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← The Vtct Foundation

2024-07-31-accounts

Company number: 8720416 Charity Number: 1155360

The VTCT Foundation

Report and financial statements For the year ended 31 July 2024

The VTCT Foundation

Contents

For the year ended 31 July 2024

Reference and administrative information ....................................................................................... 1 Trustees’ annual report ................................................................................................................... 2 Independent examiner’s report .................................................................................................... 11 Statement of financial activities (incorporating an income and expenditure account) ................... 12 Balance sheet ............................................................................................................................... 13 Statement of cash flows ................................................................................................................ 14 Notes to the financial statements ................................................................................................. 15

The VTCT Foundation

Reference and administrative information

For the year ended 31 July 2024

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 Chair
Prof Nichola Rumsey
Prof Naiem Moiemen (resigned 22 September 2023)
Dr Wendy Edwards (resigned 22 September 2023)
Angela Cross-Durrant
Mr Jon Pleat (appointed 19 December 2023)
Prof Stephen Twigg (appointed 19 December 2023)
Bankers CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
Investment managers LGT Wealth Management UK LLP (for CAF)
and custodians Fourteen Cornhill
LONDON
EC3V 3NR
Independent Fleur Holden FCA
Examiner Sayer Vincent LLP
Chartered Accountants
110 Golden Lane
LONDON
EC1Y 0TG

1

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2024

The trustees present their report and the financial statements for the year ended 31 July 2024. 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. This trustees’ annual report includes a directors’ report as required by company law.

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:

The strategies employed to achieve the charity’s aims and objectives are to:

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 2024

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.

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.

Grant Making Portfolio

The trustees have agreed a portfolio of grants covering a spectrum from patient support to medical and psychological research. Applications are received via the Foundation website or through direct contact with patient organisations, clinicians, and researchers. Each application is assessed against the Foundation’s grant making criteria and applicants are supported to make the best possible application by a part-time Grants Manager.

EDI Funding

In July 2023 the VTCT Foundation launched a new Equality, Diversity and Inclusion (EDI) funding stream. Recognising how EDI is fundamental to the work of visible difference organisations, the funding aims to support charities to extend their reach to under-served communities and to embed EDI into their overall strategy and practice. EDI grants made are included within the grants discussed below.

Applications for EDI funding can be made through the existing programmes. More information and guidelines for EDI applications is available here: https://vtctfoundation.org.uk/new-fund-launches-to-support-equality-diversity-and-inclusion-edi/.

3

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2024

The VTCT Foundation Career Development Programme

To deliver on our aims to support high quality, impactful research and invest in attracting and developing talent in the visible difference arena, the VTCTF runs a Career Development Programme which provides funding for postgraduate researchers.

Two Career Development awards were finalised at the beginning of this accounting period to:

The Board have decided to keep this funding programme open all year round to accommodate applications on a rolling basis.

Main Grant Programme

This is for grants over £25,000. Research and charitable organisations are encouraged to submit an expression of interest, which is reviewed by the grant manager and if suitable referred to the trustees for discussion. Where appropriate this may then be developed into a full application.

During the year to 31 July 2024 seven larger grants totalling £672,361 were awarded to the following organisations:

• Action Medical £124,512 Research project ‘Overcoming facial abnormalities:
Research Establishing a digital mass customisation design-through-
manufacture pipeline for facemasks for children using non-
invasive ventilation’
• Changing Faces £99,712 Changing Faces Campaign Plan
• Debra £108,000 PASTE-mediated superexon replacement of COL7A1 as a
treatment for dystrophic epidermolysis bullosa (DEB)
• Face Equality £32,000Development of resources and training on visible difference and
International EDI for employers
• Lipoedema UK £89,910 Appointment of a Communications Director at Lipoedema
UK for a two-year period
• UWE/CAR £178,427 Exploring the intersectional experiences and support needs
of LGBTQIA+ adults with visible difference
• Cleft Lip and Palate £39,800 Development of a new website
Association (CLAPA)

4

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2024

Small Grants Programme

The Small Grants Programme launched in 2018 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.

During the year to 31 July 2024, six grants totalling £112,535 were made to five organisations (2023: £35,202 to two organisations) under the small grant programme.

The full list of grants awarded under all programmes is given in note 4 to the financial statements.

Details of all funding available and how to apply can be found on the Foundation’s website https://vtctfoundation.org.uk/what-we-fund/grants-available/ .

Appearance Collective

In addition to its core grant-making activity, the charity has continued to support a network of charities, research teams and individuals working in the visible difference sector, called the Appearance Collective. It has provided an annual ‘Showcase’ event in July, plus two events for Chairs and Chief Executives of charity members. The charity also provided bursaries to enable AC members to attend the Appearance Matters conference hosted by the Centre for Appearance Research in Bristol.

Maximising Impact, Lasting Legacy

The charity reviewed its strategic aims and objectives and developed a new strategy for the coming 3-year period. The overarching aim is to maximise the impact and reach of the Foundation’s grant-giving and develop a lasting legacy for organisations and researchers working in the visible difference sector, which will ultimately have long-lasting benefits for those living with visible differences.

To achieve this aim, over the coming three years the Foundation will focus on four strategic objectives:

1. Service delivery

The Foundation will focus its grant-giving on innovative projects led by small or large organisations providing services to those affected by visible difference. In particular the Foundation will welcome applications which demonstrate at least one of the following:

5

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2024

Our grant-giving for service delivery projects will be guided by the following principles:

2. Career Development

Funding in the form of bursaries or Fellowships to build and retain capacity in research in the field of visible difference. Awards will be considered to support:

The planned research should be designed (either in the short or longer term) to underpin improvements in outcomes for those affected by visible difference.

3. Research

The Foundation will continue to make funding available for a range of research projects that will ultimately improve the lives of people with visible differences. Our research funding will be prioritised in the following two areas:

6

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2024

Priority will be given to projects likely to stimulate large grant applications to established grant makers, if successful.

In addition, research will be encouraged that demonstrates

Expressions of Interest will be encouraged for all research applications.

4. VTCT Foundation Legacy Project

As the VTCTF moves into its final legacy phase, we will explore with members of the Appearance Collective (AC) and beyond their ideas for the future of the Appearance Collective and their feedback on the impact of VTCTF funding.

The aims of this project will be:

7

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2024

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 £1.018 m. This is after accounting for the return of £22,032 relating to unused grant funding paid out in previous years. Expenditure before the write-back is £1.04m of which £1.013m (97%) related to grants (2023: Total £366,367 of which £351,068 (95.8%) related to grant-making).

Where grants cross a number of years, they have been discounted within the financial statements in accordance with FRS 102.

The increase in grant expenditure in 2024 when compared with 2023 is a partly due to the two Career Development Programme awards due to be made in 2023 not being finalised until the start of this financial year. Additionally, the level of grant making is dependent on the suitability of applications received and several significant grants, some covering more than one year have been made this year. In comparison grant making in 2023 was a little down on previous years.

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 2024 the charity had unrestricted reserves of just over £3.4 million (2023 £3.99m). Of this £256,368 is held in the designated fund the trustees have earmarked for the Career Development Programme.

The charity has minimal fixed operating costs and the trustees believe there are sufficient reserves available for the charity’s foreseeable future operational activity. The later stages of the charity’s lifespan and potential legacy which take account of the financial projects for at least the next three years are kept under review at each Board meeting.

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.

8

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2024

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.

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.

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:

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

9

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2024

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 2024 was 8 (2023: 6). 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 9 December 2024 and signed on their behalf by

Tony Lau Walker Chair of trustees

10

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 2024.

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:

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, 110 Golden Lane, London, EC1Y 0TG 12 December 2024

11

The VTCT Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 July 2024

Note
Income from:
2
3
8
5
Reconciliation of funds:
Total funds carried forward
Net expenditure for the year and net movement in funds
Total expenditure
Charitable activities
Grant Making
Total funds brought forward
Net gains/(losses) on investments
Net (expenditure) before net gains/(losses) on
investments
Investments
Total income
Expenditure on:		 2024
2023
£
£
115,088
62,785
115,088
62,785
1,018,410
81,124
1,018,410
81,124
(903,322)
(18,339)
317,279
(118,144)
(586,043)
(136,483)
3,990,979
4,127,462
3,404,936
3,990,979

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.

12

The VTCT Foundation

Company no. 8720416

Balance sheet

As at 31 July 2024

Note
£
Fixed assets:
8
Current assets:
342,999
342,999
Liabilities:
9
(816,531)
10
13a
139,184
256,368
3,009,384
Total unrestricted funds
Net current (liabilities)/assets
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
Creditors: amounts falling due within one year
Investments
Cash at bank and in hand
Designated funds
General funds
Total charity funds		 Note
£
Fixed assets:
8
Current assets:
342,999
342,999
Liabilities:
9
(816,531)
10
13a
139,184
256,368
3,009,384
Total unrestricted funds
Net current (liabilities)/assets
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
Creditors: amounts falling due within one year
Investments
Cash at bank and in hand
Designated funds
General funds
Total charity funds		 2024
£
4,354,785		 £
400,649		 2023
£
4,539,737
4,354,785
(473,532)		 4,539,737
56,780
342,999
(816,531)		 400,649
(343,869)
139,184
256,368
3,009,384		 488,665
423,540
3,078,774
3,881,253
(476,317)		 4,596,517
(605,538)
3,404,936 3,990,979
3,404,936 3,990,979
3,404,936 3,990,979

The opinion of the trustees is that for the year ended 31 July 2024 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:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 9 December 2024 and signed on their behalf by

Tony Lau Walker Chair of Trustees

13

The VTCT Foundation

Statement of cash flows

For the year ended 31 July 2024

Note
£
£
a)
(674,969)
115,088
(308,669)
810,900
617,319
(57,650)
400,649
342,999
2024
(Gains)/Losses on investments
Dividends and interest from investments
Net cash (used in) operating activities
Net (expenditure) for the reporting period
(as per the statement of financial activities)
Increase/(decrease) in creditors
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		 £
£
(878,769)
62,785
(5,085,602)
5,928,477
905,660
26,891
373,758
400,649
2024
2023
£
£
(586,043)
(136,483)
(317,279)
118,144
(115,088)
(62,785)
343,441
(797,645)
(674,969)
(878,769)
2023		 £
£
(878,769)
62,785
(5,085,602)
5,928,477
905,660
26,891
373,758
400,649
2024
2023
£
£
(586,043)
(136,483)
(317,279)
118,144
(115,088)
(62,785)
343,441
(797,645)
(674,969)
(878,769)
2023
2024
£
(586,043)
(317,279)
(115,088)
343,441
26,891
373,758
400,649
2023
£
(136,483)
118,144
(62,785)
(797,645)
(674,969) (878,769)

14

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2024

1 Accounting policies

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.

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.

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.

15

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2024

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.

16

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2024

Income from investments
Bank deposits
Investment income		 2024
Total
£
3,415
111,673		 2023
Total
£
1,879
60,906
115,088 62,785

All income from investments is unrestricted

Support costs
Governance costs
Board meeting costs
Independent examination fees
Grants repaid/Write back unused grants*
Trustee expenses
Total expenditure
Grants payable (note 4)
Other costs
Other professional fees
Discounts unwound
Insurance
Workshops and showcase
a. Current year		 Grant making
£
955,859
(22,032)
24,672
11,531
-
-
19,374
-
-
1,696		 Governance
costs
£
-
-
-
-
-
3,000
1,750
376
1,255
-		 Support
costs
£
-
-
-
-
1,269
-
17,917
-
-
1,743		 2024
£
955,859
(22,032)
24,672
11,531
1,269
3,000
39,041
376
1,255
3,439		 2023
£
279,463
(285,273)
47,571
9,934
1,185
2,880
23,483
-
718
1,163
991,100
20,929
6,381		 6,381
-
(6,381)		 20,929
(20,929)
-		 1,018,410
-
-		 81,124
-
-
1,018,410 - - 1,018,410 81,124
Support costs
Governance costs
Independent examination fees
Other professional fees
Other costs
Total expenditure
Workshops and showcase
b. prior year
Write back unused grants*
Insurance
Grants payable (note 4)
Discounts unwound
Board meeting costs
Trustee expenses		 Grant making
279,463
(285,273)
47,571
9,934
-
-
14,100
-
-
-		 Governance
costs
-
-
-
-
-
2,880
1,750
-
718
-		 Support costs
-
-
-
-
1,185
-
7,633
-
-
1,163		 2023
279,463
(285,273)
47,571
9,934
1,185
2,880
23,483
-
718
1,163
65,795 5,348 9,981 81,124
9,981
5,348		 -
(5,348)		 (9,981)
-		 -
-
81,124 - - 81,124

17

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2024

Staffordshire University
Other grants
Action Medical Research for Children
MACS
The Appearance Collective
FACE Equality International
Changing Faces
UWE/Centre for Appearance Research
(2 grants)
Ectodermal Dysplasia Society
Career Development Programme
Eczema Outreach Support
CLAPA
Debra
Write back unused grants (see note 3 *)
Lipoedema UK (2 grants)
Travel bursaries and (2024) Appearance
Matters 10 sponsorship
Katie Piper
Headlines (2 grants)
Child Accident Prevention Trust
UWE/Centre for Appearance Research
Children's Burns Trust		 Main grant
£
97,456
69,716
178,427
124,512
108,000
99,712
89,910
39,800
32,000
-
-
-
-
-
-
-
-
-
(22,032)		 Small grants
£
-
-
21,374
-
-
-
15,000
-
-
26,171
25,000
24,990
-
-
-
-
8,963
1,125
-		 Total
commitment
£
97,456
69,716
199,801
124,512
108,000
99,712
104,910
39,800
32,000
26,171
25,000
24,990
-
-
-
-
8,963
1,125
(22,032)		 Effect of
discounting
£
(580)
(1,287)
(4,430)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2024
£
96,876
68,429
195,371
124,512
108,000
99,712
104,910
39,800
32,000
26,171
25,000
24,990
-
-
-
-
8,963
1,125
(22,032)		 2023
£
-
-
-
-
50,545
60,000
-
44,486
-
-
-
-
49,333
35,000
25,202
10,000
147
4,750
(285,273)
817,501 122,623 940,124 (6,297) 933,827 (5,810)

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.

In 2023 all grants were from the main grant programme except those made to the Children's Burns Trust and Ectodermal Dysplasia Society. No grants were discounted.

This is stated after charging:

Independent examiner's fees (excluding VAT)

2024 2023
£ £
2,500 2,400

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,255 (2023: £718) incurred by three trustees (2023:3) relating to attendance at meetings of the trustees and other meetings related to the work of the Foundation.

6 Related party transactions

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.

Following a rigorous application process and unanimous agreement by all trustees (excluding Professor Rumsey) a new £1m grant for 4 years funding was awarded in June 2022, with the first £250,000 tranche paid in August 2022, and a further £250,000 payment made in October 2023.

Two new grants under the main programme and one career development grant were awarded to CAR in 23/24 by unanimous trustee approval (22/23: None). Payments to CAR whether in respect of new grants or existing multi-year grants require approval by all the other trustees rather than a simple majority.

Dr Wendy Edwards was a trustee of the Foundation until September 2023. She is the chair of the Headlines Craniofacial Support (‘Headlines’) Research Committee, and her husband is a trustee of Headlines. The two awards made to Headlines during 2023/24 were made after she resigned as a trustee of the Foundation.

There are no other related party transactions to disclose for 2024 (2023: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

18

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2024

7 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

8
Investments
Cash held as part of portfolio
9
10
Additions at cost
Net gain/(loss) on change in fair value
Trade creditors
Grants payable
Creditors: amounts falling due within one year
UK Common investment funds
Investments comprise:
Creditors: amounts falling due after one year
Grants payable
Accruals
Disposal proceeds
Fair value at the start of the year		 2024
£
4,539,737
308,669
(810,900)
317,279		 2023
£
5,500,756
5,085,602
(5,928,477)
(118,144)
4,354,785 4,539,737
2024
£
4,153,922
200,863		 2023
£
4,536,257
3,480
4,354,785 4,539,737
2024
£
2,774
810,623
3,134		 2023
£
10,865
329,720
3,284
816,531 343,869
2024
£
476,317		 2023
£
605,538

11 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.

12a Analysis of net assets between funds (current year)

12a
Analysis of net assets between funds (current year)
12b
Analysis of net assets between funds (prior year)
Net assets at the end of the year
Investments
Net current assets
Long term liabilities
Net assets at the end of the year
Long term liabilities
Net current assets
Investments		 General
£
3,959,233
(473,532)
(476,317)		 £
256,368
-
-
Designated		 Fair value
£
139,184
-
-		 Total funds
£
4,354,785
(473,532)
(476,317)
3,009,384 256,368 139,184 3,404,936
General
£
3,627,532
56,780
(605,538)		 £
423,540
-
-
Designated		 Fair value
£
488,665
-
-		 Total funds
£
4,539,737
56,780
(605,538)
3,078,774 423,540 488,665 3,990,979

19

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2024

13a Movements in funds (current year)

Movements in funds (current year)
Fair value reserve
General funds
Total unrestricted funds
Designated fund - Career Development Programme		 At 1 August
2023
£
488,665
423,540
3,078,774		 Income &
gains
£
-
-
115,088		 £
317,279
(167,172)
(851,238)
Expenditure
& losses		 Transfers
£
(666,760)
-
666,760		 At 31 July
2024
£
139,184
256,368
3,009,384
3,990,979 115,088 (701,131) - 3,404,936

Fair value reserve

The fair value reserve represents the difference between the current fair value of the investments and their historic (book) cost. The trustees choose to show this separately from the general funds to reduce the impact of investment volatility on funds available for grant making.

Purpose of designated fund

The trustees established a Fellowship programme in 2021 to support suitable Fellowships and PhD scholars. An initial £1m was set aside to support this to be reviewed on an annual basis subject to levels of interest and suitability of applicants. Following a review of the programme the Foundation launched its 'Career Development Programme' in 2022 and the fund was been renamed to match this.

The first round of awards started with three awards in 2021, and a further two awards in 2022. A further round of funding started in 2023 but the awards were not finalised until after the year end. The expenditure above comprises the two awards totalling £167,172. Details of the awards are in note 4.

The amount charged to the fund as expenditure represents the total grant commitment made in the financial year the award is made before discounting, so that the remaining fund balance represents funds available for future awards. The discount will be unwound in future accounting periods against general funds.

13b Movements in funds (prior year)

Movements in funds (prior year)
Fair value reserve
General funds
Designated fund - Career Development Programme
Total unrestricted funds		 At 1 August
2021
£
606,809
423,540
3,097,113		 Income &
gains
£
-
-
62,785		 £
(118,144)
-
(81,124)
Expenditure
& losses		 Transfers
£
-
-
-		 At 1 August
2023
£
488,665
423,540
3,078,774
4,127,462 62,785 (199,268) - 3,990,979

20