London School of Osteopathy (A Company Limited by Guarantee) Company No. 04037209 Charity No. 1085391 Report and financial statements For the year ended 31 August 2024 London School of Osteopathy For the year ended 31 August 2024 Contents Page Reference and administrative inforniation Trustees, annual report Independent auditors. report 9.11 statement of flnanclal activities (incorporating an income and expenditure account) 12 Balance sheet 13 statement of cash flows 14 Notes to the financial statements 15 London School of Osteopathy Reference and administrative infonnation For the year ended 31 August 2024 Trustees: Chair Trustee Trustee Trustee Trustee Trustee Trustee Trustee Trustee Andrew Duguid Rajarshi Bhattacharyya (reslgned 09.04.24) Linda Gregory Vicky Morgan Yelena Walters lan Harrlson Amran Hussaln (appointed 05.10.23) Alan Bennetts (appointed 09.04.24) Natalie Schoon (appointed 09.4.24) Company Secretsry: Nigel Martin Chief Executive: Fiona Hamilton Company number: 04037209 Charlty number: 1085391 Registered office: 12. Grange Road. London. SE13BE www.Iso.ac.uk Auditors: Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG www.goldwins.co.uk Bankers HSBC Retail Unit 8 38 Canada Pla Canary Wharf London E14 SAH Lloyds Bank PLC 25 Gresham Street London EC2V 7HN Pagel I London School of Osteopathy For the year ended 31 August 2024 Trustees, report The trustees, who are also directors under company law, present their report and financial statements for the year ended 31 August 2024. The trustees confirm that the finanaal statements comply with current statutory requirements, the memorandum and artides 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 Purposes and aims The London School of Osteopathy is a registered Charity. whose objectives are: Yhe advan￿ment of the science and pracbce of osteopathy for the public benefrt and the education and training of persons in this subject., The LSO Charty is primarily active through the osteopathy courses and dinic. The school has a Senior Management Team (SMT) who give effect to the vision of the Board, and manage the day to day affairs. The LSO currently only provides degree level education in osteopathy. There are four courses: Bsc (hons) Osteopathy- full-time or part-time Most (an undergraduate integrated Masters degree) - full-time or part-time. The courses are validated by Anglia Ruskin University, and accredited by the General Osteopathic Councll. Tha programme is managed and delivered at the London School of Osteopathy, Bermondsey London SE1. with the teaching dinic at Bethnal Green. London E2. Clinical education is a fundamental element of the courses. The costs of running the dinic are subsidised by the fees paid by patients. Fees are modest. and concessions are available, in keeping with the charitable aims of the LSO. Mission: To be an effective, efficient and supportive leaming organisation committed to the generation, provision & development of high quality osteopathic education and research which meets the needs and requirements of all stakeholders. The LSO will continue to make significant contributions to the health care of its diverse local population. London School of Osteopathy For the year ended 31 August 2024 Trustees, report Public benefit The outpatient teaching dinic provides low cost and subsidised osteopathic healthcare to the local community. Pat'ents confim that for many recipients, rf the LSO dinic were not present. there would be no provision for musculo-skeletal health needs, particularfy those with complex or chronic problems. The clinic runs at a loss, and is subsidised by sludent fees. This is appropriate as the teaching clinic forms part of their osteopathlc tralning. The LSO offers four pathways all leadlng to access to the statutory register for osteopaths (under the aUspi￿S of the General Osteopathic Council). Two are at Bachelorfs level, and two at Masterfs lev81. Both full-time and part-lirne options are available, to give the widest and most flexible choice options. Many of our students come to osteopathy as 2nd career Ch0￿s, and balance WO￿ and home lives with study. During their studies (and on graduation) students contributs to the health and wellbeing of the local population. both through the teaching clinic, and through research undertaken in the final stages of the Masterfs palhway. Achievements and ￿rf0mlan¢8 Reporting porforniance Inputs Activities Outputs Outcomes Impact • Design of the Mosl I Bost pathways. • Delivery of the Mostl Bost pathways. • Outpatient seen at the teaching dinic. teaching clinic. +Professional • Acquisition of & vocational knowledge and skills. professional training. participation In development. + Patients research, and transition • Graduates join to autonomous GOSC and osteopathic practice. contribute to + Improved patient healthcare in their health. edu(xtion k)calty. regarding posture. • Patient access to exercise, lrfestyle etc. • Personal and osteopathic healthcare. Course completions: Classlficatlons awarded 2023-24 Most Distinction Merit Pass 9(41%) 1 (5%) Bost First Upper second Lower second Third 7 (32%) 2(9 London School of Osteopathy For the year ended 31 August 2024 Trustees, report With regards the teaching dinic, in past years over 7,000 appointments were delivered to a diverse patient base, ranging from 1 week to over 90 years old, across the soao-ecorK)mic spectrum. A high proportion of these appointments were at concessionary rates (for example elderly, child￿n. job- seekers). The gradual resumptK)n of services post COVID shutdown has seen a welcome return to on-site activities and the withdrawal of telehealth (atthough this is still available for the initial case history rf a patient prefers this option). Numbers remain at about 650/0 of pre-pandemic levels. Financial review The Charity made a surplus of £215,880 for the year ended 31 August 2024 compared to a surplus of £239,454 in the previous financial year. All of the surplus relates to unrestricted funds except for £68 deficit (2023: £1,178 surplus) relating to restricted funds. There weTr no periods of operating at a deficit. Overall, income decreased by 1.2% whilst expenditure increased by 0.6 % . The main income stream is via student fees. These decreased by 6.30/0 to £950k due, in part, to lower student intake compared to the previous year. Related grant funding from the Office for Students. detemiined by grant rates applied to the number of full-time equivalent students following each mode of study, increased by 18.89A to £173k Income from the outpatient dinic increased by 8.7¥0 to £147k mainly as a resutt of increased patient bookings. Restricted expenditure from the Hospital Saturday Fund to fund the clinic charges of a patient was £68 and £240 is carried forward. There were no movements on the Robin lfjrk legacy restricted fund during the year. The Chaiity became entitled to legacy payments totalling £23k from two estates, of which £6k was receivable at the end of the year. No conditions were attached to the legacy pa￿￿ents and it is therefore unrestricted income. The increase in expenditure of £7k comprises: increased staff costs (£6k) primarily due to additional clinic supervisor shifts supporting higher income at the outpatient dinic, an increase in exlernally provided digital marketing costs (£25k). increased franchise payments due to the validating university ARU (£13k), increased repairs and renewals costs {£6k) and cleaning contract costs (£3k), legal costs relating to the new lease at the outpatient dinic (£4k} and an increase in the bad debt charge (£13k); offset by reduced student bursary costs (£3k), a credit to business rates due to a backdated tharitable relief claim (£53k) and lower depreGiation costs (£8k). Bank and Gash balances increased to £672k from £650k in the previous year. The outstanding balance on the mortgage loan reduced by £63k to £400k. The Charity offers a govemment pension scheme administered by Nest pensions; the Charity has no control over the assets of the scheme or how it is administered. The Charity does not hold any investments. London School of Osteopathy For the year ended 31 August 2024 Trustees, report Reserves pollcy The reserves policy takes into account the need to: . Deal with short-temi volatilty of income withoLrt having to suddenly cut expenditure. This allows the charity to spend a portion of reserves. subject to a ￿plen1$hfflent plan being in place. Provide funding to cover unavoidable charity staff and other costs in the extreme case of closure. The trustees have assessed that a target range for free reserves of between £140k and £170k is appropriate for these purposes. The reserves pdicy and target level are reviewed by the trustees on an annual basis, together with any steps necessary to align the actual level with the taTget over time. As of 31 August 2024, total reserves stood at £1.534k, of which £1.1 k were restricted. Of the totsl unrestricted reserves, £325k was designated by the trustees for a Building Development fund with £90k being transferred to this fund during the year. Of the remainder, £917k is taken up by fixed assets, leaving £291 k as free reserves. The trustees have considered medium term forecasts and assessed that free reserves will fall within the target range within this timeframe. Golng concern The trustees believe that there are no material un￿rtaintieS Ihat call into doubt the charity's ability to continue its activities. The accounts have therefore been prepared on the basis that the charity is a going concem. Principal risks and uncertainties The risk register is kept under review. and any changes considered at Trustee Board meetings. In 2023-24 the critical risks associated with the pandemic have receded, with other aspects largely unchanged. For 2024-25, the cost of living crisis continues to impact student recruitment and student retention, and is slowly staring lo impacl patient numbers. Recruitment and retention of students (induding the impact of inffiation I cost of living) Conlinued provision of our courses (validation. accreditation, Office for Students) • Extemal policy changes (business rates; data protection; employrnent law; National Insurance) Risk mitigation principally lies with: Support aimed at staff and student retention (whilst exercising restraint in salary review) • Additional emphasis on marketing and recruitment Close liaison wth our outsourced HR provider. Plans for the future The new curriculum has been validated and accredited. Implementstion is tsking place year by year. the impact of these changes will be monitored. London School of Osteopathy For the year ended 31 August 2024 Trustees, report Structurn, governance and management The Charity is also a company limlted by guarantee. which gives certain advantages and protection to the Board. According to the Memorandum & Artides of Assocxation. the LSO Charity has a Board of between 2 and 15 Trustees. A Chair is nominated by the Board. At each AGM. 113r¢ of the Board stands down in rotation. bLrt may be re-appointed. (See the M&A document for more detail). The Trustee Board has the responsibilty for detemiining strategy and policy. and then monitoring the delivery and results of the Strategic Plan so created. Occasional meetings may be called to consider the setting of such policy and the Board has the ability to create working groups or sub- committees as required. The Board usually meets once per quarter on-site at the Grange or by Zoom. At every meeting, the Finance Manager presents the mark9gement accounts (the incorne and expenditure for the last period & year to date). The autumn meeting agrees the budget for the year, the winter meeting usually considers the audited accounts. The spring meeting coincides with the AGM. Other items on the standing agenda are monitoring the Strategic Plan and Ihe Risk Register. and a report from the Principal. New trustees are provided wrth an induction pack, which indudes information from the Charity Commission. This includes the legal and societal expectations of charities and their Boards in detail, but in a very accessible fomiat. New trustees are selected according to the skill set needed by the Board. ar￿ rf they have shown a particular interest in osteopathy. There is a mix of lay and professional members. The LSO Charity is primarily visible through the osteopathy courses and dinic. The school has a Senior Management Team (SMT) who operationalise the vision of the Board, and manage the day to day affairs. The Principal is de facto the Chief Executive Officer. Position Name Principal Ms Fiona Hamilton Finance Manager and Company Secretsry Mr Nigel Martin Quality Assurance & Sludent Experien Manager Dr Maria Fitrgerald (PhD} Clinic Manager Julia Empey Operations Manager Marlene Davis Programme Manager Trevor England Constitution of SMT 2023-24 London School of Osteopathy For the year ended 31 August 2024 Trustees. report Academic standards are monitored by the validating University, and the Extemal Examining system. A full quinquennlal Institutional Review was successfvlly completed in May 2024. Academic and professional standards are monitored by the General Osteopathic Council with support from Mott MacDonald. A full RQ renewal visit was successfulty undertaken in October 2024. The LSO operates a continuous cyde of quality maintenance and enhancement, utilising feedback from a range of sources and stakeholders. The detailed course aims and leaming outcomes are specified in the Course Specification Forms, which are lodged wth the Untversity. They were devised to enable students to meet the requirements set out in the Benchmark Statement (QAA 2024), Osteopathic Practice Standards (GOSC 2019), Graduale Outcornes for Osteopathic Pre-Registration Education & Standards for Education and Training {GOsC 2022) and the Quality Code (QM). Each module is mapped to the course leaming outcomes, ensuring that the curriculum matches the course aims. The learning outcomes and ontent of each module are enshrined in the Module Definition Forms (housed electronically within the UnNersty), and are communicated to students annually via more detailed Module Guides. Remuneration policy for key management personnel Procedure: SMT salaries are subject to annual review. The Principal is responsible for making recommendations to the Board regarding the salaries of the other members of the SMT. The Principal is responsible for producing a memorandum to the Chaim)an of the Board for consideration by the trustees with regard to the Principal's salary. The ultimate decision on any uplift would remain with the Board. The SMT remains responsible for pay scales of all other staff at the LSO withln agreed budgels. Statement of responsibilities of the trustees The trustees (who are also directors of a charitable company for Ihe purposes of company law) are responsible for preparing the trustees, annual report and th8 financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Praclice). Company law requires the trustees to prepare financial ststernents for eath financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. induding tha income and expenditure. of the charitab18 company for that period. In preparing these financial statements, the trustees a￿ required to: •Select suitable accounting policies and then apply them consistenuy •Observe the methods and principles in the Charities SORP •Make judgements and estimates that are reasonable and prudent •Slate whether applicable UK Accounting Standards and statements of recommended practice have been followed. subject to any rnaterial departures disdosed and explained in the financial statements London School of Osteopathy For the year ended 31 August 2024 Trustees, report •Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy at any time the financial position of the tharitable (xxnpany and enable them to ensure that the financial statements compty with the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitsble company arKI 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 infomiation induded on the tharitsble company's website. Legislation in the United Kingdom governing the preparation and dissemirkgtion of financial statements may differ frorn legislation in other jurisdictions. Members of the charty 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 31 August 2024 was 8. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. Statement as to disclosure to our auditors In so far as the trustees are aware: •There is no relevant audit infonmation of which the charitable company s audttors are unaware. and •The trustees have tsken all sleps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditors are aware of that information. Audltors Goldwins Limited were re•appointed as the auditors of the charitsble company during the year and have expressed their willingness to continue in that capacity. The trustees, annual report has been approved by the trustees on 28.01.25 and signed on their behalf by: Andrew Duguid, Chair Trustees INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF OSTEOPATHY Opinlon Wc hav¢ audiicd th¢ financial statements of [￿)ndOn School Of Ostcopathy (the 'Charity') for the year ended 31 August 2024 which comprise thc Statement of Financial Activities, the Balance Sheet. statcment of cash flows and the r¢latd not&8. The financial reporting framework that has b¢cn applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting SLqndard 102: The Financial Rcporting Standard applicable in the UK and Republic of Ircland (Unit¢d King&)m Generally Accepted AccountAng Practice). Opinion on financial ststemellts In our opinion the financial statements". give a ttue and fair view of the state of the ckwitable company's affaits as at 31 August 2024 and of its income and expenditure for the year then ended: have b¢¢n properly prepared in acKorthce with United Kingdom Generally A¢¢￿ted Accounting Practice. and have been EKepar¢d in accordanL% with the requirments of the Con)pani¢s Act 2(K)6. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our resEx)nsibilities under thosc standards are further described in the Auditor, responsibilities for the au(h't of th¢ finallcial statements section of our report. We are indep¢ndent of the Charity 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 foT our opinion. Conclusions retating to golng eODcern In auditing the financial statcmcnts, we have concluded that the trustees. use of the going concern basis of accounting in the pr¢pardtion of the financial statements is appropriate. Based on the work we have perforn]c(L we have not identified any material uncertainties rclating to events or conditions that, individually or Collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other Inforniation The trustecs aTC Tcsponsiblc for the other infornLatioL The other infotmation comprises the inforn￿tioll included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other ]nfOrn￿tiOn an(L except to the extent othcTrvise explicitly stated in our reporL we do not express any forni of assurance conclusion thereo Jn ¢omiection with our audit of the fnwicial statements, our responsibility is to read the other ]nforn￿tIOn an(L in doing so, Consider whether the other infornution is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misststcd. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a tllatcrial misstatement in the financial statements or a material misstatcment of the othcr inforn]ation. If, based on the work we have &￿rf0M]￿ we Conclude that th¢r¢ is a material misstatement of this other infornutiO￿ we are rwwed to report that fact. We have nothing to report in this regard. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF OSTEOPATHY Oplnfion on other matter prescribed by the Companies Art 20( In our opinioo based on the Work undcrtaken in the COUTse of the audit: the Inforn￿tiOn given in the tr￿steeS, report (incorporating the directors. retM)rt} forth¢ financial year for which the financial statements arc prcpar¢d is consistent with the fllwicial statcments. the trustees, report (incoryorating the directors, T¢[￿) Iw been prepared in accordance with applicable legal requircmcnts. Matters on whieh we are required to report by exception In thc light of the knowledge and understanding of the Charity and its envirotment obtained in the Our￿ of the audiL we have not identified material misstatcmcnts in the Tn]stees' Annual Report. We have nothing to report in re$￿t of the following matters where the Companies Act 2{￿ requir&8 us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of tn￿tees. Temuneration specified by law are not made" or w¢ hav¢ not rcc¢ived all the inforn)ation and explanations we require for our audit. Responsibilities of the trustees As explained more fully in the Trustees, Responsibiliti￿ StstemenL the trustees (who are also the directors of thc ch￿Itable company for the pwposes of company law) ar¢ responsible for the preparation of the financial statements and for being satisfied that they give a and fair view and for such internal control as they deternline is necessary to enable the preparation of financial statcments that are free from material misstatemenL whether due to fraud or eTfOr. In preparing thc financial statements, the tnLStees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern b&8is of accounting unless the trusttts either intend to lj'quidate thc Charity or to cease operations. ot have no rdistic alt¢rDative but to do so. Our responslbllltles for the audit of the finanei*l st*tements Our objectives are to obtain reasonable &ssurance about whether the financial statements as a whole are free from material misstatement, whether du¢ to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable &ssurance is a bigh Icvel of assuran¢¢, 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 aris¢ from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to infiuence the ecilnomic decisions of tsken on the basis of these fjnancial statements. Irregularities, including frau& are instances of non-compliance with laws and regulations. We dcsi proccdures in linc with our responsibilities, outlined above. to dctc¢t material misstatements in respect of irrcgularities, including frau& The extent to wbicb our piocths aT¢ capable of detecting irregularities. inchuling fraud are set out below. In identifying and &8sessing risks of nuterial misstatement in rwect of irregu1￿ltses, including fraud and non-compliance with laws and regulations, our procedurcs included the following: 10 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF OSTEOPATHY We enquired of managemen( which includcd obtaining and reviewing supporting docvrnentatio￿ concerning the charitvs policies and procedures relating to: identifying, evaluating, and complying with laws and r¢gulations and wbeth¢r they were aware of any instances of non-compliance. Detecting and responding to the risks of fraud and whetherthey have knowleAlgc of any actual. suspKcte(L or alleg￿ fraud; The internal controls cstablish¢d to mitigate risks related to fraud or non-compliance with laws and r¢gulations. We inspected the minutes of meetings of those c]]arged with governance. W¢ obtained an understanding of the legal and regulatory framework that the ckwity operates focusing on those laws and regulatiotL8 that I￿1 a material cffect on the financial statements or that had a fundamentsl effect on the operations of the charity from our professional and sector experience. W¢ reviewed the financial statement disc105ures and tcsted these to swrting documentation to assess compliance with applicable laws and regulations. We perfornied analytical proceduTes to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of controls. we tested the appropriateness of journal entries and other adjuslmcnts, assessed whether th¢ judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outsi(k tbe llorn￿l course of business. Because of the inberent lin]itations of an audit, there is a risk that we will not detect all iTregularities, including those leading to a matfflal misstatement in the financial statements or non-compliance with regulation. The risk is also greater Tegarding irregularities occurring due to fraud rather than CTror, as fraud involves intentional Concea1n￿DE forgery, collusion. omission or misrepTe5cntation. A further description of our Tcsponsibilities for the audit of the financial statements is located on th¢ Financial Reporting Council's websit¢ at: [www.frc.org.uklaUditorsres￿jnSlb1lltie$]. This description fornis part of our audiior's repoTL Uye of our report This report is made solely to the charitable cornpany'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 stats to the chaTity'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 charity and the charity's members &8 a body. for our audit worl for this report, or for the opinions we bav¢ forni& Anthony Epton ( for and on behajf of Goldwins Limited Statutory Auditor Chartered Aeeountants 75 Maygrove Road West H4mpstead London NW6 2EG tory Auditor) (IL5 11 London School Of Osteopathy Statement of financial activities lincorporating an income and expenditure account) For the ear ended 31 Au ust 2024 2024 2023 Unrestritted Fund Restricted Fund Total Fund Total Fund Note Income from.. Donations and legacies Charitable activities Education, training and professional development Investments Other 22,913 22.913 25,870 1.279,691 24.807 1.250 1.280.941 24.807 1 .307.611 1.767 Total income 1.327.411 1,250 1,328,661 1,345.248 Expenditure on= Charitable activities Education. training and professional development Other 1.111,463 1,318 1,112,781 1.105.794 Total expenditure 1.111.463 1,318 1,112,781 1,105,794 Net Income l (expenditure) for the year 215,948 (68) 215.880 239.454 Transfers between funds Net income l (expenditure) before other recogni5ed gains and losses 215.948 (68) 215.880 239,454 Net movement in fund5 215,948 (68) 215,880 239,454 Reconciliation of funds= Total funds brought forward .317,279 1,178 1,318.457 1,079,003 Total funds carried forward 1,533,227 1.534.337 .318,457 All of the above result5 are derived from contlnulng actmties. There were no other recognlsed galns or losses other than those Stated above. Movements in fvnds are disdosed In Note 19 to the financial statements. London School Of Osteopathy Balance sheet Company no. 04037209 Asat31Au ust 2024 2024 2023 Note Fixed assets-. Tangible assets 12 1.270.769 1,278,283 1,270.769 1.278,283 Current assets: Debtors Cash at bank and in hand 87,265 671.691 29.743 650.334 758,956 680.077 Liabilities.. Creditors.. amounts falling due within one year 198.396 268,380 Net current assets l (liabilities) 560.560 411,697 Total assets less current liabilities 1,831,329 1,689.980 Creditors.. amount5 falling due after one year {296,992> (371.523) Total net assets l {liabilities) 1,534.337 1,318.457 The funds of the charity- Restricted Income funds Unrestricted income funds: Fixed assets fund Building development fund General funds 1,178 916.786 325,000 291.441 862,573 235,000 219.766 Total unrestricted funds 1.533,227 1,317,279 Total charity funds 1.534,337 1.318.457 The financial statements have been prepared in accordance wlth the special provisions for small companies under Partl S of the Companies Act 2006. -291,Iz(_ Approved by the trustees on and signed on their behalf by Andrew Duguid Chair London School Of Osteopathy Statement of cash flows For the ar ended 31 Au ust 2024 Note 2024 2023 Cash flows from operating activities 20 Net cash provlded by l (used in) operating activities 105.248 308,640 Cash flows from investing activities: Purchase of fixed assets (12.061) Net cash provided by l (used In) investing activities {12.061> Cash flows from financing attivities: Repayments of borrowing Cash inflows from new borrowing (71.830) (69,336) Net cash pro¥ided by l (used in) financlng activities (71.830) (69,336) Change in cash and cash equivalents in the year 21,357 239,304 Cash and cash equivalents at the beginning of the year 650,334 411.030 Cash and cash equivalents at the end of the year 21 671.691 650,334 London School Of Osteopathy Notes to the financial statements Forthe ar ended 31 Au ust 2024 Accounting policles a) Basi5 of preparation The financlal statements have been prepared in accordanie with Accounting and Reporting by Charities: Statement of Recommended Praaice applicable to charltles preparing their accounts in accordance wr(h the Financial Reporting Standard applicable In the UK and Republlc of Ireland (FRS 102 - effective l January 201 S) - (Charltles SORP FRS 102) and the Companles Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabllltles are Inltlally recognlsed at historlcal cost or transartion value unless other¥vise stated in the relevant accounting policy or note. b) Going concern The trustees conslder that there are no material untertaintiÈs about the charltable companys ability to continue as a golng concern. The tru5tee5 do not consider that there are any sources of estlmatlon uncertainty at the reporting date that have a slgnificant rlsk of causing a material adjustment to the carrylng amounts of assets and liabilitles wlthln the next reporting period. d Income Income 15 recognised when the charlry has entltlement to the fvnds, aTry perforniance conditions attached to ihe Income have been met. Itls probable that the Income wlll be recerved and that the amount can be measured rellably. Incoffle from governmeni and other grants. whether 'capital' grants or 'rÈvenue' grants. Is recognlsed when the charlty has entitlement to the funds, any perfofmance conditions attached to the grants have been met, it is probable that the Income wlll be recelved and the amount can be measured reliably and is not deferred. For legacie5. entitlernent is iaken as the earller of the date on ￿lch either: the charity is aware that probate has been granted. the estate has been finalised and notification ha5 been made by the executorfs) to the charlry that a distribution will be made. or when a distribution Is received from the estate. Receipt of a legacy. in whole or in part, Is only considered probable when the amount can be measured reliably and the charity has been notlfled of the executor's Intenilon to make a distribution. Where legacies have been notified to the chariry, or the charity is aware of the granting of probate. and the crlterla for Income recognition have not been met. then the legacy is a treated as a contingent asset and dlsclosed If materlal. Income recelved In advance of the provision of a specified service is deferred until the crlterla for Income recognition are met. d) Donations of glfts. servlces and facilities Donated professional services and donated facllltles are recognised as Income when the charity has control over the Item or received the semce, any condltlons associated with the donation have been met, the recelpt of economlc benefit from the use by the charlry of the Item is probable and that economic beneflt can be measured rellably. In accordance with the Charltles SORP (FRS 102). volunteer time Is noi recognlsed so refer to the tnistee5' annual report for more Informatlon about their contrfbution. On recelpl. donated gifts. professlonal services and donated facllities are recognised on the basis of the value of the glft to the charlty whlth Is the amount the chartty would have been willing to pay to obtain seNices or facllltles of equivalent economic benefit on the open market- a corresp)ndlng amount 15 then Tecognlsed In expenditure in the period of receipt. London School Of Osteopathy Notes to the flnanclal statements For ihe ar ended 31 Au ust 2024 l Accounting policles (continued) e) Interest receivable Interest on funds held on deposit is included v4hen receivable and the amount can be measured reliably by the charity., thls Is normally upon notification of the interest paid or payable by the ban Fund accountin9 Resirlcted funds are to be used for speclflc purposes as laid dthvn by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other Incomlng resources received or generated for the charltable purposes. Deslgnated funds are unrestricted funds earmarked by the irustees for panlcular purposes. g) Expendlture and irrecoverable VAT ExpenditurÈ is reco9nised once there Is a legal or constructlve obligation to make a payment to a thlrd party. It is probable that settlement VAII be required and the amount of the obIlga￿On can be measured reliably. ExpendlturÈ is classified under the following activity headings= Costs of raislng fund5 relate to the costs Incurred by the charitable company in inducing thlrd parties to make voluntary contributions to it. as well as the cost of any actfvitles wlth a fundralslng purpose Expenditure on charitable activities Includes the costs of delNering servlces. undertaken to further the purposes of the charlty and thelr assoclated supporr costs. Other expenditure represents those Items not falllng into any other headlng Irrecoverable VAT Is charged as a cost agaln5t the activity for which the expendlture was Incurred. h) Allocatlon of support costs Resources expended are allocated to the particular activity where the cost relates directly to that artivity. However. the cost of overall dlrealon and administrntion of each actlvlty. comprising the salary and overhead costs of the central function. 15 apportioned on the bas15 whlch are an estimate. based on staff tlme. of the amount attributable to each activity. Where Informatlon about ihe aims. objertives and projects of the charity is provided to potential beneficiaries. the costs associated with this publicity are allocated to charitable expenditure. Where such information aboui the aims. objectives and projects of the charlty Is also provided to potential donors, activity Costs are apportioned between fundraisin9 and charitable actlvirie5 on the basis of area of literature occupled by each actlvity. l) Operating leases Rental charges are charyed on a stTalght Ilne basi5 over the term of the lease. J) Tanglble fixed assets Items of equipment are capitalised where the purchase prlce exceeds £500. Depreciatlon costs are allocated to acilvltles on the basis of the use of the related assets in those artlvltle5. Assets are reviewed for Impalrment If clrcumstances indicate thelr carrylng Value may exceed thelr net reallsable value and value In use. Depreclation is provided ai rates calculated to write down the cost of each asset to Its estlrnated residual value over Its expected useful life. The depreclatlon rates in use are as follows: Freehold building 100 years Ifreehold land not depreciated) Leasehold costs over the terms of the lease Medical equipment l O years Office equipment 5-1 O years k) Debtors Trade and other debtors are recognised at ihe 5ettlernent amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. l) Cash at bank and in hand Cash ar bank and cash in hand includes ia5h and short (erm highly liquid investments with a short maturlty of three months or le55 from the date of acquisition or openlng of the deposit or similar account. Cash balances exclude any funds held on behalf of seThice users. London School Of osteopathy Notes to the financial statements Forthe ar ended 31 Au ust 2024 Accounting policies (continued) m) Credltors and provisions Creditors and provisions are recognlsed where the charlry 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 reliabty. Creditor5 and provisions are normally recognised at their settlement amount after allowing for any trade dlscounts due. n) Flnanclal Instruments The charity only has financial assets and flnanclal liabilities of a klnd that qualify as basic financlal Instruments. Baslc financlal Instruments are Inttlally recognised at tran5artion value and subsequently measured ai thelr settlement value with rhe exception of bank loans whlch are subsequently measured at amortised cost using the effertlve Interest method. 0> Penslons The charity operates a 51akeholder pension scheme. 2 Detalled comparatives for the statement of financial actlvltles 2023 Total Unrestricted Restrlcted Income from: Donations and legacies Charitable activities -Education. training and professlonal developmenr Investmenis Other 25,000 870 25.870 1.307.039 11.767 572 1.307.611 11.767 Total income Expenditure on: Charitable activitie5 -Education. training and profe55ional development 1,343.806 1.442 ,345,248 1,105.530 264 ,105,794 Total expenditure 1,105,530 264 .105.794 Net income l expenditure before galns l (losses) on investments Net galns l (losse5) on Investments 238.276 1.178 239,454 Net income l expenditure Transfers between fund5 238,276 1.178 239.454 Net movemènt in funds Total funds brought foThvard 238,276 1.079.003 1,178 239,454 1.079,003 Total funds carried fopHard 1,317,279 1.178 1,318,457 London School Of Osteopathy Notes to the flnanclal statements Forthe ar ended 31 Au ust 2024 3 Income from donations and legacies 2024 Total 2023 Total Unrestrlcted Restricted Legacies 22.913 22.913 25,870 22.913 22,913 25.870 4 Income from charitable activities 2024 Total 2023 Total Unrestricted Restritted Education. training and professlonal development Funding from Office for Student5 student fees CPD. acce55 coursts and other fees Room hlre 172.805 950.435 608 8,828 172,805 950,435 1.858 8.828 145,417 1.013,893 1.250 12,190 Outpatients clinlc Income 147.015 147,015 135,268 Total Income from charltable aaivities .279.691 1.250 .280,941 1.307,61 5 Income from investments 2024 Total 2023 Total Unrestrirted Restritted Investment income 24.807 24,807 11,767 24.807 24,807 11,767 London School Of Osteopathy Notes to the finandal statements For the tar ended 31 Au ust 2024 6 Analysls of expenditttre Charitable activitie5 Education. t￿nIng and professional debylopment Support Costs 2024 Total 2023 Total Staff costs (Note 81 Direct C05t Anglia Ruskin Uni%*rsity- student fee5 Student bursaries Teaching aids, 51ide5 and b¢)oks Clinic expenses Suppori costs Rent and serylce tharges Rate5 Light and heat lllsuyance Rtpair$ and renth￿S Includlng IT costs aeaning Covid-19 costs Telephone and internet Adverti5ifig and markeVng DepreciaTion - freehold proyrty Depreciation - Le45ehold impr0￿ment Mayfield House Depr¢clataon - leasehdd costs and equipment Travel exptns¢s Prln¢ingi Postage and Stationery Nort9age Interesi and oiher charges 8ank charges and interest Loan ￿tbter¢$t and other finante chary*s General expen5e5 Audit fees MÈmbetshlp & subsulptiorÈ Legal and profe5510n￿ fees Bad debt prov75ion 388.979 272,479 661,458 655.736 184.443 38.779 7.174 3.956 184.443 38.779 7,174 3,956 171,702 41.351 6.436 4.396 36,450 130.2121 19.603 29.166 40,953 6.216 36.450 130.2121 19,603 29.166 40.953 6.216 36.500 22.255 18,203 28,194 34.920 3.556 S19 8,414 4.987 15.875 8,919 2.600 145 2.124 19.802 2.594 850 1.614 5.280 6.832 12.256 110,2661 ,105.794 8.223 29,991 15.875 8.223 29.991 15.875 3.700 3.700 1.247 2.590 17.553 2.380 605 1.604 5.280 6.579 16.218 2.950 1.112.781 .247 2.590 17.553 1.765 605 615 1.604 5.280 6.579 6,487 2.9SO 821.825 290.9S6 9.731 290.956 1290,9561 Support costs Total expenditure 2024 Total expenditure 2023 The tOEal expenditure £l.I 1 1,463 wa5 unresthrt¢d 12023.. £1.105.5301 and £1.31812023= £2641 was resiritted. Analysls of exptndlture (prior year) l.I I Z.781 1.105.794 1 112.781 1,105,794 Charitable actiwties Education. trwning and profession development support costs 2023 Toial Staff Costs (Note 81 Dlrtct cost Anglla Ruskin Univer5ity- Student fees Student bursaries Teaching aids. slides and books Clinic expen5ts Support Costs Reff t and service tharges Rates Light and heat Insurance Repair5 and rena*als including ￿ costs aeanlng Covld-19 costs Telephone and intemet Advertising and marketing Depreaaiion- freehold properry DepreciaTron- Lea5thold irnprovÈm*nt klayfield House Depreaalion - leasehold costs and equipment Travel expenses prtniingi Postage and Sta￿onety Mortgage interest other Ch￿5 Bank charyes and interest Loan interest and other fin•n¢e th4rgÈs General expenses Audit fees Membership & subsuipti