2021-12-31-accounts - The Psoriasis Association

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Report ofthe tntstees		4 —25
Report ofthe independent auditor		26—29
Principal accounting	policies	30-32
Statement offinancial	activities	33 —34
Balance sheet		35
Statement ofcash flows		36
Notes to the financial	statements	37 —51

and Fund Research (continued)
Ongoing PhD Studentships induded- Professor Silvia Bulfone-Paus at the University ofManchester, Murt cell-CDST cellinteractions as
drivers ofpsoriuruimmsrne pathogenesir
Professor Miriam Wittmann at the University ofLeeds, Prvdh'cting therapy response inpmriasis
Dr Francesca Capon at King's College London, Demonstrating the benefrts ofsmokirrg cessation in
psori asis, a molecular appmach
Dr Paola Di Meglio at King's College London, Identsfrring immune determinants ofclinical response to
usteki numab in psori uris
Dr Daniele Bergamaschi at Queen Mary University ofLondon, Impact ofautophagr and nucteophagt
deregulation inpsori asis Professor Nick Reynolds at Nemcastle University, Inrrrstigating gmeti c mntml ofthe psoriur'rs
tranunptome to define and vaildate drug and disease endotypes
Dr Henning Holle at the University ofHull, An ascensional bias appmach to understanding and reducing
the psychosocial burden ofpsoriasis Dr Helen Young at the University ofManchester, Investigating the therapeutic benefrts ofescerrisei n
patients with psoriurss
Dr Francesca Capon at King's College London, The mk ofIL-1 and 11 56in palmer Pknarr
Pustulosir (PPP)
Professor Eugene Healy at the University ofSouthampton, Irfutation bnrden ofnarmubrmd UVB
Professor Richard Warren at the University ofManchester, The risk ofcancerinpsoriurispatients
treated with biologic the~its compamd with conventional gstemic therapr'es: results fmm BADBIR
There were two ongoing small grants-
Dr Alison Havelin at the Royal Victoria Infirmary, Newcastle, Optimisati on ofNbUVBforpsoriasir
using apmcision medk inc appmach (PHOTO-OPP STUDY (PHOTOtherapy Optimisation Protmolin
Psoriasr's). Dr Havelin was awarded the Cecil King Memorial Grant.
Dr David Hill at the University ofSunderland, Evakrating the effectofcannabi noid induced inhibition	of
FABP5for the tn'atment ofpsoriasu
The COVID-19 pandemic caused 'wet' laboratory work tobe suspended for a number of months in 2020 and resulted in ddays in progression for many ofour research projects. Many	of
the researchers adapted by carrying out computer-based components oftheir research or
literature reviews and were able to access hboratories again in 2021 (albeit with some resttictions
still in place). Due to the pandemic, six grant extensions were requested and granted to ensure the completion ofthe research projects. These consisted offive no-cost extensions and one
coated extension to cover the student stipend during the three-month extension. The coated
extension was granted after special consideration by Psoriasis Association Trustees.
Articles authored by sponsored PhD Students mere published in the following journals in 2021;
International Journal ofMolecular Sciences and Biology.
Notifications ofthe 2021 caII for PhD Studentship applications and Cecil King Memorial Small
Grant Applications were sent electronically, with additional alerts made to members ofthe
British Association ofDennatologists and British Dermatological Nursing Group via their own
methods. The Psoriasis Association Twitter and LinkedIn accounts were used to target alerts
throughout the call to heaithcare professionals, researchers and relevant organisations.
The call for applications took place between 4September 2021 and 4December 2021,resulting
in two PhD Studentship applications and four small grant applications. The PhD Studentship
applications will again be reviewed by the Research Committee, External Peer Reviewers, and the Experts by Experience Committee. All reviews will be considered at ameeting ofthe Medical and Research Comriuttee, after which recommendations will be made to the Trustees regarding
suitable applications to fimd.

	Trustees received advice from Hewitsons LLP when planning the online EGM in order to update
	the constitution to allow Eor future online meetings.
	The Psoriasis Association will maintain careful monitoring ofits finances and will continue to
	seek arange offunding sources Eor its core activities.
Corporate Support ~ Funding from the phauuaceutical companies wifl not exceed fifteen per cent ofthe
	Psoriasis Association's total annual income as per the Psoriasis Association's policy on
	working with commercial companies.
	Support in 2021 came Erom ten companies in total. These were; Almirall, Abbvie, Tand R
	Derma, Eli Lilly, Dermal, LEO Pharma, Amgen, UCB,Janssen and Novartis.
	Online meetings were held between the Chief Executive, Deputy Chief Executive and / or
	Patient Advocacy and Communications Manager and representatives ftom Almirall, Abbvie
	LEO Pharma, Amgen, UCB,Janssen, Bristol Myers Squibb and Novartis. Staff from the
	Psoriasis Association gave presentations, attended advisory boards or roundtable discussions
	with Abbvie, Amgen, Janssen, Novartis and UCB.
	Two significant projects organised in collaboration with pharmaceutical companies took place in
	2021; 'More than Skin Deep: The Underlying Burdens ofPsoriasis and Psoriatic Arthritis' with
	Novartis and 'Small Steps are a Big Start' with LEO Phanua. These projects offer opportunity
	for the Psonasis Association to highlight areas ofunmet need amongst policy makers and
	parliamentarians and to help equip people living with psoriasis with some tools to assist with
	sdf-management ofthe condition.
	'More than Skin Deep: The Underlying Burdens ofPsoriasis and Psoriatic Arthritis' -The Psoriasis Association was part of an Expert Working Group which contributed to this Novartis- sponsored Government Affairs project and the development ofthe aforementioned report. The
	project began in 2020 with an expert workshop held on 4+ December, featuring Sir Paul
	Beresford MP, a range ofexpert dinicians from dermatology and rheumatology, and
	representatives from the Psoriasis Association and Versus Arthritis. A second workshop was held in May 2021 with the same stakeholders involved. Over the remainder of 2021, the content ofthe report was drafted and edited, with the Psoriasis Association playing a significant role in
	editing and improving the content. The final report, published m February 2022, aimed at
	policymakers, healthcare professionals and NHS commissioners, sets out the challenges faced by people who are living with psoriasis and psoriatic arthritis, and provides a setofkey recommendations Eor improving services. Plans For a formal Parliamentary launch event in late
	Spring 2022 are afoot. 'Small steps are a Big Start' —the Psoriasis Association partnered with LEO Pharma to develop
	this campaign to encourage people with psoriasis to take a 'Small Step' to improve their health
	and wellbeing after lockdown restrictions were eased. The pandemic significantly affected
	people living with psoriasis, routines had to change overnight and access to dermatology care was reduced. In a survey of240 people with psoriasis, we found that 71'/s felt that their
	symptoms had worsened over the past year (2020-2021J. As restrictions eased, the campaign
	aimed to help those living with psoriasis restart old positive habits, try new ones, and reconnect
	with their doctors. Making changes to aroutine is daunting, so we wanted to inspire people
	living with psoriasis to take smail, manageable steps and keep these up, initially for six weeks The findings from the survey infonued the campaign which launched in September 2021 with
	the release ofthree 'hero' videos featuring people with psoriasis who had decided to take their
	own SmaB Step. These focussed on three key areas: mental wellbeing, health and fitness, and
	reconnecting with a doctor. The videos were featured on the Small Steps are a BigStart landing
	page alongside downloadable calendar reminders to help people stay on track with their own Small Step. In addition, 'psoriasis influencers' provided photo content which showed them
	completing their Small Step in each ofthese key areas over a six-week period. These were shared
	via the LEO Pharma UK/IE and Psoriasis Association social media channels

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		Note		2021		2020
Fixed assets
Tangible fixed assets				485,000		495,000
Investments				6,116,732		5,605,148
				6,601,732		6,100,148
Current assets
Debtors		10	24,700		28,334
Cash at bank snd in	hand		786,216		1,287,509
			810,916		1,315,843
Creditors: amounts	falling due
within one year			147,591		90,983
Net current assets				663,325		1,224,860
Total assets less current liabihties				7,265,D57		7,325.008
Capital funds Endowments		13		5)004,890		4,489,953
Income funds
Restricted funds		14		551,028		685,298
Unrestricted funds:
Property fund General funds				485,000 418,296		495,000 412,810
Designated funds				805,843		1,241,947
				7,265,D57		7,323,008

				Note	2021	2020
Net cash generated/(used) activities	from operating			17	(662,400)	423,200
Cash iio8vs irominvesting	activities:
Interest received					5,947	7,870
Investment income received					104,084	101,972
Purchase ofinvestments					(1,358,727)	(1,120,877)
Sale ofinvestments					1,409,803	1,059,359
Net cash provided by investing		activities			161,107	48,324
Change in cash and cash	equivalents		in the year		(501,293)	471,524
Cash and cash equivalents brought		forivard			1,287,509	815,985
Cash and cash equivalents	camed forivatd				786a6	1,787,599

Donations and legacies
		2021	2020
Membership subscriptions —individual		38/63	36,865
-corporate Gift Aid from subscriptions	and donations	13,500 12,258	11,850 11,094
Donations from Charitable	Trusts	5,600	1,100
Donations in memoriam		7,158	7,001
Other donations		13,869	16,715
Legacies (see below)		143,412	839,173
Bank interest receivable		8	68
Fundraising income donated	by individuals	25~5	22,225
		239373	946,991

Legacies	received during the year are as follows:
		2021	2020
Patrick Douglas Wallace			112,833
Richard	Charles Longfield		172,306
Margaret	Elizabeth Sail	24,288	180,884
Sheila Poynter		97	210,258
Margaret	Ann Clark	41,186
Rosina Elizabeth Taylor		703019	150,000
Other		7,822	12,892
		143,472	839,173

Investment income compris	es income fro	m:
			2021	2020
Listed investments			104,084	101,972
Bank deposits			5,947	7,870
			110,031	109,042
Income from charitable	activities
			2021	2020
Corporate sponsorship Tmst donations			16,500 1,000	63,000 1,000
Bank interest receivable			8	68
Journal advertising Annual Conference/AGM	and Awareness	week	4,200 390	1,280
Reimbursements			4,000	4,000
Other			23,481	5,227
			49,579	74,575

Analysis oftotal
			Total	Total
	Staffcosts	Other	2021	2020
Raising funds: Costs ofgenerating voluntary income Investment management costs	48,878	13,794 34,296	62,672 34,296	63,872 31,447
Charitable activities:
Charitable activities	145,967	738,632	884,599	490,884
Governance costs	29+70	20,757	50,027	47,695
	224&115	807479	1&031&594	633898

Total resources expended in	clude:
		2021	2020
Raising funds Rent and rates		179	185
Heat and light Phone and fax		612 417	529 388
Internet and email		416	437
Office insurance		400	371
Hire/repair and maintenance	ofequipment	514	502
Professional fees		89	85
Bank charges Computer costs Printmg and stationery Annual report Post and carriage		1@94 Ir293 456 1,476 573	1,097 1,075 909 1,373 539
Fundraising costs		2)004	1,750
Website		287	237
Subscriptions Sundries		1)502 101	1,114 73
Office equipment Property maintenance Designated fund (development)		138 673 1,270	222 736 3,331
		13,794	14,953
Investment Management	Costs	34,296	31,447
Charitable activities
Grants payable Rent and rates		242,247 536	246,416 556
Heat and light Phone and fax		1,837 1,669	1,588 1,551
Internet and email		1,666	1,747
Office insurance		1,198	1,113
Hire/repair and maintenance Professional fees	ofequipment	1,541 162	1,505 154
Bank charges Computer costs		1@94 1493	1,097 1,076
Printing and stationery		1@69	2,728
Printing educational		649	792
Annual report Journals and postage Post and carriage		2,951 6,726 2,292	2,745 7,725 2,154

nalysis oftotal resourc	xpended (continued)
		2021	2020
Brought Eorivard Staff Recruitment		267,530 499	272,947
Advertising and promotion Website		4,812 1,147	2,112 948
Travel and subsistence		126	138
Meetings and conferences		770
AGM costs		2,147
Grant Management Subscriptions Sundries		640 1,502 258	1,216 1,114 142
Office equipment Property maintenance Designated fund (staff training) Designated Eund (promotion and	education)	138 2,354 1,083 11,891	222 2,577 1,166 10,320
Designated fund (BSTOP) Designated fund (development) Designated fund (research) Sponsored projects Scotland		397,100 1,799 44,138 143 555	4,860 10,380 4,451 555
		738,632	313,148
Governance costs
Trustees insurance		912	847
Auditor's remuneration —audit services		10,740	10,843
Surveyor fees Annual report Travel and subsistence		600 492	600 457 393
Legal Fees AGM costs		300 537	793
Ptoperty maintenance Professional fees		336 10	368 10
Sundries		72	395
Governance Administration		2,935
Designated fund (development)		1,431
Designated fund (education)		2@92
		20,757	15,335
		889,499	374,883

Grants payable from Restricted Funds
The amount paid in the year comprises:	2021	2020
Research grants: Dr David Hi4 University ofSunderland		9,916
Dr Alison Havelin, Royal Victoria Infnmary, Newcastle		10,000
Dr Stephanie Shoop-Worrall, University ofManchester	9,995
PhD studentship grants 2021: Dr Zenas Yiu, University of Manchester	28,500
Dr Satveer Mahil, Kings College London	28,500
Dr Thiviyani Maruthappu, Kings College London	28,500
PhD studentship grants 2020: Prof Silvia Bulfone-Paus, University ofManchester		28,500
Prof Miriam Wittmann, University ofLeeds		28,500
Dr Francesca Capon, Kings College, London	28,500	28,500
PhD studentship grants 2019:
Dr Daniele Bergamaschi, Queen Mary University ofLondon		28,500
Dr Di Meglio, Kings College London	61,252
PhD studentship grants 2018: Prof Nick Reynolds, Newcastle Univetsity		28,500
Dr Henning Hoiie, University ofHull Dr Helen Young, University of Manchester	28,500 28,500	28,500 28,500
PhD studentship grants 2017:
Dr Richard Warren, University of Manchester		27,000
	242,247	246,416
ReconciTiation ofgrants payable:
	2021	2020
Commitments at 1January 2021 subject to the satisfaction ofgrant conditions	317,752	283,500
Commitments made in the year subject to the satisfaction ofgrant conditions	266,495	280,668
Grants payable during the year	(2422247)	(246,416)
Commitments at 31December 2021 subject to the satisfaction
ofgrant conditions	342,000	317,752

Commi	tment	s are	as follows:
			2021	2020
Within Within	one two	year yeats	85,500 256,500	142,500 175,252
			342,555	317,752

				2021	2020
BSTOP study Prof. Catherine	Smith,	Kings College London		397,100
				397,1DD
Reconciliation	ofgrants	payable
				2021	2020
Commitments	at 1January		2021 subject to the satisfaction ofgrant
conditions
Commitments	made in	the	year subject to the satisfaction ofgrant
conditions				948,114
Grants payable	during	the	year	(397,100)
Commitments at 31December 2021 subject to the satisfaction ofgrant conditions				55u54
Commitments	are payable		as foHows:	2021	2020
Within one year Within two to four years				176,334 374,680
				551,D14

Staffcosts during the year u ete as follows:
	2021	2020
Wages and salaries	194,906	226,506
Social security costs Other pension costs	18,646 10,563	21,403 11,106
	229,115	250,015

Tangible fixed	assets
			Fixtures
			and	Freehold
		Total	fittings	psopey
Cost ot valuation
At 1January 2021		495,000		495,000
Revaluation		(10,000)		(10,000)
		485,000		485,000
Depreciation
At 1January 2021
Provided during the year
Net book amount	at 31December 2021	485,000		485,000
Net book amount	at 31December 2020	495,000		495,000

Fixed asset	Investme	nts
			No 1	No 2
			Fortfolio	Fortfolio	Total
Investments
Listed investments
Market value Additions	at 1January	2021	3,030,251 620,984	2,574,897 737,743	5,605,148 1,358,727
Disposals Net unrealised	investment	gain	(609,820) 352,796	(799,983) 209,864	(1,409,803) 562,660
Market value	at 31 December 2021		3,394,211	2,122,521	6,116,232
Market value	at 31 December 2020		3,030351	2,574,897	5605148

						No1	No 2
						Portfolio	Portfolio	Total
Historical	cost	at	31	December	2021	2,487,109	2,244,872	4,731,981
Historical	cost	at	31	December	2020	2,354,313	2.223,005	4,577,318

			Market	value
		No1	No 2	Total	Total
		Portfolio	Portfolio	2021	2020
United Kingdom		1,1767921	1,119,536	2+965457	2,006,047
Overseas		2,217,290	1,602,985	3,820,275	3,599,101
		3,394+11	2,722,521	6,116,732	5,605,148
Debtors
				2021	2020
Investment	income			20,046	18,398
Other debtors				727	5,306
Prepayments				3,927	4,630
				24,700	28,334

Credi	tors: amo	unts falling due within one yea	r
			2021	2020
Grants Other	approved, creditors	notyetpaid	133,995 2,780	76,916 3,186
Accru	ala		10,816	10,881
			147,591	90,983

Notes to the financial Restricted funds	statements (contin	ued)
	Research	Scotland	Total
At 1January 2021 Incoming resources	623,750 138,775	61,548	685,298 138,775
Expenditure Transfers	(242,247) ~(27,0tl0	(555) (3,243)	(242,802) (30,243)
At 31December 2021	493,278	57)750	551,028

		Unrestricted	Restticted	Endowment	2021	2020
		Funds	Funds	Funds	Total	Total
Tangible fixed assets Investments		485,000 454,440	657,402	5,004,890	485,000 6,116,732	495,000 5,605,148
Current	assets	783,295	27,621		810,916	1,315,843
Current	liabilities	(13,596)	(133,995)		(147,591)	(90,983)
		1,709,139	551,028	5,004,890	7,265,057	7,325,008
Unrealised gains
included	above:
Tangible fixed assets Investments		22,985 102,880	148,827	1,133,044	22,985 M843751	32,985 1,027,830

Reconclgation ofnet movement in fun	ds to net cash flow	frosn operating acti	vities
		2021	2020
Net movement in funds		(59,951)	848,993
Interest and investment income receivable		(110,031)	(109,842)
Net (gains) on investments (Gain)/loss on revaluanon offixed assets Decrease/(increase) in debtors Increase/(dectease) in creditors		(562,660) 10,000 3,634 56,608	(357,383) 5,000 26,388 10,044
i	tiiti	4662,400)	423,2))0

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