Charity Number: 313785 THE OSTEOPATHIC FOUNDATIOIY REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL sTATE￿IENTs YEAR ENDED 31 MAY 2024 THE OSTEOPATHIC FOUNDATION FOR THE YEAR ENDED 31 MAY 2024 INDEX Page Management and administrative inforn]ation Report of the Trustees Independent Examiner's report Statement of financial activities Statement of financial position Notes to the Financial Statements 9-15 Detailed slatement of financial activities 16-17 MANAGEMENT AND ADMINISTRATION INFORMATION Name of charity: The Osteopathic Foundation Charity Number: 313785 Principal address: Osteopathic Foundation 3 Park Terrace Maiior Road Luton LUI 3HN Trustees The trustees and officers serving during the year and since the year-end were as follows.. Institute of Osteopathy Secretary Maurice Cheng Senior management Simon Ficlding (Chaimian, Ostcopathic Foundation) Duncan Empey Nadine Hobson Tim Allardyce Kerstin Rolfe Obi Hassan Independent examiners: UHY Hacker Young LLP Qu4idrant House 4 Thomas More Square London Elw IYW Advisers: Jnvestec Wealth & Jnvestjnent 30 Gresham Street London EC2V 7QN Solicitors: Stone King LLP Boundary House 91 Charterhouse Street London ECIM6HR REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024 The Osteopathic Foundation, previously the Osteopathic Educational Foundation, was entrusted to the care of the Institute of Osteopathy by the Osteopathic Educational Foundation Trustees on 31 January 2017. The Institute of Osteopathy 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 committee of Council, the Osteopathic Foundation Board, to manage the affairs of the charity. The Board have pleasure in presenting their report and the financial statements for the charity for the year ended 31 st May 2023. The Board have adopted the provisions of Accounting and Reporting by Charities: Statement 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. effective l January 2015). Objectives and activities Objectives and aims The purpose of the charity as set out in its governing document 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 funds 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 osteopathic organisation or Government Department to support and improve osteopathic education, development, promotion, research and practice. (3) Promoting the development of better training and systems to improve the practice of ostcopathy. The Board has considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. Social investments The Osteopathic Foundation replaced the student loan provision inherited from the Osteopathic Education Foundation Trustee Board some years ago with a new scheme of student support via the provision of grants ovcr the last year. Grant-making The Osteopathic Foundation has developed a core strategy this year centred on the funding of research, development and educational programmes focussed on the growth and devcloprnent of osteopathy in the interests of improving public health and patient care. This will be supported by active fundraising in the future as the Foundation plays a significant and sustainable role in working actively with the profession's stakeholders towards this overall aim. By the end of the financial year 2023124, there were 8 grants remaining live and in management. The Foundation has additionally agreed to fund towards NCOR'S core costs for a further year, as well as extending funding for NCOR'S Practice Based Research Network. In profession development, the charity will be working with the Institute of Osteopathy on supporting io led multistakeholder programTnes which support key elements of the io 5-year Strategic Plan. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024 Achievements and performance Significanl activities Regular updates from grant holders this year show that good investment has been made by the Foundation to advance the profession, with results continuing to b¢ disseminated and shared widely. The Foundation has funded the following: Institute of Osteo ath - Mentorin matchin ro o OF has paid £13.8k out of the £15k total. o Numb¢r of mentors and ment¢¢s remain stabl¢. A leadership programme is being developed on the back of the success of this funded scheme mme NCOR- Promotin evidence-infom]ed osteo Full amount of £19.5k paid out. athic atient care UCO- OSCAR SCEDS Full amount of £20k has been paid. Project is complete and the manuscript has becn publisheiL more details would be shared at the next meeting. OSCA- Tar eted Protocol for Concussion Full amount of £20k has been paid out. ICL- Osteo ath for Diabetic Neuro Full amount of £19.9k paid out. Trials are now taking place and ethics approval has been obtained. The trials are being promoted via a number of different channels. The clinical trials are expected to be completed by the end of the year. NCOR- ualit and Credibilit of Clinical Trial Research in Osteo Full amount of £15.8k paid out. o First systemic review of research integrity completed, and final analysis will be published soon. ath NCOR- What are thc ex ericnccs of osteo aths workin £1 I k out of a total £18.9k has been paid out. 16 interviews have been carried out. Early indications demonstrate that valuable infonnation has been identified to upskill the profession. Thc final manuscript will bc submittcd to pccr-rcvicwed journals in the NHS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024 UTS Leadershi Pro AUS$ I Ik has been paid out of the total AUSS30k. Online meetings ar¢ ongoing, and a face to fac¢ meeting will take place in October 2024. Practice-Based Research Network BR Full amount of £25k has been paid out. Funding has been awarded to support this work for a further year. Investment performance Th¢ y¢ar-end valuation of the fund was £3.35m. The income received on the account has been c£272k compared with a loss of c£167.5k last year. Financial review The investment portfolio has shown recovery since January 2023 and therefore the Board continued to distribute grants in 2023124. Reserves and reserves poli The Accumulated Fund of the Osteopathic Foundation, comprising principally the investment portfolio, is regarded by the Trustee as the "pernianent endowment" of the Charity. Hitherto, the Trustee has regarded the underlying investment portfolio, augmented from time to time by legacies and donations, as providing a Fund, the net income of which be used to provide grants for osteopathic education purposes and research. Total rcscrvcs as £3,421 k Structureg governance and management Govei'ning ducuTnent The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The charity is organised so the Trustee and its rnembers meet regularly to manage its affairs. The day-to-day administration is managed by the Osteopathic Foundation's Grants and Projects Manager, as well as other executive staff from the Institute of Osteopathy. The Trustee regularly identifies and reviews the risk to which the charity is exposed and ensures appropriate controls are in place to provide reasonable assurance against fraud and error. The principal risks faced by the charity lie in the performance of invcstm¢nts and operational risks from the inappropriate advancement of making grants. The risk variability in investment returns is mitigated by the retention of expert investment managers as custodians and advisors of a diversified portfolio of investments. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024 Recruilment and appoinlment of trustee Simon Fielding was appointed as interim Chair in May 2023, and confirnied as Chair by io Council in January 2024. This report was approved by the Osteopathic Foundation Board and signed on their behalf by". Simon Fielding For the Institute of Osteopathy Date: .1111012024.................................... INDEPENDENT EXALIIINER'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 2024, 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 catrying 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 Conf￿ that no material malters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of ihe charity as required by section 130 of the Act. or 2. thc accounts do not accord with thosc records" or the accounts do not comply with the applicable requirements concerning the fonn 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 draTh'n in this report in order to enable a proper understanding of the accounts to be reached. Harriet Hodgson&rove ACA UHY Hacker Young LLP Independent Examiner Quadrant House 4 Thomas Morc Squarc London Elw IYW 14 October 2024 THE OSTEOPATHIC FOUNDATION STATEIWENT OF FINANCIAL ACTIIITIES AND COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2024 Year ended 31 May 2024 Year ended 31 May 2023 Notes Unrestricted income and endowments from: Donations and legacies Investments Other incom¢ 1,985 67,880 79,655 71,092 55,026 Total unrestricted income and endowments 149,520 126,118 Expenditure on: Charitable activities (203,638) (222,575) Total expenditure (203,638) (222,575) Net unrestricted (losses)Igains on investments 326,367 (71,195) Net (loss)lincome 272,249 (167,652) Reconciliation of funds Total funds brought fonvard 3,149,186 3,316,838 Total unrestricted funds carried fonvard 3,421,435 3,149,186 THE OSTEOPATHIC FOUNDATIO1¥4 STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MAY 2024 31 May 2024 31 May 2023 Notes Fixed assets: Investments 10 3,351,123 2,978,912 3,351,123 2,978,912 Current assets: Cash at bank and in hand 95,379 194,779 95,379 194,779 Creditors: amounts falling due within one year 14 (25,067) {24,505) Net Current assets 70,312 170,274 Total assets less current liabilities 3,421.435 3,149,186 Net assets 3,421,435 3,149,186 The funds of the charity Unrestricted income funds 16 3,421,435 3,149,186 3,421,435 3,149,186 The financial statements were approved and authorised for issue by the Board and signed on its behalf by: Simon Fielding For the Institute of Osteopathy Date:.....1111012024.................... THE OSTEOPATHIC FOUINDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies Charity information The Osteopathic Foundation is a charity registered in England and Wales and governed by their charity commission scheme dated 24 October 1996. Basis of accounting The financial 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 Recommended Practice applicable to charities preparing their accounts in accordance 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 the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Thc Ostcopathic Foundation mccts thc definition of a public bcncfit cntity undcr FRS 102. Asscts and liabilities are initially recognised at historical cost or trnnsaction value unless othenvise stated in the relevant accounting policy note(s). Comparative period The comparative period is the 12 months to 31 May 2023. Statement of cash flows The trustees have taken advantage of the ¢xemption 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 incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Resources expended Liabilities arc reco￿lSed as rcsourccs cxpcndcd whcn thcrc is a Icgal or constructivc 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 at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impaimient. THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 Social investments Programme related investments are shown at cost, less provision for impainnent. Income from donations and legacies Year ended 31 May 2024 Year ended 31 May 2023 Unrestricted funds Donations received Legacies received 1,957 28 71,058 34 1,985 71,092 Investment income Year ended 31 May 2024 Year ended 31 May 2023 Unrestricted funds Dividend income from listed investments Bank interest receivable Other interest receivable 59,971 29 7,880 50,881 I I I 4,034 67,880 55,026 Other income Year ended 31 May 2024 Year ended 31 May 2023 Unrestricted funds Other 79,655 79,655 10 THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 Costs of charitable activities by fund type Year ended 31 May 2024 Year ended 31 May 2023 Unrestricted funds Direct costs Support costs 94,579 109,059 93,630 128,945 203,638 222,575 Costs of charitable activities by activity type Year ended 31 May 2024 Year ended 31 May 2023 Activities undertaken directly Education 94.579 93,630 94,579 93,630 Analysis of support costs Year ended 31 May 2024 Year ended 31 May 2023 Gov¢rnance costs 109,059 128,945 109,059 128,945 Net income for the year after charging Year ended 31 May 2024 Year ended 31 May 2023 Independent examiner fees Financial advice Write off of irrecoverable debts 4,752 22,358 4,560 20,874 Comparative for the Statement of Financial Activities The comparative year values on the Statement of Financial Activities are for unrestricted funds. THE OSTEOPATHIC FOUINDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 10. Investments 2024 2023 Note Listed investments Social investments 3,271,456 79,667 2,876,599 102,313 13 3,351,123 2,978,912 Analysis of movement of commercial investments Listed Investments 2024 Market value at l June 2023 2,876,599 Additions to investment at cost Disposals at carrying value Net profit on revaluation 486,793 (407,881) 315,945 Market value at 31 May 2024 3,271,456 Comparative analvsis of movement of commercial investments Listed Investments 2023 Market value at l June 2022 2,717,900 Additions to investment at cost Disposals at canying value Net loss on revaluation 1,041,999 (817,332) (65,968) Market value at 31 May 2023 2,876,599 12 THE OSTEOPATHIC FOUINDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 12. Analysis of investments between funds as at year ended 31 May 2024 2024 2023 Unrestricted funds Listed investments 3,271,456 2,876,599 3,271,456 2,876,599 13. Analysis of movement of social investments Programme related investments 2024 At l June 2023 Loans provided in the year Loan repayments in the year Write off 1￿CCOVerable loans 102,313 (22,646) At 31 May 2024 79,667 Comparative analvsis of movement of social investments Programme related investments 2023 At l June 2022 Loans provided in the year Loan rcpaymcnts in thc ycar Write oty irrecoverable loans 127,898 (25,585) At 31 May 2023 102,313 Concessionary loans that were provided to members of the Osteopathic profession to further their education were granted interest free loans repayable within 5 years beginning a year following their graduation. THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 14. Creditors: amounts falling due within one year 2024 2023 Unrestricted funds Trade creditors Accruals 12,006 13,061 6,477 18,028 25,067 24,505 15. Financial instruments Carrying amount of financial assets: Debt instruments measured at amortised cost Instruments measured ai fair value through profit or loss 175,046 3,271,456 297,092 2,876,599 Carrying amount of financial liabilities: Measured at amortl8ed cost 25,067 24,505 16. Movement in funds Unrestricted funds Balance at l June 2023 Incoming resources Outgoing Gains and resources losses Balance at 31 May 2024 General 3,149,186 149,520 (203,638) 326,367 3,421,435 3,149,186 149,520 (203,638) 326,367 3,421,435 Comparative unrestricted funds previous period Balance at l June 2022 Incoming resources Outgoing Gains and resources losses Balance at 31 May 2023 General 3,316,838 126,118 (222,575) (71,195) 3,149,186 3,316,838 126,118 (222,575) (71,195) 3,149,186 14 THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 17. Purpose of unrestricted funds The advancement and promotion of the development of and education in the science and practice of Osteopathy for the benefit of the public. 18. Analysis of net assets between funds Investments Net current assets Net assets Unrestricted funds General 3,351,123 70,312 3,421,435 3,351,123 70,312 3,421,435 Investments Net current assets Net assets Comparative unrestricted funds previous year General 2,978,912 170,274 3,149,186 2,978,912 170,274 3,149,186 19. Trusteeslmembers expenses Expenditure for members of The Osteopathic Foundations Board were met in the year totalling £1,150 (2023: £2,475). No members of the Board were remunerated. 20. Related party transactions The Institute of Osteopathy is the sole Trustee of the charity and have charged secretariat fees to The Osteopathic Foundation of £45,000 (2023: £54,000) for the administration of the charity throughout the year. The Institute of Osteopathy also charged The Osteopathic Foundation £23,792 (2023.. £30,338) for projcct managcmcnt fces. 21. Post balance sheet events The chief executive has announced his retirement date for 31., May 2025. THE OSTEOPATHIC FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024 2024 2023 Income and endowment Donations and legacies Donations Legacies 1,957 28 71,058 34 1,985 71,092 Investments Income from listed investments Bank interest receivable Other interest receivable 59,971 29 7,880 50,881 i i I 4,034 67,880 55,026 Other income Sundry income 79,655 Total incoming resources 149,520 126,118 Expenditure Charitable activities Bad debt expense Grants (94,579) (93,630) (94,579) (93,630) Support costs Governance costs Accountancy fees Investment management fee Legal fees Cost of trustccs, mccting Other costs Secretariat (Institute of Osteopathy) (7,676) (22,358) (2,468) (1,150) (6,615) (68,792) (6,360) (20,874) (6,374) (2,475) (8,524) (84,338) (109,059) (128,945) Total resources expended (203,638) (222,575) 16 THE OSTEOPATHIC FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTtVITIES FOR THE YEAR ENDED 31 MAY 2024 2024 2023 Net incomel(loss) before gains and losses (54,118) (96,457) Other recognised gains and losses (Loss)Ig