**Charity Registration No. 1169597**
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2023**
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Professor D Bister Professor F McDonald **Charity number** 1169597 **Principal address** Yewhurst Weston Green Thames Ditton KT7 0JZ **Bankers** Parklands 3 De Haviland Way Horwich Bolton BL6 4YU
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of Trustees' responsibilities|4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the accounts|8 - 14|
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 5 APRIL 2023**_
The Trustees present their annual report and accounts for the year ended 5 April 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, 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)
## **Objectives and activities**
The charity's objects are:
1) The advancement of education for the public benefit in the understanding and knowledge of Orthodontics in particular but not exclusively by:
a) Supporting research into areas relating to Orthodontic clinical care and publishing results b) Advancing the assessment and training of those involved in Orthodontics
(2) To further such other purposes currently recognised as charitable (under English law) and of value to the community as the Trustees see fit from time to time.
The following strategies for expenditure have been agreed by the Trustees to further the objects of the charity and include:
a) Support for all postgraduates for (i) international travel and (ii) UK education
b) Support for staff to progress research ideally to a doctoral level
c) Support of research and support costs for meetings to support (i) research (ii) audit (iii) alumni (iv) education
d) Support of examinations (both university and Royal College of Surgeons)
- e) Development of initiatives in teaching
f) Support for King’s College London and Royal College of Surgeons of Edinburgh via ongoing funding to ensure the strategies in (a) to (e) are put into practice
g) Direct provision of dental care and assistance in overseas locations where need is severe
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The Trustees review all applications received be they from individuals, institutions or other projects in consultation with their contacts in the relevant sectors of operation. Decisions are then made as how to best utilise the funds available in support of the chosen party and in line with the aims and objectives of the charity.
## **Achievements and performance**
During the year the sum of £263,213 (2022: £57,295) was paid in support of the charitable objectives in the following manner:
## 1) Travel and support for trainee grades.
- We continue to promote and support travel and expenses associated with junior staff of all levels. The travel is both to educational events and healthcare clinics. In additional supportive education, including invites to renowned speakers, is supported. However, since COVID, there has been a move to online seminars and many speakers, due to other world events, are reluctant to travel. Supporting this is the support of ‘teaching the teacher courses’ for KCL and other institutions.
- 1 -
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 5 APRIL 2023**_
## 2) Official PhD students
There are official links with the Open University of PhD students undertaking basic science research in cell signalling. The Trustees meet for a progress report every 6 months usually at the Open University in Milton Keynes. The last funding of a PhD has been completed and we await the publication of results. The latest scientific paper part supported was:
SH Needs, MD Bootman, JE Grotzke, HB Kramer, SA Allman (2022) Off-target inhibition of NGLY1 by the polycaspase inhibitor Z-VAD-fmk induces cellular autophagy FEBS J 289 (11): 3115-3131. doi: 10.1111/ febs.16345. Epub 2022 Jan 18.
This currently has one citation.
## 3) Humanitarian Dental Care
The support includes travel to the area (economy class), accommodation, equipment and subsistence and travel within the country. COVID travel restrictions limited access to countries where the vaccination programmes did not protect local populations. Hence Uganda had to be cancelled but is scheduled for February 2023. This took place with a 12 strong team treating over 1000 patients in outreach communities. In addition, we were able to target additional outreach clinics which continued after the main team returned to the United Kingdom. This is ongoing.
## 4) Support of Royal College of Surgeons of Edinburgh charitable activities
Examiners of the College (volunteers) are funded to go to courses for development of them as assessors. On occasions one off payments are offered to promote and develop projects of educational benefit for the Colleges.
## 5) Research into Dental Age assessment
This had supported completion of a PhD during the pandemic at the University of Cambridge. Further support of this topic was considered but, due to limited resources, this was now completed. The PhD resulted in the publication of a paper in a scientific journal. Third molar development in a London population of White British and Black British or other Black ethnicity.
**Andrews SE** , Roberts G, Set P, Warburton F, Gilbert FJ.J Forensic Sci. 2022 Jan;67(1):229-242. doi: 10.1111/ 1556-4029.14928. Epub 2021 Nov 3.
This paper has been reported as the most downloaded paper of the Journal of Forensic Science for 2022. It currently stands with four citations.
Whilst continuing to support agreed causes including Guys and St Thomas’ trust, King’s College London and Royal College of Surgeons of Edinburgh, it has become apparent that the major asset of the charity was limited in its use. In several meetings of the trustees, it was agreed to widen the scope of education to include other educational facets of society.
Two organisations had been identified, after several exploratory meetings, with the scope and capacity for receiving the asset in order to seed fund further developments.
The first organisation was The Leys and St Faith’s Schools Foundation (Registered charity no: 1144035) of Fen Causeway, Cambridge CB2 7AD. They have a well established process to recruit under-privileged children in providing a scholarship for attendance at the Leys School. In discussion we were able to allocate £212,000 in July 2022 towards this worthy cause.
The second organisation, The Royal Opera House (The ROH: charity number 1169597) as part of The ROH transformational bursary programme, the Gift of Education, is able to provide support to school education in the pursuit of improving societies’ knowledge and understanding of operatic works. Since the year end the Trustees have committed to a substantial grant in the sum of £321,162 with the Royal Opera House.
Annual reports will be provided informing the trustees how the funds have been used.
The Trustees believe that all of these are of enormous long term benefit to the community and public at large. A detailed list of grants made can be found in note 7.
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INTERNATIONAL ORTHODONTICS FOUNDATION
TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 5 APRIL 2023
FI&141 revlew
The nel exp8ndilure for the year was £276.75012022'. e56,814} whith Ènduded investment low$ of
£30,248 12022". Gain £119.2581. The nel expen¢Jslure belor8 investwt r¢tum$ was E246.502 12022".Inc(xn*
£62,444).
The totsl Inc(wne rgCgNgd was £29.81312022'.£10.2921. Thls aroso frC donalKJns 01 £29.777 (2023.. £10.2921
and investsllent Sncome of £3612022". £11. Th& donations v48 9rf1 aKI do15 fTOrn Orllx)doth Research
& Development Ltd. The 18¥81 of donab.S increased in ihe yw as a res1 ol an Inase •) a¢ltvity after the
CorongwNS pandemic.
Total èxpenditure amounted to £276.315 12022.. £72.727I lCh w"marlty eonsistod of dirocl tharitabla
expendituro of £263.213 12022.. 57,2951 aThJ support wsls 01 £9,83712022: £6.5881. The reason for the largo
IncmAse Is explained in Ihe prevk)us Athi8v8m8nts and perfcrfnanca parngraFth.
The pollcy of the TrysstS¢8 ha$ bfj to hokj tho fixed 8860ts inves1m fry oppreciallon ¥nd not to frJThJ
the on90ing tharty expendrfure. Howev8r a s*3nrfKant pwt of 5UL* investments a in Ihe process of beiNJ
liquated In order lo fund two mahor thanlat4e gifts as delw'knj eth in this reFort. The Truslees hav8 pledg
to provbd& such a¢Jdilional finance ttired to ènab[• Ihè annual gront tsrgel ol Ihe charity lo be rnet. ThJs the
policy of the Trustee3 18 nol lo h¢4d material reservos. However Ihe reserv86 totalled £31.437 al the balance
sheet dat•s as r•pr•sented by rrent assets.,
The Twstees hav• a wholty owmed tradkng 8ub5kli8ry aj thOdryC and Devd0nt Llmlted
of which boih TTUStees art also dIreCr$. Any profits ari8ir4J in lh& subskjiary company have been tran8f*rred by
grfi aid donaiitin to th• chanly on an b891$. HtM•vèr tM Trustèès hav• tak•n th• d•cisb)n to *intJ up th•
¢PanY wlth lrnmediaie effect 86 Ihtr tr8d• ofth• company ha8 sed.
Stru¢tur•, 9OV•rnAne• and manag•m•nt
The charity is 8 ch8ri18L4• incorporated (Kganlsal govemed by a cts)SWbcffi daied 17 J{H 2015.
Tho Twstees. who arg abo th8 ¢JlwtctwJ lor the purpose of0Y l•v. *d wh¢ 8e1V durfng th• y•ar •nd up
to the date orgnature of the finarwl stalernents wer*..
Profesw D &'8ler
Profew F McDonakl
AddOnal trust•es can be app)knted at Ihe th¢yelth cl lh8 bts.
Non8 of the TNstees h8$ any benefica31 ini•r•sl in th• c4)mpany. ol the Trustees are rnembgrs of Ihg crJmp8ny
and guaran* io ¢ontribut¥ £1 kn the evoni ol a wndiryJ up.
Thtr chartty Is admlnlstered on J day to day basls by the Trustees regurty hohj infornal meeyrws to
discuss issu8s 8rtskng. Truslees give fvedy oflhew tim8 arKJ rwMneratx)n cr benel#s are pald lo
thom.
Th8 Trustevs, reFQrt was 8F¢)ro¥od by Board crf Trustee&
Prt)f•ssor F McDonald
D81ed." 8 December 2023
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2023**_
The Charities Act 2011 requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable incorporated organisation for that year.
In preparing these accounts, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust constitution. They also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF INTERNATIONAL ORTHODONTICS FOUNDATION**
I report to the Trustees on my examination of the financial statements of International Orthodontics Foundation (the charity) for the year ended 5 April 2023.
## **Responsibilities and basis of report**
As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
Having satisfied myself that the accounts of the charity are not required to be audited under the 2011 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the accounting requirements of the 2011 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**Stephen Coleman ACA For and on behalf of Gerald Edelman LLP Chartered Accountants 73 Cornhill EC3V 3QQ**
Dated: 8 December 2023
- 5 -
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 5 APRIL 2023**_
|**2023**
**Notes**
**£**
**Income from:**
Donations and legacies
**3**
29,777
Investments
**4**
36
**Total income**
29,813
**Expenditure on:**
Raising funds
**5**
3,265
Charitable activities
**6**
273,050
**Total expenditure**
276,315
**Net income/(expenditure) before investment returns**
(246,502)
Net gains on investments
**10**
(30,248)
**Net income/(expenditure) for year**
(276,750)
Fund balances at 6 April 2022
758,621
**Fund balances at 5 April 2023**
481,871|**2022**
**£**
10,292
1
10,293
2,511
70,226
72,737
(62,444)
119,258
56,814
701,807
758,621|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 6 -
INTERNATIONAL ORTHODONTICS FOUNDATION
BALANCE SHEET
ASAT 5APRIL 2023
2022
Flx•d ass•ts
Win& pthlio
Unquoted irtvestsxents
450.432
755.927
450.434
755,929
Curr•nt as%9
Debtors
Cash at bank Jnd in hand
25,376
5,483
7.765
35,039
13,248
Cr•dltorn: amount• f•lllng du• wlthln
on• y••r
13.6021
110,5S61
N•t curr•nt •*•
31,437
2,692
Tol•l ••••t• l••• ¢Ufr•nt Il•bllltl••
481,871
758,621
Ine•m• lund•
Unre9trtod lur
481.871
758,621
Thè aCLxnts were appmed by the Bc•rd of Ttee¥ and athhor8 for Ie cffi 8 Decerth 2023 and
signed on 1¢$ bèha by..
Professor F McDon
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2023**_
## **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 document, 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 amounts 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.
## **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.
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 it relates.
- 8 -
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_
## **1 Accounting policies**
**(Continued)**
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.
## _**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 payments 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.
- 9 -
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_
## **1 Accounting policies**
## **(Continued)**
## **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**
|**4**
**5**|Gift Aid donations from subsidiary
**Investment income**
Interest receivable
**Raising funds**
Investment management|**2023**
**£**
29,777
29,777
**2023**
**£**
36
**2023**
**£**
3,265|**2022**
**£**
10,292|
|---|---|---|---|
||||10,292|
||||**2022**
**£**
1|
||||2022
£
2,511|
- 10 -
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_
## **6 Charitable activities**
|Direct charitable expenditure
Grant funding of activities
Governance and support costs
Included in governance costs are independent examination fees of £3,600.|**2023**
**£**
-
263,213
9,837
273,050|**2022**
**£**
6,343
57,295
6,588|
|---|---|---|
|||70,226|
||||
## **7 Grants payable**
|**Grants to institutions:**
Royal College of Surgeons of Edinburgh
University of Dundee
Guys & St Thomas's Hospital
Open University
Kings College London
The Ley & St Faith's Schools Foundation
Dentaid
Shooting Star Trust
Other
**Grants to individuals**|**2023**
**£**
1,382
3,815
2,674
25,795
4,869
212,000
1,149
-
1,225
252,909
10,304
263,213|**2022**
**£**
8,562
-
6,188
15,000
9,539
-
4,295
1,000
2,881|
|---|---|---|
|||47,465
9,830|
|||57,295|
## **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 £nil (2022- £6,343) was reimbursed in the year to two Trustees in respect of costs associated with the objectives of the charity.
## **9 Employees**
The average monthly number of employees during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
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## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2023**_
**(Continued)**
||||
|---|---|---|
|**9**
**Employees**
**10**
**Net gains/(losses) on investments**
Revaluation of investments
Gain/(loss) on sale of investments|**(Co**
**2023**
**£**
(58,272)
28,024
(30,248)|**ntinued)**
**2022**
**£**
86,786
32,472|
|||119,258|
- 12 -
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2023**_
## **11 Fixed asset investments**
||**Wine Portfolio**|
|---|---|
||**£**|
|**Cost or valuation**||
|At 05 April 2022|755,297|
|Additions|38,213|
|Valuation changes|(58,272)|
|Disposals|(284,806)|
|At 5 April 2023|450,432|
|**Carrying amount**||
|At 05 April 2023|450,432|
|At 05 April 2022|755,297|
|Unquoted investments||
|Shares held at cost|**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.
## **12 Debtors**
|**Amounts falling due within one year:**
Other debtors
**13**
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income|**2023**
**£**
25,376
**2023**
**£**
2
3,600
3,602|**2022**
**£**
5,483|
|---|---|---|
|||**2022**
**£**
2
10,554|
|||10,556|
## **14 Share capital**
The company has no share capital being a Charitable Incorporated Organisation.
- 13 -
## **INTERNATIONAL ORTHODONTICS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2023**_
## **15 Events after the reporting date**
By a deed dated 23 July 2023 a gift was made by the charity to the value of £321,622 to the Royal Opera House (registered charity no:1169597).
## **16 Related party transactions**
There were no disclosable related party transactions during the year (2022 - none).
## **17 APB Ethical Standard relevant circumstances**
In common with many entities of our size we use our independent examiners to assist with the preparation of the accounts.
- 14 -