British Dental Association Trust Fund Report and Financial Statements Year Ended 30 September 2024 Company Number 849283 Charity Number 313407 British Dental Association Trust Fund Report and financial statements for the year ended 30 September 2024 Contents Page: DI￿lorS. report 10 Directors. and Trustees. responsibilities ststemenl 11 Independent audit<*s rep)rt 15 Statement of financial aclivities 16 Balance sheet 17 Statement of cash flows 18 Notes fonning part of Ihe financial statements British Dental Association Trust Fund Directors. report for the year ended 30 September 2024 The directors present their report together with the financial statements lor the year ended 30 Seplember 2024 and confirm that they comply with current statutory requirements, and with the requirements of the charitable company's governing instrument. Reference and admlnlslrallve detslls Charfty number The charity numbef 313407 Company numb•r The company number 849283 Directors The directors of the company (and trustees of the charity) during the year we￿. Mlchael Armstrong Paul Blaylock {resigned 31 December 2024) Edward Crouch (Deputy Chair) Peter Crwks Laura Cross Timothy Harker Iresigned 1 January 2024) Alison Lockyer Jason Stokes Richard Shilling Martin Woodrow Senior management tearn The Trust does not have a senior management team. Its strategic direction is managed by the Trustees and Directors. and operational activities are delegated lo the mana9ernent structures of the British Dental Association. Th8 Library and Museum operate within these structures. Restricted funds are managed directty by the Trustees with the exception of extemal grants award&J 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 thelr far￿e of skills and the b6nefits these bring. The Commrttee provides guidance through: Selecting recipients for awards following the guklance of the revlew panel. Considering requests by grant holders to amend their project prolocols. Reviewing progress reports submitted by award holders. British Dental Association Trust Fund Directors. report for the year ended 30 September 2024 (continued) Prlnclpal offlce 64 Wimpole Street, LorKlon. W1 G 8YS Banklng servlces National Westminster Bank plc. 1 Cavendish Square. London. W1A 4NU and Uoyds TSB Bank plc. 14 Berkeley Square. London. W1J 6AF Investment managers Barclays Wealth, 1 Colmore Square. Bimingham. West Midlands. 84 6ES Audltors BDO LLP. 55 Baker Street. Marylebone. London. W1 U 7EU Structure, governance and management Constitution The company. which is limited by guaranlee (company number 849283> and therefore govemed by its Memorandum and Articles of Associab'on, is also a registered charity (chanty number 313407). Recrultmenc appolnlment and tralnlng ol trustees The directors are also the charity trustees of the Trust Fund. as listed on page 1. Under the Artlcles of Associatlon adopted on 5 May 2000 the 11 directorsnrustees wlll be the follo￿ng. being the elected non-executive directots of the British Dental Associati￿ (-BDA-). being the non4xecutrve who holds the position of Chair of the Prlncipal EXecut￿e Committee of the BDA; and being the Chief Executive and Finance Director of the BDA Facilities are made available to any new trustees who to receive training and guidance in relation to their role as truslees of the charity. The trustees identify and assess training needs on an ongoing basis, bolh individually and collectively, through perfomian¢e review. R•mun•ratlon pollcy The Trusl's pay slructure 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 slaff progress by a spine point (or increment) each year until they reach the lop of the scale for the grade. New joiners normally start at the bottom of the scale unless market rate or expertise in the role juslify a higher starting point. The incremental adjustments to pay are made in April each year, and in addTtion to this there may be a cost-of- living adjustsment to the whole pay spine. The Trust pay scales malch those of the BDA and are adjusled in with negotiat￿nS between the BDA and the GM8. the recognised trade union within the Association, on the cost-of- living adjustment. British Dental Association Trust Fund Directors. report for the year ended 30 September 2024 (continued) Remuneratlon pollcy (conlinued) Grades for jobs are detemiined by job evaluation. The Trust's job evalualion scheme is based on descriptors for each of the grades in the structure. A sianding job evaluation panel consisting ol management. personnel and staff representatives grade a job in accordance wrth the descriplors. If Ihere is doubt about the grading for the job against the descriplors. the panel undertakes a full analysis of the job in accordance wilh the job evalualion factors. These grades are subject io periodic review against the markei. Job evaluation takes place when a job description has changed io such an extent thai there may be 8 case for re grading. or when a job descriplj'on is produced for a new job. Organlsatlonal structure The Twst 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 lo operational and strategic systems of the Association. The primary operational resp￿sibIlrtieS delegated to the AssociatTron are: Operational planning and execution Budgeting Management accounts and forecasting Risk managemenl R•strlct•d funds L S F8rr8r Dental SclK)larship 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 ihre&year cyde. No awards were made during the year. Howard Mummery Memorial Prize.. The object of the fund is to recognise an irmlividual who has. during the preceding five years. successfully applied clinical dentistry contemporary developments in Ihe basic sciences that have relevarKe to the f￿ld of children. No prizes were awarded during the year. Dentist's Providenf Society Student Elective Student members of the BDA may enter the BDWDentisfs 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 beneffts. both for the student and the place of study. No prizes were wwarded 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 movernents. Dentsply Scholarship Fund This is a hardship fund for urKlergraduates in their 4th arKI 5th year of study or postgraduate dental students at a UK University. British Dental Association Trust Fund Directors. report for the year ended 30 September 2024 (continued) Re8trlcted funds (continued) John McLean Archive p￿ect Grant The BDA Museum is working with the Unit for the Hisiory of Dentisty of King's Collega London Dental Institute to creale the John McLean Archive: a living history of dents"stry. Shirley Glasstone Hughes Trusi Fund This fund was incorporated into the British Dentsl Association's Trust Fund as a restri￿ed fund during 2011-12. The original purpose of the Shirley Glasstone Hughes Fund (SGH Fund) is mainlained providing prizes or scholarships for exlemal dental research and is managed on a day-ltrday basis by a management committee. chaired by Professor Elizabeth Kay. Since 2013114. the Tnjst Fund has opted lo fund dental research via the BDA'S researd) team. This is reviewed and managed by the trustees. During 2023123 financial year. BDA research positions were integrated into the BDA Trust Fund. This decision was mob'vated by the ￿¢[￿JnrtI0n Ihat the team's achievements demonstrated a seamless alignment WTth the Trusys objectives. While this adjustrnent does not impact overall expenditure, it has resulted in the reclassthcation of costs wrthin restricted funds, increasing salaries and the removal of grants awarded. Campaign and CommunicatK)ns Fund The primary objective of this fund would be 'to fund campaigning and communication activities aimed al promoting Ihe profession of dentistry and the oral health of the UK,. Risk management The Trustees fulty recognise their resFM)nsibilty to manage the risks facing the T￿st 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 pr(￿esS and will be reviewed in future as part of thè wider risk strategy. The direclors COnSKler the major risks facing the charity are: The Trust continues to meet the wblic benefft tesL The Trust retains its strong reputation and relevance to dentists. the dental irKlusty and Ihe general public. The Trust mainlains Its strong relationship with the British Dental AS￿ClatiOn. The Trust Manages the risks ar￿n￿ reputation and public benefit Ihrough ckjse monrtoring an(1 development of its services in order to ensure they meet both the Trust's obj'ects and the wider interests of dentistry and the public. The Trustees review the policies and operational plans of the Library arKI Museum annually and liaise with Ihe BDA in order io 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 dose coordination of financial direction. The Trust plans to review the range of acts'vities it undertakes and ils ￿latIonShIp with the Association over the next financial year in order to ensure its continued support. British Dental Association Trust Fund Directors. report for the year ended 30 September 2024 (continued) Fundralslng statement Section 162a of Ihe Companies Act 2011 requires charrties to make a ststemenl 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 indude rts annual donation from the British Dental Association and wider public donaiions. In ￿latIon io the above. all solicitstions are managed intemally by Irustees. siaff andlor volunteers, witho(rt involvement of commerci81 participalors or professional lundraisers. or third parties. The daY-l(￿daY management of all income generation is delegated lo the Assoaation's senior managemenl team. who a￿ 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 Regulalor and complies with the relevant codes of practice. The Trust has not received any complaints during the year. The Trusvs tenns of employment require staff to behave reasonably at all times. Objectives and activities Charitable COMpan￿S aims and objectives for public benefft The Trust Fund was established in 1965 with the help of the members of the Bnlish Denlal Association and a very generous donal1￿ from Lilian Lindsay. The objects of the charity are: a) To promote. encourage and advance the study and PfaCt1￿ of dentistry and allied sciences. b) To advance education in conneclion wrth dentistry and allied sciences. ¢1 To promote dental health and to further dental health education. d) To attain the above-menb'oned objects by any of the following among other means: The execution and discharge or the assistsnce in the execution and discharge (so far as it shall be lawful) of any educational or other charitable function of the Brttish Dental Association The provision andlor maintenance and improvement of a library and museum or Iltxarfes and museurns. The Trustees have considered the Charity C(xnmission's general guidance on public benefit and have tsken it into account when reviewing the Twsl Fund's aims and obje¢tiv6s and in planning its future activities. The Trustees are satisfied Ihat lh8 aims of the Trust Fund are carrTred out wholly in pursuit of its charitable aims. Since 2013114, the Trust Fund has opted io fund dental research via the British Dental Association's research team. The Trust has funded thre8 permanent research posts and specific fixed-tenn projects whlch are now complete. The team's research and evidenwathering activiti'es focus on the following goals". a. To undertake research on dentistry to understand the state of the dental profession. b. To undertake research to understand the v*%vs. perceplions and priorities of der•ts"sts. c. To undertake research to understand the practs'ce of dentistry. d. To ensure the right conditions are in place to enab￿ research and evidenc&gathéring actNItiès. e. To advance leaming by cornmunicating the findings from BDA researth activities widely across the dentsl profession and to promote evidence-based decision-making al the BDA and beyond. The museum continues to be supported by rts team of volunteers. Working remotely, they have answered research enquiries. researched and published papers and given talks and carried out inteThiews. Limit8d access lo the building has restricled their work on the colleckn'on bul essential work has been carried out. British Dental Association Trust Fund Directors. report for the year ended 30 September 2024 (continued) Achlevements and perfonnance Throughout the financial year, our team of three research analysts has continued to conduct numerous research projects aimed at enhancing our understsnding ol Ihe dentsl wofession and the challenges it faces. Survey of GDPS and Employod Dgntlsts We Conducled our annual surveys of GDPS and ernployed dentists. which a￿ primarily used io prepare evidence for the DDRB. These surveys explore workforce trends. pay. job satisfaction. morale. rnotivalion, stress. and other factors. Initially Conducted ele¢troni¢ally. we follow up with postsi surveys for non-resp)nders. To further support the DDRB evidence. we conduct a small number of qualitative interviews with GDPS each year lo gain deeper insights into survey findings. These findings are also analysed and used for other ￿earch outputs. Understandlng Denllsts. Motlvatlons for Worklng In the NHS In light of the increasing shift away from the NHS by dentists. we have undertaken research to understand what motivates Ihem lo slart and continue working within the NHS. This research updales previous studies. the last significant one dating back to 2000. and provides valuable insights for the BDA as it collaborates with the new Govemment to reform the contract. Other Research and Analysis We have conducted ￿Search and analysis on various topics, including the careers of hospital dentists, Unit of Dental Activty values, the impact of National Insurance contribulions and minimum wage increases, longitudinal changes in the motivab'ons and experiences of Communty Dental Services dentssts. dental practice expenses and inflation, costs of redressing underfunding of NHS services and expanding access in England, clawback ￿lated to NHS contract under-delivery, costs of deltvering Dental Foundation Training, new pay settlements for dental trainees, SAS dentists and consultsnt dentists, potential costs of a ban on amalgam as a dental restoralive material in Northem Ireland, and the costs of implementing community waterfluoridab'on in Scolland. Our longrtudinal project on the clinical experience of dentsl students and graduates concluded its fieldwork this summer, with analysis and write-up currenlly urKlerway. The BDA Museum successfully mounted two temporary exhibitions in the foyer of Wimpole Street These exhiblts'ons focused on Ihe development of curing lights and their impaci on restorative dentistry, as well as the phasing out of the student instrument box. The exhibth.ons were well-supported by many members who contributed by donating items and sharing their reminiscences. The research into student instrument boxes from dental schools and individuals has gamered signrficant interest and produced enough material for a series of publications. The volunteer leam has been diligent in docurnenling, photCx3raphing, and cataloguing donations throughout the year. They have also resF)onded to 200 family history enquiries and numer￿$ object enquiries. providing valuable assistance io the rnuseum's patrons. In July 2024, the museum relocated 300 large objects io a new offsrte storage provKler. Although these objects were previously stored offsite, the new If￿110Th offers enhanced environmental rnonitorirKJ and securrty for the collection. all at a reduced cost. The BDA Library service encompasses a variety of resources and support. including loans of books, pamphlets. packages of articles (wilh online hyperlinked tables of conlents), and DVDS. Additionally, the library prOV￿eS access to ebooks and ebook CPD, ejoumals, and literature searches. Members can utilise online OVID Medline, receive assislance with searching, and access support for historical research. The library also offers web videos through a peer-reviewed online catalogue, a dedicated space for in-person research, electronic document delivery, and archival and research support for BDA stsff and committees. The library served over 1.925 members. representing 13% of the currenl membership (a decrease of 2%). On average. 700 members utilised the library each month. Studenl usage of the library decreased by 10%. accounting for 26% of the current BDA student membership. E-books were accessed by 1.053 unique membefs over the year. a 22°A decrease. Of these. 78¥0 were r￿n- students. reflecting a 3% inuease in student usefs compared to non-students. British Dental Association Trust Fund Directors, report for the year ended 30 Septsmber 2024 (continued) Achl•vement8 and performan￿ (continued) Physical loans totalled 2.815 ilems, a decline from Ihe previous year. However, an average of 500 members had ilems on loan each month. 8 2% increase and the highest average since 2017-18. A lolal of 657 unique members borrowed books during the year, wilh 89 01 them borrowing fcx the first time (a 141 % in¢￿ase). 398 package conlents lisls were viewed. compared to 584 last year. 197 differenl package titles were inspected, dwn from 212 last year. Sustainable Dentistry and Occlusion rernained the top two viewed titles. with Remote and Tele dentistry being the third most viewed. 81 web videos were accessed through the online catalogue. a 16% increase. 1,383 literature searches were conducted for 110 members. representing a 310/0 increase in member usage. Members also ran an average of 3,241 monthly automated Medline alerts on OVID through the website, a 6 A increase. 466 arbcle requests We￿ received, a 240/0 increase, seThing 339 reqUeSt￿S (a 13% inc￿ase). A total of 1.450 articles were supplied, a 9°k increase. Ejoumals saw 4,833 fulktext artides accessed online, a 7°h decrease, mainly due to a drop in Sclence Direct usage. However. full-text requests on the Wiley plafform increased by 45Yo, and on DOSS (Dentistry and Oral Sciences Source) by 30°h. Searches on the DOSS database also increased by 30Y.. Financial revlew Overview In the financlal year ending 30 September 2024, th8 British Dental Ass(Kiation Trust Fund underwent changes In its financial landscape, most noiably due to the sale of investrnents to meet its liabilities. Total Income saw a signlficant increase, rising to £858,657 from £676,666 in 2023. This was largely driven by a generous donatlon from the British Dental Association and contributions from Local Dental Committees for campaigns and communlcation activities. However, the sale of the Trusfs fixed asset investments resulted in a slight decline In investment income, alihough it did yield realised gains reported this financlal year. Expenditure for the year rose to £1,021 ,873 from £1.010.315. mainly due to costs associated wilh advancing the charity's objectives. This increase was pnmarily driven by restricted activities. as the transilion of research wsts from the BDA lo the Trusl. which occurred midway through the previous financial year. 18d to the recognition of a full year's worth of costs for Ihese posls in the cuffent year. The BDA Trust FurKI maintained a strong cash position, with cash and cash equivalents totslling £1.011.490. Of this total. £209.023 was restricted cash. while £802.467 was unrestricted cash. This represents a decrease from the previous year's total of £1,376.184 reflecting the Trust's strategic decisions. The net current asset posib'on also showed significant improvernent. standing at £613.352 at the end of the financial year, compared to a net current liability tM)sition of £311.763 in the prior year. This positive shrfl is largely due to the TrL￿t'S decision to divest a significant portion of ils investments to meel its liabilities. Overall. the Trusfs totsl a&set position. including both fixed and current assets. arnounted to £718.834, down frorn £800,964 in the previous year. This includes £259.795 in restricted funds and £459.039 in unrestricted funds. Despite the decline. the Trust continues to manage its resources effecttvely, focusing on SUp￿rting its rnembers and advancing its charitable objectives. British Dental Association Trust Fund Directors. report for the year ended 30 September 2024 (continuedj Investment pollcy The investsnent portfolio is managed by Barclays Wealth a division of Barclays Bank PLC. The Trustees aim to achieve a balance of growth and income. Investmenl performance is reviewed annually by the Trustees and policy is adjusted when considered necessary. Ros•rv•s poll¢y The charitsble cOrnpan￿s Un￿StrICted income fund S￿nifie$ the available reserves for fulfilling its primary objectives. The surplus in unrestricted reserves is deemed adequate by the Trustees. who anticipate continue - (Charities SORP (FRS 102)). the Financial Reporting Stsndard applicabk in the Uniied Kingdom and the Republic of Ireland and the Companies Acl 2006. The preparation of financial statements in compliance with FRS 102 ffjqui￿s the use of certain crib'cal accounting estimates. It also requires management to exercise judgement in applying Ihe Fund's accounting policies. These financial statements have been FKepared in aCc￿dartt the provisions applicable lo companies subjed to the small companES' regime. Going Concem The Truslees of the BDA Trust Fund have fulfilled Iheir responsibilty in preparing the financial statements appropriately. Upon evaluating the budgets of their primary donor, the British Dental Association, they remain confident in Ihe sustained financial support. Recognising the substantial challenges faced by charTties in securing income, the Trustees conducted a comprehensive review of the Trust's financial standing. They are confident in maintaining a going concem status. underlined by a robust financial position. With £802,467 in unrestricted cash and unrestricted reserves of £459,039. the Trust stands ￿ solid ground. Although the reserves target has not yet been met, the Trust is assured of continuous support from the Association. 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 concem. Income Investrnenl income, which is shown with its related tax credit when applicable, is accounted for in the period in which the charitable company is entit16d to receipt. any inwne not yet received is accrued. Realised gains and losses on the sale of investments and unrealised gains and losses on the revaluaiion of investments are included in the statement of financial activities. Likewise. donat￿$ and Library and Museurn income are accounted for when receivable. Grants are recognised in full in the statement of financial actiwties in the year in which they are receivable. unless they are for a future period. in which case they are deferred. Expenditu The BDA Trust Fund is not registered for VAT Iherefore. all expenditure is accounted for on an accruals basis and is inclusive of VAT. 18 British Dental Association Trust Fund Notes forming part of the financial statements for the year ended 30 September 2024 (continued) Accountlng pollclos (o>ntinued) Fixed assets 8nd depreciation Depreciation Tangible fixed assets are caTrd at cosi and are used in direct furtherance of the charitsble 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 ￿811$able value. of all tangible fixed assels by equal annual instalments over their expecled useful lives. The periods generally applicable are.. Fumiture. computer equipment and books 5 years Fixed asset investments Fixed asset inveslrnenls are shown at market value (based on mid-market values) at the balance sheet date. Pensions The Fund makes pension contributions, on behall of its employees, to the British Dental Association's defined contribub'on pension scheme. Detsils of the Scheme can be found in the Association's accounts for Ihe year to 30 September 2024. Fixed assets - Heritage assets The Trust FurKI maintains a collection of museum exhibits purchased or donated to the charity many years ago. In accordance wth the charibes SORP 2020 {FRS 102), the Trust Fund's collection of museum exhibits, and other rnaJ￿ items are recorded on the balance sheet at cost. The Trustees conslder that obtaining valuations for ihe historical elements of the museum exhlbits would involve disproportj'onate cost due to the diverse nature of the assets held arKI the lack of comparable market values. Acqulsltions are normally made by donation with occasional purchases. Donations a￿ recorded at a current market valuats'on with reference, where possible, lo commercial markets using recent transaction information from auctions. Recent purchases are recorded at cost. Exp8ndrture which in the Trustees. view is required io preserve ty prevent further deterioratTron of individual items, including preservats'on work, is rewnised in Ihe Income and Expendilure Account when il is incUr￿d. Grants and awards Granls payable are charged in the year in which all condrtions attached to payment of the grant are fulfilled. Grants offered subject to condit￿)nS which have not been Met at the yearend are noted as a commitment, but not accrued as expenditure. Financial instruments The Fund only has financial assets and financial liabilities of a kirLI that qualify as basic financial instruments. Basic financial instruments are inrtially recognised al 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 judgemenls: Determine whether corKlilions induded in granl comfflitrnents have been met. 19 British Dental Association Trust Fund Notes forming part of the financial statements for the year ended 30 September 2024 (continued) Investment Incom• Restrlcted funds 2024 Unreslrlcted Funds 2024 Total 2024 Total 2023 Arising in Ihe UK: Gross income receive(J from UK quoted investments Gross interesi received 25.384 3,143 25,384 3,143 33.042 1.867 28.527 28,527 34,909 Of the tolal investment income in 2023. £nil related to unrestricted funds and £34.909 relaled to restricted fvnds. Charitable expenditure Restricted funds 2024 Unrestricted funds 2024 Total 2024 Total 2023 Grants payable: Grants payable to institulions 28,378 Chantsble expenditure: Salaries Pension costs Stsff health scheme Library services. copier, phone, post Peri(MYicals Computer costs Museum expenses Establishment and accommdation Depreciation Storage and transportat Sundries Bank charges Campaigns and CThnmunicats'on Activity 171,085 15,852 269.367 49,312 1,314 2,500 82,816 13,486 6,833 2,809 9,321 45,442 12,465 (80) 440,452 65,164 2,098 2,500 82,816 13,486 6,833 2,809 9,321 45,442 12,465 397,595 57,826 1,655 3,130 76,900 16,144 9,669 2,974 9,799 30,835 20,444 226 120 14,OCN) 14,000 201.841 495,585 697,426 627,197 Management and adminislration 324,447 324.447 354,740 201,841 820.032 1,021.873 981.937 British Dental Association Trust Fund Notes forming part of the financial statements for the year ended 30 September 2024 (continued) Charltable expendlture (continued) Of the grants payable in 2023. £nil relaled to unrestricted funds and £28,378 related to restricled funds. Of the toial charitsble experKlilure in 2023. £835.766 related to unreslricted funds and £174.549 related to restricted funds. The average rnonihty number of persons employed by Ihe d)aritable company during the year was 8 (2023 8). One employee earned over £60.000 in the £60.000-£70.000 bracket (2023.. one in Ihe £60.000-£70,000 brackel). Retirement benefits wilhin Ihe British Dental AssLKiation defined cOntrib￿lon pensK)n scheme are accruing to 8 staff {2023 - 8). No directorltrustee 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 directTon is managed by the trustees and directors and operational acts'v￿eS are delegated to the management structures of the Bntish Dental Associab'on. Management and administration Restricted funds 2024 Unrestricted funds 2024 Total 2024 Total 2023 Audit fees BDA expenses recharge 5,974 318,473 5,974 318,473 5,690 349,050 324,447 324,447 354,740 Of the total management and administrab'on payable in 2023, £354,740 related to unrestricted funds and £nil related to restricte