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← The Vtct Foundation

2025-07-31-accounts

Company number: 8720416 Charity Number: 1155360

The VTCT Foundation

Report and financial statements For the year ended 31 July 2025

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The VTCT Foundation

Contents

For the year ended 31 July 2025

Reference and administrative information ....................................................................................... 1 Trustees’ annual report ................................................................................................................... 2 Independent examiner’s report ...................................................................................................... 9 Statement of financial activities (incorporating an income and expenditure account) ................... 11 Balance sheet ............................................................................................................................... 12 Statement of cash flows ................................................................................................................ 13 Notes to the financial statements ................................................................................................. 14

The VTCT Foundation

Reference and administrative information

For the year ended 31 July 2025

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
Angela Cross-Durrant
Jonathon Pleat
Prof Stephen Twigg
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 Jonathan Coyle FCA DChA
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 2025

The trustees present their report and the financial statements for the year ended 31 July 2025. 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 2025

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 Grant Applications Manager.

EDI Funding

In July 2023 the VTCT Foundation launched its new Equality, Diversity and Inclusion (EDI) funding stream. Recognising how EDI is fundamental to the work of visible difference organisations, the scheme aimed to help them create practices that help embed EDI into their overall strategy and reach.

EDI grants made are included within the grants discussed below.

3

The VTCT Foundation

For the year ended 31 July 2025

Trustees’ annual report

The VTCT Foundation Career Development Program

One award was made during this accounting period to Bieke Kreps who will work with the Centre for Appearance Research at the University of the West of England.

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 is may then be developed into a full application. During the year to 31 July 2025 new grants awarded included the following organisations:

In total six larger grants totalling £469,787 were awarded during the year to 31 July 2025

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.

During the year to 31 July 2025, seven grants totalling £102,842 were made to seven organisations (2024: £112,535 for five grants/five organisations) under the small grant programme. In addition, two small awards were made to enable individuals to publish or carry out career development research and training.

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

4

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2025

Maximising Impact, Lasting Legacy

As the Foundation enters its final planned years of operation, the Trustees have invested time and a small amount of funding to develop a Legacy Programme to maximise the impact and reach of our remaining funding for the visible difference sector. In order to develop this programme based on real need, two trustees, together with the Grants Manager, carried out a series of interviews with members of the Appearance Collective charities and identified common priority areas where support would be of greatest value. These priorities have been discussed with the Appearance Collective members in order to co-produce a legacy programme.

The objectives of our Legacy Programme are:

  1. To strengthen the effectiveness, reach and sustainability of organisations working in the visible difference sector, and

  2. To pave the way for the Appearance Collective to become self-sustaining and have a stronger collective voice.

The following elements are proposed:

1. Online ‘hub’

Supporting Appearance Collective charities to provide more joined-up online information that avoids duplication and hosts good quality evidence-based information.

2. EDI

Set up a working group to explore, develop and roll out evidence-based approaches to help increase the reach of Appearance Collective charities in underserved and under-represented communities.

3. An event

Working with Appearance Collective charities to put on an event open to all charities/children/young people with visible differences and their families.

4. Capacity building for members of the Appearance Collective

Providing a programme of support (workshops and consultancy), coordinated centrally by the VTCT Foundation Coordinator to promote effectiveness and sustainability for Appearance Collective charities.

5. Supporting the next generation of researchers in visible difference

Promoting a final round of Career Development Awards, to fund individuals to further their careers in research relating to visible difference, through carrying out a PhD or Post-doc fellowship.

5

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2025

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 £698,123 (2024: £1.018m). This is after accounting for the return of £4,156 (2024: £22,032) relating to unused grant funding paid out in previous years. Expenditure, before accounting for the write-back, was £702k of which £665k (95%) related to grant-making (2024: Total £1.04m of which £1.013m (97%) related to grant-making). The Trustees agreed £9,144 expenditure on the legacy project to ensure the remaining funds of the charity are spent appropriately.

The decrease in grant expenditure in 2025 when compared with 2024 is a partly due to two Career Development Programme awards due to be made in 2023 not being finalised until the start of 2024. 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.

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. At the outset the trustees envisaged utilising these funds over approximately 10 years to pursue the charity’s objects and as such, expected that the reserves available would reduce as the charity continues grant making. Although the charity has now existed for 10 years due to investment gains and levels of grant making to date at 31 July 2025 the charity still had unrestricted reserves of just over £2.9 million (2024 £3.4m). Of this £131,846 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. Due to the level of reserves held and on-going commitments to multi-year grants the trustees expect the charity to exist for at least another three years but have started to plan for the later stages of the charity’s lifespan and potential legacy. These plans take account of the financial projections for at least the next three years and are kept under review at each Board meeting. The trustees are also looking at the risk profile of the investments as the needs of the charity change with a view to moving from medium risk equities to lower risk cash based investments.

6

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2025

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.

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:

7

The VTCT Foundation

Trustees’ annual report

For the year ended 31 July 2025

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 2025 was 6 (2024:8). 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 2025 and signed on their behalf by

Tony Lau Walker Chair of trustees

8

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 VTCT Foundation for the year ended 31 July 2025.

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.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

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 that in any material respect:

9

Independent examiner’s report

To the trustees of

The VTCT Foundation

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.

Jonathan Coyle FCA DChA Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG Date: 11 December 2025

10

The VTCT Foundation

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

For the year ended 31 July 2025

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 on investments
Net (expenditure) before net gains on investments
Total funds carried forward
Net expenditure for the year and net movement in funds		 2025
2024
£
£
110,698
115,088
110,698
115,088
698,123
1,018,410
698,123
1,018,410
(587,425)
(903,322)
102,231
317,279
(485,194)
(586,043)
3,404,936
3,990,979
2,919,742
3,404,936

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.

11

The VTCT Foundation

Balance sheet

Company no. 8720416

As at 31 July 2025

Note
£
Fixed assets:
8
Current assets:
165,361
165,361
Liabilities:
9
(883,640)
10
14a
215,987
222,992
2,480,763
Total unrestricted funds
Designated funds
General funds
Total charity funds
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current (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:
165,361
165,361
Liabilities:
9
(883,640)
10
14a
215,987
222,992
2,480,763
Total unrestricted funds
Designated funds
General funds
Total charity funds
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current (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		 2025
£
3,710,870		 £
342,999		 2024
£
4,354,785
3,710,870
(718,279)		 4,354,785
(473,532)
165,361
(883,640)		 342,999
(816,531)
215,987
222,992
2,480,763		 139,184
256,368
3,009,384
2,992,591
(72,849)		 3,881,253
(476,317)
2,919,742 3,404,936
2,919,742 3,404,936
2,919,742 3,404,936

The opinion of the trustees is that for the year ended 31 July 2025 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 2025 and signed on their behalf by

Tony Lau Walker Chair of Trustees

12

The VTCT Foundation

Statement of cash flows

For the year ended 31 July 2025

Note
£
£
(1,034,482)
110,698
(106,246)
852,392
856,844
(177,638)
342,999
165,361
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
Net cash (used in) operating activities
Net (expenditure) for the reporting period
(as per the statement of financial activities)
(Decrease)/increase in creditors
2025		 £
£
(674,969)
115,088
(308,669)
810,900
617,319
(57,650)
400,649
342,999
2025
2024
£
£
(485,194)
(586,043)
(102,231)
(317,279)
(110,698)
(115,088)
(336,359)
343,441
(1,034,482)
(674,969)
2024		 £
£
(674,969)
115,088
(308,669)
810,900
617,319
(57,650)
400,649
342,999
2025
2024
£
£
(485,194)
(586,043)
(102,231)
(317,279)
(110,698)
(115,088)
(336,359)
343,441
(1,034,482)
(674,969)
2024
2025
£
(485,194)
(102,231)
(110,698)
(336,359)
(57,650)
400,649
342,999
2024
£
(586,043)
(317,279)
(115,088)
343,441
(1,034,482) (674,969)

13

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2025

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. Although the balance sheet shows net current liabilities, investments are drawn down when they are needed to pay grant and other commitments as they fall due. Total assets available to be used by the Foundation are more than four times the total liablilities.

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

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

14

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2025

h) Expenditure and irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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 it is accounted for in note 4. Any repayments due but not received by the year end are also shown as debtors.

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.

15

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2025

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 2025

Income from investments
Bank deposits
Investment income
All income from investments is unrestricted		 2025
Total
£
4,358
106,340		 2024
Total
£
3,415
111,673
110,698 115,088
Support costs
Governance costs
Independent examination fees
a. Current year
Grants payable (note 4)
Other costs
Other professional fees
Discounts unwound
Insurance
Workshops and showcase
Board meeting costs
Grants repaid/Write back unused grants*
Trustee expenses
Total expenditure
Legacy project fees and expenses		 Grant making
£
610,636
(4,156)
26,139
-
6,960
-
-
21,000
-
-
-		 Governance
costs
£
-
-
-
9,144
-
-
3,500
1,750
120
1,541
34		 Support
costs
£
-
-
-
-
-
1,335
-
17,437
-
-
2,683		 2025
£
610,636
(4,156)
26,139
9,144
6,960
1,335
3,500
40,187
120
1,541
2,717		 2024
£
955,859
(22,032)
24,672
-
11,531
1,269
3,000
39,041
376
1,255
3,439
660,579
21,455
16,089		 16,089
-
(16,089)		 21,455
(21,455)
-		 698,123
-
-		 1,018,410
-
-
698,123 - - 698,123 1,018,410
Collective)
Support costs
Governance costs
Insurance
Board meeting costs
Trustee expenses
Write back unused grants*
Workshops and showcase
b. prior year
Grants payable (note 4)
Discounts unwound
Independent examination fees
Other professional fees
Other costs
Total expenditure		 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
991,100 6,381 20,929 1,018,410
20,929
6,381		 -
(6,381)		 (20,929)
-		 -
-
1,018,410 - - 1,018,410

17

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2025

4 Grants payable

Staffordshire University
Other grants
University of Wales
University of Bristol
2024 Total
Child Accident Prevention Trust
Facial Palsy UK
Changing Faces
Donation to RAF Benevolent fund
Write back unused grants (see note 3 *)
Travel bursaries and (2024) Appearance
Matters 10 sponsorship
Aloepecia UK
Action Medical Research for Children
MACS
Tuberous Sclerosis Association
Cheryl Somani
Caring Matters Now
Career Development Programme
Headlines (2024:2 grants)
UWE/Centre for Appearance Research
BLESMA
Reach
GOPI3KS
UWE/Centre for Appearance Research
(2025: 1, 2024: 2 grants)
Ectodermal Dysplasia Society
The Appearance Collective
FACE Equality International
Lipoedema UK (2024: 2 grants)
Vitiligo Society
Eczema Outreach Support
CLAPA
Debra		 Main grant
£
33,376
-
100,880
94,439
93,198
78,381
72,889
30,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(4,156)		 Small grants
£
-
-
-
-
-
-
-
-
24,870
24,200
15,399
13,000
10,000
9,073
6,300
5,544
1,750
-
-
-
-
-
-
-
-
730
250
-
-		 Total
commitment
£
33,376
-
100,880
94,439
93,198
78,381
72,889
30,000
24,870
24,200
15,399
13,000
10,000
9,073
6,300
5,544
1,750
-
-
-
-
-
-
-
-
730
250
-
(4,156)		 Effect of
discounting
£
-
(2,402)
-
-
(1,241)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2025
£
33,376
-
98,478
94,439
93,198
77,140
72,889
30,000
24,870
24,200
15,399
13,000
10,000
9,073
6,300
5,544
1,750
-
-
-
-
-
-
-
-
730
250
-
(4,156)		 2024
£
96,876
68,429
195,371
99,712
-
-
-
-
-
-
-
-
-
-
-
-
-
124,512
108,000
104,910
39,800
32,000
26,171
25,000
24,990
8,963
-
1,125
(22,032)
499,007 111,116 610,123 (3,643) 606,480 933,827
817,501 122,623 940,124 (6,297) 933,827

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 2024 all grants under £30,000 (marked *) were from the small grants programme, plus £15,000 to Lipoedema UK and £21,374 to UWE/CAR included within their grant totals. Discounting in 2024 related to the two CDP awards and the other large grant to UWE.

5 Net (expenditure) for the year

This is stated after charging:

Independent examiner's fees (excluding VAT)

2025 2024
£ £
3,000 2,500

18

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2025

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

No staff were employed by the charity in either accounting period. The trustees are the key management personnel of the charity.

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2024: £none). Two charity trustees received payment for professional or other services supplied to the charity (2024: £none) as described in note 6.

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,541 (2024: £1,255) incurred by three trustees (2024:3) relating to attendance at meetings of the trustees and other meetings related to the work of the Foundation. In addition two trustees claimed a total of £394 travel expenses related to their work on the legacy project. These costs are included within the total costs of the legacy project work in note 3.

7 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. Annual tranches of £250,000 were paid in 22/23, 23/24 and 24/25. The last tranche will be paid in 25/26.

One new career development grant and two main grants based at CAR were awarded in 24/25 by unanimous trustee approval (23/24: one main grant, one CDP award). 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.

In 2025 Rosanna Preston and Prof. Nichola Rumsey were commissioned by the Board to provide consultancy work on the legacy project undertaken during the year. This and the overall project was agreed in advance by all other trustees to be in the best interests of the charity on the basis that the individuals had the unique skills and knowledge of the VTCT Foundation, the Appearance Collective charities and the Visible Difference sector to be able to complete the work. Payment was made at the same daily rate as the grant manager, and invoices were reviewed by the grant manager and Chair prior to payment. In total £6,650 plus £394 expenses was paid to the two trustees. (2024: £None)

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

8 Taxation

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

9 Investments

Investments
Cash held as part of portfolio
Disposal proceeds
Fair value at the start of the year
Fair value at the end of the year
Additions at cost
Net gain on change in fair value
UK Common investment funds
Investments comprise:		 2025
£
4,354,785
106,246
(852,392)
102,231		 2024
£
4,539,737
308,669
(810,900)
317,279
3,710,870 4,354,785
2025
£
3,710,599
271		 2024
£
4,153,922
200,863
3,710,870 4,354,785

19

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2025

Creditors: amounts falling due within one year
Grants payable
Creditors: amounts falling due after one year
Accruals
Trade creditors
Grants payable		 2025
£
13,010
866,234
4,396		 2024
£
2,774
810,623
3,134
883,640 816,531
2025
£
72,849		 2024
£
476,317

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 Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
General Designated Fair value Total funds
£ £ £ £
Investments 3,271,891 222,992 215,987 3,710,870
Net current liabilities (718,279) - - (718,279)
Long term liabilities (72,849) - - (72,849)
Net assets at the end of the year 2,480,763 222,992 215,987 2,919,742
Analysis of net assets between funds (prior year)
General Designated Fair value Total funds
£ £ £ £
Investments 3,959,233 256,368 139,184 4,354,785
Net current liabilities (473,532) - - (473,532)
Long term liabilities (476,317) - - (476,317)
Net assets at the end of the year 3,009,384 256,368 139,184 3,404,936

20

The VTCT Foundation

Notes to the financial statements

For the year ended 31 July 2025

14a 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
2024
£
139,184
256,368
3,009,384		 Income &
gains
£
102,231
-
110,698		 £
-
(33,376)
(664,747)
Expenditure
& losses		 Transfers
£
(25,428)
-
25,428		 At 31 July
2025
£
215,987
222,992
2,480,763
3,404,936 212,929 (698,123) - 2,919,742

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. The fund was renamed in 2022 when the 'Career Development Programme' launched. Details of the awards made in this and the previous year 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. Any discount is unwound in future accounting periods against general funds.

14b 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
£
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

21