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2025-03-31-accounts

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

Annual Report & Accounts 2024-25

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CONTENTS

Overview

Message from the Chair & Chief Executive 3
Our Vision, Purpose & Values 4
Our Strategic Aims 4
Trustees’ Report
What we did in 2024-25
• Awareness 5
• Empowerment 6
• Healthcare 7
• Research 9
Financial Review 13
Principal Risks & Uncertainties 15
Structure, Governance & Management 15
Statement of Trustees’ responsibilities 17
Independent Auditor’s Report 18 - 21
Financial Statements
Consolidated Statement of Financial Activities 22
Consolidated and Charity Balance Sheets 23
Consolidated Cash Flow Statement 24
Notes to the Consolidated Financial Statements 25 - 40
Legal and Administrative Information 41

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Overview

Message from the Chair & Chief Executive

Since the end of the pandemic and throughout the subsequent economic and political uncertainties, we have continued to work hard to improve the lives of everyone affected by Scleroderma & Raynaud’s.

During our campaigning work we made several high-profile media appearances, engaging with new audiences and directing people to our information resources and online Raynaud’s test.

This is often the start of a journey with SRUK and the beginning of an important relationship with us. It is one that helps people understand their condition, seek diagnosis, and adapt and advocate for their needs.

The quality of the information SRUK provides continues to serve individuals, healthcare professionals and institutions; and our accreditation from the Patient Information Forum guarantees the quality of information and SRUK as the leading organisation for Scleroderma & Raynaud’s.

This high profile allows SRUK to influence healthcare and policy decisions, representing and responding to the needs of the community, and form strategic partnerships at a national and international level. One such partnership was with the World Scleroderma Foundation, with whom we have joint funded important biomarker research by Professor Elizabeth Renzoni.

An individual’s journey with us often leads people to participate in campaigns, volunteer their time with the helpline and support groups or to fundraise. We continue to be amazed at the fundraising efforts, level of support for our work and amazing spirit of our community.

This year, following the sign-off of the updated strategy by Trustees in early 2023, we applied ourselves to mapping out delivery of our objectives over the coming years. We undertook important internal reviews and began to made changes in support of delivering these updated strategic aims and objectives.

We undertook comprehensive audits of our data and digital systems to develop strategies for improving the collection, use and management of data that will enable us to improve processes, communications, campaigns and fundraising activities - as well as data security and compliance. This will lead to a range of benefits including, in due course, a new and improved website with updated content.

We both would like to thank you, our supporters, volunteers and our community of healthcare professionals and researchers. As always, your support is invaluable in helping us get closer to our goal of a cure, while ensuring no-one’s life is minimised due to Scleroderma and Raynaud’s.

Jitinder Saini Chair of Trustees

Sue Farrington Chief Executive

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Overview

Our Vision

A world where no-one has their life limited by Scleroderma and Raynaud's.

Our Purpose

Our mission is to improve the lives of everyone affected by Scleroderma and Raynaud's. We do this by investing in research, improving awareness, and understanding of the conditions and providing information and support to all those affected.

Our Values

Our values inform how we deliver our services, the choices we make and how we work with, support, and develop our staff and volunteers.

SRUK is:

Collaborative in the way we work.

Driven to see real change.

Trusted because we are open and honest about the way we work.

Compassionate because we always put the person first.

Our Strategic Aims

Following a review of the SRUK Strategy, it was agreed that the key strategic pillars would remain the same but four enabling strategies were identified to help accelerate progress towards reducing time to diagnosis and improving access to better treatments and care.

Awareness

Increase awareness of Scleroderma and Raynaud’s with the public and health professionals.

Empowerment

Enable more people with Scleroderma and Raynaud’s to manage their conditions through access to high quality information, support, and guidance.

Healthcare

Ensure all people with Scleroderma and Raynaud’s across the UK have access to high quality, integrated health, and social care services, which are responsive to their needs.

Research

Ensure that research funded by SRUK translates into better prevention, diagnosis, and treatment outcomes.

Infrastructure

Be an effective and efficient organisation, with the resources we need to achieve our goals.

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Trustees’ Report

What we did in 2024-25

SRUK’s refreshed strategy 2023-28 builds on the work done to date and is informed and shaped by the challenges and needs of our community, which provides us with a framework and clear direction of travel for our work.

Below we report on the progress we have made during 2024-25 towards achieving our goals.

AWARENESS

Improving awareness and understanding of Scleroderma and Raynaud’s is a key priority for SRUK.

The condition of Raynaud’s is poorly understood. It is not treated seriously by many healthcare professionals and consequently we do not know exactly how many people are affected or how severely it affects people. Raynaud’s is to date the only known clinical condition considered to be a risk factor for developing Systemic Sclerosis or Scleroderma.

Lack of awareness has led to poor support and treatment of Raynaud’s and delayed diagnosis of Scleroderma, which can have serious and life-threatening consequences.

This year continued to be dominated by the cost of living and fuel crisis, and we continued to drive the message of how this particularly impacts our community and the measures of support we think should be in place from both the Government and the energy suppliers.

In 2024-25 we:

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Trustees’ Report

EMPOWERMENT

In 2024-2025, many members of our community were affected by the continuing cost-of-living crisis as well as ever increasing NHS waiting times. The winter, as always, is very hard on those with Scleroderma and Raynaud’s phenomenon and we continued to see a clear need for our support and information services.

In 2024-2025 we :

Our info@ and corresponding office phone line answered over 1,500 supporter enquiries’ providing trusted information and administrative assistance.

Our online forum on Health Unlocked has around 800 active members. The active online community appreciate having a safe space to share advice and support anonymously. The forum gains 35 new members a month, with a spike in February and March of 70 and 69 respectively.

Our support group network, both in person and online also continued. We have 13 support groups operating across 4 nations.

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Trustees’ Report

One of these was a webinar by Will Gregory, a physiotherapist at Salford Royal, who presented the benefits of physical therapy for those with scleroderma. In the talk he presented some simple experiences that patients can do at home which was very well received by the audience.

HEALTHCARE

Our aim is to ensure that everyone with Scleroderma and Raynaud’s, wherever they live and whatever their circumstances, gets the responsive and person-centred support they need. Key outcomes for SRUK are to ensure that there is equity of access to treatments and that care is properly co-ordinated in line with best practice guidelines.

During this year we have increased and strengthened our work in the advocacy space both in the UK and Europe, with SRUK increasingly being called upon to participate in workshops and advisory boards.

In 2024-25 we:

As part of this engagement, we wrote to the Minister for Public Health and Prevention, Andrew Gwynne, in the summer, and received a response which thanked RAIRDA for our “ongoing successful collaboration with Departmental officials,” as well as the workshop and report we produced in partnership with the Department of Health and Social Care in September 2023, and the Rare Disease Quality Standard Project.

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Trustees’ Report

We met with several MPs, including Peter Dowd MP (Chair of the APPG on rare, genetic and undiagnosed conditions), Kevin McKenna MP and representatives from the office of Margaret Mullane MP. It was good to get their support for our calls, and we continue to work with them to drive change for people living with rare auto immune rheumatic diseases.

Following the election, we met with Jim Shannon MP, to share with him the current barriers to good care and treatment for people living with RAIRDs, as well as our policy solutions. Following this meeting, he offered to table a Westminster Hall debate on RAIRDs.

The application for the debate was supported by 10 MPs, and on the 10th of December, RAIRDs as a group of conditions were debated for the first time in Westminster Hall. The cross-party discourse in the debate was really positive and highlighted key issues such as the need for faster diagnosis and better support for RAIRDs, improved funding and support for specialised networks for rare disease, building on the UK Rare Diseases Framework’s existing achievements and ensuring rare diseases are not forgotten, and the need for a quality standard for rare disease. A full transcript of the debate can be found in Hansard.

Met with Shouvik Dass, the Chair of the NHS Clinical Reference Group to explore how we could work together to make the case for Specialised Networks for rare rheumatic diseases.

These findings were used to develop a report, due to be released in early April 2025, which will provide fresh evidence to inform and drive forward our calls for change.

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Trustees’ Report

RESEARCH

SRUK exists to ensure a world where no one has their lives limited by Scleroderma and Raynaud’s, until we ultimately find a cure. A core purpose of the organisation is to fund innovative and groundbreaking research so that our understanding of these conditions is translated into benefits for the community sooner rather than later.

To achieve our goals, SRUK is committed to working in partnership, to increase the capacity of the workforce and leverage resources from other institutions.

In 2024-25 we:

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Trustees’ Report

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Trustees’ Report

What we will do in 2025-26

In 2025-26 we will build on the work to refresh the strategy with a focus on developing and strengthening our approach to data, digital, communication and partnerships.

We will continue to deliver across our strategic pillars of Awareness, Empowerment, Healthcare and Research.

Awareness

We will raise awareness with:

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Trustees’ Report

Empowerment

Healthcare

Research

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Trustees’ Report

FINANCIAL REVIEW

This report covers the period from 1st April 2024 to the 31 March 2025.

Overview

2024-25 saw fundraising income of £432,310 generating a deficit of £1,087,766 before investment losses; and a deficit of £1,044,724 after investment gains. The income of £432,310 reflects the write off for a legacy. The prior year 2024 legacies included a best estimate of a legacy due from an estate. Since completion of 2024 accounts, the solicitors have advised that a smaller legacy is due to the charity after dealing with unforeseen tax issues. As a result, the current year legacies are reduced by £236,381, after updating the legacy estimate to the recoverable amount.

This remaining deficit reflects the increased expenditure in research, services to members and investment in developing the organisation and its infrastructure.

This deficit reflects the increased expenditure in research, services to members and investment in developing the organisation and its infrastructure.

We awarded new research grants totalling £159,183. This continues our investment into our work programme to drive forward our focus on improving our impact and our reach to directly benefit people affected by Scleroderma and Raynaud’s.

We have maintained a long-term approach towards financial planning and of investment in key areas while adapting to higher costs of doing business, geopolitical upheaval and the need for various income growth and diversity.

How we raised our money

Key income streams for the charity comprise: Membership, donations, legacies, trading and fundraising activities. In 2024-25 the total income for the group was £432,503.

We received £293,685 in donations and legacies and £12,985 from membership; and are reporting investment income of £86,028.

The trading subsidiary of the charity made a loss of £400 corresponding to the wind down in trading activity post Brexit.

SRUK is registered with the Fundraising Regulator and is a member of the Institute of Fundraising. Our fundraising is carried out by a team of professional fundraisers based in our London headquarters, together with volunteers in their local communities. The team’s activities are supervised by the Senior Management Team and follow recommended fundraising codes of practice. We did not receive any complaints about our fundraising activities in 2024-25.

How we spent our money

During 2024-25 our total charitable expenditure came to £1,197,246 an increase of £59,314 on the previous year. This expenditure included £352,952 spent on Research and £199,583 on Transformation work – internal investment to improve operational capabilities.

We also invested in the development of a range of services:

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Trustees’ Report

Balance Sheet

As of 31 March 2025, total funds were £3,594,375 for the group and £3,601,061 for the charity only.

Reserves Policy

The Trustee Board has specified a reserves policy, which ensures that the Charity has sufficient funds to meet the cost of its day-to-day activities and is able to cope with the financial impact of unforeseen events. In addition, where possible funds should be set aside to meet future planned expenditure. These reserves are known as the Operating Reserve.

Operating Reserve

The charity should hold sufficient financial reserves to ensure it can continue to operate in the event of unforeseen and potentially financially damaging circumstances arising.

This policy for maintaining a twelve-months’ operating reserve was retained throughout 2024-25 due to the after-effects of the Covid-19 pandemic and the emerging cost of living crisis.

This amounts to operating reserves of approximately £1 Million. The Trustees believe that the current levels of reserves (which amount to £2,522,373 (excluding fixed assets but including investments)) are in excess of the policy but are considered adequate but not excessive given the current economic challenges. Surplus funds will be added to the designated fund to support key research and development projects.

Investment Policy

Rathbones Investment Management Limited continue as SRUK’s investment managers. During the year the Trustees agreed to add a further 1 million pounds to the portfolio. At year-end the value of the investments was £2,649,679 (2024: £3,024,151).

The investment manager reports on a quarterly basis on the performance of the investments under management. These reports are incorporated into the quarterly management accounts and the year-end accounts of the Charity and reviewed by the Trustees at the quarterly board meetings.

The Board of Trustees carries out an annual review of the investment principles under which the manager operates and hold an annual review of the performance of the portfolio with the investment manager.

Grants Policy

Grants are accounted for fully in the year they are awarded in accordance with Charities SORP (FRS 102) requirements. They are therefore treated as liabilities in the accounts in the year they are awarded.

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Trustees’ Report

Trading Subsidiary

Over 2024-25 SRUK’s trading subsidiary had a loss of £400, corresponding to the wind down in trading activity post Brexit.

Going Concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements and have considered the impact of the cost-of-living crisis on the charity’s operations. The trustees have considered the charities forecasts and projections and have taken account of pressures on donation income. After making enquiries the trustees have concluded there is a degree of uncertainty around donation income for 2025-26; but that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees confirm that there are no material uncertainties about the ability of the charity to continue as a going concern. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Principal Risks and Uncertainties:

SRUK is committed to effective risk management as an integral part of ensuring good corporate governance. Informed risk-taking helps to improve performance, manage our threats and opportunities and to create an environment of ‘no surprises’. This will enable us to get the right balance between innovation and change.

We continue to develop, review and strengthen our risk management processes, enabling us to conclude that major risks have been identified reviewed and where possible mitigated.

Key principal risks identified include the need for:

To help mitigate these risks, SRUK has implemented various initiatives, including the development of a five-year strategy, based on key outcomes from the organisation’s theory of change.

SRUK has an annual financial budget and operational plan aimed at managing financial risks and progressing the strategic plan. These are monitored on a quarterly basis by the Board.

A fundraising strategy outlines how SRUK will raise the money to meet its strategic goals.

Structure, Governance and Management

Scleroderma & Raynaud’s UK (SRUK) is a Charitable Incorporated Organisation, registered charity number: 1161828

SRUK is governed by its Constitution.

The principal objects of the charity and the group are:

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Trustees’ Report

Method of Appointment or Election of Trustees

The management of the charity and the group is the responsibility of the Trustees who are elected and co-opted under the terms of the SRUK Constitution, registered with the Charity Commission on 26 May 2015.

Trustees are appointed following submission of an expression of interest and CV, followed by interview. The Board considers appointments against the broad range of expertise required, diversity of membership, as well as suitability for the role. New Trustees receive an induction and peer-support.

Organisational Structure and Decision Making

The trustees who served during the year are set out on page 39. The trustees have been selected for their expertise and professional skills. They meet quarterly as a Board with the Chief Executive.

Peer reviewers are invited to assist with the review of grant applications made to SRUK and their recommendations are reported back to the trustees who then approve or reject grant applications on merit or on the funding available. A Research sub-committee brings further rigour to the process.

Key Management Remuneration

SRUK is committed to a policy of equal pay and aims to ensure that salaries reflect the knowledge, skills, behaviours and capabilities required for satisfactory performance in each role whilst also demonstrating appropriate use of charitable donations. Salaries are benchmarked against the voluntary sector and where appropriate, other relevant job markets. Remuneration for key management personnel is handled in the same way as for all other staff.

Public Benefit

We have considered the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and planning future activities. The Trustees always ensure that the activities undertaken are in line with the charitable objectives and aims of SRUK.

As highlighted in this report, some of our research grants are specifically targeted at trying to determine the cause of Scleroderma and Raynaud’s, thereby helping the general population in finding better treatments in the future.

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Trustees’ Report

STATEMENT OF TRUSTEES RESPONSIBILITIES AND CORPORATE GOVERNANCE

Trustees’ responsibilities statement

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year and Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and the group and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the Trustees is aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Board of Trustees on and signed 15 January 2026 on their behalf by:

Jit Saini, Chair

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Independent Auditor’s Report

Independent Auditor’s Report to the Trustees of Scleroderma & Raynaud’s UK

Opinion

We have audited the financial statements of Scleroderma & Raynaud’s UK (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated cash flow statement and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees' Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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Independent Auditor’s Report

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 17, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Independent Auditor’s Report

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the group and the parent charity, their activities, their control environment and likely future developments, including in relation to the legal and regulatory framework applicable and how the group and parent charity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the group and parent charity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: compliance with the UK Charities Act.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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Independent Auditor’s Report

16 January 2026 Simon Brown BA ACA DChA (Senior Statutory Auditor) ………………………………………

for an on behalf of Azets Audit Services

Chartered Accountants Statutory Auditor

Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

Azets Audit Services is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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SCLERODERMA & RAYNAUD’S UK CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIVES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
Restated
Notes Total Total
Funds Funds
2025 2024
£ £
INCOME FROM:
Donations and legacies 5 293,685 903,738
Investments 7 86,028 47,475
Charitable activities 6
52,597 42,536
Total fundraising income 432,310 993,749
EXPENDITURE ON:
Raising funds: donations and legacies 9 (322,430) (303,837)
Total fundraising expenditure (322,430) (303,837)
Fundraising Contribution 109,880 689,912
Trading income 8 193 4,171
Trading costs 8 (593) (3,701)
(Deficit)/Contribution from trading (400) 470
activities
Net income available for charitable
109,480 690,382
purposes
Charitable expenditure
Research (352,952) (412,962)
Services to members (644,711) (648,805)
Transformation (199,583) (76,165)
Total charitable expenditure (1,197,246) (1,137,932)
Net (expenditure) before gain on (1,087,766) (447,550)
investments
Represented by
Total income 432,503 997,920
Total expenditure 9 (1,520,269) (1,445,470)
Net (expenditure) before gains on (1,087,766) (447,550)
investments
Net gains on investments 43,042 127,483
Net movement in funds (1,044,724) (320,067)
Reconciliation of funds
Fund balances brought forward 4,639,099 4,959,166
Total funds carried forward 3,594,375 4,639,099
----- End of picture text -----

The charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing. There was no restricted income or expenditure in 2025 or 2024.

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SCLERODERMA & RAYNAUD’S UK CONSOLIDATED AND CHARITY BALANCE SHEETS FOR THE YEAR ENDED 31 MARCH 2025

Notes
FIXED ASSETS
Intangible assets
13
Tangible assets
14
Investments
15
CURRENT ASSETS
Stock
16
Debtors: amounts falling due within one
year
17
Cash at bank and in hand
CREDITORS: amounts falling due within
one year
18
NET CURRENT ASSETS
Total assets less current liabilities
NET ASSETS
FUNDS OF THE CHARITY
Unrestricted funds:
Designated funds
19 & 20
General funds
19 & 20		 Restated
Restated
Group
Group
Charity
Charity
2025
2024
2025
2024
£
£
£
£
52,439
-
52,439
-
19,563
25,226
19,563
25,226
2,649,679
3,024,151
2,649,679
3,024,151
2,721,681
3,049,377
2,721,681
3,049,377
2,929
2,929
-
-
258,275
862,593
295,675
899,453
1,260,854
1,427,062
1,232,319
1,398,808
1,522,058
2,292,584
1,527,994
2,298,261
(649,364)
(702,862)
(648,614)
(702,252)
872,694
1,589,722
879,380
1,596,009
3,594,375
4,639,099
3,601,061
4,645,386
3,594,375
4,639,099
3,601,061
4,645,386
1,000,000
2,071,291
1,000,000
2,071,291
2,594,375
2,567,808
2,601,061
2,574,095
3,594,375
4,639,099
3,601,061
4,645,386

15 January 2026 These financial statements were approved and authorised for issue by the board on and are signed on their behalf by J Saini.

………………………………

Jitinder Saini, Chair

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities
Net (expenditure) for the year (as per the Consolidated
Statement of Financial Activities)
Adjustments for:
Amortisation charges
Depreciation charges
Dividends, interest and rents from investments
Decrease in stocks
Decrease in debtors
Increase/(Decrease) in creditors
Net cash (used in) operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of Tangible and intangible fixed assets
Purchase of investments
Sale of investments and movement in cash
(Gains) on investments
Net cash provided by/ (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
(1,044,724)
-
5,663
(86,028)
-
604,318
(53,498)		 2025
£
(574,269)
408,061
(166,208)
1,427,062
1,260,854		 Restated
2024
2024
£
£
(320,067)
1,297
2,676
(47,475)
146
167,041
33,758
(162,624)
47,475
(26,937)
(1,495,370)
170,374
(127,483)
(1,431,941)
(1,594,565)
3,021,627
1,427,062
86,028
(52,439)
(1,285,636)
1,703,150
(43,042)		 47,475
(26,937)
(1,495,370)
170,374
(127,483)

24

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

Scleroderma & Raynaud’s UK (‘the Charity’ or ‘SRUK’) and its subsidiary (together “the Group”) support the research into Raynaud’s and Scleroderma diseases and offer advice and support to individuals suffering from the conditions throughout the UK.

Scleroderma & Raynaud’s UK is a public benefit entity having registered charity number 1161828 and was incorporated in England. The address of its registered office is Bride House, 18-20 Bride Lane, London, EC4Y 8EE.

2. ACCOUNTING POLICIES

a) Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP Second Edition, effective 1 January 2019) (“Charities SORP (FRS 102)”), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The SRUK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking being RSA Trading Company Limited. The results of the subsidiary are consolidated on a line by line basis after the elimination of intra-group transactions. Control has been obtained by the ownership of shares.

The financial statements have been prepared under the historical costs convention and modified to include listed investments at fair value.

b) Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements and have considered the impact of external factors on the charity’s operations. The Trustees confirm that there are no material uncertainties about the ability of the charity to continue as a going concern. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

c) Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

25

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (continued)

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of our supporters is not recognised in these financial statements. Refer to the Trustees' Report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

e) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified under the principal categories of charitable and other expenditure rather than the type of expense, in order to provide more useful information to users of the accounts.

Cost of raising funds are those incurred in seeking voluntary contributions, and those incurred in trading activities that raise funds but do not include the costs of disseminating information in support of the charitable activities.

Charitable activities comprise direct expenditure including direct staff costs attributable to the activity.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.

Governance costs are those incurred in connection with the management of SRUK's assets, organisational administration and compliance with constitutional and statutory requirements.

Support and Governance costs are allocated on the basis of time spent on each activity.

Grants are accounted for fully in the year they are awarded in accordance with Charities SORP (FRS 102) requirements. They are therefore treated as liabilities in the accounts in the year they are awarded, where they have not been paid at the year end.

26

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (continued)

All assets costing more than £1,000 are capitalised.

Tangible fixed assets are carried at cost or valuation, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office equipment - 20% straight line

IT equipment – 20% straight line

g) Intangible Fixed Assets

All assets costing more than £1,000 are capitalised.

Intangible fixed assets are carried at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Website - 20% straight line

h) Revaluation of tangible fixed assets

The charity has adopted the cost model whereby items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

i) Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. 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.

Subsidiary undertakings:

Investments in subsidiaries are valued at cost less provision for impairment.

j) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

k) Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

l) Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash and cash equivalents Cash at bank and 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.

27

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (continued)

n) Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a shortterm instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Charity would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

p) Taxation

The charity is exempt from tax on its charitable activities.

q) Pensions

The charity operates defined contribution pension arrangements, the assets of which are held separately from those of the charity in independently administered funds. Contributions are charged to the income and expenditure account as they become payable. The pension cost charge represents contributions payable under the scheme by the Charity to the fund. The Charity has no liability under the scheme other than for the payment of those contributions.

r) Termination benefits

Settlement agreements are recognised in the period they are incurred.

28

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the tangible fixed assets and note 2(f) for the useful economic lives for each class of assets.

At regular intervals, and at least annually, management review the carrying value of tangible fixed assets to determine whether this fairly represents the recoverable amount from their use. The carrying value is compared to the recoverable amount, defined as the higher of:

Using the accruals basis of accounting, grants payable are matched to the period or are reported when the expense occurs, not when the cash is paid.

4. NET (EXPENDITURE) FOR THE YEAR

Net (expenditure) for the year is stated after charging:

Amortisation on owned assets
Depreciation on owned assets
Auditor’s remuneration		 Group
Charity
2025
2024
2025
2024
£
£
£
£
-
1,297
-
1,297
5,663
2,676
5,663
2,676
15,750
15,000
15,750
15,000

29

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. DONATIONS AND LEGACIES

NATIONS AND LEGACIES
Group & Charity
Donations
Legacies		 Total
Total
2025
2024
£
£
415,145
418,263
(121,460)
485,475
293,685
903,738

The prior year 2024 legacies included a best estimate of a legacy due from an estate. Since completion of 2024 accounts, the solicitors have advised that a smaller legacy is due to the charity after dealing with the deceased’s unforeseen tax issues. As a result, the current year legacies are reduced by £236,381, after updating the legacy estimate to the recoverable amount.

6. MEMBERSHIP AND CONFERENCE INCOME

Group & Charity
Membership income
Rare Autoimmune Rheumatic
Disease Alliance
7.
INVESTMENT INCOME
Group & Charity
Dividend income
8.
TRADING ACTIVITIES
Group
Trading income
Trading costs
Trading net (loss)/profit
(Deficit) / Contribution from trading
activities		 Income/Direct
Support Cost
Costs
Allocation
2025
2025
£
£
193
-
(593)
-		 Total
Total
2025
2024
£
£
12,985
8,768
39,612
33,768
52,597
42,536
Total
Total
2025
2024
£
£
86,028
47,475
86,028
47,475
Total
Total
2025
2024
£
£
193
4,171
(593)
(3,701)
(400)
-		 (400)
470
(400)
470
(400)
-

All trading activities income received in the year were unrestricted.

30

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9.
EXPENDITURE
2025
Group
Expenditure on Raising Funds
Cost of Raising Funds
Expenditure on Trading Activities
Retail (100% trading sub)
Expenditure on Charitable Activities
Research
Services to Members
Transformation
Support Costs Allocated
Total Expenditure
Prior Year
Group
Expenditure on Raising Funds
Cost of Raising Funds
Expenditure on Trading Activities
Retail (100% trading sub)
Expenditure on Charitable Activities
Research
Services to Members
Support Costs Allocated
Support Costs Allocated
Total Expenditure		 Other
Support
Staff
Direct
Cost
Total
Grants
Costs
Costs
Allocation
2025
£
£
£
£
£
(note 10)
(note 11)
-
171,199
80,639
70,592
322,430
-
-
593
-
593
120,148
138,238
33,709
60,857
352,952
-
287,062
231,274
126,375
644,711
-
55,749
119,292
24,542
199,583
-
73,740
208,626
(282,366)
-
120,148
725,988
674,133
-
1,520,269
Restated
Other
Support
Staff
Direct
Cost
Total
Grants
Costs
Costs
Allocation
2024
£
£
£
£
£
(note 10)
(note 11)
-
142,366
80,466
81,005
303,837
-
(2,818)
6,519
-
3,701
96,536
139,845
115,035
61,546
412,962
-
412,333
55,003
181,469
648,805
-
76,165
-
76,165
-
63,382
260,638
(324,020)
-
96,536
755,108
593,826
-
1,445,470

31

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. GRANTS

Analysis of grant expenditure

Group & Charity
University of Bath
University of Manchester
Royal Brompton Hospital
Grant Write backs
General
Total grant expenditure at 31 March		 2025
2024
£
£
74,995
-
73,188
-
-
149,952
(39,035)
(64,416)
11,000
11,000
120,148
96,536

Of the total grants payable £120,148 relates to grants payable to institutions (2024: £96,536). During the year a number of grants were confirmed as completed and the outstanding balances were written back.

Grant commitments are as follows:

Group & Charity

Grant commitments at 1 April
Awards made during year
Payments made during the year
Grants retracted
Grant commitments at 31 March		 2025
2024
£
£
410,997
509,961
159,183
160,952
(82,967)
(243,488)
(39,035)
(16,428)
448,178
410,997

32

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. GOVERNANCE AND SUPPORT COSTS

Group & Charity
Support & Governance:
Support staff costs
Human resources
Facilities
Finance & legal
Office costs
Governance staff costs
Governance other costs
Total support and governance costs		 2025
2024
£
£
64,910
54,754
16,193
18,294
70,489
112,867
48,619
50,626
52,536
64,211
8,830
8,628
20,789
14,640
282,366
324,020

12. STAFF COSTS

Staff costs were as follows:


Wages and salaries
Social security costs
Pension
Temporary staff		 Group
Charity
2025
2024
2025
2024
£
£
£
£
580,450
519,554
580,450
522,372
57,067
41,631
57,067
41,631
14,821
14,313
14,821
14,313
73,650
179,610
73,650
179,610
725,988
755,108
725,988
757,926

The average number of employees during the year was as follows:

2025 2024
No. No.
Staff 14 11

Employees receiving remuneration amounting to more than £60,000 were as follows:

2025 2024
Remuneration No. No.
£60,000 - £69,999 1 1
£80,000 - £89,999 - -
£90,000 - £99,999 1 1

During the year there were no redundancies (2024: £nil).

The key management personnel of the charity comprise the trustees and the senior management team as listed on page 41. The total amount of employee benefits (including employer pension contributions and employers’ national insurance) received by key management personnel for their services to SRUK was £269,498 (2024: £306,769).

TRUSTEES

None of the trustees (or any person connected with them) received any remuneration during year, and total expenses reimbursed to trustees was £nil relating to travelling and other expenses (2024 - £25).

33

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. INTANGIBLE FIXED ASSETS

Group & Charity
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Depreciation charge
At 31 March 2025
Net Book Value
At 31 March 2024
At 31 March 2025		 Website
Total
£
£
9,336
9,336
52,439
52,439
61,775
61,775
9,336
9,336
-
-
9,336
9,336
-
-
52,439
52,439

14.

TANGIBLE FIXED ASSETS

ANGIBLE FIXED ASSETS
Group & Charity
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Depreciation charge
At 31 March 2025
Net Book Value
At 31 March 2024
At 31 March 2025		 Office
Equipment IT Equipment
Total
£
£
18,005
10,311
28,316
-
-
-
18,005
10,311
28,316
1,500
1,590
3,090
3,601
2,062
5,663
5,101
3,652
8,753
16,505
8,721
25,226
12,904
6,659
19,563

34

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. FIXED ASSET INVESTMENTS

IXED ASSET INVESTMENTS
2025 2024
Group & Charity Total Total
£ £
Investments
Fair value of quoted investments at 1 April 2024 2,477,579 1,540,489
Additions 1,285,636 1,495,370
Disposal proceeds (1,355,569) (685,763)
Net investment gains/(losses) 43,042 127,483
Fair value of quoted investments at 31 March 2025 2,450,688 2,477,579
Cash on deposit 198,991 546,572
Fair value at 31 March 2025 2,649,679 3,024,151
Historic cost at 31 March 2025 2,344,274 2,367,935
Accumulated unrealised gains 305,405 656,216
Historic Cost Gains
Net investment gain /(loss) 43,042 127,483
Movement on unrealised gain/(loss) 28,378 139,689
Realised gains/(losses) based on historic cost 71,420 (12,206)
All the fixed asset investments are held in the UK.
Investments have been valued at market value at the balance sheet date.
Investments are represented by: 2025 2024
£ £
Cash 198,991 546,573
Equity 527,592 680,008
Fixed interest 605,073 739,502
Alternatives 184,136 168,081
Overseas 1,133,887 889,987
Total 2,649,679
3,024,151
The following investments held on 31 March 2025 represented over 3% of the total investment
portfolio at the year end:
% of total portfolio holding
Treasury 1/4% Stock 22/07/27 5.1%
BNY Mellon Global Funds Global Credit Z (Hgd) Inc 3.4%
Shell PC 3.1%
Astrazenca PLC 3.0% %

35

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. STOCK

Stock
17.
DEBTORS
Due within one year
Trade debtors (less bad debt
provision)
Amounts owed by group entities
Accrued income
Other debtors
Prepayments
Taxation recoverable		 Group
Charity
2025
2024
2025
2024
£
£
£
£
2,929
2,929
-
-
Group
Charity
2025
2024
2025
2024
£
£
£
£
50,035
25,701
50,035
25,701
-
-
36,877
35,681
139,878
758,255
139,878
758,255
-
-
-
-
43,713
69,295
43,703
69,285
24,649
9,342
25,182
10,531
258,275
862,593
295,675
899,453

For both the Group and Charity the total gross trade debtors for the year is £114,420 and there is a total doubtful debt provision of £64,385 .

18. CREDITORS

REDITORS REDITORS
Trade creditors
Other creditors
Taxes and social security
Accruals
Grants payable
NRESTRICTED FUNDS
GROUP
Funds
brought
forward
£
Designated
2,071,291
General
2,567,808
4,639,099		 Restated
Restated
Group
Charity
2025
2024
2025
2024
£
£
£
£
151,498
259,596
151,498
259,736
8,324
1,793
8,324
1,793
17,209
12,121
17,209
12,121
24,155
18,355
23,405
17,605
448,178
410,997
448,178
410,997
649,364
702,862
648,614
702,252
Income
Expenditure
including
gains and
losses
Transfer
Funds
carried
forward
£
£
£
£
-
(328,300)
(742,991)
1,000,000
432,503
(1,148,927)
742,991
2,594,375
432,503
(1,477,227)
-
3,594,375
4,639,099

19. UNRESTRICTED FUNDS

36

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. (continued)

CHARITY
Designated
General		 Funds
brought
forward
Income
Expenditure
including
gains and
losses
Transfer
Funds
carried
forward
£
£
£
£
£
2,071,291
-
(328,300)
(742,991)
1,000,000
2,574,095
432,310
(1,148,335)
742,991
2,601,061
4,645,386
432,310
(1,476,635)
-
3,601,061

Purposes of the Designated funds:

The designated fund was established in 2018 to resource key areas of work: increasing investment in research; strategic projects; core activities and services; as well as growth and sustainability. There was a transfer of £742,991 from the designated funds to bring the balance of this fund in line with the revised strategic objectives agreed by the trustees.

Prior Year

GROUP
Designated
General
CHARITY
Designated
General		 Restated
Restated
Funds
brought
forward
Income
Expenditure
including
gains and
losses
Transfer
Funds
carried
forward
£
£
£
£
£
2,388,624
-
(317,333)
-
2,071,291
2,570,542
997,920
(1,000,654)
-
2,567,808
4,959,166
997,920
(1,317,987)
-
4,639,099
Restated
Restated
Funds
brought
forward
Income
Expenditure
including
gains and
losses
Transfer
Funds
carried
forward
£
£
£
£
£
2,388,624
-
(317,333)
-
2,071,291
2,577,298
993,749
(996,952)
-
2,574,095
4,965,922
993,749
(1,314,285)
-
4,645,386

Purposes of the Designated funds:

The designated fund was established in 2018 to resource key areas of work: increasing investment in research; strategic projects; core activities and services; as well as growth and sustainability.

20. ANALYSIS OF NET ASSETS

GROUP
Intangible and tangible fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
Designated
Restricted
Total
£
£
£
£
72,002
-
-
72,002
2,649,679
-
-
2,649,679
522,058
1,000,000
-
1,522,058
(649,364)
-
-
(649,364)
2,594,375
1,000,000
-
3,594,375

37

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. (continued)

CHARITY
Intangible and tangible fixed assets
Investments
Current assets
Current liabilities
Prior Year
GROUP
Intangible and tangible fixed assets
Investments
Current assets
Current liabilities
CHARITY
Intangible and tangible fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
Designated
Restricted
Total
£
£
£
£
72,002
-
-
72,002
2,649,679
-
-
2,649,679
527,994
1,000,000
-
1,527,994
(648,614)
-
-
(648,614)
2,601,061
1,000,000
-
3,601,061
Restated
Restated
Unrestricted
Designated
Restricted
Total
£
£
£
£
25,226
-
-
25,226
3,024,151
-
-
3,024,151
221,293
2,071,291
-
2,292,584
(702,862)
-
-
(702,862)
2,567,808
2,071,291
-
4,639,099
Restated
Restated
Unrestricted
Designated
Restricted
Total
£
£
£
£
25,226
-
-
25,226
3,024,151
-
-
3,024,151
226,970
2,071,291
-
2,298,261
(702,252)
-
-
(702,252)
2,574,095
2,071,291
-
4,645,386

21. RELATED PARTIES

As at 31 March 2025 SRUK are due £36,877 (2024 - £35,681) from RSA Trading Company Limited.

All transactions were carried out at arm’s length. There were no other related party transactions in year.

22. Pensions

The Chairty operates defined contribution pension arrangements, the assets of which are held separately from those of the Charity, in independently administered funds. The pension cost charged represents contributions payable by the Charity to the funds amounting to £14,821 (2024 - £14,313). At 31 March 2025, no balance was outstanding to the pension fund (2024 - £Nil).

38

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

23. PRINCIPAL SUBSIDIARIES

Company Name Country Percentage Description RSA Trading Company Limited United 100% Sale of products to help with the Kingdom medical conditions of Raynaud's and Scleroderma

The subsidiary was registered in England and Wales with registered number 07869668. A decision has been taken to sell the remaining stock and cease trading.

Financial review:
Net assets/(liabilities)
Income
Expenditure
(Loss)/surplus in the year
24.
OPERATING LEASES
Group and Charity
Operating Leases – Buildings
Amounts due:
< 1 year
2-5 years
>5 years
Total		 2025
2024
£
£
(6,668)
(6,269)
193
4,171
(593)
(3,701)
(400)
470
2025
2024
£
£
18,655
17,215
-
-
-
-
18,655
17,215

25. Prior year adjustments

The comparative figures have been adjusted to reflect additional expenditure for services charges received in 2025 which ought to have been accrued at 31 March 2024 as the criteria to recognize expenditure has been met at that date.

Funds as previously reported at 31st March 2024
Expenditure omitted in 2024
Funds restated at 31stMarch 2024		 Unrestricted
Total
£
£
4,698,162
4,698,162
(59,063)
(59,063)
4,639,099
4,639,099

39

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

SCLERODERMA & RAYNAUD’S UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

25. (continued)

Creditors as previously reported at 31st March 2024
Expenditure omitted in 2024 accrued in
Creditors restated at 31stMarch 2024		 £
643,799
59,063
702,862

40

Docusign Envelope ID: 30AECBC3-E5A9-4578-AF9C-F70B5612A20F

Legal and Administrative Information

WHO WE ARE:

Trustees:

Jitinder Saini Jason Bryant Professor Allan Lawrie Kellie Scott Dorian Haskard Elliot Dunster Gerard Donohue (Resigned 20/11/24) Chris Skeet (Appointed 04/07/25)

Chief Executive Officer: Sue Farrington Senior Management Team: David Atkinson (to 14.11.25), Gemma Cornwell, Emma Blamont (to 9.8.24), Ula Tymoszuk (from 21.10.24)

Principal Bankers:

NatWest Bank 1 Upper Market Square Hanley Stoke on Trent ST11NS

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Solicitors:

Clyde & Co St Botolph Building 138 Houndsditch London EC3A 7AR

Auditors:

Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

41