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2023-09-30-accounts

British Dental Association Trust Fund

Report and Financial Statements

Year Ended

30 September 2023

Company Number 849283 Charity Number 313407

British Dental Association Trust Fund

Report and financial statements for the year ended 30 September 2023

Contents

Page:

British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2023

The directors present their report together with the financial statements for the year ended 30 September 2023 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 849283

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 (Resigned 31 December 2023) 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:

1

British Dental Association Trust Fund

Directors’ report for the year ended 30 September 2023 (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.

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British Dental Association Trust Fund

Directors’ report for the year ended 30 September 2023 (continued)

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.

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 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.

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British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2023 (continued)

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. During 2022/23 financial year, BDA research positions were integrated into the BDA Trust Fund. This decision was motivated by the recognition that the team's achievements demonstrated a seamless alignment with the Trust's objectives. While this adjustment does not impact overall expenditure, it has resulted in the reclassification of costs within restricted funds, increasing salaries and reducing grants awarded.

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 Association’s 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.

4

British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2023 (continued)

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 taken it into account 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 research and evidence-gathering activities focus on the following goals:

The museum continues to be supported by its team of 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 offers a comprehensive range of resources, including loans (books, pamphlets, packages of articles, and DVDs), e-books/e-book CPD, ejournals, literature searches, OVID Medline for members, assistance with searching, historical research, a dedicated space for in-person research, electronic document delivery, and archival and research support for BDA staff and committees.

Over the past year, we expanded our student member offerings by including physical book loans, with 18 students borrowing items in November 2023. The A-to-Z Journal Finder, launched in August, simplifies access to the library's extensive journal collection, potentially increasing ejournal usage. Our complete Topic Packages collection, including eight new systematic review packages, is now more discoverable through links in the online catalogue. Collaborating with the Museum and Lindsay Society at the British Dental Conference & Dentistry Show, the library showcased borrowed book titles, leading to successful outreach at various conferences and gaining at least one new member. Proactive communication with the marketing team, including book updates and informal photographs, likely contributed to a notable 4% increase in members borrowing books this year.

Usage statistics indicate that the library served over 2,225 members, representing 15% of the current membership (up 1%). On average, 765 members accessed the library each month, reflecting a 2% drop compared to last year, although BDA membership has declined by nearly 4%. Student library usage decreased by 7%, yet it accounted for 37% of the current BDA student membership—a 13% increase over the previous year.

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British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2023 (continued)

Achievements and performance (continued)

E-books were accessed by 1,344 unique members over the year, showing a 12% decrease, with 81% of these members being non-students. Physical loans increased by 8% (3,332 items), with 664 unique members borrowing books—a 4% increase. Package contents lists saw an 18% increase in views (585 lists with 212 different titles) when comparing Jan-Sep this year with the same period last year.

Seventy web videos were accessed through the online catalogue, a 25% increase. Literature searches decreased by 3% (1,481 searches), but members ran an average of 3,047 monthly automated Medline alerts on OVID through the website, a 32% increase.

Article requests saw a 16% drop (373 requests from 301 requestors), but the number of supplied articles increased by 1% (1,315 articles). E-book CPD course usage increased by 21%, with 2,542 members enrolled (an increase of 118), and 464 CPD hours earned by the end of September.

E-journals had 5,214 full-text articles accessed online—a 6% decrease. However, there was a 1% increase in the usage of Science Direct e-journals.

The library recorded 300 visitors, marking a 92% increase over the previous year. It's important to note that individual names are not recorded, so this figure is in addition to the overall library usage total.

The museum mounted a temporary exhibition about Maurice Porter and his work with musicians to maintain their embouchure in the BDA foyer from 10[th] May – 10[th] November. The accompanying website and film were a particular success with the music and dental community. www.bda-porter-embouchure.com

The museum also launched the necktie archive website to promote the awareness of the archive and to encourage further donations. www.bda-tie-archive.com

The museum, library and Lindsay Society stand at conference generated lots of interest. 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.

The volunteer team has catalogued and sorted through the existing backlog of items. The team has catalogued over 1000 objects into the database, photographed and recorded their locations. We have also re-boxed and safely stored our photographic and archive collection as well as scanning 300 35mm slides.

As of December 2022, three research analyst posts joined the BDA Trust. These posts have delivered the following activity over the course of the financial year. The three major projects conducted this year were a timings study, a longitudinal study of student and new graduate perceptions of clinical experience, and our annual surveys of GDPs and employed dentists.

Timings study: In 1999 the BDA conducted the Heathrow Timings Inquiry with a panel of dentists to gather information on the timings of treatments within the General Dental Services and develop a model for the hourly rate for general dental practice. A pilot was first conducted in Scotland, before a national study was launched. The main study involved a panel conducting a short survey and then meeting for a discussion day to agree consensus timings. Data from the annual survey of GDPs has then been analysed. This is now being written up for publication.

Clinical experience: This project seeks to understand students’ and recent graduates’ perspectives on their clinical experience, confidence and preparedness. The study repeats interviews with the same cohort as they progress from final year to one-year post-graduation. The first round of interviews was conducted with final year students in the spring. The second set of interviews will be conducted in December 2022, where the nowgraduates will be asked to reflect on how they feel about their clinical experience now relative to their views prior to graduation. The third and final interviews will be conducted next spring. This project will then be written up for publication.

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British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2023 (continued)

Achievements and performance (continued)

Annual surveys of GDPs and employed dentists: The team has conducted our annual surveys of GDPs and employed dentists, which is principally used to prepare the evidence for the DDRB. It explores workforce trends, pay, job satisfaction, morale, motivation, stress and various other factors. These are initially conducted electronically, and then posted paper follow-ups for those who have not initially responded. This year, we have expanded the CDS survey so that it includes all employed dentists. This is the first time we have conducted the exercise in this way and so will provide us with valuable information about all cohorts.

To further support the DDRB evidence, we conduct a small number of qualitative interviews with GDPs each year to explore some of the findings from the survey and gain further insight.

Other projects

Recruitment market: We conducted a survey of recruiters and job seekers to gain a better understanding of the current recruitment and labour market.

Expenses and practice finances : We undertook a survey on practice expenses to understand how inflationary pressures are impacting on practice finances.

Student debt: This project repeated research last conducted in 2013, with the aim to quantify the average amount of debt a final-year dental student is expected to graduate with, and how debt varies among nations and by student demographics/socio-economic background. Output from this project was published in the BDJ, with The Times also reporting on the study data. Student debt of UK dental students and recent graduates | British Dental Journal (nature.com) Budding dentists put off by £50,000 in student debts (thetimes.co.uk)

Scotland associates working for a corporate : A survey was conducted of associates working for Clyde Monroe, a large corporate in Scotland, to better understand their views of the BDA and the services offered.

Longitudinal cohort analysis of the CDS survey: This project analysed a cohort of CDS dentists who had responded to our CDS survey over several years. This longitudinal analysis allows us to explore trends in morale and motivation within the CDS. A paper has been submitted to the BDJ for publication.

Integrated care : This project mapped existing literature covering integrated care and dentistry to understand the approach to dentistry in Integrated Care Systems (ICSs). A scoping review was produced, and primary data collated from general dental practitioners (GDPs).

Long-term workforce plan analysis: We have analysed the NHS Long-Term Workforce Plan’s modelling on the future dental workforce.

PDS extended competency points and indicative training budgets: We conducted a survey of Public Dental Service (PDS) dentists' terms regarding extended competency points and indicative training budgets.

7

British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2023 (continued)

Financial review

Overview

The British Dental Association made a generous donation of £640,000, contributing to a total income of £676,666, marking a 17% decrease from the previous year. As a result the BDA Trust Fund experienced a net funds outflow of £253,987 for the year.

During the financial year, BDA research positions were integrated into the BDA Trust Fund. This decision was motivated by the recognition that the team's achievements demonstrated a seamless alignment with the Trust's objectives. While this adjustment does not impact overall expenditure, it has resulted in the reclassification of costs within restricted funds. Therefore, there has been an increase in salaries and a corresponding reduction in grants awarded. Total expenditure exceeded the previous year, reaching £1,010,315.

In the financial year, our investments showed a solid increase, growing by £79,662, (an 8% increase compared to the previous year). Despite the ups and downs in the market, our investment income remained consistent, reaching £34,909, in line with the prior year's figures. Additionally, we observed an unrealised gain on investments indicating a positive trend in our investment performance.

The cash level for 2023 rose to £1,376,184, marking a 22% increase from 2022, with an unrestricted cash balance of £1,193,284. The restricted fund cash balance increased to £182,900. The Trustees plan to draw down the fund's value to meet short-term commitments. Despite a 24% decrease in total reserves from 2021/22, the Trust remains stable, supported by reserves and ongoing financial contributions from the British Dental Association. The general fund serves as a reserve for identified risks and funding for 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.

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British Dental Association Trust Fund

Directors’ report for the year ended 30 September 2023 (continued)

Reserves policy

The charitable company's unrestricted income fund signifies the available reserves for fulfilling its primary objectives. The surplus in unrestricted reserves is deemed adequate by the Trustees, who anticipate continued support from the British Dental Association to cover future costs.

The Trust pursues the following objectives:

The reserves policy of the Trust aims to establish and maintain an appropriate, yet not excessive, level of reserves to support its activities, taking into account the associated risks. Unrestricted funds are held for the specific purpose of safeguarding against significant disruptions due to a potential decrease in donations from the British Dental Association.

To ensure the Trust's operational resilience in the face of a potential decline in donations, the Trust strives to maintain unrestricted contingency reserves equivalent to approximately one year's expenditure, setting a target of £500,000. Despite the stable financial position over the years with ample reserves and the support of the British Dental Association, the Trustees acknowledge the risk associated with dependence on a single donor.

Due to a reduction in donations and ongoing research costs, the total reserves currently stand at £800,963. Excluding fixed assets (£81,574) and restricted funds (£337,786), the unrestricted reserves amount to £381,604. While this falls below the reserve position outlined in the Trust's policy, there is confidence in the ongoing support from the British Dental Association.

Going Concern

The Trustees of the BDA Trust Fund have fulfilled their responsibility to prepare the financial statements appropriately. They have assessed the budgets of their primary donor, the British Dental Association, expressing confidence in the sustained financial support. Recognising the substantial challenges posed by the ongoing coronavirus pandemic to businesses, the Trustees have conducted a comprehensive review of the Trust’s financial standing.

The Trust asserts its confidence in maintaining a going concern status, underlined by a robust financial position. With £1.19 million in unrestricted cash and reserves totalling £463,178, the Trust stands on solid ground. Although the Trust’s reserves target has not been met, the Trust is assured of continuous support from the Association. Furthermore, the recently approved parent guarantee by the PEC enhances the Trust's confidence in its ongoing financial stability.

The Trustees, expressing confidence in the Trust's financial resources, assert that the BDA Trust Fund has the necessary means to meet its obligations. Consequently, the financial accounts have been prepared on the basis of the Trust being a going concern.

9

British Dental Association Trust Fund

Directors’ report

for the year ended 30 September 2023 (continued)

Plans for the future

Looking ahead, the BDA Library is poised for several exciting developments. First, we plan to enhance our CPD course by adding five more e-books, offering an additional 10 hours of verifiable CPD for our members. Recognising the value of our book loans service, we aim to actively promote it to students, ensuring they are aware of the wealth of resources available to support their studies.

Furthermore, in collaboration with the Museum, we intend to organize a joint stand at the 2024 British Dental Conference & Dentistry Show. At this event, we will bring a selection of books that members can borrow, fostering engagement and expanding our outreach.

In our commitment to comprehensive record-keeping, we plan to archive all communications related to the current and potential future NHS contracts. Additionally, we will continue digitising BDA membership lists from the BDJ, creating a valuable and searchable resource for our members. To streamline our archives, we will organise the Margaret Seward archive and arrange for its offsite storage.

Finally, pending approval, we aspire to establish an email alert system to promptly notify members when new books and e-books are acquired, ensuring they stay informed and have timely access to our expanding collection. These initiatives collectively aim to enhance the BDA Library's offerings and services, providing valuable resources and improving member engagement.

Anticipating future developments, the BDA Museum is planning several initiatives to elevate its operations: The museum is committed to investigating new offsite storage options with the dual goal of reducing costs and enhancing security.

Recognising the importance of community engagement, the BDA Museum is actively working towards reopening its doors to visitors as swiftly as possible. This initiative is not only crucial for fostering public interaction but also addresses the impact of the museum closure on its accreditation status. By facilitating access to our exhibits, we aim to reinforce our role as a cultural hub in the community.

The BDA Museum remains dedicated to maintaining its accreditation status. We understand the significance of this recognition and are committed to upholding the highest standards in museum management, collections care, and public engagement.

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: 21/10/24

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British Dental Association Trust Fund

Directors' and Trustees' responsibilities statement

for the year ended 30 September 2023

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

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BRITISH DENTAL ASSOCIATION TRUST 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 2023 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.

12

British Dental Association Trust Fund

Independent auditor's report (continued)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. 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 themselves. 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.

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 Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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.

13

British Dental Association Trust Fund

Independent auditor's report (continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 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.

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:

Non-compliance with laws and regulations

We obtained an understanding of the legal and regulatory frameworks through our accumulated knowledge and consideration of sector information that is applicable to the Charitable Company. We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice, the Charities Act 2011, the Companies Act 2006, Data Protection Act 2018, Bribery Act 2010 and tax legislation. We understood how the Charitable Company is complying with those legal and regulatory frameworks by making enquiries to management and those responsible for legal and compliance procedures.

Our procedures in respect of the above included:

Fraud

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we considered where there was a susceptibility of fraud relating to management override of controls and improper income recognition. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud and how management monitor these processes.

Audit procedures performed by the engagement team included:

14

British Dental Association Trust Fund

Independent auditor's report (continued)

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: 12 April 2024

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

15

British Dental Association Trust Fund

Statement of financial activities (including an income and expenditure account) for the year ended 30 September 2023

Note
Restricted
Unrestricted
funds
funds
2023
2023
£
£
Income from:
Donations:
Donation from British Dental
Association
-
640,000
Other donations
892
400
Charitable activities:
Library income
-
350
Museum income
-
115
Investment income (Gross)
2
34,909
-
_
________
Total income
35,801
640,865
_
_
Expenditure on:
_Raising funds:
Investment management costs
-
-
Charitable activities:
Grants and awards payable
3
28,378
-
Costs in furtherance of the
charity's objects
3
146,171
835,766
__
__
Total expenditure
174,549
835,766
__
__
Net expenditure before
gains/losses
(138,748)
(194,901)
Gain on sales of fixed asset
investments
-
-
Unrealised gain/(losses) on fixed
asset investments
7
79,662
-
__
__
Net expenditure, being
movement in funds for the year
(59,086)
(194,901)
Reconciliation of movement in
funds
Total funds brought forward
396,872
658,079
_
_
Total funds carried forward
337,786
463,178

 Total
2023
£
640,000
1,292
350
115
34,909
__
676,666
__
-
28,378
981,937
__
1,010,315
__
(333,649)
-
79,662
__
(253,987)
1,054,951
__
800,964
 Total
2022
£
768,552
8,271
195
580
35,385
_
812,983
_
-
108,919
778,181
_
887,100
_
(74,117)
-
(73,149)
_
(147,266)
1,202,217
_
1,054,951

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 19 to 28 form part of these financial statements.

16

British Dental Association Trust Fund

Balance sheet at 30 September 2023

Company number 849283 Note Restricted Unrestricted
funds funds Total Total
2023 2023 2023 2022
£ £ £ £
Fixed assets
Tangible fixed assets 5 - 21,574 21,574 16,469
Heritage assets 6 - 60,000 60,000 60,000
Investments 7 1,031,153 - 1,031,153 951,490
__ __ __ __
Total fixed assets 1,031,153 81,574 1,112,727 1,027,959
__ __ __ __
Current assets
Debtors 8 120,829 21,047 141,876 139,706
Cash and cash equivalents 182,900 1,193,284 1,376,184 1,132,513
__ __ __ __
Total current assets 303,729 1,214,331 1,518,060 1,272,219
__ __ __ __
Creditors: amounts falling due
within one year
Other creditors 9 (997,096) (832,727) (1,829,823) (1,245,227)
__ __ __ __
Net current (liabilities)/assets (693,367) 381,604 (311,763) 26,992
__ __ __ __
Total net assets 11 337,786 463,178 800,964 1,054,951
__ __ __ __
Represented by:
Income funds 11 337,786 463,178 800,964 1,054,951
__ __ __ __

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

These accounts were approved by the board on 21/02/2024

Paul Blaylock Chairman

The notes on pages 19 to 28 form part of these financial statements.

17

British Dental Association Trust Fund

Statement of cash flows 30 September 2023

Note 2023 2022
£ £
Cash flows from operating activities
Net expenditure (253,987) (147,266)
Adjustments for:
Depreciation of fixed assets 5 9,798 8,093
Net interest receivable 2 (1,867) (590)
Income from fixed asset investments 2 (33,042) (34,795)
(Increase)/decrease in debtors (2,170) 4,308
Increase in creditors 584,596 110,892
(Gain)/loss on investments (79,662) 73,149
__ __
Net cash used in operating activities 223,666 13,791
__ __
Cash flows from investing activities
Proceeds from sale of fixed asset investments 7 - -
Purchases of fixed asset investments 7 - -
Purchases of tangible fixed assets 5 (14,904) (9,182)
Interest received 2 1,867 590
Dividends received on fixed asset investments 2 33,042 34,795
__ __
Net cash from investing activities 20,005 26,203
__ __
Net decrease in cash and cash equivalents 243,671 39,994
Cash and cash equivalents at beginning of year 1,132,513 1,092,519
__ __
Cash and cash equivalents at end of year 1,376,184 1,132,513
__ __
Cash and cash equivalents comprise:
Cash at bank and in hand 1,376,184 1,132,513
__ __
Other
1 October Cash Non-cash 30 September
Analysis of changes in net debt 2022 Flows changes 2023
£ £ £ £
Cash and cash equivalents 1,132,513 243,671 - 1,376,184
Bank and other loans - - - -
__ __ __ __
At 30 September 2023 1,132,513 243,671 - 1,376,184
__ __ __ __

The notes on pages 19 to 28 form part of these financial statements.

18

British Dental Association Trust Fund

Notes forming part of the financial statements

for the year ended 30 September 2023

1 Accounting policies

The British Dental Association Trust Fund is an incorporated charity registered in England & Wales with the Charity Commission (company number 849283, charity number 313407). The address of the registered office is given on the contents page 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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. These financial statements are for the year ended 30 September 2023. The functional currency is GBP, which is the same as the presentational currency. The financial statements are rounded to the nearest pound.

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 fulfilled their responsibility to prepare the financial statements appropriately. They have assessed the budgets of their primary donor, the British Dental Association, expressing confidence in the sustained financial support. Recognising the substantial challenges posed by the ongoing coronavirus pandemic to businesses, the Trustees have conducted a comprehensive review of the Trust’s financial standing.

The Trust asserts its confidence in maintaining a going concern status, underlined by a robust financial position. With £1.19 million in unrestricted cash and reserves totalling £463,178, the Trust stands on solid ground. Although the Trust’s reserves target has not been met, the Trust is assured of continuous support from the Association. Furthermore, the recently approved parent guarantee by the PEC enhances the Trust's confidence in its ongoing financial stability.

The Trustees, expressing confidence in the Trust's financial resources, assert that the BDA Trust Fund has the necessary means to meet its obligations. Consequently, the financial accounts have been prepared on the basis of the Trust being a going concern.

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.

19

British Dental Association Trust Fund

Notes forming part of the financial statements for the year ended 30 September 2023 (continued)

1 Accounting policies (continued)

Fixed assets 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.

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 2023.

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:

20

British Dental Association Trust Fund

Notes forming part of the financial statements

for the year ended 30 September 2023 (continued)

2 Investment income

Restricted
Unrestricted
funds
Funds
2023
2023
£
£
Arising in the UK:
Gross income received from UK
quoted investments
33,042
-
Gross interest received
1,867
-
_
_
34,909
-

 Total
2023
£
33,042
1,867
__
34,909
 Total
2022
£
34,795
590
__
35,385

Of the total investment income in 2022, £nil related to unrestricted funds and £35,385 related to restricted funds.

3 Charitable expenditure

Restricted
Unrestricted
funds
funds
2023
2023
£
£
Grants payable:
Grants payable to institutions
28,378
-
_
_
Charitable expenditure:
Salaries
133,380
264,215
Pension costs
12,201
45,625
Staff health scheme
470
1,185
Library services, copier, phone, post
-
3,130
Periodicals
-
76,900
Computer costs
-
16,144
Museum expenses
-
9,669
Establishment and accommodation
-
2,974
Depreciation
-
9,799
Storage and transportation
-
30,835
Sundries
-
20,443
Bank charges
120
106
_
_
146,171
481,026
Management and administration
-
354,740
_
_
146,171
835,766

 Total
2023
£
28,378
__
397,595
57,826
1,655
3,130
76,900
16,144
9,669
2,974
9,799
30,835
20,443
226
__
627,197
354,740
__
981,937
 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

21

British Dental Association Trust Fund

Notes forming part of the financial statements for the year ended 30 September 2023 (continued)

3 Charitable expenditure (continued)

Of the grants payable in 2022, £nil related to unrestricted funds and £108,919 related to restricted funds. Of the total charitable expenditure in 2022, £445,274 related to unrestricted funds and £nil related to restricted funds.

The average monthly number of persons employed by the charitable company during the year was 8 (2022 - 5).

One employee earned over £60,000. Retirement benefits within the British Dental Association defined contribution pension scheme are accruing to 8 staff (2020 - 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, who are considered to be key management personnel of the charity, and operational activities are delegated to the management structures of the British Dental Association.

4 Management and administration

Restricted
Unrestricted
funds
funds
2023
2023
£
£
Audit fees
-
5,690
BDA expenses recharge
-
349,050
_
_
-
354,740

 Total
2023
£
5,690
349,050
__
354,740
 Total
2022
£
5,172
327,735
__
332,907

Of the total management and administration payable in 2022, £332,907 related to unrestricted funds and £nil related to restricted funds .

22

British Dental Association Trust Fund

Notes forming part of the financial statements

for the year ended 30 September 2023 (continued)

5 Tangible fixed assets

Furniture
and
equipment
£
Cost
At 1 October 2022
161,141
Additions
-
_
At 30 September 2023
161,141
__
_Depreciation
At 1 October 2022
161,141
Charge for the year
-
_
At 30 September 2023
161,141
__
_Net book value
At 30 September 2023
-
__
At 30 September 2022
-
 Books
£
288,168
14,904
_
303,072
_
271,699
9,799
_
281,498
_
21,574
__
16,469
 Total
2023
£
449,309
14,904
__
464,213
__
432,840
9,799
__
442,639
__
21,574
__
16,469

6 Heritage assets

Consolidated
At 1 October
At 30 September
Historic cost of heritage assets		 2023
£
60,000
___
60,000
___
60,000
 2022
£
60,000
_
60,000
_
60,000

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 and Turnbull Limited, 33 Broughton Place, Edinburgh, EH1 3RR in December 2008.

23

British Dental Association Trust Fund

Notes forming part of the financial statements for the year ended 30 September 2023 (continued)

7
Fixed asset investments
Quoted investments
At 1 October
Unrealised gains/(losses)
As at 30 September
Historic cost of investments
The total market value at 30 September comprises:
Investments quoted on recognised stock exchange		 2023
£
951,491
79,662
__
1,031,153
__
728,163
__
2023
£
1,031,153
 2022
£
1,024,640
(73,149)
_
951,491
_
726,770
__
2022
£
951,490

8 Debtors

Debtors
Restricted
Unrestricted
funds
funds
2023
2023
£
£
Due from unrestricted fund
114,180
-
Other debtors
6,649
-
Prepayments and accrued income
-
20,747
Unreconciled income
-
300
_
_
120,829
21,047
_
_
Creditors - amounts falling due within one year
Restricted
Unrestricted
funds
funds
2023
2023
£
£
Due to restricted funds
-
114,180
Due to British Dental Association
997,096
718,547
_
_
997,096
832,727

 Total
2023
£
114,180
6,649
20,747
300
__
141,876
__
Total
2023
£
114,180
1,715,643
__
1,829,823
Total
2022
£
113,583
8,899
17,224
-
_
139,706
_
Total
2022
£
113,583
1,131,644
__
1,245,227

9 Creditors - amounts falling due within one year

24

Notes forming part of the financial statements for the year ended 30 September 2023 (continued)

British Dental Association Trust Fund

10 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.

11 Analysis of restricted fund net assets

2023

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
1,031,153
_
1,031,153
__
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
 Debtors
£
-
-
-
-
-
-
-
6,649
__

6,649
_
Debtors
£
-
-
-
-
-
-
-
8,599
___

8,599
 Bank
£
-
-
18,714
-
6,333
-
-
157,853
__

182,900
__
Bank
£
-
-
18,714
-
6,415
(294)
-
121,031
______

145,867
 BDA inter-
Due from/(to)
company
unrestricted
Creditors
creditor
funds
£
£
£
-
-
64,760
-
-
14,660
(10,133)
(7,250)
-
-
32,501
-
-
1,948
-
-
5,745
-
-
1,816
-
(986,963)
-
_
_
__

-
(997,096)
114,180
__
_

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

-
(822,667)
113,583


 Total
funds
£
64,760
14,660
1,331
32,501
8,281
5,745
1,816
208,692
__
337,786
__
Total
funds
£
64,760
14,660
1,331
32,501
8,363
5,745
924
268,588
______
396,872

25

British Dental Association Trust Fund

Notes forming part of the financial statements

for the year ended 30 September 2023 (continued)

12 Restricted income funds

2023 At Other At
1 October Incoming Outgoing recognised 30 September
2022 resources resources gains 2023
£ £ £ £ £
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 38 (120) - 8,281
John McLean Archive
Project Grant 5,745 - - - 5,745
Gelbier Acquisition
Fund 924 892 - - 1,816
Shirley Glasstone
Hughes Memorial
Fund 268,588 34,871 (174,429) 79,662 208,692
__ __ __ __ __
396,872 35,801 (174,549) 79,662 337,786
__ __ __ __ __

Full details of the funds can be found in the Directors Report on pages 3 of the accounts.

2022 At Other At
1 October Incoming Outgoing recognised 30 September
2021 resources resources gains 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 - - 8,363
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) 268,587
__ __ __ __ __
543,555 35,385 (108,919) (73,149) 396,872
__ __ __ __ __

26

British Dental Association Trust Fund

Notes forming part of the financial statements

for the year ended 30 September 2023 (continued)

13 Unrestricted income funds

This relates to the Information Centre and Museum only.

14 Related party transactions

The British Dental Association Trust Fund is a wholly owned subsidiary of the British Dental Association (company number 14161), 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.

The Trust Fund is largely funded by the Association and is considered to be under common control. As a result, the Directors of British Dental Association are of the opinion the Trust should be considered to be a subsidiary of the British Dental Association. Under the Articles of Association adopted on 5 May 2000 the 11 directors/trustees will be the following:

Copies of consolidated accounts that include the subsidiary charity’s accounts can be obtained from British Dental Association, 64 Wimpole Street, London, W1G 8YS. This is the smallest and largest group for which accounts are prepared that include the British Dental Association Trust Fund.

During the year the British Dental Association donated £640,000 (2022 - £768,552) to the British Dental Association Trust Fund. Management charges of £349,050 (2022 - £327,735) were charged to the British Dental Association Trust Fund for central services carried out by the British Dental Association.

At 30 September 2023 the British Dental Association Trust Fund owed the British Dental Association £1,715,643, of which £997,096 is owed by the charity's restricted fund.

27

British Dental Association Trust Fund

Notes forming part of the financial statements for the year ended 30 September 2023 (continued)

14 Comparative Statement of Financial Activities

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 gain/(losses) 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

28