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INTERNATIONAL ORTHODONTICS FOUNDATION
TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 5 APRIL 2021
Financial revlew
The net income for the year was £174,972 12020: £101.833) which induded investment gains of £154.326
(2020.. £69,580). The net in(x)me before investsnent retums was £20.646 (2020: £32,253).
The total income re￿iVed Wds £52.759 {2020."£160,98n. This arose from donations of £52.746 12020."
£160,897} and investment income of £13 12020" £91). The donations came via gfft aid donations from
Orthodontic Research & Development Ltd. The levd of dfflations de￿eaSed in the year as a result of a
eduction in activty due to the effects ofthe Coronavirus pandemie.
Total expendrture amounted to £32.113 (2020.. £128,735} whith primarÈly ccffjsisbj of direct charitable
expendrture of £29,%9 and suppjrt co￿$ of £2,144.
The policy of the Trustees is to hold the fixed assets investsr*nts for (3pitsI appreciation and not to fund the
ongoing eharity expenditsjre. It is the belief of the Trustees that suth expenditure *ill continue to be frjnded by
donats.ons from the tharity's substdiary company. As suth the annual target of the charity is to spend an
amount approximatdy equivalent to the annual income from this source. Thus the poliw of the Trustees is not
to hold material reserves. However the reseNes totslled £30.430 at the balance sheet dates as represented
by net eurrent assets.
The Trustees have a wholly ¢)wned trading subsidiary known as ort￿￿10ntiC Research and Development
Limited of which both Trustees are also direclor5. Any proffts arising in the subsidiary (Dmpany are transferred
by gift aid donation to the charity on an annual basis.
Structure. governanee and management
The charty is a charitable incor[K￿￿ed orgar￿satIon govemed by a u)nsttiUii￿ dated 17 June 2015.
The Trustees, are also the diredor5 forthe purkN)se of o)mpany law. and serypAI duriro the year and
up to the date of signature of the financial statementsv•Ere:
Professor D Bister
Professor F McDonad
Additional trust￿ can be appointed al the disuetion of the board.
None of the Trustees has any benefiaal interest in Ihe (￿1panY. All of the Trustees are members of the
company and guarantee to contrtjute £1 in the event of a wnding up.
The charity is athninislered on a day lo day bas.s by the Twstees who regulaty hold infom)al meetings to
discuss ongoing issues arising. AJI Trustees give freety of their time and no remuneration or benefits are paid
to them.
The Trustees. report was a
proved by the Board ofTrustees.
Professor F McDonald
Dated.. 10 January 2022

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INTERNATIONAL ORTHODONTICS FOUNDATION
BALANCE SHEET
ASAT5APRIL 2021
2021
2020
Fixed assets
Mne portfolio
Unquoted investments
Listed investments
11
11
11
647,359
486,361
24,016
17,793
671,377
504,156
Current assets
Debtors
Cash at bank and in harKI
13
18,415
16.463
22,719
9,262
34.878
31.981
Creditors: amounts falling due within
one year
14
14,448)
{9,302}
Net current assets
30,430
22,679
Total ass8ts less current liabilities
701,807
526.835
Income funds
Unrestricted frJn(ts
701,807
526,835
701,807
526,835
The accounts were approved by the Board of Trustees arnj were aUth(￿Sed for issue on 10 January 2022 and
signed on its beh
Professor F McDonald

**INTERNATIONAL ORTHODONTICS FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2021**_ 

## **1 Accounting policies** 

## **Charity information** 

International Orthodontics Foundation is a  Charitable Incorporated Organisation incorporated in  England and Wales. The registered  office  is 73 Cornhill, London EC3V 3QQ. 

## **1.1 Accounting convention** 

The accounts have been prepared in accordance with the charity's governing documen t ,  the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. 

The  financial statements are prepared in sterling , which is the functional currency of the  charity .  Monetary a mounts  in these financial statements are  rounded to the nearest £. 

The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below. 

No consolidated accounts have been prepared as the combined income of the charity group (including the subsidiary company) did not exceed the sum of £500,000. In these circumstances the Statement of Recommended Practice allows a consolidation to be dispensed with. In the view of the Trustees such consolidation would not result in a postiion materially different to that stated in these accounts. 

## **1.2 Going concern** 

At the time of approving the financial statements, the  Trustees have  a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees  continue  to adopt the going concern basis of accounting in preparing the financial statements. 

Since  the start of January 2020, the outbreak of coronavirus, which is a rapidly evolving situation, has adversely impacted global commercial activities. The rapid development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. 

The  Trustees do not believe there is any financial impact to the Financial Statements as at  5 April 2020 as a result of this  event. The valuation of the financial assets and liabilitie s  as disclosed in the financial statements reflects the economic conditions in existence at that date. 

The  Trustees are monitoring developments relating to coronavirus and are coordinating its operational response based on existing business continuity plans and on guidance from global health organisations, relevant governments, and general pandemic response best practices. The main effect at present is a reduction in activity in the subsidiary company resulting in reduced income received by the charity. However it is believed that such impact will be short term and not adversely impact the charity in the long term. 

## **1.3 Charitable funds** 

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. 

## **1.4 Incoming resources** 

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 

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## **INTERNATIONAL ORTHODONTICS FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ 

## **1 Accounting policies** 

## **(Continued)** 

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.  Income tax recoverable in relation to donations received under  Gift Aid or  deeds of covenant is recognised at the time of the donation. 

Legacies are recognised on receipt or otherwise 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 contingent asset. 

## **1.5 Resources expended** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Any  irrecoverable  VAT is charged  against the expenditure heading to which i t relates. 

Charitable expenditure includes grants payable, consultancy fees and trustee expenses incurred regarding the provision and supervision of charitable projects. Support costs are also included under charitable expenditure in line with the Statement of Recommended Practice. 

Support costs  comprise  governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees . 

## **1.6 Fixed asset investments** 

Fixed asset investments  are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date.  Changes in fair value are recognised in  net income/(expenditure) for the year . Transaction costs are expensed as incurred. 

## **1.7 Cash and cash equivalents** 

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

## **1.8 Financial instruments** 

The  charity 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  charity 's  balance sheet  when the  charity 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 assets**_ 

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. 

- 9 - 



**INTERNATIONAL ORTHODONTICS FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ 

## **1 Accounting policies** 

## **(Continued)** 

## _**Basic financial liabilities**_ 

Basic financial liabilities, including creditors and bank loans 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 p aymen ts 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  operations  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. 

## _**Derecognition of financial liabilities**_ 

Financial liabilities are derecognised when the  charity ’s contractual obligations expire or are discharged or cancelled. 

## **1.9 Taxation** 

As a registered charity the Society is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992. 

## **2 Critical accounting estimates and judgements** 

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

## **3 Donations and legacies** 

|Gift Aid donations from subsidiary|**2021**<br>**£**<br>52,746<br>52,746|**2020**<br>**£**<br>160,897<br>160,897|
|---|---|---|



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## **INTERNATIONAL ORTHODONTICS FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ 

## **4 Investment income** 

|**5**<br>**6**|**2021**<br>**2020**<br>**£**<br>**£**<br>Income from listed investments<br>2<br>65<br>Interest receivable<br>11<br>26<br>13<br>91<br>**Raising funds**<br>**Unrestricted**Unrestricted<br>**funds**<br>funds<br>**2021**<br>2020<br>**£**<br>£<br>Investment management<br>2,144<br>1,155<br>2,144<br>1,155<br>**Charitable activities**<br>**2021**<br>**2020**<br>**£**<br>**£**<br>Direct charitable expenditure<br>2,938<br>7,109<br>Grant funding of activities<br>19,028<br>113,036<br>Governance and support costs<br>8,003<br>7,435<br>29,969<br>127,580|
|---|---|



Included in governance costs are independent examination fees of £3,900. 

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**INTERNATIONAL ORTHODONTICS FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ 

## **7 Grants payable** 

|**Grants to institutions:**<br>Cancer Research UK<br>Royal College of Surgeons of Edinburgh<br>Guide Dogs for the Blind<br>Guys & St Thomas's Hospital<br>Macmillian Cancer<br>Open University<br>Kings College London<br>University College Hospital London<br>Dentaid<br>Dental Age<br>Other<br>**Grants to individuals**|**2021**<br>**£**<br>1,000<br>1,960<br>1,000<br>931<br>2,000<br>-<br>5,491<br>1,150<br>1,076<br>-<br>-<br>14,608<br>4,420<br>19,028|**2020**<br>**£**<br>-<br>22,113<br>-<br>-<br>-<br>19,702<br>8,438<br>-<br>21,850<br>13,227<br>11,845<br>97,175<br>15,861<br>113,036|
|---|---|---|



## **8 Trustees** 

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. The sum of £9,605 (20 20 - £ 6,572 ) was reimbursed in the year to t wo Trustees in respect of costs associated with the objectives of the charity. 

## **9 Employees** 

The average monthly number of employees during the year was: 

||**2021**|**2020**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|



There were no employees whose annual remuneration was more than £60,000. 

## **10 Net gains/(losses) on investments** 

|Revaluation of investments<br>Gain/(loss) on sale of investments|**2021**<br>**£**<br>151,522<br>2,804<br>154,326|**2020**<br>**£**<br>57,235<br>12,345<br>69,580|
|---|---|---|



- 12 - 



## **INTERNATIONAL ORTHODONTICS FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ 

## **11 Fixed asset investments** 

|**Listed investments Wine Portfolio**<br>**£**<br>**£**<br>**Cost or valuation**<br>At 05 April 2020<br>17,793<br>486,361<br>Additions<br>-<br>15,697<br>Valuation changes<br>6,223<br>145,301<br>At 5 April 2021<br>24,016<br>647,359<br>**Carrying amount**<br>At 05 April 2021<br>24,016<br>647,359<br>At 05 April 2020<br>17,793<br>486,361<br>Unquoted investments<br>Shares held at cost|**Total**<br>**£**<br>504,154<br>15,697<br>151,524<br>671,375<br>671,375<br>504,154<br>**2**|
|---|---|



The Trustees own the whole of the issued share capital of Orthodontic Research and Development Limited a trading company registered in England and Wales. The registered office is 73 Cornhill, London EC3V 3QQ. All profits are paid to the charity by gift aid donation on an annual basis. 

- 13 - 



## **INTERNATIONAL ORTHODONTICS FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ 

|**12**<br>**Financial instruments**<br>**Carrying amount of financial assets**<br>Investments  measured at cost less impairment<br>**Carrying amount of financial liabilities**<br>Measured at amortised cost<br>**13**<br>**Debtors**<br>**Amounts falling due within one year:**<br>Other debtors<br>**14**<br>**Creditors: amounts falling due within one year**<br>Other creditors<br>Accruals and deferred income|**2021**<br>**£**<br>671,376<br>4,448<br>**2021**<br>**£**<br>18,415<br>**2021**<br>**£**<br>2<br>4,446<br>4,448|2020<br>**£**<br>504,155<br>9,302<br>**2020**<br>**£**<br>22,719<br>**2020**<br>**£**<br>2<br>9,300<br>9,302|
|---|---|---|



## **15 Share capital** 

The company has no share capital being  a Charitable Incorporated Organisation. 

## **16 Related party transactions** 

There were no disclosable related party transactions during the year (2020  - none) . 

- 14 -