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← British Skin Foundation

2024-12-31-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 2024

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 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Financial Statements 11 to 21

British Skin Foundation

Reference and Administrative Details for the Year Ended 31 December 2024

TRUSTEES

Ms E Erkal-Paler Chair Person Professor C B Bunker Honorary Secretary Professor D J Gawkrodger Honorary Treasurer (resigned 12.9.24) Mr H Drayton (resigned 9.1.25) Dr R Sarkany (resigned 8.5.25) Dr S Mayou (resigned 12.9.24) Professor E Healy (resigned 11.9.25) Mr R Balson (resigned 9.1.25) Dr B Shergill Honorary Treasurer Dr T Griffiths (resigned 9.5.24) Dr R Murphy (appointed 8.5.25) Mrs Y Burne Dr N Rajan Mrs J B Thompson (appointed 9.1.25) Mrs E Kohring (appointed 9.1.25) Mr J Stalley (appointed 9.1.25)

REGISTERED OFFICE

REGISTERED COMPANY NUMBER

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

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 2024

The trustees present their report and the audited financial statements of the charity for the year ended 31 December 2024. 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

Objectives and aims

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

2024 saw the British Skin Foundation continue to deliver against its strategic objectives as predicted in its 3-year business plan. This plan seeks to produce growth in its 3 core business areas of communications, fundraising and grant giving. Total income was slightly higher than in 2023 so the BSF remains stable and strong. This robust financial performance was matched by an amplified growth in BSF's public and media profile leading to more people than ever turning to the charity as a trusted source of skin information.

The BSF's strong financial position enabled it to deliver an extensive research grants programme throughout 2024. Over £0.9 million of new funding was awarded to UK universities and institutions seeking treatments and cures for skin disease and skin cancer. Whilst the BSF awards policy ensures no strategic or geographical considerations are taken into account, winners were from London, Nottingham, Manchester, Hull, Bristol and Norfolk based institutions. Also, many young researchers found themselves the recipients of a BSF grant for the first time further illustrating the importance of this source of this small but vital seed funding for the future of British dermatological research.

General overheads over the period remained within budget whilst salary expenditure represented a respectable 20% of the BSF's overall revenue. This percentage is below the expectation for a charity of the BSF's size supporting the fact that not only is it effective in its aims but also a thoroughly efficient operation.

BSF's income is derived from several sources with corporate donations, its largest income stream, raising in excess of £600,000. In addition to its donations, several pharmaceutical donors sought to support the BSF with various educational initiatives, further securing the BSF's public profile in the field of skin health and disease. Well-known names, such as Novartis, also chose to donate to the BSF's work after recognizing its place in educating the public around skin health.

Public donations and events fundraising soared in 2024 despite the ongoing cost of living crisis and an understandable reticence by donors to get involved in fundraising when it's a tough financial climate. Events brought in almost £190,000, an impressive 350% increase on 2023, which made it an exceptional year for donations from this stream. Events such as the London Marathon and company employees choosing the BSF as their charity of the year helped drive this success.

Legacy income for the year, although down on 2023, remains a constant source of income. The BSF's awareness efforts in this area over recent decades are now delivering regular gifts. It has also committed resources to this important source of income and hopefully will see more increases in the years to come.

Support from the dermatology specialty continued in 2024, especially donations from the British Association of Dermatologists (BAD). BAD donated a further £200,000 towards the BSF's work, on top of its small and specific grants support. BAD's support however is more than simply financial. Through its association with the BAD, the BSF is provided with a powerful platform to the dermatological community. For example, both organisations supported Professor Sinead Langan in 2024's London Marathon so collectively the whole dermatology community got behind her efforts and raised an impressive £20,000 for skin disease research.

Through amplified communications, media and PR, BSF's messages continued to be broadcast throughout 2024. BSF Communications output is vital to its continued success. It remains the first point of contact from the media for opinion and comment on all skin issues. Recent staffing and resource increases to meet this growing demand for trustworthy and expert information have paid off whilst BSF's impartiality is seen by many as an important asset when communicating to the public. The BSF continued to deliver a variety of patient and consumer focused educational projects across many platforms.

Page 2

British Skin Foundation

for the Year Ended 31 December 2024

Report of the Trustees

2024 saw the BSF continue to deliver many of the outcomes in this second year of its 3-year business plan. A plan that seeks to amplify its efforts in communications, fundraising and grant giving. The BSF's voice remains respected and relevant in a very crowded skin health space. More people than ever recognise its brand and what it stands for, and in turn associate it with trustworthy advice and information. This recognition is then becoming practical support allowing it to fund even more UK based dermatologist-led skin disease and skin cancer research.

OBJECTIVES AND ACTIVITIES

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

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 £150,000 (2023: £150,000) 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 £3,039,057 to £3,380,378 during the year. Restricted funds invested in cash increased from £617,855 to £740,796 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.

Page 3

British Skin Foundation

for the Year Ended 31 December 2024

Report of the Trustees

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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 £75,604 (2023: £71,711).

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 30 October 2025 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 2024 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 (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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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:

Page 5

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

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.

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 auditors 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 a Report of the Independent Auditors 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 6

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

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: 30 October 2025

Page 7

British Skin Foundation

Statement of Financial Activities

for the Year Ended 31 December 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
1,203,801
Other trading activities
3
203,710
Investment income
4
24,514
Total
1,432,025
EXPENDITURE ON
Raising funds
5
41,349
Charitable activities
6
Charitable Activities
955,969
Support Costs
101,098
Total
1,098,416
NET INCOME
333,609
Other recognised gains/(losses)
Gains on revaluation of fixed assets
7,712
Net movement in funds
341,321
RECONCILIATION OF FUNDS
Total funds brought forward
3,039,057
TOTAL FUNDS CARRIED FORWARD
3,380,378		 Restricted
fund
£
572,021
-
-
572,021
-
449,080
-
449,080
122,941
-
122,941
617,855
740,796		 31.12.24
Total
funds
£
1,775,822
203,710
24,514
2,004,046
41,349
1,405,049
101,098
1,547,496
456,550
7,712
464,262
3,656,912
4,121,174		 31.12.23
Total
funds
£
1,783,873
54,914
17,713
1,856,500
15,485
1,052,829
85,518
1,153,832
702,668
5,493
708,161
2,948,751
3,656,912

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 8

British Skin Foundation

Balance Sheet

31 December 2024

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
14
6,660
Investments
15
159,344
166,004
CURRENT ASSETS
Debtors
16
395,478
Cash at bank and in hand
2,988,183
3,383,661
CREDITORS
Amounts falling due within one year
17
(169,287)
NET CURRENT ASSETS
3,214,374
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,380,378
NET ASSETS
3,380,378
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
799,872
799,872
(59,076)
740,796
740,796
740,796		 31.12.24
Total
funds
£
6,660
159,344
166,004
395,478
3,788,055
4,183,533
(228,363)
3,955,170
4,121,174
4,121,174
3,380,378
740,796
4,121,174		 31.12.23
Total
funds
£
7,994
151,632
159,626
147,177
3,579,233
3,726,410
(229,124)
3,497,286
3,656,912
3,656,912
3,039,057
617,855
3,656,912

The financial statements were approved by the Board of Trustees and authorised for issue on 30 October 2025 and were signed on its behalf by:

Dr B Shergill - Trustee

The notes form part of these financial statements

continued...

Page 9

British Skin Foundation

Cash Flow Statement for the Year Ended 31 December 2024

Notes
Cash flows from operating activities
Cash generated from operations
22
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Dividends received
Net cash 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		 31.12.24
£
176,680
176,680
(478)
22,793
9,827
32,142
208,822
3,579,233
3,788,055		 31.12.23
£
901,680
901,680
(1,412)
9,999
4,684
13,271
914,951
2,664,282
3,579,233

The notes form part of these financial statements

Page 10

British Skin Foundation

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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

continued...

Page 11

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS 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
Grant donations
SHA donations
3.
OTHER TRADING ACTIVITIES
Fundraising events
Sponsorships		 31.12.24
£
8,044
15,340
16,595
613,536
533,397
256,000
150,402
182,508
1,775,822
31.12.24
£
189,710
14,000
203,710		 31.12.23
£
5,620
55,775
16,145
568,773
419,944
256,000
260,716
200,900		 31.12.23
£
5,620
55,775
16,145
568,773
419,944
256,000
260,716
200,900
1,783,873
31.12.23
£
42,414
12,500
54,914

continued...

Page 12

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

4. INVESTMENT INCOME

INVESTMENT INCOME
31.12.24 31.12.23
£ £
Deposit account interest 19,095 12,729
Dividends and bond interest 5,419 4,984
24,514 17,713
RAISING FUNDS
OTHER TRADING ACTIVITIES
31.12.24 31.12.23
£ £
Advertising and marketing 33,256 12,358
Events 8,093 3,127
41,349 15,485

5. RAISING FUNDS OTHER TRADING ACTIVITIES

6. CHARITABLE ACTIVITIES COSTS

Direct
Costs (see
note 7)
£
Charitable Activities
451,176
Support Costs
-
451,176
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Postage and stationery
Travel expenses
Computer expenses
Staff training		 Grant
funding of
activities
(see note
8)
£
953,873
-
953,873		 Support
costs (see
note 9)
£
-
101,098
101,098
31.12.24
£
399,045
1,331
1,115
49,541
144
451,176		 Totals
£
1,405,049
101,098
1,506,147
31.12.23
£
351,544
748
1,596
44,752
378
399,018

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

continued...

Page 13

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

8. GRANTS PAYABLE

Charitable Activities

31.12.24
£
953,873		 31.12.23
£
653,811

The grants paid to Institutions are detailed below:

Ref
016/s/16
MRC-07
002/yi/17
025/s/17
032/s/18
037/r/18
043/s/18
099/r/19
004/s/19
005/s/19
024/f/19

044/r/19
027/BSFBPG/20
003/s/20
007/s/20
008/r/20
009/r/20
016/s/20
017/s/20
037/r/20
041/s/20
017/BSFSG/21
001/r/21
001/k/21
MRC-10
001/BSFSTART/22
002/BSPAD/22
004/SG/22
011/SG/22
014/SG/22
016/SG/22
018/SG/22
023/yi/22
028/s/22
034/yi/22
011/BSFBAD/23
002/BSFBSPAD/23
MRC09
009/BSFBPG/19
042/yi/19
011/yi/20
025/s/20
019/BSFBAD/21
006/r/22
009/s/22
012/r/22
014/s/22
021/s/22
037/r/22		 Institution
2024
2023
Queen Mary University of London
-
26,563
Medical Research Council
-
4,762
Queen Mary University London
-
22,500
University of Dundee
38,880
3,314
University College London
3,651
6,614
University of Dundee
2,045
180
Imperial College
7,083
28,334
George Kravvas
16,645
8,676
Beatson Institute for Cancer Research
208
29,421
University of Glasgow
-
21,250
Guy's and St Thomas' NHS Foundation
Trust
-
(30,911)
University of Leeds
-
30,375
Guys and St Thomas' NHS Foundation Trust
-
9,960
University of Hull
25,735
25,184
Newcastle University
25,972
25,972
Newcastle University
30,375
30,375
Newcastle University
25,162
37,949
University of Bath
28,333
28,333
University of Birmingham
21,250
42,500
University of Manchester
20,250
40,500
University of Nottingham
28,333
28,333
St George's Hospital
-
9,876
University of Southampton
20,065
40,129
University of Dundee
98,000
46,065
Medical Research Council
21,667
27,083
University College London
51,489
2,640
Oxford University
-
10,000
University of Bradford
-
9,993
University of Bath
-
9,500
University of Birmingham
-
9,945
Anglia Ruskin University
-
9,984
University of Leeds
-
10,000
University of Manchester
40,162
10,041
University of Cambridge
31,560
5,386
University of Oxford
50,133
12,988
Newcastle University
-
9,997
Royal Marsden NHS Foundation Trust
-
10,000
Medical Research Council
3,829
-
University of Southampton
(619)
-
King's College London
6,383
-
Queen Mary University of London
22,495
-
Queen Mary University of London
41,845
-
University Hospitals Birmingham Charity
10,000
-
King's College London
42,122
-
King's College London
27,162
-
Middlesex University
39,766
-
Queen Mary University of London
21,250
-
University of Hull
16,303
-
Queen Mary University of London
10,105
-

continued...

Page 14

British Skin Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

8. GRANTS PAYABLE - continued

002/BSFSG/23
Imperial College London
9,900
007/BSFSG/23
Trinity College Dublin
9,997
009/BSFSG/23
University of Lincoln
10,000
010/BSFSG/23
University of Manchester
10,000
014/BSFSG/23
Guy's and St Thomas' NHS Foundation
Trust
10,000
019/BSFSG/23
Institute of Cancer Research: Royal Cancer
Hospital
9,939
002/BSFBAD/23
The Royal Marsden NHS Foundation Trust
10,000
003/BSFBAD/23
University of Oxford
9,991
004/r/23
Queen Mary University of London
11,155
004/s/23
Glasgow Caledonian University
1,603
009/s/23
Leeds Beckett University
7,917
018/BSFSG/24
University of Oxford
9,670
012/BSFSG/24
King's College London
9,500
001/BSFBSPAD/24
Oxford University
6,562
£ 953,873		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
£ 653,811

9. SUPPORT COSTS

Management
£
Support Costs
81,614
Support costs, included in the above, are as follows:
Trustees' remuneration etc
Insurance
Exchange rate
Sundries
Office accommodation charges
Subscriptions
Depreciation of tangible and heritage assets
Bank charges
Payroll costs
Auditors' remuneration
Auditors' remuneration for non audit work		 Governance
Finance
costs
£
£
3,164
16,320
31.12.24
Support
Costs
£
593
3,228
-
2,236
56,000
17,743
1,814
1,779
1,385
9,030
7,290
101,098		 Totals
£
101,098
31.12.23
Total
activities
£
575
3,099
3,109
1,129
56,000
2,396
1,718
1,845
1,559
7,506
6,582
85,518

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

continued...

Page 15

British Skin Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. NET INCOME/(EXPENDITURE)

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

31.12.24 31.12.23
£ £
Auditors' remuneration 9,030 7,506
Auditors' remuneration for non audit work 7,290 6,582
Depreciation - owned assets 1,812 1,719

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

TRUSTEES' EXPENSES

During the year ended 31 December 2024, expenses totalling £593 (2023: £575) were reimbursed to 2 Trustees (2023: 1) for travel costs.

12. STAFF COSTS

STAFF COSTS
31.12.24 31.12.23
£ £
Wages and salaries 348,486 308,220
Social security costs 33,049 27,937
Other pension costs 17,510 15,387
399,045 351,544
The average monthly number of employees during the year was as follows:
31.12.24 31.12.23
Administration and management 8 8
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 wa
31.12.24 31.12.23
£60,001 - £70,000 - 1
£70,001 - £80,000 2 1
2 2

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

continued...

Page 16

British Skin Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
Restricted
fund
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
1,240,401
543,472
Other trading activities
54,914
-
Investment income
17,713
-
Total
1,313,028
543,472
EXPENDITURE ON
Raising funds
15,485
-
Charitable activities
Charitable Activities
871,548
181,281
Support Costs
85,518
-
Total
972,551
181,281
NET INCOME
340,477
362,191
Other recognised gains/(losses)
Gains on revaluation of fixed assets
5,493
-
Net movement in funds
345,970
362,191
RECONCILIATION OF FUNDS
Total funds brought forward
2,693,087
255,664
TOTAL FUNDS CARRIED FORWARD
3,039,057
617,855
14.
TANGIBLE FIXED ASSETS
Fixtures
and
Computer
fittings
equipment
£
£
COST
At 1 January 2024
8,087
4,547
Additions
-
478
At 31 December 2024
8,087
5,025
DEPRECIATION
At 1 January 2024
2,085
2,555
Charge for year
808
1,004
At 31 December 2024
2,893
3,559
NET BOOK VALUE
At 31 December 2024
5,194
1,466
At 31 December 2023
6,002
1,992		 Total
funds
£
1,783,873
54,914
17,713		 Total
funds
£
1,783,873
54,914
17,713
1,856,500
15,485
1,052,829
85,518
1,153,832
702,668
5,493
708,161
2,948,751
3,656,912
Totals
£
12,634
478
13,112
4,640
1,812
6,452
6,660
7,994

continued...

Page 17

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

15. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2024 151,632
Revaluations 7,712
At 31 December 2024 159,344
NET BOOK VALUE
At 31 December 2024 159,344
At 31 December 2023 151,632

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

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued interest
Other donations
Accrued dividends and bond interest
Accrued income
Accrued gift aid
Prepayments
Gift aid recoverable		 31.12.24
£
-
294,745
1,055
44,000
6,026
29,652
20,000
395,478		 31.12.23
£
1,849
74,118
3,259
-
5,589
44,362
18,000
147,177

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grant payables
Trade creditors
Other creditors
Credit card
Accruals and deferred income
Accrued expenses
Deferred income		 31.12.24
£
85,823
141
2,407
795
15,120
327
123,750
228,363		 31.12.23
£
120,244
22,963
2,188
352
13,200
677
69,500
229,124

continued...

Page 18

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

18. MOVEMENT IN FUNDS

Unrestricted
Restricted
Unrestricted
Restricted		 Balance at 1
January 2024
£
3,039,057
617,855
3,656,912
Balance at 1
January 2023
£
2,693,087
255,664
2,948,751		 Income
£
1,432,025
572,021
2,004,046
Income
£
1,313,028
543,472
1,856,500		 Expenditure
£
(1,098,416)
(449,080)
(1,547,496)
Expenditure
£
(972,551)
(181,281)
(1,153,832)		 Transfers
£
-
-
-
Transfers
£
-
-
-		 Gains/(losses)
£
7,712
-
7,712
Gains/(losses)
£
5,493
-
5,493		 Balance at 31
December 2024
£
3,380,378
740,796
4,121,174
Balance at 31
December 2023
£
3,039,057
617,855
3,656,912

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.

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 £17,510 (2023 - £15,387).

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

20. FINANCIAL COMMITMENTS

£2,849,938 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 2024:

Ref Total value Outstanding
2017 025/s/17 85,000 33,435
2018 037/r/18 75,197 32,853
2019 MRC-09 63,435 1,511
099/r/19 170,000 5,121
042/yi/19 79,902 17,234
2020 003/s/20 85,000 17,874
007/s/20 85,000 19,479
011/yi/20 89,978 63,434
016/s/20 85,000 9,367
017/s/20 85,000 21,250

continued...

Page 19

British Skin Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

20. FINANCIAL COMMITMENTS - continued

025/s/20 85,000 43,155
037/r/20 81,000 10,125
041/s/20 85,000 14,167
2021 001/r/21 81,000 20,806
2022 MRC-10 65,000 16,250
001/BSFSTART/22 50,000 12,677
021/BSMD/22 9,994 9,994
006/r/22 80,406 38,283
008/s/22 85,000 85,000
009/s/22 85,000 57,838
014/s/22 85,000 68,728
021/s/22 85,000 68,697
023/yi/22 80,325 30,122
028/s/22 85,000 48,053
034/yi/22 89,862 26,740
037/r/22 80,839 70,734
2023 001/rsm/23 30,000 30,000
001/f/23 62,000 62,000
002/f/23 62,000 62,000
002/s/23 95,000 95,000
003/r/23 80,544 80,544
003/s/23 95,000 95,000
004/r/23 81,000 69,845
004/s/23 95,000 93,397
005/s/23 95,000 95,000
008/s/23 95,000 95,000
009/s/23 95,000 87,083
011/s/23 95,000 95,000
2024 MRC11 62,544 62,544
004/BSFSG/24 10,000 10,000
009/BSFSG/24 8,914 8,914
010/BSFSG/24 9,996 9,996
016/BSFSG/24 9,620 9,620
002/BSFBSSVD/24 19,132 19,132
001/s/24 95,000 95,000
002/f/24 71,000 71,000
003/s/24 95,000 95,000
004/s/24 95,000 95,000
005/s/24 95,000 95,000
006/yi/24 101,936 101,936
008/s/24 95,000 95,000
010/s/24 95,000 95,000
010/r/24 92,000 92,000
012/r/24 92,000 92,000
Total £ 2,849,938

continued...

Page 20

British Skin Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

21. RELATED PARTIES

The 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 £182,508 to the British Skin Foundation in 2024 (2023: £200,900).

Dr Tamara Griffiths was a trustee of the British Association of Dermatology ("BAD") and the British Skin Foundation. She resigned as trustee of the British Skin Foundation during 2024 to take on the role of president of BAD. The charity received donations totalling £256,000 from British Association of Dermatology ("BAD") in 2024 (2023: £256,000).

22. 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
(Gains)/losses on investments
Interest received
Dividends received
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operations		 31.12.24
£
464,262
1,812
(7,712)
(20,944)
(7,623)
(252,354)
(761)
176,680		 31.12.23
£
708,161
1,719
(5,493)
(11,364)
(4,834)
305,896
(92,405)
901,680

23. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Total		 At 1.1.24
£
3,579,233
3,579,233
3,579,233		 Cash flow
£
208,822
208,822
208,822		 At 31.12.24
£
3,788,055
3,788,055
3,788,055

Page 21