Charity Number: 313785 THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES AND UIYAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 MAY 2023
THE OSTEOPATHIC FOUNDATION FOR THE YEAR ENDED 31 MAY 2023 llYDEX Page Management and administrdtive inforn)ation Report of the Trustees Independent Examiner's report Statcm¢nt of financial activitics Stateinent of financial position Notes to the Financial Statements 8- 14 Detailed statement of financial activities 15-16
THE OSTEOPATHIC FOUNDATION lINAGEMENT AND ADMINISTRATION INFORMATION Name of charity: The Osteopathic Foundation Charity Number: 313785 Principal address: Osteopathic Foundation 3 Park Terrace Manor Road Luton LUI 3HN Trustees The trustees and officers serving during the year and since the year-end Trvere as follows= Institute of Osteopathy Secretary Maurice Cheng Senior tllanagement Sitnon Fielding {Chairtnan, Osteopailiic Foundation) Duncan Empey Nadinc Hobson Tiiii Allard}'cc Kerstin Rolfe Petcr Bro¥den Obi Ha5san Independent examiDer5: UHY Hacker Young LLP Quadrant14ouse 4 Thotnas Morc Square London Elw IYW Solicitors: Moira Prolani Ltd 72 Woodboiirne A venue Brighton BNI 8EJ Advisers: Investec Wealth & Investment 30 Gresham Street London EC2V 7QN
THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ETr4DED 31 MAY 2023 The Ostcopathic Fouiidation. prei'iously the Osteopathic Educational Foundation, was entrustcd to the care of th¢ In5titutc of 0st¢opathy by th¢ Ostcopathic Educational Foundation Trust¢cs on 31 January 2017. The Institute of Osteopathy is the cory)orate trustce of The Osteopathic Foundation and b}. agrecinent with tl)e outgoiiig Osleopailiic FAluvalion Foundation trustees, the Council of tl)e Inslitute has appointed an indepcndently cl)aired iiianagement board, The Osteopathic Foundation Board, to iiianage the affairs of the charity. The Board have pleasur¢ in presenting their r¢port and the financial slal¢ineiils for the oharilw for th¢ year ended 31 st May 2023. The Board have adopted the provisions of Accounting and Reporting by Charities: Statemenr of Re¢ommended Practic¢ applicable ro cliarities preparing tli¢ir a¢¢ounls in a¢¢ordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102: effective l January 2015). Objectives And activities Objeclives and aims The piirpose of the charity as set out in its governing docunient is to advance and promote the development and education of the science and practice of osteopathy for the benefit of the public, in particular by.. (l ) Raising and administering fui)ds in order to assist and support all aspects of osteopathic education, development. promotion. research and practice for the benefit of the public. (2) Assisting, conferring and cooperating with any established osteopaihic organisalion or Government Department to support and improve osteopathic education. development, promotion, research and practice. (3) Protnoting the development of better training and systems to improve the practice of osteopaihy. The Board l)as considcred the Charity Comtllission's guidance on public benefit, including the guidance 'public bcn¢fit'. running a charity (PB2)'. Social ini'eslmeiits The Foundatioii dccidcd to place on hold the studcnt loan provision inh¢rited from the Ostcopathic Education Foundation Trustee Board for this year until it investigates the best steps to Inaxitnise its impact to thi5 bcncficiary group. Tl)c Foundation hop¢s to offer the loans provision or soin¢thing siinilar again next year. Grant-making Th¢ Osteopaihi¢ Foundation board has developed ali initial core strategy centr¢d on the funding of r¢search and educational prograii)ii)es. By Il)e end of the financial year 2021122, there was one successfully completed aiid closed grant, willi t¢n grants remaining live and in maiiageinent. In comparison, there were three successfully completed and closed grants and nine remaining live at the end of the 202212J financial year. A¢hievements and performance The results of the three projects successfully closed this year show that good investment has been made by the Foundation to advance the protession, Ivith results continuing to be disseminated and shared widelN'. One of the research siiidies investigated hoi¥ mild head injuries among rugby players can cause functional and neurological changes in the brain. The Foundation is now funding NCOR to develop a Practice-Based Research Network named POWER (Patients and Osteopaths Working together to Enhance Research). This will bring together the profession to look at best practices. Students experiencing financial hardship were also supported by the foundation through several small grants.
THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ETr4DED 31 MAY 2023 Our objectives remain thc same, natnely the advancetnent of ostcopathy in the public interest, through funding projccts that coiitributc to ¢ducation and to rcs¢arch, that promotes th¢ prof¢s510ll. FOllo.ing thc receipt of thrce largc donations ill the )'ear to May 2022 w¢ have seen some rcduction in donations for this financial year. There are plans hO.¢er in the next financial year to move fomard with fundraising activities to incre&se donations to tlie cl)arity ill the future. A further donation of £70,000 was received from tlie Dr Ratcliffe Suholarship Fund meaning we have now re¢eived £1 13,000 in total. Regular small donations continue to be received via Eas)'fundraising and our advert in rhe Law Societ! has been renewed for anoiher year. With the Continued support and d¢di¢alion of th¢ Trusl¢¢s and staff team, we look forward to the Ost¢opathi¢ Foundation strengthening its position as a driving force for the profession. Inve.glmekil i?erforiKance The turbulence in the economy during and since Covid caused a downturn in the market resulting in both a loss in value of the investment porttolio, and on sale of investments however there seems to be some recovery, with an annual return betii'een January and May 2023 of 2.6 % and no particular concerns reported by Investec. The year-end valuation of the fund was £2,978,912. Fillaneial revieiv Reserves andreservespolicy The Accumulated Fund of the Osteopathic Foundalion, comprising principally the investment portfolio. is regarded by the Trustee as the "pcrmancnt endowtnciit" of thc Charity. Hithcrto, the Trustcc has rcgarded thc und¢rlyin¥ invcsttllciit portfolio, augmcntcd frotll time to timc by Icgaci¢s and doiiations, as providing a Fund, tlie net incotne of which can be used to provide grants for osteopathic education pury)0ses and rcscarch. Up until 2000, the Ostcopatliic Education Foundatioii proN'ided, iii the maiii, grants to ostcopat])ic studcnts to ¢nablc th05c who could not othcrwi5c fund thcir training to do so. After 2000, the 05t¢opathic Education Foundation changed its policy to preserve its endow'tnent and, in addition to providing research grants, utili5cd sub5tantiallv all it5. lict incom¢ in building up a loan portfolio. tlic stud¢nt loaiis of wliich werc to be rcpayablc over a pcriod not cxcccding five ycars, following the successful conipletion of training. Toral resetwes as of 31 Ma), 2023 ainouiiled to £3,149,186 {2022.. £3,316,838) with net loss for rhe period of (£167,652) (2022: £245,279). Structurei governance and management Governing docum¥p71 The charity is ¢ontrolled by ils goveming document, a deed of trust, and ¢onstilules an unin¢orpornted ¢harily. The charitv is organised $0 the Trustee and its members meet regularly to manage its affairs. The day to day administration is managed by The Ost¢opathi¢ Foundation Project Manager. The Trustee regularly identifies and reviews the risk to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The principal risk's faced by the charity lie in the performance of investments and operational risks from the inappropriate advancement of loans and making of grants. The risk variabilit}, in investment returns is mitigated by the retention of expert investment managers as custodians and advisors of a diversified portfolio of investments.
THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023 Recruitment and appoip7lmenl ofirustee The Ostec)pathic Foundatic)n Board was appoiiited thrc)ugh open advertisement, with the pr()c¢ss being ovcrsccn by the Institutc of Ostcopath}' Appointmcnts Comiiiitt¢¢, with four lay mcmbcrs (with strong healih backgrounds), one of wliom is Chair, and iliree osteopaths. The Chair left the Foiindation in April 2023. A new Chair was appointed in May 2023. This reporr was approved by Ihe Board of Tn]stees and signed on their behalf by.. g_7 Simon Fielding For the Institute of Osteopathy 29 September 2023 Dale..
INDEPENDENT EXAMINER'S REPORT TO THE OSTEOPATHIC FOUP4DATION I report to the trustees on my examination of the accounts of Th¢ Osteopathi¢ Foundation (the charity) for th¢ year end¢d 31 May 2023. wliich 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 requireinents of the Charities Act 2011 ("the Act"). I report in respect of my examination of tlie charity's accounts carried out under section 145 of the 201 l Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Comtnission under section 145(5)(b) ot tlie 201 l Act. Independent examiner's statement I have completed my examination. I confirtn that no material tnatters have come to tlly attention in connection with the cxaminatioii giving mc cause to bcli¢v¢ that in any material rc5PCCt= accounting rccord5 wcrc not kept in rcspcct of th¢ charity as rcquircd by section 130 of th¢ Act- or 2. ti)e accounts do not accord with those records; or the accounts do not coinply with the applicable requireinents concerning the form and content of ac¢ounts ser out in the Charities (Accounts and Reports) Regulations 2008 other Ilian an! r¢quireinent Il)at the accounts give a 'true and fair view, which is not a inatter considered as part of an independent examination. J have no eoncems and hav¢ ¢oine across no other matters in ¢onne¢tion with th¢ examination to whi¢h attention sliould be draivn in this report in order to enable a proper uiiderstanding of the a¢eounls to be r¢a¢h¢d. -00 Harriet Hodgson-Grove ACA UHY Hackcr Young LLP Independent Examiner Quadrant House 4 Thomas More Square London EIWIYW Date= 29 sep.tember 2023
THE OSTEOPATHIC FOUNDATION STATEMENT OF FINANCL4L ACTIVITIES AND COMPREHENSTrT INCOME FOR THE YEAR ENDED 31 MAY 2023 Year ended 31 May 2023 Year ended 31 May 2022 Notes Unrestricted ineome and endowments from: Donations and legacies Investments Otlier income 71,092 55,026 415,792 48,927 25 Total unrestricted income and endowments 126,118 464,744 Expenditure on: Charitable activities (222,575) (169.455) Total expenditure (222,575) (169,455) Net unrestricted (105ses)Igaiiis on iiivesttnents {71,195) {50.010) Net {loss)lincome (167,652) 245.279 Reeonciliation of funds l otal funds brought forward 3,316,838 3,071,559 Total unre$trieted funds carried forward 3,149,186 3,316,838
THE OSTEOPATHIC FOUNDATION STATEMENT OF FINANCL4L POSITION FOR THE YEAR ENDED 31 MAY 2023 31 May 2023 31 Mxv 2022 Notes Fixed assets: Investments 10 2,978,912 2,845,798 2,978,912 2,845.798 Current assets: Cash at bank and in hand 194,779 505,330 194,779 505,330 Creditors: amounts falling due within one year 14 (24,505) {34,290) Iyet current assets 170,274 471,040 Total assets less current liabilities 3,149,186 3,316,838 Net a$sets 3,149,186 3,316.838 The funds of the eh#rity Unrestricted income funds 16 3,149,186 3,316,838 3,149,186 3,316,838 Th¢ finan¢ial statements wer¢ approv¢d and authorised for issue by the Board and signed on its behalf by.. Simon Fielding For t]ic Iiistitutc of Osteopathy Date: 29 September 2023
THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 Accounting policies Charity information The Osteopathic Foundation is a charit! registered in England and Wales and govemed by their charity commission scheme dated 24 October 1996. Basis of aecounting The tinancial statements have been prepared under the historical cost convention, except for the investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP {FRS 102) "Accounting and Reporting by Charities.. Statement of Recoinmended Practice applicable to charities preparing their accounts in accordance with the Financial Rcportin¥ Standard applicable in tlic UK and Rcpublic of Ireland (FRS 1021, Financial Reporting Standard 102 t]ie Financial Rewrting Standard applicable in the UK and Republic of Ircland (FRS 102) and the Charities Act 2011. The Osteopathic Foundation Inects thc definition of a public benefit cntity undcr FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Comparative period The coinparative period is the 12 months to 31 May 2022. Statement of cash flows Tlie trustees have taken advantage of the exemprion iii SORP FRS 102 from including a cash flow statement ii) the finaiicial statements on the groui)ds that the charity is small. Incoming resources All in¢oming r¢soiir¢es are incliided in the qlalenient of financial a¢tivilies when the charity is entitled to the in¢oiii¢ and the ainounl can be quantified with reasoiiable acciiracy. Resources expended Liabilities are recognised as resolirces expended when there is a legal or constructive obligation committing the charity to the expenditure. Investments Investments in listed securities (where shares are publicly traded or their fair value is reliably measurable) are measured ai fair value through protit 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 2023 Social investments Programme related investments are shown at cost, less provision for impairment. Income from donations and legacies Year ended 31 May 2023 Year ended 31 May 2022 Unrestricted funds Donations received Legacies received 71,058 34 415,367 425 71,092 415,792 Investment income Year ended 31 May 2023 Year ende(I 31 May 2022 Ullro8tricted funds Dividcnd iiicoillc frotll listed invcsttncnts Bank intcrcst reccivable Othcr intcr¢st ¢¢ivable 50,881 45,766 34 3,127 4,034 55,026 48,927 Other income Year ended 31 May 2023 Year ended 31 May 2022 Unrestricted funds Other 25 25
THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 Costs of charitable activities by fllnd type Year ended 31 Lwlay 2023 Year ended 31 M¥Ay 2022 Unrestrieted fllnds Direct costs Sup]N)rt costs 93,630 128,945 I10,?04 222,575 169,455 Costs of charitable activities by actIty type Year ended 31 Mav 2023 Year ended 31 May 2022 Activities undertaken directly Education 93,630 59,251 93,630 59,251 Analysis of support costs Year ended 31 May 2023 Year ended 31 May 2022 Gov¢rnanc¢ costs 128,945 110?04 128,945 110,204 Net income for the year after ¢barging Yeiir ended 31 Lllay 2023 Yeiir ended 31 May 2022 Independent examiner fees Financial advice Write off of irrecoverable debts 4,560 20,874 3,500 21,091 6.204 Comparative for the Statement of Fillancial Activities Thc comparativc y¢ar values on thc Statcmcnt of Financial Activitlcs for unrestrictcd funds. 10
THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 10. Investment$ 2023 2022 Note Listed investments Social investments 2,876,599 102,313 2,717,900 127,898 13 2,978,912 2,845,798 Analysis of movement of eommereial investments Listed Investments 2U23 Market value at l June 2022 2,717,900 Additioiis to investment at cost Disposals at carrving value Nct loss on rcvaluation 1,041,999 (817.332) {65,968) Market value at 31 May 2023 2,876,599 Comparative analysi$ of movement of commercial investments Listed Investments 2022 Market value at l June 2021 2,647,823 Additions to investment at cost Disposals al carrying value Net loss on revaluation 913,783 (798,368) (45,338) Markel value at 31 May 2022 2,717,900
THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 12. Analysis of investments between funds as at yekir ended 31 May 2023 2023 2022 Unrestrieted fllnds Listed investments 2,876,599 2,717,900 2,876,599 2,717,900 13. Analysis of movemellt of social investments Programme related investments 2023 At l Jun¢ ?02? Loans provided in the year Loan repa)'ments in tl)e year Writ¢ off irrecoverabl¢ loans 127,898 (25,585) At 31 May 2023 102,313 Comparative analysis of movement of Social investments Pro2ramme related investments 2022 At l June 2021 Loans pro]ded in the year Loan repay'ments in the year Write off irrecoverable loans 148,644 24,500 (39,042) (6,204) At 31 May 2022 127,898 Conc¢ssionary loan5 that wcrc proi'idcd to metnbers of thc Ostcopathic profession to further their education i*ere granted intcrest free loans repayable within 5 years bcginiiiiig a year follois'in¥ their graduation. 12
THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 14. Creditors: amollnts falling dlle within one year 2023 2022 Unrestrieted funds Trade creditors Accruals 6,477 18,028 15,321 18,969 24,505 34,290 15. Financial instruments Carrying amount of financial assets: Debt instruments tneasured at amortised cost Instrumcnts mcasurcd at fair valu¢ through profit or loss 297,092 2,876,599 633,228 2,717.900 Carrying amount of financial liabilitie5: Measured at amortised cost 24,505 16. Movement in funds Unrestricted fundy Balance at l June 2022 Ineoming re$ource$ Olltgoing Gains lind re$our¢es losse$ Balxnee at 31 May 2023 General 3,316,838 126,118 (222,576) {71,195} 3,149,186 3,316,838 126,118 (222,576) (71,195) 3,149,186 Comparative unrestricted funds previous period Balance at l June 2021 Incoming resources Olltgoing Gains and resources losses Balanec at 31 Ma). 2022 General 3,071,559 464,744 (169,455) (50,010) 3,316,838 3.071,559 464,744 (169.455) {50,010) 3,316.838 13
THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 17. Purpose of unreslrieted funds The adN'ancement and promotion of the development of and education in the science and practice of Osteopathy for the benefit ot the public. 18. Analysis of net assets between funds Investments Net eurrent assets Net iissets Unrestricted funds General 2.978,912 170,274 3,149,186 2,978,912 170,274 3,149,186 Inve5tment5 Net current a5set5 Lyet assets Comparative unrestricted funds previous year General 2,845,798 471,040 3,316,838 2,845,798 471,040 3,316,838 19. Tru$teeslmembers expenses Expenditure for members of The Osteopathic Fouiidations Board were met in the year totalling £2,475 (2092: £144). No members of the Board w¢re r¢inun¢raled. 20. Related party tran$aetion$ During lh¢ prior year ¢osls in r¢lalion lo his PhD for Austin PlunketL a dire¢lor of the ¢ompany, previously approi'ed by the Osteopathic Foundation Board, 'ere paid for by the Osteopathic Foundation which amounted to £20,000 in total. There were £Nil payments tor such in the year ended 31, Ma! ?023. Further to this, The Institute ot Osteopathy is the sole TNstee of the charity and have charged secretariat fees to The Osteopathic Foundation of £54,000 (2022.. £54,000) for the administration ot the charity throughout the year. The Institute of Osteopathy also charged The Osteopathic Foundation £30,338 (2022.. £19,675) for project management fees. 21. Pos¢ balance sheet events Following a review by HMRC in relation to the VAT supply iEtween the Institute of Osteopathy 'iO" the tru5teel and the Osteopathic Fouiidation ("OF") there lias been a V A T ruling that tlie OF is not a legal cntity. and thcrcforc no supply cxists bctwcen thc io aiid thc OF. Any char¥¢s bctwccii thein is seen merely froin a V AT persP¢Ctive as the tlloveinent of funds within the same entity. The io hav¢ bccn authoriscd to submit an crror cotCtIon noticc to rcclaim VAT paid on invoices by the OF to HM RC from 2017 to date, ,1]1¢h will then be reimburscd to the OF. This is expected to be iii th¢ gIOn of £78,000. 14
THE OSTEOPATHIC FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023 2023 2022 Ineome and endowment Donations and legaeies Donations Legacies 71,058 34 415,367 425 71,092 415.792 Investments Income from listed investments Bank interest receivable Other interest receivable 50,881 45,766 34 3,127 4,034 55,026 48,927 Other income Fees 25 Total incotlling resources 126,118 464,744 Expenditure Charitable actiirytie5 Bad dcbt cxpcns¢ Grants (6,204} {53,047) {93,630) {93,630) (59,251) Support costs Governance costs A¢¢ountan¢y f¢¢s Investment management fee Legal fees Cost of trustees, meeting Other costs Secretariat (Institute of Osteopathy) {6,J60) (20,874) {6,J74) (? 475) (8.524) (84,338) (4,718) (21,091) (5,533) {144) (5,043) {73,675) (128,945) (110,204) Totydl resources expended (222,575) (169,455) 15
THE OSTEOPATHIC FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023 2023 2022 Net ineomel(loss) before gains and losses (96,457) 295289 Other reeognised gains and losses (Lossyoain on revaluation of investments (Lossygain on disposal of commercial investments {65,968) (5.227) {45,338) (4,672) (71,195) (50,010) Net Gainl{iA*ss) (167,652) 245,279 16