||
| 53,994 - |
||
| 53,994 |
15
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
3. Income from donations and legacies
| Donations Gifts in kind Grants Total income from donations and legacies Prior period comparative: Donations Gifts in kind Total income from donations and legacies |
Restricted £ £ 5,985 10 - 7,694 26,000 - 31,985 7,704 Restricted £ £ 11,991 3,623 - 18,500 11,991 22,123 Unrestricted Unrestricted |
2023 Total £ 5,995 7,694 26,000 |
|---|---|---|
| 39,689 | ||
| 2022 Total £ 15,614 18,500 |
||
| 34,114 |
*Gifts in kind represents the rent subsidy provided by the charity's landlord, The Lark Trust.
4. Government grants
The charitable company receives government grants, defined as emergency COVID-19 funding from Bristol City Council. The total value for such grants in the period ending 31 August 2023 was £nil (2022: £6,800).
16
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
5. Total expenditure
| Fundraising costs Staff costs (note 7) Seminar leader and freelance fees Travel and subsistence Event costs Membership fees and subscriptions Premises costs Treatment and training subsidies Library costs Office expenses Legal and professional Bank charges Depreciation Sub-total Allocation of support and governance costs Total expenditure |
Raising funds £ 505 - - - - - - - - - - - - |
Membership £ £ - - 31,629 8,366 20,103 159 1,620 - 71 184 1,638 5,120 3,317 - 216 - - - 453 158 583 - - - - - 59,630 13,987 17,753 4,696 77,383 18,683 Training |
Membership £ £ - - 31,629 8,366 20,103 159 1,620 - 71 184 1,638 5,120 3,317 - 216 - - - 453 158 583 - - - - - 59,630 13,987 17,753 4,696 77,383 18,683 Training |
£ - 8,500 880 42 - - 29,016 - - 9 - - 7,184 Orchard Street management fund |
CPD and events £ - 3,595 - 544 4,121 - - - - 77 - - - |
£ - 4,984 135 - - - - - - - - - - Consultation and referral service |
£ - 2,780 - - - - - 7,641 - - - - - Subsidised treatment and training fund |
Support and governance costs £ - 8,442 - 21 - 2,926 8,213 - 1,741 5,687 3,786 206 2,574 |
2023 Total £ 505 68,296 21,277 2,227 4,376 9,684 40,546 7,857 1,741 6,384 4,369 206 9,758 |
|---|---|---|---|---|---|---|---|---|---|
| 505 - |
59,630 17,753 |
13,987 4,696 |
45,631 4,772 |
8,337 2,018 |
5,119 2,797 |
10,421 1,560 |
33,596 (33,596) |
177,226 - |
|
| 505 | 77,383 | 18,683 | 50,403 | 10,355 | 7,916 | 11,981 | - | 177,226 |
Total governance costs were £5,739 (2022: £2,621).
17
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
5. Total expenditure
| Prior year comparative Fundraising costs Staff costs (note 7) Seminar leader and freelance fees Travel and subsistence Event costs Membership fees and subscriptions Premises costs Treatment and training subsidies Library costs Office expenses Legal and professional Bank charges Depreciation Sub-total Allocation of support and governance costs Total expenditure |
Raising funds £ 596 - - - - - - - - - - - - |
Membership £ £ - - 14,754 10,358 22,307 - 1,877 - - - 4,312 3,977 10,019 - 394 - 254 - 3,586 - - - - 6 - - 57,503 14,341 11,031 7,745 68,534 22,086 Training |
Membership £ £ - - 14,754 10,358 22,307 - 1,877 - - - 4,312 3,977 10,019 - 394 - 254 - 3,586 - - - - 6 - - 57,503 14,341 11,031 7,745 68,534 22,086 Training |
£ - 5,569 265 15 - - 40,913 - - 28 - 8 - Orchard Street management fund |
CPD and events £ - 2,841 863 63 - - - - - 349 - - - |
£ - 5,569 20 - - - - - - - - - - Consultation and referral service |
£ - 4,010 - - - - - 7,210 - - - - - Subsidised treatment and training fund |
Support and governance costs £ - 4,414 1,322 39 60 1,103 10,977 1 578 7,311 4,132 661 1,630 |
2022 Total £ 596 47,515 24,777 1,994 60 9,392 61,909 7,605 832 11,274 4,132 675 1,630 |
|---|---|---|---|---|---|---|---|---|---|
| 596 - |
57,503 11,031 |
14,341 7,745 |
46,798 4,164 |
4,116 2,125 |
5,589 4,164 |
11,220 2,999 |
32,228 (32,228) |
172,391 - |
|
| 596 | 68,534 | 22,086 | 50,962 | 6,241 | 9,753 | 14,219 | - | 172,391 |
18
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
6. Net movement in funds
This is stated after charging:
| Depreciation Operating lease payments Trustees' remuneration Trustees' reimbursed expenses Independent examiner's remuneration Independent examination (excluding VAT) Other services (excluding VAT) |
2023 £ 9,758 7,708 605 Nil 1,900 264 |
2022 £ 1,630 18,615 1,199 Nil 1,750 266 |
|---|---|---|
Trustees' remuneration is diclosed in note 18.
7. Staff costs and numbers
Staff costs were as follows:
| Salaries and wages Pension costs |
2023 £ 65,711 2,585 68,296 |
2022 £ 45,773 1,742 |
|---|---|---|
| 47,515 |
No employee earned more than £60,000 during the year.
The key management personnel of the charitable company comprise the trustees. The total employee benefits of the key management personnel were £Nil (2022: £Nil).
Staff numbers were as follows:
| Average head count Full time equivalents |
2023 No. 3.8 2.3 |
2022 No. 2.7 |
|---|---|---|
| 2.0 |
8. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
19
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
| 9. Tangible fixed assets Cost At 1 September 2022 Additions in year At 31 August 2023 Depreciation At 1 September 2022 Charge for the year At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 10. Investments Market value at 1 September 2022 Unrealised gains / (losses) Disposals Market value at 31 August 2023 11. Debtors Trade debtors Prepayments Accrued income Trainee loans |
£ 4,890 2,832 7,722 2,975 2,574 5,549 2,173 1,915 Computer equipment |
£ 78,790 537,015 615,805 - 7,184 7,184 608,621 78,790 2023 £ 6,919 (521) (6,398) - 2023 £ 53,417 9,852 328 1,000 64,597 Land and buildings |
£ 83,680 539,847 Total |
|---|---|---|---|
| 623,527 | |||
| 2,975 9,758 |
|||
| 12,733 | |||
| 610,794 | |||
| 80,705 | |||
| 2022 £ 8,254 (1,335) - |
|||
| 6,919 | |||
| 2022 £ 52,284 6,553 3,590 1,000 |
|||
| 63,427 |
20
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
12. Creditors : amounts due within 1 year
| Trade creditors Accruals Other taxation and social security Deferred income (see note 13) Other creditors Loans Deferred income At 1 September 2022 Deferred during the year Released during the year At 31 August 2023 |
2023 £ 11,729 2,280 2,113 105,012 869 22,500 144,503 2023 £ 105,996 105,012 (105,996) 105,012 |
2022 £ 10,012 2,100 1,131 105,996 792 - |
|---|---|---|
| 120,031 | ||
| 2022 £ 98,868 105,996 (98,868) |
||
| 105,996 |
13. Deferred income
Deferred income relates to income invoiced in advance for training courses, memberships and subscriptions.
14. Creditors : amounts falling due after more than 1 year
| Loans | 2023 £ 414,375 |
2022 £ - |
|---|---|---|
The loan is a 20 year loan from for purchase of 11 Orchard Street, secured by a fixed charge over the propery. The loan commenced in 2023 and is repayable at £22,500 per annum. No interest is charged.
21
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
15. Analysis of net assets between funds
| Analysis of net assets between funds | ||||
|---|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Non-current liabilities Net assets at 31 August 2023 Prior period comparative Tangible fixed assets Investments Current assets Current liabilities Net assets at 31 August 2022 |
£ - 27,233 - - 27,233 £ - 6,919 55,213 - 62,132 Restricted funds Restricted funds |
£ 608,621 36,669 (22,500) (414,375) 208,415 £ 78,790 - 31,425 - 110,215 Designated funds Designated funds |
£ 2,173 233,581 (122,003) - 113,751 £ 1,915 - 234,108 (120,031) 115,992 General funds General funds |
Total funds £ 610,794 297,483 (144,503) (414,375) |
| 349,399 | ||||
| Total funds £ 80,705 6,919 320,746 (120,031) |
||||
| 288,339 |
22
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
16. Movements in funds
| Restricted funds Building improvement fund Building purchase fund STTF Total restricted funds Designated funds: Building improvement fund Building purchase fund Land and buildings STTF Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds |
£ - 32,640 29,492 62,132 - 21,425 78,790 10,000 110,215 115,992 226,207 288,339 At 1 September 2022 |
Income £ 1,957 27,336 3,425 32,718 - 566 - - 566 205,523 206,089 238,807 |
£ £ - - - - (7,641) (521) (7,641) (521) - - - - (7,184) - - - (7,184) - (162,401) - (169,585) - (177,226) (521) Expenditure Loss on investments |
£ £ - - - - (7,641) (521) (7,641) (521) - - - - (7,184) - - - (7,184) - (162,401) - (169,585) - (177,226) (521) Expenditure Loss on investments |
£ - (59,976) 521 (59,455) 22,971 (21,991) 100,140 3,698 104,818 (45,363) 59,455 - Transfers between funds |
£ 1,957 - 25,276 At 31 August 2023 |
|---|---|---|---|---|---|---|
| (521) | 27,233 | |||||
| - - - - |
22,971 - 171,746 13,698 |
|||||
| - | 208,415 | |||||
| - | 113,751 | |||||
| - | 322,166 | |||||
| (521) | 349,399 |
Purposes of restricted funds
STTF (Subsidised Treatment and Training Fund)
The Subsidised treatment and Training Funds (STTF) are comprised of two amalgamated funds: the Training Patient and Bursary fund (TPBF) and the Reduced Fee Scheme, to which The Welsh Fund was added in 2020.
Building purchase fund
This fund is for monies raised for the purchase of 11 Orchard Street.
Building improvement fund
This fund is for monies raised for future improvements of 11 Orchard Street.
Purposes of designated funds
Building purchase fund
This fund is for monies set aside from general funds surplus, for planned improvements of 11 Orchard Street which include making the building more accessible.
Building purchase fund
This fund is for monies set aside from general funds surplus, for the purchase of a building in February 2023.
23
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
16. Movements in funds (continued)
Purposes of designated funds (continued)
Land and buildings
This fund represents the net book value of land and buildings currently held in fixed assets less the outstanding loan on the property.
STTF
For monies set aside from a surplus of general funds to support the provision of low-cost therapy by members and trainees.
Purposes of transfers
Transfers to the land and buildings fund from the restricted and designated building purchase funds represent expenditure on the building and other incidental purchase costs. The remaining cost of the building and loan repayments made in the year were transferred from unrestricted funds.
Transfers from the STTF restricted fund represent the loss in investment value being absorbed by general funds.
Transfers to the building improvement designated fund represent excess monies put towards future improvements. Transfers to the STTF designated fund represent excess monies put towards supporting low-cost therapy.
| Prior period comparative Restricted funds STTF Building purchase fund Total restricted funds Designated funds: Building purchase fund Land and buildings STTF Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds |
At 1 September 2021 £ 37,159 24,003 61,162 79,458 - - 79,458 93,725 173,183 234,345 |
Income £ 3,553 9,048 12,601 1,517 - - 1,517 213,602 215,119 227,720 |
£ £ (11,220) (1,335) (411) - (11,631) (1,335) (760) - - - - (760) - (160,000) - (160,760) - (172,391) (1,335) Expenditure Gain on investments |
£ £ (11,220) (1,335) (411) - (11,631) (1,335) (760) - - - - (760) - (160,000) - (160,760) - (172,391) (1,335) Expenditure Gain on investments |
£ 1,335 - 1,335 (58,790) 78,790 10,000 30,000 (31,335) (1,335) - Transfers between funds |
£ 29,492 32,640 At 31 August 2022 |
|---|---|---|---|---|---|---|
| (1,335) | 62,132 | |||||
| - - |
21,425 78,790 10,000 |
|||||
| - | 110,215 | |||||
| - | 115,992 | |||||
| - | 226,207 | |||||
| (1,335) | 288,339 |
24
The Severnside Initiative for Psychotherapy
Notes to the financial statements
For the year ended 31 August 2023
17. Operating lease commitments
The charity had operating leases at the year end with total future minimum lease payments as follows:
| Amount falling due: Within 1 year Within 1 - 5 years |
2023 £ - - - |
2022 £ 7,708 - |
|---|---|---|
| 7,708 |
18. Related party transactions
Mark Budden and Eva Gell, trustees, provide teaching services on the training courses provided by the charitable company. They received payments totalling £605 and £Nil respectively (2022: £669 and £530) for teaching fees. Neither trustee received payments in their capacity as trustees. No amounts were owing at 31 August 2023 (2022: £Nil).
25