## 

## 

|Trustees||||Professor|D Bister|||
|---|---|---|---|---|---|---|---|
|||||Professor|F McDonald|||
|||||Professor|C Lespos|||
|||||Professor|BKahl-Nicks|||
|||||Professor|0 Sorel|||
|||||Professor VVandeveska-Radunovic||||
|||||Professor|D Halazonetis|||
|||||Professor|P Crismani|||
|||||Dr D DeFranco||||
|||||Dr M Disse||(Appointed|12July 2021)|
|||||Dr L Barreto||(Appointed|8 June 2022)|
|||||Professor YRen||(Appointed|8 June 2022)|
|||||Professor TEhades||(Appointed|8 June 2022)|
|||||Professor|M Cozzani|(Appointed|8 June 2022)|
|||||professor|P Fudalel|||
|||||Dr F E Geoghegan||||
|||||Professor|G Wigems|||
|Secretary||||Professor|D Bister|||
|Charity|number|||1095190||||
|Company||number||04539916||||
|Registered|||office|Flat 20||||
|||||49 Hagam|Street|||
|||||London||||
|||||IV1W 6JN||||
|Independent|||auditors|Gerald Edelman<br>LLP||||
|||||73 Comhill||||
|||||London||||
|||||EC3V 3QQ||||
|Bankers||||Santander|UK Pic|||
|||||2 Triton Square||||
|||||Regents Place||||
|||||London||||
|||||NW1 3AN||||
|Investment|||advisors|J M. Finn|6 Co|||
|||||4 Coleman|Street|||
|||||London||||
|||||EC2R 5TA||||





## 

## 

|||||Page|
|---|---|---|---|---|
|Trustees'<br>report||||1-9|
|Statement of|Trustees'|responsrbrtrhes||to|
|Independent|auditor's|report||11-14|
|Consohdated|statement<br>of finanaal||activities|15|
|Consolidated|balance|sheet|||
|Consohdated|statement<br>ofcash flows|||17|
|Notes to the|frnanoat|statements||t8 - 33|








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## 

||||||Unrestricted|Designated|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||||funds|funds|2021|2020|
|||||Notes|6|6|6|f|
|Income from:|||||||||
|Income from chantable|activibes||||340,020||340,020|343,675|
|Other trading<br>ectwiues|||||133,511||133,511||
|Investment<br>income||||||76,306|76,306|75,004|
|Total income|||||473,531|76,306|549,837|418,679|
|Costs of raising funds|||||177,705|37,187|214,892|39,148|
|Charuable<br>acbvrbes|||||330,963|99,614|430,574|345,877|
|Total expenditure|||||508,665|136,801|645,466|385,025|
|Net Income/(expenditure)||before Investment|returns||(35,134)|(60,495)|(95,629)|33,654|
|Net gain on investments||||14|6,867|240,028|246,895|198,982|
|Net (expenditure)/Income||before transfers|||(28,267)|179,533|151,266|232,636|
|Gross transfers<br>between||funds||24|150,0M|(150,000)|||
|Net income/(expenditure)||for the year|||121,733|29,533|151,266|232,636|
|Fund balances at 1 January 2021|||||339,4M|3,686,516|4,025,916|3,793,280|
|Fund balances at 31 December 2021|||||461,133|3,716,049|4,177,182|4,025,916|





## 

## 

## 

||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|
||||||2021|2020|2021|2020|
|||||Notes|6|8|||
|Fixed assets|||||||||
|tangible assets||||15|311,557|307,936|307,182|307,936|
|Investment|properses|||16|762,000|762,000|762,000|762,000|
|Investments||||17|3,122,419|2,976,397|3,122,421|2,976,397|
||||||4,195,976|4,046,333|4,191,603|4,046,333|
|Current assets|||||||||
|Debtors||||19|114,588|68,678|176,984|68,678|
|Investments||||20|3,424|27,593|3,424|27,593|
|Cash at bank and||in|hand||102,228|88,484|101,505|88,484|
||||||220,240|184,755|281,913|184,755|
|Creditors:|amounts||falling due within|21|||||
|one year|||||(239,034)|(205,172)|(236,196)|(205,172)|
|Net current|assets/(fiabllltles)||||(18,794)|(20,417)|45,717|(20,417)|
|Net assets|||||4,177,182|4,025,916|4,237,320|4,025,916|
|Income funds|||||||||
|Unrestricted|funds||||||||
|Designated|funds|||23|3,716,049|3,686,516|3,716,049|3,686,516|
|General<br>unrestncted|||funds||461,133|339,400|521,271|339,400|
||||||4,177,182|4,025,916|4,237,320|4,025,916|





## 

|||||||2021||2020||
|---|---|---|---|---|---|---|---|---|---|
||||||Notes|8||6||
|Cash flows from operating|||actMtles|||||||
|Cash generated<br>from||operations|||26||(181,772)||(195,477)|
|Investing|activities|||||||||
|Purchase|of listed<br>investments|||||(726,255)||(392,398)||
|Proceeds|on disposal|of listed||investments||799,129||397,430||
|Investment|income|||||76,306||75,004||
|Net cash|generated|from/|(used in) investing|||||||
|activities|||||||149,180||80,036|
|Net (decrease)/Increase<br>In|||cash and||cash equivalents|||||
||||||||(32,592)||(115,441)|
|Cash and|cash equivalents||at|beginning|ofyear||138,244||253,685|
|Cash and|cash equivalents|||at end of|year||105,652||138,244|





















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## 

||||||2021|2020|
|---|---|---|---|---|---|---|
||Profit and Loss Account||||||
||Turnover||||133,512||
||Cost ofservice provision||||(177,705)||
||Management|expenses|||(15,947)||
||Interest receivable||||3||
||Net lass in the year||||(60,137)||
||At 31December 2021||the net assets and reserves ofthe||||
||company<br>were as follows:||||||
||||||Total|Total|
||||||2021|2020|
||||||6|p.|
||Assets and Liabilities||||||
||fixed assets||||4,375||
||Current<br>habiliues||||(64,510)||
||||||(60,135)||
||Net Uablfitles||||||
||Represented|by|||||
||Share capital||||2||
||Reserves||||(60,137)||
||||||(60,135)||
|5|Other trading|activities|||2021|2020|
||||||E|E|
||Non charitable|trading|achwty|via|||
||subsidiary||||133,511||





## 

## 

## 

||2021|2020|
|---|---|---|
||f|f|
|Rental income|16,197|14,414|
|Income from hated investments|60,030|60,589|
|Bank interest receivable|79|1|
|For the year ended 31 December 2021|76,306|75,004|
|For the year ended 31 December 2020||75,004|



## 

|||||||Unrestricted|Designated|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|2021|2020|
||||||||6|6|6|
|Advertising|||||||||467|
|Investment|property expenses||||||6,942|6,942|5,608|
|Fundraising|and||publicity|||||6,942|6,075|
|T~radm<br>costs||||||||||
|Operahng|trading||company||undertaking|||||
|non-charitable||trading||activity||||||
|||||||177,705||177,705||
|Investment|managers'|||fees|||30,245|30,245|33,073|
|||||||177,705|37,187|214,892|39,148|





## 

## 

## 

||||||Unrestricted|Designated|Tote I|Total|
|---|---|---|---|---|---|---|---|---|
||||||funds|funds|2021|2020|
|||||||6|F.|E|
|Cost of pubhcations|||||126,149||126,149|124,422|
|European<br>Board of Orthodontists|||exam costs||183||183|825|
|Execubve meebngs|||||1,801||1,801|4,457|
|Professional|fees||||3,600||3,600|3,600|
||||||131,733||131,733|133,304|
|Grant funding|ofactivities (see note|||9)|8,920|99,614|108,534|61,622|
|Support costs (induding||governance||costs (see note 10)|||||
||||||190,307||190,307|150,951|
|For the year|ended 31|December||2021|330,960|99,814|430,574|345,877|
|For the year|ended 31 December||2020||284,255|61,622||345,877|





## 

## 

|9|Grants payable|||||||||
|---|---|---|---|---|---|---|---|---|---|
||||||||2021||2020|
||||||||||f|
||Grants to institutions|||||||||
||Research grants||||||96,529||56,914|
||Other grants||||||12,005||4,708|
||||||||108,534||61,622|
||||||||108,534||61,622|
|10|Support costs|(Including||governance||costs)||||
|||||||||2021|2020|
|||||||||f|6|
||Staff costs|||||||67,814|67,051|
||Depremabon|||||||2,211|904|
||Coundl<br>meebngs||||||||2,799|
||Rent and rates|||||||10,086|10,719|
||Insurance|||||||375|898|
||StaUonery<br>and|pnnUng||||||1,776|398|
||Telephone<br>and|postage||||||3,142|16,144|
||Computer<br>and website expenses|||||||52,882|8,331|
||Light, heat and|sundnes||||||6,625|4,645|
||Bank and credit|card charges||||||6,788|5,400|
||Accountancy|||||||7,900|5,946|
||Repairs|||||||1,868||
||Governance costs|||||||||
||Audit fees|||||||11,528|12,853|
||Legal and professional|||||||17,312|14,863|
|||||||||190,307|150,951|
|11|Net movement|In funds||||||2021|2020|
|||||||||f|f|
||Net movement|in funds|is|stated|after charging/(crediting)|||||
||Depreciation<br>of|owned tangible|||fixed assets|||2,211|904|
||Investments<br>revaluabon|||||||129,096|299,136|
|12|Trustees|||||||||





## 

## 

## 

|Employment<br>costs|2021|2020|
|---|---|---|
||6|6|
|Wages and salanas|63,545|63,714|
|Social secunty costs|2,332|2,395|
|Training<br>and other costs|991||
|Other pension costs|946||
||67,814|67,051|



|||Unrestricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|2021|2020|
|||designated||||
|||6|6|||
|Revaluabon<br>of investments|||129,096|129,096|299,136|
|Disposal of investments|||110,932|110,932|(26,313)|
|Disposal of unquoted|investments|6,867||6,867|(73.841)|
|||6,867|240,028|246,895|198,982|
|For the year ended|31|||||
|December2020||(73,841)|272,823||198,982|





## 

|15|Tangibie fixed assets||||||
|---|---|---|---|---|---|---|
||Group and Charity||Long leasehold<br>property|ComputsrsFlxtures,<br>fittings<br>6 eaulpment|||
||Cost||||||
||At 1 January 2021||302,231|30,000|42,512|374,743|
||Additions|||5,832||5,832|
||At 31 December 2021||302,231|35,832|42,512|380,575|
||Depreciation<br>and impairment||||||
||At<br>1 January 2021|||28,782|38,025|66,807|
||Depreaabon<br>charged|in the year||1,763||2,211|
||At 31 December 2021|||30,545|38,473|69,018|
||Carrying<br>amount||||||
||At 31 December 2021||302,231|5,287|4,039|311,557|
||At 31 December 2020||302,231|1,218|4,487|307,936|
||Charity||Long leasehold|ComputereFlxturee,|fittings|Total|
||||property|lt eauipment|||
||Cost||||||
||At 1 January 2021||302,231|30,000|42,512|374,743|
||Additions||||||
||At 31 December 2021||302,231|30,000|42,512|374,743|
||Depreciation<br>and impairment||||||
||At 1 January 2021|||28,782|38,025|66,807|
||Depreciation<br>charged|in the year||305|448|753|
||At 31 December 2021|||29,087|38,473|67,560|
||Carrying<br>amount||||||
||At 31 December 2021||302,231|913|4,039|307,183|
||At 31 December 2020||302,231|1,218|4,487|307,936|





## 




## 

|17|Fixed asset investments||||||
|---|---|---|---|---|---|---|
||||Group|Group|Charity|Chanty|
||||2021|2020|2021|2020|
|||||5|5|5|
||Investments<br>in subsidianes|18|||2||
||Listed investments||3,122,419|2,976,397|3,122,419|2,976,397|
||||3,122,419|2,976,397|3,122,421|2,976,397|
||Movements<br>m fixed asset investments||||||
||||||Equkles,|funds &|
|||||||bonds|
|||||||5|
||Cost or valuation||||||
||At I January 2021|||||2,976,397|
||Additions|||||726,255|
||Valuation<br>changes|||||129,096|
||Cash transfer|||||(22,232)|
||Disposals|||||(687,097)|
||At 31 December 2021|||||3,122,419|
||Carrying<br>amount||||||
||At 31 December 2021|||||3,122,419|
||At 31 December 2020|||||2,976,397|
||Investments<br>at fair value comprise;||||||
||UK Equtbes and Funds|||||1,569,481|
||UK Fixed Interest Secunbas|||||778,054|
||Foreign Equities and Funds|||||774,884|
|||||||3,122,419|
||The histoncal cost ofthe investments||held at the balance sheet date was|||2,452,455|





## 

## 

## 

|Details of the|chanty's|subsdienes|subsdienes|et 31 December 2021 ere es follows|et 31 December 2021 ere es follows|et 31 December 2021 ere es follows|et 31 December 2021 ere es follows|||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Name ofundertaking||and|country|of||Nature ofbusiness||Class of||% Held||
|Incorporation|or residency|||||||shareholdlng||Direct|Indirect|
|SOS Trading|Company|Ltd|United kingdom|||Conference|management|Ordinary|shares|||
|||||||||||10000||
|Please see note 4 for further|||details|regarding|the subsidiary||company.|||||



|19|Debtors||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|
||||||2021|2020|2021|2020|
||Amounts|faglng due within||one year;|6||6|6|
||Amounts|due|from subsidiaiy|undertakings|||163,725||
||Other debtors||||26,152|5,670|5,097|5,670|
||Prepayments||and accrued mcome||88,436|63,008|8,162|63,008|
||||||114,588|68,678|176,984|68,678|
|20|Current|asset investments|||||||
||Group and charity||||||2021|2020|
||||||||6|6|
||Cash deposits||||||3,424|27,593|



|Creditors: am|ounts<br>f|aglng due within one yea|r||||
|---|---|---|---|---|---|---|
||||Group|Group|Chadty|Chadty|
||||2021|2020|2021|2020|
||||6|6|E|6|
|Other taxation|and somal secunty||1,687|1,810|1,687|1,810|
|Trade creditors|||4,046|2,025|4,046|2,025|
|Other creditors|||207,955|184,576|207,955|184,576|
|Accruals and deferred||incorse|25,346|16,761|22,509|16,761|
||||239,034|205,172|236,167|205,172|





## 

## 

|||||||Movement|In funds||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||Balance at 1|Incoming|Resources|Transfers|investments||Balance at 31|
|||||January<br>2021|resources|expended<br>6|6|gains/(losses)||December 2021<br>f|
|Houston|Memonal||||||||||
|||||716,974|11,868|(7,442)|||55,606||
|Development|||and||||||||
|Research||||2,350,734|54,215|(120,038)|(150,000)||146,555|2,281,466|
|Awards|and||||||||||
|Distinction||||593,796|9,400|(9,321)|||35,707|629,582|
|Francesca||Miotti|||||||||
|Fund||||25,012|823||||2,160|27,995|
|||||3,686,516|76,306|(136,801)|(150,000)||240,028|3,716,049|





## 

## 

## 

## 



## 

## 

## 

## 

|Analysis o|f ne|t assets between<br>funds|||||
|---|---|---|---|---|---|---|
|||||Unrestricted|Designated|Total|
|||||funds|funds||
|||||6|f||
|Fund balances||at 31 December 2021 are represented|by||||
|Tangible assets||||311,557||311,557|
|Investment|properties||||762,000|762,000|
|Investments||||150,000|2,972,419|3,122,419|
|Net current|assets|||(424)|(18,370)|(18,794)|
|||||461,133|3,716,049|4,177,182|



|25|Related party transactions|Related party transactions|||||||
|---|---|---|---|---|---|---|---|---|
||There were no disclosable<br>related||party|transactions|during|the year (2020: none).|||
|26|Cash generated<br>from|operations|||||2021|2020|
||||||||6|f|
||Surplus for the year||||||112,814|232,636|
||Ad)ustments<br>for||||||||
||Investment<br>incorse recognised<br>in||profit|or loss|||(76,306)|(75,004)|
||(Gain)/loss<br>on disposal|of investments|||||(110,932)|26,313|
||Fair value loss and gain on investments||||||(129,096)|(299,136)|
||Other gains/(losses)||||||(6,867)||
||Depreaahon<br>and impairment<br>of tangible|||fixed assets|||2,211||
||Movements<br>in working|capital:|||||||
||(Increase)/Decrease<br>in|debtors|||||(45,910)|(55,023)|
||Increase/(decrease)<br>in|credfiors|||||72,314|(26,167)|
||Cash generated<br>from|operations|||||(181,772)|(195,477)|