Charity registration number: 294114
British Surgical Trades Association Education and Training Trust
known as
Orthotic Education and Training Trust
Annual Report and Financial Statements
for the Year Ended 30 June 2021
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 14 |
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Reference and Administrative Details
| Trustees | Mr D Ferguson (Chairman) |
|---|---|
| Mrs K Purnell | |
| Mr A Stenson (Retired) | |
| Mr P Horwood | |
| Mr S Mottram | |
| Mr A Dewsbury | |
| Mr M Matthews | |
| Mr A Nicol | |
| Mrs F Dearden | |
| Miss A Tyler | |
| Ms Beth Foreman | |
| Principal Office | Unit 3010 |
| Mile End Mill | |
| Abbey Mill Business Centre | |
| Paisley | |
| PA1 1JS | |
| Charity Registration Number | 294114 |
| Bankers | CAF Bank Limited |
| 25 Kings Hall Avenue | |
| Kings Hall | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Investment Advisor | Brewin Dolphin 12 Smithfield Street |
| London | |
| EC1A 9BD | |
| Accountant | Just Audit & Assurance Ltd |
| 4 South Bar Street | |
| Banbury | |
| Oxfordshire | |
| OX16 9AA |
Page 1
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 30 June 2021. The financial statements have been prepared in accordance with 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Structure, governance and management
Constitution
The British Surgical Trades Association Education and Trainin Trust (The Trust) is a charitable unincorporated association. It is governed by a trust deed dated 8 January 1979.
The object of The Trust, as defined by its deed, is to fund firstly, the education and training of orthotists, orthotic managers and technologists and secondly, the training of technicians concerning surgical and medical appliances and devices (i.e. orthotic devices).
The Trust operates as The Orthotic Education and Training Trust throughout The United Kingdom.
Recruitment and appointment of trustees
Trustees are appointed under the terms of the trust deed and are selected because of their experience within the field of orthotics.
Organisational structure
The Trustees meet no less than twice per annum to manager The Trust's affairs and also communicate by email.
The Trustees oversee the strategic management of The Trust whilst the day to day administration of The Trust is dealt with by the British Association of Prosthetists and Orthotists.
Risk management
The Trustees review major risks to which the charity is exposed to on a regular basis. Systems are established to mitigate identified risks as far as possible.
Objectives and activities
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Trustees' Report
Review of activities, achievements and performance
2021 has been a year of change for the Trust with the retirement of Adrian Stenson one of our most experienced Trustees and resignation of Joanna Brown the mainstay of the secretariat duties provided through BAPO. Short course activity through covid was greatly reduced and new virtual educational models utilised successfully including the national orthotic conference.
The trustees met three times virtually and diligently carried out the duties of the trust which enjoyed the continual excellent professional support from our accountants and financial advisors.
The value of the trust rallied initially and has now settled down indicating good performance and yields considering the current UK low returns for interest and Bonds. 2022 will be a year of continuing change and reflection for OETT considering the new direction that BAPO is taking by outsourcing their secretariat services.
The arrival of Beth Foremen as a new trustee and accountant Jonathan Russell to the team will complement the current trustees who continue to give their time and knowledge unselfishly to bring advanced education to the Orthotic profession which is greatly appreciated.
Financial review
Policy on reserves
The Trustees consider that The Trust should hold adequate reserves, currently in the form of investments, to provide sufficient income to fund, present and future, professional training needs that fall within the scope of The Trust's charitable objectives.
The policy is reviewed regularly to ensure that reserves are maintained at a sufficient level to respond to the changing needs of the orthotic profession.
Principal funding sources
The Trust was originally set up by the Department of Health and the British Surgical Trades Association (now known as the British Healthcare Trades Association), in partnership with the British Institute of Surgical Technologists, to provide a private fund for the training and education of orthotists. The Trust’s income was substantially derived from a levy on orthotic device sales.
This levy ceased when the training of orthotists progressed to degree courses funded directly by government within the state higher education system.
The Trustees now manage the investment income derived from the levy fund as its only source of income. The Trustees are aided in the management of the investment income by Brewin Dolphin who act as The Trust’s investment advisors.
Investment policy and objectives
The Trustees’ investment policy is to maintain the level of funds under management in such a way as to minimise the risk that the funds will be materially diminished.
As well as maintaining the investment fund The Trustees seek to obtain sufficient investment income to allow The Trust to meet its outgoings.
The Trustees set the investment policy and take professional advice as to the best individual investments that could be made to achieve the policy.
Page 3
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Trustees' Report
The annual report was approved by the trustees of the charity on 19 October 2021 and signed on its behalf by:
...................................
Mr D Ferguson (Chairman) Trustee
Page 4
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements 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 of the charity for that period. In preparing these financial statements, 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;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. The trustees are 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.
Approved by the trustees of the charity on 19 October 2021 and signed on its behalf by:
...................................
Mr D Ferguson (Chairman) Trustee
Page 5
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Independent Examiner's Report to the trustees of British Surgical Trades Association Education and Training Trust
I report on the accounts of the charity for the year ended 30 June 2021 which are set out on pages 7 to 14.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Jonathan Russell F.C.A Just Audit & Assurance Ltd
4 South Bar Street Banbury Oxfordshire OX16 9AA
19 October 2021
Page 6
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Statement of Financial Activities for the Year Ended 30 June 2021
| Note Income and Endowments from: Investment income 2 Total Income Expenditure on: Raising funds 3 Charitable activities 4 Total Expenditure Net income/(expenditure) and net movement in funds before gains and losses on investments Gains/losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 11 |
Unrestricted funds £ 57,609 57,609 10,369 84,407 94,776 (37,167) 364,530 327,363 2,038,290 2,365,653 |
Total 2021 £ 57,609 57,609 10,369 84,407 94,776 (37,167) 364,530 327,363 2,038,290 2,365,653 |
Total 2020 £ 62,094 |
|---|---|---|---|
| 62,094 | |||
| 13,802 126,539 |
|||
| 140,341 | |||
| (78,247) (98,353) |
|||
| (176,600) 2,214,890 |
|||
| 2,038,290 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 11.
Page 7
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
(Registration number: 294114) Balance Sheet as at 30 June 2021
| Note Fixed assets Investments 9 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 10 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 11 |
2021 £ 2,364,893 14,911 (14,151) 760 2,365,653 2,365,653 2,365,653 |
2020 £ 2,038,123 9,579 (9,412) |
|---|---|---|
| 167 | ||
| 2,038,290 | ||
| 2,038,290 | ||
| 2,038,290 |
The financial statements on pages 7 to 15 were approved by the trustees, and authorised for issue on
19 October 2021 and signed on their behalf by:
......................................
Mr D Ferguson (Chairman) Trustee
......................................
Mr P Horwood Trustee
Page 8
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Notes to the Financial Statements for the Year Ended 30 June 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
British Surgical Trades Association Education and Training Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Reconciliation with previous Generally Accepted Accounting Practice
In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Investment income
Investment income is recognised when received. Gains and losses on quoted investments are calculated using the market value of investments held at the balance sheet date.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Raising funds
These are costs incurred in the management of investments.
Page 9
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Notes to the Financial Statements for the Year Ended 30 June 2021
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable
Granst payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
The Trust pays grants to companies, orthotists and orthotic technicians on application. Some applicants did not claim grants for courses held before 30 June 2021 until after this date. The grants payable as shown in the financial statements represent claims notified and approved by the Trustees by 31 August 2021 for courses held prior to 30 June 2021.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Page 10
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Notes to the Financial Statements for the Year Ended 30 June 2021
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
2 Investment income
| Unrestricted | |||
|---|---|---|---|
| funds | |||
| Total | Total | ||
| General | 2021 | 2020 | |
| £ | £ | £ | |
| Dividends and interest received from investments | 57,609 | 57,609 | 62,094 |
3 Expenditure on raising funds
a) Investment management costs
| Other investment management costs; Administration of the investments |
Unrestricted funds General £ 10,369 10,369 |
Total 2021 £ 10,369 10,369 |
Total 2020 £ 13,802 |
|---|---|---|---|
| 13,802 |
Page 11
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Notes to the Financial Statements for the Year Ended 30 June 2021
4 Expenditure on charitable activities in furtherance of the Charity's objectives
| Note Short course grants Training grants Sponsorship and prizes Technicians programme Website costs Accountancy and bookkeeping Administration Bank charges Governance costs |
Unrestricted funds General £ 7,352 35,077 2,500 13,415 - 8,922 7,576 104 9,461 84,407 |
Total 2021 £ 7,352 35,077 2,500 13,415 - 8,922 7,576 104 9,461 84,407 |
Total 2020 £ 50,175 33,719 1,000 4,975 3,324 11,262 9,183 70 12,831 |
|---|---|---|---|
| 126,539 |
5 Analysis of governance and support costs
Governance costs
| Independent Examiner / Accounting support Administration Travel and subsistence 6 Net incoming/outgoing resources Net outgoing resources for the year include: Accountancy and bookkeeping |
Unrestricted funds General £ 5,965 3,828 (332) 9,461 |
Total 2021 £ 5,965 3,828 (332) 9,461 2021 £ 14,887 |
Total 2020 £ 6,280 4,632 1,919 |
|---|---|---|---|
| 12,831 | |||
| 2020 £ 17,542 |
Page 12
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Notes to the Financial Statements for the Year Ended 30 June 2021
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2020 - £nil).
All Trustees are entitled to receive travel expenses for their attendance at Trustee meetings. The amount paid in the year was £Nil (2020 - £1,562 to 5 individual Trustees).
8 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 13
British Surgical Trades Association Education and Training Trust
known as Orthotic Education and Training Trust
Notes to the Financial Statements for the Year Ended 30 June 2021
9 Fixed asset investments
Other investments
| Cost or Valuation At 1 July 2020 Revaluation Additions Disposals At 30 June 2021 Net book value At 30 June 2021 At 30 June 2020 10 Creditors: amounts falling due Accruals 11 Funds Unrestricted funds General Unrestricted income fund Unrestricted funds General Unrestricted income fund |
Listed investments £ Cash deposits £ 1,907,232 130,891 263,442 - 786,294 824,603 (665,906) (881,663) 2,291,062 73,831 2,291,062 73,831 1,907,232 130,891 within one year 2021 £ 14,151 Balance at 1 July 2020 £ Incoming resources £ Resources expended £ Other recognised gains/(losses) £ 2,038,290 57,609 (94,776) 364,530 Balance at 1 July 2019 £ Incoming resources £ Resources expended £ Other recognised gains/(losses) £ 2,214,890 62,094 (140,341) (98,353) |
Total £ 2,038,123 263,442 1,610,897 (1,547,569) 2,364,893 2,364,893 2,038,123 2020 £ 9,412 |
|
|---|---|---|---|
| Balance at 30 June 2021 £ 2,365,653 |
|||
| Balance at 30 June 2020 £ 2,038,290 |
Page 14