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............................ . 

5 



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)