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2022-09-30-accounts

British Dental Association Trust Fund

Report and Financial Statements

Year Ended

30 September 2022

Company Number 00849283 Charity Number 313407

British Dental Association Trust Fund

Report and financial statements for the year ended 30 September 2022

Contents

Page:

1

British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2022

The directors present their report together with the financial statements for the year ended 30 September 2022 and confirm that they comply with current statutory requirements, and with the requirements of the charitable company's governing instrument.

Reference and administrative details

Charity number

The charity number 313407

Company number

The company number 00849283

Directors

The directors of the company (and trustees of the charity) during the year were:

Michael Armstrong Paul Blaylock (Chair) Edward Crouch Peter Crooks Laura Cross Timothy Harker Nigel Jones Resigned 06 April 2022 Alison Lockyer Jason Stokes Richard Shilling Martin Woodrow

Senior management team

The Trust does not have a senior management team. Its strategic direction is managed by the trustees and directors and operational activities are delegated to the management structures of the British Dental Association. The Library and Museum operate within these structures.

Restricted funds are managed directly by the Trustees with the exception of external grants awarded by the Shirley Glasstone Hughes Memorial restricted fund. External grants are monitored by a management committee. The Committee chaired by Professor Elizabeth Kay have been selected due to their range of skills and the benefits these bring.

The Committee provides guidance through:

2

British Dental Association Trust Fund

Directors’ report (continued)

for the year ended 30 September 2022

Reference and administrative details (continued)

Principal office

64 Wimpole Street, London, W1G 8YS

Banking services

National Westminster Bank plc, 1 Cavendish Square, London, W1A 4NU and Lloyds TSB Bank plc, 14 Berkeley Square, London, W1J 6AF

Investment managers

Barclays Wealth, 1 Colmore Square, Birmingham, West Midlands, B4 6ES

Auditors

BDO LLP, 55 Baker Street, Marylebone, London, W1U 7EU

Structure, governance and management

Constitution

The company, which is limited by guarantee (company number 849283) and therefore governed by its Memorandum and Articles of Association, is also a registered charity (charity number 313407).

Recruitment, appointment and training of trustees

The directors are also the charity trustees of the Trust Fund, as listed on page 1.

Under the Articles of Association adopted on 5 May 2000 the 11 directors/trustees will be the following:

Facilities are made available to any new trustees who wish to receive training and guidance in relation to their role as trustees of the charity. The trustees identify and assess training needs on an ongoing basis, both individually and collectively, through performance review.

Remuneration policy

The Trust’s pay structure is based around a graded incremental scale. This applies to all Trust employees. The pay range is made up of five spine points within each of the grades, and staff progress by a spine point (or increment) each year until they reach the top of the scale for the grade. New joiners normally start at the bottom of the scale unless market rate or expertise in the role justify a higher starting point.

The incremental adjustments to pay are made in April each year, and in addition to this there may be a cost-ofliving adjustment to the whole pay spine. The Trust pay scales match those of the BDA and are adjusted in with negotiations between the BDA and the GMB, the recognised trade union within the Association, on the cost-ofliving adjustment.

3

British Dental Association Trust Fund

Directors’ report (continued)

for the year ended 30 September 2022

Remuneration policy (continued)

Grades for jobs are determined by job evaluation. The Trust’s job evaluation scheme is based on descriptors for each of the grades in the structure. A standing job evaluation panel consisting of management, personnel and staff representatives grade a job in accordance with the descriptors. If there is doubt about the grading for the job against the descriptors, the panel undertakes a full analysis of the job in accordance with the job evaluation factors. These

grades are subject to periodic review against the market, with the intention of setting mid-point on the scale at or around market median.

Job evaluation takes place when a job description has changed to such an extent that there may be a case for re grading, or when a job description is produced for a new job.

Organisational structure

The Trust Fund is a subsidiary of the British Dental Association. Its trustees take responsibility for the wider strategic direction of the Trust but most of its activities are delegated to the wider operational and strategic systems of the Association.

The primary operational responsibilities delegated to the Association are:

Restricted funds

L S Farrar Dental Scholarship Fund:

The fund aims to assist with fees and living expenses for dental technicians who are studying at dental school to become qualified dentists. Awards are made on a three-year cycle. No awards were made during the year.

Howard Mummery Memorial Prize:

The object of the fund is to recognise an individual who has, during the preceding five years, successfully applied clinical dentistry contemporary developments in the basic sciences that have relevance to the field of children. No prizes were awarded during the year.

Dentist's Provident Society Student Elective:

Student members of the BDA may enter the BDA/Dentist's Provident Society Student Elective Awards Competition. To enter, the students may submit a protocol of up to a thousand words, describing the intent of the Elective, with an evaluation of the benefits, both for the student and the place of study. No prizes were awarded during the year.

Scientific Research Fund:

The Fund's primary objective is to help finance research projects. Apart from bank interest earned there were no other movements.

Dentsply Scholarship Fund:

This is a hardship fund for undergraduates in their 4[th] and 5[th] year of study or postgraduate dental students at a UK University.

4

British Dental Association Trust Fund

Directors’ report (continued)

for the year ended 30 September 2022

Restricted funds (continued)

John McLean Archive Project Grant:

The BDA Museum is working with the Unit for the History of Dentistry of King's College London Dental Institute to create the John McLean Archive: a living history of dentistry.

Shirley Glasstone Hughes Trust Fund:

This fund was incorporated into the British Dental Association's Trust Fund as a restricted fund during 2011-12. The original purpose of the Shirley Glasstone Hughes Fund (SGH Fund) is maintained providing prizes or scholarships for external dental research and is managed on a day-to-day basis by a management committee, chaired by Professor Elizabeth Kay.

Since 2013/14, the Trust Fund has opted to fund dental research via the BDA’s research team. This is reviewed and managed by the trustees.

Risk management

The Trustees fully recognise their responsibility to manage the risks facing the Trust Fund. The directors of the BDA have implemented a risk management system, which includes the maintenance of a risk register. The risks pertaining to the Trust Fund were considered as part of this process and will be reviewed in future as part of the wider risk strategy. The directors consider the major risks facing the charity are:

The Trust manages the risks around reputation and public benefit through close monitoring and development of its services in order to ensure they meet both the Trust’s objects and the wider interests of dentistry and the public. The Trustees review the policies and operational plans of the Library and Museum annually and liaise with the BDA in order to secure funding for new developments where appropriate.

The Trust’s relationship with BDA is critical to ensuring its financial security. The BDA is the Trust’s most significant donor and its continuing support integral to the rust’s strategic planning. The board of charity trustees includes members of the BDA, PEC and SMT. This allows joint planning and close coordination of financial direction. The Trust plans to review the range of activities it undertakes and its relationship with the Association over the next financial year in order to ensure its continued support.

Fundraising statement

Section 162a of the Companies Act 2011 requires charities to make a statement regarding fundraising activities. Although the Trust does not undertake widespread fundraising from the general public, the legislation defines fundraising as "soliciting or otherwise procuring money or other property for charitable purposes." Such amounts receivable are presented in the accounts as "donations" and include its annual donation from the British Dental Association and wider public donations.

In relation to the above, all solicitations are managed internally by trustees, staff and/or volunteers, without involvement of commercial participators or professional fundraisers, or third parties. The day-to-day management of all income generation is delegated to the Associations’ senior management team, who are accountable to the trustees.

The Trust is not bound by any undertaking to be bound by any regulatory scheme. However, the charity is a member of The Fundraising Regulator and complies with the relevant codes of practice.

The Trust has not received any complaints during the year. The Trust's terms of employment require staff to behave reasonably at all times.

5

British Dental Association Trust Fund

Directors’ report (continued)

for the year ended 30 September 2022

Objectives and activities

Charitable company's aims and objectives for public benefit

The Trust Fund was established in 1965 with the help of the members of the British Dental Association and a very generous donation from Lilian Lindsay. The objects of the charity are:

The Trustees have considered the Charity Commission's general guidance on public benefit and have considered when reviewing the Trust Fund's aims and objectives and in planning its future activities. The Trustees are satisfied that the aims of the Trust Fund are carried out wholly in pursuit of its charitable aims.

Since 2013/14, the Trust Fund has opted to fund dental research via the British Dental Association’s research team. The Trust has funded three permanent research posts and specific fixed-term projects which are now complete.

The team’s recent research and evidence-gathering activities has focused on the following goals:

The museum continues to be supported by its team of 8 volunteers. Working remotely, they have answered research enquiries, researched and published papers and given talks and carried out interviews. Limited access to the building has restricted their work on the collection but essential work has been carried out.

Achievements and performance

The BDA Library service hosts the most comprehensive collection in Europe with professional expertise in library science and knowledge and records management. The Trust intends to continue to maintain this position. The library services offered include loans (books, pamphlets, packages of articles and DVDs), e-books, e-book CPD, e-journals, online literature searches, help demonstrating searching and electronic/postal document delivery.

For the majority of 2021-22 the library service has been able to get into more of a stable routine with Wednesdays and Thursdays being regular days of opening for visitors to the library. We noted 156 visitors to the library over the year.

A further ten hours were added to the E-book CPD course (now 50 hours of verifiable CPD in total). Our E-journal offering was expanded with the addition of 21 Wiley journals accessible to members through the website. Some basic analytics were added to our online catalogue giving us a picture of hits on package lists, theses and web videos. The content lists of 153 different package titles were accessed (a third of our titles). In total 346 lists were viewed with Sustainable Dentistry the most popular (22 uses). Finally, the end of the year saw us opening up the library loans service to student members:

6

British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2022 (continued)

Achievements and performance (continued)

The BDA Trust Fund continued to fund dental research via the British Dental Association’s research team. During the 2021/22 financial year, the research team saw a turnover of staff, with two of three researchers leaving the Association, impacting on output.

It’s been a challenging year for the museum with the closure of the building, limited access and remote working. Nevertheless, the museum has responded to increased numbers of enquiries, carried out research and published papers, delivered an online exhibition and maintained a social media presence.

More regular access to the museum in 2021-2022 for staff and volunteers enabled the museum to carry out lots of backroom activities and make plans for 2022-2023. We have endeavoured to welcome booked groups and wherever possible visitors that have just turned up. The volunteers have been particularly flexible and helpful throughout the year and have responded to over 300 enquiries.

Collection

The Volunteer team has catalogued and sorted through the existing backlog of items and additional items donated during the pandemic. The team has catalogued over 1000 objects into the database, photographed and recorded their locations. This is a large increase in the number of objects we would normally process.

British Dental Conference and Dentistry Show

The museum and Lindsay Society stand at conference generated lots of interested. Delegates explored the research of American dentist J L Williams who with manufacturer De Trey & Co Ltd developed improved artificial teeth based on their relationship with the face – the law of harmony.

7

Directors’ report for the year ended 30 September 2022 (continued)

British Dental Association Trust Fund

Financial review

Overview

The British Dental Association more than doubled its donation, contributing to total income of £812,983. Despite the increase in donation the BDA Trust Fund’s net outflow in the year was £147,266. Total expenditure was slightly higher than prior year at £887,100.

Total expenditure on charitable activities of £778,181 represented a 7% increase on (2021: £729,734). Investment income reached £35,385, a 9% increase from 2020/21. 2020 was a turbulent year for investors, with markets falling significantly in value, following the outbreak of Covid-19. With market 2021/22 saw under performance and an unrealised loss of £73,149.

Grants payables are charged in the year in which all conditions attached to payment of the grant are fulfilled. The BDA Trust Fund decided to continue to support the work of the BDA research team. The objectives and activity of the BDA research team fit very much with the objects of the charity. Details of the work undertaken can be found under ‘Achievements and performance’. The research carried out has advanced the study and practice of dentistry, advanced education in connection with dentistry and has promoted dental health. Total grants payable to the Association in the year was £108,919.

Cash level in 2022 is £1,132,513, increase by 4% (2021 - £1,092,519), with the unrestricted cash balance of £986,647 (2021 - £986,153).

The restricted fund cash balance increased to £145,867 (2021 - £106,366). The Trustees intend to draw down the value of the fund to ensure the Trust has enough funds to meet short term commitments.

The Trust has been in a stable position for several years, with sufficient reserves and continual financial support from the British Dental Association. A donation by the BDA and the ongoing research grants has led to total reserves of £1,054,951, a 12% decrease from 2020/21.

The general fund is held to provide for the identified risk reserve and to fund any new service developments and initiatives.

Investment policy

The investment portfolio is managed by Barclays Wealth a division of Barclays Bank PLC. The Trustees aim to achieve a balance of growth and income. Investment performance is reviewed annually by the Trustees and policy is adjusted when considered necessary.

Reserves policy

The unrestricted income fund represents the free reserves available to the charitable company to fulfil its primary objectives. The unrestricted reserves are in surplus, and the Trustees believe that continued support from the British Dental Association will be sufficient to cover future costs.

The Trust’s reserves policy is to achieve and maintain an appropriate but not excessive level of reserves to support its activities, considering the risks to which it is exposed. In addition, the charity holds unrestricted funds for the following reasons:

8

British Dental Association Trust Fund

Directors’ report for the year ended 30 September 2022 (continued)

Financial review (continued)

The Trust has aimed to maintain unrestricted contingency reserves of approximately one-year’s expenditure, in order to guarantee the Trust’s survival should the Association fail to make any donation. On this basis the Trust aims for an unrestricted reserve of £500,000.

The Trust has been in a stable position for a number of years, with sufficient reserves and the support of a generous donor in the British Dental Association. However, the Trustees are aware of the risk of relying on a single donor. An increase donation and ongoing research grants in 2021/22 led to total reserves of £1,054,951. Excluding fixed assets (£76,469) and restricted funds (£396,872) unrestricted reserves amount to £581,611. This is above the reserve position agreed in the Trust’s reserve policy.

Going Concern

The Trustees of the BDA Trust Fund have considered their obligations to prepare these financial statements on an appropriate basis. The Trustees have reviewed the budgets of its main donor, the British Dental Association, and are confident of its continued financial support. The Trustees appreciate that due to the ongoing impacts of the coronavirus pandemic, many businesses will face extremely demanding challenges and have therefore reviewed the Trust’s financial position. The Trustees are confident that even without any further funding from the BDA, it has sufficient reserves to cover current levels of operational costs. At the end of the financial year, the Trust has £1.1 million of cash and a further £1 million in liquid investments, giving the Trust access to approximately £2 million of liquid resources which equates to 31 months of operational costs based on current levels. Given the uncertainty as to when some normality will return to the wider economy, the Trustees have taken the decision to avoid savings that could adversely impact on its services. However, should the situation deteriorate impacting the future financial health of the Trust, savings are possible, both as short-term preventive measures and longer-term corrective actions. In the opinion of the Trustees, the BDA Trust Fund has enough resources to meet its obligations and therefore the accounts have been prepared on a going concern basis.

Plans for the future

The British Dental Association Trust Fund is confident of the continued financial support of the British Dental Association and plans to develop the range and quality of services it provides, both to the dental profession and wider public.

The Museum has taken this opportunity to develop a plan for the future of the museum. Part funded by the Museum Development Team London the Museum has worked with an independent consultant to develop a vision and aims with the aim of securing external funding:

9

for the year ended 30 September 2022

British Dental Association Trust Fund Directors’ report (continued)

Financial review (continued)

Auditors

All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the charitable company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.

BDO LLP has expressed their willingness to continue in office and resolution to re-appoint them will be proposed at the annual general meeting.

In preparing this directors' report, advantage has been taken of the small companies' exemption and the small charities exemptions permitted by Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounting in accordance with the Financial Reporting Standard applicable in the UK and Republic (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS102)) and was approved by the directors on;

Paul Blaylock

Chairman

Date: 24.05.2023

10

British Dental Association Trust Fund

Directors' and Trustees' responsibilities statement

for the year ended 30 September 2022

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charitable company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity company's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the group's website is the responsibility of the directors. The directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.

11

British Dental Association Trust Fund

Independent auditor's report

for the year ended 30 September 2022

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH DENTAL ASSOCIATION TURST FUND

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of the British Dental Association Trust Fund (“the Charitable Company”) for the year ended 30 September 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Report, other than the financial statements and our auditor’s report thereon. The other information comprises the Directors’ report for the year ended 30 September 2022. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

12

British Dental Association Trust Fund

Independent auditor's report (continued) for the year ended 30 September 2022

Other Companies Act 2006 reporting.

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Trustee’s report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Directors’ and Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

13

British Dental Association Trust Fund

Independent auditor's report (continued) for the year ended 30 September 2022

Auditor’s responsibilities for the audit of the financial statements (continued)

Extent to which the audit was capable of detecting irregularities, including fraud.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the Charitable Company’s trustees, as a body, in accordance with the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charitable Company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company, the Charitable Company’s members as a body and the Charitable Company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gareth M Jones (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor London, UK Date: 25 May 2023 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

14

British Dental Association Trust Fund

Statement of financial activities (including an income and expenditure account) for the year ended 30 September 2022

Note
Restricted
Unrestricted
funds
funds
2022
2022
£
£
Income
Donations:
Donation from British Dental
Association
-
768,552
Other donations
-
8,271
Charitable activities:
Library income
-
195
Museum income
-
580
Investment income (Gross)
2
35,385
-
_
________
Total income
35,385
777,598
_
_
Expenditure
_Raising funds:
Investment management costs
-
-
Charitable activities:
Grants and awards payable
3
108,919
-
Costs in furtherance of the
charity's objects
3
-
778,181
__
__
Total expenditure
108,919
778,181
__
__
Gain on sales of fixed asset
investments
-
-
Unrealised (losses)/gain on fixed
asset investments
(73,149)
-
__
__
Net movements in funds for the
year
(146,683)
(583)
Reconciliation of movement in
funds
Total funds brought forward
543,555
658,662
_
_
Total funds carried forward
396,872
658,079

 Total
2022
£
768,552
8,271
195
580
35,385
__
812,983
__
-
108,919
778,181
__
887,100
__
-
(73,149)
__
(147,266)
1,202,217
__
1,054,951
 Total
2021
£
470,000
673
712
400
32,627
_
504,412
_
-
129,242
729,734
_
858,976
_
-
132,022
_
(222,542)
1,424,759
_
1,202,217

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial activities.

The notes on pages 18 to 27 form part of these financial statements.

15

British Dental Association Trust Fund

Balance sheet at 30 September 2022

Company number 849283 Note Restricted Unrestricted
funds funds Total Total
2022 2022 2022 2021
£ £ £ £
Fixed assets
Tangible fixed assets 5 - 76,469 76,469 75,380
Investments 6 951,490 - 951,490 1,024,639
__ __ __ __
Total fixed assets 951,490 76,469 1,027,959 1,100,019
__ __ __ __
Current assets
Debtors 7 122,182 17,524 139,706 144,014
Cash and cash equivalents 145,867 986,647 1,132,513 1,092,519
__ __ __ __
Total current assets 268,049 1,004,171 1,272,219 1,236,533
__ __ __ __
Creditors: amounts falling due
within one year
Other creditors 8 (822,667) (422,560) (1,245,227) (1,134,335)
__ __ __ __
Net current (liabilities)/assets (554,619) 581,611 26,992 102,198
__ __ __ __
Total assets less current
liabilities 396,872 658,080 1,054,951 1,202,217
__ __ __ __
Represented by:
Income funds 396,872 658,080 1,054,951 1,202,217
__ __ __ __

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

24.05.2023

These accounts were approved by the board on ………… 24.05.2023

Paul Blaylock Chairman

The notes on pages 18 to 27 form part of these financial statements.

16

British Dental Association Trust Fund

Statement of cash flows 30 September 2022

Note
Cash flows from operating activities
Net expenditure
Adjustments for:
Depreciation of fixed assets
5
Net interest receivable
2
Income from fixed asset investments
2
Decrease in debtors
7
Increase in creditors
8
Loss/(gain) on investments
Net cash generated from/(used) operating activities
Cash flows from investing activities
Proceeds from sale of fixed asset investments
6
Purchases of fixed asset investments
6
Purchases of tangible fixed assets
5
Interest received
2
Dividends received on fixed asset investments
2
Net cash from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Cash and cash equivalents comprise:
Cash at bank and in hand		 2022
£
(147,266)
8,093
(590)
(34,795)
4,308
110,892
73,149
__
13,791
__
-
-
(9,182)
590
34,795
__
26,203
__
39,994
1,092,519
__
1,132,513
__
1,132,513
 2021
£
(222,542)
7,821
(477)
(32,150)
23,625
286,775
(132,022)
_
(68,970)
_
-
-
(8,653)
477
32,150
_
23,974
_
(44,996)
1,137,515
_
1,092,519
_
1,092,519
Other
1 October Cash Non-cash 30 September
Net funds reconciliation 2021 Flows Changes 2022
£ £ £ £
Cash and cash equivalents 1,092,519 39,994 - 1,132,513
Bank and other loans - - - -
___ ___ ___ ___
At 30 September 2022 1,092,519 39,994 - 1,132,513
___ ___ ___ ___

17

British Dental Association Trust Fund

Notes forming part of the financial statements.

for the year ended 30 September 2022

1 Accounting policies

The British Dental Association Trust Fund is an incorporated charity registered in England & Wales with the Charity Commission. The address of the registered office is given on the Director’s report and the nature of its operations is set out in the Director’s report. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounting in accordance with the Financial Reporting Standard applicable in the UK and Republic (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Fund's accounting policies. These financial statements have been prepared in accordance with the provisions applicable to companies’ subject to the small companies' regime.

Going concern

The Trustees of the BDA Trust Fund have considered their obligations to prepare these financial statements on an appropriate basis. The Trustees have reviewed the budgets of its main donor, the British Dental Association, and are confident of its continued financial support. The Trustees appreciate that due to the ongoing impacts of the coronavirus pandemic, many businesses will face extremely demanding challenges and have therefore reviewed the Trust’s financial position. The Trustees are confident that even without any further funding from the BDA, it has sufficient reserves to cover current levels of operational costs. At the end of the financial year, the Trust has £1.1 million of cash and a further £1 million in liquid investments, giving the Trust access to approximately £2 millions of liquid resources which equates to 31 months of operational costs based on current levels. Given the uncertainty as to when some normality will return to the wider economy, the Trustees have taken the decision to avoid savings that could adversely impact on its services. However, should the situation deteriorate impacting the future financial health of the Trust, savings are possible, both as short-term preventive measures and longer-term corrective actions. In the opinion of the Trustees, the BDA Trust Fund has enough resources to meet its obligations and therefore the accounts have been prepared on a going concern basis.

Income

Investment income, which is shown with its related tax credit when applicable, is accounted for in the period in which the charitable company is entitled to receipt, any income not yet received is accrued. Realised gains and losses on the sale of investments and unrealised gains and losses on the revaluation of investments are included in the statement of financial activities.

Likewise, donations and Library and Museum income are accounted for when receivable.

Grants are recognised in full in the statement of financial activities in the year in which they are receivable, unless they are for a future period, in which case they are deferred.

Expenditure

The BDA Trust Fund is not registered for VAT therefore, all expenditure is accounted for on an accruals basis and is inclusive of VAT.

Fixed assets and depreciation

Tangible fixed assets are carried at cost and are used in direct furtherance of the charitable company's objects. The heritage asset is assumed to have an indefinite useful life and a high residual value resulting in any depreciation charge being immaterial.

18

British Dental Association Trust Fund

Notes forming part of the financial statements (continued) for the year ended 30 September 2022

1 Accounting policies (continued)

Fixed assets and depreciation (continued)

For all other assets, depreciation is calculated to write down the cost, less estimated realisable value, of all tangible fixed assets by equal annual instalments over their expected useful lives. The periods generally applicable are:

Furniture, computer equipment and books - 5 years

Fixed asset investments

Fixed asset investments are shown at market value (based on mid-market values) at the balance sheet date.

Pensions

The Fund makes pension contributions, on behalf of its employees, to the British Dental Association's defined contribution pension scheme. Details of the Scheme can be found in the Association's accounts for the year to 30 September 2022.

Fixed assets - Heritage assets

The Trust Fund maintains a collection of museum exhibits purchased or donated to the charity many years ago.

In accordance with the charities SORP 2020 (FRS 102), the Trust Fund's collection of museum exhibits, and other major items are recorded on the balance sheet at cost.

The Trustees consider that obtaining valuations for the historical elements of the museum exhibits would involve disproportionate cost due to the diverse nature of the assets held and the lack of comparable market values.

Acquisitions are normally made by donation with occasional purchases. Donations are recorded at a current market valuation with reference, where possible, to commercial markets using recent transaction information from auctions. Recent purchases are recorded at cost.

Expenditure which in the Trustees' view is required to preserve or prevent further deterioration of individual items, including preservation work, is recognised in the Income and Expenditure Account when it is incurred.

Grants and awards

Grants payable are charged in the year in which all conditions attached to payment of the grant are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

Financial instruments

The Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Judgements in applying accounting policies and key sources of estimation uncertainty.

In preparing these financial statements, the directors have made the following judgements:

19

British Dental Association Trust Fund

Notes forming part of the financial statements (continued)

for the year ended 30 September 2022

2
Investment income
Restricted
Unrestricted
funds
Funds
2022
2022
£
£
Arising in the UK:
Gross income received from UK
quoted investments
34,795
-
Gross interest received
590
-
_
_
35,385
-

 Total
2022
£
34,795
590
__
35,385
 Total
2021
£
32,150
477
__
32,627

Of the total investment income in 2021, £nil related to unrestricted funds and £32,627 related to restricted funds

3
Charitable expenditure
Restricted
Unrestricted
funds
funds
2022
2022
£
£
Grants payable:
Grants payable to institutions
108,919
-
_
_
Charitable expenditure:
Salaries
-
243,755
Social security costs
-
Pension costs
-
40,340
Staff health scheme
-
1,023
Library services, copier, phone, post
-
2,970
Periodicals
-
72,003
Computer costs
-
17,790
Museum expenses
-
7,742
Establishment and accommodation
-
-
Depreciation
-
8,093
Storage and transportation
-
26,511
Sundries
-
25,037
John McLean Archive Project Grant
-
-
Bank charges
-
10
_
_
-
445,274
Management and administration
-
332,907
_
_
-
778,181

 Total
2022
£
108,919
__
243,755
-
40,340
1,023
2,970
72,003
17,790
7,742
-
8,093
26,511
25,037
-
10
__
445,274
332,907
__
778,181
 Total
2021
£
129,242
_
216,342
23,658
38,543
993
3,621
78,050
15,553
9,517
-
7,821
25,905
7,006
294
146
_
427,449
302,285
__
729,734

20

British Dental Association Trust Fund

Notes forming part of the financial statements (continued) for the year ended 30 September 2022

3 Charitable expenditure (continued)

Of the grants payable in 2021, £nil related to unrestricted funds and £129,243 related to restricted funds. Of the total charitable expenditure in 2021, £427,035 related to unrestricted funds and £414 related to restricted funds.

The average monthly number of persons employed by the charitable company during the year was 5 (2021 - 5).

One employee earned over £60,000. Retirement benefits within the British Dental Association defined contribution pension scheme are accruing to 5 staff (2021 - 5).

No director/trustee received any remuneration or reimbursement of expenses. Trustee indemnity insurance was not paid on behalf of the trustees.

The Trust does not have a senior management team. Its strategic direction is managed by the trustees and directors and operational activities are delegated to the management structures of the British Dental Association.

4 Management and administration

Restricted
Unrestricted
funds
funds
2022
2022
£
£
Audit fees
-
5,172
BDA expenses recharge
-
327,735
_
_
-
332,907

 Total
2022
£
5,172
327,735
__
332,907
 Total
2021
£
4,172
298,113
__
302,285

Of the total management and administration payable in 2021, £302,285 related to unrestricted funds and £nil related to restricted funds .

21

British Dental Association Trust Fund

Notes forming part of the financial statements (continued) for the year ended 30 September 2022

5 Tangible fixed assets

Furniture
and
equipment
£
Cost
At 1 October 2021
161,141
Additions
-
_
At 30 September 2022
161,141
__
_Depreciation
At 1 October 2021
161,141
Charge for the year
-
_
At 30 September 2022
161,141
__
_Net book value
At 30 September 2022
-
__
At 30 September 2021
-
 Books
£
278,986
9,182
_
288,168
_
263,606
8,093
_
271,699
_
16,469
__
15,380
 Heritage
Assets
£
60,000
-
_
60,000
_
-
-
_
-
_
60,000
__
60,000
 Total
2022
£
500,127
9,182
__
509,309
__
424,747
8,093
__
432,840
__
76,469
__
75,380

In accordance with Financial Reporting Standard 102 - Heritage Assets, the Trust Fund's collection of museum exhibits and other major items are recorded on the balance sheet at cost. The majority of these items were purchased or donated to the charity many years ago and as a result no cost nor value has been included in these accounts.

The exhibits were valued for insurance purposes at £559,450 by Lyon & Turnbull Limited, 33 Broughton Place, Edinburgh, EH1 3RR in December 2008.

22

British Dental Association Trust Fund

Notes forming part of the financial statements (continued) for the year ended 30 September 2022

6 Fixed asset investments

Quoted investments
At 1 October
Additions
Disposals
Realised gains
Unrealised (loss)/ gain
As at 30 September
Historic cost of investments
The total market value at 30 September comprises:
Investments quoted on recognised stock exchange		 2022
£
1,024,639
-
-
-
(73,149)
__
951,490
__
726,770
_
2022
£
951,490
_		 2021
£
892,617
-
-
-
132,022
_
1,024,639
_
726,770
_
2021
£
1,024,639
_

7 Debtors

Debtors
Restricted
Unrestricted
funds
funds
2022
2022
£
£
Due from unrestricted fund
113,583
-
Other debtors
8,599
300
Prepayments and accrued income
-
17,224
_
_
122,182
17,524
_
_
Creditors - amounts falling due within one year
Restricted
Unrestricted
funds
funds
2022
2022
£
£
Due to restricted funds
-
113,583
Due to British Dental Association
822,667
308,977
Deferred income
-
-
_
_
822,667
422,560
Total
2022
£
113,583
8,899
17,224
__
139,706
__
Total
2022
£
113,583
1,131,644
-
__
1,245,227
Total
2021
£
113,289
13,309
17,416
_
144,014
_
Total
2021
£
113,289
1,019,046
2,000
__
1,134,335

8 Creditors - amounts falling due within one year

23

British Dental Association Trust Fund

Notes forming part of the financial statements (continued) for the year ended 30 September 2022

9 Financial instruments

The British Dental Association Trust Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

10 Analysis of restricted fund net assets

2022

Investments
£
Scientific Research
Fund
-
Dentists' Provident
Society
-
Dentsply Scholarship
Fund
-
L S Farrar Dental
-
Howard Mummery
Memorial
-
John McLean Archive
Project
-
Gelbier acquisition
donations
-
Shirley Glasstone
Hughes Memorial
Fund
951,490
_
951,490
__
2021
Investments
£
Scientific Research
Fund
-
Dentists' Provident
Society
-
Dentsply Scholarship
Fund
-
L S Farrar Dental
-
Howard Mummery
Memorial
-
John McLean Archive
Project
-
Gelbier acquisition
donations
-
Shirley Glasstone
Hughes Memorial
Fund
1,024,639
_____
1,024,639
 Debtors
£
-
-
-
-
-
-
-
8,599
__

8,599
_
Debtors
£
-
-
-
-
-
-
-
13,009
___

13,009
 Bank
£
-
-
18,714
-
6,415
(294)
-
121,031
__

145,867
__
Bank
£
-
-
18,714
-
6,415
-
-
81,237
______

106,366
 Creditors
£
-
-
-
-
-
-
-
-
__

-
__
Creditors
£
-
-
-
-
-
-
-
-
______

-
 BDA inter
Due from/(to)
Company
unrestricted
creditor
funds
£
£
-
64,760
-
14,660
(10,133)
(7,250)
-
32,501
-
1,948
-
6,039
-
924
(812,533)
-
_
_

(822,667)
113,583
__
_
BDA inter
Due from/(to)
Company
unrestricted
creditor
funds
£
£
-
64,760
-
14,660
(10,133)
(7,250)
-
32,501
-
1,948
-
5,746
-
924
(703,615)
-
_
______

(713,748)
113,289

 Total
funds
£
64,760
14,660
1,331
32,501
8,363
5,745
924
268,588
__
396,872
__
Total
funds
£
64,760
14,660
1,331
32,501
8,363
5,746
924
415,270
______
543,555

24

British Dental Association Trust Fund

Notes forming part of the financial statements (continued) for the year ended 30 September 2022

11 Restricted income funds

2022 At Other At
1 October Incoming Outgoing recognised 30 September
2021 resources resources loss 2022
£ £ £ £ £
Scientific Research
Fund 64,760 - - - 64,760
Dentists' Provident
Society 14,660 - - - 14,660
Dentsply Scholarship
Fund 1,331 - - - 1,331
L S Farrar Dental
Scholarship Fund 32,501 - - - 32,501
Howard Mummery
Memorial Prize 8,363 1 - - 8,364
John McLean Archive
Project Grant 5,746 - - - 5,746
Gelbier Acquisition
Fund 924 - - - 924
Shirley Glasstone
Hughes Memorial
Fund 415,270 35,384 (108,919) (73,149) 268,586
__ __ __ __ __
543,555 35,385 (108,919) (73,149) 396,872
__ __ __ __ __
Full details of the funds can be found in the Directors Report on pages 4 of the accounts.
2021 At Other At
1 October Incoming Outgoing recognised 30 September
2020 resources resources gains 2021
£ £ £ £ £
Scientific Research
Fund 64,760 - - - 64,760
Dentists' Provident
Society 14,660 - - - 14,660
Dentsply Scholarship
Fund 1,331 - - - 1,331
L S Farrar Dental
Scholarship Fund 32,501 - - - 32,501
Howard Mummery
Memorial Prize 8,482 1 (120) - 8,363
John McLean Archive
Project Grant 6,039 - (293) - 5,746
Gelbier Acquisition
Fund 924 - - - 924
Shirley Glasstone
Hughes Memorial
Fund 379,864 32,626 (129,243) 132,022 415,270
__ __ __ __ __
508,561 32,627 (129,656) 132,022 543,555
__ __ __ __ __
25

Notes forming part of the financial statements. for the year ended 30 September 2022 (continued)

British Dental Association Trust Fund

12 Unrestricted income funds

This relates to the Information Centre and Museum only.

13 Related party transactions

The British Dental Association Trust Fund is a wholly owned subsidiary of the British Dental Association (company number 0014161), an Association incorporated in England & Wales under the Companies Act. The British Dental Association is a professional association and trade union providing professional and legal support to dentists in all working environments through advice, representation, events, publications and policy making.

Copies of consolidated accounts that include the subsidiary charity’s accounts can be obtained from British Dental Association, 64 Wimpole Street, London, W1G 8YS.

During the year the British Dental Association donated £768,552 (2021 - £470,000) to the British Dental Association Trust Fund. Management charges of £327,735 (2021 - £298,113) were charged to the British Dental Association Trust Fund for central services carried out by the British Dental Association.

At 30 September 2022 the British Dental Association Trust Fund owed the British Dental Association £1,131,644, of which £822,667 is owed by the charity's restricted fund.

26

British Dental Association Trust Fund

Notes forming part of the financial statements (continued) for the year ended 30 September 2022

14 Comparative Statement of Financial Activities

Note
Restricted
Unrestricted
funds
funds
2021
2021
£
£
Income
Donations:
Donation from British Dental
Association
-
470,000
Other donations
-
673
Charitable activities:
Library income
-
712
Museum income
-
400
Investment income (Gross)
2
32,627
-
Other income
Arrangement Fee
-
-
_
________
Total income
32,627
471,785
_
_
Expenditure
_Raising funds:
Investment management costs
-
-
Charitable activities:
Grants and awards payable
3
129,242
-
Costs in furtherance of the
charity's objects
3
414
729,320
_
_
Total expenditure
129,656
729,320
_
_
Unrealised gains/(losses) on fixed
asset investments
132,022
-
_
_
Net movements in funds for the
year
34,993
(257,535)
Reconciliation of movement in
funds
Total funds brought forward
508,562
916,197
_
_
Total funds carried forward
543,555
658,662

 Total
2021
£
470,000
673
712
400
32,627
-
__
504,412
__
-
129,242
729,734
__
858,976
__
132,022
__
(222,542)
1,424,759
__
1,202,217
 Total
2020
£
222,000
2,996
1,742
1,096
27,972
-
_
255,806
_
-
169,243
739,717
_
908,960
_
(92,139)
_
(745,293)
2,170,052
_
1,424,759

27