INSTITUTE OF FAMILY THERAPY IA eompany limlted by guarantee and nol having a Share capital) Financial Statements For the year ended 31 August 2023 Company Nurnb8r- 1621020 Charfty Number.. 284858 1610212024 CCWAPANIES HCAJSE 276 INSTITUTE OF FAMILY THERAPY Twstees. Report For the yearended 31st August 2023 Page Twslees. Ret 110 10 Audilorfs Rewt 11 to14 Statwnent of Fina￿181 Actrwt 15 Balanc8 Sheet 16 Statwnent of Cash Flowa 17 Noles to the AC￿nts 18to31 INSTITUTE OF FAMILY THERAPY Trustees. Report For the year ended 31st August 2023 Company Nurnbgr. 1621020 Charity Numtser. 284858 R•gistered Office: 14 Great Tower Street London EC3R SAA Trustees Cath Connolly Iresigned 19110120231 Philip th¢k Ajastsir Pearson Klarc Raven (resigned 11107r20231 Graham Stedrnall IreswJned 27103r20231 Kathleen Waters kur r?UPt?1opw.intwJ 01101120231 Philip Meswt lappinted 09110r20231 Auditors". Price Bailey LLP 24 Cxd Bond Street Lcrton W1S4AP Direet¢rs'. Rachel Watsc Sumrta Dutta Taw Afuape Solicitors= IAi11s & Re￿e I St James C(yJrt Whrtefna NoM¢h NR31RU P89e'. 1 INSTITUTE OF FAMILY THERAPY Trustees. Report For the year ended 31st August 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Or9anlsational Structure The Institute's govemry document is the"Memorandum and New At￿clÈS ol Assouation of the Institut8 of FarniIyTherap￿ dated 22nd January 2015. The Board consists of trustees are also directors of the Company. The Board of Tmstees eA)nvenes Ihree sub-committees. one ofwhich, the Financ8 and G8neral Purposes Committee, has ddegaied authority ¢0 make decisions ¢)n behaw ofthe Board. The￿ Is also an Ethic5 Sub-committee and a Pdicy-su￿ornmlttee re￿)rt to Ihe full Board. Terrns ol reference are set by the Board for Ihe fcllowng wrposes.. To set the strategic objectives ofthe charity. This is done with the ad¥￿e of the Director To set the parameters wthin the Diredor an¢J achieve Ihjse cljjectives le.g. the bu6Jet and pc4icy framework) To rnoni￿r wogress and to tske au1(￿ acwding The Board of Trttstees is not (x)r￿£Me￿ vAlh the daWo4ay management of the charity. Ithich is de￿ated to 1he DIreth￿ an¢J Sen￿ managwneni tea Risk Management and the 8oard of Trustees The trustees hav8 a duty to identify arKt r8vw Ihe risks to whith the charty is eyM)sed and to ensure appropriale controls are in place lo provide reasonable assurance aoain$t fraud and error_ To achieve this, the Board ofTnJstees has ests￿lShed a risk regBtw that W risk5 and the planned aclk?n to miligale them. Iden￿ried risks indude the folknwng.. As an organisation that prirnaritygenerates income from the prowsion of variou5 types of training aThJ family therapy related services, any circumstances or events that impir￿e on IFT'S abilty to do $0. Inability to achieve all the required extemal approvals and acc¥editat￿¥ts so that IFT can Ccnlinue to deliver its cfjurses and trainiw. Inabilty to attracl and retsin the apwopnate numbers of staff and tutors of sufficient quality effectivelyto manage the organisation and deliver its tr8iniro and course& Failure lo resp)nd to Ihe chan9iTrJ needs of Ihe sotsety rt serves. foT example calls for In￿ased diversity in its course5. CPO and slaffing, leadi￿ to fepufational irnpad and reduced rekvance of IF[ within the society r( seeks to serve. Lack of sufficient intemal and extemal controls, oversight and challenge to ensure Ihat IFT maintains robust financial, academic antj operats.onal stsThJards to meet be51 wacts"ce. The Ethics SutFCommillee and Ihe Finan￿ and General Purposes SulFCommfftee iewrt to the Board of Trustees. Each sub-committee indudes up lo 3 Board menknrs and either the DireGtor of IFT or the Director of Operations, or Lead for Strategy and Finance. Page.. 2 INSTITUTE OF FAMILY THERAPY Trustees. Report For the year ended 31st August 2023 The Finance and General Pwposes Sutrtrcommittee is chawed by one of the Trustees. This monilors and reviews the financial perfomiance of IFf. Dwing 2022-23 the conlA)ued focus was on ensuring the finanual st8bilty of the organis8Don. The Finanr£ and Gener81 Pvrw)ses su￿Cl￿Mittee h8s delegated powers an reports deosions lo Ihe Board of Trus*es at rts regular meets"ngs. The w1￿Y framework of IFT is rewiewed and meets current legislative requirements. Where 8tterdtion5 hav& been required tn policy. the Dtre¢tors have ertgaged an expert in the to en$￿￿ tral the organisatton meets st8lutory and human resources stsndaids. This has been the case for HR slandards in 2022123. e EthiGS SUt￿cOmm￿ee reviews any ethical dlemmas that have emerged erther through complaints 01 practice issues in ielabon to the deliveryof Se￿￿$. As a member ofthe Comklainfs Pro¢esse5 oflhe United Kingdom for P$5rhotherapy ILIKCPI, many of the rKa¢tic£ complaints are heard In Ihal contexi. Where there are complaints that do not fall into thai category, IF[ have robust wAiaÈs Ihat apply Isuch a$ IFT Student complaint5 policy and procedu￿. IFfs ComF4ainls policy and pr(tedU￿ and IFfs Filne5S to St￿jY and ritness lo pra¢￿'se polic￿ and pr￿edureS and the Eth￿$ SUt￿cOMm[11ee wwld be a¢bvely inVo￿ed in Further delails on the main risks io the charity can be seen underthe FutUTe Plans and Chalknges Secti￿ of this report. Health and Salety IFT monitors health and safety issues Wwough reKM)rthNJ d any wdent in an Acodenl Lo9. The Ac£ident Log cords the fc41owTng Informatic￿." details of the person hawng the acudenl, detals of the person CoM￿e*"n9 the report, details of the accident and %that happened as a result and a note of anyf01￿ up action that tn¥Jht be required. There were no re￿Ie{l ac(idents ￿ 2022r23. Remuneratlon Policy Each Aprd the Board of Trustees reviews the remUr￿ratIOTr pjhcy a view to bringing key mana9ernent and staff salaries in line the felevani benchmark_ By this date. the mW"nt of the financial year will have been reached and It will be clearwhethef Ihere is the kw)ssibilty of awarding any increases. The benchmark lor Dtrectorate staff is the NHS AgeThJa for change salary scae and. fLwthe administrative staff. an artnLMI Su¢cession planrting lor the Board of Tru51ees It has be￿ very usefrA to the tKord to have a steady membership wth diverse skill sets SI￿ January 2020. Board membership will evc4ve over time and whilst we ale sad 10 see the depwbjre of both Marc Raven and Graham Stedrnan as truslees dur￿￿ the ￿ar for personal reasons, we are delt9hted that Philip Me5sent agreed to become a twstee. The ￿ard recognises Ihe need for greater pa￿1pation from servir£ users. cf*nts and stud2nts and currently is establishing a working partyto ensu￿ appropriate pa￿￿pab"On ai all levels of Ihe organisation. The boar also recogni5es the need io rewew the sub-CAynrnitlees and theirftjnclions to ensvre appropriat8 UP to date and transparent govemance frameworks ihat are continty)usly under review and may i￿￿￿e exiemal expertise. Academic Partner We have decided 10 leave the partnershi) *ith Ihe UnweNty of Bethordshire. The sivdents ujrrently registered are not effected and the unwersity and IFT wdl toJelher ensure Iheir rI)m￿etion of the current courses In their entirety under a'lea¢h oui. agr8emenl. Page.. 3 INSTITUTE OF FAMILY THERAPY Trustees. Report For the year ended 31st August 2023 OBJECTIVES AND ACTIVrnES Objediv¢s and aims The 0￿.ects of the charity set tyjt in the govemiThJ do￿rnent are Ihe advancement of the srAence and skill of 18mily therapy aThJ systernath"¢ wa¢tice and related services". Ways of worlling. vigon. mission and purposes IFT Ways of Workin9 IFf ha5 developed ways of %w)rking a￿nd the slrayine'justte. Rela1￿nShIps. Hope. IhttPS."ifiri.cwg.ukMt- wayw1f-wwk1n￿. Under Justice, are the ￿Cepts of ACti￿5m, Refie￿ty and Cornpassion. 1 1. IFT recognise the impact of instilubonal forms of oppres5K¥), marginah"5ation arKJ Social disadvantsge on families and strive lo narne. conlTont and Chal￿Trge thern 2 2. We are conslantlystrivirfj to k)c* at arKJ address short comings thwh cA)ntinually seeking, and acting on, feedback fr£￿ families, train8es. teathers and stalf 3 3. We insist kindness. indusion and respect for eath other. %%YLh respect to action. intention and language. in line ￿*th IFfs core values. We a￿ ￿)¢ afraid to admit our mistskes at)d make amends Under Relatlonshlps. are the Cor￿ept$ of Comrnunicalion. cdfabOrd￿n and Cornmun 1 We communicate ￿th sensibvty. darity. and appreualK)n. anil value bLNkJiNJ posi¢Ne Telalionships. We Sirive to have equal e(kmmilmenl to both I￿lening and speaking We vaue ¢x>working, ¢trpr(￿Ud￿n and (￿laboratiVe w of Mxking, learniro and practhung, Ihat centralises the voices of the mosi marginalis 3 We strive to ueate a happy learnin9 C4)mmunity ¥there. dNerse 10rn5 of kn¢￿￿edge are respected and induda, we ask challengir¥J questions antl encwrage critical ￿flectiOn and we move beyond comfort in der to grow m￿ttr￿n and IndusiC￿." We know another world is possiPJe and we hope lo suppc4t peopk to Challenge the oppressNe and 1 drffi¢ull aspects of their fves using relationships as a resource We hope that famity Iherapy and systemic can transforrn people's relatK)nships ènd 2 ¢ircumslar¢¢es for the better We hope that an understandin9 01 how Opp￿$￿ impacts ¢wr lives and the devebprnent of indusive 3 and equitab￿ relationships and in5ti1utions. becomes Comme￿ place. Page.. 4 INSTITUTE OF FAMILY THERAPY Trustees. Report For the year ended 31st August 2023 Vision. Misslon and Purpose With respect to prornob.ng ¢Jiversity. equity. indusKffi and equality within bbider soc*ty. IFT has a VisK)n and Mis5ton statement Ihal highlights the l(Alo*ing". Forr8mltythe￿￿Y￿r￿SY￿t￿m￿￿ra¢l￿e 10." . Supp(xt all people to thallenge the oppressive and diffiurm aspects of the(rlNes using ￿ta￿onShIpS as . Traasfom) people's relationships and circurnslances for Ihe better . Ensure that an Undeota￿lrrfd of how oppressk)n impacts our lives anL1 the tIeve￿pMent of indusive Missio We s$￿e lo." . Oevew a diverse ccmmunity of peOe who a￿ passwjnate abtyJl systemic iL1eas c￿8 . Use our a¢tive and inlernaltona cornrnunity to develop and deliver high quality. responsive and cultiThJ - Conlextualise k)eople'$ difficulbes. stren9then relalw5hws and promote a more just. equitable and IFTvHIws.' . Providing therapy for iThJividuals. couples and families. anty using sy3ternic Kseas to work wth larger - Pr(xnoting the $y51em￿ approach as a worfd-wew, a set of practices, and a wayof addressing social Meaningful inclusKJn and diversity of people5, Ideas and intervenbons. thal acknvdy 5eek5 the views, . FindirvJ ¢￿ats"ve altematives to Ihe tradilional ways ol operats"ThJ Ihat are crffiti￿lry to lail r￿MMUnitIes. Public bentfft The trustees confimi that Ihey have txffiplied with the duty in sectscfft 17 ot the Charities Act 2011 to have due gard for the Charity Cornrni5sion'5 general guidance public bener In shaimng ourobjectives for ￿ year planniryJ our acb¥Mties. the trustees have ￿￿￿dered the Charity Commission's guidan￿ on public benefit. indudin9 the guKJance'puLlic benefit". running a charity IP821'. The training portfolio with traditional d81ivery at IFT and agency-based training in home agencies continues to be successful aThY exteThJs the ￿ach ofsystemic kleas into new wdesgonal CA)ntexts. MAIN ACHIEVEMENTS IN 2022-23 LeadÈrship Struthires and Operation5 IFT has developed an ethical shared leadership approath, whith has proved lo be cxeative. fruitfvl and generative and has enabled the DireC￿S 10 focus on keytasks. strategi5e and alig￿ a¢tivitses IFfs rnission and CA)re values. After four years plus. Rachel Watson has formaly resigned as Ihe Oirector of IFT. Rachel has notonty steered IFT thiough the turbulence of the COMD-19 peri￿j bLrt she has ma4Je $1gnfficanl and imporlaTr¢ changes that have transformed the organisation's infrastructure and govemance in line wrth our high standards, values and code of ethics. Her cwtion o( Ihe elhical sha￿￿ leadership team has been indispensable to the CAJrrent heanh of the or9￿1$8￿.C￿. Tawj Afuape and Surnila Dutta are now10￿haring as operational co-directors and they oversee the operational leadership of IFT befv￿en Ihem and are the main point of conlact for those inside and outside of IFT. With Taw and Sumita as the front-faong Co-Directors of IFf, Rachel Watson and Nana Bonsu wll continue to supptyl them. and take on specific Project Lead roles (such as ove￿￿ng the current Msc Cohort to concluston and supporting wth Lctal Authority ¢￿tra￿S and Leadership training). Page.. 5 INSTITUTE OF FAMILY THERAPY Trustees. Report For the year ended 31st August 2023 Staffing and New Appointments As part of the review, we have restructured staffing in all areas of our s8rwce5. inchjding est3t4ishing post5 Ihat can effectively ￿n(ribUte to implementiThJ Ihe slrategic plan. IFT teaching staff continues to increase to accommodate the need5 01 up-t(￿ale and relevant saielliie trainirng cthtses and lultys and supervisors rnake up a teaffl of peoje who are more diverse than ever in b8ckground and expeiience. This enables students and families to èxperience teaching and therapeuti¢ ￿￿k Imth a staff leam that represents them in more varied aspects ol professional eXper￿nCe, as ￿ as more %%wYe-rnnging xKial difference5 ￿ng reflected in the stsff team. IFT hès suttessfulty recruited to the IdkThirvJ posts.. . A new re￿ptronISI vtho also takes a lead in membetship setwees as as offeriNJ generic admin support 3 day5 a week . A Training and Opefational ￿ad foi satdlile courses- 2 days a . A Chair foi the qualityng level murs8- 2 days a week . A Local Authority liaison managet- 1 day a week . An Audit, Business and FinarKe Manager- 3 days a week UKCP and IFfs Qualifying Level Msc Equivaknt eourse Fdlowng the UKCP reviewof IFT'S Quality'ng Level Msc Equivalent trair￿g cL￿r5e in May2023, was given a glowing rwew wth particular emphasis on.. . the high standard aTrY quality of c#Jr teachir . Very good student supwrt anij gxperience - our approachable and values driven Itadership . our equality, equity. inclusion and dNersity procedures and the way that emtrthy rAJr values in this area ' quality assurance ' innovations in how we are develotMThJ ￿Jr trainiThJs in sy5temK trainw￿5. describing us as'settiThJ the bar high, and'foNKrd thinking. A5 8 res￿1 ofthi5 revsew IFf was abk to ¢wi appli￿110n5 for IFfs new Qualify'ng Level Msc Equivalent Course in November 2023. We recwved a goL¥J number orap￿i¢4nts aThJ ¢(￿dUcted interv*ws in Dècembor 2023 in view of a February 2024 stsrt. Page.. 6 INSTITUTE OF FAMILY THERAPY Trustees. Report Forthe year ended 31st August 2023 UKCP and IFf5 Qualtfying Le¥el MS¢ Equi¥alÈnt ¢OUW5e New Developments ￿thin IFr New developrnent indud8'. . Year l onliFTe CertrfKale in Sy$lern￿ PraclKe This innov81ive course, ar￿Jned io comrnitrnent to enable ￿CesS to systemic ideas a5 wdely ss possible. will be laun¢beL1 some time in 2024. mirww IFfs in-house Year I courses and be deliVe￿d entirely online. We wll be targeting Ihe cwrse at people who are unable to Iravel to London, to cc¥nrnunity LKganisations Sur￿rting Multiply oppressed communities and lo our intematyon4 pwtners. . Wriling forPublication Course In order to support new an4Y ex(iDng Vol￿ within the systemic fiekj. that can help to propel the profession fowdrd towards promoting the cLYHJitions for susiainable systems thange, IFT has launched a new writing lor putrAication course wn by Glenda Fredrnan ￿ Phillip Messent. Thai ￿11 run for4 weeks over a 3 monih peri¢A starting at the be9inning of 2024. In a¢dthon to b*ng cwen to anyone. IFf studenls who perform 8xceplionalty in their viva and l or ￿118 exceptional dissertations ￿11 be given a place on Ihis course for free. as will IFT tutors. . IFTDAp10rn8 An Teaching In atydrtion to the vrri￿.ng fw w￿l¢ab￿l cwrse. IFT has also L8vnched a dit4cma in ￿thng for qualified Family and Systemic Psycholherapists and tuto￿ who W￿ld like to develop Iheir ski115 in teaching. The diploma, lor tutors 8re te8ching 81 least 15 h(xJrJ on either the IFT In-house coursey or s8tellite trBining courses. The diploma is an OPKX)rtunityto have an experienced IFT lutor prowide some co-teaching. offer $truclured feedback a5 well as 3 indivwjual supwvisKN) sessins over the COU￿ of a training prcrfJramme. Al the end of the teaching and diploma prograrnme. tLrtofs vrill get an IFT diploma cwtificate . CORA Rachel Watson and AsNey Reid were suc¢essful in vAnning a laige jtynt tefider￿th CORAhl lo train family 5UPPOrt w￿rkerS in earty help settirvJs. As part of Ihis prryecL IFT have partnered wth Coram to train In 6 local authonty early help settings, and suPpc￿l recruitment and supervision of dinicians, as well as evaluate the efle¢liveness of family systemic inteThention in Ihis area. This the first large scale study to develop and evaluate a mcdel which ernbe(Js $￿ternIC pracbce in local famlty SUPF*Jrt 5ervice5. Membership We are CAJrrenlly in Ihe $KoC￿ of r￿MagIni1¥j our mwmberslmp offer are IoDking to extend our membership categones to include trainees, friends and retire(J FYactilK)ners. AlowsKle our errisb"n9 benefits W8 hope io offer a series of soual action events as part of the membership. as well as access lo the Human Systems Jwmal. IFT have begun a fomial O￿laborat￿ wth the Human s￿leMs Joumal. to begin eady in 2024. Ovr mernbers (full, retiredlsyslemic Practi￿.0ner and friend ￿ve1) VKII have access lo the journal 35 part of their membership. In addition. we are finalisiThJ the new membership structure lo indude a systemic practthoner level membership. as wdl as w￿lL￿￿e a retired pr8Ctilioner level membership and è friend's legory. Page-. 7 INSTITUTE OF FAMILY THERAPY Trustees. Report For the year ended 31st August 2023 STAFF As of 31st Augusl 2023. ow team consisied ofthe fc4yknJ: Taiwo Afvape tsDired Sumit8 Dutta C4>DirecJor Rachel Watson C(kDireclor Joann8 Jack50rn Lewj for Quality, Cultwe & DevelLynenr Robyn Galk)way Senior Course Admintstrator Nishat Ahmed C(wrse Adminotrator Alice Craven Course Adrnini5trator Melody King COu￿e Administrator Ashley Reid Finance & strategy Lead V¥1 Br8d B(K)k-keepef Gra￿ Boaieng Office & Markebn9 Business Suk¥ FINANCIAL REVIEW Results and funding The statement of f￿anCial a¢liwlies forthe year is set page 17 of fvs ¢Jocument and Sh(Y￿ an overall nel defiot for the year of £236.992 Compared kn a deficii of £84.999 f¢y the prevK)u5 year. IFT does not have any outstanding loans or finanung arrangements. Total cash reserves at the end of the financial year were £2S3.82512022.. £678.423I. Tolal net assets amount to £322.67012022.. £559.6621, which £271,122 are unrestricted funds12022." £508,1141 and £51.848 a￿ resiricted fvnds12022." £51.5481. FundraisiThJ and amount8d lo £8(hS during 2022123. Thi8 crffipares 10 £15.636 in the previou5 year. In acknO￿8￿9ernenI of the need to achieve finanual 5t151ainabilty in order to 8ddres5 the ever dwngng eeds of the ￿MMunIties it seeks to serve. the re￿Trt past has been a peri¢yY of s￿nIficAnt and necessary ¢bange for IFT. This has required tKld managemeni actions irtdudiThJ a tempxyary svspension and repositioning of sorne cOu￿e$, reorganisation of the team, and necessary investmenl in Ihe or9anisab"on's infrastructure. This has involveij Lxjth a short-term reduction in s(xne in(x)me sourc£s and capital expenditurè. Whilsi Ihese Changes now mean IFT is much better K#)sth)ed to aclieve its objectives. il has entailed a significanl reduct￿ in the financial reserves. The Truslees a¢knO¥￿edge IFfs ¢xJJrent fin&Kial aThJ need lo achieve financial SU5tainabilily. In asse5sillg the near tem7 finanaal oulknok. Trustees have conS￿ered both the oJrrent level of reseNes and the ￿SitiVe finanaal benefits ￿0V￿le{l by the range ofewtin9 new training ventwes lo be delivered in the upcoming period. Given their confiL1ence Ihat these OFWrtunibes VAII be delNered. the Trustees ￿leye that IFT Can be ¢onsKlered to be a gcéng concem for at least mcnths frcffl the date *then these financial statements are authorised for iswe. Page.. e INSTITUTE OF FAMILY THERAPY Trustees. Report For the year ended 31st Augusl 2023 ReseNes policy The Instiiute needs to hL4d Yfee ￿$￿ve$. IvNestricied funds rKJt deswaied fora specific purpose and in eXC8Ss of amounts invested in tangibl8 fixed assets) so thal continue its acimtrs ￿ PgriLK15 funding does not covef expendilure. The T¥ustees have adopted a conservativ8 *thereby free reserves shovkl be held wthich amount to at least 6 months, operating expendilure nDI relating to tncome generated from the services provhled by the Instrtute. On ihis basis, there woukj be a requirement lor reserves of approxTnaiely £375,000. Unrestrictsd fun¢Ys at the svr-end of E271.122 equate to approximaletyftxw months of group (Iperating expenses. In light of current Iraining a¢tsthty. lUtU￿ Msibilty of revenues and rN)sibve momen¢vm at the lime of review and sign-off, Trustees are ol ihe opiThon that sulfirxent funds are availabk to cover rts fixed liabilities over the designated period. Fundralslng polky IFT had no fundraiwng activrties requwing disdosure under The Charits"es {Pro¢e¢bon and Social Invesbnenll Act 2016. A5 th8 Institut8 undertakes no fuNJiarsing a¢￿￿lieS, there is no invears to de*m)h)È its fijnding p￿IllOn, by companng Ihe assets wrth the past service liabiliti￿ ai the ¥aluaiion dale. If the actuarial valuation reveals a defiul, the scheme's Tnjstee has th8 POW8r to agree a re￿Very rAan to diminate the d8ficit over a sp8cified period of time either by Vdy of addittoThal conlrilwliL￿S from eMplo￿r5 andlor investment relums. It 15 not posst4e in the rKymJ c¢urse of events to Kltntrfy the share of underfwng assets and liabilities ￿￿k￿9￿m9 to indivi¢lual parriupating eMp￿YerS. Attsythn¥y. due ro the fja￿re of Ihe Ilan. Ihe accthnting charge for Ihe period Ur￿er FRS102 represenls the empljyer c£￿tr*￿t#￿I$ pay However. the charity has rntrf*d of lis comm1kn￿l 10 Ihe {lefi￿ redud1￿ pL8n paya￿8 in additional ojnlribulions over a 10 yearperi&J. ProviwTr has been made in Ihese accounts for the full Ikgbilty estimated to fall due under Ihe defrit reJelher wth dcoJments issued by the Pensions Regulalor and Technical Aclu8ri81 Standard5 15sued bythe Finanryal Reporfiry C)d Series 2 scheme liatslilios. Where Ihe Scheme is in deftit and **ere fv ￿panY has agreed lo a defiil lundiry arrangement the C￿npanY recognise5 a I￿￿"11ty1(￿IhIs cU¥alion. The amount ￿¢￿gnised is the net pr8sent value ol the Ikficit reduciNJ) cA￿b￿Alt*)ns ptyable u￿1$r the agreement that relates to Ihe defia't. The present value is cAbJlated using the <*s(thni rate detaled in these discJ05ures. The un%wndiThJ ol Ihe dis￿￿1 Rte recognised as a finance cost. Reconcillation of opening and ¢l¢sing promslons 2023 2022 Prow$(￿ at of peric# unw￿ding of the dis¢ourrt fa(kn Defiat contribution pai(t Remeasuremen15- Irnpacl of any change in 355umpiw)ns èmèaÈuremenls- amerKlfflent5 lo the c¢)ntnLMrtth schedu Provisi￿ ai end (d the 4.845 1e5 12.1081 1291 17.179 567 15,5761 12141 ,UY7 4,859 2.873 Inc¢)me and èxpendlture irnpxt 2023 2022 Interest expe Remeasurements- irnpact ol any thange in assump1K￿S Remeasurem￿1S- amendments to the ¢onthbutth sthedule 165 {291 567 12141 7,097 16.7441 136 Assumptions 2023 2Q22 % perannum % ￿raTh￿￿n % per annurn 4.46 0.63 2021 Ralelif (5scwnl The dis¢(xJnl tales above are the eqU￿a￿nt discomt rate5 Wthith. vsed to di5cwnt ¢he future ￿¢0Very plan contrik￿b￿s Llue. WLxj￿j w the saff￿ resuNs as ￿1￿j a fvll AA Ix)rpLYa¢e bond weld ¢wve to disujwt the sarne recA)very plan conthtxJli(mS. Page.. 27 INSTITUTE OF FAMILY THERAPY Notes to the Accounts For the year ended 31st August 2023 17 Opèraiing lease commitm*nt$ The folh)wng operating lease payments are eAYnmitted to b8 Paid in tolal Land and Buildings 2023 Other 2023 2022 2022 Totsl payablg.. Less than 1 year 88lween 2-5 years In more 5 years 110.949 46,229 110,949 147.932 3.296 1.920 3.578 3.360 157.178 258.881 5.216 6,938 18 Penslon commitments The company makes contribukns io ujmpanyand group personal pensKx) sthemes in respect ofthe Diie¢torate and cert3in employees. The payThents fo these defined cty)Ir&JJtion sthemes aTe charged in the accounts when payable and omounl¢¢ to £3.897 12022. £6.411). Page: 28 INSTITUTE OF FAMILY THERAPY Notes to the Accounts For the year ended 31st August 2023 19 Analysis of net assets between funds Unreslrictèd funds Restrictèd Total funds funds 2023 Fixed assets Currènt assets Current liabilitres Provisions 96.980 598,306 {383.3511 40.813 271,122 96,980 649.854 1383,3511 140.8131 322,670 51,548 51,548 Unrestricted funds Restricted Totsl fund$ Funds 2022 Fixed assets Current assets Current liabilitiès Provisions 127,997 844.580 (427,3451 137,1181 127,997 896,428 1427,3451 137,118 51,848 508.114 51,048 559,962 20 Movement in funds reconciliation At 1st Septemb•r 2022 At31st August2023 Incomè Exp•nditure Gainsl {loss•sl Tvansfers Unre$trict8d funds General Designated funds Provision for pens¢on liabilty 435.009 810,146 (1.047.138) 198,017 73,105 73,105 Total unrestricted funds 508,114 810,146 11,047.1381 271.122 Restrictèd funds lal Bulgarian project Ibl Robin Skynner Educational 51.548 51,548 Total restricted funds 51.548 51,548 (al The Bulgarian project was set-up Some yeats ago by grants from thè Brilish Counril lo advance family thèrapy training in Bulgaria. A transfer of £300 was made to reflect re1ml￿1$emefit of premous expenditure on this fund accounled for uftrestricted funds. Ibl The'Robin Skynner Educational Fund" ￿preSen15 a legacyfrom the state of Dr R¢)bin Skynner, which was transferred from the Talbot House Trust for the purposes ol advancement of education. including training. at the Institute of Family Therapy. Page-. 29 INSTITUTE OF FAMILY THERAPY Notes to the Accounts For the year ended 31st August 2023 Comparativè information= Movèmènt in fvnds reconciliation for yèar ended 31 August 2022 At 1st Income As Restatèd Gainsl Transfèrs At 31st Unrestricted funds General 519,708 944,690 11.029,6891 300 435,009 Designatèd funds Provision for p8nsion liability Total unrestricted funds 73.105 73,105 592.813 944.690 11.029.689) 508,114 RestrScted funds Bulgarian project Robin Skynner Educational Totsl r¢$tricted funds 300 51,548 51.848 13001 51,548 51,548 13(MJl 21 Related Party Transactlons There were no related party Irdnsactlc￿S in the year, r￿ in the prior year. 22 Reconciliation of net lexpenditurel to net cashs flow from operating Jctivilies 2023 2022 Net lexpenditural {236,992} (84.9991 Adjustments for: Dèpreci81ion charges Investment in¢ome Oecrease in provisions Decrease in debtors Decrease in credilors Cash adjustment to prior year 34,983 (3.836) 3,695 (178.3241 143.9941 34.087 11.1461 15.0611 1131.9431 216,017 Net ¢ash used in operating activilies 424,470 26,955 Pa9e.' 30 INSTITUTE OF FAMILY THERAPY Notes to the Accounts For the year ended 31st August 2023 23 Legal Status The Charity is a ¢ompany limited by guarantee and has no share capifal. In the event of the charity being wound up. the liability in respect of the guarantee is limited lo £10 per member of the Gharity. Page: 31