2021-05-31-accounts

Charity Number: 31378$ THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES AND UNAUDITED FIIYANCIAL STATEMENTS YEAR ENDED 31°, MAY 2021

THE OSTEOPATHIC FOUNDATION FOR THE YEAR ENDED 31 MAY 2021 llYDEX Page Managetllent and adniiiiistrative inforn]ation Report of thc Trustces Independent Examiner's report Statement of financial activities Statement of financial position Notes to the Financial Statements 8- 14 Detailed statement of financial activities 15-16

THE OSTEOPATHIC FOUNDATION lI￿NAGEMENT AND ADMINISTRATION INFORMATION Name of charity: The Osteopathic Foundation Charity Number: 313785 Principal address: Osteopathic Foundation 3 Park T¢tTacc Manor Road Luton LUI 3HN Trustees The Iruslees and officers serving during the year aiid since the year-¢iid were as follows.. Jnstitut¢ of Osleopaihy Secretary Maurice Cheng Senior management Duncan Empey (Chairman, Ost¢opathi¢ Foundation) Nadine Hobson Tim Allardyce Kerstin Rolte Jonathan Shapiro (resigned 31 July 2021) Independent examiners: UHY Hacker Young LLP Quadrant House 4 Thomas More Square Loiidon Elw IYW Solicitor5: Moira Protani Ltd 72 Woodbourne Avenue Brig]1lon BNI 8EJ Advisers: Invcstcc Wealth & Investmcnt ? Gresham Street Londoii EC2V 7QN

THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR EP4DED 31 MAY 2021 The Osteopathi¢ Foundation, previousl! the Osteopathic Educational Foundation, was ¢ntnisted to th¢ ¢are of the Institute of Osteopathy by the Osteopathic Ediicational Foundation Trustees on 31 Janiiary 2017. The Institute of OsteopathN' is the corporate trustee of the Osteopathic Foundation and by agreement with the outgoing Osteopathic Education Foundation trustees, the Council of the Institute has appointed an independently chaired management board, the Osteopathic Foundation board, to manage the aftairs ot the charity- The Trustees have pleasure in presenting their report and the tinancial statements for the charity for the year ended 21 st May 2021. The Trustees have adopted the provisions of Accounting and Reporting by C.harities.' Stateii)ent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (etfective l January ?015). Objectives lind activities Objeclives and aim3 The purposc of the cliarity as set out in its goveti]ing document is to adi'ance and protllote the development and cdulation of thc SLi¢llLC and praLtIL¢ of ostcopathy for thc bcllcfit of thc public, in partiLular by.. (l ) Raisiiig and administering funds ill order to assist and support all aspevts of osteopathic education, d¢veli)pment, promotion, r¢sear¢h aiid practice for the b¢nefit of th¢ public; (2) Assisting, Conferring and cooperating with any established ostec)pathi¢ c)rganisation or Government D¢partm¢nl to support and improve osl¢opaihi¢ education, dei'¢lopm¢nt, promotion. resear¢h and practice; (3) Promoting th¢ d¢velopm¢nl of belter Iraining and sysi¢ms to improv¢ the pra¢ti¢¢ of osteopathy. The Trustee has considered the Charity. Cominissioii's guidan¢e on publi¢ b¢n¢fil, in¢luding the guidance 'public benefit.. running a charity (PB2)'. .So¢iul iPFiYg.¥IFpign¢s The Foundation decided to continue the student loan provision inherited from the Osteopathic Education Foundation Trustee Board, whereby students (usually in the latter years of their osteopathic cours¢s) who are experiencing financial difficulties, are provided with interest free loans to enable them to continue their studies. Granl-makiiig The Osteopathic Foundation board has developed an initial core strategy centred on the funding of research and educational programmes. By the end of the financial vear ?0?0121, there were _ successtullv completed and closed grants, with 7 grants remaining live and in management. Two grants had been withdrawn without any funding paid out at the grant holder's request. (Covid_19 related.) A¢hievements and performanee Significant aclivities The results of the first funded projects have atTived. As well as proving the effective use of osteopaths in First Contact Practitioner roles. cotnpetencies have been mapped to NHS roles ai)d structures, and a successful catnpaign to unite the ostcopathic collcgcs in rccruiting ncw. studcnts has coinplctcd. Our objcctiVC5 reinain the sam¢, nain¢l>' th¢ advancement of ostcopathy in th¢ public int¢r¢st- through fundiiig projects that contribute to eduiation and lo research, that proiii(Ites the profession. The Covid-19 lockdoM'n forLcd a proportion of thc fund¢d projcLts lo lialt, but this ￿.#$, as pr¢diLt¢d. a frtnporary tn¢asurc in rcsponsc to the pandemic.

THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR EP4DED 31 MAY 2021 Fundraising has begun in ¢arn¢sl. A¢¢ounts hav¢ b¢¢n s¢t up on AmazonSmil¢ and JustGiving, with a test event planned for October 2021. With the continued support and dedication of the Trustees and staff te<im, we look fonvard to the Osteopathic Foundation strengthening its position as a driving force for the profession. InveslmeptlpLJrfopmance With the steady recovery of the economy over the last y'ear the fund has shown significant improvement with a year end valuation of £2,796,467 and an overall annual total return of 6.80/0. Although Covid remains a key determinant of econotnic outcoiiies, and despite a nutnber of case surges. with the developiiient ot the vaccine around the world much more normal levels of activity are expected, although the odd setback may be inei'itable. Fillaneial review Sigiiificant evep715 The initial iinpaLt of Covid-19 ￿'aS to decrcasc the value of th¢ invcstmcnt portfolio managcd by Invcstec. The Board took the pr¢cautioiiary mcasure of halting new applications for funding. whilst guarantccing thc continuation of funding for those projects already in receipt of a grant. The investment portfolio has nearly recovered to pre-Covid-19 levels and the Board will consider reopening for grant appli¢aiions in 2021. R¢s¢rve.s aptdres¢'rve.s p()IEoy The Accumulated Fund of the Osteopathic Foundation, comprising principally the investment portfolio, is regai'ded by the Trustee as the "permaiient eiidowm¢ni" of the Charit5'. Hitlierto, th¢ Truste¢ has regarded th¢ underlving investment porttolio, augmented from time to time by leg<icies and donations, as providing a Fund, the net income of which can be used to provide grants and loans to osteopaihi¢ education purposes and grants for ￿5¢awh. Up until 2000, the Ost¢opathi¢ Edu¢alion Foundation provided, in the main, grants to osteopathic sludents to enable those who could not othernvise fund their training to do so. After 2000. the Osteopathic Education Foundation changed its policy to preserve its end0￿￿nIent and, in addition to providing research grants, utilised substantially all of its net income in bliilding up a loan portfolio, the student loans of which ￿'ere to be repayable over a period not exceeding five years, folloiying the successful completion of training. Total reserves as at 31 st May 2021 amounted to £3.071,559 (20?0 £2,721,533) with net income for the period of £350,026 (2020.. net expenditure of £216,044). Structure? governance and management Governing docuii7ep71 The charity is controlled by its governing docunienL a deed of trusL and constitutes an unincorporated cl)arity. The charity is organised so the Trustee and its niembers meet regularly to Inanage its affairs. The day to day adtllinistration is Inanagcd by thc Ostcopathic Foundation Projcct Managcr.

THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR EP4DED 31 MAY 2021 The Truste¢ regularly identifies and reviews the risk to w,hi¢h the charity is eYpos¢d and to ensure appropriat¢ controls are in place to provide reasonable assurance against fraiid and error. The principal risks faced by the charity lie in the performance of investments and operational risks from the inappropriate adiwancement of loans and making of grants. The risk variability in investment returns is mitigated by the retention of expert investment managers as custodians and adN'isors of a diversified portfolio of investnients. Recruitiiienl and appoinlmeppl ofirustee The Osteopathic Foundation Board was app￿Inted through open advertisement. with the process being overseen by the Inslitute of Osteopathy Appointments Committee, with four lay members (with strong health background). one of whom is Chair, and three osteopaths. This report was approved by the Board of Trustees and signed on their behalf by.. Dunean Empey For the Institute of Osteopathy Dale.. 21 st sep.tember 20? I

INDEPENDENT EXAMINER'S REPORT TO THE OSTEOPATHIC FOUNDATION

I report to the trustees on my examination of the accounts of The Osteopathic Foundation ( the charity) for the year ended 31 May 2021, which are set out on pages 6 to 14.

Responsibilities and basis of report

As the charity trustee, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the account do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and 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.

Subarna Banerjee ACA UHY Hacker Young Independent Examiner

Quadrant House 4 Thomas More Square London ElW lYW

Date: ...21.9.2021............................ .

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THE OSTEOPATHIC FOUNDATION STATEMENT OF FINANCL4L ACTIVITIES AND COLIIPREHENSTrT ll44COME FOR THE YEAR ENDED 31 MAY 2021 Year ended Period ended 31 May 2020 Notes Unrestricted ineome and endowments from: Donations and l¢¥acies Ii)vcsttnents Other incotnc 1,330 44,105 75 1.853 56,073 93 Tolal unrestricted income and endowments 45,510 58,019 Expenditure on: Charitable a¢tivilies (160,716) (129,476) Total expenditure (160,716) (129,476) Net unrestricted gainsl(losses) on investments 465,232 (144,587) Net income l (expenditure) 350,026 (216,044) Reeoneiliation thf fund$ Total fiinds brouglit forward 2,721,533 2,937,577 Total ullrestrictsd fullds carried fonvard 3,071.559 2,721,533

THE OSTEOPATHIC FOUNDATION STATEMENT OF FINANCL4L POSITION FOR THE YEAR ENDED 31 MAY 2021 31$t Mxv 2021 31%t May 2020 Notes Fixed assets: Invcstmcnts 10 2,796,467 2,347,123 2,796,467 2,J47,123 Current assets: Cash at baiik and in hand 302,746 405,745 302,746 405,745 Creditors: amounts falling due withi one year 14 (27,654) (31,335) Net eurrent assets 275,092 374,410 Total assets less ¢urrent liabilities 3,071,559 2,721,533 Net assets 3,071,559 2.721,533 The funds of the charity Unrestricted income flinds 16 3,071,559 2,721,533 3,071,559 2,721,533 The financial statements were approved and authorised for issue by. the Board and signed on its behalf by.. Duncan Empey For (he Inslilule of Osteopathy Date..

THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021 Accounting policies Charity information The Osteopathic Foundation is a charity registered in England and Wales and governed by their charity commission schctnc dated 24 Octobcr 1996. Basis of aecounting Thc financial stat¢mcnts hav¢ bccn pr¢par¢d undcr th¢ historical Lost Loiiv¢ntion, cxL¢pt for thc investments which are included al market i'alue and the revaluation of certain fixed assets and in accordaiice with the Cliarities SORP (F RS 102) '"Accouiiting and Reporting by Charities- Statement of R¢comm¢nded Practice applicable 10 ¢hariiies preparing their ac¢ouiits in ae¢c)rdan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Financial Reporting Standard 102 the Financial Reporting Standard applicable in th¢ UK and Republi¢ of Ireland (FRS 102) and the Charities Act 2011. The Osteopathic Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Compthrative period The comparative period is the I I months to 31 May 2020 as the financial year end was changed from 30 Jiine 2020 to 31 May ?O?O during the prior year. Therefore the statement of financial activities and related notes are not entirely coinparable as they cover an I I month period in the prior year compared to 12 months to 31 Ma). 2021. Statement of cash floivs The trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small. Incoming resources All inconiiiig rcsources arc includ¢d in the stal¢mcnt of financial actii'itics when the charity is cntitlcd to the incotne aiid the atnount can be quantificd with rca50nable accuracy. Resources expended Liabilities are recognis¢d as resources expended when there is a legal or ¢onslructiv¢ obligation committing the charity to the expenditure. Investments Investments in listed securities (Ivhere shares are publicly traded or their fair value is reliably measurable) are measured at fair i'alue through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impaim)ent.

THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021 Social investments Programtne related investments are shown at cost, less provision for impairnient. Irreeoverable VAT Irrecovcrable V AT is includcd in the Statement of Financial Activities a]Id is reported as part of the cxpcnditure lo which it rclat¢s. Income frnm donations and legacies Year ended 31" 2021 Period ended 31 May 2020 Unrestricted funds t)onations received Lega¢i¢s r¢c¢iv¢d 1,280 50 1,761 92 1,330 1,853 Investment income Year ended 31, May 2021 Period ended 31" May 2020 Unrestrieted fllnds Dividend income from listed investments Bank interest receivable Other interest receivable 40,296 53 3,756 48,651 ?06 7,216 44.105 56,073 Other income Year ended 31°, Lllay 2021 Period ended 31" May 2020 Unrestrieted funds Other 75 93 75 93

THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021 Costs of charitable activities by fllnd type Year ended Period ended 31$1 Ma)Q020 Unrestrieted fllnds Direct cost5 Support costs 54,817 105,899 28.108 101.368 160,716 1•9.476 Costs of charitable activities by actI￿ty type Year ended 31°, Mav 2021 Period ended 31" May 2020 Activities undertaken directly Education 54,817 28,108 54,772 28,108 Analysis of support costs Year ended 31$t May 2021 Period ended 315t May 2020 Governance costs 105,899 101,368 105.899 101,368 Net in¢omel(expenditure) for the year after ¢harging Year ended 31°, Lllay 2021 Period ended 31" May 2020 Indcpcndcnt cxamincr fccs Financial advice Write off of irrecoverable debis 3,600 20,998 3.600 17,408 6,500 Comparative for the Statement of Fillancial Activities The comparative year values on the Statement of Financial Activities are for unrestricted funds.

THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021 10. Investments 2021 2020 Note Listed investments Social invcstmcnts 2.fv17.823 148,644 2,166.997 180.1•6 13 2,796,467 2,347,123 Analysis of movement of commercial investments Listed Investments 2021 Market value at l June 2020 2,166,997 Additions to investinent at cost Disposals at carrying value Net gain on revaluation 432,882 (342,477) 390,421 Market value at 31 May 2021 2,647,8?3 Comparative analysis of n)ovement of commercial investments Listed investmenL8 2020 Market value at l July 2019 2,417,798 Additioiis to investm¢iit at cost Disposals at carry'ing value Nct luss on r¢valuation J94,543 (491,519) (153,825) Markel value at 31 May 2020 9 166,997

THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021 12. Analysis of investments between funds as at yekir ended 31 May 2021 2021 2020 Unrestrieted fllnds Listed investments 2,fv17,823 2,166.997 2,647,823 2,166.997 13. Analysis of movemellt of social investments Programme related investments 2021 At l June 2020 Loans provided in the year Loan repayments in the year Write off irrecoverable loans 180,126 18,750 (49,950) (282) At 31 May2021 148,644 Comparative analysis of movement of Social investments Pro%n)mme related investments 2020 At l July2019 Loan5 provided in the year Loan r¢pa)'tn¢nts in thc year Writc back of loans Write off itT¢coverable loans 189,652 31.944 (46,005) 1.035 (6,500) Ai 31 May 2020 180.126 Concessionary loans provided to members of the Osteopathic profession to further their education are granted interest free loans repaswable ￿1th]n 5 }'ears of the grant date. Failiire to Ineet the repayments without prior consent of The Osteopathic Foundation Board will result in the loan balance becoming repayable immediately.

THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021 14. Creditors: amollnts falling dlle within one year 2021 2020 Unrestrieted funds Accruals and defcrrcd incotne 27.654 31,335 27,654 15. Financial instruments Carrying amount of financial assets: Debt instruinents measured at amortised cost Instruinenls measured at fair ￿8]ve through profit or loss 451,435 2,647,823 585,871 2,166,998 Carrying amount of financial liabilitie5: Measured at amoriised cost 27,654 31,335 16. Movement in funds Unre$tricted funds Balance at l June 2020 Incoming resources Outgoing Gains and resourees losses Balan¢e at 31 May 2021 General 2,721.533 45,510 (160,716) 465,232 3,071,559 2,721,533 45,510 (160,716) 465,232 3,071,559 Comparative unrestricted funds previous period Balance at l July 2019 Incoming resources Outgoing Gains and resources losses Balance at 31 May 2020 General 2,937,577 58,019 (129,474) (144,587) 2,721.533 2,937,577 58,019 (129,474) (144,587) 2,721,533

THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021 17. Pllrpose of unreslrieted funds The advancement and protllotion of the development of and education in the science and practice of Ostcopathy for thc bcncfit of the public. 18. Analysis of net assets between funds Investments Net eurrent assets Net iissets Unrestricted funds General 2,796,467 275,092 3,071,559 2,796,467 275,092 3,071,559 Inve5tment5 P4et current a$$et$ Lyet assets Comparative unrestricted funds previous year General 2,347,123 374,410 2,721,533 2,347,123 374,410 2,721,533 19. Trusteeslmembers expenses Some travel expenses for members of The osteopathic Foundations Board were met in the year totslling £516 (?020.. £7,324). No members of the Board were remunerated. 20. Related party transactions Thc Institut¢ of Ostcopathy is the sol¢ Trustc¢ of thc charity and have chargcd secr¢lariat fccs to Thc Ostcopathic Foundation of £62,72612020: £60,721) for the adtninistration of thc charity throughout thc ycar. 14

THE OSTEOPATHIC FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2021 2021 2020 Ineome and endowment Donations and legaeies Donations Legacies 1.280 50 1,761 92 1,853 InTrestments Income from listed investments Bank ii)terest receii'able Other interest rec¢ivable 40,296 53 3,756 48,651 ?06 44,105 56.073 Other income F¢¢s 75 93 Total ineoming resollrces 45,510 58,019 Expenditure Charitable activities Bad debt expense Write back of loan balance Grants 282 (3,500) 58,035 6,500 (11,035} 3?,643 {54,817) {28,108) Support costs Governance cost$ Accountancy fees Investtnent management fees Legal fees Cost of trustces, meclin¥ Otlicr costs S¢cr¢tariat (Institute of 0st¢opathy) (4,800) (20,998) (1,520) 4,137 (474) {82,244) (3,600) {17,408) (5,723) (5,441) (8,475) {60,721) (105,899) (101,368) Total resources expended (160,716) (129,476)

THE OSTEOPATHIC FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTivrrIES FOR THE YEAR ENDED 31 MAY 2021 2021 2020 Net income before gains and losses Other recognised gains and losses Gain/{Los51 on revaluation of investnients Gain on disposal of commcrcial inv¢stiiicntS 390,421 74,811 (153,825) 465,232 (144,587) Ne¢ Gainl(Loss) 350,026 (216,044)