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2021-08-31-accounts

INSTITUTE OF FAMILY THERAPY (A company limited by guarantee and not having a share capital)

Financial Statements

For the year ended 31 August 2021

Company Number: 1621020 Charity Number: 284858

INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

Page
Trustees' Report 1 to 9
Auditor's Report 10 to 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Accounts 17 to 30

INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

Company Number: 1621020
Charity Number: 284858
Registered Office: 1-4 Great Tower Street
London
EC3R 5AA
Trustees Cath Connolly
Philip Dick
Alastair Pearson
Marc Raven
Graham Stedman
Kathleen Waters
Auditors: Price Bailey LLP
24 Old Bond Street
London
W1S 4AP
Director: Rachel Watson
Solicitors: Mills & Reeve
1 St James Court
Whitefriars
Norwich
NR3 1RU

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INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational Structure

The Institute’s governing document is the “Memorandum and New Articles of Association of the Institute of Family Therapy” dated 22nd January 2015. The Board consists of trustees who are also directors of the Company. The Board of Trustees convenes two sub-committees; the Finance and General Purposes Committee, which has delegated authority to make decisions on behalf of the Board, and the Ethics SubCommittee which reports to the full Board. Terms of reference are set by the Board for the following purposes:

The Board of Trustees is not concerned with the day-to-day management of the charity, which is delegated to the Director and senior management team

Risk Management and the Board of Trustees

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

To achieve this, the Board of Trustees has established a risk register that logs risks and the planned action to mitigate them.

Identified risks include the following:

The Ethics Sub-Committee and the Finance and General Purposes Sub-Committee report to the Board of Trustees. Each sub-committee includes up to 3 Board members and either the Director of IFT or the Director of Operations, or Lead for Strategy and Finance.

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INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

The Finance and General Purposes Sub-Committee is chaired by the Chair of Trustees. This monitors and reviews the financial performance of IFT. During 2020-21 the focus was in ensuring the financial stability of the organisation through the move of premises and the COVID lockdown and their impact on activities. The Finance and General Purposes Sub-Committee has delegated powers and reports decisions to the Board of Trustees at its regular meetings.

The policy framework of IFT is reviewed and meets current legislative requirements. Where alterations have been required in policy, the Director has engaged an expert in the field to ensure that the organisation meets statutory and human resources standards. This has been the case for HR standards in 2020-21.

The Ethics Sub-Committee reviews any ethical dilemmas that have emerged either through complaints or practice issues in relation to the delivery of services. As a member of the Complaint’s Processes of the United Kingdom for Psychotherapy, many of the practice complaints are heard in that context. Where there are complaints that do not fall into that category, IFT has a robust policy that applies and the Ethics Subwould be actively involved in creating a panel to respond to complaints.

Further details on the main risks to the charity can be seen under the Future Plans and Challenges section of this report.

Health and Safety

IFT monitors health and safety issues through reporting of any incident in an Accident Log. The Accident Log records the following information: details of the person having the accident, details of the person completing the report, details of the accident and what happened as a result and a note of any follow up action that might be required. There were no recorded accidents in 2020-21.

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INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

Remuneration Policy

Each April the Board of Trustees reviews the remuneration policy with a view to bringing key management and staff salaries in line with the relevant benchmark. By this date, the mid-point of the financial year will have been reached and it will be clear whether there is the possibility of awarding any increases. The benchmark for Directorate staff is the NHS Agenda for change salary scale and, for the administrative staff, an annual review of voluntary organisations will be undertaken. In this way the Trustees aim to ensure a fair remuneration for staff.

Succession planning for the Board of Trustees

Despite having lost one board member, Lou James, this year, it has been very useful to the board to have a steady membership with diverse skill sets since January 2020. This has been useful during the challenges of the last two years including responding to premises changes, COVID challenges and associated risks. The board recognises the need for greater participation from service users, clients and students and currently is establishing a working party to ensure appropriate participation at all levels of the organisation. The board also recognises the need to review the sub-committees and their functions to ensure appropriate up to date and transparent governance frameworks that are continuously under review and may include external expertise.

Academic Partner

The Partnership Contract between IFT and the University of Bedfordshire is currently under consultation following a review by the Office for Students of IFT’s academic processes, learning resources and facilities and support from academic partners. The process identified areas where any academic partner and IFT would need to ensure appropriate levels of support to ensure that it was possible for IFT courses to align with new, more stringent, government guidelines and regulations for academic standards going forward. It has been unclear how necessary it might be for IFT to register with the Office for Students as a higher education provider in its own right, aside from the academic partnership arrangements. As it is a resource intensive exercise, IFT and the University of Bedfordshire are currently negotiating their relationship in this context. This is also in the context of changes in the partnership validation agreements between learning partners and the University having significantly changed over the last 4 years, meaning that IFT has to provide more for students in its own right, rather than certain learning resources and support being available from within the University contract.

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INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity set out in the governing document are "the advancement of the science and skill of family therapy and systematic practice and related services".

Public benefit

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard for the Charity Commission's general guidance on public benefit.

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2) ’.

The training portfolio with traditional delivery at IFT and agency based training in home agencies continues to thrive and extend the reach of systemic ideas into new professional contexts.

IFT also continues to provide a low-cost therapy service directly to families, couples and individuals as part of the training process at the MSc level of Family and Systemic Psychotherapy course. The fee structure is based on a sliding scale to accommodate the lowest level of income. There were 275 appointments offered in 2020/21 and we were able to continue the service remotely throughout the UK's national lockdown.

MAIN ACHIEVEMENTS IN 2020-21

Premises

IFT moved to new premises in Great Tower Street in the City of London. Having invested in the new premises during 2020, despite obvious challenges, feedback about the building has been overwhelmingly positive. Staff, students and families have given hugely positive feedback on how the building creates an environment where all are welcome and open, transparent and engaging learning can take place. Prior to the recent Covid restrictions at the end of 2021 we had already established room rental bookings, even in a challenging environment.

Staffing

In 2021, IFT recruited Ashley Reid as Finance and Strategy Lead. Ashley led the Cranfield Trust review of IFT in 2020 and, through 2021, has contributed considerable experience, skill and knowledge in helping IFT undertake much needed infrastructure changes that provide a platform for IFT to sustain itself and grow into the future.

As part of the review, we have restructured staffing in all areas of our services, including establishing posts that can effectively contribute to implementing the strategic plan. IFT teaching staff has increased to accommodate the needs of up-to-date and relevant agency-based training and the additional MSc. tutors and supervisors make up a team of people who are more diverse than ever in background and experience. This enables students and families to experience teaching and therapeutic work with a staff team that represents them in more varied aspects of professional experience, as well as more wide-ranging social differences being reflected in the staff team.

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INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

Infrastructure

IFT has implemented changes, not just in staffing but in all aspects of its infrastructure, to ensure good governance and appropriate accountability and responsibility can be overseen by the board and the executive team. It is testimony to the team that they have achieved these much needed and fundamental changes

Diversity and Inclusion

In the current climate we are continually reminded of our pledge to oppose oppression, racism and hate and to learn and listen to and stand in solidarity with those who experience oppression in all its forms. We need to act in ways that will ensure change, not just for now, but sustained into the future and reflect our ability to influence

IFT is committed to continued dialogue with students and staff to enable them to work together and help shape our organisation, in our practice and through all our training, with respect and courage. We continue to review how our actions shape how the organisation develops, in our handbooks, our review of curriculums, our

Course Delivery

Following COVID restrictions, the courses continued to be carried out online until July 2021. Due to the efforts of all staff, trainers and students, the courses all continued to completion, including on-line therapy and all academic work being carried out on-line. Students have been able to access the training and support needed

IFT continued to work on-line and successfully recruited to new courses in a timely way without disruption to the usual programme and recruited to fill all in-house courses (Foundation and intermediate courses, the MSc Qualifying course and the Supervision course) that are now ongoing and are being successfully delivered. In 2021, Health Education England funded places for qualifying training and, despite the current pressures, IFT has recruited to and is going to be delivering its first consecutive MSc Qualifying level training.

Agency Based Training

IFT has continued to develop its agency-based training portfolio which includes new contracts with Local Authority Children’s Services Departments and contracts in other settings. IFT continues to be agile in developing new training where there continues to be a shift in emphasis to reflect increased interest in bespoke, short practice courses where training is delivered to higher numbers of people and with briefer, more focused, content.

CPD

While IFT’s CPD programme has been successful with on-line delivery, and been able to be agile in the current market, there is an increased appetite for free on-line training and shorter courses. We are experimenting with different kinds of delivery in this area in order to maximise the potential of our CPD programme to address cutting- edge clinical concerns and relevant, varied and diverse CPD content.

Social Media and messaging

IFT has established an increased social media presence and our messaging is beginning to reach wider audiences. See our Twitter, Linked-in, Instagram and Facebook pages. We have received excellent feedback on this increased activity.

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INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

STAFF

Our team continued to meet the challenges of working flexibly under COVID restrictions, successfully delivering services to students and families. As at 31 August 2021, our team was as follows:

Rachel Watson Director Robyn Galloway Senior In-House Academic Administrator Ashley Reid Finance & Strategy Lead (from Feb 2021) Nadia Tosic Director of Operations Simon Shattock Senior Lecturer Chip Chimera Director of CPD & Innovation Angela Vanriel Senior Business Development Manager – CPD Maite Elizalde Agency Based Training Administrator Viji Brad Book-keeper Annamaria Papayova Senior In-House Clinical Administrator Elisabeth Smith Membership Secretary

FINANCIAL REVIEW

Results and funding

The statement of financial activities for the year is set out on page 14 of this document and shows an overall net deficit for the year of £201,175 compared to a deficit of £95,306 for the previous year. This deficit was worse than our initial budget and largely caused by lower-than-expected income, principally that related to agency-based training contracts. Many of IFT’s clients have faced challenging circumstances during the pandemic and this has led to a reduction in their ability to commit to new training contracts during the period. Additionally, there was no income from room hire in the period, with COVID related restrictions meaning it was a service we were unable to offer. This compares to income of £2,723 during 2019/20, itself a figure considerably lower than previous pre- COVID periods. Fundraising and donations amounted to £5,114 during 2020/21. This compares to £2,175 in the previous year.

Similarly to last year, no transfers were made from the Robin Skynner fund to general funds. Whilst the restrictions on this fund enable it to be used to cover most of the Institute's activities, the Trustees are aware of the need to preserve this resource for future developments.

IFT does not have any outstanding loans or financing arrangements. Total cash reserves at the end of the financial year were £668,590 (2020: £782,418). Of this amount, free, unrestricted reserves amount to £582,443 (2020: £730,870) with restricted reserves of £51,848 (2020: £51,548).

Following a detailed review, the Trustees conclude that these reserves provide sufficient resources for IFT to be considered a going concern for at least twelve months from when the financial statements are authorised for issue.

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INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

Reserves policy

The Institute needs to hold 'free reserves' (unrestricted funds not designated for a specific purpose and in excess of amounts invested in tangible fixed assets) so that it can continue its activities in periods where funding does not cover expenditure. The Trustees adopted a policy whereby free reserves should be held which amount to at least 6 months’ operating expenditure not relating to income generated from the services provided by the Institute. On this basis, there would be a requirement for reserves of approximately £375,000. The Trustees conclude that this requirement is met given the level of free reserves.

Additionally, the Institute keeps a designated fund to cover the conditional liability to the TPT Retirement Solutions Growth Plan Pensions Trust, (further details in note 21) which totals £59,890.

Fundraising policy

IFT had no fundraising activities requiring disclosure under The Charities (Protection and Social Investment) Act 2016. As the Institute undertakes no fundraising activities, there is no involvement of third party fundraisers and therefore no complaints were received in the year regarding fundraising practices.

FUTURE PLANS AND CHALLENGES FOR 2021/22

IFT has faced considerable challenges in the last year due to continued COVID restrictions and staffing challenges and the investment in the new premises where COVID restrictions made it impossible to fully release the potential of the building during 2021. This has presented financial risks as well as well-being risks to staff and trainees.

Following input from the Cranfield Trust and the subsequent service review and changes, the board are working together to ensure they are meeting their responsibilities for clear accountability and governance of the organisation and future planning that is transparent and confident.

Agency-based training contracts were significantly impacted in 2020-21. Many of IFT’s clients have faced challenging circumstances during the pandemic and this has led to a reduction in their ability to commit to new training contracts. We anticipate that the post COVID environment for training within public sector and other settings will be fundamentally different in priorities for services in training and clinical practices. We know that IFT must continue to be flexible and responsive to the changing professional environment in the NHS and Social Care as well as other contexts and participate in conversations around any changes. Efforts must continue to develop a range of training such as short courses that reach new partners and participants without diluting the quality of the teaching and delivery. It is likely that partnerships, both formal and informal, will provide security in new areas of work and CPD developments. IFT must maintain its reputation alongside other systemic training providers and continue to be financially competitive.

Alongside challenges regarding academic teaching partnerships, IFT must also look to develop training that increases access to the profession for trainees of different backgrounds. An increasingly close working relationship with the Association of Family Therapy can be utilised to address how IFT can play a part in the development of the profession in order that access to family therapy and systemic practice to families and communities can be increased.

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INSTITUTE OF FAMILY THERAPY

Trustees' Report For the year ended 31st August 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also directors of IFT for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors 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 directors 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 Institute and of the incoming resources and application of resources, including the income and expenditure, of the Institute for that period. In preparing these financial statements, the directors are required to:

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

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

Financial Auditors

During the year, the Trustees made the decision to appoint new financial auditors. The replacement of auditors every few years provides a “fresh pair of eyes” and is deemed prudent best practice. Consequently, Price Bailey, a firm with considerable experience In the charities sector, was appointed and they have undertaken the independent audit of these accounts. Price Bailey will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the Board

Kathleen Waters- Trustee

Date: 29th March 2022

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INSTITUTE OF FAMILY THERAPY

Independent Auditor's Report To The Trustees of Institute of Family Therapy

Opinion

We have audited the financial statements of Institute of Family Therapy (the ‘charitable company’) for the year ended 31 August 2021 which comprise the Statement of Financial Activities (incorporating income & expenditure account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ 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 Company'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.

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INSTITUTE OF FAMILY THERAPY

Independent Auditor's Report To The Trustees of Institute of Family Therapy

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement (set out on page 9), 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 directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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INSTITUTE OF FAMILY THERAPY

Independent Auditor's Report To The Trustees of Institute of Family Therapy

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Charitable Company and the sector in which it operates, and considered the risk of the Charitable Company not complying with the applicable laws and regulations including fraud in particular those regulations directly related to the financial statements, including financial reporting, and tax legislation. In relation to the operations of the Charitable Company this included compliance with the Charities Act 2011 and SORP 2019, GDPR, and employment

l The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, review of legal fees, and made enquiries of management and officers of the Charitable Company.

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustment for appropriateness. We evaluated the business rationale of significant transactions to identify large of unusual transactions and reviewed key authorisation procedures and decisionmaking processes for any unusual or one-off transactions.

We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.

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INSTITUTE OF FAMILY THERAPY

Independent Auditor's Report To The Trustees of Institute of Family Therapy

This description forms part of our auditor’s report.

Use of this report

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

………………………………………………………….

Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor) For and on behalf of

Price Bailey LLP 24 Old Bond Street London W1S4AP Date:

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INSTITUTE OF FAMILY THERAPY

Statement of Financial Activities (Incorporating the Summary Income and Expenditure Account) For the year ended 31st August 2021

Note
INCOME
Donations and legacies
2
3
Training
Membership services
Investment income
4
Other income
5
Total income
EXPENDITURE
Charitable Activities
Training
6
Membership Services
6
Total expenditure
Net (expenditure)
16
Net movement in funds
Total Funds Brought Forward
Total Funds Carried Forward
20
Charitable activities
(Losses) / gains on pension scheme
deficit reduction provision		 Unrestricted
Funds
£
5,114
655,298
7,500
869
820
669,601		 Restricted
Funds
£
-
-
-
-
-
-		 Total
2021
£
5,114
655,298
7,500
869
820
669,601		 Total
2020
£
17,037
910,564
7,740
2,999
2,773
941,113
851,101
20,215		 -
-		 851,101
20,215		 1,019,407
17,012
871,316 - 871,316
1,036,419
(201,715)
(201,715)
784,158
582,443		 -
-
-
51,848
51,848		 (201,715)
(201,715)
836,006
634,291
(95,306)
-
(95,306)
931,312
836,006

The notes on pages 17 to 30 form an integral part of these accounts and all activities are continuing

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INSTITUTE OF FAMILY THERAPY

Balance Sheet as at 31st August 2021

Note
Fixed Assets
Tangible fixed assets
13
Current Assets
Debtors
14
Cash at bank and in hand
Creditors: Amounts falling due
within one year
15
Net Current Assets
Total assets less current liabilities
Provisions for liabilities
16
Total Net Assets
Funds
Unrestricted funds
20
Restricted funds
20
Total Funds		 2021
£
85,762
668,590
754,352
(211,328)		 2021
2020
£
£
143,816
164,911
783,105
948,016
(243,488)
543,024
686,840
(52,549)
634,291
582,443
51,848
634,291		 2020
£
171,529
704,528
876,057
(40,051)
836,006
784,158
51,848
836,006

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 17 to 30 form an integral part of these accounts and all activities are continuing

Approved by the Board of Trustees, authorised for distribution, on ………………………………………….29th March 2022 a nd signed on their beh alf by:

...................................................... Kathleen Waters, Trustee

Company Registration Number: 1621020

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INSTITUTE OF FAMILY THERAPY

Statement of Cash Flows for the Year Ended 31st August 2021

Cash Flows (used in) / provided by operating activities
Net cash flow (used in) / provided by operating activities
Cash flows from investing activities
Payments to defined benefit multiemployer pension scheme
Payments to acquire tangible fixed assets
Net cash flows (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
Analysis of cash and cash equivalents
Cash at bank and in hand
Short term deposits
Analysis of changes in net debt
Cash
Total
Investment income and interest received		 Note
23
1 September
2020
£
782,418
782,418		 2021
£
(101,843)
869
(7,635)
(5,219)
(11,985)
(113,828)
782,418
668,590
2021
£
88,935
579,655
668,590
Cash
Flows
£
(113,828)
(113,828)		 2020
£
(101,449)
2,999
(7,413)
(183,392)
(187,806)
(289,255)
1,071,673
782,418
2020
£
88,594
693,824
782,418
31 August
2021
£
668,590
668,590

Page: 16

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

1 Accounting Policies

Basis of Preparation of the Financial Statements

These financial statements are prepared on a going concern basis, under the historical cost convention.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charitable company is a public benefit entity for the purposes of FRS 102 and therefore the charitable company also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity’s forecasts and projections and have taken account of pressures on donation and charitable income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

As part of their review the Board of trustees have additionally considered the implications of the current Coronavirus Pandemic on the going concern assumption. The economic impact on the charity due to the Coronavirus Pandemic is subject to unprecedented levels of uncertainty with the full range of possible effects unknown. Sensitivity analyses have been applied to the forecasts to assess a range of potential impacts from the Coronavirus Pandemic. In the analyses, a variety of assumptions were modelled with varying degrees of impact and duration. Whilst there is evidence of negative effects on income and cash flows, the resulting sensitised forecasts continue to support the going concern assumption and the Board of trustees are confident they can take sufficient mitigating action to ensure that available funds will be sufficient for the charity's needs.

Income

Grants receivable are included in the Statement of Financial Activities on an accruals basis when there is entitlement to the income, probability of receipt and the amount can be measured reliably, with grants received for specific purposes treated as restricted income.

(ii) Donations and gifts

All monetary donations and gifts are included in the Statement of Financial Activities on receipt. No value is attributable to donations in kind and these are not included in the income or expenditure account. Donations under Gift Aid, together with the associated income tax recoveries, are credited to the income and expenditure account when the donations are received.

(iii) Charitable activities

Income from charitable activities is accounted for when earned.

Page: 17

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

Allocation and apportionment of costs

Expenditure, which is charged in the Statement of Financial Activities on an accruals basis, has been classified under headings that aggregate all costs related to the type of activity. Where costs cannot be directly attributed to a particular activity (i.e. support costs) they have been allocated to them on a basis consistent with use of the resources. Support costs have been allocated on the basis of staff time spent on the various activities as this is felt to be a measure of the relative proportion of resources consumed.

Tangible Fixed Assets

Tangible fixed assets costing more than £1,000 are capitalised and depreciated over their useful lives and shown in the balance sheet at cost less accumulated depreciation. Depreciation is provided at the following rate:

Long leasehold - Over length of lease Fixtures and fittings - 20% on cost Computer equipment - 33% on cost

Fund accounting

(i) Restricted funds

The restricted funds are funds which have been raised for a specific purpose to which their use is restricted, or donations subject to donor imposed conditions.

(ii) Designated funds

Designated funds are funds set aside out of general funds and designated for specific purposes by the Trustees (who in this case are the members of the Council).

(iii) General fund

The general fund consists of those funds which the company may use in furtherance of its charitable objectives at the discretion of the Trustees.

Leases

Operating lease commitments are provided for in the balance sheet at the time rental payments fall due. Such rental costs are charged to the Statement of Financial Activity as accrued.

Members' and professional support

Members of the Institute of Family Therapy support the work of the Institute variously by serving on key committees, developing the policies of the Institute and representing the Institute on other professional bodies. Such members also provide a significant service to members of the public and are key people in developing and running the various training programmes, choosing to accept fees at less than half the standard rate. Income and expenditure does not include the value of this donated time.

Retirement benefits

Contributions in respect of the company's defined contribution pension scheme and certain employees' personal schemes are charged to the income and expenditure account for the year in which they are payable to the schemes.

The company also participates in the Pensions Trust's Growth Plan, for the directorate. This plan is funded (and not contracted out of the state scheme) and is a multi-employer pension plan. Contributions paid into the Growth Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement date. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement.

Page: 18

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

1 Accounting Policies (continued)

Retirement benefits (continued)

Actuarial valuations of the Growth Plan are carried out every three years to determine its funding position, by comparing the assets with the past service liabilities at the valuation date. If the actuarial valuation reveals a deficit, the scheme's Trustee has the power to agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers and/or investment returns. It is not possible in the normal course of events to identify the share of underlying assets and liabilities belonging to individual participating employers. Accordingly, due to the nature of the Plan, the accounting charge for the period under FRS102 represents the employer contributions payable.

However, the charity has been notified of its commitment to the deficit reduction plan payable in additional contributions over a 10 year period. Provision has been made in these accounts for the full liability estimated to fall due under the deficit reduction plan. The balance of regular employer payments payable is recognised in each accounting period as they fall due.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of amounts due to and from HMRC, prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 14 and 15 for the debtor and creditor notes. The balances are reflected initially at transaction price and subsequently at settlement value.

Key estimates and judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements:

Page: 19

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

2 Donations and Legacies

Donations
Grants		 Unrestricted
Funds
£
5,114
-
5,114		 Restricted
Funds
£
-
-
-		 Total
2021
£
5,114
-
5,114		 Total
2020
£
2,175
14,862
17,037

Income from donations and legacies totalled £5,114 (2020: £17,037) of which £NIL was attributable to restricted funds (2020: £NIL) and £5,114 was attributable to unrestricted funds (2020: £17,037).

Grant income is £NIL in the year. (2020: £14,862). This includes grants receivable relating to furloughed employees during the year to 31 August 2020 i.e. Government's Job Retention Scheme Grant. NonDepartmental Public Bodies furlough income was shown in donations and legacies.

3 Charitable activities

Charitable activities
Training
Membership services		 Unrestricted
Funds
£
655,298
7,500
662,798		 Restricted
Funds
£
-
-
-		 Total
2021
£
655,298
7,500
662,798		 Total
2020
£
910,564
7,740
918,304

All income from charitable activities was attributable to unrestricted funds (as was prior year).

4 Investment income

Investment income
All investment income was attributable to unrestricted funds (as was prior year).
5
Other income
Rent and room hire
Miscellaneous income		 2021
£
869
2021
£
-
820
820		 2020
£
2,999
2020
£
2,723
50
2,773

All other income was attributable to unrestricted funds (as was prior year).

Page: 20

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

6 Charitable activities

Charitable activities
Training
Membership Services
Training
Membership Services		 £
560,605
13,315
Direct costs		 Support costs
(See note 7)
£
290,496
6,900		 Total
2021
£
851,101
20,215
573,920 297,396
Support costs		 871,316
Total
Direct costs (See note 7) 2020
£
666,625
8,523
675,148		 £
352,782
8,489
361,271		 £
1,019,407
17,012
1,036,419

All of the above costs totalling £856,218 were attributable to unrestricted funds (2020: £1,036,419)

7 Allocation of Support costs

Training
Membership services		 2021 2020
£ £
290,496
6,900		 352,783
8,488
297,396 361,271

Support costs, included in the above, are analysised within note 7(b).

Page: 21

2021 £ 9,581 11,323 576 139,957 32,932 43,649 59,378 297,396 2020 £ 25,115 11,496 1,466 225,639 17,820 41,544 38,191 361,271
Membership services £ 222 263 13 3,247 764 1,013 1,378 6,900 Membership services £ 590 270 34 5,302 419 976 897 8,488
Training £ 9,359 11,060 563 136,710 32,168 42,636 58,000 290,496 Training £ 24,525 11,226 1,432 220,337 17,401 40,568 37,294 352,783
7(b)
Analysis of Support Costs		 Staff costs Hire of plant and machinery Cleaning Property expenses Depreciation Other office costs Governance(see note 8) Staff costs Hire of plant and machinery Cleaning Property expenses Depreciation Other office costs Governance(see note 8)

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts

For the year ended 31st August 2021

8
Governance costs
2021
£
34,634
16,152
8,592		 2020
£
Staff costs
Audit
Legal and professional		 21,255
12,018
4,918
59,378 38,191
9
Net (expenditure)
Net (expenditure) is stated after charging:		 2021
£		 2020
£
Depreciation- owned assets
Hire of plant and machinery
Other operating leases
Auditors' remuneration- current year fee
Auditors' remuneration- prior year fee (under accrual)		 32,932
11,323
62,951
8,775
-		 17,820
11,496
74,324
9,950
65

10 Trustees' remuneration and benefits

The members of the Council did not receive any remuneration as statutory directors of the company in the current or prior year.

11 Trustees' expenses

There were no trustees' expenses reimbursed during the year ended 31 August 2021 (2020: £NIL).

12 Staff costs

12 Staff costs
Salaries
Social security costs
Pension costs
Total Staff costs
Staff costs have been allocated as shown below:		 2021
£
380,201
34,459
11,572
426,232
2021
£
368,702
13,315
382,017
9,581
34,634
426,232		 2020
£
393,822
32,716
13,962
440,500
2020
£
Training
Membership services
Charitiable activities
Support costs		 385,607
8,523
394,130
24,428
Governance 21,255
439,813
The average number of monthly employees during the year was as follows:
Training
Support staff		 2021
9
7		 2020
13
5
16 18

Page: 23

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

One employee earned between £60,000 to £70,000 during the current year (2020: £NIL). Pension contributions relating to this individual amounted to £3,200.

Key management personnel include the Chief Executive and senior staff reporting directly to the Chief Executive. Total remuneration paid to charity's key management personnel during the year to 31 August 2021 totalled £208,325 (2020: £187,354). No trustee received any remuneration as part of this amount.

13 Tangible fixed assets

Cost Long leasehold
£		 Fixtures and
fittings
£		 Computer
equipment
£		 Totals
£
At 1st September 2020 178,582
-
-
178,582
13,394
28,080
-
41,474
137,108
165,188		 78,311
-
-
78,311
73,920
1,414
-
75,334
2,977
4,391		 28,499
5,219
-
33,718		 285,392
5,219
-
Additions
Disposals
At 31st August 2021
290,611
Depreciation 26,549
3,438
-
29,987
At 1st September 2020 113,863
32,932
-
Charge for year
Disposals
At 31st August 2021
146,795
Net book value 3,732
1,950
At 31st August 2021
At 31st August 2020		 143,816
171,529
14
Debtors
Trade debtors
Prepayments and accrued income
Amounts due within one year
Rent deposit
Amounts due after one year		 2021
£
9,114
21,173
30,287
55,475
55,475
85,762		 2020
£
92,157
17,279
109,436
55,475
55,475
164,911
15
Creditors: Amounts falling due within one year
Other creditors
Taxation and Social Security
Accruals
Deferred income		 2021
£
3,810
12,157
13,998
181,363
211,328		 2020
£
57,814
10,193
61,785
113,696
243,488

Page: 24

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

Deferred income included in the above, are analysised within note 15a.

15a Deferred income
Amount deferred in year
Deferred income 1 September 2020
Amount released to income earned from charitable activities
Deferred income 31 August 2021		 2021
£
113,696
(175,590)
243,257
181,363		 2020
£
432,124
(1,042,369)
723,941
113,696
16
Provisions for liabilities
Defined benefit deficit reduction payments (See note 16a)
Dilapidations		 0
£
27,549
25,000		 2020
£
35,051
5,000
52,549 40,051

16a Defined benefit pension provision

The charity participates in the TPT Retirement Solutions – The Growth Plan scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2019 to 31 January £11.243m per annum (payable monthly and increasing by 3% each on 1st April) 2025:

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Page: 25

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

Deficit contributions

From 1 April 2016 to 30 September 2025 £12.945m per annum (payable monthly and increasing by 3% each on 1st April) From 1 April 2016 to 30 September 2028 £54,560 per annum (payable monthly and increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Reconciliation of opening and closing provisions
Provision at start of period
Unwinding of the discount factor
Deficit contribution paid
Remeasurements- impact of any change in assumptions
Remeasurements- amendments to the contribution schedule
Provision at end of the period
Income and expenditure impact
Interest expense
Remeasurements- impact of any change in assumptions
Assumptions
2021
% per annum
Rate of discount
0.63		 2021
2020
£
£
35,051
41,777
170
367
(7,635)
(7,413)
(37)
320
-
-
27,549
35,051
2021
2020
£
£
170
367
(37)
320
133
687
2020
2019
% per annum % per annum
0.55
0.97		 2020
£
41,777
367
(7,413)
320
-
35,051
2020
£
367
320
687

Page: 26

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

17 Operating lease commitments

The following operating lease payments are committed to be paid in total

Total payable:
Less than 1 year		 2021
2020
£
£
92,458
55,475
258,881
221,900
-
189,540
351,339
466,915
Land and Buildings		 2021
2020
£
£
7,143
3,809
2,628
-
-
-
9,771
3,809
Other		 2021
2020
£
£
7,143
3,809
2,628
-
-
-
9,771
3,809
Other
Between 2-5 years
In more than 5 years		 -
-
3,809

18 Pension commitments

The company makes contributions to company and group personal pension schemes in respect of the Directorate and certain employees. The payments to these defined contribution schemes are charged in the accounts when payable and amounted to £11,572 (2020: £13,275).

Page: 27

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

19 Analysis of net assets between funds 19 Analysis of net assets between funds 19 Analysis of net assets between funds
Unrestricted
funds
£
Fixed assets
143,816
Current assets
705,105
Current liabilities
(211,328)
Provisions
(52,549)
585,044
Unrestricted
funds
£
Fixed assets
171,529
Current assets
896,168
Current liabilities
(243,488)
Provisions
(40,051)
784,158		 Restricted Total funds
funds funds 2021
£ £ £
143,816
705,105
(211,328)
(52,549)		 -
51,848
-
-		 143,816
756,953
(211,328)
(52,549)
585,044 51,848 636,892
Restricted Total funds
funds Funds 2020
£ £ £
171,529
896,168
(243,488)
(40,051)		 -
51,848
-
-		 171,529
948,016
(243,488)
(40,051)
784,158 51,848 836,006
20
Movement in funds reconciliation
Income
Expenditure
At 1st
September
2020		 £
-
-
Gains/
(losses)		 Transfers
£
40,110
(40,110)		 At 31st
August 2021
Unrestricted funds
General		 £
£
£
684,158
669,601
(871,316)
100,000
-
-		 £
522,553
Designated funds
Provision for pension liability
(see note 21)
Total unrestricted funds
59,890
784,158
669,601
(871,316)		 - - 582,443
Restricted funds
(a) Bulgarian project
(b) Robin Skynner Educational		 300
-
-
51,548
-
-		 -
-		 -
-
300
51,548
Total restricted funds 51,848
-
-		 - - 51,848

(a) The Bulgarian project was set-up some years ago by grants from the British Council to advance family therapy training in Bulgaria. Activity has been relatively low in recent years.

(b) The 'Robin Skynner Educational Fund" represents a legacy from the state of Dr Robin Skynner, which was transferred from the Talbot House Trust for the purposes of advancement of education, including training, at the Institute of Family Therapy.

Page: 28

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

Comparative information: Movement in funds reconciliation for year ended 31 August 2020
At 1st
September 2019
Income
Expenditure
Gains/
(losses)
Transfers		 Comparative information: Movement in funds reconciliation for year ended 31 August 2020
At 1st
September 2019
Income
Expenditure
Gains/
(losses)
Transfers		 Comparative information: Movement in funds reconciliation for year ended 31 August 2020
At 1st
September 2019
Income
Expenditure
Gains/
(losses)
Transfers		 Comparative information: Movement in funds reconciliation for year ended 31 August 2020
At 1st
September 2019
Income
Expenditure
Gains/
(losses)
Transfers		 Comparative information: Movement in funds reconciliation for year ended 31 August 2020
At 1st
September 2019
Income
Expenditure
Gains/
(losses)
Transfers		 Comparative information: Movement in funds reconciliation for year ended 31 August 2020
At 1st
September 2019
Income
Expenditure
Gains/
(losses)
Transfers
At 1st
September 2019		 Income Expenditure Gains/
(losses)		 At 31st
August 2020
Unrestricted funds
General		 £
779,464		 £
941,113		 £
(1,036,419)		 £ £
-		 £
684,158
Designated funds
Provision for pension
liability (see note 21)
Total unrestricted funds		 100,000 - - - 100,000
879,464 941,113 (1,036,419) - - 784,158
Restricted funds
Bulgarian project
300
Robin Skynner Educational
51,548
Total restricted funds
51,848		 300 - - - - 300
- - - - 51,548
51,848 - - - - 51,848

21 Contingent liabilities

The pension scheme for the Directorate is a multi-employer scheme operated by The Pensions Trust under their Growth Plan. Following recent legislation, an employer withdrawing from the Growth Plan is liable to contribute its share of any deficit resulting from the value of the scheme assets being less than the Scheme Actuary's estimate of the value of the benefits due from the Growth Plan, on a 'full buy-out basis'. Withdrawal occurs when an employer ceases to employ at least one person who is an active member of the scheme and there is currently one such active employee.

IFT paid contributions at a rate of 5% and the members contributed at a rate of 5% during the accounting period.

As at the balance sheet date there was one active member of the Plan employed by IFT. The charity continues to offer membership of the Plan to its employees.

The most recent triennial valuation, on 30 September 2020, has revealed that the Growth Plan was 96% funded on the full buy-out basis. Whilst there is no current intention to withdraw from the scheme, the Scheme Actuary has estimated the 'employer debt on withdrawal liability' for the Institute, as at 30 September 2020 to be £59,890. The actual amount payable, (if any,) in the event of withdrawal would depend on the effect of market conditions and actuarial assumptions on the funding position at that time. The Plan’s funding level and deficit has seen a positive improvement since the 2017 valuation. The main reasons for the positive change are:

• The payment of deficit contributions and withdrawing employer debt payments paid over the period, resulting in a reduction in the deficit;

• The significant protection provided by the Plan’s hedging strategy which has protected the Plan from falling gilt yields and minimised the impact on funding; and

22 Related Party Transactions

There were no related party transactions in the year, nor in the prior year.

23 Reconciliation of net (expenditure) to net cashs flow from operating activities

Adjustments for:
Depreciation charges
Investment income
Increase in provisions
Decrease in debtors
Decrease in creditors
Cash adjustment to prior year
Net cash used in operating activities
Net (expenditure)		 2021
£
(201,715)
32,932
(869)		 2020
£
(95,306)
17,820
(2,999)
5,000
242,101
(268,065)
20,133
79,149
(32,160)
687
(101,843) (101,449)

Page: 29

INSTITUTE OF FAMILY THERAPY

Notes to the Accounts For the year ended 31st August 2021

INCOME
Donations and legacies
Charitable activities
Training
Membership services
Investment income
Other income
Total income
EXPENDITURE
Charitable Activities
Training
Membership Services
Total expenditure
Net (expenditure) / income
Gains on pension scheme
deficit reduction provision
Net movement in funds
Total Funds Brought Forward
Total Funds Carried Forward		 Unrestricted
Funds
£
17,037
910,564
7,740
2,999
2,773
941,113		 Restricted
Funds
£
-
-
-
-
-
-		 Total
2020
£
17,037
910,564
7,740
2,999
2,773
941,113		 Total
2019
£
5,327
935,581
8,655
2,520
46,013
998,096
1,019,407
17,012		 -
-		 1,019,407
17,012		 1,028,503
20,145
1,036,419 - 1,036,419
1,048,648
(95,306)
-
(95,306)
931,312
836,006		 -
-
-
-
-		 (95,306)
-
(95,306)
931,312
836,006
(50,552)
6,901
(43,651)
974,963
931,312

25 Legal Status

The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

Page: 30