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2022-12-31-accounts

ROYAL OSTEOPOROSIS SOCIETY

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Company Number: 4995013 England and Wales Charity Number: 1102712 Scotland Charity Number: SC039755 Isle of Man Foreign Company number 006188F and Charity number: 1284

1

CONTENTS

Reference and Administrative Details............................................................... 3
1.0
Introduction ............................................................................................ 5
2.0
Objectives and Activities ........................................................................... 5
3.0
Public Benefit Statement .......................................................................... 5
4.0
Vision, Mission and Values ........................................................................ 5
Our performance record in 2022..................................................................... 6
Financial Review............................................................................................ 12
1.
Financial Performance ............................................................................. 12
2.
Principal Risks and Uncertainties ............................................................... 12
3.
Investment Policy ................................................................................... 13
4.
Grant Making Policy ................................................................................ 14
5.
Reserves Policy ...................................................................................... 14
6.
Going Concern........................................................................................ 14
Our approach to fundraising.......................................................................... 15
Structure, Governance and Management....................................................... 16
1.
Overview ............................................................................................... 16
2.
Trustee Recruitment, Appointment, Induction and Training .......................... 16
3.
Charity Governance Code ........................................................................ 17
4.
Serious Incidents .................................................................................... 17
5.
Remuneration ........................................................................................ 17
Statement of Responsibilities of the Trustees ............................................... 18
Independent Auditor’s Report to the Members and Trustees of Royal
Osteoporosis Society..................................................................................... 19
Consolidated Statement of Financial Activities:............................................. 23
Consolidated Balance Sheet:.......................................................................... 24
Consolidated Statement of Cash Flows:......................................................... 25
Notes to the Financial Statements:................................................................ 26

2

Reference and Administrative Details:

President HRH The Duchess of Cornwall Ambassadors Sean Bean Ross Kemp Deborah Bull, CBE Felicity Ann Kendal, CBE Wendy Craig Cath Kidston Peter Cruddas Miriam Margolyes, OBE Liz Earle Diana Moran Susan Hampshire, CBE Maggie Philbin OBE Craig Revel Horwood Helen Sharman, OBE Nerys Hughes Dr Miriam Stoppard Trisha Goddard Lizzie Webb

Honorary Officers Chairman: Prof Neil Gittoes Vice Chairman: Mrs Frances Grigg Treasurer: Mr Peter Gotham Trustees: Mr Richard Darch Prof Nicholas Harvey (resigned 24 November 2022) Mr Paul Herbert (appointed on 8 June 2022) Mrs Claire Hook (resigned 20 March 2023) Ms Judith Lyons (appointed 8 June 2022) Dr Nicky Peel Ms Caroline Trewhitt (resigned 31 December 2022) Dr Lynne Wigens Ian Cooper (appointed on 29 September 2022) Teresa Hicks (appointed on 29 September 2022)

Senior Leadership Team:

Chief Executive Craig Jones Finance & Resources Director Thom Harvey Governance, People and Culture Advisor Helen Kingman Director of Clinical Services Lauren Wiggins Director of Development Jamie Grier

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

reference and administrative Details (continued)

Registered office: St James House
Lower Bristol Road
Bath
BA2 3NH
Auditors: Crowe U.K. LLP
4th Floor, St James House St James
Square
Cheltenham
GL50 3PR
Bankers: National Westminster Bank plc
3 High Street
Midsomer Norton
Bath
BA3 2ZY
Investment Advisors: HSBC Private Bank (UK) Limited
8 Cork Street
London
W1S 3LJ
Solicitors: DAC Beachcroft LLP
Portwall Place
Bristol
BS99 7UD
Bates Wells
10 Queen Street Place
London
EC4R 1BE
Stone King
Upper Borough Court
Bath
BA1 1RG
Company number: 4995013
Charity number England and Wales: 1102712
Charity number Scotland: SC039755
Charity number Isle of Man: 1284
Foreign Company number Isle of Man 006188F

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

1.0 Introduction

The trustees present their annual report, including the audited financial statements, summarising the performance and impact of the Royal Osteoporosis Society for the year ended 31 December 2022.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

2.0 Objectives and Activities

The trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives. The Memorandum of Association states that the principal objects for which the charity exists are as follows:

The activities undertaken to meet these objectives are set out in our corporate strategy.

3.0 Public Benefit Statement

The trustees have complied with the duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s public benefit guidance when reviewing the organisation’s aims, objectives, plans and performance. The public benefits from the ROS’s work through:

4.0 Vision, Mission and Values

Our vision: Strong and healthy bones for life

Our purpose: We transform lives and society by leading the effort to improve bone health and defeat osteoporosis.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Our goals

Our values

Our performance record in 2022

This section provides an overview of the significant activities undertaken to achieve the charity’s strategic aims and objectives for the public benefit. How these activities are financed is outlined in the Financial Statements. We recognise our achievements are only made possible thanks to the amazing generosity of our members and donors, and the invaluable contribution made by our volunteers, support groups, committee members, scientific advisors and employees.

Year one of our new strategy

In early 2022 we launched our new strategy and moved into our new, better-connected, city centre office. The move to smaller premises, aided by hybrid working, enabled us to release funds to invest an extra £1.8m in research, support services and campaigning. This year was the first year of delivering the new strategy. This report sets out our impact and achievements in the order of its six strands.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

1. Raising public awareness of bone health

Our strategy recognises the need to raise public awareness of bone health and osteoporosis, in order to inspire preventative behaviours and challenge stereotypes. The previous year was a record year for our media coverage, which we aimed to build further in 2022. By the end of the year, we doubled the previous year’s score. Media coverage is measured in advertising value equivalent (AVE), with 2022 registering a value of £5.5m versus a target of £2.8m. Most items of coverage contained at least one prevention message.

We continued to market our Bone Health Accreditation Scheme to inspire bone-healthy choices amongst consumers and to encourage commercial partners to make their products more bonefriendly. A further three partners signed up to the scheme during 2022.

2. Prevention – helping people at higher risk get a timely diagnosis

Our strategy aims to identify people who are at risk of breaking bones and make sure treatment is offered to prevent the first fracture. We also want to warn people who have already had a fracture that this may be due to osteoporosis and that it’s never too late to prevent the second and subsequent fractures. To make this happen, we committed to launch the most ambitious public outreach effort in our 36-year history. Its aim was to give people who are at higher risk an early warning so they can get themselves into the healthcare system faster, thereby tackling under-diagnosis and sparing people the pain of avoidable fractures.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Our new Osteoporosis Risk Checker was at the centre of this effort. The five-minute test, which can be filled in online, gives users a personalised risk report, explaining whether they have the key risk factors for osteoporosis. Those found to have more urgent risk factors are advised to seek an appointment with their GP as soon as possible, with tips on how to frame a good conversation with their doctor.

The Risk Checker was marketed through an ambitious UK-wide cross-media advertising campaign. We focused our digital media spend on reaching women aged 40-55, reflecting the importance of the perimenopause in osteoporosis risk. We also promoted the Risk Checker to people in fracture clinics through out-of-home advertising. The campaign was launched on World Osteoporosis Day with the support of Her Majesty, The Queen Consort. By the end of the test phase, over 50,000 people had risk-checked using the service.

Armed with their personalised results, users have successfully accessed treatment they might otherwise have missed out on, thereby preventing life-changing fractures and reducing pressure on hospital beds and ambulances. Over 100 people have told us they’ve been diagnosed with osteoporosis since completing the risk checker, suggesting as many as 5,000 new diagnoses as a result of the campaign. 84% of risk checker users said they took action for their bone health after using the tool, versus a target of 75%. The campaign is being scaled up to enable another 100,000 people to risk-check in 2023.

3. Influencing policy and practice to close the care gap

Our strategy aims to put osteoporosis and bone health at the top of the public health agenda and keep it there. We want to influence policy and practice at all levels of the NHS, so we can close the care gap which is leaving two-thirds of people without treatment.

To achieve these aims, we built further momentum behind our All Party Parliamentary Group (APPG) through carrying out a second year-long Inquiry. This second Inquiry focused on tackling under-diagnosis in primary care. Over 540 people and organisations contributed evidence to the review. We gathered new data through a Freedom of Information (FoI) request covering primary care capacity and treatment, as well as through structured interviews with practitioners. We published our results in Parliament in December at a reception attended by a number of senior Parliamentarians. The report’s findings were covered in the Daily Mail. The key recommendation was for a targeted National Screening Programme for osteoporosis, the case for which we’ll develop further in 2023.

Alongside the All Party Parliamentary Group’s programme, we engaged 94 Parliamentarians and NHS leaders with bespoke briefings on our policy priorities. We were particularly pleased to secure three influencing wins. Firstly, the establishment of a Fracture Liaison Service (FLS) taskforce in Wales, with a strong top-down Ministerial mandate for 100% population coverage for the over 50s by October 2024. Fracture Liaison Services are the world standard for identifying people who have had a fragility fracture and moving them onto a treatment plan to prevent secondary fractures, so universal coverage is crucial for closing the care gap.

Our second influencing win was the agreement in principle to a public audit of fracture services in Scotland (although we still need to persuade the Scottish Government to find funding for it).

Thirdly, we helped persuade the National Institute for Health and Care Excellence (NICE) to change course and recommend the new therapy Romosozumab for patients in England and Wales, thanks to a strong consultation response and a joint letter to the Sunday Times, signed by 120 academics and clinicians.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

We continued to build our network of volunteer advocates, with powerful examples of advocates bringing the benefit of their lived experience to Parliament, the media and to events. Our service improvement work fostered the establishment of three new Fracture Liaison Services across the country. We built relationships with leads across numerous Integrated Care Systems (ICSs) to make the case for 100% population coverage of Fracture Liaison Services for everyone aged 50 and above.

Research is a key driver for our work in closing the osteoporosis care gap. We continue to invest over double the historic ROS spend on research grants. By the end of 2023, ROS will have invested £1m in research since 2020, despite the challenging economic environment, which reflects our commitment to the academic community and the search for breakthroughs. In 2022, we carried out the second of three consecutive annual rounds of grants. We also conducted a review of our research arrangements, so we could streamline our committees, bring together our clinical and academic experts, and optimise the amount of funding available for sponsored research. Details of the projects commissioned as part of the 2022 grants round are included in the 2022 Annual Research Report. By way of summary, they include:

4. Delivering direct support to help people live well

2022 saw record demand for our Helpline service, with 45% more call demand than pre-pandemic years. Colleagues on our telephone, digital and in-person support services worked hard to meet this demand so that no-one had to suffer in silence. The full range of support services were used over 500,000 times during 2022, which shows steady progress towards extending our reach through digital, one-to-many channels. We launched our digital support effort with the new Bone Matters programme, a series of webinars and videos, which were viewed over 100,000 times and had a big impact with 99% feeling better informed and 92% more confident. We also re-engaged the online forum community to improve peer support – 81% reported feeling less isolated and better connected with others.

A series of demand management strategies, including a digital-first approach for answering frequently asked questions, helped stabilise call answer rates and re-directed less complex queries away from the Helpline. This means we can reserve our gold-standard Specialist Nurse Helpline service for more complex enquires and for people who struggle with digital access.

People called and emailed our Specialist Nurse Helpline over 13,000 times. 95% of users said they felt more confident managing their osteoporosis after their conversation with a nurse. Meanwhile, over 3,700 people benefited from support group sessions delivered by our volunteer teams across the four nations.

Our health information resources (print, pdf downloads and information films) continue to be our highest reach offer, accounting for over 320,000 of total touchpoints. We distributed over 100,000 print resources via health care professionals - a crucial offer for our digitally-excluded users. Our

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

information films were viewed over 128,000 times and 100% of viewers who fed back reported feeling better able to manage the condition.

We fell slightly short of our target of a million visits to our health-related pages, scoring just over 845,000 hits. Work on search optimisation and other digital improvements is underway to help us grow our audience in 2023. Meanwhile, we raised awareness of osteoporosis risk by taking part in webinars and Facebook Lives with other charities which helped us achieve over 50,000 contacts with people who were at higher risk of osteoporosis owing to other health conditions.

5. Equity – putting people with the greatest need at the front of the queue

Our strategy recognises that, across numerous indicators, people from lower-income households suffer with osteoporosis even more than the norm. We therefore commit to put the areas with the greatest healthcare inequalities at the front of the queue for our services. The strategy also recognises that ROS needs to get better at reaching men and people of colour, as well as making sure that people from these backgrounds are better represented amongst our volunteer community, workforce and Board.

To deliver this agenda in 2022, we invested in user research which helped us develop our approach. We made some tactical improvements to our healthcare information to engage a wider audience. This included translation of some of our best-used resources into five languages. By the end of the year, we finalised plans to upweight the prevention advertising campaign in areas where there are greater numbers of lower-income households. The extension of our research review in 2022 meant a slower start to this work than we anticipated, but we finished the year with a strong Equity-related element embedded in five of our corporate objectives for 2023.

6. Sustainability – investing in our people and ensuring financial responsibility

People rely on us to change and improve lives, so we’re committed to building a high-performance culture that’s committed to excellence. Crucially, this means being a good employer and investing in our people – who are our greatest asset. Our strategy commits to bringing out the full range of their talents, while making sure we’re a great place to work.

To this end, we’re delighted to have achieved an employee engagement rating of 92% for the period looking back on 2022. This is our best result in recent memory. This employee engagement rating was 18pts ahead of the charity sector benchmark. Across 21 engagement themes tested, we saw improvements in 18 areas since the 2021 survey, and three areas stayed the same. Our overall result puts us comfortably within the top 20% of charities for employee engagement – indeed we equalised or bettered the top sector performers in 20 out of 21 engagement themes. This gives us confidence that our move into our better-connected city centre office – and transition to permanent hybrid home/office working – has been successful. The high level of employee engagement comes alongside welcome improvements in productivity.

In 2022, we continued to invest in employee training and development, so our people are best able to deliver for the public. We’re also pleased to have improved the diversity of our workforce, while recognising that we have some way further to go.

We embedded our new financial strategy, investing the proceeds of our office sale into a strategic investment programme for new services, while carefully managing our costs.

We continued to work hard to diversify our income in the challenging economy, while maintaining our strong legacy pipeline. In total we raised 93% of the income we targeted on our income lines

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

outside of legacies, against challenging economic headwinds. We fell short of our target for a 5% increase in member numbers, but we’re pleased that our fundraising teams attracted over 2,400 new members and supporters.

Looking ahead

Year two of our strategy – 2023 - is about extending the reach our risk checker campaign, while building on our record media coverage for osteoporosis. We’ll scale up our digital support services to reach more people, while strengthening our offer to healthcare professionals. People from lower-income families will be a special focus, because they face even greater unmet need.

This programme builds on our successful year in 2022 and continues to gather momentum for bone health in public policy, media, health services and other circles. Our work relies on the generosity of our supporters, so we’ll be crystal clear about the impact we want to achieve and how we perform against our goals.

2023 objectives

  1. We’ll drive the national conversation about bone health by increasing the value of our media coverage by another 10% and our digital following by 25%. We’ll ensure at least 10% of our national coverage appears in the publications popular with people in lowerincome households. (Awareness, Equity)

  2. We’ll empower people at higher risk of osteoporosis by raising the number of completions of our risk checker to 150,000. We’ll show at least 75% of users took action for their bone health based on their results, while monitoring the number of new diagnoses and people starting treatment. We’ll spend more on advertising in areas with the most lower-income households. (Prevention, Equity)

  3. We’ll strengthen our offer to the professional community. We’ll deliver our National Conference and train a new cohort through the Bone Densitometry Course, while starting work on a digital networking platform and our Aspiring Leaders programme. (Influencing Care)

  4. We’ll close the care gap by influencing at least one MSK Region to include Fracture Liaison Services (FLS) in their strategy, and three Integrated Care Systems and one Health Board to submit a case for investment in universal coverage of FLS. (Influencing Care)

  5. We’ll hold hearings in the UK Parliament on Bone Density Scan (DXA) resourcing and the case for a National Screening Programme. We’ll continue stepping up engagement in the devolved nations, including holding at least one drop-in event in a devolved legislature. (Influencing Care)

  6. We’ll continue our record investment in research with our third consecutive grants round – opening the scheme for the first time to innovation projects which can help close the care gap. (Influencing Care)

  7. We’ll deliver support directly to members of the public at least 560,000 times and show that at least 75% of users found the service helped them live better with osteoporosis.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

270,000 of those engagements will be through digital, one-to-many channels. We’ll show how we’ve tailored our digital offer to work better for people from lower-income households. (Support, Equity)

  1. We’ll continue to make record investment in the professional development of our people to make sure they’re the best at what they do. We’ll show we’re a great place to work by maintaining our strong employee engagement score. (Sustainability)

  2. To diversify our income in the challenging economy we’ll grow our funding lines outside of legacies to £1.9m. We’ll attract 900 new supporters and achieve 2% net growth in our membership. (Sustainability)

  3. We’ll maintain our strong legacy funding through inspiring 5% growth in new pledges of gifts in wills. (Sustainability)

  4. We’ll make further improvements to the diversity of our workforce, while also making our Board and Advocate community more diverse. (Sustainability, Equity)

Financial Review

1. Financial Performance

The financial performance of the charity is set out in the financial statements. The Consolidated Statement of Financial Activities separates out unrestricted funds into Designated and General as it is important to differentiate between planned expenditure relating to previous designated funds and amounts spent on regular core activities.

Total income of £4,668,169 increased by £379,287 compared to 2021. This 9% increase included £284,000 related to an increased in donations and £178,000 of income from legacies, which was offset by a smaller decrease in other trading incoming representing in a reduction in corporate trading income.

Legacies continue to be the main source of income for the charity. In 2022 legacy income was £2,898,560 equates to 62% of total income (2022: 63). Diversifying our income to reduce dependency on this income stream is at the heart of our income growth strategy. Around half of the legacies received are left by people who have been members of the charity and who understand the difference their support can make.

Expenditure increased by 21% compared to 2021, rising from £3,927,009 to £4,774,101 as a result of additional investment in our strategic priorities funded from our strategic development reserve (being the funds held in excel of our free reserve target). In addition to £161,900 of depreciation, total designated of £962,696 included expenditure £800,796 of investment in ROS’s first national prevention campaign, a second consecutive round of research grants, additional resource in our public affairs team and investment in digital support.

Net losses on our investment portfolio of £243,672 (2021: £162,437 gain) reflect market conditions. The Trustees reviewed and updated their investment policy in the period and are satisfied funds are investment at the appropriate risk level.

2. Principal Risks and Uncertainties

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees have a risk management strategy in place. The risks the charity may face are identified and reviewed; systems and procedures to mitigate risks identified; and procedures are designed to minimise any potential impact on the charity should those risks materialise. Through this risk management process, the Trustees are satisfied that reasonable steps are being taken to mitigate exposure to the identified major risks. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

a. Attracting and retaining key individuals

The charity benefits from the support of a broad range of volunteers from those bring their professional experience to support our clinical work to those of give up their time to support local people in their areas. We are also dependent on our staff team to deliver our work. Changes to the labour market have introduced a range of challenges to recruiting, engaging and retaining both groups and the charity will continue a range actions to mitigate these risks in its 2023 plan.

b. Fundraising Environment

Pressures in the fundraising environment will continue through 2023 as the country faces into a period of higher inflation. This is anticipated to create a headwind for growth in the short to medium term.

With this backdrop the charity has completed an income generation review and put in place a 5 year plan to reduce our dependency on legacy income. We will continue to implement the recommendations income generation review with the objective of reducing our dependency income and develop a balanced portfolio of funding streams and increasing sustainability.

c. Digital Development

In a cost pressured environment, the charity is highly dependent upon stable, fully functioning, integrated digital systems including our Customer Relationship Management (CRM) and website to operate to drive impact growth.

It remains an organisational priority to continue development of our digital capability and systems to support our strategic direction. We will continue to invest in relevant expertise and resources to enhance this capability in 2023.

d. Damage to our Reputation

The charity ensures it is well run by maintaining good governance and management practices. In addition, there is a rigorous recruitment process and ongoing training for staff and trustees to ensure that people do the right thing at the right times. If things go wrong, we have a clear Crisis Management/Business Continuity Plan in place and insurance to mitigate the financial risk to the charity.

3. Investment Policy

The Trustees have delegated investment decisions to the Finance, General Purposes and Audit Committee (FGP&A) and have appointed HSBC Private Bank (UK) Ltd to manage professionally the investment portfolio. The charity seeks to produce the best financial return within an acceptable level of risk. The performance of the investment portfolio is benchmarked against the ARC Peer Group (Balanced) benchmark and HSBC’s own in-house UK Balanced benchmark. The Trustees have reviewed and updated the investment policy in the period. A tender process was completed to appoint investment managers and it is intended that CCLA will be appointed in early 2023.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

4. Grant Making Policy

It is the policy of the charity to fund research that is in line with the charity’s mission statement and which follows the recommendations of the Charity Commission and the Association of Medical Research Charities (AMRC) of which the Royal Osteoporosis Society is a member. Our Research Grants Assessment Panel (RGAP) reports to the Trustees on matters regarding the award and monitoring of grants. The availability of funding is advertised through our regular publications and website.

In 2022, the charity supported a total of four new research projects, with a total value of £218k.

5. Reserves Policy

The Royal Osteoporosis Society has no endowment funding, and is largely dependent for income on donor funding, including a significant reliance on legacies. These income streams are subject to large fluctuation from year to year. As a result, the trustees believe our charity should hold reserves to provide protection against such fluctuations and enable us to continue operating in all circumstances and following all eventualities including any significant unexpected fall in income.

In addition, we face external risks such as an economic recession, or the continued risks associated Covid-19 and internal risks relating to our people and technology. We need reserves to ensure that we can respond to unforeseen events, without jeopardising our ability to continue to support people to maintain their bone health and meet our obligations as they fall due.

The trustees reviewed the existing reserves policy in November 2021 and concluded that a riskbased reserves policy was the most appropriate way of managing reserves. The policy states that the Royal Osteoporosis Society should keep sufficient reserves to cover:

a) Working capital needs £0.5m b) Risk response £1.5m c) The orderly wind up of the charity £1.2m £3.2m

The risk response reserve requirement is based upon the expected cost of responding to our two largest risk materialising at the same time. These risks are considered as part of our corporate risk register, as explained in our annual report under Principal Risks and Uncertainties. At 31 December 2022, the charity had free reserves of £3.5m, £300k ahead of our £3.2m target. The charity anticipates delivering a break-even core operating position 2023, meaning these funds will be available for investment in our strategic priorities in addition to our current designated funds.

6. Going Concern

The Board of Trustees have reviewed Royal Osteoporosis Society activities, financial position and risk management policies together with factors likely to affect future development, including the impact of economic uncertainty on voluntary income and costs

Based on the financial review and assessment undertaken, the board confirms that it has a reasonable expectation that the Royal Osteoporosis Society will be able to continue in operational existence for the foreseeable future. Accordingly, the board of trustees continue to adopt the going concern basis of accounting in preparing the accounts.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

Our approach to fundraising

The Royal Osteoporosis Society seeks to transform lives and society by leading the effort to improve bone health and defeat osteoporosis. We are entirely dependent on the commitment of our supporters and takes our responsibilities to supporters very seriously.

We fundraise in a wide range of ways in order to maximise our investment in our mission. Our current fundraising activities include our membership programme, face to face and telephone supporter recruitment, direct mail and email marketing, sponsored challenge and community events and host fundraising events. We also welcome legacy and in-memoriam donations, work with grant giving trusts and foundations and corporate partners.

We are registered with the regulatory body for fundraising in the UK, the Fundraising Regulator, and pay an annual levy to support its work. We adhere to the standards outlined the regulator’s Code of Fundraising Practice (the code).

We review all our fundraising campaigns to ensure they fully comply with the code, do not place an unreasonable intrusion of anyone’s privacy or put undue pressure on them to donate. These activities are overseen by our Finance and General Purposes Committee and the Board of Trustees. We work with a small number of partners to deliver some fundraising activities. As part of our careful selection process we ensure that they are compliant with the code and all applicable laws. We monitor their work carefully to ensure it meets our own high standards.

We operate a fundraising lottery, licensed by the Gambling Commission currently managed externally for us by Unity Lottery, with signposting for responsible gambling advice provided on our website. Each of our corporate partnerships has an associated contract or commercial participator agreement as appropriate.

We work in full compliance with the General Data Protection Regulation (GDPR) guidelines. We contact people by telephone and email only if they specifically agree to it and we are pleased that our supporters respond warmly to our communications.

The ROS recognises our responsibility and are committed to adhering to the code and acting appropriately and with compassion when engaging with vulnerable or potentially vulnerable people.

We welcome feedback from our supporters and have a complaints handling process for when things go wrong, and make sure we learn lessons when they do. In 2022 we received no complaints relating to our fundraising activity.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, Governance and Management

1. Overview

The Royal Osteoporosis Society was established in 1986 (as the National Osteoporosis Society). The organisation is a charitable company limited by guarantee, incorporated on 15 December 2003 and registered as a charity on 18 March 2004. On 31 July 2008, the charity registered with the Scottish Charity Register to further the development of its activities in Scotland. The charity was registered with the Foreign Company Registry in the Isle of Man on 4 April 2019 and the Isle of Man Charities Registry on 20 June 2019. The organisation was established under a memorandum of association which established the objects and powers of the organisation and is governed under its articles of association. The charity is governed by a Board of Trustees. Those in office during the year, and at the date of signing these financial statements are set out on page 3. Trustees have delegated authority for the day-to-day management of the charity to the Chief Executive.

Following a period of engagement with Members, a Special Resolution was passed in 2014 removing company law responsibility from our standard and professional membership. At the end of 2022, the main Board has 6 committees that enable the effective delivery of organisational objectives and strategic advice to the Board. These committees meet up to 4 times per year and are listed below:

In addition, the charity has one wholly owned, subsidiary company, The ROS Trading Company Limited, which was incorporated on 29 September 2009.

The leadership and delivery of the organisation’s objectives is undertaken by a Senior Leadership Team based at the charity’s registered office in Bath.

2. Trustee Recruitment, Appointment, Induction and Training

The Royal Osteoporosis Society has a robust approach to governance. We strive to meet the highest of standards to ensure our beneficiaries, supporters and the general public can have trust and confidence in us. The charity adheres to a governance handbook which sets out our approach to governance, including how we recruit and select Trustees. This handbook is reviewed and refreshed regularly.

The Appointments & Governance Committee has established a process of Trustee succession planning and is responsible for the recruitment, appointment and induction of new Trustees, and meets regularly throughout the year. Trustee vacancies are advertised externally to support equality of opportunity. Three Trustees stepped down in 2022.

We have a skills-based approach to recruitment. We undertake a regular ‘skills audit’ of our Board of Trustees to ensure we have a broad mix of skills and experience. Our Board composition is reflective of our current beneficiary demographic.

Trustees participate in a comprehensive induction programme to ensure they fully understand their duties, the charity sector and the charity. Training of Trustees is addressed by offering internal and external courses as part of their induction. Records of training attended are maintained by the Governance, People and Culture Advisor. Additionally, the Chair/Vice Chair hold annual ‘check-ins’. These are an opportunity for Trustees to meet individually and discuss performance and development. This process is enabling the charity to respond more effectively to the needs of Trustees and ensure they feel supported and fully equipped to discharge their duties.

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ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Our Equality, Diversity and Inclusion Policy was updated in 2018 to reflect updated guidance and compliance with equalities legislation. This policy applies to trustees, employees and volunteers.

3. Charity Governance Code

The Charity Governance Code has given a renewed focus to governance activity at the ROS. Using the NVCO’s governance wheel assessment tool trustees awarded an `8’ which is ‘Moving beyond competence: starting to think beyond compliance and good practice to best practice.’

The board have undertaken some internal and externally facilitated board development focusing on the areas requiring improvement. This resulted in a board development action plan. The action plan is monitored by the Appointments and Governance Committee and reported to the Board. There are planned facilitated sessions taking place in 2023.

4. Serious Incidents

No serious incidents occurred in 2022. The Charity has a Serious Incident Policy which is reviewed regularly.

5. Remuneration

The pay and remuneration of the key management is set out in note 8b to the accounts. The principles are set out in the Setting Chief Executive and Executive Director Remuneration policy, approved by the Remuneration Committee. This committee is chaired by the Chair of the Board of Trustees.

The principles used when determining the pay and remuneration are:

When determining pay a number of considerations are necessary, for example, but not exhaustive:

All Trustees gave their time voluntarily and they received no benefit from the charity. Any expenses reclaimed from the charity are set out in Note 8c to the accounts.

17

ROYAL OSTEOPOROSIS SOCIETY TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

Statement of Responsibilities of the Trustees

The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and group, and of the result of the charitable company and group for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity and Subsidiary’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and subsidiary and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the trustees is aware at the time the report is approved:

Auditors

A resolution to reappoint Crowe U.K. LLP as auditors will was agreed at the annual accounts meeting.

Signed for and on behalf of the trustees on 20 June 2023

Neil Gittoes Chair of the Board of Trustees

18

ROYAL OSTEOPOROSIS SOCIETY INDEPENDENT AUDITORS’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Independent Auditor’s Report to the Members and Trustees of Royal Osteoporosis Society

Opinion

We have audited the financial statements of Royal Osteoporosis Society (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information 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 information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

19

ROYAL OSTEOPOROSIS SOCIETY INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that

20

ROYAL OSTEOPOROSIS SOCIETY INDEPENDENT AUDITORS’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 and The Charities and Trustee Investment (Scotland) Act 2005 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be with the completeness and timing of legacies, donations and grant income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance, and the General-Purpose Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Scottish Charity Regulator, designing audit procedures over the completeness and timing of legacies, donations and grant income, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

21

ROYAL OSTEOPOROSIS SOCIETY INDEPENDENT AUDITORS’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Tara Westcott Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

4[th ] Floor St James House St James’ Square Cheltenham Gl50 3PR Date: 31 August 2023

22

ROYAL OSTEOPOROSIS SOCIETY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Consolidated Statement of Financial Activities:

Unrestricted Unrestricted Total Total
Restricted Designated General 2022 2021
Note £ £ £ £ £
Income and endowments from:
Donations and legacies 2 222,987 - 4,212,283 4,435,270 3,956,044
Other trading activities 3 10,675 - 103,503 114,178 202,130
Investments - - 54,180 54,180 46,016
Charitable activities:
Education and awareness 4 25,000 - 29,641 54,641 84,692
Other Income - - 9,900 9,900 -
--------------------- --------------------- --------------------- --------------------- ---------------------
Total 258,662 - 4,409,507 4,668,169 4,288,882
--------------------- --------------------- --------------------- --------------------- ---------------------
Expenditure on:
Raising funds
Costs of generating voluntary funds 103 50,051 971,909 1,022,063 798,040
Fundraising Trading: costs of
goods sold and other costs - 691 26,809 27,500 58,568
Charitable activities
Services to members, support
Groups and the general public - 136,804 689,767 826,571 691,748
Communications & Policy 32,451 335,997 647,483 1,015,931 588,019
Education and Information
Provision 108,018 309,479 1,122,141 1,539,638 1,151,534
Osteoporosis & Bone Research
Academy 5 135,018 129,674 77,706 342,398 639,100
--------------------- --------------------- --------------------- --------------------- ---------------------
Total 6a 275,590 962,696 3,535,815 4,774,101 3,927,009
--------------------- --------------------- --------------------- --------------------- ---------------------
Net expenditure
before other recognised 7 (16,928) (962,696) 873,692 (105,932) 361,873
(losses)/gains
Net (losses)/gains on investments 10 - - (243,672) (243,672) 162,437
--------------------- --------------------- --------------------- --------------------- ---------------------
Net (expenditure)/income (16,928) (962,696) 630,020 (349,604) 524,310
Total funds brought forward 17 79,385 3,716,277 1,832,904 5,628,566 5,104,256
Funds Transfer in year - (1,058,281) 1,058,281 - -
--------------------- --------------------- --------------------- --------------------- ---------------------
Total funds carried forward 62,457 1,695,300 3,521,205 5,278,962 5,628,566
========== ========== ========= ========== ==========

There were no other recognised gains or losses other than those stated above. The notes on pages 26 to 42 form part of these financial statements.

23

ROYAL OSTEOPOROSIS SOCIETY CONSOLIDATED BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2022

Consolidated and Charity Balance Sheets:

Notes
INTANGIBLES & FIXED ASSETS
Intangibles
9
Fixed Assets
9
Investments
10
CURRENT ASSETS
Merchandise Stock
Debtors
12
Bank
13
CURRENT LIABILITIES
Creditors: amounts due within 1 year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: Amounts due after 1 year
15
NET ASSETS
18
FUNDS
Restricted funds
17
Unrestricted funds
- Designated
17
- General
17
TOTAL FUNDS		 Group
Charity
Group
Charity
2022
2022
2021
2021
£
£
£
£
27,159
27,159
135,793
135,793
227,433
227,433
1,613,174
1,613,174
2,551,281
2,551,282
2,771,370
2,771,371
2,805,873
2,805,874
4,520,337
4,520,338
1,087
-
1,246
-
323,292
328,602
357,814
374,963
3,153,190
3,137,639
1,494,797
1,472,159
3,477,569
3,466,241
1,853,857
1,847,122
(791,475)
(780,147)
(558,625)
(551,890)
2,686,094
2,686,094
1,295,232
_1,295,232 _
5,491,967
5,491,968
5,815,569
5,815,570
(213,005)
(213,005)
(187,003)
(187,003)
5,278,962
5,278,963
5,628,566
5,628,567
62,457
62,457
79,385
79,385
1,695,300
1,695,300
3,716,277
3,716,277
3,521,205
3,521,206
1,832,904
1,832,905
5,278,962
5,278,963
5,628,566
5,628,567

The notes on pages 26 to 42 form part of these financial statements. The deficit for the Charity dealt with in the financial statements was £349,604 (2021: Surplus of £524,310). The financial statements were approved and authorised for issue by the Board the Trustees on 20 June 2023 and were signed below on its behalf by:

Neil Gittoes Chair of Trustees Company number: 4995013

Peter Gotham Treasurer

24

ROYAL OSTEOPOROSIS SOCIETY CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Consolidated Statement of Cash Flows: Consolidated Statement of Cash Flows:
2022 2021
Notes £ £
Cash flows from operating activities a 285,419 812,568
Cash flows from investing activities
Dividends and interest 54,180 46,016
Purchase of property, plant and equipment (257,623) -
Sale of property, plant and equipment 1,600,000 -
Purchase of investments (1,574,697) (2,956,630)
Proceeds from the sale of investments 1,551,114 2,329,360
---------------------- ----------------------
Net cash used in investing activities 1,372,974 (581,254)
Change in cash and cash equivalents in the reporting period 1,658,393 231,314
---------------------- ----------------------
Cash and cash equivalents at the beginning of the reporting period 1,494,797 1,263,483
---------------------- ----------------------
Cash and cash equivalents at the end of the reporting period b 3,153,190 1,494,797
========== ==========
NOTES TO THE CASH FLOW STATEMENT
a. RECONCILIATION OF NET INCOME TO NET 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES £ £
Net (Expenditure)/Income for the year (349,604) 524,310
(Gain)/Loss on fixed asset disposal (9,900) 4,414
Depreciation charges 160,899 160,609
Decrease in stock 159 1,149
Decrease in debtors 34,522 114,230
Increase in creditors 259,851 216,308
Interest and Dividends (54,180) (46,016)
Losses/(Gains) on investments 243,672 (162,436)
----------------------- -----------------------
Net cash provided by operating activities 285,419 812,568
=========== ===========
b. ANALYSIS OF CASH AND CASH EQUIVALENTS
2022 2021
£ £
Cash at bank and in hand 3,153,190 1,494,797
========== ==========

25

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Notes to the Financial Statements:

1. ACCOUNTING POLICIES

a) Basis of Accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)– (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The Royal Osteoporosis Society meets the definition of a public benefit entity under FRS102.

These financial statements consolidate the results of the charitable company including the regional support groups and the ROS Trading Company Limited on a line-by-line basis.

Preparation of Accounts on a Going Concern Basis

The Trustees believe that the Charity’s financial resources and contingency planning is sufficient to ensure the ability of the Charity to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The principle accounting policies and estimation techniques are as follows.

b) Income

Income is received from both traditional fundraising activities and through supply of goods or services and treated according to the income stream.

Voluntary income received by way of subscriptions, donations and gifts to the Charity is included in full in the statement of financial activities when receivable. Volunteer time is not included in the financial statements.

Legacies are recognised when evidence of entitlement exists and ROS is able to measure reliably. As a result, accrued legacy income is recognised at times, in advance of receiving the cash.

Legacies are accounted for based on settlement of the estate or receipt of payment, whichever is the earlier. Where pecuniary legacies are of a size that is apparent they will be paid, these are recognised at the point of probate.

Income generated from the supply of goods or services, including conferences, is included in the statement of financial activities in the period in which the supply is made.

Government grants receivable are credited to income as these become receivable, except in situations where they are related to performance, in which case these are accrued as the charity earns the right through performance.

c) Deferred Income

Income has been deferred where the supply of service will be delivered in a future financial year.

26

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

d) Expenditure

Expenditure is recognised in the period in which the liability is incurred. Expenditure includes attributable VAT which cannot be recovered.

Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function (support costs), is apportioned to each activity using an estimate based on staff numbers. Details of the support cost allocation is highlighted in note 6. Redundancy and termination costs only occur where absolutely necessary and are accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy has been made.

e)

Grants

Grants payable are included in the statement of financial activities in the year in which they are committed.

f) Governance

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

g) Costs of Generating Voluntary Funds

The costs of generating voluntary funds relate to the costs incurred by the group and charity in raising funds for the charitable work.

Fundraising and publicity costs represent staff costs, legal costs and associated office and administrative costs in connection with fundraising events and publications aimed at donors and the general public. Costs associated with publications aimed at beneficiaries, which further the objects of the charity, are included as part of the costs of the activity to which they relate.

h)

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:

Freehold buildings 2% straight line Office furniture and equipment 25% straight line Leasehold Improvements Over remaining term of the lease No depreciation is provided on land.

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

i) Intangible Fixed Assets

Amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The amortisation period is estimated at 3 years, straight line.

j) Restricted Funds

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

k) Unrestricted Funds

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

27

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

l) Designated Funds

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

m) Operating Leases

Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of financial activities in the year in which they fall due.

n) Investments

Investments held as fixed assets are revalued at mid-market value at the balance sheet date. The gain or loss for the period is taken to the statement of financial activities.

o)

Financial Instruments

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

p)

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.

q)

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

r)

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

s)

Pension Scheme

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the Charity to the fund. The charity has no liability under the scheme other than for the payment of those contributions. For defined contribution schemes the amount charged to the SOFA in respect of pension costs and other postretirement benefits is the contributions payable in the year; allocated between activities and to unrestricted and restricted funds on the same basis as other employee-related costs. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

t)

Critical Judgements and Estimates

In the application of the accounting policies, the Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. These judgements, 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.

Estimates and underlying assumptions are reviewed on an ongoing basis. In accordance with accounting standards, 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 current and future periods.

28

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Items in the financial statements where significant judgements and estimates have been made include:

Useful economic lives of intangible and tangible assets

The annual amortisation and depreciation charges for the intangible and tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are amended when necessary to reflect current estimates, based on the economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of the intangible and tangible assets and notes 1h) and 1i) for the useful lives for each class of asset.

Entitlement to and estimation of legacy income

The accounting policy for legacies is explained in note 1(b) above.

2. DONATIONS AND LEGACIES - Restricted Unrestricted Total 2022 Total 2021
CONSOLIDATED £ £ £ £
Donations Received at Head Office 219,155 630,019 849,174 565,446
Donations Received by Support Groups 3,787 2,278 6,065 7,473
Legacies - 2,898,560 2,898,560 2,720,061
Fundraising Events - 125,560 125,560 110,791
Membership Subscriptions and donations 45 555,866 555,911 551,115
Government Grants - - - 1,158
--------------------- ---------------------- --------------------- ---------------------
222,987 4,212,283 4,435,270 3,956,044
========== ========== ========== ==========

The value of legacies notified to the charity but which do not meet the income recognition criteria (and so are not accounted for within the financial statements) is approximately £3.6m.

3. OTHER TRADING ACTIVITIES - Restricted Unrestricted Total 2022 Total 2021
CONSOLIDATED £ £ £ £
Advertising - 17,368 17,368 17,124
Corporate Trading Income 10,675 75,467 86,142 174,749
Merchandise Sales - 10,668 10,668 10,257
--------------------- -------------------- -------------------- --------------------
10,675 103,503 114,178 202,130
========== ========== ========== ==========

29

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. EDUCATION AND AWARENESS - Restricted Unrestricted Total 2022 Total 2021
CONSOLIDATED £ £ £ £
Conference - - - 364
Training - 8,140 8,140 84,328
Research Participation 25,000 21,501 46,501 -
--------------------- -------------------- -------------------- --------------------
25,000 29,641 54,641 84,692
========== ========= ========= =========
5. OSTEOPOROSIS & BONE RESEARCH ACADEMY 2022 2021
£ £
Osteoporosis and Bone Research Academy Staff costs - 131,088
Direct and allocated expenditure from Restricted Funds 19,012 60,706
Direct and allocated expenditure from Designated Funds 26,818 13,428
Direct and allocated expenditure from Unrestricted Funds 77,705 49,904
Research grants in year 218,863 383,974
-------------------- --------------------
342,398 639,100
========= =========

30

ROYAL OSTEOPOROSIS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

6a. TOTAL EXPENDITURE - CONSOLIDATED

Information,
Costs of Services to Health
Osteoporosis
Generating Fundraising Members & Communica- Professional & Bone
Voluntary Trading General tion & and Helpline Research Support Total Total
Income Costs Public Members Services Academy Costs 2022 2021
£ £ £ £ £ £ £ £ £
Staff costs (note 8) 556,382 10,032 340,826 494,408 873,083 60,295 181,215 2,516,241 2,132,831
Grants payable - - - 1,290 - 218,863 - 220,153 416,241
Design, Media and Promotion 35,469 118 3,528 50,973 5,564 239 2,509 98,400 119,060
External Delivery Partners &
Consultancy 12,301 115 3,490 195,524 13,717 16,691 1,950 243,788 -
Print Postage and Fulfillment 52,559 3,935 136,615 4,404 26,013 321 1,797 225,644 247,001
Digital development 233 6 163 146 182,498 12 126 183,184 41,049
IT & Communications 81,983 1,854 54,414 55,751 125,891 4,458 50,238 374,589 300,472
Premises and Insurance 28,315 713 34,357 18,048 31,177 2,230 50,809 165,649 108,088
Professional Fees 42,382
473		 17,067 19,775 38,181 1,925 11,770 131,573 100,382
Recruitment and Training 26,061 653 18,039 16,201 28,732 1,322 13,895 104,903 86,699
Irrecoverable VAT 3,597 30 951 5,336 8,421 74 151,581 169,990 104,442
Depreciation 13,510
187		 116,238 9,928 21,008 1,029 - 161,900 160,609
Other 70,452 4,678 20,886 45,328 30,065 1,999 4,679 178,087 110,135
---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------------
923,244 22,794 746,574 917,112 1,384,350 309,458 470,569 4,774,101 3,927,009
Support costs 98,819 4,706 79,997 98,819 155,288 32,940 (470,569) - -
---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ------------------------
1,022,063 27,500 826,571 1,015,931 1,539,638 342,398 - 4,774,101 3,927,009
========== ========== ========== ========== =========== ========== ========== =========== ==========

31

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6b. TOTAL EXPENDITURE - CONSOLIDATED

Total support costs were £470,569 (9.9% of total expenditure) compared to £227,711 in 2021 (5.7% of total expenditure). These costs have been allocated to each activity based on estimated staff numbers as follows:

7.

8.

2022 2021
Costs of generating funds 22.0% 21.8%
Services to members, support groups and the general public 17.0% 19.5%
Communications and Policy 21.0% 16.9%
Education and Information provision 33.0% 35.4%
Research 7.0% 6.4%
NET MOVEMENT IN FUNDS – CONSOLIDATED 2022 2021
£ £
This is stated after charging:
Interest and bank charges payable 55,513 40,314
Depreciation 161,899 160,609
Trustees’ reimbursed expenses 2,337 -
Auditors remuneration:
- Audit – charity excluding VAT 18,752 15,400
Audit – trading company excluding VAT 1,370 2,280
Non Audit Services – trading company excluding VAT 2,240 1,020
Operating lease rentals:
- Equipment 67,191 31,256
========== ==========
STAFF COSTS & NUMBERS - CONSOLIDATED 2022 2021
£ £
Staff costs were as follows:
Salaries and wages 2,016,701 1,655,072
Social security costs 212,691 172,584
Pension contributions 235,396 204,832
Redundancy costs - 25,604
Contractors and Agency Staff 51,453 74,739
-------------------- --------------------
Total staff costs 2,516,241 2,132,831
========== ==========

The key management personnel comprise the senior leadership team and is made up of the following positions within the organisation.

32

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

The total remuneration, benefits and pensions paid to them in the year was:

2022 2021
£ £
Salaries 423,952 424,875
Employers National Insurance 55,050 49,740
Pension 87,945 78,971
-------------------- --------------------
Total 566,947 553,586
========== ==========
The average estimated number of employees during the year was:
2022 2021
No. No.
Fundraising 10 7
Services to members and general public 7 7
Communications and Policy 10 6
Education and Information Provision 16 13
Research 2 2
Support and governance 4 3
-------------------- --------------------
49 38
========== ==========
The emoluments of higher paid employees fell within the following ranges 2022 2021
No. No.
£60,001 - £70,000 - 1
£70,001 - £80,000 - 1
£80,001 - £90,000 1 1
£90,001 - £100,000 2 1
£100,001 - £110,000 1 -

The average total number of staff employed in the period was 49 (2021: 38) including average full-time staff of 30 (2021: 24) and part time staff of 18 (2021: 15).

All staff numbers are the same for both the Charity and Consolidated accounts.

During the year £2,337 (2021: nil) Travel expenses were reimbursed Trustees to 7Trustees (2021: nil).

Total donations of £80 were received from Trustees in the year (2021: £1,180).

All Trustees of the Charity give their time voluntarily and contribute towards all aspects of the Charity’s operations.

The Charity is also reliant on the support provided by its volunteer base. In accordance with the Charities SORP (FRS 102) the economic value of this support is not included in these financial statements.

33

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

9. INTANGIBLE AND TANGIBLE FIXED ASSETS

Building
Land &		 Leasehold
GROUP & CHARITY Improvements Buildings Improvements Equipment Intangibles Total
£ £ £ £ £ £
Cost
At beginning of the year 1,662,609 725,198 - 15,057 325,903 2,728,767
Additions -
-		 241,016 16,607 - 257,623
Disposals (1,662,609)
(725,198)		 - (3,662) - (2,391,469)
--------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
As at 31 December 2022
-
-		 241,016 28,002 325,903 594,921
--------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Depreciation
At beginning of the year 464,837 310,493 - 14,360 190,110 979,800
Depreciation/
Amortisation 16,626
5,752		 28,119 2,768 108,634 161,899
Disposals (481,463)
(316,245)		 - (3,662) - (801,370)
--------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
As at 31 December 2022
-
-		 28,119 13,466 298,744 340,429
--------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Net Book Value
As at 31 December 2022
-
-		 212,897 14,536 27,159 254,592
========= ========== ========== ========= ========= ==========
As at 31 December 2021
1,197,772		 414,705 - 697 135,793 1,748,967
========= ========== ========== ========= ========= ==========

Intangibles comprise the development costs of the Web and CRM systems.

34

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

10. INVESTMENTS Group Charity Group Charity
2022 2022 2021 2021
Listed investments £ £ £ £
Market value at the start of the year 2,675,524 2,675,524 2,000,351 2,000,351
Additions at cost 1,628,212 1,628,212 2,842,097 2,842,097
Disposals (1,551,114) (1,551,114) (2,329,360) (2,329,360)
Gain/(loss) on investments (243,672) (243,672) 162,436 162,436
------------------------ ------------------------- ------------------------- ----------------------
Market value at the end of the year 2,508,950 2,508,950 2,675,524 2,675,524
Other investments
Capital & Income Account HSBC Global Asset
Management Ltd 42,331 42,331 95,846 95,846
Equity investment in group undertaking
ROS Trading Company Limited - 1 - 1
----------------------------- ------------------------- -------------------------- -----------------------
Total Investments 2,551,281 2,551,282 2,771,370 2,771,371
============ ============ ============ ============
Group
 Group
2022 2021
£ £
Historic cost at the year end 2,490,336 2,434,632
=========== =========
Investments comprise:
Equities & Funds 1,168,665 1,358,463
Fixed Income 1,079,126 1,060,399
Alternative Investments 170,356 166,436
------------------------- -----------------------
2,418,147 2,585,298
Capital & Income Account HSBC Global Asset Management
Ltd 36,331 90,187
------------------------- -----------------------
Total Investments – Group 2,454,478 2,675,485
Short Term investments held for future activities 96,803 95,885
------------------------- -----------------------
2,551,281 2,771,370
=========== ==========

35

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. SUBSIDIARY UNDERTAKINGS

The Royal Osteoporosis Society has one, wholly owned, subsidiary company (Registration number 07033698)

The ROS Trading Company Limited’s principal activity is to organise conferences, arrange sponsorship and sell sundry items to procure profits and gains for the purposes of paying them to the Royal Osteoporosis Society.

A summary of its results for the year ended 31 December 2022 is shown below:

2022 2021
£ £
Turnover 46,840 79,317
Cost of sales (21,058) (69,080)
-------------------
 -------------------
------------------
Gross profit 25,782 10,237
Administrative expenses (3,643) (3,680)
------------------- -------------------
------------------
Operating profit 22,139 6,557
Interest receivable 42 18
------------------- -------------------
------------------
Profit on ordinary activities 22,181 6,575
Gift aid to parent undertaking 22,181 6,575
------------------- -------------------
------------------
Retained profit carried forward - -
========== ==========
The aggregate of the assets, liabilities and funds was:
Assets 28,991 29,953
Liabilities (28,990) (29,952)
------------------- --------------------
Funds 1 1
========== =========
12. DEBTORS
Group Charity Group Charity
2022 2022 2021 2021
£ £ £ £
Trade debtors
38,114		 36,610 30,347 30,347
Other debtors
162,326		 157,803 222,676 216,778
Prepayments
122,852		 115,485 104,791 104,621
Due from trading subsidiary
-		 18,704 - 23,217
--------------------- --------------------- -------------------- --------------------
Total 323,292 328,602 357,814 374,963
=========== =========== ========== ==========

36

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. CASH AT BANK AND IN HAND Group Charity Group Charity
2022 2022 2021 2021
£ £ £ £
Head office 3,101,020 3,085,469 1,434,201 1,411,563
Support groups 52,170 52,170 60,596 60,596
--------------------- --------------------- --------------------- --------------------
Total 3,153,190 3,137,639 1,494,797 1,472,159
========== =========== =========== =========
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Charity Group Charity
2022 2022 2021 2021
£ £ £ £
Trade creditors 158,046 152,783 102,960 102,466
Taxation & social security 60,743 58,363 51,213 51,213
Other creditors 24,755 24,680 25,969 23,108
Accruals 157,605 153,995 118,354 114,975
Grants authorised but not yet paid* 368,113 368,113 249,452 249,452
Deferred Income 22,213 22,213 10,677 10,676
--------------------- --------------------- --------------------- ---------------------
Total 791,475 780,147 558,625 551,890
=========== =========== =========== ===========

*See note 21

Deferred Income relates to income invoiced in the period relating to work to be completed for a partner in the next period.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR THAN ONE YEAR
Group Charity Group Charity
2022 2022 2021 2021
£ £ £ £
Grants authorised but not yet paid
(see note 21)		 213,005 213,005 187,003 187,003
--------------------- --------------------- --------------------- ---------------------
Total 213,005 213,005 187,003 187,003
========== =========== ========== ==========
16. FINANCIAL INSTRUMENTS Group Charity Group Charity
2022 2022 2021 2021
£ £ £ £
Financial assets measured at amortised
cost		 3,364,629 3,343,052 1,747,819 1,719,284
Financial liabilities measured at
amortised cost (894,227) (885,499) (694,412) (687,678)
=========== =========== =========== ===========

37

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. MOVEMENT IN FUNDS – CONSOLIDATED

1 At
31 December
2022
Transfers		 Income
Expenditure
2022
£
£		 £
£
£
Restricted funds
Support 79,385
-		 91,238
(108,166)
62,457
Cure -
-		 167,424
(167,424)
-
--- -------------------
-------------------		 --------------------
----------------------
----------------------
Total restricted funds 79,385
-		 258,662
(275,590)
62,457
= =========
=========		 =========
==========
==========
Unrestricted funds
Designated funds
Fixed & Intangible Assets
1,748,967
(1,344,859)		 -
(161,900)
242,208
Cure
26,928
-		 -
-
26,928
Sustainability & growth
215,487
(59,006)		 -
(144,070)
12,411
Prevention campaign
950,615
(113,813)		 -
(263,468)
573,334
Modernising digital support
354,880
(35,339)		 -
(231,648)
87,893
Public affairs and advocacy
121,712
(8,949)		 -
(35,747)
77,016
Research
297,688
154,185		 -
(125,863)
326,010
Promoting organizational
performance
-
349,500		 -
-
349,500
----------------------
--------------------		 --------------------
----------------------
----------------------
Total designated funds
3,716,277
(1,058,281)		 -
(962,696)
1,695,300
General funds
1,832,904
1,058,281
4,165,835
(3,535,815)
3,521,205
----------------------
---------------------
---------------------
----------------------
----------------------
Total unrestricted funds
5,549,181
-
4,165,835
(4,498,511)
5,216,505
----------------------
--------------------
---------------------
----------------------
----------------------
Total funds
5,628,566
-
4,424,497
(4,774,101)
5,278,962
==========
=========
==========
==========
==========

The Corporate Strategy as described in the Trustees report page on 7, identifies six aims, Awareness, Prevention, Influencing Care, Support, Equity and Sustainability. , which together strive to deliver our vision of strong and healthy bones for life. The restricted and designated funds reflect the charity’s six aims.

Designated funds historically included a fund for the Camerton building within Fixed & Intangible Assets reflecting the net book value of the building. Following the sale of the Camerton property, this element has been transferred to general funds. The remaining designated funds represented funds ring-fenced to underwrite specific strategic projects design to reduce risk, drive impact and grow income.

38

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. MOVEMENT IN FUNDS – CONSOLIDATED (PRIOR YEAR)

At
1 January
At
31 December
2021
Transfers
Income
Expenditure
2021
£
£
£
£
£
Restricted funds
Care
7,434
-
-
(7,434)
-
Support
146,084
-
54,011
(120,710)
79,385
Cure
564,581
-
48,649
(613,230)
-
----------------------
-------------------
--------------------
----------------------
----------------------
Total restricted funds
718,099
-
102,660
(741,374)
79,385
==========
=========
=========
==========
==========
Unrestricted funds
Designated funds
Fixed & Intangible Assets
1,913,990
-
-
(165,023)
1,748,967
Care
46,075
(46,075)
-
-
-
Cure
54,965
-
-
(28,037)
26,928
Future activities
519,614
(519,614)
-
-
-
Sustainability & growth
-
329,002
-
(113,515)
215,487
Prevention campaign
-
950,615
-
-
950,615
Modernising digital support
-
354,880
-
-
354,880
Public affairs and advocacy
-
121,712
-
-
121,712
Research
-
297,688
-
-
297,688
----------------------
--------------------
--------------------
----------------------
----------------------
Total designated funds
2,534,644
1,488,208
-
(306,575)
3,716,277
General funds
1,851,513
(1,488,208)
4,348,659
(2,879,060)
1,832,904
----------------------
---------------------
---------------------
----------------------
----------------------
Total unrestricted funds
4,386,157
-
4,348,659
(3,185,635)
5,549,181
----------------------
--------------------
---------------------
----------------------
----------------------
Total funds
5,104,256
-
4,451,319
(3,927,009)
5,628,566
==========
=========
=========
==========
==========

39

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18a. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS – CONSOLIDATED 2022

ANALYSIS OF GROUP NET ASSETS
BETWEEN FUNDS – CONSOLIDATED
2022
Restricted Designated General Total
Funds Funds Funds Funds
£ £ £ £
Intangible fixed assets - 27,159 - 27,159
Tangible fixed assets - 227,433 - 227,433
Investments - 1,440,708 1,110,575 2,551,283
Current assets 62,457 - 3,415,110 3,477,567
Current liabilities - - (791,475) (791,475)
Long term liabilities - - (213,005) (213,005)
------------------- --------------------- --------------------- ---------------------
Net assets at the end of the year 62,457 1,695,300 3,521,205 5,278,962
========= ========== ========== ==========
ANALYSIS OF GROUP NET ASSETS
BETWEEN FUNDS – CONSOLIDATED
2021
Restricted Designated General Total
Funds Funds Funds Funds
£ £ £ £
Intangible fixed assets - 135,793 - 135,793
Tangible fixed assets - 1,613,174 - 1,613,174
Investments - 1,967,310 804,060 2,771,370
Current assets 79,385 - 1,774,472 1,853,857
Current liabilities - - (558,625) (558,625)
Long term liabilities - - (187,003) (187,003)
------------------- --------------------- --------------------- ---------------------
Net assets at the end of the year 79,385 3,716,277 1,832,904 5,628,566
========= ========== ========== ==========
18b. ANALYSIS OF GROUP NET ASSETS
BETWEEN FUNDS – CONSOLIDATED
2021

19. RELATED PARTY TRANSACTIONS

There were no related party transactions with Trustees in the period.

As stated in note 11 to the financial statements, the charity has a wholly-owned subsidiary company – ROS Trading Company Limited.

During the year a management charge was made by Royal Osteoporosis Society to ROS Trading Company Limited of £12,087 (2021: £17,628). At the end of year, gift aid of £22,181 (2021: £6,575) was payable to Royal Osteoporosis Society by ROS Trading Company Limited. The total year-end balance owed to Royal Osteoporosis Society was £18,704 (2021: £23,217).

40

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

20. OPERATING LEASE COMMITMENTS

The Charity had commitments at the year-end under operating leases as follows:

Property & Equipment

2022 2021
£ £
Due within 1 year 79,270 31,256
Due within 2 – 5 years 215,747 7,952
-------------------- -------------------
295,017 39,208
========= =========

21. GRANTS RECONCILIATION

GRANTS RECONCILIATION
Grants Grants
outstanding Grants outstanding at
at 1 January authorised Grants paid 31 December
2022 in the period in the period 2022
£ £ £ £
Dr. Hampson - Guy' & St Thomas' Hospital 18,190 - (18,190) -
Prof Lanham - New University of Surrey 13,970 - (10,001) 3,969
Dr Paskins - Keele University 1,125 - (937) 188
Dr Ireland - Manchester Metropolitan
University 12,303 - - 12,303
Prof Clark - University of Bristol 32,597 - - 32,597
Dr Bullock / Paskins - Keele University 62,627 - (11,780) 50,847
Dr Javaid - University of Oxford 70,093 - (27,086) 43,007
Prof Ralston - University of Edinburgh 100,000 - - 100,000
Prof McCloskey - University of Sheffield 92,178 - - 92,178
Dr Vilaca - University of Sheffield 23,372 - - 23,372
Dr Stiles - University of Exeter 10,000 - (6,136) 3,864
Dr Sturrock - Northumbria University - 88,387 - 88,387
Dr Henderson - University of Bristol - 89,167 - 89,167
Prof Clark - University of Bristol - 14,806 - 14,806
Mr Sami - University of Bristol (Oxford
University Hospitals NHS Foundation Trust) - 26,503 - 26,503
------------------- --------------------- --------------------- ---------------------
Total 436,455 218,863 (74,130) 581,188
========= ========== ========== ==========

41

ROYAL OSTEOPOROSIS SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. SUPPORT GROUPS 2022 2021
£ £
Income from:
Donations 6,065 7,473
Membership/fundraising events 7,415 2,545
Other income 198 339
------------------- -------------------
Total income 13,678 10,357
------------------- -------------------
Expenditure on:
Fundraising and publicity - 173
Charitable expenditure
Costs in furtherance of charitable objects 31,842 3,112
Support costs 3,749 18,558
------------------- -------------------
Total expenditure 35,591 21,843
------------------- -------------------
Net (deficit) (21,913) (11,487)
Total funds brought forward 115,163 126,650
------------------- -------------------
Total funds carried forward 93,250 115,163
======== =========

Support Groups follow the ‘Support Group Policy’ of the Royal Osteoporosis Society. The objectives of the Groups are the same as those of the Royal Osteoporosis Society, and they operate under the same Charity number and charitable status as the Royal Osteoporosis Society.

Costs in furtherance of charitable objects includes £20,267 (2021: £17,158) donations made to head office. These amounts are adjusted against head office income on consolidation so that income for the Charity as a whole is not overstated.

On consolidation the funds at the end of the year are shown as unrestricted as they cover the Charity’s core operations and objectives. However, within the Groups there are some restrictions and designations, for example for geographical locations. The breakdown of the restrictions within groups is shown as follows:

2022 2021
£ £
Restricted funds 9,220 12,423
Unrestricted funds 84,030 102,740
------------------- ---------------------
Total funds 93,250 115,163
========= ==========

42