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2020-12-31-accounts

REGISTERED COMPANY NUMBER: CE008950 (England and Wales) REGISTERED CHARITY NUMBER: 1171373

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31 December 2020

for

British Skin Foundation

Nichols & Co (Accountancy) Limited Chartered Accountants and Statutory Auditors Unit 7 Mulberry Place Pinnell Road, Eltham London SE9 6AR

British Skin Foundation

Contents of the Financial Statements for the Year Ended 31 December 2020

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 21
Detailed Statement of Financial Activities 22 to 23

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2020

The trustees present their report and audited financial statements of the charitable incorporated organisation for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The Trust was set up in order to raise funds and provide funds, either directly or by way of grants, to others for the purpose of research into dermatology and the causes of skin diseases and the possibilities of prevention, alleviation, and cure.

FUNDRAISING STANDARD INFORMATION

As a registered charity funding skin disease and skin cancer research, the British Skin Foundation actively fundraises by canvassing support from the public, industry and philanthropic trusts. Its fundraising activities are undertaken by employed staff without the use of external third party fundraisers. These staff work within the guidelines set out by the Charity Commission and within the parameters of the charity’s own fundraising policy. During this accounting period the charity has received no complaints pertaining to its fundraising practices or it staff. The charity does not cold call or place pressure on donors to give and it does use third parties or professional fundraising companies to attract support.

PUBLIC BENEFIT

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.

STRATEGIC REPORT

ACHIEVMENTS, PERFORMANCE AND FUTURE PLANS

2020 was an incredibly difficult year for the British Skin Foundation (BSF) and for the whole of the third sector as the global coronavirus pandemic took hold. Not only was the BSF's economic future unclear but also the way in which it is staffed and operates its daily business was suddenly under threat.

In March, along with the rest of the UK, the BSF went into lockdown and its dedicated team of full-time staff began working from home. The government supported many industries, including charities, within its generous workers' furlough scheme. However due to the small and specialised nature of the BSF's workforce and the limitations of the original furlough scheme (employers could not claim furlough and have staff working) it was deemed more cost effective and psychologically uplifting to try to continue business as normal.

Despite the downturn BSF's fundraising was dominated by our corporate donors who continue to support its work through generous donations. They value the BSF as it is recognised by them and their consumers as a trustworthy brand and truly knowledgeable on skin health and disease. Event fundraising saw a noticeable but expected dip. With lockdown restrictions in place for most of the spring and summer many big national and smaller bespoke events were cancelled. The BSF team did initiate some virtual events among its donors, but these had limited take up as it became clear that due to the pandemic, supporters' priorities had changed. Philanthropic giving remained static as the BSF benefitted from a second £85,000 restricted donation to the underfunded area of skin disease research (donations was accrued in 2019 together with the first tranche of £85,000). Additional large donations were also gratefully received from both the British Association of Dermatologists and the Skin Health Alliance.

Due to the uncertainly surrounding Covid and the BSF's policy of only awarding grants when monies are available it was decided to postpone the 2020 Large Grants programme and freeze the BSF's contribution to the MRC/BAD/BSF Clinical Research Training Fellowship. BSF's Large Grants are usually advertised in April, just when the country went into lockdown, and awarded in December. It was unanimously agreed by Trustees that the 2020 Large Grants would therefore be postponed until July 2021 reverting to a normal timetable in December 2022. This would allow time for both BSF's fundraising ambitions and the research community wants to return to normal. It would also help take the pressure off the BSF Grants Advisory Committee, many of whom were now key medical workers helping the NHS.

It was more important than ever that the BSF's messages reached far and wide in 2020. It was important that supporters, donors and the public saw the BSF continuing to be the leading skin disease and skin cancer research charity. Media coverage was maintained and, in some areas, increased. For instance, many commentators turned to BSF experts for skin, hygiene and Covid related news and advice.

1

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2020

BSF's website remains popular attracting in excess of 100,000 visits per month and social media platforms such as Twitter and Facebook are now being used as major conduits for engaging with supporters. Our website and e- newsletter articles continue to provide the most effective and efficient way of communicating fundraising and grant giving news to our donors and supporters.

We are expecting the Covid challenge to continue in 2021. Business uncertainty continues to affect our corporate donors and finding participants for fundraising events is difficult. However, with a dedicated fundraising and media team working tirelessly to keep our current supporters engaged and initiatives in place to recruit new donors we hope the British Skin Foundation is in good shape to meet the challenge.

FINANCIAL REVIEW

The charity’s principal sources of funding are donations and legacies. The assets of the charity are mainly held in norisk investment accounts at four unrelated British financial institutions. The assets are held in cash because the charity needs ready access to funds to meet grant commitments. The charity have also invested £50,000 in a listed investment fund and are monitoring its performance.

The British Skin Foundation will maintain sufficient reserves to ensure financial stability. Each year monies which are not already committed to reserves or grants, or required for running the organisation, will be made available for new awards. As there is always a delay between the granting of awards and the call for funds, a substantial positive balance will remain in the bank. If there are insufficient suitable applications for grants, the monies will be carried over to the next year.

Unrestricted funds invested in tangible fixed assets, listed investments and cash increased from £2,684,231 to £2,798,375 during the year. Restricted funds invested in cash fell from £79,512 to £1,685 during the year as the funds were required for the designated research project.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charitable incorporated organisation (“CIO”) was registered with the Charity Commissioners by Trust Deed on 30 January 2017 under the name "British Skin Foundation". The CIO has taken over the activities of the charity "The British Skin Foundation" (registered charity number 313865) on the 5 June 2020, as part of a restructuring of the charity.

New trustees may be appointed at any time either by way of replacement or addition. Appointments are made by a resolution of a meeting of the trustees provided that a memorandum declaring such appointment or discharge shall be signed as a deed either at a meeting by the person presiding or in some other manner directed by the meeting and attested by two persons present at the meeting.

Trustees are recruited either on personal recommendation or, where appropriate, through advertising. Care is taken to maintain a balance between the business and medical experience and skills contributed by the trustees. References are taken up on potential trustees and they are required to attend a briefing on the charity’s activities given by the administrator, where they are provided with background information, copies of the latest audited accounts, and the latest Charity Commission guidance.

The trustees oversee the pay and remuneration of the CEO Matthew Patey which is benchmarked against industry standards and based upon performance and an annual review.

The trustees have reviewed the major risks facing the charity and taken action to manage those risks. The major risks are a fall in income due to difficulties in the corporate and financial markets and possible employee fraud. The possibility of fraud is minimised by only the trustees being signatories on the bank accounts, and robust bank account security. In addition, the Trustee Indemnity Insurance Policy includes cover against possible employee fraud

2

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2020

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

CE008950 (England and Wales)

Registered Charity number

1171373

Registered office

4 Fitzroy Square London W1T 5HQ

Trustees (who served during the year and at the date the report was approved) Mrs E Erkal-Paler Chairperson Professor C Bunker Honorary Secretary Professor D Gawkrodger Honorary Treasurer Mr H Drayton Professor R Sarkany Dr S Mayou Professor E Healy Mr R Balson Dr B Shergill Dr T Griffiths Dr R Murphy (resigned 04.06.2020) Mrs Y Burne (appointed 01.09.2019) Ms T Bleiker (appointed 24.09.2020)

Chief Executive Officer

Matthew Patey

Auditors

Nichols & Co (Accountancy) Limited Chartered Accountants and Statutory Auditors Unit 7 Mulberry Place Pinnell Road Eltham London SE9 6AR

Bankers

Coutts & Co 440 Strand London WC2R 0QS

3

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period.

The trustees are responsible for keeping proper accounting records that 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, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity 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 charity 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 29 October 2021 and signed on its behalf by:

Professor C Bunker Trustee

4

Report of the Independent Auditors to the Trustees of British Skin Foundation for the year ended 31 December 2020

Opinion

We have audited the financial statements of British Skin Foundation (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 United Kingdom and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report of the trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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, 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.

5

Report of the Independent Auditors to the Trustees of British Skin Foundation for the year ended 31 December 2020

In preparing the financial statements, the trustees are responsible for assessing the 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 charity or to cease operations, or have no realistic alternative but to do so.

Our 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 regulations made under section 154 of that Act.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below,

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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.

Nichols & Co (Accountancy) Limited Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Unit 7, Mulberry Place Pinnell Road, Eltham London SE9 6AR

29 October 2021

6

British Skin Foundation

Statement of Financial Activities for the Year Ended 31 December 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total income and endowments
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Charitable Activities
Support Costs
Total expenditure
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
NET MOVEMENT ON FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,159,059
64,655
5,305
1,229,019
40,262
1,002,621
74,497
1,117,380
2,505
114,144
-
114,144
2,684,231
2,798,375		 Restricted
funds
£
-
-
-
-
-
77,827
-
77,827
-
(77,827)
-
(77,827)
79,512
1,685		 31.12.20
Total
funds
£
1,159,059
64,655
5,305
1,229,019
40,262
1,080,448
74,497
1,195,207
2,505
36,317
-
36,317
2,763,743
2,800,060		 31.12.19
Total
funds
£
1,211,988
104,043
12,088
1,328,119
21,696
891,079
77,592
990,367
-
337,752
-
337,752
2,425,991
2,763,743

All income and expenditure has arisen from continuing activities.

7

British Skin Foundation

Balance Sheet 31 December 2020

Notes
FIXED ASSETS
Tangible assets
14
Investments
15
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
CHARITY FUNDS
18
Unrestricted funds
Restricted funds
TOTAL CHARITY FUNDS		 Unrestricted
fund
£
624
52,505
53,129
383,506
2,536,474
2,919,980
(174,734)
2,745,246
2,798,375
2,798,375		 Restricted
fund
£
-
-
-
-
6,444
6,444
(4,759)
1,685
1,685
1,685		 31.12.20
Total
funds
£
624
52,505
53,129
383,506
2,542,918
2,926,424
(179,493)
2,746,931
2,800,060
2,800,060
2,798,375
1,685
2,800,060		 31.12.19
Total
funds
£
832
50,000
50,832
340,491
2,414,222
2,754,713
(41,802)
2,712,911
2,763,743
2,763,743
2,684,231
79,512
2,763,743

The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2021 and were signed on its behalf by:

Professor D Gawkrodger Trustee

8

British Skin Foundation

Cash Flow Statement
for the Year Ended 31 December 2020
Notes
Cash flows from operating activities
Cash generated from operations
1
Tax paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Interest received
Dividends received
Net cash provided by/ (used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.12.20
£
121,391
2,000
123,391
-
4,217
1,088
5,305
128,696
2,414,222
2,542,918		 31.12.19
£
268,130
1,000
269,130
(50,000)
11,156
932
(37,912)
231,218
2,183,004
2,414,222

9

British Skin Foundation

Notes to the Cash Flow Statement for the Year Ended 31 December 2020

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period
(as per the Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Dividends received
Increase in debtors
Increase/(decrease) in creditors
(Gains)/losses on investments
Net cash provided by operations
2.
ANALYSIS OF CHANGES IN NET FUNDS		 31.12.20
£
36,317
208
(4,217)
(1,088)
(45,015)
137,691
(2,505)
121,391		 31.12.19
£
337,752
278
(11,156)
(932)
(51,115)
(6,697)
-
268,130
Net cash
Cash at bank and in hand
Total		 At 1.1.20
£
2,414,222
2,414,222		 Cash flow
£
128,696
128,696		 At 31.12.20
£
2,542,918
2,542,918

10

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

British Skin Foundation is a charitable incorporated organisation registered in England. The address of the registered office is given in the report of the trustees, together with details of the charity’s operations and principal activities.

The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

INCOME

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

FUNDS

Unrestricted funds 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.

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 cost 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.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Computer equipment 25% on reducing balance

INVESTMENTS

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

11

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

EMPLOYEE BENEFITS

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

TAXATION

As a registered charity, the organisation is exempt from income and capital gains tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the charity, and is therefore included within the relevant costs in the Statement of Financial Activities.

GOING CONCERN

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2. DONATIONS AND LEGACIES

Gift aid
Legacies
Donations from individuals
Company donations
Trust donations
BAD Donations
3.
OTHER TRADING ACTIVITIES
Fundraising events
4.
INVESTMENT INCOME
Deposit account interest
Dividend income		 31.12.20
£
2,664
134,772
20,787
714,276
310
286,250
1,159,059
31.12.20
£
64,655
31.12.20
£
4,217
1,088
5,305		 31.12.19
£
4,032
5,152
190,748
682,407
30,254
299,395
1,211,988
31.12.19
£
104,043
31.12.19
£
11,156
932
12,088

12

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

5. RAISING FUNDS

Bad debts
Advertising
Events
Sponsorships		 31.12.20
£
3,500
30,541
5,659
562
40,262		 31.12.19
£
-
1,744
19,952
-
21,696

6. CHARITABLE ACTIVITIES COSTS

Charitable activities
Support costs
Charitable activities
Support costs		 Direct costs
(see note 7)
£
327,580
-
327,580
Direct costs
(see note 7)
£
317,277
-
317,277		 Grant funding
of activities
(see note 8)
£
752,868
-
752,868
Grant funding
of activities
(see note 8)
£
573,802
-
573,802		 Support costs
(see note 9)
£
-
74,497
74,497
Support costs
(see note 9)
£
-
77,592
77,592		 2020
TOTAL
£
1,080,448
74,497
1,154,945
2019
TOTAL
£
891,079
77,592
968,671

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

Staff costs
Postage and stationery
Travel expenses
Computer expenses
Staff training		 31.12.20
£
283,843
11,068
519
30,593
1,557
327,580		 31.12.19
£
276,812
3,698
494
36,273
-
317,277

13

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

8. GRANTS PAYABLE

Charitable Activities
The grants paid to Institutions are detailed below:
Ref
Institution
7013s
Trinity College Dublin
8005s
Kings College London
8010i
University of Bristol
8016s
University of Nottingham
8030s
Imperial College
8060
Queen Mary University London
MRC-06
Medical Research Council
009/s/16
Newcastle University
016/s/16
Queen Mary University London
023/r/16
University of Manchester
025/s/16
University of Ulster
041/s/16
University of Hull
056/i/16
Queen Mary University London
059/s/16
Cardiff University
MRC-07
Medical Research Council
008/SG/17
University College Dublin
001/e/17
King's College
002/yi/17
Queen Mary University London
007/yi/17
University of Bristol
016/s/17
University of Manchester
019/r/17
Cardiff University
025/s/17
University of Dundee
026/s/17
University of Edinburgh
035/s/17
University of Surrey
005/r/18
Imperial College
011/s/18
Queen Mary University London
024/s/18
London School of Hygiene & Tropical Medicine
030/s/18
Huddersfield University
032/s/18
University College London
036/s/18
University of Bath
037/r/18
University of Dundee
043/s/18
Imperial College
004/SG/18
University of Bath
007/SG/18
Imperial College
010/SG/18
Queen Mary University London
009/BPG.SG/18
University of Manchester
011/SG/19
Trinity College Dublin
020/SG/19
University of Oxford
032/SG/19
University of Liverpool
010/BSFBAD/19 NHS Greater Glasgow
016/BSF/BAD/19 Royal Cornwall Hospitals
099/r/19
George Kravvas
007/BSFSG/19
Huddersfield University
008/BSFSG/19
University of Southampton
002/BSFBAD/19 Newcastle University
023/BSFBPG/19
Guy's and St Thomas' NHS Foundation Trust		 31.12.20
31.12.19
£
£
752,868
573,802
31.12.20
31.12.19
£
£
14,515
13,500
28,333
14,167
-
143
684
23,155
7,083
28,333
-
10,125
-
18,444
12,338
25,874
-
21,250
-
20,104
22,090
26,958
15,336
24,429
-
33,749
10,531
33,086
9,896
19,632
-
10,000
30,250
-
30,000
-
62,140
8,991
21,249
28,332
-
11,140
7,083
28,333
14,167
35,416
28,334
28,333
40,411
-
31,889
-
35,007
-
35,771
-
32,923
-
28,333
7,084
11,672
4,450
21,250
-
-
9,735
-
9,996
-
10,000
-
9,979
-
10,000
-
10,000
-
7,900
-
10,000
-
5,070
32,662
868
9,980
-
10,000
-
9,985
-
10,000
-

14

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

8. GRANTS PAYABLE - continued

004/s/19
Beatson Institute for Cancer Research
005/s/19
University of Glasgow
023/f/19
University of Southampton
024/f/19
Guy's and St Thomas' NHS Foundation Trust
045/r/19
University College London
024/BSFSG/20
University of Dundee
026/BSFSG/20
Queen Mary University London
MRC-08
Medical Research Council
MRC-09
Medical Research Council		 5,709
7,083
15,500
31,000
25,170
9,707
9,962
14,317
10,508
752,868		 -
-
-
-
-
-
-
4,760
10,466
573,802

9. SUPPORT COSTS

Management
£
Support Costs
61,117
Support costs, included in the above, are as follows:
Trustees' expenses
Insurance
Sundries
Office accommodation charges
Subscriptions
Depreciation of tangible and heritage assets
Bank charges
Payroll costs
Auditors' remuneration
Auditors' remuneration for non audit work		 Finance
Governance
Total
£
£
£
5,441
7,939
74,497
31.12.20
31.12.19
£
£
96
487
2,400
2,327
945
1,127
56,000
56,000
1,468
3,215
208
278
2,051
2,386
3,390
4,254
4,631
4,410
3,308
3,108
74,497
77,592		 Finance
Governance
Total
£
£
£
5,441
7,939
74,497
31.12.20
31.12.19
£
£
96
487
2,400
2,327
945
1,127
56,000
56,000
1,468
3,215
208
278
2,051
2,386
3,390
4,254
4,631
4,410
3,308
3,108
74,497
77,592		 Total
£
74,497
77,592

10.

NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Net income/(expenditure) is stated after charging/(crediting):
31.12.20 31.12.19
£ £
Auditors' remuneration 4,631 4,410
Auditors' remuneration for non audit work 3,308 3,108
Depreciation – tangible fixed assets 208 278
(Profit)/loss on fair value movement of investments (2,505) -

15

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

11. TRUSTEES' REMUNERATION AND EXPENSES

The trustees neither received nor waived any remuneration or other benefits during the year (2019: £nil).

During the year ended 31 December 2020, expenses totalling £96 (2019: £487) were reimbursed to 1 Trustees (2019: 3) for travel costs.

12. STAFF COSTS AND EMPLOYEE BENEFITS

The average number of people employed by the charity during the year was 6 (2019: 6).

The total staff costs and employee benefits were as follows:

Wages and salaries
Social security
Defined contribution pension costs		 2020
£
249,041
23,127
11,675
283,843		 2019
£
245,136
21,483
10,193
276,812

The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:

2020 2019
Number Number
£90,001 - £100,000 1 1

16

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable Activities
Support Costs
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
1,041,988
104,043
12,088
1,158,119
21,696
800,591
77,592
899,879
258,240
2,425,991
2,684,231		 Restricted
fund
£
170,000
-
-
170,000
-
90,488
-
90,488
79,512
-
79,512		 Total
funds
£
1,211,988
104,043
12,088
1,328,119
21,696
891,079
77,592
990,367
337,752
2,425,991
2,763,743

17

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

14. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 January 2020 and 31 December 2020 1,744
DEPRECIATION
At 1 January 2020 912
Charge for year 208
At 31 December 2020 1,120
NET BOOK VALUE
At 31 December 2020 624
At 31 December 2019 832

15. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 January 2020
Revaluation
At 31 December 2020
IMPAIRMENT
At 1 January 2020 and 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Listed
investments
£
50,000
2,505
52,505
-
52,505
50,000

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

BAD donation
Other debtors
Other donations
Gift aid recoverable
Accrued income
Prepayments		 31.12.20
£
200,000
202
150,000
21,000
10,000
2,304
383,506		 31.12.19
£
200,000
2,741
114,750
23,000
-
-
340,491

18

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Credit card bills
Accruals and deferred income
Accrued expenses		 31.12.20
£
168,993
277
7,938
2,285
179,493		 31.12.19
£
33,389
89
7,560
764
41,802

18. FUND RECONCILIATION

Unrestricted
Restricted
Unrestricted
Restricted		 Balance at
1 January
2020
Income
Expenditure
Transfers
Gains/(losses)
Balance at
31 December
2020
£
£
£
£
£
£
2,684,231
1,229,019
(1,117,380)
-
2,505
2,798,375
79,512
-
(77,827)
-
-
1,685
2,763,743
1,229,019
(1,195,207)
-
2,505
2,800,060
Balance at
1 January
2019
Income
Expenditure
Transfers
Gains/(losses)
Balance at
31 December
2019
£
£
£
£
£
£
2,425,991
1,158,119
(899,879)
-
-
2,684,231
-
170,000
(90,488)
-
-
79,512
2,425,991
1,328,119
(990,367)
-
-
2,763,743

Fund descriptions

a) Unrestricted funds

Unrestricted funds are available to spend on activities that further any purpose of the charity.

An anonymous donation was received in 2019 to be used to fund skin disease research.

19. PENSIONS AND OTHER POST RETIREMENT BENEFITS

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £11,675 (2019 - £10,193).

The defined contribution liability is allocated to unrestricted funds and is a direct cost within charitable activities.

19

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

19. FINANCIAL COMMITMENTS

£1,512,097 of grant funding commitments have not been accrued in the balance sheet as performance related conditions have not been met. The charity holds sufficient cash deposits to fund these grant commitments. There is uncertainty as to when these commitments will be settled, as they depend on the progress of each medical research project.

Grant commitments as at 31 December 2020:

Ref Total Amount
Grant Outstanding
£ £
2014 7013s 81,000 36,780
2015 8016s 85,000 15,743
2016 MRC-06 55,000 4,649
016/s/16 85,000 35,417
025/s/16 85,000 9,584
059/s/16 85,000 120
2017 MRC-07 58,422 4,592
002/yi/17 90,000 60,000
007/yi/17 89,970 18,840
016/s/17 85,000 35,419
025/s/17 85,000 42,500
026/s/17 85,000 35,417
035/s/17 85,000 28,333
2018 MRC-08 58,028 38,952
005/r/18 80,823 40,412
011/s/18 85,000 53,111
024/s/18 85,000 49,993
030/s/18 85,000 49,229
032/s/18 85,000 52,077
036/s/18 85,000 49,583
037/r/18 75,197 59,074
043/s/18 85,000 63,750
2019 MRC-09 63,435 42,460
099/r/19 170,000 136,470
003/BSFBAD/19 8,380 8,380
022/BSFBAD/19 9,960 9,960
009/BSFBPG/19 10,000 10,000
004/s/19 85,000 79,291
005/s/19 85,000 77,917
023/f/19 62,000 46,500
024/f/19 62,000 31,000
042/yi/19 79,902 79,902
044/r/19 81,000 81,000
045/r/19 80,701 55,530

20

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

19. GRANT COMMITMENTS - continued

2020 005/BSFSG/20
10,000
019/BSFSG/20
9,991
021/BSFSG/20
10,000
024/BSFSG/20
10,000
014/BSFBAD/20
9,967
022/BSFBAD/20
9,900
025/BSFBAD/20
10,000
027/BSFBPG/20
9,960
Total		 10,000
9,991
10,000
294
9,967
9,900
10,000
9,960
1,512,097

20. RELATED PARTIES

The British Skin Foundation Chief Executive, Matthew Patey, is the sole owner and Managing Director of Skin Health Alliance Limited (Company Registration No. 07445820). Skin Health Alliance donated £174,500 to the British Skin Foundation in 2020 (2019: £183,694).

During the year trustee Tanya Bleiker was appointed President of the British Association of Dermatology (“BAD”). The charity received a donation of £286,250 from BAD (2019: £243,395).

21

British Skin Foundation

Detailed Statement of Financial Activities for the Year Ended 31 December 2020

INCOME AND ENDOWMENTS
Donations and legacies
Gift aid
Legacies
Donations from individuals
Company donations
Trust donations
BAD Donations
Other trading activities
Fundraising events
Investment income
Deposit account interest
Dividend income
Total income and endowments		 31.12.20
£
2,664
134,772
20,787
714,276
310
286,250
1,159,059
64,655
4,217
1,088
5,305
1,229,019		 31.12.19
£
4,032
5,152
190,748
682,407
30,254
299,395
1,211,988
104,043
11,156
932
12,088
1,328,119

This page does not form part of the statutory financial statements

22

British Skin Foundation

Detailed Statement of Financial Activities for the Year Ended 31 December 2020

EXPENDITURE
Other trading activities
Bad debts
Advertising
Events
Sponsorships
Charitable activities
Wages
Pensions
Postage and stationery
Travel expenses
Computer expenses
Staff training
Grants to institutions
Support costs
Management
Trustees' expenses
Insurance
Sundries
Office accommodation charges
Subscriptions
Computer equipment
Finance
Bank charges
Payroll costs
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Total expenditure
Net gains/(losses) on investments
NET INCOME		 31.12.20
£
3,500
30,541
5,659
562
40,262
272,168
11,675
11,068
519
30,593
1,557
752,868
1,080,448
96
2,400
945
56,000
1,468
208
61,117
2,051
3,390
5,441
4,631
3,308
7,939
1,195,207
2,505
36,317		 31.12.19
£
-
1,744
19,952
-
21,696
266,619
10,193
3,698
494
36,273
-
573,802
891,079
487
2,327
1,127
56,000
3,215
278
63,434
2,386
4,254
6,640
4,410
3,108
7,518
990,367
-
337,752

This page does not form part of the statutory financial statements

23