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2021-12-31-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 2021

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 2021

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 20
Detailed Statement of Financial Activities 21 to 22

Report of the Trustees for the Year Ended 31 December 2021

British Skin Foundation

The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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, 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 its 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 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

ACHIEVEMENTS, PERFORMANCE, AND FUTURE PLANS

2021 proved a positive year for the British Skin Foundation (BSF). Following the uncertainty of the previous year which was spent mostly in lockdown and saw many charities disappear due to the difficult financial climate, the BSF performed well. Not only was income back to pre-Covid norms but we were able to reinstate our suspended skin disease research grants programme.

Fundraising was dominated by our corporate donors who continue to support BSF's work through their generous support. BSF is recognised by their consumers as a respected and trustworthy source of information about skin health and disease. Event fundraising began to recover as lockdown restrictions were lifted with more donors returning as many big national and smaller bespoke events were reinstated. Philanthropic giving picked up too and the BSF team worked hard to secure large scale joint funding from the pharmaceutical industry in the shape of a generous donation from Pfizer. A further large donation was gratefully received from the British Association of Dermatologists. The Association has long been a loyal supporter of the BSF going back to its inception and the synergy between both organisations has resulted in an invaluable boost to British dermatological research.

In 2020, 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 Large Grants programme and freeze the BSF's contribution to the MRC/BAD/BSF Clinical Research Training Fellowship. Fortunately, in 2021 the BSF was in a strong financial position again and reinstated its Large Grants programme. We awarded £920,000 in our Large Grants programme meaning an impressive £1,070,000 in total being distributed to skin disease and skin cancer research during the year. The BSF is incredibly grateful to its Grants Advisory Committee, expertly chaired by Professor Patrick Maxwell, who generously donate their time and expertise to ensuring our grants programme is delivered fairly and efficiently. It was also agreed by Trustees that the MRC/BAD/BSF Clinical Research Training Fellowship would be made available again from January 2022.

Communication remains key to the BSF's success and in 2021 our messages reached far and wide. Supporters, donors, and the public heard the BSF continue to be a leading voice on skin disease and skin cancer related subjects. There was matching growth in media coverage into a wide variety of skin topics. The need for online answers remains high and BSF's website remains the main 'go to' for people looking for skin information, attracting more than 100,000 visits per month. Our social media platforms such as Twitter and Facebook are also a popular for engaging with supporters. Our website and e-newsletter articles therefore continue to provide the most effective and efficient way of communicating fundraising and grant giving news to our donors and supporters.

Page 1

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2021

It is hoped 2022 will see the BSF continue to build on the successes of 2021 and grow in each key business area. Although an element of uncertainty remains with the echo of Covid, it is hoped a fresh business plan and our dedicated fundraising, media and grant giving team the British Skin Foundation is in good shape to meet the challenge of the next 12 months.

FINANCIAL REVIEW

The charity's principal sources of funding are donations and legacies. The assets of the charity are mainly held in no-risk 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 has also invested an additional £50,000 (2020: £50,000) in a listed investment fund and are monitoring its performance.

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 decreased from £2,798,375 to £2,328,154 during the year. Restricted funds invested in cash and debtors increased from £1,685 to £357,841. During the year, several grants were reclassified as restricted, resulting in a transfer of £134,786 from the unrestricted fund to the restricted fund.

RESERVES POLICY

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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charitable incorporated organisation ("CIO") was registered with the Charity Commissioners by Trust Deed on 30th 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[th] 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.

KEY MANAGEMENT REMUNERATION

The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the Charity was £67,506 (2020: £96,181).

Page 2

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2021

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

CE008950 (England and Wales)

Registered Charity number 1171373

Registered office

4 Fitzroy Square London W1T 5HQ

Trustees

Mrs E Erkal-Paler Chairperson Professor C B 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 Mrs Y Burne Ms T Bleiker

Auditors

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

Chief Executive Officer Matthew Patey

Bankers

Coutts & Co 440 Strand London WC2R 0QS

Page 3

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2021

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.

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

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.

Report of the trustees approved by order of the board of trustees on 28 October 2022 and signed on the board's behalf by:

Professor C B Bunker Trustee

Page 4

Report of the Independent Auditors to the Trustees of British Skin Foundation

Opinion

We have audited the financial statements of British Skin Foundation (the 'charity') for the year ended 31 December 2021 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Page 5

Report of the Independent Auditors to the Trustees of British Skin Foundation

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-for-audi tors/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 auditors' 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

Date: 28 October 2022

Page 6

British Skin Foundation

Statement of Financial Activities for the Year Ended 31 December 2021

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
712,845
Other trading activities
3
80,840
Investment income
4
3,803
Total
797,488
EXPENDITURE ON
Raising funds
5
23,764
Charitable activities
6
Charitable Activities
1,037,283
Support Costs
80,542
Total
1,141,589
Net gains/(losses) on investments revaluation
8,666
NET INCOME/(EXPENDITURE)
(335,435)
Transfers between funds
(134,786)
NET MOVEMENT ON CHARITY FUNDS
(470,221)
RECONCILIATION OF FUNDS
Total funds brought forward
2,798,375
TOTAL FUNDS CARRIED FORWARD
2,328,154		 Restricted
fund
£
255,430
-
-
255,430
-
34,060
-
34,060
-
221,370
134,786
356,156
1,685
357,841		 31.12.21
Total
funds
£
968,275
80,840
3,803
1,052,918
23,764
1,071,343
80,542
1,175,649
8,666
(114,065)
-
(114,065)
2,800,060
2,685,995		 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

All income and expenditure have arisen from continuing activities.

The notes form part of these financial statements

Page 7

British Skin Foundation

Balance Sheet 31 December 2021

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
14
8,377
Investments
15
111,171
119,548
CURRENT ASSETS
Debtors
16
229,402
Cash at bank and in hand
2,209,806
2,439,208
CREDITORS
Amounts falling due within one year
17
(230,602)
NET CURRENT ASSETS
2,208,606
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,328,154
NET ASSETS
2,328,154
CHARITY FUNDS
18
Unrestricted funds
Restricted funds
TOTAL CHARITY FUNDS		 Restricted
fund
£
-
-
-
167,616
203,522
371,138
(13,297)
357,841
357,841
357,841		 31.12.21
Total
funds
£
8,377
111,171
119,548
397,018
2,413,328
2,810,346
(243,899)
2,566,447
2,685,995
2,685,995
2,328,154
357,841
2,685,995		 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

The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2022 and were signed on its behalf by:

Professor D Gawkrodger Trustee

The notes form part of these financial statements

Page 8

British Skin Foundation

Cash Flow Statement
for the Year Ended 31 December 2021
Notes
Cash flows from operating activities
Cash generated from operations
1
Tax paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Interest received
Dividends received
Net cash (used in)/provided by 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		 31.12.21
£
(74,561)
2,000
(72,561)
(9,765)
(50,000)
772
1,964
(57,029)
(129,590)
2,542,918
2,413,328		 31.12.20
£
121,391
2,000
123,391
-
-
4,217
1,088
5,305
128,696
2,414,222
2,542,918

The notes form part of these financial statements

Page 9

British Skin Foundation

Notes to the Cash Flow Statement for the Year Ended 31 December 2021

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gain on investments
Loss on disposal of fixed assets
Interest received
Dividends received
Increase in debtors
Increase in creditors
Net cash (used in)/provided by operations		 31.12.21
£
(114,065)
1,678
(8,666)
334
(841)
(2,962)
(14,445)
64,406
(74,561)		 31.12.20
£
36,317
208
(2,505)
-
(4,217)
(1,088)
(45,015)
137,691
121,391

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Total		 At 1.1.21
£
2,542,918
2,542,918
2,542,918		 Cash flow
£
(129,590)
(129,590)
(129,590)		 At 31.12.21
£
2,413,328
2,413,328
2,413,328

The notes form part of these financial statements

Page 10

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2021

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:

Fixtures and fittings - 10% on cost Computer equipment - 20% on cost

continued...

Page 11

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

1. ACCOUNTING POLICIES - continued

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.

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 are 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
Donations from other charities
3.
OTHER TRADING ACTIVITIES
Fundraising events
4.
INVESTMENT INCOME
Deposit account interest
Dividend income		 31.12.21
£
2,127
10,970
18,123
415,683
70,717
142,269
308,386
968,275
31.12.21
£
80,840
31.12.21
£
841
2,962
3,803		 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

continued...

Page 12

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

5. RAISING FUNDS

OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
31.12.21 31.12.20
£ £
Bad debts 5,000 3,500
Advertising 12,234 30,541
Events 5,968 5,659
Sponsorships 562 562
23,764 40,262

6. CHARITABLE ACTIVITIES COSTS

Direct
Costs (see
note 7)
£
Charitable Activities
310,137
Support Costs
-
310,137
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Postage and stationery
Travel expenses
Computer expenses
Staff training
8.
GRANTS PAYABLE
Charitable Activities
The grants paid to Institutions are detailed as follows:		 Grant
funding of
activities
(see note
8)
£
761,206
-
761,206		 Support
costs (see
note 9)
£
-
80,542
80,542
31.12.21
£
276,527
6,088
-
27,122
400
310,137
31.12.21
£
761,206		 Totals
£
1,071,343
80,542
1,151,885
31.12.20
£
283,843
11,068
519
30,593
1,557
327,580
31.12.20
£
752,868
Ref

7013s

8005s

8016s

8030s

009/s/16

025/s/16

041/s/16

059/s/16
 Institution
2021
2020
Trinity College Dublin
27,000
14,515
Kings College London
-
28,333
University of Nottingham
13,863
684
Imperial College
-
7,083
Newcastle University
-
12,338
University of Ulster
2,132
22,090
University of Hull
-
15,336
Cardiff University
-
10,531

continued...

Page 13

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

8. GRANTS PAYABLE – continued

MRC-07
Medical Research Council
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
025/s/17
University of Dundee
026/s/17
University of Edinburgh
035/s/17
University of Surrey
MRC-08
Medical Research Council
005/r/18
Imperial College
011/s/18
Queen Mary University London
024/s/18
London School of Hygiene and 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
MRC-09
Medical Research Council
099/r/19
George Kravvas
007/BSFSG/19
Huddersfield University
008/BSFSG/19
University of Southampton
003/BSFBAD/19
Northern Care Alliance NHS Foundation
Trust
002/BSFBAD/19
Newcastle University
023/BSFBPG/19
Guy's and St Thomas' NHS Foundation
Trust
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
042/yi/19
King's College London
044/r/19
University of Leeds
045/r/19
University College London
014/BSFBAD/20
University Hospitals Birmingham Charity
005/BSFSG/20
Imperial College
019/BSFSG/20
University of Manchester
024/BSFSG/20
University of Dundee
025/BSFSG/20
026/BSFSG/20
University of Cambridge
Queen Mary University London		 -
45,902
30,000
19,122
28,332
308
28,333
28,333
19,231
40,411
33,195
23,255
28,120
23,171
28,333
20,766
14,167
31,781
34,060
-
-
8,380
-
-
18,331
28,333
46,500
31,000
6,178
10,125
52,586
9,967
10,000
9,991
-
10,000
-
£ 761,206		 9,896
30,250
30,000
62,140
21,249
7,083
14,167
28,334
14,317
40,411
31,889
35,007
35,771
32,923
28,333
11,672
21,250
10,508
32,662
9,980
10,000
-
9,985
10,000
5,709
7,083
15,500
31,000
-
-
25,170
-
-
-
9,707
-
9,962
£ 752,868

continued...

Page 14

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

9. SUPPORT COSTS

Management
£
Support Costs
68,027
Support costs, included in the above, are as follows:
Trustees' remuneration etc
Insurance
Sundries
Office accommodation charges
Subscriptions
Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets
Bank charges
Payroll costs
Auditors' remuneration
Auditors' remuneration for non-audit work		 Governance
Finance
costs
Totals
£
£
£
2,812
9,703
80,542
31.12.21
31.12.20
Support
Total
Costs
activities
£
£
-
96
2,882
2,400
481
945
56,000
56,000
6,652
1,468
1,678
208
334
1,792
-
2,051
1,020
3,390
5,690
4,631
4,013
3,308
80,542
74,497

10. NET INCOME/(EXPENDITURE)

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

31.12.21 31.12.20
£ £
Auditors' remuneration 5,690 4,631
Auditors' remuneration for non-audit work 4,013 3,308
Depreciation - owned assets 1,678 208
Deficit on disposal of fixed assets 334 -
(Profit)/loss on fair value movement of investments (8,666) (2,505)

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

TRUSTEES' EXPENSES

During the year ended 31 December 2021, expenses totalling £Nil (2020: £96) were reimbursed to 0 Trustees (2020: 1) for travel costs.

continued...

Page 15

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.12.21
£
242,663
22,177
11,687
276,527		 31.12.20
£
249,041
23,127
11,675
283,843

The average number of employees during the year was 6 (2020: 6).

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000
£90,001 - £100,000
13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
1,159,059
Other trading activities
64,655
Investment income
5,305
Total
1,229,019
EXPENDITURE ON
Raising funds
40,262
Charitable activities
Charitable Activities
1,002,621
Support Costs
74,497
Total
1,117,380
Net gains on investments
2,505
NET INCOME/(EXPENDITURE)
114,144
RECONCILIATION OF FUNDS
Total funds brought forward
2,684,231
TOTAL FUNDS CARRIED FORWARD
2,798,375		 31.12.21
2
-
2

Restricted
fund
£
-
-
-
-
-
77,827
-
77,827
-
(77,827)
79,512
1,685		 31.12.20
-
1
1
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
2,763,743
2,800,060

continued...

Page 16

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

14. TANGIBLE FIXED ASSETS

14. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 January 2021 - 1,744 1,744
Additions 5,652 4,113 9,765
Disposals - (1,744) (1,744)
At 31 December 2021 5,652 4,113 9,765
DEPRECIATION
At 1 January 2021 - 1,120 1,120
Charge for year 565 1,113 1,678
Eliminated on disposal - (1,410) (1,410)
At 31 December 2021 565 823 1,388
NET BOOK VALUE
At 31 December 2021 5,087 3,290 8,377
At 31 December 2020 - 624 624
15. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2021 52,505
Additions 50,000
Revaluations 8,666
At 31 December 2021 111,171
NET BOOK VALUE
At 31 December 2021 111,171
At 31 December 2020 52,505

There were no investment assets outside the UK.

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.

continued...

Page 17

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

British Skin Foundation

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

BAD donation
Accrued interest
Other donations
Other debtors
Accrued dividend
Gift aid recoverable
Accrued income
Prepayments
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grant payables
Trade creditors
Other creditors
Credit card
Accruals and deferred income
Accrued expenses
Deferred income		 31.12.21
£
-
69
123,769
10,000
998
19,000
209,404
33,778
397,018
31.12.21
£
167,608
26,549
1,657
569
9,240
276
38,000
243,899		 31.12.20
£
200,000
202
150,000
-
-
21,000
10,000
2,304
383,506
31.12.20
£
168,993
520
-
277
7,938
1,765
-
179,493

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

18. MOVEMENT IN FUNDS

Unrestricted
Restricted
Unrestricted
Restricted		 Balance at
1st January
2021
£
2,798,375
1,685
2,800,060
Balance at
1st January
2020
£
2,684,231
79,512
2,763,743		 Income
£
797,488
255,430
1,052,918
Income
£
1,229,019
-
905,462		 Expenditure
£
(1,141,589)
(34,060)
(1,175,649)
Expenditure
£
(1,117,380)
(77,827)
(1,195,207)		 Transfers
£
(134,786)
134,786
-
Transfers
£
-
-
-		 Gains/(losses)
£
8,666
-
8,666
Gains/(losses)
£
2,505
-
2,505		 Balance at
31st December
2021
£
2,328,154
357,841
2,685,995
Balance at
31st December
2020
£
2,798,375
1,685
2,800,060

Fund description

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

b) Restricted funds

Donations received to be used to fund specific skin disease research projects.

continued...

Page 18

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

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 £11,410 (2020 - £11,675).

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

20. FINANCIAL COMMITMENTS

£1,716,902 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 2021:

Ref Total value Outstanding
2014 7013s 81,000 9,780
2015 8016s 85,000 1,880
2016 MRC-06 55,000 4,649
016/s/16 85,000 35,417
025/s/16 85,000 7,452
2017 MRC-07 58,422 4,592
002/yi/17 90,000 30,000
016/s/17 85,000 7,087
025/s/17 85,000 42,193
026/s/17 85,000 7,084
2018 MRC-08 58,028 19,720
011/s/18 85,000 19,917
024/s/18 85,000 26,737
030/s/18 85,000 21,109
032/s/18 85,000 28,907
036/s/18 85,000 21,250
037/r/18 75,197 38,308
043/s/18 85,000 49,583
2019 MRC-09 63,435 10,679
099/r/19 170,000 102,410
022/BSFBAD/19 9,960 9,960
009/BSFBPG/19 10,000 10,000
004/s/19 85,000 60,960
005/s/19 85,000 49,583
042/yi/19 79,902 73,724
044/r/19 81,000 70,875
045/r/19 80,701 2,944

continued...

Page 19

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

20. FINANCIAL COMMITMENTS - continued

2020 021/BSFSG/20 10,000 10,000
022/BSFBAD/20 9,900 9,900
027/BSFBPG/20 9,960 9,960
003/s/20 85,000 85,000
007/s/20 85,000 85,000
008/r/20 81,000 81,000
009/r/20 80,200 80,200
011/yi/20 89,978 89,978
016/s/20 85,000 85,000
017/s/20 85,000 85,000
025/s/20 85,000 85,000
037/r/20 81,000 81,000
041/s/20 85,000 85,000
2021 010/BSFSG/21 10,000 10,000
013/BSFSG/21 10,000 10,000
014/BSFSG/21 10,000 10,000
016/BSFSG/21 10,000 10,000
017/BSFSG/21 9,876 9,876
019/BSFBAD/21 10,000 10,000
004/BSFBPG/21 8,188 8,188
006/BSFBPG/21 10,000 10,000
Total £ 1,716,902

21. RELATED PARTIES

British Skin Foundation Chief Executive is the sole owner and Managing Director of the Skin Health Alliance (Company Registration No. 07445820). The Skin Health Alliance donated £183,600 to the British Skin Foundation in 2021 (2020: £174,500).

Tanya Bleiker is a trustee of British Skin Foundation and President of the British Association of Dermatology ("BAD"). British Skin Foundation received donations totalling £142,269 from BAD in 2021 (2020: £286,250).

continued...

Page 20

British Skin Foundation

Detailed Statement of Financial Activities for the Year Ended 31 December 2021

INCOME AND ENDOWMENTS
Donations and legacies
Gift aid
Legacies
Donations from individuals
Company donations
Trust donations
BAD Donations
Donations from other charities
Other trading activities
Fundraising events
Investment income
Deposit account interest
Dividend income
Total incoming resources		 31.12.21
£
2,127
10,970
18,123
415,683
70,717
142,269
308,386
968,275
80,840
841
2,962
3,803
1,052,918		 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

This page does not form part of the statutory financial statements

Page 21

British Skin Foundation

Detailed Statement of Financial Activities for the Year Ended 31 December 2021

EXPENDITURE
Other trading activities
Bad debts
Advertising
Events
Sponsorships
Charitable activities
Wages
Social security
Pensions
Postage and stationery
Travel expenses
Computer expenses
Staff training
Grants to institutions
Support Costs
Management
Trustees’ expenses
Insurance
Sundries
Office accommodation charges
Subscriptions
Loss on sale of tangible fixed assets
Fixtures and fittings depreciation
Computer equipment depreciation
Finance
Bank charges
Payroll costs
Governance costs
Auditors' remuneration
Auditors' remuneration for non-audit work
Total expenditure
Net gains/(losses) on investment revaluations
NET (EXPENDITURE)/INCOME		 31.12.21
£
5,000
12,234
5,968
562
23,764
242,663
22,177
11,687
6,088
-
27,122
400
761,206
1,071,343
-
2,882
481
56,000
6,652
334
565
1,113
68,027
1,792
1,020
2,812
5,690
4,013
9,703
1,175,649
8,666
(114,065)		 31.12.20
£
3,500
30,541
5,659
562
40,262
249,041
23,127
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

This page does not form part of the statutory financial statements

Page 22