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2022-12-31-accounts

Centre for Osteopathic Research and Excellence (A CIO governed by its constitution, charity number 1166246)

Financial Statements and Trustees’ Report

for the year ended 31 December 2022

Company number: CE006067 Charity number: 1166246

1

(A CIO governed by its constitution, charity number 1166246)

Centre for Osteopathic Research and Excellence

Index to the Financial Statements

for the year ended 31 December 2022

Index to the Financial Statements
Charity Information
Trustees’ Report
Statement of Trustees’ Responsibilities
Independent Examiner’s Report
Statement of Financial Activities
Statement of Financial Postion
Statement of Cash Flows
Accounting Policies
Notes to the Accounts		 2
3
4 - 8
9
10
11
12
13
14
15 - 19

2

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Charity Information

for the year ended 31 December 2022

Status: Centre for Osteopathic Research and Excellence is a charitable incorporated
organisation (CIO) governed by its constitution and registered with the Charity
Commission for England and Wales under number 1166246
Charity name: Centre for Osteopathic Research and Excellence
Other operating names: CORE / Core Clapton
Charity registration number: 1166246
Registered ofce: 161 Northwold Road
London
E5 8RL
Operations address: 161 Northwold Road
London
E5 8RL
Trustees who held ofce during the period Daniel Orchard
to the date of these accounts: Julia Jones
Peter Sharp
Shruthi John
Tessa Dwyer
Michelle Gallacher (Joined 25 April 2022)
Verity Stroud (Resigned 28 April 2022)
Emilie Devienne (Resigned 22 September 2022)
Darryl Harper (Resigned 14 March 2023)
Charlotte Gower (resigned on 13 June 2023)
Independent Examiner: Christine Cheung Poston
Flat 48, Samford House
Charlotte Terrace
~~Islington~~
London
N1 0JF
Solicitors: Paul Hastings
100 Bishopsgate
London EC2N 4AG
Bankers: The Co-operative Bank plc
PO Box 101
1 Balloon Street
Manchester M60 4EP

3

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Trustees’ Report

for the year ended 31 December 2022

The Trustees submit their report and the financial statements of Centre for Osteopathic Research and Excellence (“the Charity”) for the year ended 31 December 2022. The Charity is a charitable incorporated organisation. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2015 (FRS102)) and the Financial Reporting Standard 102.

Activities

We believe that everyone deserves to be free of injury, chronic pain or physical stress, whatever their income.

We exist because we understand that osteopathy can transform the daily experience of people living with injury, chronic pain or physical stress for the better. Yet it is often those who would benefit the most from osteopathy who can’t afford it.

We work locally from our clinic in the London Borough of Hackney to provide affordable osteopathic treatment to people on low incomes. Our work is led by a hands-on team who share a vision of building a healthy, active community, free from pain.

We acknowledge that pain needs to be treated with empathy, education, and empowering strategies to promote healthy behaviours. Osteopathy uses this holistic approach to pain management to restore health and function to the whole body.

Structure, Governance and Management

The Trustees meet at least four times annually to discuss a full range of matters relating to strategy, project work, recruitment, finance and general information.

The induction process for any individual newly-appointed to the Board of Trustees comprises an initial meeting with at least two of the trustees and receipt of copies of:

Trustees are selected by a combination of recruitment programmes organised by the East London Business Alliance (ELBA) and direct acquisition via former volunteers.

All trustees except Daniel Orchard give of their time freely and no remuneration or expenses were paid in the year. As a new startup charity, Daniel Orchard is also the founder and CEO and as such his immediate presence on the board is deemed essential but will be reviewed in due course with the aim of officially separating the board from senior management.

Supporters

We would like to say a huge thanks to our supporters, those who have paid the full fee or hired our space, and all the volunteers and corporate support we have received.

Special than ~~ks goes to: Ernst & Young for providing us with accountancy advice as part of their volunteer scheme; Paul~~ Hastings for their continued legal support; the Peter Stebbings Memorial Charity for supporting our chronic pain community referral programme, Credit Suisse for their employee-led donation scheme and Jonny White, the CEO of Ticket Tailor, a Hackney-based international ticket sales platform, who generously donated to our Christmas fundraising campaign.

Governing Document

Centre for Osteopathic Research and Excellence is a charitable incorporated organisation (CIO). It was established under a constitution dated 14 March 2016 which sets out the objects and powers of the charity.

Risk Management

The Trustees acknowledge that they have a responsibility for the identification and proper management of the risks faced by the Charity in achieving its primary aims. The Trustees have therefore assessed the major risks to which the Charity is exposed, in particular to those relating to the specific operation areas of the Charity and its finances. The Trustees believe that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, by creating and reviewing a risk register, and by examining the operational risks faced by the Charity, they have established effective systems and procedures to mitigate those risks.

4

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Trustees’ Report

for the year ended 31 December 2022

OUR MISSION

CORE stands for the Centre for Osteopathic Research and Excellence and has the dual aim of making osteopathy accessible to all whilst researching drug-free treatments for chronic pain. We offer specialist treatment to individuals on an income-based fee scale, helping people suffering from chronic pain get back to doing what they enjoy most. We also provide affordable wellness classes to encourage a healthier and happier community.

Our mission is to be exemplary in how we educate the community, improve access to osteopathy, lead research and strive for excellence.

Our vision is to give everybody the right to a pain-free life and make osteopathy accessible to all.

Our beneficiaries

Core Clapton is our flagship wellness centre in East London, providing affordable osteopathy to the local community and beyond. We help people to live healthy and happy lives through movement and activities that encourage physical and mental wellbeing.

While leading a healthy lifestyle has become a choice for many people in London, the cost of accessing support is often prohibitive for many others. Core Clapton offers a space for the local community to access services usually reserved for those who can afford it.

Since our inception in 2017 we have helped over 2,246 people receive expert osteopathic healthcare. In 2022 48% of our patients were from BAME communities (significant increase from 2021’s figure of 39%) and have a sustained high satisfaction rating of 4.9/5 for our osteopathic services.

WHAT WE DO

C is for Community. We raise awareness of osteopathy as an effective treatment for pain.

Osteopathy is a gentle and effective hands-on approach to healthcare, based on the principle that the way your body moves influences how it functions.

Osteopaths are highly competent healthcare professionals, recognised by the NHS as fully qualified to diagnose and treat independently.

In a 2014 YouGov poll commissioned by the General Osteopathic Council, less than half of UK adults reported being aware that osteopaths were regulated. When asked about their confidence in osteopaths, only 52% reported positively as opposed to GPs (87%) and physiotherapists (73%). This increased to 76% when the ‘don’t knows’ were removed suggesting a need for increasing awareness of osteopathy amongst the public.

Conversely, the overall level of satisfaction amongst osteopathic patients is high (96%) compared with GPs (91%) and physiotherapists (77%).

Through marketing and community outreach projects we have been increasing awareness of osteopathy amongst the local population. In 2022 we set up a paediatric osteopathy clinic and promoted our accessible clinic to lactation consultants and midwives, seeing 34 children referred to the service, 44% of which were from low-income (a total of 97 appointments, 47% of which were for lowincome families).

We also ran free talks to local yoga teachers and parents of young children to educate them around pain management and common ailments affecting their charges.

In 2022 we provided 4,761 osteopathic treatments and saw 794 new patients use our services (354 of which were completely new to osteopathy). This was up from 4,433 treatments and 842 new patients in 2021.

Here are what some of our happy service users have said:

‘Core Clapton has been a great service to refer patients we work with. It is the only service providing free treatment of complementary therapies/osteopathy outside the NHS in Hackney. A big proportion of our service users are living with chronic pain and has been great to offer them the option of osteopathy that otherwise would have not been affordable to them. Most of the service users who I referred to ‘Core Clapton’ have given very positive feedback of the treatment; they also have appreciated your flexibility to accommodate their needs/difficulties and really valued your welcoming warm approach that often don’t get anywhere else. They also like the fact that they could continue after treatment with a low fee.

5

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Trustees’ Report

for the year ended 31 December 2022

My experience has been very positive, sensitive in dealing with service users with complex health needs, including mental health. prompt in responding to any queries, issues and provided summaries of service user’s treatment outcome. Overall excellent communication with our service. And I also appreciate how easy is the process of referring. Thank you for your great service! ‘ ( Borja Ramirez-Cardenas , Wellbeing coordinator, Hackney Social Prescribing Service, Family Action)

“I feel back to my old self: creative and energised, and I want to continue to engage with the world from a pain free state of mind. What is incredible, is that Core Clapton is a community based charity. Privately, osteopathy can be quite expensive and Core Clapton offered me an opportunity to access affordable treatment. This treatment has been miraculous for me, I could not recommend it more.” ( Lina , concessionary osteopathy patient)

“My pain has reduced significantly. I had gone from waking up in the night and having to take painkillers to not taking any at all now. I feel more at ease in my body and all the areas that needed to be addressed have been addressed. I feel more comfortable and balanced, it has worked really well.” ( Hermione , mother of young Cassie, one of our community paediatric patients)

O is for Osteopathy. We make osteopathy affordable and accessible to all.

Over 30,000 people every day visit an osteopath suffering from a variety of conditions including neck or back pain, joint or muscular pain, sports injuries, recurring headaches and more.

Unfortunately, osteopathy on the NHS is a postcode lottery with only 17% of the population receiving free osteopathic care. All major private health insurance companies provide osteopathy as one of their services yet for most people osteopathy is unaffordable.

In order to make osteopathy affordable to all we offer concessionary rate treatment to those on low-income or unemployed and their dependants.

In 2022 we provided over 1,833 concessionary treatments at 40% of the standard cost of treatment (up from 1,462 in 2021) and saw an increased uptake of osteopathy by 167 concessionary patients new to osteopathy.

We also provided 624 treatment sessions free of charge to 153 people suffering intractable chronic pain that were referred to us as part of our social prescriber pathway. Social Prescribers sit within local GP practices and are tasked to find free or low-cost solutions to frequently returning patients with chronic conditions that are unable to be managed by usual medical care.

R is for Research. We gather and publish osteopathy-focused research.

As part of our mission to make osteopathy accessible to the wider community we aim to increase the available research on the effectiveness of osteopathy in different patient groups.

Due to the increasing global burden of chronic pain, in 2020 CORE established a referral pathway for patients with chronic pain and ‘medically unexplained symptoms’ to receive six free sessions of osteopathy. Patients are referred to us by GPs, Social Prescribers and Health and Wellbeing Coaches working in City & Hackney Medical Practices, and as part of our service, we are collecting data to gauge the effectiveness of osteopathy on these complex patients.

In 2022 we had 249 patients referred into our pathway with 201 eligible or willing to undergo treatment. Of these, 198 were discharged following treatment and 122 completed patient-reported outcome measures (PROMs). Of the 122 completing the outcome measures, 48% reported a significant improvement in their symptoms and 46% showed an objective clinical improvement in pain scores. Similarly, 65% showed an improvement in quality of life, as measured by the Musculoskeletal Health Questions (MSK-HQ), and 45-66% showed an improvement in loneliness and mental wellbeing, respectively. It is important to remember that the majority of these patients have already undergone NHS pain management services with limited effect.

Overall, the number of patients referred to us via the above pathway that showed a clinically meaningful change in 1 or more objective measure of quality of life (pain, function or overall quality of life using the Musculoskeletal Health Questions, or MSKHQ) was 190, or 97% of those referred.

From a demographic perspective, this patient cohort was made up of 77% from BAME backgrounds, 65% female and 22% older adults.

6

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Trustees’ Report

for the year ended 31 December 2022

E is for Excellence. We raise the profile of osteopathy as a profession.

Around 30,000 people currently consult osteopaths every working day. Public opinion surveys show that 88% of respondents feel the NHS should provide osteopathic treatment, or believe that it is already doing so.

In 2022, the number of patients completing our patient-reported experience measures (PREMs) was 357, or 37% of all cases (an improvement on 2021 figures). (While this may seem low, to put it into perspective the NHS, which provides a free physiotherapy service, has a response rate of nearer to 20%.) Of the 357 who completed our questionnaires, 89% were ‘very satisfied’ with the treatment they received and 72% reported being ‘much improved’ or ‘completely recovered’.

As part of our mission to make osteopathy more accessible we feel it is essential to help develop the profession and provide a supportive environment for personal reflection and learning. Peer support and osteopathic mentoring ensures that our associate osteopaths have the opportunity to keep growing in their osteopathic practice. Associates are encouraged to share and reflect on their clinical experiences with their peers. Mentors are available to support our osteopaths to increase the depth of their practical and theoretical knowledge.

We continue to build our Graduate Learning Programme (a form or preceptorship year that currently does not exist within the osteopathic profession outside of our charity), with 10 volunteer osteopaths joining in September 2022.

FINANCIAL REVIEW

Funding for the Charity comes mainly from voluntary income, event fundraising, loans, grants and rental of additional space.

2022 continued to be a very challenging year in the aftermath of COVID-19 and then the cost of living crisis. A major revenue stream for CORE is event space hire, which rose after the pandemic, but was down against forecast / pre pandemic levels due to reduced hall hire bookings particularly from photoshoots and the larger corporate bookings. The change in working practices since COVID also meant CORE hosted very few conferences or work-related gatherings, which, whilst a smaller proportion of income than weddings and other celebrations, was still an important revenue stream and filled midweek day time slots.

We lost our Events Sales Manager midway through the year as we were unable to pay a competitive salary and the difficulty in replacing them also impacted events sales in the latter part of the year and will have an effect on forward bookings for 2023.

Osteopathy increased slightly but not to the level expected and, as this was not impacted in the latter year of Covid restrictions, can be put down to the wider economy as people tightened their belts.

Grants were expected to be down as the majority of grants in 2022 were COVID-19 related, however CORE still received £17,083 in grants. Direct donations (excluding SITR investors write offs) increased from £246 to £16,506 due to a series of fundraising events and a large push for donations at the end of the year. This total was aided by two large personal donations totalling £10,000 from the CEO of Ticket Tailor, a Hackney-based international ticket sales platform who are long-term supporters of CORE. Income from other treatments was stable at approximately £25k whilst income from activities classes increased from £12,316 to £14,946 over the same period.

All of this along with an increased cost base predominantly in terms of human resources meant costs exceeded revenue to the tune of £36,902

Financial Activity and Financial Position

The results of the period and financial position of the charity are shown in the annexed financial statements. The Statement of Financial Activities shows net deficit for the year of £(36,902) and reserves of £(136,087).

Event space hire revenue rose from £175,401 in 2021 to £265,085 in 2022 due to hospitality fully opening up after the pandemic with osteopathy slightly increasing from £156,986 to £165,507 in the same period.

Tangible fixed assets for use by the charity.

Fixed assets are set out in Note 9 to the accounts.

Reserves Policy

The Trustees have examined the requirements for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets. The Trustees previously considered that, given the nature of the Charity’s funding, free reserves should be equivalent to 3 months’ general fund expenditure which includes costs relating to employment, plus committed future expenditure on other projects, where funds permit. The Trustees were of the opinion that this provided sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the Charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented. Due to the continued economic constraints brought about by COVID-19, Brexit and the cost of living crisis, at the

7

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Trustees’ Report

for the year ended 31 December 2022

time of writing (June, 2023) we still do not have the reserves adequate for 3 months general fund expenditure. As a result, the Trustees are currently investigating whether this is a suitable reserve policy for CORE given the unique nature of the charity.

Principal funding sources and how expenditure supports the charity’s key objectives

The principal funding sources remained event space hire, osteopathy, therapies and activity classes which covered the main overheads of running the building and employing staff. Income from these, as well as emergency grants, went towards subsidising osteopathy and wellness classes for low-income earners.

We received three £500 donations from Credit Suisse thanks to the involvement on the board of three of their employees. In terms of grants we received a further £4,869 from the L&Q foundation as part our second older adults’ project, £5,000 from The Peter Stebbing Trust and a belated £6,000 hospitality grant which covered the last lockdown period in 2021.

Going concern

The board continues to closely monitor the financial requirements of CORE in order to deliver on our mission statement of making osteopathy available to all and is confident that we remain a financially viable going concern for the foreseeable future.

Plans for future periods

Since Q4 2022, we have experienced tough economic headwinds, in which we were unsuccessful in bids for £175,000 of grant funding for the 2023/24 period (over 6 different grant funds) and so have had to pause our research into the effects of osteopathy in older adults. There has also been a significant decline in the events revenue, resulting in tactical measures to reduce short term costs (members of staff being let go and reduced working hours).

Due to these economic challenges, we have made a decision to adjust the business model and the following changes are being progressed:

As a result, formal notice has been given to Hackney council of our intention to exit our current premises at the end of the current contract (7 Oct 2023). Hackney council have kindly agreed to extend this for another 6 weeks on a peppercorn rent until our last events obligation is met. Relocation to new premises will be subject to availability and may reluctantly result in CORE moving out of the Hackney area. To mitigate this risk, discussions are underway that may result in a short term mutually beneficial agreement which enables CORE to remain in the premises for a significantly reduced cost or peppercorn rent, but subject to a short term (min 3 month) notice.

Whilst we were intending to repay the remaining SITR loans within 2022, due to the aforementioned financial difficulties, we were forced to defer the final loan repayments to 2023.

Finally, we will be reducing the number of graduates in our preceptorship year in order to keep it manageable but still allow us to provide mentoring and supply a volunteer workforce to help maintain a level of support to the most vulnerable patients. We are awaiting resu ~~lts on £50,000 of grant funding from 4 other funders which will help support this social prescriber-referred~~ chronic pain pathway.

It is the firm belief of the Board that these changes will ensure CORE continues to deliver on our mission statement of making osteopathy available to all and therefore still consider the charity to be a going concern. This is aided by the fact that our major creditors (SITR investors, Hackney Council and the Bounce-Back Loan) can all be deferred to help us through this lean time.

Independent Examiner

The Independent Examiner, Christine Cheung Poston, has indicated her willingness to be proposed for re-appointment. The financial statements were approved by the Board of Trustees on 6th October 2023 and signed on its behalf by:

Shruthi John Trustee

8

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Statement of Trustees’ Responsibilities

for the year ended 31 December 2022

The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are required by law to prepare financial statements for each financial period which give a true and fair view of the financial activities of the charity and of its financial position at the end of that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included in the Charity’s website.

9

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Independent Examiner’s Report

for the year ended 31 December 2022

I report on the accounts of Centre for Osteopathic Research and Excellence for the period from 1 January 2022 to 31 December 2022, which are set out on pages 1 to 19.

This report is made solely to the charity’s trustees as a body in accordance with section 145 of the Charities Act 2011 (the Charities Act) and regulations made under section 154 of that Act. My examination has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for my examination, for this report, or for the opinions I have formed.

Respective responsibilities of trustees and examiner

As described on page 8, the trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the the Charities Act and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales (ICAEW).

Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christine Cheung Poston Dated: 29th August 2023

Flat 48, Samford House Charlotte Terrace Islington London N1 0JF

10

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Statement of Financial Activities

for the year ended 31 December 2022

Notes
Income from:
Donations and legacies
3
Charitable activities
4
Trading activities
5
Total Income
Expenditure on:
Raising funds
6
Charitable activities
7
Total Expenditure
Net income/(expenditure)
and movement in funds
Reconciliation of funds:
Total funds brought forward
15
Total funds carried forward
14		 2022
2021		 2022
2021
icted
unds
Restricted
Funds
Total Funds
Total Funds
Unrestr
F
3
19
29		 £
£
£
£
2,864
-
32,864
117,231
0,233
-
190,233
182,127
3,487
-
293,487
200,917
51 6,583
-
516,583
500,275
4
51		 3,262
-
43,262
36,874
0,224
-
510,224
443,694
55 3,486
-
553,486
480,568
6,902)
-
(36,902)
19,706
9,185)
-
(99,185)
(118,891)
(3
(9
(13 6,087)
-
(136,087)
(99,185)

All incoming resources and resources expended are derived from continuing activities The accompanying accounting policies and notes form an integral part of these financial statements.

11

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Statement of Financial Position

for the year ended 31 December 2022

Notes
Fixed assets:
Tangible assets
9
Total fixed assets
Current assets
Debtors
10
Cash at bank and in hand
11
Total current assets
Creditors: amounts falling
due within one year
12
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling
due after more than one year
13
Total net assets
The funds of the charity:
Unrestricted funds
14
Total charity funds
16		 31 December 2022 31 December 2022 31 December 2022 31 December 2021 31 December 2021
£
84,088


1

4		 £
1,787
7,037		 £
44,970		 £


12,460
84,527
44,970



 84,088




(133,168)
5

19		 8,824
0,268		 96,987
230,155


(131,445)
(86,475)
49,612		 (49,080)
50,104
(136,087) (99,185)
(136,087) (99,185)
(136,087) (99,185)

The financial statements were approved by the Board of Trustees on 6th October 2023 and signed on its behalf by:

Daniel Orchard

12

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Statement of Cash Flows

for the year ended 31 December 2022

Net income/(expenditure) for the reporting period (as per the
statement of financial activities)
Adjustments for:
Depreciation charges
(Profit)/loss on disposal of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Proceeds on sale of fxed assets
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Cash flows from financing activities:
Increase/(decrease) in borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting period
Analysis of cash and cash equivalents
Bank and cash in hand
Total cash and cash equivalents		 2022
2021
£
£
(36,902)
19,706
43,406
43,524
-
-
673
(2,273)
6,095
10,879
13,272
71,836
-
(3,089)
(5,056)
(3,089)
(5,056)
(47,673)
(28,260)
(47,673)
(28,260)
(37,490)
37,368
84,527
47,159
47,037
84,527
47,037
84,527
47,037
84,527

13

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Accounting Policies

for the year ended 31 December 2022

Basis of preparation

The financial statements have been prepared in accordance with:

Public benefit entity

The charity meets the defination of a public benefit entity under FRS 102.

Going concern

The charity has a deficit of funds. The charity’s income is mainly derived from self-generated sources such as health services and venue hire. Income has increased after the year end and that together with other fiscal measures gives the trustees confidence that the charity will be able to meet its debts as they fall due whilst reducing the deficit. The trustees consider that there are no material uncertainties about the demand for, and the charity’s ability to continue to provide, its services, and accordingly, the accounts have been prepared on a going concern basis.

The board continues to closely monitor the financial requirements of CORE in order to deliver on our mission statement of making osteopathy available to all and is confident that we remain a financially viable going concern for the foreseeable future.

Income recognition

Income is recognised when the charity has a contractual or other right to its receipt, it is probable that the income will be received and that the amount can be measured reliably. Income with conditions attached to its receipt is recognised when those conditions have been fulfilled.

Grant income is recognised on a receivable basis.

The income from trading activities includes venue hire. Non-refundable deposits and payments received in advance are deferred to the period in which the hiring takes place.

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

Deferred income

Income received which is contractually or otherwise not expendable until a future period is deferred to the period in which it meets the criteria for income recognition.

Unrestricted Funds

Unrestricted funds are funds received which have no restrictions placed on their use and are available as general funds.

Allocation o ~~f costs~~

Costs are allocated directly to projects where they can be identified as relating solely to that project. Other costs are allocated between the funds based on staff time spent on the fund activities or other appropriate criteria.

Pensions

The charity operates defined contribution schemes which are administered by outside independent pensions providers. Contributions payable for the year are charged to the Statement of Financial Activities.

Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements over the period of the lease Plant & machinery 10% on cost Computer equipment 20% on cost Office equipment 20% on cost

Assets are only capitalised where the purchase price exceeds £100.

14

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Notes to the Accounts

for the year ended 31 December 2022

1 Incoming resources

The incoming resources and surplus are attributable to the principal activities of the charity.

2
Net incoming resources
Net incoming resources are stated after charging:
Independent Examiner's fees - reporting service
Independent Examiner's fees - other services
Depreciation & amortisation
3
Income from donations and legacies
Grants & donations
4
Income from charitable activities
Osteopathy treatments
Other treatments
5
Income from trading activities
Events
Activities
Kitchen Let
Other~~misc revenue~~
6
Expenditure on raising funds
Fundraising
Events
Osteopathy expenses
Activities
Rental commision		 coming resources
coming resources are stated after charging:
endent Examiner's fees - reporting service
endent Examiner's fees - other services
ciation & amortisation
me from donations and legacies
s & donations		 2022
2021
£
£
250
250
-
-
43,406
43,524
2022
2021
Unrestricted
Restricted
Total
Total
£
£
32,864
-
32,864
117,231
32,864
-
32,864
117,231
2022
2021
Unrestricted
Restricted
Total
Total
£
£
165,507
-
165,507
156,986
24,727
-
24,727
25,142
e from charitable activities
pathy treatments
treatments
e from trading activities
s
ties
n Let
~~misc revenue~~
190,233
-
190,233
182,127
2022
2021
Unrestricted
Restricted
Total
Total
£
£
265,085
-
265,085
175,401
14,946
-
14,946
12,316
13,200
-
13,200
13,200
~~255~~
~~-~~
~~255~~
-
293,487
-
293,487
200,917
2022
2021
Unrestricted
Restricted
Total
Total
£
£
180
-
180
180
25,106
-
25,106
11,911
5,929
-
5,929
13,297
9,748
-
9,748
8,711
2,299
-
2,299
2,776
43,262
-
43,262
36,874

15

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Notes to the Accounts

for the year ended 31 December 2022

2022 2021
7 Expenditure on charitable activities Unrestricted Restricted Total Total
£ £
Personnel 324,592 324,592 261,463
Premises 110,136 110,136 98,583
Ofce expenses 15,227 15,227 13,689
COVID-19 refunds 833 833 7,140
Advertising & marketing 6,047 6,047 9,707
Travel, accommodation & subsistence 683 683 327
Sundry expenses 1,151 1,151 1,034
Finance costs 4,268 4,268 3,792
Loan interest 2,407 2,407 2,035
Accountancy & bookkeeping 750 750 900
Consulting 725 725 1,500
Amortisation 41,319 41,319 41,812
Depreciation 2,087 2,087 1,712
510,224 - 510,224 443,694
Remuneration 2022 2021
Employees paid in excess of £60,000 during the 2022 and 2021: None None

8 Remuneration Employees paid in excess of £60,000 during the 2022 and 2021:

9 Tangible fxed assets Leasehold Plant & Computer Ofce Total
improvements Machinery Equipment Equipment
Cost
As of 1st January 2022 216,556 11,180 2,991 2,153 232,880
Additions 2,449 - - 640 3,089
Disposals - - - - -
As of 31st December 2022 219,005 11,180 2,991 2,793 235,968
Depreciation
As of 1st January 2022 142,797 2,591 1,474 729 147,592
Charge for the year 41,319 1,182 523 382 43,406
Disposals - - - - -
As of 31st December 2022 184,116 3,773 1,998 1,111 190,998
Net book value
As at 31 December 2022 34,889 7,407 993 1,682 44,970
As at 31 December 2021 73,760 8,262 1,396 670 84,088

16

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Notes to the Accounts

for the year ended 31 December 2022

10
Debtors: amounts falling due within one year
Accounts receivable
Prepayments
Medical Insurance Payments
Staff loans
11
Bank and cash in hand
Charity bank account
PayPal
Stripe
Petty cash
Cash in hand
12
Creditors: amounts falling due within one year
Accounts payable
Refundable deposits
Other creditors
VAT
Payroll taxes
Net Salaries
Rent accruals
Other accruals
Hall hire in advance
Inco~~me in advance~~
Loan from trustee
Pensions payable
Goldman Sachs Easymatch
Social investment loans
13
Creditors: amounts falling due afer one year
Bounce back loan		 2022
2021
£
£
10,639
11,744
33
716
930
-
185
-
11,787
12,460
2022
2021
£
£
45,996
83,974
372
134
125
165
62
63
483
191
47,037
84,527
2022
2021
£
£
20,536
19,129
10,650
4,550
1,400
1,993
6,923
6,559
5,258
7,819
459
0
19,872
14,872
5,399
4,709
73,414
92,289
~~850~~
567
-
2,890
1,731
1,003
13,777
13,777
30,000
60,000
190,268
230,155
2022
2021
£
£
49,612
50,104
49,612
50,104

17

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Notes to the Accounts

for the year ended 31 December 2022

14 The funds of the charity: 2022
Opening Resources Resources Other Closing
balance arising utilised movements balance
£ £ £ £ £
Unrestricted funds (99,185) 516,583 (553,486) (136,087)
General funds
(99,185) 516,583 (553,486) - (136,087)
15 The funds of the charity: 2021
Opening Resources Resources Other Closing
balance arising utilised movements balance
£ £ £ £ £
Unrestricted funds (118,891) 500,275 (480,568) - (99,185)
General funds - - - - -
(118,891) 500,275 (480,568) - (99,185)
16 Net assets attributable to funds: 2022
Designated Restricted Endowment
General funds funds funds funds Total
£ £ £ £ £
Tangible fxed assets 44,970 - - - 44,970
Current assets 58,824 - - - 58,824
Current liabilities (190,268) - - - (190,268)
Long term liabilities (49,612) (49,612)
Net assets attributed to funds (136,087) - - - (136,087)
17 Net assets attributable to funds: 2021
Designated Restricted Endowment
General funds funds funds funds Total
£ £ £ £ £
Tangible fxed assets 84,088 - - - 84,088
Current assets 96,987 - - - 96,987
Current liabilities (230,155) - - - (230,155)
Long term liabilities (50,104) - - - (50,104)
Net assets attributed to funds (99,185) - - - (99,185)

18

Centre for Osteopathic Research and Excellence

(A CIO governed by its constitution, charity number 1166246)

Notes to the Accounts

for the year ended 31 December 2022

18 Adjustments to previously filed accounts

Any adjustments for the previous period are considered immaterial and therefore not highlighted.

19 Taxation

The organisation is a registered charity. Accordingly, it is exempt from taxation in respect of income and capital gains to the extent that these are applied to its charitable objects.

20 Other financial commitments

Total operating lease commitments

At 31 December 2022, the charity had total commitments under non-cancellable operating leases as detailed:

Property lease ending October 2023 at £80,000pa 2022
2021
£
£
66,667
146,667

21 Contingent liabilities

The charity had no material contingent liabilities at 31 December 2022 nor at 31 December 2021.

22 Related parties

During the year the charity used the financial and bookkeeeping services of Patrick Orchard who is the brother of Daniel Orchard, a trustee. All services were provided on arms-length terms.

23 Transactions with trustees

During the year (2022) Daniel Orchard, a trustee, was paid of £59,950 (2021: £45,000).

Payments were made in respect of his capacity as CEO and manager of the site and not for his service as a trustee.

24 Gifts in kind and volunteers

During the year the charity benefited from unpaid work performed by volunteers.

25 Statutory status

The organisation is a charitable incorporated organisation.

19