Charlty r•glstratlon number 1073464 (England and Wales) Company r•gistralion number 03695486 THE BRITISH ORTHODONTIC SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 'AECYQLfft• 1111012025 COMPANIES HOUSE A15 #58 BO)S THE BRITISH ORTHODONTIC SOCIETY ANNUAL REPORT 2024 www.bos.org.uk THE BRITISH ORTHODONTIC SOCIETY CONTENTS Page Trustees. Report 1-25 Ind8P8ndent auditorfs report 26-29 Statement of financial actlvlties Balance sheet 31 Statement of cash flows 32 Notes to the financlal statements 33-46 THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report together with the financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the fi'nancial statements and comply with the charity's governing document, the Companies Act 2006 FR5102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance wlth the Flnancial Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102)" l. Names of the charity trustees who manage the charity Trustee name Olnce Ilf any) D￿¢$ arted If not lor whale ye*r Nlkkl Atack Presldent Demltted 31" December 2024 Robert Lawson President Appointed 1st January 2025 Demitted 31" December 2024 Slmon Llttlewood Honorary Secretary Honorary Secretary Honorary Treasurer Dirertor of Clinical Governance Claire Bates Appointed I" January 2025 Grant Mclntyre Stephen Chadwick Matthew Clover Director of Clinical Practice Sally Walker Hemendranath Shah Dlrertor of Educatlon Demltted 31" December 2024 Director of Education Appointed I" January 2025 Demltted 31" December 2024 Anlll Patel Hayley Llandro Guy Deeming Peter Mossev Dlrector of External Relatlons Director of External Relations Appointed I" January 2025 Director of Professional Development Director of Research THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORn FOR THE YEAR ENDED 31 DECEMBER 2024 2. Reference and Administrative details Charity name Other name the charity uses Registered charity number The British Orthodontic Society None 1073464 Royal College of Surgeons of England 3843 Lincoln's Inn Fields LONDON WC2A 3PE 02073538680 executivesec bos.or www.bos.or .uk CharltVs princlpal address Company registered number 03695486 Audltor Warner Wilde Llmited, 4 Marigold Drive, Blsley, Woking, Surrey, GU24 9SF HSBC, 165 Fleet Street, London, EC4A 2DY Bankers Solicitors Lavryers for Doctors Limited. Broad Quay House, Prince Street, Brlstol, BSI 40J 3. BOS Objectives & Activities Our Mission As the leading voice of orthodontics in the UK we are dedicated to the life.enhancing results that orthodontics delivers. Together with our professional members, we champion the advancement of the specialty through educatlon, advocacy and research. We are driven by excellence in patient care. Charitable Aims To promote the study and practice of orthodontics. To maintain and improve professlonal standards In orthodontics. To encourage research and education In orthodontlcs. THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Activitres Delivery of an education portfolio for the whole orthodontic team including a range of In- person and online education. Development of standards of orthodontic ¢are for professionals to follow. Promotion and funding of research in orthodontics. The charity has paid due regard to the guldance Issued by the Charlty Commlssion In deciding what activities the charity should undertake. Achievements, Performance & Forward Plans Clinical Practice Over the past year, several significant achievements have been made. Meetings have taken place with NHSE and Managed Clinical Networks (MCNS) to dlscuss the implications of the new Provider Selection Regime (PSR} guidance and its relevance to orthodontic commissionin8. In parallel, active support has been glven to the legal case agalnst HMRC In an effort to overturn the decision to remove VAT exemption on orthodontic appliances. Alongside these national-level initiatives. ongoing assistance has contSnued for members with contractual matters, while also responding to queries raised by members of the public. These activities have led to tangible improvements in beneficiaries, circumstances. Members have received regular updates on contractual arrangements and the latest legislation affectlng orthodontlc procurement. In addition, direct support has been offered to the public, helping individuals understand treatment access, NHS eligibility criteria, and standards of care. The impact has also been felt more widely across society. Efforts to raise national awareness of oral health have been delivered through public campaigns and strategic partnerships. Relationships with NHSE and the British Dental A550ciation (BDA) have been further strengthened, ensuring a more coordinated approach to orthodontic provision and advocacy. Nevertheless, challen8es remain. A key priority is ensuring that MCNS make full use of the cornprehensive range of contract tendering options set out In the PSR guidance document. Another challenge lies in reaching all members of the profession to ensure they are,well supported during the next round of orthodontic contract tendering. THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Looking ahead to 2026 and beyond, the focus will be on continuing to influence NHSE policy in relation to orthodontic provision. A major part of thls work wlll involve educating MCNS on the role of the PSR guidance in the forthcoming round of contract tendering. Members will also be supported through the orthodontic reprocurement proces5 With regular update5 provided at BOS events, ensuring they remain fully informed and prepared for future developments. Matt Clover Director of Clinical Practice Education Over the past year, the Society has delivered a wide range of educatlonal opportunitles for all members of the orthodontic team, offered In face-to-face, vlrtual, and hybrid formats. Member5 now also benefit from a virtual learning environment hosted on the Moodle platform and administered by the Royal College of Surgeons of Edinbur8h. This plarform provides access to a variety of CPD activities tailored to different groups: specialty trainees in orthodont5cs (years 1-3) can access the National OrthodontSc Programme, whlle a dedlcated post-CCST area has been developed for ST4-5 trainees. Dental Care Professionals have their own bespoke section, and all members benefit from a general area linked to CPD resources assoclated with the Journal of Orthodontics. A number of targeted initiatives have further enhanced training provision. A national webinar was delivered to specialty trainees and their Clinical and Educational Supervlsor5 to explain the new Orthodontic Specialty Curriculum and assessment methods introduced in September 2024. Core CPD has contlnued to be provlded via Pro-Dental CPD, and collaboration with the British Society of Dental and Maxillofacial Radiology has enabled the delivery of specialist CBCT training. In addition, the Society worked wlth the Training Grades Group to organise a national post-CCST virtual seminar programme, supporting specialty trainees preparing for consultant roles within the NHS. Beyond educatlon, a slgniflcant achievement wa5 the careful packaging and secure storage of the BOS Museum and Archives in a bespoke facility, ensurin8 the preservation of the Society's history. These initiatives have improved circumstances for beneficiaries by enhancing the professional capabilities of members and, in turn, supporting the wider public. The provision of continuing education and CPD opportunities has been central to maintsining high professional standards and improving the quality of patient care. THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The impact has extended beyond immediate beneficiaries. The Society ha5 continued to raise natSonal awareness of oral health through public campaigns and partnerships, while also supporting research into treatment effectiveness, helping to strengthen the evidence base that informs both policy and clinical practice. At the same time, BOS has upheld and promoted ethical standards, transparency, and professionalism across dentistry, reinforcing public trust In the profession. Performance against key indicators has been strong. More than 30 educational events were delivered. with over 85% of attendees rating the content and organisation as excellent or very good. Thirteen active BOSF-funded research projects were supported, representin8 commitments of more than £500,000. In addition, the Journal of Orthodontics achieved a major mllestone in securing its first Impact Factor (1.31, alongside a notable increase Sn submissions from 28 different countries. Looking forward to 2025 and beyond, the Soclety plans to further expand CPD opportunities for the orthodontic team. This will be achieved both through a diverse programme of educational event5 and by continuing to develop the Virtual Learning Environment, ensuring that members across all roles and stages of their careers have access to hi8h-quality, flexible learning. Hemendranath Shah Director of Education External Relations Over the past year, the External Relations team has delivered a number of important achievements. A major milestone was the bulld and launch of the My Mlssing Teeth websSte {www.mymissingteeth.co.uk), designed to educate and inform the public about the condition, which affects one In thlrty people In the UK. Alongside this, the Soclety celebrated its 30th anniversary with a year-long campai8n, BOS @30, which was widely covered and well received by members. Press engagement has been extensive and impactful, securing national and professlonal coverage across a wide range of topics. Notable examples include features in The Guardian on soft foods and jaw development and on "mewing," an article in BDJ In Practice on dental tourism, and coverage of Roz Mcmullan's OBE. The team also secured widespread media attention for the announcement of the new BOS President and Honorary Patron, contributed expert advice to Sussex Express on jaw and dental health, partnered with Kidscape for Anti-Bullying Week, and supported the drafting of a joint letter to the Health Secretary, Wes Streeting, and Chief Dental Officer for England. Jason Wong. THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Support was also provided to BOS educational events, enabling hybrid delivery options for delegates both onsite and onllne. A new co-hosted event with 32Co was successfully launched in collaboration with the office and events team, providing a potential blueprint for future InitiatSves. The ongoing @KeepGBSmiling campaign continued to promote healthy eating and oral hygiene, while the team also assumed responsibility for the commercial aspects of BOS magazines and the Journol of Orthodontics. Furthermore, the Society maintained a visible presence at major industry events, including BDIA, Dentistry Show, and Dentistry Show London. by providing speakers and hosting stands. These efforts have brought clear improvements to members, experiences. The Members, Area of the BOS website was upgraded, issues with the online shop were resolved, and the Find a Treatment function was reinstated. Participation in careers fairs enhanced the visibility of orthodontics as a career choice, fostering early engagement with the profession. The BOS Foundation IBOSF) also benefited from new online donation pages, allowing members to make one-off or ongoing contributions. while additional guidance and support were provided to the new Editor of BOS News, Arti Hlndocha. The impact has also been felt more widely. The team's proactive liaison with both consumer and professional press has provided expert insight, commentary, and, when necessary, refutations of misinformation about orthodontics. The launch of the My Missing Teeth website has created a valuable new resource for the public. while national campalgns and partnerships have continued to raise awareness of oral health and the importance of orthodontic care. Performance metrics highlight the strength of these achievements. The 30th Anniversary campaign secured multiple national media placements and extensive professional coverage. Public engagement has continued through campaigns, events, and targeted university outreach. From October 2024 to August 2025, the BOS website attracted more than 68,000 users, with over 26,000 views of the "Your Jaw Surgery" section and more than 2,200 users accessing the Members, Area and professional pa8es. Social media presence also grew, with combined following of 6,118 across all platforms and private member 8roups reaching 5S6 participants. Linkedln generated around 4,000 impressions per month, Facebook achieved approximately 2,500 monthly views, and Instagram our highest-engagement platform reached 13,500 views per month. All channels continue to show healthy growth. There have, however, been challenges. The situation In Gaza generated strong opinions among members, and as a registered charity the Society was limited in what it could publicly say. Another ongoing challenge has been maintaining member engagement by providing content and services that encourage both retention and recruitment. Looking ahead to 2025 and beyond, the External Relations team will contribute actively to THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 the Membership Working Party, helping to communicate new and improved benefits to both existing and potential members. Work will also continue within the Commercial Working Party to explore ways of collaborating effectively with industry partners for the benefit of both the membership and the sector as a whole. The Society will maintain its presence at major dental events and exhibitions, providing speakers and encouraging new membership and attendance at BOS events. Press engagement with both professional and consumer media will continue to raise the profile of orthodontics, the Society, and the value of its offering. Finally, collaboration with the 80S Foundation will focus on developing an effective strategy to increase donations, whether through one-off contributions, on80ing support, or legacy giving. Hayley Llandro and Anjili Patel Current and Former Director of External Relations Clinical Governance Over the past year, the Governance Directorate has delivered a broad range of work across its core areas of audit, publications, ethics, and clinical effectiveness. Audit The directorate, under the leadership of Mariyah Nazir, Chair of Audit, has continued to recelve a steady number of requests for surveys. The ability to seek the vlews of mernbers Is of great value to the Society, providing insight into clinical practice, professional perspectlves, and workforce trends. At the same tlme, care Is taken to avold over-surveyin8, which can lead to fati8ue and reduced response rates. Striking the rlght balance remalns a priority. Recent surveys have explored a wide range of important topics, including: clinical declsion- making in radiographic assessment of ectopic teeth and the use of CBCT; health advocacy in orthodontics; diversity and leadership wlthin the profession; functlonal appllance use by UK orthodontists; patient-initiated follow-up (PIFU); job satisfaction among orthodontic therapists. the impact of MRI on orthodontics. clinician experiences of duty of candour. and national approaches to clinical photography in hospital orthodontic departments. These projects demonstrate both the breadth and depth of issues explored through Bos-led audit. The Society is grateful to Mariyah for the excellent work she continues to provide in this vital area. Publlcatlons The directorate also encompasses publications, led by Chair Sameer Patel. Significant progress has been made in updating and expanding BOS advice and information leaflet5, ensuring that both members and the publlc have access to reliable, high-quality 8uidance. THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 These resources are available in both digital and printed formats, with a structured publication programme developed in partnership with the BOS News team to promote awareness and accessibility. The advlce leaflets, authored and updated by BOS members, are designed to support professional practice while also benefiting patients and, in some cases, reaching a wider audlence. Recent work has focused on ensuring consistency between member-facing and patient-facing guidance, particularly around issues such as written consent. While defence socletles advise that a written treatment plan Is not a strlct requirement for orthodontics, the Society's position is that such a plan is often helpful. Efforts have also been made to revlew the readabllity and accessibility of publlcatbons to ensure they meet the needs of all audiences. Ethlcs The governance directorate further includes ethlcs, led by Chair Nicky Stanford. On behalf of BOS, Nicky attended four meetings with the GDC regarding their new Scope of Practice 8uldance. The Society was successful in securing the inclusion of all its recommendations, and the final guidance is expected to be published later this year. Key outcomes include explicit clarificatlon of the orthodontlc therapist scope of practSce, with confirmation that procedures involving the removal of enamel, such as interproximal reduction (IPR), are outside their remlt. In addition, it was conflrmed that all orthodontlc procedures, includin8 IPR for orthodontic purposes, are outside the scope of practice for dental therapists. In addition, BOS contrlbuted to a GDC round table on thelr forthcomlng consultation regarding a new Framework of Professionalism. This framework will be supported by material from speciallst societies, enabling the GDC to illustrate how principles and professional guidance apply to different clinical situations and contexts. Cllnical Effectiveness Bulletin The directorate also oversee5 the Cllnical Effectivene55 Bulletin (CEB}. After a period of valued service, Robert Smyth has completed his term as editor. His contribution, particularly the development of searchable publlcations on the BOS website, will leave a lasting le8acy. The Society extends its thanks to Robert for his excellent work and dedication. The winners of the CEB prize will be formally announced at the BOC. This year's awards are: First place: Recycling orthodontic Impression troys.. A sustainable improvement (KA Carney, R Bissett, E Chalmers, C Tothill) THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT {CONTINUED> (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Second place: Going the distance." Comparative analysis of o dramatic change in protocolfor patient attendance at Cleft Llp & Palate MDT clinics {S Daley, S Brannen. L Burbridge, R Mattick) Third place: Stoff education and owareness of e-cigorette use ond orthodontics." A quality improvement pmject (J Bell, S Germain) The Society Is pleased to confirm that Madeleine Storey has applled to become the new editor of the Clinical Effectiveness Bulletin, ensuring continuity and future development. Beyond 2025 Lookln8 ahead, the Governance Olrectorate will shortly advertise for the role of Chair of Governance, providing an opportunity for new leadership to continue building on the strong foundation5 already In place. Steve Chadwick Director of Clinical Governance THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Research l. Summa of Maln Achlevements There is currently a record amount of funding (almost £900K) of BOS / BOSF funded research inclusive of joint funding packages bein8 spent or pending for British Orthodontic research. Success wlth obtalnlng matchlng funds through pump prlming grants offered by the Royal College of Surgeons of England, with 2 such grants awarded in 2024. Development of new BOS / BOSF Strategic Plan by the Research Directorate in consultation with BOS colleagues and complementary to other directorates approved at the December 2024 BOS Board meeting New strategic plan BOS / BOSF strate8ic plan is complementary to the Commercial Sponsorshlp Strategy, the BOS Membershlp strategy, the Internationa115atSon Strategy and the Undergraduate Recruitment strategy. The Journal of Orthodontics (JOR) achieved an impact factor of 1.3 and remains popular and reputable with annual activity continue in an upward trajectory in 2024, greater than the equivalent period in 2023. Successful ongoing engagement with professional and public media to raise awareness of the value and benefits of orthodontic research. 2. Im rovement to Beneficlarles. Clrcumstances The Society's research awards have improved the professional capabilitles of members for their skills in critical appraisal, career development and supported the public by generating evidence for the provision of optimal evidence based orthodontic care. Scholarship and Awards (S&A) supports the careers of BOS members and encourages the pursuit of excellence in research and clinical care through acknowledgement of prizewinners. The publication of the JOR provides a resource for improvement of knowledge and understanding of orthodontics, and opportunities for support of continuing education and continuous professional development ICPD) which in turn improves professional standards and patient care. -io- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 3. Wlder Benefits to Socie British Orthodontic Society IBOS / 8OSF} research grant funding supports research into treatment effectiveness, contributing to evidence-based policy and clinical practice for patient benefit. BOS research raises national awareness of the value not only of orthodontics to health and wellbeing but also the value of oral health and how orthodontics contributes to overall health. Through public campaigns and partnerships such as "Keep Britain Smiling" there ha5 been increased engagement of the public raising their awareness of the benefit5 of orthodontics, the role that orthodontic treatment plays In overall oral and general health. Increased emphasis on person centred care and inviting feedback from those who have received orthodontic treatment with this being used to promote the benefits. 4. Ke Perforniance Indicators or Metrlcs Throughout 2024, there have been 18 active BOSF or joint 80S / RCS funded research projects ongoing or awarded; with over £800,000 in financial commitments. Journal of Orthodontics IJOR) maintained its Impact Factor of 1.3 and annual activlty appears to continue in an upward trajectory with 264 paper submissions {from 28 countries) in 20241 greater than the equivalent period in 2023. The 2024 the Research Protocol Award, Chapman Prize, Geoffrey Fletcher Elective Scholarship were all awarded. The JOR impact factor of 1.3 has been maintained and the journal remalns popular and reputable. The percentage acceptance rate In the context of higher numbers of manuscripts 15 slightly lower than 20%. 5. Challen es and Mltl atlon The landscape with respert to the achievement of research competency within training -programmes has changed significantly, and it wlll be a challenge to ensure that standards are not diminished as a result. The income through membership is around £12K per year represents an income deficit v expenditure,. and therefore, the strategy is aimed at addressing the imbalance and our li- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 mitigating activities are encompassed in the BOS / BOSF 2024 research strategy and action plan. It has been agreed by the Board that research pump-primers are now the preferred way to utilise limited resources & the immediate plan is that fundraising activities will generate the "relatively small" amounts of matched funding to cover these projects. In 2024 the BOS Student Technician Award was not awarded, and there were no entries for the Laurence Usiskin Student Elective Award. It is important that support for and uptake of all BOS award5 is prioritised. Environmental sustainability now and in the future of orthodontic treatment provision has been highllghted In 2024, and will be an ongoing challenge with attention to clinical procedures, materials, digital imaging and remote monitoring as potential mitigating factors. 6. Plans for 202$ and be ond Develop and implement the new BOS / BOSF research strategy approved at the December 2024 BOS Board meeting, including initiatives at a national and/or international level to raise funding for research, coordinate orthodontic research, promote person centred evidence based treatment and improve long term sustainability. Specifically thi5 will include actlons on the followlng: Continue to drive the quest for increased BOS Membershlp by tailoring activities to the needs of our members in the various BOS sub-groups. Encompass the interests of the wlder orthodontic which includes our nurses, theraplsts, hy8enlsts and technlclans as well as the dentists with a special interest in Orthodontics, Optlmise communlcation and collaborative activities with our corporate members, sponsors and other stakeholders such as the Royal Colleges. Engage the public more to raise awareness of the benefits of orthodontics. inviting feedback from those who have received orthodontic treatment, and emphasise the role that orthodontic treatment plays in overall oral and general health e.g vla expansion of the "Keep Brltaln Smlllnrf initiative. Identify and target our international members and Orthodontic Alumni who are practicing overseas and expand the geographic boundaries in research collaborations. -12- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Revamp future BOC events to ensure that we embrace our sponsors, past members / retired members and past BOS Offlce Holders. Make it attractive and also easy for our BOS members, but also members of the public to make donations to the 8OSF Acknowledge and highlight the ongoing success of the Journal of Orthodontlc5 (JO and showcase ongoing BOSF funded research and our Scholarship and Award wlnners. Seek programme grants and scholarshlp grants on some of the big issues facing DentSstry and Orthodontlcs such as SUStalnability, oral health, integratlon with general health and wellbeing, interceptive orthodontics etc in partnerships with major International research funders. Peter Mossey Director of Research Professional Development In 2024, the British Orthodontic Conference (BOC) stood out as one of the yearfs major achievements. The event was well received by delegates and drew positive reviews, though it unfortunately did not break even financially and recorded a loss. Building on this, work began to launch the 2025 conference at a new venue, ICC Wales. Alongside these efforts, the team focused on reduclng both its size and expenses, strengthening its partnership with the new Marketing and PR contractor, Positive Communications, and streamlining the conference platform through the use of CVENT. 13- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 These actions translated into direct improvements for beneficiaries. Delegates experienced a smoother and more engaging conference both in the lead-up to and during the event. At the same time, work was undertaken to secure the long-term future of the BOC for member5, the Society, and the wider speciality, ensuring it continues to serve as a benchmark for orthodontic education and events. The benefits extended to society more broadly. The BOC remains one of the most visible and important aspects of the BOS'S work, carrying significant profile and brand value across the profession. Membership of the BOS offers many advantages, but access to the BOC continues to be one of the strongest elements of the Society's value proposition. The conference also plays a vital role in maintaining and strengthening relationships with the wider trade and other professional organisations. However, challenges remaln. Like all large-scale events, the BOC faces pressures linked to delegate numbers and discretionary spending, both of which are influenced by wider economic conditions largely outside the Society's control. In response, several measures have been introduced to mitigate these risks. These include enhancing the trade sponsorship experience to secure stronger revenues, streamlining the BOC team, and introducing new or improved conference features. Other strategies include refining benefit packages for speakers, consolidating the conference timetable to reduce overhead costs, limiting expenditure on discretionary elements such as social events, and considering smaller-scale events in proportion to likely audience sizes in the future. Looking ahead to 2025 and beyond, the Society remains committed to running the BOC but with an increased focus on aligning the scale, scope, and style of the event with both audience needs and the financial realities facing the BOS. Thi5 may include explorin8 the use of mid-size hotel conference venue5 in place of larger-capacity centres. Strengthenin8 commercial and professional partnerships will be a key priority, both to reduce costs and to add value and new features for delegates. Finally, there are plans to consolidate BOS events into single timeframes and locations, reducing overheads while enhancing the value delivered to delegates. Guy Deeming Director Professional Development 14- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 4. Financial Review Market Review of 2024 Global financial markets performed strongly overall in 2024. Over the year, the broader global stock market rose by 20.13%. The US stock market was the driving force behind global gains, returning 26.77%. This was largely due to higher economic growth rates and a greater weighting to the best performing sectors, in particular technology. The FTSE 100 Index ended 2024 in positive territory. rising by 5.7% over the year to notch up a fourth consecutive year of positive gains, while the FTSE 250 Index rose by 4.7% over the year. The Bank of England lowered its base rate from 5.25% to 4.75%. The outcome of the US election, the UK budget and persistent inflationary pressures have stoked expectations that interest rates will fall more slowly than previously hoped. The MSCI UK returned a respectable 9.4% in 2024, underperforming the US but outperforming continental peers as the MSCI Europe ex UK returned 2.7%. Softer export demand due to China's slowdown and polltlcal Instability In Germany and France the Eurozone's two largest economies - weighed on performance. The pound ended the year 1.7% lower at usSI.26, towards the lower end of Its 12-month range after the US dollar strengthened significantly following the US election. Investments Policy & Performance The Trustees are empowered to Invest the Surplus funds of the Society as they see fit. In practice, the Trustees have appolnted Qullter Chevlot as the Society's investment managers, to administer and advise on the Society's investment portFolio and all surplus funds are Invested through them. The investment managers are under instructions to grow the portfolio to a sufficient size to be in the position to fund scholarships and larger research studies. There are no restrictions placed by the Trustees on the nature of investments to be held, but the investment managers are expected to balance the type of investments to achieve a medium risk profile. The Trustees discuss and decide annually on the level of investment once the free reserves of the Society are confirmed following the audit of the financial statements. 15- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Quilter Cheviot ("QC") run a charity specific fund, namely the Global Income and Growth Fund for Charities. After a positive 2023 which saw an Il% increase, the fund generated another positive return of just over 9% in 2024, putting it into the 2nd quartile. The GBP Allocation 60-80% Equity was also at 9%. Risk Return Overall, gains on the Society's investments amounted to £83,444.32, a small decrease compared to the £92,659.00 gain achieved In 2023. We continue to monitor the fund's performance on a regular basls. We speak and meet regularly with the relatlonshlp and portfolio managers at Quilter Cheviot to ensure the Society's best financial interests are being maintained. As of August 2025, the BOS holds £1.282M of liquid assets whlch is suffi'cient to continue Its charitable activities into 2025 and the years beyond. A total of £200,000 was wlthdrawn from the main investment fund in Oecember 2024, and a further £IOO,000 was withdrawn from the Foundation Fund. This helped support the funding of ongoing BOS and BOSF research and provided the Soclety with sufficient cash flow/workin8 capital until March 2025 when the next year's membership fees were recelved. Going concern The Treasurer contlnues to work closely with the COO and the flnance team to manage both the day-to-day and longer-term financial position of the charity. The Trustees remain confident that the charitable company will continue in operational existence for the foreseeable future and be able to meet all of its financial obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. Based on the charitable company's forecasts and action plans. the Trustees consider it is appropriate for the financial statements to be prepared on the going concern basis. The financial statements do not Include any adjustments that would result should the going concern basis of preparath'on not be appropriate. In the event that this basi5 is not appropriate provisions may be required and assets may need to be written down to thelr recoverable amount 16- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Pol icy In 2021 The Trustees agreed that unrestricted funds not committed or Invested in tanglble fixed assets ("the free reserves") should not fall below £500,000. The Trustees maintain this figure remains appropriate to enable the current actr'vitles of the charity to contlnue, even If unanticipated events resulted in expenditure that had not been budgeted for. At 31 December 2024 the Soclety had free reserves of £970,718 which Is £470,718 more than the reserrfes policy. In addition to unrestricted funds, at 310ecember 2024, the charltable company also held restricted reserves totalling £109,439. The Trustees are aware that a withdrawal of free reserves is likely to be needed in the final quarter of 2025. This will bring the total below the reserves policy of £500,000. The Board is taking this matter seriously and is working on a recovery plan to rebuild reserve5, including the management of future spending, implementing new fundraising initiatives, adjusting the operating budget and recapitalising the balance sheet. No timeframe has yet been set for reserves to be returned to the target level, but the issue remains a high priority on the Society's Risk Register. Risk and Corporate Governance Matters The Society places a high value on risk management, with a focu5 on identifylng potentlal risks that may compromise the ability to fulfil our key aims, and then putting in place approaches to mitigate these risks. The risks to which the Society15 exposed are reassessed and reviewed by the Trustees on a regular basis at each of the 4 board meetings per year. Individual Trustees are given an area of risk management to keep under review, but all Trustees are involved in updating the linal risk register. A complete risk assessment is undertaken on a yearly basis. This updates the previous year's risk assessment and adds to or amends any risk issues. If a new risk factor is identified during the yearly cycle. then the Trustees responsible for the appropriate area of risk management will Investigate, make recommendations, and actlon any agreed strategy to mitigate that risk. The risk register is maintained by the Honorary Secretary. -17- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED) (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 5. Structure, governance and management Status and History The British Orthodontic Society is a registered charity, and a company limited by guarantee, not having share capital. Every member undertakes to contribute an amount not exceeding £1 to the assets of the charity in the event of the charity being wound-up during the period of membership, or withln one year thereafter. The BOS originally came into existence on l July 1994 by the unificatlon of the five, existing national orthodontic societies. The founding Societies were: The British Society for the Study of Orthodontics, founded in 1907, and the oldest national orthodontic society. The Consultant Orthodontists Group was formed in 1964 to represent Orthodontlc Consultants in the hospital service. The Britlsh Assoclatlon of Orthodontists (8AO} established in 1965 to represent the speciallst orthodontic practitioners. The Association of University Teachers of Orthodontics, to represent orthodontic teachers. The Community Orthodontists Sectlon of the British Association of Orthodontists. to represent community orthodontists. Since unification, all bodies have accepted the BOS as the main national representative of all orthodontists. The respect afforded to the Society greatly exceeds that given to the founding societies separately. The Department of Health has come to re8ard the Society as the appropriate body to consult on matters relatlng to orthodontic services and the standards of care for patients. The BOS was initially an unincorporated charity, but the Society was incorporated on 14 January 1999, and the newly formed company became a registered charity on 22 January 1999. The British Orthodontic Society Is governed by the rules and regulations set down in its company Memorandum and Articles of Association, originally dated 14 January 1999 and as updated on 23 September 2002, 8 October 2006, 13 September 2009, 18 September 2010, 24 September 2011. and September 2012. The Articles and Byelaws were updated during the course of the year and approved by the Board and at the annual AGM. -18- THE BRITISH ORTHODONTIC SOCIETY TRUSTEES. REPORT (CONTINUED> (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisational Structure BOARD OF TRUSTEES Gvoup Chalis F¢)Ni Éxecutive Honwary., Presidenr'i Honorary. Trethsurei, "Olieci¢i 'oICllnl¢•l PrKtIc• oIFecrorof. , Educ•tlM' Olrelnlnn. Conclu8lon• rolatlng to golng concem In audllin9 the flnanclal statements, we have concluded that the tiuste89' use of the golng con¢em bas1$ of accounting in the preparatlon of the financial slatements Is appropriate. Based on the work we have perfonned, we have not Idenllfled any materlal un¢ertalntle5 relatlng to events or conditions that, Individually or collectlvely, may cast significant doubt on the charity's ability to conllnue as a going concern for a perfod of at least Iwelve months from vthen the financial statements are auihorlsed for issue. Our responsibi11tt8s and the responsibillties of the trustees witt) respect to golng concem are described in the relevant sections ol this r8POrt. Other Inforn7atlon The other infomiatlon comprises the information Included in the annual report other than the financial statements and our audltorfs report th8r8on. The tNslees are responslble for th8 other inlormalion contained wllhin th8 annual report. Our opinion on the financial ststements does not wver the other infomialion and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether th8 Other information is materially inconsistent with Ihe financial slatemenl$ or our knowledge obtained in the cours8 of the audit. or otherwise appears to be materially misstated. If we identrfy such material inconsistencies or apparent Material misslatements. we are required to deiermine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the wort( we have performed. we ¢ondude that Ihero is a material misstatement of this other information, we are required to report thal fact. We have nothing to report In thls regard. Matters on whlch we are requlred to report by exceplion W8 have nothing to report in respect of Ihe following matters In relation to which the Charitles {kcounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the informatlon given in the financial statements is inconsistent in any materlal respect wilh the trustses, report; or sufficient accounting records have not been kepi,. or the financial statements are not in agreement with the accounting records; or w8 have not roceived all the information and explanations we require for our audit. -26- THE BRITISH ORTHODONTIC SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BRITISH ORTHODONTIC SOCIETY Responsibilities of trustees A5 éxplained morè fully in the statèment of trustees. responsibilities, the trustees. who are also the directors of the charity for the purpose of company law, are responslble for the preparation of the financial statements and for belng satisfied that they glve a true and fair view. and for such internal control as the trustees determlne is necessary to enable the preparation of financial statements that are fr88 from material misstatement, whether due to fraud or 8rror. In preparlng Ihe financlal statements. the trustees are responsible for asse8slng the charlty's abillty to continue as a going concem, dlsGlosing, as appllcable. matters related to going concern and using the going concèm basss of accounting unless the trustees either intend to liquidate the charitablè company or to c8as8 operations, or have no realistic alternative but to do so. Audltoes responsibllitles for the audlt of the flnan¢lal statom•nts We have been appointed as audltor under sectlon 144 of the Charities Act 2011 and report in accordance the Act and relevant regulations made or havlng effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a vthole are free Irom material misstatement. whether due to fraud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audll conducted in accordance with ISAS (UK) will always detect a materlal misstatement when it exist5. Misstatem8nts can arise from fraud or error and are Considered material If, Individually or in the aggregate, they could reasonably be expeGted to Influence the economlc declslons of users taken on the basls of these financial statements. The extent to whlch our procedures are capable of delectlng Irregularllle8, Includlng Iraud,18 deialled below. -27- THE BRITISH ORTHODONTIC SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BRITISH ORTHODONTIC SOCIETY Our approach to identifying and assessing th8 risks of material misststement in respect of irregularities, including fraud and nonrycompliance with laws and regulations. wa8 as follows: The engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skllls to Identlfy or recognisa non-compllance wlth appllcable laws and regu18tlons; We identified the laws and regulations applicabl8 to the charity through discussions with tNste8s and other management. and from our knowledge and experience of the charity sector: We focused on sp8clflc laws and regulatlons whlch we considéréd may have a direct material effect on the financial statements or the op8rations of the charity. the Charities Act 2011, taxatlon legislatlon, dats prolectlon, employment, envlronmental and health and safety leglslation; We assessed the extent of compliance with the18ws and regulations identified above through rna￿ng enquiries of management; and Identlfied laws and regulallons were communlcaled wllhln the audll team regularly and th8 team remained alert to instances of non-compliance throughout the audit. W8 assessed the susceptibility of the Company's financial statements to material mlsststement, Including obtalnln9 an understanding of how Iraud might occur, by.. making enquiries of management as to vthere thoy considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged Iraud,. considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and re9ulations', and testing controls with walk through procedure5 and substantlve transaction testing: To address tha risk of fraud through manag•ment bias and override of controls. we.. performed analylical procedures to idontfy any unusual or unoxpected relationships: tested journal enlries to identify unusual transactlons., assessed whether judgements and assumptlons made in determlnlng any accountlng estlmates were indicative of potential bias: investigated the ratlonale behlnd signlficant or unusual transactions; and In response to the risk of irregularities and non40mpliance with laws and regulations. we deslgned procedures whlch Included. but were not Ilmited to.. agreeing financial statement disclosures to underlying supporting documentation; readlng the mlnutes of me8tlngs of those charged wlth governance; enquiring of management as to actual and potential litigation and claims; reviewing correspondence with HMRC and relevant regutators such as the Charity Commisison A further descrtpllon of our responslbllltles is available on the Flnancial Reportlng Coijncll'8 v￿b$Ite at: http$:11 VW4VW.trc.org.uklaudltorsr8sponslbllitles. Thls d8scrlpiion fomis part of our audilorfs report. U8• of our report Thls report Is mad8 solely to the charlty's trusl88s. as a body. In accofdancè wlth Part 4 of th8 Charftl8s (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charty.'s trustees those matters we ar8 required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone othèr than the charity and the charity's trustees as a body, for our audit v￿rk. for this report. or for the opinions we have formed. -28- THE BRITISH ORTHODONTIC SOCIErY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BRITISH ORTHODONTIC SOCIETY frf u"J FJ Wllde FCCA DChA MBA (Sonlor Statutory Audllor) For and on behalf of Warner Wilde Limited. Statutory Auditor Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF United Kingdom Date.'26th September 2025 Wamer Wilde Llmlted is eligible for appointment as audltor of the charity by vlrtue of Its eligibility for appointment a8 auditor of a company under section 1212 of the Companies Act 2006. -29- THE BRITISH ORTHODONTIC SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Restrlctsd funds funds 2024 2024 Total Unrestrlcted Restrlctad funds funds 2023 2023 Total 2024 2023 Notes Incom• from: Donations and legacles Charitable activities Investments 13,147 13,147 1,563,731 45,099 13.323 13,323 1.693,449 47,826 1.563,731 45,099 1,693.449 30.445 17.381 Total Incom• 1,608,830 13.147 1,621,977 1.723,894 30,704 1,754,598 Expgndlturn on: Raising funds Charitable activitle8 78 1,808,226 78 (24,908) 1,783,318 36 69,594 1,908,988 1,839,394 Total oxpondlturn 1,808,304 124,908) 1.783,396 1.839,430 69,594 1.909.024 Net gainsl(losses) on Investments 12 130,046 130,046 58,984 33,675 92,659 N•1 In¢omel(oxp•ndltur• (69,428> 38,055 {31,373) {66,552) (5.215) 161,767) Transfers beiween funds (11,535) 11,535 Nel mov•m•nt in funds (69,428> 38,055 {31,373> <68,087> 6,320 (61,767) Reconclllatlon of funds: Fund balances at 1 January 2024 2,144,441 71,384 2,215,825 2,212.528 65,064 2,277,592 Fund balances at 31 Dec•mbar 2024 2.075,013 109,439 2,184,452 2,144,441 71,384 2.215,825 The statement of financial activities Includes all gains and losses recognised In the year. All IrKomo and expgndilure derive from continuin9 activities. THE BRITISH ORTHODONTIC SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Not•$ Flxed assots Intangible assets Tangible assets Investment property Investments 14 15 16 17 3.890 405 1.100,000 1,217,736 11,268 1,056,898 1,375,602 2,322,031 2,443.768 Curr•nt assets Debtors Cash at bank and In hand 18 252.157 379.604 187.764 216.675 631,761 404,439 Creditors: amounts falllng due wlthln ong yoar 19 (769.340) (632,382) Nol ¢urr•nl Ilabllltl•$ {137,579) {227,943) Tol41 ••••ts l••• ¢urr•nt Il•blllll•• 2,184,452 2,215.825 Th• fund8 of th• ¢harfty Restricted income funds Unrestri¢led funds 22 23 109.439 2,075,013 71,384 2,144,441 2,184,452 2,215,825 Thg company Is enlltled to the exemptlon from the audlt requlrement contalned In sectlon 477 of the Companles A 2006, for the year ended 31 December 2024. The directors acknowledge thelr responslbllltles for complylng wlth the requlrements of the Companles Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in quests'on In accordance with sectlon 476. These financial statements have been prepared in accordance with the provislons appllcable to companles subject to Ihe small companie5 fegime. The financial statements were approved by the trustees on 23rd September 2025 Grant Mclntyre. Treasurer Company registration number 03695486 (England and Wales) 31 THE BRITISH ORTHODONTIC SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Not•$ Cash flows from operatlng activitles Cash absort)od by operations 27 (123.481 > {175.620) Investing activities Purchase of Inveslmants Purchasa of other investments Proceeds from disposal of other investments Investment income r•celved <34.099) (56.823> 298.134 45,099 201.045 87,373 Not cash generatod frorn Inve•tlng actlvllle8 286.410 254.319 Net cash gonerated from Ilnanclng actlvltles Not Increase In cash and cash equlvalent8 162.929 78.699 Cash and cash equlvalents at beginnlng of year 216.675 137,976 Cash and cash •qulvalants at end of yoar 379.604 216.675 -32- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollclo• Charity Infomiatlon The British Orthodonti¢ Society 18 8 prlvat8 company limited by guarantee Incorporatad In England and Wal88. The registered office is 12 Bridewell Place. London, EC4V 6AP. 1.1 Accountlng conv6ntlon The financial statements have been prepared In accordance wlth the charitys goveming document, the Companies Act 2006, FRS 102 "The Financial Reportin9 Standard applicable in the UK and Republic of Ireland" and the Charitiès SORP 'Accounting and Reporting by Charits'es.. Statemenl of Recommènded Practice applicable to tharities preparing their a¢¢ounts in a¢¢ordan¢e with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a Public Benefit Entity as defined by FRS 102. The ffinancial slatements are prepared in sterling, whlch Is the functlonal currency of the charlty. Monetary amounts In these flnanclal statements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convenlion, [modrfied to include the r8valuation of freehold properties and to include investment properties and certain financial Instmments at fair valuoj. The prln¢lpal 8¢countlng policies adopted are set out bolow. 1.2 Golng ¢one•rn At the time of approvlng the flnanclal statements. the trustees have a reasonable expectation that the charlty has adequate resources lo contlnu8 In operatlonal exlstence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of aGcounting in preparing the financial statements. 1.3 Charitabla funds Unrestricted funds are available for use at Ihe dlscretlon of Ihe charity in furtherance of their charltable objectlves. Restricted funds are subject to specific conditions by donors or granlors as to how they may be used. The purposes and uses of the restrfcted fijnds ar8 set out In tha notes to the flnanclal 8iat8ments. Endowment funds are subject to spedfic condI￿onS by donors that the capltal must be malnlalned by the charlty. 1.4 Incomo Income is recogn18ed when the charlty 18 legally entltled lo11 after any parforman¢e ¢ondikn'on8 have been met. the am¢Junts can be measured reliably. and it is probable that income will be received. Cash don8tlons are recognised on receipt. Other donations are recognised onc8 tho charity has been nots'fied of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of Covenant is recognised at the time of the donation. Legacies ar8 recognised on receipt or othep•vise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contlngènt asset. -33- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl•8 {Conllnu•d) 1.5 Expendlture Expenditure Is recogn15ed once there Is a legal or constructs've obllgatlon to transfer economic benefit to a thlrd party, it is probable that a transfer of economic benefrts will be required in settlement. and the amount of the obligation can be measured reliably. Expendlture Is classSfied by adlvlty. The Costs of each activity are rnade up of the total of dlrect costs and shared costs, Including support costs involved in undertakin9 each activity. Direct costs attributable to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable lo a sin918 acllvlty are apportloned b8fv188n those actIvi￿eS on a basis consislent with the use of re50urGes. Central staff costs are allocated on the basis of time spent, and depreciation charg8S 8r8 allocated on th8 Portion of the asset's uso. 1.6 Intangible f￿ad assets other than goodwlll Intangible assets acquired separately from a buslnèss ara rè¢ognisad at cost and are subsequèntly measured at cosl18ss accumulated amortlsatlon and accumulated impairment losses. Intangible assets acquired on business ¢omblnations are recognised separately from goodwill al the acqulsillon date where It is probable that the expected future economlc benefits that are attributable to the asset will flow to the entity and the fair value of th8 asset can be m8asur8d reliably: the intangible asset arises from contractual or other legal rights: and the intangible asset is separable frorn the entity. Am0rtisa￿nls recognlsed so as to wrlle off Ihe cost or valualion of assets less their ￿sIdual values over thelr useful lives on the following bases.. Webslte Enter amortisatlon rate vla StatD8 - cd999270 1.7 Tanglbl• flx•d assots Tangible fixed assets ar8 Inlllally measured at cost and subsequently measured at cost or valuatlon. net of depreciation and any Impairment losses. Depreclatlon 1$ recognlsed so as lo write off the cost or valuation of assetg less their resldual value8 over thair. useful lives on the following bases: Freehold land and buildings Computers over 50 years over 3 years The gain or loss arising on the disposal of an asset Is determined as th8 dlfference betsyeen the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial acts'vilie5. 1.8 Invostm•nl prO￿rtY Invesiment propety, which is property held to eam rentals andlor for capital appreciation. is initially recognised at cost, whlch Includes the purchase cost and any dlrectly attrlbutablo expenditure. Subsequently il is measured at fair value at the reporting end date. The surplus or deficit on revaluatlon Is re￿gnIsed In profit or loss. 1.9 Flxod assot Inv•slments Fixed asset investments are initially measured at Iran5aclion prlce excluding transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognlsed in nel incomel(expenditure} for the year. Transaction costs are expensed as incurred. THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles {Conllnuod) 1.10 Impairmenl of fixed assets At each reporting end date, the charty revlevts the ¢arying amounts of Its tanglble and Inlanglble assets to determine whether there is any Indlcalion that those assets have suffered an impaiment loss. 11 any such indication exists. the recoverable amount of the asset is estimated in order to detennine the extent of the Impairment loss (If any). 1.11 Cash and cash •qulval•nts Cash and cash equivalent$ include Gash in hand, deposlts held at call wlth banks. Other short-terrn liquid Investments with original maturities of thre8 months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.12 Flnan¢lal Instruments The charity has 818Cted to apply thè provisions of Section 11 '8asic Flnancial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charty's balance sheet when the charity becomes party to ihe contractual provisions of the Instrument. Flnanclal assets and liabilities are offset, with the nat amounts presenled In the financS8l statements, when there is a legally enforcèablè right lo sel off the recognised amounts and there 1$ an Intention to settle on a nel basls or to reallse the asset and Settle the Ilabillty slmult8neously. Bas1¢ financlal assets Baslc financlal assets, whlch Include debtorn and cash and bank balanc8S, are inltlally measured at transaction price including iransaclion costs and are subsequentty carrléd at amortlsed cost using the offective interest method unl8SS the arrangement constilules a financing Iransacts'on, where the transaction Is measuréd at thé present value of the futur6 receipts dlscount8d at a market rata of Interest. Flnanclal assots classlfied as recelvable wlthln one year are not amortlsod. a$lc flnan¢l•l Il•bllltl•8 Basic financial liabillties, Includlng creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing Iransaclion, where the d8bt instrument is measured at the present valu8 of the future payments discounted at a market rate of Interest. Financial liabilities classified as payable within one year are not amortised. Debt Snstruments are subséquenuy Carried at amortised cost, using the effectlve Interest rate method. Trade credltors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as cu￿ent liabilities rf payment is due within one year or less. 11 not, they are presented as non4urrent liabilities. Trade credllors are iecognlsed Inltlally at transaction price and subsequently measured at amortised cost uslng the effective interest method. Der•cognltlon of fln4n¢l•l Il•blllll Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.13 Employee benefits The ¢osl of any unused holiday entiuernent is recognlsed in the period in which the employee's services are recelved, Termination benefts are recognised immediately as an expense when the charity is demonstrably committed to tenninate Ihe employment of an ernployee or to provlde tennlnation benefits. -35- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢l•* (Contlnued) 1.14 Retlr•ment benefits Payments to defined contributton retirement benefit schemes are Charged as an expense a$ they fall due. Critical accounting oslimates and judgements In the appllcation of the charl￿S accountlng polldes, the trustees ar8 requlred to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estlmates and assoclaled assumptlons are based on hlstorical eXperIen￿ and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlyln9 assumptions are reviewed on an ongoing basls. Revisions to a¢¢ounting estimates are recognised in the period in whith the estlmat8 Is revised where the revlslon affects only that period. or in the period of the revision and future periods where the revision affects both current and future perlods. Incomo trom donations and legacies Rèstrlcted funds 2024 Re8trlcted fvnds 2023 Gen8ral donations and other slmllar types of voluntary Incom8 13.147 13,323 Ineom• from charftabl• actlvltlos Unrestrlcted funds 2024 Unrestrlclod funds 2023 Charltable acllvttle8 Joumal income Sales of Publicatlon8 Annual conference Advertising Subscripllons Charitable rental income other meetings 137,184 35.154 709.541 24.890 537,740 28.318 90,906 86.980 37,940 897.784 498,684 172,061 1.563.731 1,693,449 THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incom• from Inv•stnMnts Unrestrlcted R•$trl¢ted funds funds 2024 2024 Total Unr•8trlctad R•strfctad funds funds 2023 2023 Total 2024 2023 In¢ome from investments listed on a recognised stock exchange Interest receivable 44.345 754 44,345 754 30.346 17,381 47.727 99 45,099 45,099 30,445 17,381 47,826 Expendlture on ralslng funds Unrestrlct•d Unr•$lrlet•d funds funds 2024 2023 Fundralslng and publlclty Oth8r lundra181ng costs 78 36 -37- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlturo on charitabl• actlvltl•s Charltable actlvltles 2024 Charltabla actlvltles 2023 Dlrect costs Annual Conferenc8 Journal expenditure Publlc ralations 749,347 132.738 83.226 873,205 123,366 99,440 k- li Other meetings Research Project grants to individuals Publication costs Legal fees judicial review Professional development costs Subscriptions- nalional Museum curator fees Subscriptions- Intemational 87.244 (24,908) 17.594 27,233 23,190 3,601 3,071 97,272 69,594 32,928 32,220 26,130 12,048 8.770 3,543 1.102,336 1.378.516 Shar• ol support and gov•rnanc• co•t8 {••• not• 8) Support GovernanrA 582,377 98,605 530,472 1,783.318 1.908,988 Analysls by fund Unreslrlcled funds Restricted funds 1,808,226 124.908) 1.839.394 69,594 1,783.318 1,908,988 THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDCD 31 DECEMBER 2024 Support co$t$ allo¢atod to activities 2024 2023 Staff costs Depreciation Staff costs other Office. property & insurance costs Telephone. printing, postage and stationary Computer o)sts Trustee and commlttee meetlng expenses Irrecoverable Value Added Tax Bank and crèdit card charg8s Other expenses Travel and subsistence GovernarKe costs 236,956 10,472 143,287 63,668 28,761 21,176 17,496 39,124 14,604 3,320 3.513 149.705 49.727 114.681 82.561 42.456 20,860 15,839 15,157 12,585 3,690 617 li 98.605 22,594 680,982 530,472 Analys•d betwa•n: Charitable activities 680,982 530,472 2024 2023 Governance costs comprlse: Audit fees Accountancy Legal and professlonal 44,430 20,452 163 1.979 54,175 98,605 22.594 Net movement In funds 2024 2023 Th8 net movement in funds is stated after chargin91(cr8diting)'. Fees Payable for the audlt of the charlty's flnanclal statements Depreciation of owned tangible fixed assets Amortisation of intangible assets 44,430 3.094 7.378 20,452 42,350 7,377 10 Trusteos Six trustees were reimbursed a total of £3.059 in travel. accommodation and wofessional membershlp expenses. Two trustees received honorariurns totalling £1,050. -39- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Employees The average monthly number of employee5 durlng the year was; 2024 Number 2023 Numbèr Office and administra￿On Employment costs 2024 2023 Wages and salaries Social security costs Other penslon costs 215.020 19,445 2,491 136,289 10,742 2,674 236.956 149.705 Th8 number of employees whose annual remuneratlon was mor8 than £60,000 Is as follows: 2024 Numb•r 2023 Numb•r £80,001- £90.000 Remuneration of k•y managomont per8onno1 The remuneratlon of key managemeni personnel was as lolk)ws: 2024 2023 Aggregate compensation 57.889 46,510 12 Galns and Ios808 on Inv08tm•nts Unrgslrlcted Restricted funds funds 2024 2024 Total Unr￿trfcted Restri¢ted funds funds 2023 2023 Total 2024 2023 GaIn￿(lOsses) arising on.. Revaluation of investments Sale of investmènts Revaluation of investment properties 83.444 83,444 S8,984 33,675 46.602 46,602 130,046 130,046 58,984 33.675 92.659 -40- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Taxatlon The charity is exempt from taxation on its activities because all its in￿)Me is applied for charitsble purposes. 14 Inlanglblo flxed assets W•bstto Cost At 1 January 2024 and 31 December 2024 27,366 Amortlsatlon and Impalrment At 1 January 2024 Amortisation charged for the year 16.098 7.378 At 31 December 2024 23.476 Carrylng amount At 31 December 2024 3,890 At 31 December 2023 11.268 15 Tanglbl• flxod aJs•l• Fr•ohold land •nd bulldlng8 C•mput•v• Total Cost At 1 January 2024 Dlsposals Transfer to investment propety 1,637,314 131,975 1,769,289 (108.393) (108.393) (1.637.314> (1,637.314) At 31 December 2024 23.582 23.582 Depreclatlon and Impalrnient At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals Transfer to inve$tment pr¢wety 583.916 128,476 712,392 3,094 3,094 (108,393) {108,393) {583.916) (583.916) At 31 December 2024 23,177 23,177 Carrylng amount At 31 December 2024 405 405 At 31 Decembèr 2023 1.053.398 3,500 1.056,898 -41- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Investment property 2024 Falr value Al 1 January 2024 Transfers from ownervoccupied propety 1,100,000 At 31 December 2024 1.100.000 Propety 8t Bridewell Place. The fair value of the investment property at 31st December 2024 has been arrived at on the basis of a valuation carried out by a RICS registered agent. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. 17 Flxed a8$•t Invostmonts Llsted Inv06tm•nts Cost or valuallon At 1 January 2024 Addltk)ns Valualion changes Dlsposals 1,375,602 56,823 83.445 (298.134) At 31 December 2024 1.217.736 Carrylng amount At 31 December 2024 1,217,736 At 31 Dec8mber 2023 1.375.602 18 Debtors 2024 2023 Amounts falllng du• wlthln ono year: Trad8 debtors Other debtors Prepayments and accrued income 64,038 93,116 95.003 45.062 25,798 116.904 252.157 187.764 -42- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Credltor8: amounts falllng due wlthln on• year 2024 2023 Notès Other taxation and social security Deferred income Trad8 credltors Other creditors Accruals 14.764 33.788 210,015 498.076 12,697 4.336 27.003 161,908 439.135 20 769,340 632,382 20 Dofornd In¢ome 2024 2023 other defèrred income 33,788 27,003 Deferred Income Is Included In the flnanclal st8t8ments as follows: 2024 2023 Deferred Income18 included within: Current liabilities 33.788 27.003 Movements in the year: Deferred income at 1 January 2024 Released frorn previous perlods Resources deferred in the year 27,003 <27,003) 33,788 27.003 Deferred income at 31 Dec8mb8r 2024 33,788 27,003 21 Rotlremont ￿nefIt schemes 2024 2023 D•fin•d contrlbutlon schemes Charge to profft or loss in respect of defined contribution schemes 2,491 2.674 The Gharity operates a defined contribution pension sthpme for all qualifying empk)yae8. Thft assets of the scheme are held separately from those of the charity in an indopendenlly adminlstered fund. -43- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 R•strfct•d fund• The restricted funds of thé charity comprise the unexpended balances of donations aThl grants held on Irusl subl8Ct lo speclfic conditions by donors as to how they may be used. At 1 January 2024 Incomlng r•sources R•sourc expended Tran$f•rn Galns and losses At31 Dec•mber 2024 24,908 24,908 Scholarshlp Fund Foundatlon Fund 71,384 71,384 13,147 13,147 71,384 13,147 24,908 109,439 Prevlous year: At 1 January 2023 In¢omlng resourc•• Rosources •xpend•d Transfors Galns and 1088•8 At31 December 2023 Scholarshlp Fund Foundation Fund 65,064 2,152 4,168 71,384 28,552 (69,594) 11,535 29,507 65,064 30.704 169,5941 11.535 33,675 71,384 The Scholarship Fund is used to a¢¢ounl for the Society's prlzes and awards. which are nornially given annually. The regulatlons govemlng each of th& prizes and awards are publlsh8d on the Socl8Vs w8bslte and elsewhere, together with the names of the judging panel. and the criteria that are used when making an award. The Scholarship and Awards Committee has overall responsibility for deciding whether an award shoukl be rnade. and the Treasurèr of the Soclety admlnlslers the finances of the fund. Transfers are made periodically from the General Fund to cover the shortfall in awards given compared to sponsorship received. The Foundation Fund was set up In 1999 to promot8 Improved patlent cafe by supporting the highesl standards of research and teaching in orthodontics. To achieve this goal, the fund promotes research In numerous fields of orthodontics whilst encouraging excellence In 18achlng. which ensures Ihal orthodontists are Insplr8d, well informed, Caring, valued and responslble. In general grants are glven to support medium sized research projects with a 3 to 6 year timescale. THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Unrestrlctftd funds The unrestricted funds ol the charity compilse the unexpend8d balances of donatSons and grants which are not subject to speclfic condltions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted fvnds by the trustees for specific purposes. At 1 January 2024 Incomlng R•source• rosources èxp8nd8d Tran•f•rs Gains and losses At31 December 2024 General funds 2,144,441 1.608,830 (1.808.304) 130.046 2,075,013 Prnvlou• y••r: At 1 January 2023 Incomlng r•$ources R•sourc•s expendèd Transt•rn Galns and lo$$•$ At31 Dgcember 2023 General funds 2.212.528 1.723.894 (1,839,430) {11,535) 58,984 2,144.441 24 Analysls of net assets between funds Unr••trlct•d fund$ 2024 R•8trlct•d funds 2024 Total 2024 At 31 December 2024: Intangibl• fixod assot$ Tangible assets Investment propertles Investments Current assetsl(liabllltl8s) 3,890 405 1.100,000 1,108,297 (137,579) 3.890 405 1.100,000 1.217,738 (137.579) 109,439 2,075,013 109,439 2.184,452 Unr•8trlct•d funds 2023 R•strlct•d funds 2023 Total 2023 At 31 December 2023: Intangible fixed assets Tanglble assets Investments Current assetsl(Ilabllitles) 11.268 1,056.898 1.304.218 {227,943) 11.268 1,056,898 1.375.602 (227,943) 71.384 2.144,441 71,384 2,215,825 25 Operating leasè commitments -45- THE BRITISH ORTHODONTIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Operatlng lease commltments (Contlnued) Lessor The charity Is the Lessor of a propety for which there is a lease in place until December 2028 at £66,500 per annum. There will be a Lessee rolling Option to determine the lease the day before any quarter after 24th June 2024 upon 3 months, notice. The option to detennine the lease wlll be subject to the Lessee providing vacant possesslon and having pald th8 prlncipal fent and 'on accounl. servic8 charge, as per the provlsions of the lease. 26 Rolat•d party Iran8a¢tlon• There were no disdosable related paty transactions during the year (2023 - none). 27 Cash absorbed by opgratlons 2024 2023 Deficit for the year (31,373) (61.767) Adlustments for: Investmenl income recognised in ststement of financial activittes Gain on disposal of investments Fair value gains and losses on investment properties Fair value gains and losses on Investments Depreclatlon and Impalrment of tangible fixed assels (45,099) (87,373) (92.475) <46,602) (83,444) 10,472 49.727 Mov•m•nt• In worklng capllal: (Increase) In debtors Increase in creditors Increase In deferred Income (64.393> 130.173 6,785 (21,062> 37,330 Cash absorbed by op•ratlon• 1123,481) (175,620) 28 Anatysls of ¢hangos In net funds The charlty had no material debt durlng the year. -46-