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 2023
## **British Surgical Trades Association Education and Training Trust**
## **known as Orthotic Education and Training Trust**
## **Contents (continued)**
|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 (Retired) Mrs K Purnell (Chairperson) Mr P Horwood (Retired) Mr S Mottram (Retired) Mr A Dewsbury Mr M Matthews Mr A Nicol (Retired) Mrs F Dearden Miss A Tyler Ms Beth Foreman **Charity Registration Number** 294114 **Principal Office** Unit 3010 Mile End Mill Abbey Mill Business Centre Paisley PA1 1JS **Accountant** Just Audit & Assurance Ltd 4 South Bar Street Banbury Oxfordshire OX16 9AA **Bankers** CAF Bank Limited 25 Kings Hall Avenue Kings Hall West Malling Kent ME19 4JQ Brewin Dolphin **Investment Advisor** 12 Smithfield Street London EC1A 9BD
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 2023.
## **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 (continued)**
## **Review of activities, achievements and performance**
With the further lifting of post-covid restrictions, trustees have welcomed the opportunity to meet in person and enjoyed several face-to-face meetings during the year.
Income of the trust improved slightly over the previous year and, in the interest of protecting the public, the trust continued to support the costs of both short courses ( in year) and long-term training ( 3-5 years) for graduate practitioners which could not be met by their NHS or commercial employers. The fund continued to support the BAPO Education Officer role, introduced to boost the opportunities for training & education by developing new in-person courses, on-line learning sessions and forums for shared learning across the orthotic community.
During the year, a commitment was made to review and revamp the website to improve the application process both for applicants and the team administering applications. Trustees also committed to work with CAF bank in a planned move to direct/on-line payments to reduce the time taken for applicants to receive their funding.
Sadly, both Steve Mottram and Andrew Nicol retired and we wish to record herewith our grateful thanks for their years of service as OETT trustees.
## **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.
Page 3
## **British Surgical Trades Association Education and Training Trust**
## **known as Orthotic Education and Training Trust**
## **Trustees' Report (continued)**
## _**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.
The annual report was approved by the trustees of the charity on 7 March 2024 and signed on its behalf by:
......................................... Mrs K Purnell (Chairperson) 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 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 Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 7 March 2024 and signed on its behalf by:
......................................... Mrs K Purnell (Chairperson) 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 to the trustees on my examination of the accounts of British Surgical Trades Association Education and Training Trust for the year ended 30 June 2023.
## **Responsibilities and basis of report**
As the charity trustees of British Surgical Trades Association Education and Training Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the British Surgical Trades Association Education and Training Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material 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 British Surgical Trades Association Education and Training Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
...................................... Jonathan Russell F.C.A Just Audit & Assurance Ltd
4 South Bar Street Banbury Oxfordshire OX16 9AA
7 March 2024
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 2023**
|**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**
**£**
65,323
65,323
6,945
110,943
117,888
(52,565)
17,188
(35,377)
2,101,065
2,065,688|**Total**
**2023**
**£**
65,323
65,323
6,945
110,943
117,888
(52,565)
17,188
(35,377)
2,101,065
2,065,688|**Total**
**2022**
**£**
59,226|
|---|---|---|---|
||||59,226|
||||7,655
146,266|
||||153,921|
||||(94,695)
(169,893)|
||||(264,588)
2,365,653|
||||2,101,065|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 11.
The notes on pages 9 to 14 form an integral part of these financial statements. 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 2023**
|**Note**
**Fixed assets**
Investments
9
**Current assets**
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
10
**Net current assets/(liabilities)**
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
11|**2023**
**£**
2,062,076
20,841
(17,269)
3,572
2,065,648
2,065,648
2,065,648|**2022**
**£**
2,106,568
18,220
(23,723)|
|---|---|---|
|||(5,503)|
|||2,101,065|
|||2,101,065|
|||2,101,065|
The financial statements on pages 7 to 14 were approved by the trustees, and authorised for issue on
--------------------- and signed on their behalf by:
......................................
Mrs K Purnell (Chairperson) Trustee
......................................
Mr M Matthews Trustee
The notes on pages 9 to 14 form an integral part of these financial statements. 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 2023**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom 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. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **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.
## **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.
## _**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.
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 2023 (continued)**
## _**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 2022 until after this date. The grants payable as shown in the financial statements represent claims notified and approved by the Trustees by 31 August 2022 for courses held prior to 30 June 2022.
## _**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 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.
## **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.
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 2023 (continued)**
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
## **2 Investment income**
|Interest receivable and similar income;
Interest receivable on bank deposits
Other investment income
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
4,208
61,115
65,323
59,226|**Total**
**funds**
**£**
4,208
61,115|
|---|---|---|
|||65,323|
|||59,226|
## **3 Expenditure on raising funds**
## **a) Investment management costs**
|**Note**
Other investment management costs;
Administration of the investments
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
6,945
6,945
7,655|**Total**
**funds**
**£**
6,945|
|---|---|---|
|||6,945|
|||7,655|
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 2023 (continued)**
## **4 Expenditure on charitable activities in furtherance of the Charity's objectives**
|**Note**
Short course grants
Training grants
Sponsorship and prizes
Technicians programme
Accountancy and bookkeeping
Administration
Bank charges
Governance costs
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
31,779
27,103
2,500
17,045
11,140
9,174
141
12,061
110,943
146,266|**Total**
**funds**
**£**
31,779
27,103
2,500
17,045
11,140
9,174
141
12,061|
|---|---|---|
|||110,943|
|||146,266|
## **5 Analysis of governance and support costs**
## **Governance costs**
|Audit fees
Other fees paid to auditors
Legal fees
Other governance costs
**Total for 2023**
**Total for 2022**
**6**
**Net incoming/outgoing resources**
Net outgoing resources for the year include:
Accountancy and bookkeeping|**Unrestricted**
**funds**
**General**
**£**
5,873
4,587
1,601
12,061
9,298
**2023**
**£**
17,013|**Total**
**funds**
**£**
5,873
4,587
1,601|
|---|---|---|
|||12,061|
|||9,298|
|||**2022**
**£**
17,093|
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 2023 (continued)**
## **7 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2022 - £nil).
All Trustees are entitled to receive travel expenses for their attendance at Trustee meetings. The amount paid in the year was £1,601(2022 - £21).
## **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 2023 (continued)**
## **9 Fixed asset investments**
## **Other investments**
|**Listed**
**investments**
**£**
**Cash deposits**
**£**
**Cost or Valuation**
At 1 July 2022
2,071,376
35,192
Revaluation
16,243
-
Additions
638,616
822,919
Disposals
(698,606)
(823,664)
At 30 June 2023
2,027,629
34,447
**Net book value**
At 30 June 2023
2,027,629
34,447
At 30 June 2022
2,071,376
35,192
**10 Creditors: amounts falling due within one year**
**2023**
**£**
Accruals
17,269
**11 Funds**
**Balance at 1**
**July 2022**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
**Unrestricted funds**
**_General_**
Unrestricted income fund
2,101,065
65,323
(117,928)
17,188
**Balance at 1**
**July 2021**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
**Unrestricted funds**
**_General_**
Unrestricted income fund
2,365,653
59,226
(153,921)
(169,893)||**Total**
**£**
2,106,568
16,243
1,461,535
(1,522,270)
2,062,076
2,062,076
2,106,568
**2022**
**£**
23,723|
|---|---|---|
||||
||||
||||
||||
|||**Balance at**
**30 June**
**2023**
**£**
2,065,648|
|||**Balance at**
**30 June**
**2022**
**£**
2,101,065|
Page 14