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REGISTERED NUMBER: 00555128 (England and Wales)















The Institute of Podiatrists

Unaudited Financial Statements for the Year Ended 31 December 2024






The Institute of Podiatrists (Registered number: 00555128)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Institute of Podiatrists

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr A Ali
Mr M Harvey
Ms H M Jephcote
Mr S Miah
Ms B J Wright
Ms C L Mccartney
Mr S T Preston
Mr W J Liggins
Mrs G Wooldridge
Mrs H Topham





SECRETARY: Miss A J Burnett Hurst





REGISTERED OFFICE: 150 Lord Street
Southport
Merseyside
PR9 0NP





REGISTERED NUMBER: 00555128 (England and Wales)





ACCOUNTANTS: Advance Chartered Certified Accountants
71-73 Hoghton Street
Southport
Merseyside
PR9 0PR

The Institute of Podiatrists (Registered number: 00555128)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 12,698 9,366
Investments 6 7 7
12,705 9,373

CURRENT ASSETS
Stocks 7 5,862 11,611
Debtors 8 65,677 49,793
Cash at bank 582,583 545,278
654,122 606,682
CREDITORS
Amounts falling due within one year 9 241,124 218,008
NET CURRENT ASSETS 412,998 388,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

425,703

398,047

RESERVES
Other reserves 20,557 20,557
Income and expenditure account 405,146 377,490
425,703 398,047

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Institute of Podiatrists (Registered number: 00555128)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:




Mr M Harvey - Director



Mr S Miah - Director


The Institute of Podiatrists (Registered number: 00555128)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

The Institute of Podiatrists is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Income
The income shown in the Income and Expenditure Account is derived from the ordinary activity of the company, which is that of operating a professional institute for chiropodists, podiatrists and foot health practitioners and providing related training services, and represents income during the year exclusive of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computers and fax machine - 33% on cost and 15% on reducing balance
Furniture and equipment - 33% on cost and 15% on reducing balance
Education equipment - 15% on reducing balance

No depreciation is provided on the Institute's President's Chain of Office as the chain of office is not considered to be a depreciable asset.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The Institute of Podiatrists (Registered number: 00555128)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The company operates a deferred contribution retirement benefit scheme for the benefit of its employees. Contributions are expensed as they become payable.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with other maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The Institute of Podiatrists (Registered number: 00555128)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations. net of future finance charges, are included in creditors.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to the income and expenditure account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

The Institute of Podiatrists (Registered number: 00555128)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Computers Furniture
and fax and Education Chain of
machine equipment equipment office Totals
£    £    £    £    £   
COST
At 1 January 2024 6,455 57,789 4,347 1,580 70,171
Additions - 4,191 4,417 - 8,608
At 31 December 2024 6,455 61,980 8,764 1,580 78,779
DEPRECIATION
At 1 January 2024 6,409 50,760 3,636 - 60,805
Charge for year 7 5,059 210 - 5,276
At 31 December 2024 6,416 55,819 3,846 - 66,081
NET BOOK VALUE
At 31 December 2024 39 6,161 4,918 1,580 12,698
At 31 December 2023 46 7,029 711 1,580 9,366

6. FIXED ASSET INVESTMENTS

The company owns the whole of the issued share capital of the following dormant companies incorporated in England and Wales:

College of Foot Health Limited
College of Podiatric Doctors Ltd
International College of Podiatric Doctors Ltd
The Faculty of Podiatric Medicine Limited
The College of Podiatric Surgeons Limited
The Faculty of Forensic and Medico-Legal Podiatry Ltd
The College of Forensic and Medico-Legal Podiatry Ltd

7. STOCKS

20242023
£   £   
Badges of merit9972,019
Stationery818753
Education292303
Sundry sale items00
Stock in trade1,2471,054
Promotional item2,5084,460
3TO stock03,022
5,86311,610

The Institute of Podiatrists (Registered number: 00555128)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 60,382 35,498
Other debtors 5,295 14,295
65,677 49,793

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 4,069 2,481
Other creditors 237,055 215,527
241,124 218,008

During the 2018 year end negative goodwill arising on the merger with the Associated Chiropodists and Podiatrists Union was transferred to other creditors. The balance transferred of £7,943 continues to be credited to the income and expenditure account over the remaining period in which the directors feel the Institute will derive benefit from the merger. As at 31 December 2024, the balance included within other creditors was £1,991.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 27,000 27,000
Between one and five years 67,500 94,500
94,500 121,500

11. RELATED PARTY DISCLOSURES

During the year the Institute received services from Mr S Miah, a director of the company, totalling £709.24 2023 - £7,627.20).

During the year the Institute received services from Mr M Harvey, a director of the company, totalling £11,098.36 (2023- £11,689.45).

12. SHARE CAPITAL

The Institute of Podiatrists is a company limited by guarantee, and therefore does not have share capital. The extent of each subscriber's liability is limited to a maximum of £1.