2020-12-31-accounts - The Psoriasis Association

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Report ofthe trustees		4 —27
Report ofthe independent auditor		28 —31
Principal accounting	policies	32-34
Statement offinancial	activities	35 —36
Balance sheet		37
Statement ofcash flows		38
Notes to the financial	statements	39 -53

The Psoriasis Association
Financial statements for the year ended 31 December 2020
Report ofthe trustees (continued)
Promote and Fund Research (continuedj
The Psoriasis Association received a further two bound PhD theses to add to their library	during
2020, from: Student —Marika Catapano. Supervisor —Dr Francesca Capon (King's College Londonj-
Cbarasreri sation ofnwe!pathogenic pathwccys forgeon alisedpustular psoriasis
Student —Jemma Paterson. Supervisor —Dr Tim Migar (University ofSouthamptonj —Nojtost
skin deep: circulating hpidsin a 'localiwed'disease
Ongoing PhD Studentships induded-
Dr Paola Di Meglio at King's College London, Idenujiing immune ikterms'nants ofclim'cul response to
suteksnumab inpsoriasii
Dr Danide Bergamaschi at Queen Mary University ofLondon, Impact ofautophagy and nurieophagy
deregulation inpsoriasis
Professor Nick Reynolds at Newcastle University, Inoestigating genetic cvntml ofthe psoniaiii
transcriPtome to define and salidate drug and disease endobiPes
Dr Henning Hoge at the University ofHull, An attenti onal bias approach to undersuindi ng and irducing
the psycbosoa'al bunkn ofpsori uru
Dr Helen Young at the University ofManchester, Inoestigating the therapeutk benefits ofexenue	sn
patients neith psoriasis Dr Francesca Capon at King's College London, The role ofIL-1 and IL-36 s'n Pabuar Plantar
Plistuloiis IPPP) Professor Eugene Healy at the University ofSouthampton, Mutation burckn ofnarms band UVB
Professor Richard Wanen at the University ofManchester, The risk ofcancrriripsoriasispatients
teated with biologic therapies mmpared ioith coniristiona! systemic therapies: results fiom BADBIR
Dr Elise Kleyn at the Univetsity ofManchester, Neusvpsycho logical morbidity inpsoriaris
DrJulian Knight at Oxford University, Functional characterisation ofgenetic suscrptibi ilty topsoriasis
Professor Silvia BulfonePaus at the University ofManchester, The mk ofmast cell trfptme in	psoriatic
itch psoriasis
There were four ongoing small grants-
Dr Henry Grantham at the Royal Victoria Infinuary, Newcastle, Apslot study to sampan the	msponse
ofpsorimis to narrow-band UVBphototherapy in the morning and afi'ernoon
Dr Elise Kleyn at the University ofManchester, An iemooati re mixed methods studp inoestigating	altered
emotionalprvcessingin patient
Dr Parastoo Babakinejad at the Royal Victoria Infirmary, Newcastle, Investigation ofthe pres abner of
lirerfibmsu inpatients uith psoriasis ming Traiisi eat Elastographsi and eoaluation ofthe srhstionship between
liverfibrosis and methotrexate
Ms Ella Guest at the University ofthe West ofEngland, Theimpact offkire ups onpsycbokgicat	uell-
bnng, trmtment adherents, and hfe engagementinpeopk bring uith psoriasis. Ms Guest's project was completed in 2020 and the final results have been published on the Psoriasis Association website
and in Pso.
The COVID-19 pandemic caused wet laboratory work to be suspended for a number ofmonths
in 2020 and has resulted in delays in progression for many ofour research projects. Due to the pandemic, six grant extensions have been requested and granted to ensure the completion ofthe
research projects. These consisted ofEve no-cost extensions and one costed extension to	cover
the student stipend during the three-month extension. The coated extension was granted	after
special consideration by Psoriasis Association Trustees. Artides authored by sponsored PhD Students were published in the Following journals in	2020;
British Journal ofDermatology, JAMA Dermatology.
Letters bringing attention to the 2020 call for applications were sent to aBDermatology and Rheumatology Departments in the United Kingdom, the Deans ofaB Medical Schools in the
United Kingdom, in addition to the Deans ofaBHealth Schools in the United Kingdom and Heads ofaBHealth Service Research Centres. Contact was made with the British Association of
Dennatologists and the British Dermatological Nursing Group in order to bring their members
attention to the caB. The Psoriasis Association Twitter and LinkedIn accounts were used	to
target aletts throughout the caBto healthcare professionals, researchers and relevant
organisations.

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		Note				2019
Fixed assets
Tangible 6xed assets				495,000		500,000
Investments				5,6D5 140		5,186,247
				6,100,148		5,686,247
Current assets
Debtors		10	28,334		54,722
Cash at bank and in	hand		1887,509		815,985
			1@15,843		870,707
Cteditors: amounts	falling due
within one year			90,983		80,939
Net current assets				1,224,860		789,768
Total assets less current liabilities				7425,008		6476,015
Capital funds Endowments		13		4,489,953		4,040,478
Income funds
Restricted funds		14		685,298		688,231
Unrestricted funds:
Property fund General funds				495,000 412,810		500,000 399,673
Designated funds		15		1+41,947		847,633
				7426.DDD		6,476,015

		Note	2020	2019
Net cash generated/(used) activities	from operating	17	423,200	(342,131)
Cash flows &orninvesnng Interest received	acrivifles:		77870	8,406
Investment income received			101,972	125,908
Purchase ofinvestments			(1,120,877)	(1,338,790)
Sale ofinvestments			1&059359	1,432,885
Net cash provided by investing activities			48@24	228,409
Change in cash and cash	equivalents in the year		471,524	(113,722)
Cash and cash equivalents brought forward			815,985	929,707
Cash and cash equivalents	carried forward		&&8&5» ,	81», 85

Donations and leffacies
		2020	2019
Membership subscriptions —individual		36,865	36,499
—corporate Gift Aid from subscriptions	and donations	11,850 11,094	8,750 11,166
Donations from Charitable	Trusts	1&100	5,600
Donations in memoriam		7,001	8,029
Other donations		16,715	18,160
Legacies (see below) Bank interest receivable		839,173 68	328,306 80
Fundraising income donated	by individuals	22,225	24,597
		946,091	441,187

Legacies received during the year are as follows:
	2020	2019
Monty Chems Anne Gadd		12,297 53,312
Susan Jayne Larby Kathryn Sylvia Brookes		21,094 20,000
John Michael Naden		8,035
Edith Mary Taylor Elaine Constance Warner		12,651 16,139
Dorothy Whitdey Sydney Leonard Brown Patrick Douglas WaBace	112,833	10,000 10,000 160,278
Richatd Charles Longfteld	172@06
Margaret Elizabeth Sail	180,884
Sheila Poynter Margaret Ann Clark Other	210,258 150,000 12,892	4,500
	039,173	338,306

Investment income compris	es income fro	m:
			2020	2019
Listed investments			101,972	125,908
Bank deposits			7,870	8,406
			159,542	134,314
Income from charitable	activities
			2020	2019
Corporate sponsorship Trust donations			63,000 1,000	12,380 1,000
Bank interest receivable			68	80
Journal advertising Annual Conference/AGM	and Awareness	week	1,280	2,840 2,555
Reunbursements			4,000	3,000
Other			5,227	3,416
			74,575	25,271

Analysis of total
			Total	Total
	Staffcosts	Othet	2020	2019
Raising funds: Costs ofgenerating voluntary income Investment management costs	48,919	14,953 31,447	63,872 31,447	59,238 33,651
Charitable activities:
Charitable activities	177,736	313,148	4903884	571,162
Governance costs	32,360	15@35	47,695	57,108
Tl	259,015	374,883	633,898	721,159

Analysis oftotal reso	urces expended (continued)	urces expended (continued)
Total resources expended	include:
			2020	2019
Raising funds Rent and rates			185	190
Heat and light Phone and fax			529 388	552 183
Internet and email			437	432
Office insurance			371	335
Hire/repair and maintenance Professional fees		ofequipment	502 85	514 82
Bank charges Computer costs Printing and stationery Annual report Post and carriage			1,097 1,075 909 1473 539	1,190 1,181 809 1,214 500
Fundraising costs Website			1,750 237	3,070 407
Subscriptions			1,114	965
Sundries			73	93
Ofhce equipment Property maintenance Designated fund (development)			222 736 3r331	154 950 1,517
			14,953	14,338
Investment Management		Costs	31,447	33,651
Charitable activities
Grants payable Rent and rates			246,416 556	209,814 570
Heat and light Phone and fax			1,588 1,551	1,657 733
Internet and email			1,747	1,728
Office insurance			1113	1,004
Hire/repair and maintenance Professional fees		ofequipment	1,505 154	1,541 150
Bank charges Computer costs Printing and stationery Printing educational Annual report Journals and postage Post and carriage			1,097 1,076 2,728 792 2,745 7,725 2,154	1,190 1,181 2,426 645 2,429 8,557 2,000

nalysis oftotal resource
	2020	2019
Brought forward Staff Recruiunent	272,947	235,625 638
Advertising and promotion Website	23112 948	7,804 1,628
Travel and subsistence	138	1,787
Meetings and conferences		1,285
AGM costs		6,767
Grant Management Subscriptions Sundries	1/16 1,114 142	1,955 964 171
Office equipment Property maintenance Designated fund (staff training) Designated fund (promotion and education)	222 2,577 1,166 1DP20	154 3,326 4,210 18,516
Designated fund (504s Anniversary) Designated fund (development) Designated fund (research)	4,860 10+80	129,001 930 19,848
Sponsored projects Scotland	4,451 555	609
	313,148	435,218
Governance costs
Trustees insurance	847	768
Auditor's remuneration —audit services	10,843	15,018
Surveyor fees Annual report Travel and subsistence	600 457 393	840 405 956
Legal Fees AGM costs	793	5,812 1,692
Property maintenance Professional fees	368 10	475 10
Sundries	395	762
Designated fund (5048Anniversary) Designated fund (development) Staffrecruitment costs	629	837 1,088 160
	15@35	28,823
	374,883	312,030

The amount paid in the year comprises:			2020	2019
Research grants: Dr Parastoo Babakinejad, Royal Victoria Infirmary,	Newcastle	upon Tyne		6,750
Ms Ella Guest, University ofthe West ofEngland,	Bristol			9,564
Dr David Hill, University ofSunderland			9,916
Dr Alison Havelin, Royal Victoria, Newcastle			10,000
PhD studentship grants 2020: Prof Silvia Bulfoue-Paus, University ofManchester			28,500
Prof Miriam Wittman, University ofLeeds			28,500
Dr Francesca Capon, Kings College, London			28,500
PhD studentship grants 2019: Dr Paola Di Meglio, StJohns Institute ofDermatology, London Dr Daniele Bergamaschi, Queen Maty University ofLondon			28,500	28,500 28,500
PhD studentship grants 2018: Prof Nick Reynolds, Neu)castle University Dr Henning Holle, University of Hull Dr Helen Young, University ofManchester			28,500 28,500 28,500	28,500
PhD studentship grants 2017: Dr Francesca Capon, Kings CoBege, London Prof Eugene Healy, Southampton University Dr Richard Warren, University ofManchester			27,000	27,000 54,000 27,000
			246,416	204,814
Reconciliation ofgrants payable:
			2020	2019
Commitments at 1January 2020 subject to the satisfaction of conditions		grant	283,500	306,000
Commitments made ui the year subject to the satisfaction ofgrant conditions Grants payable during the year			280,668 ~246,416)	187,314 ~200,~I I)
Commitments at 31December 2020 subject to the ofgrant conditions	satisfaction		317,752	283,500

Commi	tment	s are payable as follows:
			2020	2019
Within Within	one two	yeat years	142,500 175,252	112,500 171,000
			317,752	253,500

Staffcostsduringtheyear were as follows:
		2019
Wages and salaries Social security costs Other pension costs	226,506 21,403 11,106	184,134 16,710 8,285
	259,015	209,129

Tangible fixed	assets
			Fixtutes
			and	Freehold
		Total	Sttings	property
Cost or valuation
At 1January 2020 Revaluation		500,000 ~5,0tltl)		500,000 (5,000)
		500,000		500,000
Depreciation
At 1January 2020
Provided during the year
Net book amount	at 31December 2020	495,000		495,000
Net book amount	at 31December 2019	500,000		500,000

Fixed asset	investmen	ts
			No 1	No 2
			Portfolio	Portfolio	Total
Investments
Listed investments
Market value	at 1January	2020	2,765,921	2420326	5,186,247
Additions			678,884	441,993	1,120,877
Disposals Net unrealised	investment	gain	(656,062) 241,508	(403,297) 115,875	(1,059,359) 357,383
Market value	at 31December 2020		3,030,251	2,574,897	5,605,148
Market value	at 31December 2019		2,765,921	2,420,326	5,186,247

Historical cost at 31	Historical cost at 31	Historical cost at 31	December 201	December 201	9	2,253,1	9 2,132,925	9 2,132,925	4,386,
Realised gains/(losses)			made during		the year on disposals	totalled	g (92,902)(2019$114,417)
The investments		are	registered	as follows:
							Market	value
						No1	No 2	Total	Total
					Portfolio		Portfolio	2020	2019
United Kingdom Overseas					150013856 2,028@95		1,004,191 1870,706	2&006,047 3,599,101	2,778,262 2,407,985
					3,030,251		2,574,897	5,605,148	5,186,247
Debtors
								2020	2019
Investment	income							18/98	21,626
Other debtors								5@06	23,630
Prepayments								4,630	9,466
								23,334	54,722

Creditors: amo	unts fnllinE due within one year
		2020	2019
Grants approved, Other creditors	not yet paid	76,916 33186	63,750 2,169
Accruals		10,881	15,020
		90,903	80,939

				Josie
				Bradbury
				Memorial	Research	Total
Permanent	Endowment		funds
At 1January 2020 Unrealised investment		gains		25,039	4,015,439 449,475	4,040,478 449,475
At 31December 2020				25,039	4,464,914	4,489,953

Restricted funds
	Research	Scotland	Total
At 1January 2020	622,959	65,272	688,231
Incoming resources	272,207	1,000	273,207
Expenditure	(246,416)	(555)	(246,971)
Transfers	(25,000)	(4,169)	(29,169)
At 31December 2020	623,750	61,548	685,298

						50th
	Training	Development	Education	Research	ESTOP	Anniveraaty	Total
At 1January 2020 Expenditure	25,179 (1,166)	59,025 (8,820)	399,184 (10,320)	129,111 (10,380) 75,000	585,134	235,134 (235,134)	847,633 (30,686) 425,000
At 31December	24,013	50,205	388,864	193,731	585,134		1,241,947
2020

Reconcgiation ofnet movement in fun	ds to net cash flow	from operating ac	tivities
		2020	2019
Net movement in funds		848,993	6,476,015
Interest and investment income receivable		(109,842)	(134,314)
Net (gains) on investments Donation from fonuer charity		(357,383)	(677,769) (5,918,633)
(Gain)/loss on revaluation offixed assets		5,000
Decrease/increase) in debtors		26,388	(20,846)
Increase/(decrease) in creditors		10,044	(66,584)
Net cash (used)/generated from operating	activities	4c,20D	(342,131i

Tangible fixed assets Fixed asset investments			500,000 4,602,573
Current assets			963,583
Current liabilities			~(147,523
Net assets			5,918,633
These net assets were represented	by the following	funds:
Capital funds Endowments			3,477,126
Income funds
Restricted funds			677,695
Unrestricted funds:
Property fund General funds			500,000 302,632
Designated funds			961,180
			5,918,633

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