OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-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 2022

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 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 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 Financial Statements 10 to 20

British Skin Foundation

Reference and Administrative Details for the Year Ended 31 December 2022

TRUSTEES

Mrs E Erkal-Paler Chair Person Professor C B Bunker Honorary Secretary Professor D J 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 (resigned 31.07.22) Dr N Rajan (appointed 22.09.22)

4 Fitzroy Square London W1T 5HQ CE008950 (England and Wales)

REGISTERED OFFICE

REGISTERED COMPANY CE008950 (England and Wales) NUMBER REGISTERED CHARITY 1171373 NUMBER AUDITORS Nichols & Co ( Accountancy ) Limited Chartered Accountants and Statutory Auditors Unit 7 Mulberry Place Pinnell Road Eltham London SE9 6AR

Page 1

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2022

The trustees present their report and the audited financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

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.

ACHIEVEMENTS AND PERFORMANCE

2022 was the most financially successful year the British Skin Foundation (BSF) has ever had. Income was just over £1.3 million, with increases in many of the BSF's income streams. The BSF's profile continued to grow with the media and the public turning to the charity as a trusted source of skin information and comment.

It would appear the operational difficulties brought about by the Covid pandemic over the previous 2 years had subsided and the BSF's core businesses were running efficiently again. The BSF team had adapted well to hybrid working practices and overall output was unaffected. Working both from home and in the office, they had maintained a good team culture through regular zoom updates and physical catch-up meetings at least twice a week.

The BSF achieved a strong financial position during 2022, increasing in some areas whilst seeing reductions in others. This financial stability enables it to deliver a full grants programme at the start of 2023 (delayed from December 2022). General overheads remained within budget and even salary expenditure dropped to 22% of the BSF's overall revenue.

Corporate donations at £777,748 remain the charity’s largest income source. In addition to their financial support many corporate donors also sought to partner with the BSF on various educational or PR initiatives helping build their and our profile in the field of skin health and disease. Companies such Novartis chose to work with the BSF on patient educational materials which not only benefitted the public by supplying trustworthy information but also allowed further funds to be spent on quality research.

Public and events fundraising remains sluggish with a return to pre-Covid levels of support seemingly difficult to win back. This is not unique to the BSF and charities across the 3rd sector are experiencing similar difficulties. Events income was £53,499 but there are plans to build on these figures in 2023. Legacy income for the year was almost £100,000, illustrating that the BSF's awareness efforts in this area over recent years are showing results.

The BSF continues to be extremely grateful to the British Association of Dermatologists for their continued financial and voluntary support. They generously provided the BSF with £200,000 to be spent on research plus £86,000 for specific projects, whilst continuing to supply office space and dermatologist communications assistance when called upon. The Skin Health Alliance also remains a loyal supporter with a further £201,600 donation.

BSF's fundraising successes were matched by an equally generous research grants programme in 2022. An additional BAD/BSF/MRC Academic Training Fellowship worth £65,000 was awarded at the start of the year. Working with the BAD and the MRC this prestigious annual award demonstrates the great synergy between these three organisations and their ongoing commitment to dermatological research. Later in the autumn a further £60,000 worth of £10,000 small grants were awarded proving that this tranche of funding remains popular with researchers. The 2022 BSF Large Grants awards have been delayed from December to January 2023. Based on the reserves available it is anticipated that £1 million will be awarded meaning that 2022's total grant spend will be £1.125 million, setting a BSF record.

BSF's messages continued to be amplified throughout 2022. BSF Communications has become the first point of contact for media seeking opinion and comment on all skin issues. This service growth is due to the BSF being seen as a trustworthy and expert source of information. Projects such as 'The 7 Ages of Skin', a televisual collaboration with ITN Productions, boosted our messages bringing us to the attention of new audiences. Many corporate supporters also see the BSF's impartiality as an asset when communicating to the public or their consumers The BSF partnered several brands on a variety of patient and consumer facing educational projects across many platforms.

By implementing the BSF's 2023 business plan, one that seeks to amplify our efforts in our core charitable activity of grant giving that necessarily requires fundraising and communications, we hope to make the BSF's voice even louder in what is becoming a very crowded space. The more people hear our name, and associate it with trustworthy advice and information, the more we anticipate they will choose to support our charitable aims and objectives. This in turn will allow us to support even more skin disease research in the future.

Page 2

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2022

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 an additional £50,000 (2021: £50,000) in a listed investment fund and are monitoring its performance.

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.

Unrestricted funds invested in tangible fixed assets, listed investments and cash increased from £2,329,354 to £2,503,982 during the year. Restricted funds invested in cash increased from £203,522 to £314,740 during the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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 5th 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 £76,305 (2021: £67,506).

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.

Page 3

British Skin Foundation

Report of the Trustees for the Year Ended 31 December 2022

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 29 October 2023 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 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of 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).

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 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 trustees' annual 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.

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.

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.

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.

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 procedure 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/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor%E2%80%99s-responsibilities-for. 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

Date: 29 October 2023

Page 6

British Skin Foundation

Statement of Financial Activities

for the Year Ended 31 December 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
1,202,295
Other trading activities
3
53,499
Investment income
4
6,701
Total
1,262,495
EXPENDITURE ON
Raising funds
5
6,993
Charitable activities
6
Charitable Activities
793,752
Support Costs
81,786
Total
882,531
Net gains/(losses) on investments
(15,031)
NET INCOME/(EXPENDITURE)
364,933
RECONCILIATION OF FUNDS
Total funds brought forward
2,328,154
TOTAL FUNDS CARRIED FORWARD
2,693,087		 Restricted
fund
£
66,683
-
-
66,683
-
168,860
-
168,860
-
(102,177)
357,841
255,664		 31.12.22
Total
funds
£
1,268,978
53,499
6,701
1,329,178
6,993
962,612
81,786
1,051,391
(15,031)
262,756
2,685,995
2,948,751		 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)
2,800,060
2,685,995

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements.

Page 7

British Skin Foundation

Balance Sheet

31 December 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
14
8,301
Investments
15
146,139
154,440
CURRENT ASSETS
Debtors
16
451,558
Cash at bank and in hand
2,349,542
2,801,100
CREDITORS
Amounts falling due within one year
17
(262,453)
NET CURRENT ASSETS
2,538,647
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,693,087
NET ASSETS
2,693,087
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
314,740
314,740
(59,076)
255,664
255,664
255,664		 31.12.22
Total
funds
£
8,301
146,139
154,440
451,558
2,664,282
3,115,840
(321,529)
2,794,311
2,948,751
2,948,751
2,693,087
255,664
2,948,751		 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

The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2023 and were signed on its behalf by:

Professor D J Gawkrodger Trustee

The notes form part of these financial statements.

Page 8

British Skin Foundation

Cash Flow Statement

for the Year Ended 31 December 2022

Notes
Cash flows from operating activities
Cash generated from operations
22
Tax paid
Net cash provided by/(used in) 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 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		 31.12.22
£
298,235
-
298,235
(1,457)
(49,999)
2,090
2,085
(47,281)
250,954
2,413,328
2,664,282		 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

The notes form part of these financial statements.

Page 9

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2022

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.

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.

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.

Page 10

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS

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

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.

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.

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.

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.

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		 31.12.22
£
4,188
98,150
16,624
777,748
499
341,769
30,000
1,268,978
31.12.22
£
53,499		 31.12.21
£
2,127
10,970
18,123
415,683
70,717
142,269
308,386
968,275
31.12.21
£
80,840

Page 11

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

4. INVESTMENT INCOME

INVESTMENT INCOME
31.12.22 31.12.21
£ £
Deposit account interest 2,505 841
Dividend income 4,196 2,962
6,701 3,803
RAISING FUNDS
OTHER TRADING ACTIVITIES
31.12.22 31.12.21
£ £
Bad debts - 5,000
Advertising 4,594 12,234
Events 1,953 5,968
Sponsorships 446 562
6,993 23,764

5. RAISING FUNDS

OTHER TRADING ACTIVITIES

6. CHARITABLE ACTIVITIES COSTS

Direct
Costs (see
note 7)
£
Charitable Activities
347,953
Support Costs
-
347,953
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Postage and stationery
Travel expenses
Computer expenses
Staff training		 Grant
funding of
activities
(see
note 8)
£
614,659
-
614,659		 Support
costs (see
note 9)
£
-
81,786
81,786
31.12.22
£
300,018
5,801
965
40,292
877
347,953		 Totals
£
962,612
81,786
1,044,398
31.12.21
£
276,527
6,088
-
27,122
400
310,137

Page 12

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

8. GRANTS PAYABLE

31.12.22 31.12.22 31.12.21
£ £
Charitable Activities 614,659 761,206
The grants paid to Institutions are detailed below:
Ref Institution 2022 2021
7013s Trinity College Dublin 9,780 27,000
MRC-06 Medical Research Council 3,548 -
8016s University of Nottingham - 13,863
016/s/16 Queen Mary University of London 8,854 -
025/s/16 University of Ulster - 2,132
001/e/17 King's College - 45,902
002/yi/17 Queen Mary University London 7,500 30,000
007/yi/17 University of Bristol (282) 19,122
016/s/17 University of Manchester 7,087 28,332
025/s/17 University of Dundee - 308
026/s/17 University of Edinburgh 7,084 28,333
035/s/17 University of Surrey - 28,333
MRC-08 Medical Research Council 17,841 19,231
005/r/18 Imperial College - 40,411
011/s/18 Queen Mary University London 19,917 33,195
London School of Hygiene and Tropical
024/s/18 Medicine 13,374 23,255
030/s/18 Huddersfield University 21,109 28,120
032/s/18 University College London 18,763 23,171
036/s/18 University of Bath 21,250 28,333
037/r/18 University of Dundee 3,229 20,766
043/s/18 Imperial College 14,167 14,167
MRC-09 Medical Research Council 5,340 31,781
099/r/19 George Kravvas 71,969 34,060
Northern Care Alliance NHS Foundation Trust
003/BSFBAD/19 - 8,380
002/BSFBAD/19 Newcastle University 9,960 -
004/s/19 Beatson Institute for Cancer Research 31,331 18,331
005/s/19 University of Glasgow 28,333 28,333
023/f/19 University of Southampton - 46,500
024/f/19 Guy's and St Thomas' NHS Foundation Trust - 31,000
042/yi/19 King's College London 51,205 6,178
044/r/19 University of Leeds 40,500 10,125
045/r/19 University College London 2,918 52,586
014/BSFBAD/20 University Hospitals Birmingham Charity - 9,967
022/BSFBAD/20 Queen Mary University 9,900 -
005/BSFSG/20 Imperial College - 10,000
019/BSFSG/20 University of Manchester - 9,991
025/BSFSG/20 University of Cambridge - 10,000
003/s/20 University of Hull 16,207 -
007/s/20 Newcastle University 13,576 -
008/r/20 Newcastle University 20,250 -
009/r/20 Newcastle University 17,087 -
016/s/20 University of Bath 14,167 -
037/r/20 University of Manchester 10,125 -
041/s/20 University of Nottingham 14,167 -
010/BSFSG/21 Trinity College Dublin 10,000 -
013/BSFSG/21 University of Manchester 10,000 -

Page 13

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

8. GRANTS PAYABLE - continued

Ref
014/BSFSG/21
016/BSFSG/21
004/BSFBPG/21
001/BSFSTART/22
001/LFRSMF/22		 Institution
2022
Cardiff University
10,000
South Warwick University
10,000
St Vincent's Foundation
8,188
University College London
6,215
King's College London
30,000
£ 614,659		 2021
-
-
-
-
-
£ 761,206

9. SUPPORT COSTS

Management
£
Support Costs
63,838
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
HMRC interest
Payroll costs
Auditors' remuneration
Auditors' remuneration for non-audit work
Legal fees
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Auditors' remuneration for non-audit work
Depreciation - owned assets
Deficit on disposal of fixed assets
(Profit)/loss on fair value movement of investments		 Governance
Finance
costs
Totals
£
£
£
3,512
14,436
81,786
31.12.22
31.12.21
Support
Total
Costs
activities
£
£
170
-
1,528
2,882
1,220
481
56,000
56,000
3,386
6,652
1,534
1,678
-
334
2,288
1,792
5
-
1,219
1,020
6,054
5,690
6,618
4,013
1,764
-
81,786
80,542
31.12.22
31.12.21
£
£
6,054
5,690
6,618
4,013
1,533
1,678
-
334
15,301
(8,666)

Support costs, included in the above, are as follows:

10. NET INCOME/(EXPENDITURE)

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

Page 14

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

TRUSTEES' EXPENSES

During the year ended 31 December 2022, expenses totalling £170 (2021: £nil) were reimbursed to 1 Trustees (2021: nil) for travel costs.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Administration and management		 31.12.22
£
261,030
25,146
13,842
300,018
31.12.22
7		 31.12.21
£
242,663
22,177
11,687
276,527
31.12.21
6

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

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

£60,001 - £70,000
£70,001 - £80,000
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
712,845
Other trading activities
80,840
Investment income
3,803
Total
797,488
EXPENDITURE ON
Raising funds
23,764
Charitable activities
Charitable Activities
1,037,283
Support Costs
80,542
Total
1,141,589
Net gains on investments
8,666		 31.12.22
-
2
2

Restricted
fund
£
255,430
-
-
255,430
-
34,060
-
34,060
-		 31.12.21
2
-
2
Total
funds
£
968,275
80,840
3,803
1,052,918
23,764
1,071,343
80,542
1,175,649
8,666

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Page 15

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted Restricted Total Total
fund fund funds
£ £ £
NET INCOME/(EXPENDITURE) (335,435) 221,370 (114,065)
Transfers between funds (134,786) 134,786 -
Net movement in funds (470,221) 356,156 (114,065)
RECONCILIATION OF FUNDS
Total funds brought forward 2,798,375 1,685 2,800,060
TOTAL FUNDS CARRIED FORWARD 2,328,154 357,841 2,685,995
14. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 January 2022 5,652 4,113 9,765
Additions 1,457 - 1,457
At 31 December 2022 7,109 4,113 11,222
DEPRECIATION
At 1 January 2022 565 823 1,388
Charge for year 711 822 1,533
At 31 December 2022 1,276 1,645 2,921
NET BOOK VALUE
At 31 December 2022 5,833 2,468 8,301
At 31 December 2021 5,087 3,290 8,377
15. FIXED ASSET INVESTMENTS
Listed investments
£
MARKET VALUE
At 1 January 2022 111,171
Additions 49,999
Revaluations (15,031)
At 31 December 2022 146,139
NET BOOK VALUE
At 31 December 2022 146,139
At 31 December 2021 111,171

Page 16

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

15. FIXED ASSET INVESTMENTS - continued

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.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accrued interest
Other donations
Other debtors
Accrued dividend
Gift aid recoverable
Accrued income
Prepayments		 31.12.22
£
484
338,000
-
3,109
18,000
54,000
37,965		 31.12.21
£
69
123,769
10,000
998
19,000
209,404
33,778
397,018
451,558

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grant payables
Trade creditors
Other creditors
Credit card
Accruals and deferred income
Accrued expenses
Deferred income		 31.12.22
£
119,000
17,672
-
208
11,352
297
173,000		 31.12.21
£
167,608
26,549
1,657
569
9,240
276
38,000
243,899
321,529

18. MOVEMENT IN FUNDS

Unrestricted
Restricted
Unrestricted
Restricted		 Balance at 1st
January 2022
£
2,328,154
357,841		 Income
£
1,262,495
66,683		 Expenditure
£
(882,531)
(168,860)		 Transfers
£
-
-		 Gains/(losses)
£
(15,031)
-		 Balance at 31st
December 2022
£
2,693,087
255,664
2,948,751
Balance at 31st
December 2021
£
2,328,154
357,841
2,685,995
2,685,995
Balance at 1st
January 2021
£
2,798,375
1,685
2,800,060		 1,329,178
Income
£
797,488
255,430
1,052,918		 (1,051,391)
Expenditure
£
(1,141,589)
(34,060)
(1,175,649)		 -
Transfers
£
(134,786)
134,786
-		 (15,031)
Gains/(losses)
£
8,666
-
8,666

Page 17

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

18. MOVEMENT IN FUNDS - continued

Fund description

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

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

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 £13,842 (2021 - £11,687).

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

20. FINANCIAL COMMITMENTS

£2,124,749 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 31st December 2022:

Ref
2016
MRC-06
016/s/16
025/s/16
2017
MRC-07
002/yi/17
025/s/17
2018
MRC-08
024/s/18
032/s/18
037/r/18
043/s/18
2019
MRC-09
099/r/19
009/BSFBPG/19
004/s/19
005/s/19
042/yi/19
044/r/19
2020
021/BSFSG/20
027/BSFBPG/20
003/s/20
007/s/20
008/r/20
009/r/20		 Total value
£
55,000
85,000
85,000
58,422
90,000
85,000
58,028
85,000
85,000
75,197
85,000
63,435
170,000
10,000
85,000
85,000
79,902
81,000
10,000
9,960
85,000
85,000
81,000
80,200		 Outstanding

£
1,100
26,563
7,452
4,592
22,500
42,193
1,879
13,363
10,144
35,079
35,417
5,340
30,441
10,000
29,629
21,250
23,617
30,375
10,000
9,960
68,793
71,424
60,750
63,113

Page 18

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

20. FINANCIAL COMMITMENTS - continued

Ref
2020
011/yi/20
016/s/20
017/s/20
025/s/20
037/r/20
041/s/20
2021
017/BSFSG/21
019/BSFBAD/21
001/r/21
2022
MRC10
001/BSFSTART/22
021/BSMD/22
002/BSPAD/22
004/SG/22
011/SG/22
014/SG/22
016/SG/22
018/SG/22
006/r/22
008/s/22
009/s/22
012/r/22
014/s/22
021/s/22
023/yi/22
028/s/22
034/yi/22
037/r/22
Total		 Total value
£
89,978
85,000
85,000
85,000
81,000
85,000
9,876
10,000
40,500
65,000
50,000
9,994
10,000
9,993
9,500
9,945
9,984
10,000
80,406
85,000
85,000
39,766
85,000
85,000
80,325
85,000
89,862
80,839		 Outstanding

£
89,978
66,033
85,000
85,000
70,875
70,833
9,876
10,000
30,468
65,000
41,098
9,994
10,000
9,993
9,500
9,945
9,984
10,000
80,406
85,000
85,000
39,766
85,000
85,000
80,325
85,000
89,862
80,839
£ 2,124,749

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 £201,600 to the British Skin Foundation in 2022 (2021: £183,600).

Tanya Bleiker resigned as a trustee of British Skin Foundation during the year and is President of the British Association of Dermatology ("BAD"). British Skin Foundation received donations totalling £341,769 from British Association of Dermatology ("BAD") in 2022 (2021: £142,269).

Page 19

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

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

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses/(gain) on investments
Loss on disposal of fixed assets
Interest received
Dividends received
Increase in debtors
Increase in creditors
Net cash provided by/(used in) operations		 31.12.22
£
262,756
1,533
15,031
-
(2,505)
(4,196)
(52,014)
77,630
298,235		 31.12.21
£
(114,065)
1,678
(8,666)
334
(841)
(2.962)
(14,445)
64,406
(74,561)

23. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Total		 At 1/1/22
£
2,413,328
2,413,328
2,413,328		 Cash flow
£
250,954
250,954
250,954		 At 31/12/22
£
2,664,282
2,664,282
2,664,282

Page 20