Company number: 8720416 Charity Number: 1155360
## The VTCT Foundation
Report and financial statements For the year ended 31 July 2021
The VTCT Foundation
## Contents
For the year ended 31 July 2021
Reference and administrative information ....................................................................................... 1 Trustees’ annual report ................................................................................................................... 2 Independent examiner’s report ...................................................................................................... 8 Statement of financial activities (incorporating an income and expenditure account) ..................... 9 Balance sheet ............................................................................................................................... 10 Statement of cash flows ................................................................................................................ 11 Notes to the financial statements ................................................................................................. 12
The VTCT Foundation
## Reference and administrative information
## For the year ended 31 July 2021
|Company number|8720416|
|---|---|
|Country of incorporation|United Kingdom|
|Charity number|1155360|
|Country of registration|England & Wales|
|Registered office|Aspire House|
|and operational|Annealing Close|
|address|Eastleigh|
||SO50 9PX|
|Trustees|Trustees, who are also directors under company law, who served during|
||the year and up to the date of this report were as follows:|
||Rosanna Preston|
||Tony Lau Walker|
||Prof Nichola Rumsey|
||Prof Naiem Moiemen|
||Dr Wendy Edwards|
|Bankers|CAF Bank Ltd|
||25 Kings Hill Avenue|
||West Malling|
||Kent|
||ME19 4JQ|
|Investment managers|abrdn (for CAF)|
|and custodians|Bow Bells House|
||1 Bread Street|
||LONDON|
||EC4M 9HH|
|Independent|Fleur Holden FCA|
|Examiner|Sayer Vincent LLP|
||Chartered Accountants|
||Invicta House|
||108-114 Golden Lane|
||LONDON|
||EC1Y 0TL|
1
The VTCT Foundation
## Trustees’ annual report
For the year ended 31 July 2021
The trustees present their report and the financial statements for the year ended 31 July 2021.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## Objectives and activities
## Purposes and aims
The activities of the charity are grant making in the fields of vocational education, especially hair and beauty sectors, and research into the relief of disfigurement.
The charity’s vision is: Supporting a better future for people with disfigurement.
The purposes of the charity are:
- 1) The advancement of education, research and public dissemination of knowledge in:
- a. the art and technology of Health and Beauty Therapy
- b. the skills and knowledge required for other vocational employments including those in the well-being, public and service industries
- c. the impact and treatment of physical disfigurement and all kindred arts and sciences
- 2) the relief of sickness or poor health caused by physical disfigurement and the assistance of those with physical disfigurements, their families and carers to overcome any social, physical, psychological, emotional or other disadvantage.
The strategies employed to achieve the charity’s aims and objectives are to:
- 1) partner with well managed charities and research institutions
- 2) support projects where match funding is available through grant making and consultancy
- 3) Award a mix of small and large grants to support both major long-term projects and smaller pilot projects
- 4) keep the charity’s running costs to a minimum
- 5) disburse the funds over a fixed time period and not to fundraise for further funds
- 6) only fund projects carried out by UK based charities working in the UK.
The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.
2
The VTCT Foundation
## Trustees’ annual report
## For the year ended 31 July 2021
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
## Achievements and performance
The charity's main activities and beneficiaries are described below. All its charitable activities focus on grant making and are undertaken to further The VTCT Foundation’s charitable purposes for the public benefit.
The charity has identified that it is important that it is familiar with the needs and activities of organisations working in the field of visible difference. Therefore, the charity is funding the Appearance Collective. The Appearance Collective - an informal network - brings together researchers, clinicians and representatives of charities working with visible difference to attend conferences and workshops on topics such as fundraising, research and interventions. The aim of the Collective’s strategy is to reduce duplication, encourage collaboration, and to enable all those working in the visible difference arena to stay up to date with research and projects. A secondary objective is to help charities, many of which are small, to achieve long-term sustainability and to encourage a unified voice on issues connected with visible difference.
As part of the project funded by VTCTF the Centre for Appearance Research is working closely with the Appearance Collective to identify key areas of research leading to evidence based interventions and providing bespoke training.
The ongoing pandemic and associated challenges continued to provide opportunities for Appearance Collective members to work together. The Foundation was pleased to promote and support workshops and training sessions delivered regularly through the year by Changing Faces on the topic of PR, media and assessing and addressing the impact of covid on service users. CAR also delivered workshops to members including on the subject: ‘Understanding men’s experiences of visible difference: Learning from an Alopecia study’. The 2021 VTCTF Annual Showcase was delayed until the autumn and would again be virtual. Finally, a grant to improve services to adult users awarded to Changing Faces provided an opportunity for the charity to work more closely with charity providing support for the top ten appearance related conditions. The objective was to increase the reach of Changing Faces and increase the range and nature of support available to service users.
The trustees raise awareness of the charity and its work through the charity’s website www.vtctfoundation.org.uk, membership of the Appearance Collective, and attendance and organisation of workshops and conferences.
The trustees have agreed a portfolio of grants covering a spectrum from research to patient support. Applications were received via the above website or through direct contact with patient organisations, clinicians, and researchers. Each application is assessed against the Foundation’s
3
The VTCT Foundation
## Trustees’ annual report
## For the year ended 31 July 2021
grant making criteria and applicants are supported to make the best possible application by a part-time Grant Applications Manager.
During the year new grants included the following organisations:
- Cleft Collective £100,000
- Headlines £88,446
- Oxford Major Trauma Centre/OUH NHS Foundation Trust – Matt Hotton £47,826
- British Burns Association £20,000
Three awards were made under the Fellowship funding stream during 2020/21:
- CAR/UWE PhD Yr1/Christa Huntington - Supporting People Affected by Burn Injuries: Development and Evaluation of an Online Resource based on Personal Experiences to Support Patients and Train Health Professionals
- North Bristol NHS/ Matt Fell - research into novel approaches to understand the link between maternal smoking and cleft lip and palate
- Queen Mary’s University London/Hannah Saunders - equality law research
Plans were put in place during the year to increase fellowship activity through the launch of VTCTF's own Career Development Programme scheduled for early 2022.
## Small Grants Programme
In 2018 the trustees launched a Small Grants Programme to give easier access to small charities to grants of up to £25,000. The funds are to support charities working in the visible difference field, to enable them to achieve a step change and build their capacity and impact. The first grants were awarded in September 2018, and in total just over £310,000 was awarded to 13 organisations.
The trustees decided to continue with a second round of funding, launching in the last quarter of 2019, and this continued into 2020.
## New Ways of Working
As a response to the challenges experienced by charities as a result of the Covid pandemic the trustees decided to supplement the small grants with an additional funding stream ‘New Ways of Working’. This launched on 1 June 2020, intending to run until 31 December 2020. As the pandemic continued in to 2021, this funding stream has been extended.
Grants are awarded as either:
- Small grants to help organisations reinvent service delivery by developing digital capability and virtual capacity; or
- Larger grants to enable remodelling and redesigning how the charity operates for maximum impact andeffectiveness in a post coronavirus world.
During the year to 31 July 2021, grants totalling £368,578 were made to 10 organisations (2020: £108,729 to 7 organisations) under the small grant and New Ways of Working programmes.
4
The VTCT Foundation
## Trustees’ annual report
For the year ended 31 July 2021
## Financial review
The only income received by the charity is bank interest and investment income. The charity does not actively raise funds from other sources.
Total expenditure during the year was £796,448 of which £773,290 (97.1%) related to grants. (2020: Total £375,014 of which grants were £352,732 (94.1%)). This is after accounting for a £60,000 repayment of an unused grant awarded in a previous accounting period.
Where grants cross a number of years, they have been discounted within the financial statements in accordance with FRS 102.
## Reserves policy and going concern
The charity was formed through a grant from the Vocational Training Charitable Trust of £8.58 million in 2015. The trustees envisage utilising these funds over 10 years to pursue the charity’s objects and as such, expect the reserves available to reduce as the charity continues grant making. At 31 July 2021 the charity had unrestricted reserves of just under £5.58 million (2020 £5.60m). Of this £605,000 is held in the designated fund the trustees have earmarked for the Fellowship programme.
The charity has minimal operating costs and the trustees believe there are sufficient reserves available for the charity’s operational life.
## Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 7 October 2013, and registered as a charity on 16 January 2014.
The company was established under a memorandum of association and is governed under its articles of association which state the objects and powers of the charitable company. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 to the accounts.
## Appointment of trustees
Trustees are appointed by application and interview. The charity has identified the skills mix needed for the Board and invited a range of applicants with relevant skills to apply. Applicants are interviewed by current board members and given an induction on the work of the charity and the role of a trustee.
5
The VTCT Foundation
## Trustees’ annual report
For the year ended 31 July 2021
## Related parties and relationships with other organisations
The charity has no subsidiary entities.
As previously stated, the Centre for Appearance Research works closely with the Appearance Collective as part of the project funded by the VTCT Foundation. Prior to joining the Board of the Foundation Prof. Nichola Rumsey retired as Professor at the Centre for Appearance Research (‘CAR’) at the University of the West of England. She remains Professor Emerita.
Dr Wendy Edwards was the chair of Headlines Craniofacial Support (‘Headlines’) until June 2021, and her husband is also a trustee of Headlines.
During 2021 a Fellowship of £90,000 to cover three years from 1 October 2020 was awarded to fund a PhD at UWE which will be hosted by CAR. A key output will be a burns 'Health Talk'. Additionally, a grant of £47,826 was awarded to the Oxford University Hospitals NHS Trust Facial Palsy Unit for a project that will be carried out with input from Facial Palsy UK and CAR.
An award of £88,445 was made to Headlines in 2021 to cover a 21-month project starting in August 2021 to create and evaluate bespoke adult online resources. This award was made after thorough discussion by the trustees, and by unanimous agreementby all the trustees excluding Dr Edwards. This work will be largely carried out in collaboration with CAR.
In 2020 CAR received £20,000 as a New Ways of Working grant, and Headlines received a New Ways of Working grant of £10,500. Dr Edwards was not present when the decision was taken to make the grant.
## Statement of responsibilities of the trustees
The trustees (who are also directors of The VTCT Foundation for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
6
The VTCT Foundation
## Trustees’ annual report
For the year ended 31 July 2021
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping adequate accounting records that 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 July 2021 was 7 (2020:7). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The trustees’ annual report has been approved by the trustees on 13 December 2021 and signed on their behalf by
Tony Lau Walker Chair of trustees
7
Independent examiner’s report
To the trustees of
## The VTCT Foundation
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 July 2021.
This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.
## Responsibilities and basis of report
As the trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
- 1 Accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 The accounts do not accord with those records; or
- 3 The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
- 4 The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## Fleur Holden FCA
Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL 14 December 2021
8
The VTCT Foundation
## Statement of financial activities (incorporating an income and expenditure account)
## For the year ended 31 July 2021
|Note
Income from:
2
3
8
5
Reconciliation of funds:
Investments
Total income
Expenditure on:
Total expenditure
Charitable activities
Grant Making
Total funds brought forward
Net gains/(losses) on investments
Net (expenditure) before net gains/(losses) on
investments
Total funds carried forward
Net expenditure for the year and net movement in funds|2021
2020
£
£
90,213
117,677
90,213
117,677
796,448
375,014
796,448
375,014
(706,235)
(257,337)
683,863
(269,593)
(22,372)
(526,930)
5,600,777
6,127,707
5,578,405
5,600,777|
|---|---|
All of the above results are derived from continuing activities and relate to unrestricted funds. There were no other recognised gains or losses other than those stated above.
9
The VTCT Foundation
Company no. 8720416
## Balance sheet
## As at 31 July 2021
|Note
£
Fixed assets:
8
Current assets:
9
60,000
451,639
511,639
Liabilities:
10
(908,431)
11
13a
862,297
604,132
4,111,976
Total unrestricted funds
Designated funds
General funds
Total charity funds
Investments
Cash at bank and in hand
Debtors
Creditors: amounts falling due within one year
Net current assets/(liabilities)
Creditors: amounts falling due after one year
Total assets less current liabilities
Unrestricted income funds:
Fair value reserve
The funds of the charity:
Total net assets|Note
£
Fixed assets:
8
Current assets:
9
60,000
451,639
511,639
Liabilities:
10
(908,431)
11
13a
862,297
604,132
4,111,976
Total unrestricted funds
Designated funds
General funds
Total charity funds
Investments
Cash at bank and in hand
Debtors
Creditors: amounts falling due within one year
Net current assets/(liabilities)
Creditors: amounts falling due after one year
Total assets less current liabilities
Unrestricted income funds:
Fair value reserve
The funds of the charity:
Total net assets|2021
£
6,375,651|£
-
592,656|2020
£
6,304,525|
|---|---|---|---|---|
|||6,375,651
(396,792)||6,304,525
(75,271)|
||511,639
(908,431)||592,656
(667,927)||
||862,297
604,132
4,111,976||380,646
800,000
4,420,131||
|||5,978,859
(400,454)||6,229,254
(628,477)|
|||5,578,405||5,600,777|
|||5,578,405||5,600,777|
||||||
|||5,578,405||5,600,777|
The opinion of the trustees is that for the year ended 31 July 2021 the company was entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies.
The trustees acknowledge the following responsibilities:
- (i) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
- (ii) The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 13 December 2021 and signed on their behalf by
Tony Lau Walker Chair of Trustees
10
The VTCT Foundation
## Statement of cash flows
For the year ended 31 July 2021
|Note
£
£
a)
(843,967)
90,213
(1,746,776)
2,359,513
702,950
(141,017)
592,656
451,639
Reconciliation of net (expenditure) to net cash flow from operating activities
Proceeds from sale of investments
Cash flows from operating activities
Net cash provided by investing activities
Net cash (used in) operating activities
Cash flows from investing activities:
Interest and dividends from investments
Purchase of investments
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Gains on investments
Dividends and interest from investments
(Increase) in debtors
Net cash (used in) operating activities
Net (expenditure) for the reporting period
(as per the statement of financial activities)
Increase/(decrease) in creditors
2021|£
£
(670,419)
117,677
(866,127)
1,352,054
603,604
(66,815)
659,471
592,656
2021
2020
£
£
(22,372)
(526,930)
(683,863)
269,593
(90,213)
(117,677)
(60,000)
-
12,481
(295,405)
(843,967)
(670,419)
2020|£
£
(670,419)
117,677
(866,127)
1,352,054
603,604
(66,815)
659,471
592,656
2021
2020
£
£
(22,372)
(526,930)
(683,863)
269,593
(90,213)
(117,677)
(60,000)
-
12,481
(295,405)
(843,967)
(670,419)
2020|
|---|---|---|
||2021
£
(22,372)
(683,863)
(90,213)
(60,000)
12,481||
|||(66,815)
659,471|
|||592,656|
|||2020
£
(526,930)
269,593
(117,677)
-
(295,405)|
||(843,967)|(670,419)|
11
The VTCT Foundation
Notes to the financial statements
For the year ended 31 July 2021
## 1 Accounting policies
- a) Statutory information
The VTCT Foundation is a charitable company limited by guarantee and is incorporated in England.
The registered office address is Aspire House, Annealing Close, Eastleigh, SO50 9PX.
## b) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.
## c) Public benefit entity
The charitable company meets the definition of a public benefit entity under FRS 102.
## d) Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. Investments are drawn down when they are needed to pay grant and other commitments as they fall due.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
- e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
## f) Investment income
Investment income is included in the statement of financial activities when receivable.
## g) Fund accounting
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
## h) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs of grant making undertaken to further the purposes of the charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
12
The VTCT Foundation
Notes to the financial statements
For the year ended 31 July 2021
## 1 Accounting policies (continued)
## i) Grants payable and refunded
Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
Where grant commitments are made for periods due in more than one year, these are discounted to their present value, based on a rate in line with the expected rate of return on investments.
Grants repaid by recipients who have been unable to use the funds as given are accounted for on the earlier of receipt of the repayment or when the charity has confirmed that repayment will be made. The repayment is shown as a reduction in the overall expenditure on grants in the year in note 4. Any repayments due but not received by the year end are also shown as debtors.
## j) Allocation of support and costs
Resources expended are allocated to the particular activity where the cost relates directly to that activity.
Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.
As the sole activity of the charity is grant making, support and governance costs are both allocated in full to the grant making activity.
## k) Listed investments
Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.
- l) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## m) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
## n) Financial instruments
The charity has both basic and non-basic financial assets and financial liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value using the effective interest method. Non-basic financial instruments are measured at fair value with any gain or loss going to the statement of financial activities. Full details are given in the financial instruments note.
13
The VTCT Foundation
Notes to the financial statements
For the year ended 31 July 2021
- 2 Income from investments
|Income from investments|||
|---|---|---|
|Bank deposits
Investment income|2021
Total
£
2,492
87,721|2020
Total
£
2,687
114,990|
||90,213|117,677|
All income from investments is unrestricted
## 3 Analysis of expenditure
|Support costs
Governance costs
Independent examination fees
Trustee expenses
Total expenditure
Grants payable (note 4)
Other costs
Other professional fees
Discounts unwound
Insurance
a. Current year|Grant
making
£
760,460
12,830
-
-
15,658
-
-|Governance
costs
£
-
-
-
2,760
1,500
-
-|Support
costs
£
-
-
778
-
2,203
-
259|2021
£
760,460
12,830
778
2,760
19,361
-
259|2020
£
337,688
15,044
570
2,520
18,617
246
329|
|---|---|---|---|---|---|
||788,948
3,240
4,260|4,260
-
(4,260)|3,240
(3,240)
-|796,448
-
-|375,014
-
-|
||796,448|-|-|796,448|375,014|
|Support costs
Governance costs
b. prior year
Independent examination fees
Grants payable (note 4)
Discounts unwound
Insurance
Other professional fees
Trustee expenses
Other costs
Total expenditure|Grant
making
337,688
15,044
-
-
14,117
-
-|-
-
-
2,520
1,500
246
192
Governance
costs|Support costs
-
-
570
-
3,000
-
137|2020
337,688
15,044
570
2,520
18,617
246
329|
|---|---|---|---|---|
||366,849|4,458|3,707|375,014|
||366,849
3,707
4,458|4,458
-
(4,458)|3,707
(3,707)
-|375,014
-
-|
||375,014|-|-|375,014|
14
The VTCT Foundation
Notes to the financial statements
## For the year ended 31 July 2021
## 4 Grants payable
|Grants payable|||||||
|---|---|---|---|---|---|---|
|University of Oxford - Wilkie Fellowship
Other grants
Children's Burns Trust
Facial Palsy UK
Lipidostrophy UK
Dan's Fund for Burns
CLAPA (NWW grant)
CLAPA Scotland
Headlines (NWW in 2020)
Centre for Appearance Research (NWW)
Child Accident Prevention Trust
University of Sheffield*
UWE Partnership PhD
North Bristol NHS Cleft Research
Queen Mary University of London/Hannah
Saunders
Fellowships
Eczema Outreach Support
Caring Matters Now
CLEFT - Bridging the Gap
Birmingham Women's and Children's
Oxford University Hospitals NHS
Foundation Trust - Facial Palsy UK/CAR
British Burn's Assocation
Cleft Collective
MACS
Scar Free Foundation *
The Appearance Collective
Alopecia UK
Changing Faces
Debra
Katie Piper*|Main grant
£
90,000
50,000
54,439
-
100,000
88,446
47,826
20,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,600
-
(60,000)
-
-|£
-
-
-
-
-
-
-
-
26,487
17,168
24,971
-
123,000
24,980
14,219
-
-
22,000
-
-
22,066
68,687
25,000
-
-
-
-
-
Small grant/
New Ways of
Working|Total
commitment
£
90,000
50,000
54,439
-
100,000
88,446
47,826
20,000
26,487
17,168
24,971
-
123,000
24,980
14,219
-
-
22,000
-
-
22,066
68,687
25,000
2,600
-
(60,000)
-
-|Effect of
discounting
£
(1,429)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|2021
£
88,571
50,000
54,439
-
100,000
88,446
47,826
20,000
26,487
17,168
24,971
-
123,000
24,980
14,219
-
-
22,000
-
-
22,066
68,687
25,000
2,600
-
(60,000)
-
-|2020
£
-
-
-
196,694
-
10,500
-
-
24,768
-
-
20,000
-
-
-
35,291
30,000
-
13,824
9,000
-
-
4,550
637
-
(4,990)
(2,586)|
||393,311|368,578|761,889|(1,429)|760,460|337,688|
* Grant underspend released/repaid by recipient.
Where grants payments are due in more than one year, these are discounted back to present value in line with the charity's accounting policies.
- 5 Net (expenditure) for the year
This is stated after charging:
Independent examiner's fees (excluding VAT)
|2021|2020|
|---|---|
|£|£|
|2,200|2,200|
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).
Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £Nil (2020: £246) incurred by 0 trustees (2020: 3) relating to attendance at meetings of the trustees and other meetings related to the work of the Foundation.
15
The VTCT Foundation
Notes to the financial statements
For the year ended 31 July 2021
## 6 Related party transactions
Professor NIchola Rumsey provides consultancy to the Centre for Appearance Research (CAR) at the University of the West of England (UWE). A £1m grant was awarded to UWE/CAR in 2018 and the first two annual £200,000 tranches paid under the grant agreement before Professor Rumsey became a trustee of VTCT Foundation.
During 2021 a Fellowship of £90,000 to cover three years from 1 October 2020 was awarded to fund a PhD at UWE which will be hosted by CAR. Additionally, a grant of £47,826 was awarded to the Oxford University Hospitals NHS Trust Facial Palsy Unit for a project that will be carried out with input from Facial Palsy UK and CAR. A small grant of £20,000 was made to CAR in 2020. Payments to CAR require approval by all the other trustees rather than a simple majority.
Dr Wendy Edwards was the chair of Headlines Craniofacial Support until June 2021 and her husband continues to be a trustee of Headlines. Headlines received a grant in July 2020 of £10,500. A further award of £88,486 was made in 2021 to cover 2 years funding of a research post. Dr Edwards did not take part in the grant decision and the awards were unanimously agreed by the remaining trustees after thorough review. This work will be largely carried out in collaboration with CAR.
There are no other related party transactions to disclose for 2021 (2020: none).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
- 7 Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## 8 Investments
|Investments|||
|---|---|---|
|Disposal proceeds
Fair value at the start of the year
UK Common investment funds
Investments comprise:
Additions at cost
Net gain on change in fair value|2021
£
6,304,525
1,746,776
(2,359,513)
683,863|2020
£
7,060,045
866,127
(1,352,054)
(269,593)|
||6,375,651|6,304,525|
||2021
£
6,375,651|2020
£
6,304,525|
||6,375,651|6,304,525|
16
The VTCT Foundation
Notes to the financial statements
## For the year ended 31 July 2021
- 9 Debtors
|9
Debtors|||
|---|---|---|
|10
11
Creditors: amounts falling due after one year
Creditors: amounts falling due within one year
Unused grant refund
Grants payable
Accruals
Trade creditors
Grants payable|2021
£
60,000|2020
£
-|
||2021
£
10,820
894,971
2,640|2020
£
7,446
657,961
2,520|
||908,431|667,927|
||2021
£
400,454|2020
£
628,477|
- 12 Legal status of the charity
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
## 13a Movements in funds (current year)
|Movements in funds (current year)||||||
|---|---|---|---|---|---|
|Fair value reserve
General funds
Total unrestricted funds
Designated fund - Fellowships|At 1
August
2020
£
380,646
800,000
4,420,131|Income &
gains
£
481,651
-
292,425|£
-
(194,439)
(602,009)
Expenditure
& losses|Transfers
£
-
(1,429)
1,429|At 31 July
2021
£
862,297
604,132
4,111,976|
||5,600,777|774,076|(796,448)|-|5,578,405|
The fair value reserve represents the difference between the current fair value of the investments and their historic cost.
## Purpose of designated fund
The trustees support suitable PhD scholars through a new Fellowship programme which commenced in 2020. An initial £1m was set aside to support this and will be reviewed on an annual basis subject to levels of interest and suitability of applicants.
The first award was made during 2020, with a total undiscounted commitment of up to £200,000, and a further three awards were made in 2021. The discounted award amount is charged to expenditure in the financial year the award is made. The balance representing the discount which will be unwound in future accounting periods has been transferred to general funds so that the remaining fund balance represents funds available for future awards.
## 13b Movements in funds (prior year)
|Movements in funds (prior year)||||||
|---|---|---|---|---|---|
|Designated fund - Fellowships
Fair value reserve
General funds
Total unrestricted funds|At 1
August
2019
£
735,967
1,000,000
4,391,740|Income &
gains
£
-
-
117,677|£
(269,593)
(196,694)
(178,320)
Expenditure
& losses|Transfers
£
(85,728)
(3,306)
89,034|At 31 July
2020
£
380,646
800,000
4,420,131|
||6,127,707|117,677|(178,320)|-|5,600,777|
17