## ## ## ## ## ## ## ## ## ## ## |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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||||||||CD|||'0||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||0|O|||O
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0| ## ## ## |||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|res|ourc|es expended||||| |---|---|---|---|---|---|---|---| |||||||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|es e|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|payable|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
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