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2024-12-31-accounts

Financial Statements

The Psoriasis Association

Charitable Incorporated Organisation

For the year ended 31 December 2024

Charity registered in England and Wales 1180666 and Scotland SC049563

The Psoriasis Association

Financial statements for the year ended 31 December 2024

References and Administrative Information

The Board of Trustees of the Psoriasis Association presents its annual report and audited financial statements for the year ended 31 December 2024

Charity Numbers

1180666 and SC049563

Company Number

CE015600

Principal Office

Dick Coles House 2 Queensbridge Northampton NN4 7BF

Life Vice Presidents

Professor Terence Ryan Professor Christopher Griffiths OBE Mr John Ford MBE Mr Ray Jobling MBE Mr Jonathan Swift (until 16[th] June 2024) Professor Jonathan Barker (from 6[th] June 2024) Mr Nicholas Evans (from 22[nd] June 2024)

Chairman

Mr Nicholas Evans (until 22[nd] June 2024) Dr Julia Schofield MBE (from 22[nd] June 2024)

Vice-Chair

Dr Julia Schofield MBE (until 22[nd] June 2024) Mr Russ Cowper (from 22[nd] June 2024)

Treasurer

Mr Brian Murkin

Trustees

Mr Steven Astaire

Mr Russ Cowper

Mrs Chris Dyer (until 22[nd] June 2024)

Mr Nicholas Evans (until 22[nd] June 2024)

Ms Gill Hynes Mr Michael Israel Ms Karina Jackson Mrs Susan Morgan Mr Brian Murkin Dr Julia Schofield MBE Mr Matthew Swift

Trustees continued

Mr Adam Bushby (co-opted 16[th] April 2024, elected 22[nd] June 2024)

Ms Sophia Field (co-opted 16[th] April 2024, elected 22[nd] June 2024)

Ms Marie Fryers (co-opted 16[th] April 2024, elected 22[nd] June 2024)

Dr Manisha Panchal (co-opted 16[th] April 2024, elected 22[nd] June 2024)

Lucy Moorhead (co-opted 26[th] November 2024)

Finance Committee

Mr Brian Murkin (Chairman)

Mr Steven Astaire

Mr Adam Bushby (from 18[th] June 2024)

Mr Michael Israel

Senior Staff

Ms Helen McAteer – Chief Executive Mrs Polly Matthews – Finance Officer Mrs Laura Stevenson – Deputy Chief Executive

The Psoriasis Association

Financial statements for the year ended 31 December 2024

References and Administrative Information

Medical and Research Committee

Professor Tony Bewley Professor Eugene Healy Professor David Kelsell

Dr Elise Kleyn Ms Helen McAteer

External Peer Reviewers

Dr Paola di Meglio Dr Sandy McBride Professor Edel O’Toole Professor Richard Warren

Mrs Susan Morgan (Chair) (until September 2024)

Professor Nick Reynolds (Chair from September 2024)

Dr Julia Schofield MBE

Professor Richard Weller

Dr Shane Solanky (from September 2024)

Dr Catherine O’Leary (from September 2024)

Professor Catherine Smith (from September 2024)

The Psoriasis Association

Financial statements for the year ended 31 December 2024

References and administrative information

Bankers National Westminster 41 The Drapery Northampton NN1 2EY Cambridge and Counties Charnwood Court 5b New Walk Leicester LE1 6TE

CCLA One Angel Lane London EC4R 3AB

Professional advisors Auditor Mercer & Hole LLP The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP Solicitor HCR Law Lancaster House Nun Mills Road Northampton NN1 5GE

Investment advisor Brewin Dolphin 12 Smithfield Street London EC1A 9BD

Pharmaceutical Company Support

Abbvie Almirall Boehringer Ingelheim Bristol Myers Squibb (BMS) Dermal Laboratories Janssen / Johnson & Johnson Medac Pharma Novartis Thornton & Ross Ltd UCB

Financial statements for the year ended 31 December 2024

The Psoriasis Association

Index to the financial statements

PAGE
Report of the Trustees 5–26
Report of the independent auditor 27–30
Principal accounting policies 31–33
Statement of financial activities 34–35
Balance sheet 36
Statement of cash flows 37
Notes to the financial statements 38–52

The Psoriasis Association

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Report of the Trustees

The Board of Trustees of the Psoriasis Association has pleasure in presenting their annual report and audited financial statements for the year ended 31 December 2024. The financial statements comply with current statutory requirements and have been prepared in accordance with the 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 (FRS 102) (the Charities SORP (FRS102)).

Structure, Governance and Management

Constitution

The Psoriasis Association is registered with the Charity Commissioners in England and Wales - no. 1180666 and with the Office of the Scottish Charity Regulator - no. SC049563. The Psoriasis Association is administered and managed in accordance with the constitution approved at the Psoriasis Association (257414) Annual General Meeting on 12 May 2018, updated and approved at the Psoriasis Association (1180666) Extraordinary General Meeting on 30 March 2021.

Objects of the Association

Election of Officers

The Officers of the Psoriasis Association are appointed on an annual basis at the Annual General Meeting (AGM). At the AGM held on 18 June 2024, Nick Evans completed his term as Chairman (a post he had held for 9 years). Dr Julia Schofield MBE was elected as Chair having previously served as Vice Chair for 5 years. Russ Cowper was elected to the position of Vice Chair having served as a Trustee since 2022. Brian Murkin was re-elected as Treasurer.

Elected members of the Board of Trustees

Trustees are elected at the Annual General Meeting for a term of three years. At each AGM one-third of the Trustees must retire from office. Competent Trustees are eligible for re-appointment. Nick Evans and Chris Dyer retired from office at the AGM following many years’ service to the Psoriasis Association. Dr Julia Schofield MBE and Karina Jackson were re-elected as Trustees in 2024. Adam Bushby, Marie Fryers, Sophie Field and Dr Manisha Panchal were all elected as Trustees at the AGM in 2024. Lucy Moorhead was co-opted to the Board of Trustees at their meeting in November 2024.

The Appointment and Training of Trustees

Existing Trustees are required to complete a “Declaration of Interest” form annually, in order for skill mix to be assessed and to ensure compliance with Charity Commission eligibility criteria for Trustees. The Trustees largely consider recruitment of new Trustees as the need arises, when succession planning and in response to gaps identified in the annual declaration of interest’s forms. Trustees have traditionally been, recruited through the membership of the Psoriasis Association, open advertising and by invitation. A recruitment call for new Trustees was held in the winter of 2023. Adverts were placed externally with professional organisations, recruitment agencies and Trustee specific recruitment sites in addition to the Psoriasis Association’s website and social medial channels. Members were notified of the Trustee post vacancies via email or post and in the quarterly membership magazine, Pso. Interviewing of prospective Trustees took place in early 2024. The successful recruitment drive saw four new Trustees with expertise in HR, Finance, Volunteer Management and Medicine, with interests or lived experience of psoriasis, coopted at the Trustee Meeting in April 2024 and elected at the AGM in June 2024.

A further,-more targeted round of open advertising to strengthen the representation of Dermatology Nurses on the Board of Trustees was carried out in the Summer of 2024 with interviews taking place in

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November 2024. As a result, Lucy Moorhead was co-opted to the Board of Trustees at the meeting in November 2024.

All prospective and new Trustees are given a comprehensive information pack including relevant Psoriasis Association policy documents, the content of the constitution, recent financial performance of the charity and details of Trustee responsibilities, including the “Essential Trustee” guidance issued by the Charity Commission. A Declaration of Interests is required for all new Trustees and is reviewed annually for all Trustees. All Trustees are given opportunity at the beginning of all Trustee meetings to declare any Conflicts of Interest with items on the agenda. Further training in specific areas is provided where necessary. Opportunities to request further training are included in annual Declarations of Interest forms. Two-thirds of the current Trustees have lived experience of psoriasis.

The Board of Trustees

Management of the Psoriasis Association is vested in a Board of Trustees. There must be at least three Trustees. In addition to the Board of Trustees there is an Officers group comprising the Chair, Vice Chairman and Treasurer.

The Trustees delegate day-to-day operation and management of the charity to the Chief Executive. The authority to make specified decisions is delegated to the Finance Committee.

Meetings

– The Board of Trustees held three formal meetings during 2024 April, August and November. The November meeting was precluded by a ‘Strategy Away Day’ facilitated by THINK Consulting Solutions. Two meetings were held online via Zoom, and one meeting (including the Strategy Away Day) was held inperson at the offices of the British Association of Dermatologists, London. Further correspondence between meetings took place via email and Zoom meetings.

The Finance Committee met twice during 2024 with the investment advisor (from Brewin Dolphin) and for – charity business in March and November (via Teams. The Finance Committee met a further time in June 2024 for charity business only (online via Teams).

The Officers Group corresponded regularly via telephone and email throughout 2024.

During 2024 a task sub-group of Trustees and the Deputy Chief Executive continued to meet in order to review recommendations from the Membership, Income Streams and Supporter Engagement work carried out in 2023 with external consultants from THINK.

The Chairman and Chief Executive or Deputy Chief Executive have regular weekly / fortnightly telephone conversations and regular email correspondence to review progress, deal with staffing matters and work on forward planning. The Treasurer and Finance Officer meet monthly or more frequently if required and remain in regular contact via telephone and email.

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2024

The Psoriasis Association remains committed to improving the lives of people with psoriasis. The traditional three objectives; Raising Awareness, Funding and Supporting Research and Providing Information, Advice and Support continue to overlap, feed into each other or rely on aspects of each objective in order to be fulfilled. Examples of this include the Annual Meeting and a survey on Generalised Pustular Psoriasis (GPP). The Annual Meeting, “Psoriasis Update: What you need to know” was held in Manchester for the first time and an innovation this year was to target health care professionals as well as people with psoriasis and their carers. The meeting saw the return to a face-to-face event, with recordings of presentations made and uploaded to our YouTube channel and the newly acquired TikTok social media platform. The meeting showcased a number of research projects that had been funded by the Psoriasis Association ensuring that the event itself covered all three objectives. Logistics and support for the Annual Meeting (including finding a suitable venue, liaising with speakers, approaching pharmaceutical companies for funding and on the day support) was for the first time outsourced. Signature Healthcare Communications offered good support to the Psoriasis Association staff team and were pivotal in increasing the sponsorship income for the event. Following positive feedback for the 2024 event, the partnership will continue for the 2025 Annual Meeting, plans for which are well-advanced for a meeting to be held in London.

Regulatory work (with the National Institute for Health and Care Excellence – NICE and the Scottish Medicines Consortium – SMC) continued in 2024 with a focus on a new targeted treatment for the rare form of psoriasis, Generalised Pustular Psoriasis (GPP). In order to gain insights of the lived experience of GPP to present to the medicine’s advisory boards, an online survey was carried out. Again, the three core objectives interlinked allowing us to research, present the results of that research and thus raising awareness, and then providing advice to the regulatory bodies.

Linking all of the workstreams at the Psoriasis Association is a robust website that serves as an incredible resource for people’s information needs. The information production continued to follow the principles as set by the PIF Tick, an organisation that the Psoriasis Association is proud to be accredited by. The website was further improved during 2024 with the addition of images of people with psoriasis taken at the ‘Psoriasis on the Skin’ photoshoots and some alterations to the fundraising text. A feedback pop-up box is planned for the website in 2025.

Despite being in an increasingly digital age, there is still a need amongst people living with psoriasis to have printed materials. Core information resources were reviewed and refreshed during 2024, and the quarterly membership magazine is produced in both print and electronic formats.

The Trustees employed the services of THINK consulting solutions in 2023 to evaluate Membership and Income and Supporter Engagement. The findings of the work were presented in the spring of 2024. Whilst it was possible to incorporate some suggestions from the reports, more work is required in other areas to ensure suitability. One of the recommendations, to employ a Fundraiser, was discussed and funding approved by the Trustees. Despite extensive advertising, it was not possible to fill the post of Fundraising Manager in 2024. The Trustees held a further Strategy Away Day facilitated by THINK consulting solutions in November 2024 and attended by the senior staffing team. This event provided an opportunity to review the multiple achievements and successes in the context of the previous five year strategy. A strategy document will be prepared for approval and implementation in 2025.

The skill mix of Trustees is regularly reviewed and an open call advertising for new Trustees with expertise or experience in areas such as living with psoriasis as a young person, Finance, HR, health or science took place in winter 2023. Interviews were held in spring 2024 and four new Trustees were co-opted to the Board of Trustees in April 2024. Another, more targeted open call advertising for a Trustee with experience of Dermatological Nursing was carried out in summer 2024, and following interviews a further Trustee was co-opted in November 2024.

The important post of Research Manager was filled again in November 2024 allowing for dedicated staff time in this valuable area of our work. The involvement of the Psoriasis Association in research was held in

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2024 continued

very high regard in both the membership and supporter engagement exercises and so it was with great pleasure that a call for PhD Studentship grants opened in September 2024. The application process closed in December 2024 having attracted 8 high quality applications. Extensive review of these applications takes place amongst clinical, academic and lay reviewers before discussion at a meeting of the Medical and Research Committee makes recommendations to the Trustees regarding funding. The successful awards will be decided in spring 2025. We are delighted that the applications link well to the top ten priorities for research that were identified in the Priority Setting Partnership funded by the Psoriasis Association in 2016.

We continued with our long-standing commitment to the Biomarkers and Stratification to Optimise outcomes in Psoriasis (BSTOP) piece of research which is addressing a number of the research priorities identified in the Psoriasis Priority Setting Partnership (PSP) research. From the BSTOP project the mySkin app has launched which will allow greater access for people to be involved in research helping to further understanding of the progression of psoriasis. Dr Satveer Mahil continues to update and involve members and supporters of the Psoriasis Association as to this important research initiative.

Work on the Psoriasis Association-commissioned research looking at the epidemiology of psoriasis in the UK began in 2024. Professor Darren Ashcroft introduced the research and work of the Global Psoriasis Atlas (co-funders of the research) to delegates at the Annual Meeting in Manchester. It is expected that he will present the findings at the Annual Meeting due to be held in London in 2025. The findings of this research will help shape not only the work of the Psoriasis Association but help to inform researchers and clinicians as to how psoriasis may vary between different ethnicities in the UK, and updated knowledge of prevalence and incidence rates.

Finally, Awareness Week saw a return to in-person events in addition to the well-received digital highlights. New events such as a coffee morning at Head Office was planned, whilst the highly-regarded webinar with the St John’s DermAcademy returned for a fifth consecutive year, offering valuable insights into psychological strategies to help when psoriasis affects your sleep, getting the most out of your treatments and psoriasis care in the future – how could it look – from a team of psoriasis experts including Consultant Dermatologists, Pharmacists and Clinical Psychologists. The webinar was attended by 70 delegates.

Public Benefit

The Trustees have referred to the Charity Commission's guidance on public benefit when deciding on the activities the Psoriasis Association should undertake. The Psoriasis Association provides public benefit:

The following is a more detailed account of the Psoriasis Association's main activities in 2024 in support of the objects of the charity and to fulfil the public benefit requirement.

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Objectives, activities, achievements and performance

Promote and Fund Research

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Promote and Fund Research (continued)

Research Officer recruitment and workstreams

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Promote and Fund Research (continued)

Dr Zenas Yiu at the University of Manchester, Risk of serious infection associated with Interleukin 17 and 23 inhibitors compared with other biologics in people with psoriasis

Dr Paola Di Meglio at King’s College London, Biological variation in the environmental sensor and novel psoriasis drug target Aryl Hydrocarbon Receptor (AHR) expression, regulation and biomarker potential Dr Ella Guest at University of West of England, Developing a social media intervention to increase awareness and understanding of psoriasis and reduce misconceptions: A mixed-methods project using co-production with adults with psoriasis

In addition to our PhD Students Binh Phan (Evaluation of TNF Inhibitor Biosimilar Use in the UK: a study from BADBIR) and Heber Bright (Serious Infection Risk with Biologics Used in the Management of Moderate to Severe Psoriasis) presenting their work at the Annual Conference in Manchester, other Psoriasis Association-funded research was also presented on the day. Presentations included findings from completed research grants (Dr Helen Young – Exercise and psoriasis: What does the evidence tell us), introduction to newly funded research (Professor Darren Ashcroft – Psoriasis in the UK today) and research that is ongoing (Dr Satveer Mahil – mySkin: 1 year on). Trustee Russ Cowper also led a session on Patient and Public Involvement

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Promote and Fund Research (continued)

and Engagement in research: Why is it important? Videos of the presentations are available to watch via the Psoriasis Association YouTube channel.

We continued to maintain and promote the Research Network. Members of the Research Network are sent opportunities to participate in research projects that we are funding or supporting. Nine opportunities were sent to the 136 members of the Network in 2024 and research opportunities were also promoted on the Psoriasis Association website and social media channels.

Future developments

The Psoriasis Association

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Raising Awareness

To run a successful Awareness Week in 2024

To hold more public information stands within the community and relevant health settings.

To increase out media engagement and seek more proactive media opportunities to promote Psoriasis Association work.

Work has been ongoing to increase our media coverage and to build local connections. A new relationship was built with a local radio station leading to two live on-air interviews in 2024. Proactive media content was distributed during Psoriasis Awareness Week leading to positive

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Raising Awareness (continued)

stories being published and radio interviews aired. Content and information were provided to a number of media outlets for stories throughout the year. Media news outlets crediting the Psoriasis Association with input to articles ranged from popular magazines (the People’s Friend)

and mainstream media (including Daily Mail, Daily Telegraph The Scotsman, Liverpool Echo and Wales Online) to more targeted healthcare professional titles (including Pharma Times, Medical Xpress, Hospital + Healthcare and the Medical Independent IE) and political titles (The House – Politics Home).

To continue to grow all social media channels and to develop and integrate new platforms.

All social media platforms (except X) witnessed significant growth in 2024 with engagement and follower numbers increasing. Tik Tok was utilised for the first time and our followers are growing in number. The social media offerings are under constant review to ensure resources are best utilised. For example, Threads was introduced in 2023 and currently has 2,800 followers and Bluesky account was set up during winter 2024. We continue to secure the domain ‘@psoriasisuk’ to ensure consistency social media offerings. It is expected that Threads and Bluesky will become more active in 2025.

It is felt that some of the Psoriasis Association’s social media activities fall under the ‘Raising Awareness’ objective, whereas others are better suited to ‘Providing Information, Advice and Support’. Those felt to be more useful for raising awareness include X, Instagram, Threads, LinkedIn and Bluesky.

X – this was the only platform to see a slight decrease in number of followers. There were 14,713 followers at the end of 2024 compared with 14,824 at the end of 2023. This could possibly be linked to businesses, organisations and individuals leaving the platform itself rather than choosing not to follow the Psoriasis Association and longer.

– Bluesky was added to the Psoriasis Association’s social media portfolio towards the end of 2024. In keeping with the other platforms, the handle @psoriasisuk was secured. To carry out a new photoshoot to obtain images of psoriasis on the skin for used on our website and information resources.

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Raising Awareness (continued)

Following review by senior members of staff and Trustees, whilst it was possible to incorporate some suggestions from the THINK reports, more work is required in other areas to ensure appropriate wording of messaging.

This is carried out regularly on an ongoing basis by the Communications staff team.

Work in this area is ongoing while we rebuild our internal list of engaged and interested MPs following the General Election in July 2024.

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Raising Awareness (continued)

Future developments

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Providing Information, Advice and Support for People with Psoriasis

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Providing Information, Advice and Support for People with Psoriasis (continued)

Psoteen is a website intended for use by teenagers and young people with psoriasis There were 27,932 visits to this website in 2024. The devices people use to access Psoteen is quite different to the main website. Most people are still accessing the website via their phone, but only in 53.6% of visits. Desktop devices make up 44.9% of visits. The majority of visitors still come via search engines (52%) with people typing the website address into their browser in 33% of visits.

The report was received by the Trustees at their meeting in spring 2024. Senior members of staff reviewed the recommendations of the report and work began introducing the themes where appropriate. It was felt that further work was required around the wording of some of the themes before they could be usefully deployed.

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Providing Information, Advice and Support for People with Psoriasis (continued)

research and fundraising updates. We also continue to share people’s stories of living with psoriasis and psoriatic arthritis.

Information resources are run through the NHS Medical Document Readability Tool.

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Providing Information, Advice and Support for People with Psoriasis (continued)

approaching the helpline, enquiries received by this means made up 8% of the total. Others forms of communication included Facebook, LinkedIn, in person at information stands and letter. . The helplines continue to provide a good insight into the issues that people with psoriasis and / or psoriatic arthritis are facing which then informs our information production and contributions to regulatory and government affairs activities.

Enquirers receive information tailored to their needs, in addition to a general information pack. Additional information is sent via post, email or WhatsApp depending on the callers’ preference.

During 2024, the Psoriasis Association ran an online survey aimed at improving understanding of the impact of Generalised Pustular Psoriasis (GPP). This rare form of psoriasis, if not quickly treated can soon become a medical emergency. Findings from the survey helped to shape the submission from

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Providing Information, Advice and Support for People with Psoriasis (continued)

the Psoriasis Association to the National Institute for Health and Care Excellence (NICE) regarding a new targeted treatment for people with GPP. It is hoped that the findings from the survey will help to support further information resources regarding the condition.

All staff are encouraged to identify and take part in training events to increase their knowledge and skill in their relevant job roles. All staff completed the Cyber Security for Small Organisations training provided by the National Cyber Security Centre. Other role specific training events in 2024 included; Emergency First Aid, Fundraising Regulators Conference and Fundraising Now 2024, Essential Helpline Skills, Developing Helpline Skills and Digital Helpline Skills, Legacy Trends 2024 and Legacy Strategy Summitt 2024, Payroll Giving, Charity Finance Summit, Changes to Employment Law, Trustee Training, AMRC Essential’s Research Manager training, and Google Adwords,

.

Future Developments

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Scotland

Aims in 2024: To continue representation with key regulatory bodies such as the Scottish Medicines Consortium and key networks such as the Dermatology Council for Scotland. To continue to recognise the guidance from the Scottish Government when it differs from that issued by the UK Government and communicate this to members in Scotland, when relevant. To use opportunities to work closely with research institutions in Scotland when they present.

Future Developments

Administration and Committee support

Pharmaceutical Company Support

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mixture of core grants, sponsorship of the Annual Meeting, collaborative projects, advertising in Pso and honoraria.

System of internal controls

Financial review

The financial position of the Psoriasis Association remained strong throughout the year as shown by the results set out on pages 34 to 37

Investments are held to maximise total return through a suitable balance of income and capital growth. Portfolio One directly supports the Research Funds. Portfolio Two supports the General Funds through dividend yield which represents a significant contribution to income. Unrealised investment gains and losses are allocated to Endowments and realised investment gains and losses to General Funds.

There were net incoming resources on the general unrestricted fund amounting to £3,145, net incoming resources on restricted funds amounting to £226 and net outgoing resources of designated funds amounting to £67,221. The net outgoing resources on designated funds are due to expenditure in the year of funds designated in previous years, including the BSTOP Fund. There were net incoming resources to the Endowment Fund amounting to £316,352 arising from gains on investments.

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Investment policy

Remuneration policy

Reserves policy

The Board of Trustees agree that in the event of a major financial crisis it would be prudent to hold a minimum of six months operating costs as free reserves, allowing an orderly wind-down of the charity. This is estimated at £275,000 and the Trustees would normally seek to meet this from current resources, with immediate measures being taken to cut costs. The actual free reserves on 31 December 2024, stood at £320,890. The Finance Committee reviews the Reserves Policy annually at the spring meeting.

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Risk review

The Psoriasis Association regularly reviews its risk strategy. The Trustees ensure that available resources are used appropriately to fund work priorities and when necessary, curtail activities if funds are not available. The Psoriasis Association has implemented the Charity Commission’s Guidance on Internal Financial Controls for Charities. The Trustees review the Risk Assessment schedule each year.

The Psoriasis Association continues membership of key groups such as the National Council for Voluntary Organisations (NCVO), Association of Chief Executives of Voluntary Organisations (ACEVO), Association of Medical Research Charities (AMRC), Dermatology Council for England, Arthritis and Musculoskeletal Alliance (ARMA) and The Alliance in order to be kept abreast of key policy changes affecting the work of the charity. The Psoriasis Association does not rely on government funding; however, it does benefit from Gift Aid on appropriate donations.

Despite systems being in place to mitigate the risk, the area in which highest risk, particularly in terms of the impact, is predicted in 2024 was loss of key staff.

Loss of Key Staff

The Psoriasis Association is a busy but small charity, reliant on key members of staff. It is natural to experience periods of absence along with periods of higher intensity workloads (e.g. around Awareness Week and Conferences). It is important that key members of staff are not lost through ‘burn-out’. Charity sector-wide recruitment is more difficult than in previous years with many organisations reporting multiple attempts to fill vacancies. The Psoriasis Association has a good staff retention rate, but headhunting, along with career development opportunities elsewhere do present. Staff should feel valued and be offered competitive salaries and benefits.

The Psoriasis Association offers flexible hours along with hybrid working opportunities. The success of the small team has been built on strong foundations of in-person opportunities, and so a dedicated office day each week is in place for all staff. The minimum office-based time is 50% of a working week. There are enhanced policies for sickness, maternity and paternity absences in addition to increase in annual leave entitlement following 5 years continuous service.

Staff are encouraged to seek training opportunities along with representing the organisation at external events. Staff are encouraged to use any time off in lieu they may accrue as close to the event as possible, and the importance of regular annual leave breaks is emphasised. In a small organisation such as the Psoriasis Association, all staff play key roles, and any loss or turnover of staff is felt across the organisation. Future retirement or periods of maternity / paternity / shared parental leave in addition to unexpected sick leave will always be felt in a small team and whilst all staff have notice periods there is inevitably an impact on remaining staff and workloads.

There is some overlap in duties to ensure that the core work of the charity can continue in the absence of individual members of staff and essential documents are shared either in SharePoint or via Dropbox. The Chief Executive, Deputy Chief Executive and Finance Officer meet regularly to discuss key points, and are all aware of necessary passwords, providers and systems. The Chief Executive and / or Deputy Chief Executive and members of staff meet regularly to discuss ongoing work, new research findings, trends in enquiries and regulatory policies. A minimum of two members of staff are aware of passwords and procedures including online banking, updating websites and social media.

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Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

The Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005, and the regulations made thereunder, require the Trustees to prepare financial statements for each financial year. The Trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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.

In so far as the Trustees are aware:

ON BEHALF OF THE TRUSTEES

Dr Julia Schofield MBE Chair Date

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Independent auditor’s report

Opinion

We have audited the financial statements of The Psoriasis Association for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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.

The Psoriasis Association

Financial statements for the year ended 31 December 2024

28

Independent auditor’s report (continued)

Other information

The other information comprises the information included in the Trustees Annual Report set out on pages 1 to 25, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the Statement of Trustees' Responsibilities set out on page 28, the trustees are responsible for the preparation of the financial statements which 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The Psoriasis Association

Financial statements for the year ended 31 December 2024

29

Independent auditor’s report (continued)

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 procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Charities Act 2011, Charities SORP 2019, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The Psoriasis Association

30

Financial statements for the year ended 31 December 2024

Independent auditor’s report (continued)

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Steve Robinson FCA Senior Statutory Auditor For and on behalf of Mercer & Hole LLP Chartered Accountants and Statutory Auditors The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP

The Psoriasis Association

Financial statements for the year ended 31 December 2024

31

Accounting policies

Basis of preparation

The Financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a 'true and fair' view. This departure has involved following the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 ('Charities SORP') rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn, the Charities and Trustee Investment (Scotland) Act 2005, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. They have been prepared under the historical cost convention except that investments and freehold property are valued at market value (see below).

The charity constitutes a public benefit entity defined by FRS 102.

Going concern

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The most significant areas of uncertainty that affect the value of assets held by the charity are the level of investment return and the performance of the investment markets. Areas of judgement and key assumptions that affect items in the accounts are based around the timing of legacy income recognition. Grants are awarded only when sufficient funds are held to meet commitments made. The charity held a successful Conference and a number of face-to-face public information events. Staff attended relevant conferences and events representing the charity. The charity will continue to utilise alternative methods to ensure the continuation of its charitable activities and explore and develop alternative streams of income. The cash reserves and investments held by the Psoriasis Association will enable the charity to continue as a going concern for the foreseeable future. The Trustees have therefore adopted the going concern basis of accounting in preparing these financial statements.

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably.

Subscriptions, donations, legacies and gifts

All monetary donations and gifts are included in full in the Statement of Financial Activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the performance of the related expenditure, in which case recognition is deferred until the pre-condition has been met.

Legacies entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intent to make distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have been met, then the legacy is treated as a contingent asset and disclosed if material (see note 12). Life subscriptions and annual membership subscriptions are accounted for in full when received.

The Psoriasis Association

Financial statements for the year ended 31 December 2024

32

Principal accounting policies (continued)

Investment income

Investment income is recognised when receivable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

Classification of expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accrual’s basis. All expenses are allocated or apportioned to the applicable expenditure headings.

Expenditure is shown gross, inclusive of irrecoverable VAT.

Costs of generating voluntary income comprise those costs directly attributable to managing the membership database which includes staff costs, attributable overhead costs and the direct cost of managing the database.

Investment management costs are the fees paid to the investment advisors.

Charitable activities expenditure represents the overhead costs, grants and staff costs incurred for the furtherance of the charity's objectives as stated in the annual report.

Governance costs which are included within charitable activities in the Statement of Financial Activities, represent the costs directly attributable to Trustees' meetings and the audit process such as staff costs, printing, meeting and travel costs, licences and compliance.

Grants payable

Grants are recognised when a legal or constructive obligation has been created. All grants’ payments are subject to satisfactory completion of terms and conditions as set out in the Research Grant Agreement. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment but are not accrued as expenditure. The PhD Studentship grants awarded are for a period of three years. Small grants are paid in full at time of agreement and PhD Studentships year one at time of agreement with years two and three following satisfactory completion of terms and conditions set.

Fixed assets and depreciation

Tangible fixed assets are capitalised.

Freehold property is stated in the balance sheet at market value. Any revaluation movements will be charged or credited to the statement of financial activities. Depreciation is not charged where the trustees estimate the residual value to be equal to or in excess of the current valuation.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets except freehold property by equal annual instalments over their expected useful lives. The rate applicable is 5 years straight line for fixtures and fittings.

The Psoriasis Association

Financial statements for the year ended 31 December 2024

33

Principal accounting policies (continued)

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Unrealised investment gains and losses are allocated to Endowments and realised investment gains and losses to General Funds as shown in the Statement of Financial Activities.

Contributions to pension funds

Defined Contribution Schemes

The pension costs charged against income represents the amount of contributions payable to the schemes in respect of the accounting period.

Leased assets

All leases are regarded as operating leases and the payments made under them are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

Fund accounting

Endowment funds are funds which are held as capital. They represent the market value of investments and cash deposits. The income from Endowment fund investments and cash deposits are shown as income in the restricted and general funds.

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity. A proportion of these funds have been set aside by the Trustees for specific purposes and these are referred to as Designated funds.

Total 2023 £ 274,892 158,252 51,246 484,390 75,871 588,893 664,764 341,005 160,631
Total 2024 £ 249,694 169,698 50,153 469,545 82,267 509,316 591,583 374,540 252,502
Restricted Endowment funds
funds		 £
£		 633
-		 81,279
-		 4,769
-		 86,681
-		 -
-		 86,455
-		 86,455
-		 -
316,352		 226
316,352
Property £ - - - - - - - - -
Unrestricted funds General
Designated		 £
£		 249,061
-		 88,419
-		 45,384
-		 382,864
-		 81,656
611		 356,251
66,610		 437,907
67,221		 58,188
-		 3,145
(67,221)
Note 1 2 3 4/6 4/6 4/6
Income and endowments from Donations and legacies Income from investments Income from Charitable activities Total income and endowments Expenditure on Raising funds Charitable activities Total expenditure Net gains /(losses) on investments Net income
Total 2023 £ - (5,000) 155,631 5,956,371 6,112,002
Total 2024 £ - - 252,502 6,112,002 6,364,504
Restricted Endowment Funds
funds		 £
£		 (31,428)
-		 -
-		 (31,202)
316,352		 307,701
4,498,479		 276,499
4,814,831
Property £ - - - 475,000 475,000
Unrestricted funds General Designated £
£		 31,428
-		 -
-		 34,573
(67,221)		 286,317
544,505		 320,890
477,284
Note 14/15
Transfers between funds Gains on revaluation of fixed assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward

36

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Balance sheet

Note
Fixed assets
Tangible fixed assets
8
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due
within one year
11
Net current assets
Total assets less current liabilities
Capital funds
Endowments
13
Income funds
Restricted funds
14
Unrestricted funds:
Property fund
General funds
Designated funds
15
£
24,814
371,098		 2024
£
475,000
5,526,832
6,001,832
362,672		 £
15,463
299,643		 2023
£
475,000
5,378,868
5,853,868
258,134
6,112,002
4,498,479
307,701
475,000
286,317
544,505
6,112,002
395,912
33,240		 315,106
56,972
6,364,504
4,814,831
276,499
475,000
320,890
477,284
6,364,504

The financial statements were authorised and approved by the Board of Trustees on

Dr Julia Schofield MBE Chair

Brian Murkin Treasurer

The accompanying accounting policies and notes form part of these financial statements

37

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Statement of cash flows

Note
Net cash generated/(used) from operating
activities
17
Interest received
Investment income received
Purchase of investments
Sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2024
£
(324,819)
6,212
163,486
(1,086,531)
1,313,107		 2023
£
(303,535)
9,184
149,068
(1,367,883)
1,294,387
396,274 84,756
71,455
299,643		 (218,779)
518,422
371,098 299,643

The accompanying accounting policies and notes form part of these financial statements

38

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements

1 Donations and legacies

Membership subscriptions
- individual
- corporate
Gift Aid from subscriptions and donations
Donations from Charitable Trusts
Donations in memoriam
Other donations
Legacies (see below)
Bank interest receivable
Fundraising income donated by individuals		 2024
£
27,971
11,300
11,607
2,750
10,552
12,285
150,823
541
21,865		 2023
£
32,603
11,800
11,847
16,075
9,091
9,785
155,099
470
28,122
249,694 274,892

The Psoriasis Association is committed to complying with the Charities (Protection and Social Investment) Act 2016 and has not employed any professional third party fundraising organisation during 2024. Cold calling and direct mailing for fundraising purposes are not utilised by the Psoriasis Association and supporter details are not shared or sold to any third party. No complaints were received in 2024 with regard to fundraising activities.

Legacies received during the year are as follows:

Legacies received during the year are as follows:
Peter Hartland
John Hughes
Anne Raymont
Norman Frederick Morgan
Loretta Fair
Jean Rosemary Cotchin
Brian Cooper
Gloria Mary Wallis
Jennefer Taylor
Richard Rothwell
Margaret Clarke
Lorna Minihan
Heather Humphries
Geofrey Reynolds
Other		 2024
£
-
-
-
-
-
-
-
-
-
2,000
2,544
100,000
34,643
10,000
1,636		 2023
£
10,235
9,771
5,000
10,256
10,000
49,756
25,000
10,056
20,000
-
-
-
-
-
5,025
150,823 155,099

39

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

2 Income from investments

Investment income comprises income from:

Listed investments
Bank deposits
3
Income from charitable activities
Corporate sponsorship
Trust donations
Bank interest receivable
Journal advertising
Annual Conference/AGM and Awareness week
Reimbursements
Other
4
Analysis of total resources expended
Staff costs
£
Raising funds:
Costs of generating voluntary income
64,145
Investment management costs
-
Charitable activities:
Charitable activities
185,425
Governance costs
42,056
Total
291,626		 Listed investments
Bank deposits
3
Income from charitable activities
Corporate sponsorship
Trust donations
Bank interest receivable
Journal advertising
Annual Conference/AGM and Awareness week
Reimbursements
Other
4
Analysis of total resources expended
Staff costs
£
Raising funds:
Costs of generating voluntary income
64,145
Investment management costs
-
Charitable activities:
Charitable activities
185,425
Governance costs
42,056
Total
291,626		 Other
£
18,122
32,701
220,582
28,552		 2024
£
163,486
6,212		 2023
£
149,068
9,184
169,698 158,252
2024
£
16,500
1,000
541
2,363
19,980
9,769
-		 2023
£
8,160
11,000
470
1,890
417
28,533
776
50,153 51,246
Total
2024
£
82,267
32,701
406,007
70,608		 Total
2023
£
75,871
31,711
491,575
65,607
291,626 299,957 591,583 664,764

40

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

Analysis of total resources expended (continued)

Total resources expended include:

Raising funds
Advertising and Promotion
Rent and rates
Heat and light
Phone and fax
Internet and email
Office insurance
Hire/repair and maintenance of equipment
Professional fees
Bank charges
Computer costs
Printing and stationery
Annual report
Post and carriage
Fundraising costs
Website
Subscriptions
Sundries
Office equipment
Property maintenance
Designated fund (development)
Investment Management Costs
Charitable activities
Grants payable
Rent and rates
Heat and light
Phone and fax
Internet and email
Office insurance
Hire/repair and maintenance of equipment
Professional fees
Bank charges
Computer costs
Printing and stationery
Printing educational
Annual report
Journals and postage
Post and carriage		 2024
£
-
742
971
535
403
533
696
318
1,094
3,349
298
1,803
599
3,435
571
1,287
80
-
797
611		 2023
£
360
598
978
455
395
495
514
328
1,088
2,221
727
1,723
639
2,466
94
1,429
76
-
866
1,431
18,122 16,883
32,701 31,711
85,500
2,226
2,913
2,140
1,613
1,598
2,087
580
1,093
3,350
893
-
3,606
9,848
2,395		 233,762
1,795
2,933
1,820
1,578
1,484
1,541
598
1,088
2,221
2,180
764
3,447
9,329
2,556
119,842 267,096

41

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

Analysis of total resources expended (continued)

Brought forward
Staff Recruitment
Advertising and promotion
Website
Travel and subsistence
Meetings and conferences
AGM/Annual Conference
Grant Management
Subscriptions
Sundries
Office equipment
Property maintenance
Designated fund (staff training)
Designated fund (promotion and education)
Designated fund (BSTOP)
Designated fund (development)
Designated fund (research)
Sponsored projects
Scotland
Governance costs
Trustees insurance
Auditor’s remuneration –audit services
Surveyor fees
Annual report
Travel and subsistence
Legal Fees
AGM costs
Property maintenance
Professional fees
Sundries
Governance Administration
Designated fund (development)
Designated fund (education)		 2024
£
119,842
1,168
3,640
2,283
407
1,832
20,953
1,429
1,287
165
-
2,790
1,421
13,919
16,486
1,927
30,078
-
955
220,582
1,155
13,460
1,530
601
268
600
5,238
399
37
96
2,389
536
2,243
28,552
591,583		 2023
£
267,096
1,208
2,979
374
224
1,114
21,394
1,940
1,430
323
-
3,030
865
17,475
-
3,734
1,108
399
1,135
325,828
1,082
12,830
660
574
286
-
5,349
433
39
89
1,738
574
1,181
24,835
664,764

An analysis of support costs relating to the above headings has not been carried out or disclosed above as they are not considered to be of a material amount.

42

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

5 Grants payable from Restricted Funds

The amount paid in the year comprises:

The amount paid in the year comprises:
Research grants:
Dr Esther Burden-Teh, University of Nottingham
PhD studentship grants 2023:
Dr Paola Di Meglio, Kings College London
Dr Ella Guest, University of the West of England
PhD studentship grants 2022:
Dr Zenas Yiu, University of Manchester
PhD studentship grants 2021:
Dr Zenas Yiu, University of Manchester
Dr Satveer Mahil, Kings College London
Dr Thiviyani Maruthappu, Kings College London
PhD studentship grants 2020:
Prof. Silvia Bulfone-Paus, University of Manchester
Prof Miriam Wittmann, University of Leeds
PhD studentship grants 2018:
Dr Helen Young, University of Manchester
Reconciliation of grants payable:
Commitments at 1 January 2024 subject to the satisfaction of grant
conditions
Commitments made in the year subject to the satisfaction of grant
conditions
Grants payable during the year
Commitments at 31 December 2024 subject to the satisfaction
of grant conditions		 2024
£
-
-
-
28,500
28,500
-
28,500
-
-
-
85,500		 2023
£
9,849
30,700
30,700
-
28,500
32,130
28,500
28,500
28,500
16,383
233,762
2023
£
256,500
213,862
(233,762)
236,600
2024
£
236,600
16,385
(85,500)
167,485

43

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

5 Grants payable (continued)

Commitments are payable as follows:

Commitments are payable as follows:
Within one year
Within two years		 2024
£
59,150
108,335		 2023
£
116,150
120,450
167,485 236,600

Commitments

The commitments noted above have been approved by the Board of Trustees and will be payable provided the grant conditions are met. Grants are payable from Restricted Funds.

All of the above grants were made in accordance with the grant making policies on page 6.

5.1. Grants payable from Unrestricted Designated Funds

The amounts paid in the year comprise:

UK Population Based Cohort study
Prof. Darren Ashcroft, University of Manchester
BSTOP study
Prof. Catherine Smith, Kings College London
Reconciliation of grants payable
Commitments at 1 January 2024 subject to the satisfaction of grant
conditions
Commitments made in the year subject to the satisfaction of grant
conditions
Grants payable during the year
Commitments at 31 December 2024 subject to the satisfaction
of grant conditions
Commitments are payable as follows:
Within one year
Within two to four years		 2024
£
30,000
16,486
46,486		 2023
£
-

-
-
2023
£
551,014
-
-
551,014
2023
£
176,334
374,680
551,014
2024
£
551,014
30,000
(46,486)
534,528
2024
£
152,722
381,806
534,528

44

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

5.1 Grants payable from Unrestricted Designated Funds (continued)

Commitments

The commitments noted above have been approved by the Board of Trustees and will be payable provided the grant conditions are met. Grants are payable from Unrestricted Designated Funds. All of the above grants were made in accordance with the grant making policies on page 6.

6 Employees

Staff costs during the year were as follows:

Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs		 2024
£
253,525
25,971
12,130		 2023
£
231,255
23,354
10,898
291,626 265,507

The average number of employees of the charity during the year was 7 (2023: 7)

Pension costs are proportioned to the related staff costs incurred and are wholly charged to unrestricted funds.

One employee had employment benefits in excess of £60,000 per annum or more in the current accounting period.

There are 3 key management personnel excluding Trustees with total employee benefits of £176,025 (2023 - £171,319).

7 Trustees' remuneration and expenses

No Trustee or person with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from the charity.

Travel expenses have been reimbursed to four Trustees during the year. £813 (2023: £286)

45

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

8 Tangible fixed assets

Cost or valuation
At 1 January 2024
Revaluation
Depreciation
At 1 January 2024
Provided during the year
Net book amount at 31 December 2024
Net book amount at 31 December 2023		 Total
£
475,000
-		 Fixtures
and
fittings
£
-
-		 Freehold
property
£
475,000
-
475,000 - 475,000
-
-		 -
-		 -
-
475,000 475,000
475,000 - 475,000

The net book value at 31 December 2024 represents fixed assets used solely for direct charitable purposes.

The freehold property was valued at 31 December 2024 by a professional valuer at fair value. If the freehold property had not been revalued, it would have been included at cost of £462,015 at 31 December 2024.

9 Fixed asset investments

Investments
Listed investments
Market value at 1 January 2024
Additions
Disposals
Net unrealised investment gains
Market value at 31 December 2024
Market value at 31 December 2023		 No 1
Portfolio
£
2,991,152
529,849
(649,717)
231,548		 No 2
Portfolio
£
2,387,716
556,682
(663,390)
142,992		 Total
£
5,378,868
1,086,531
(1,313,107)
374,540
3,102,832 2,424,000 5,526,832
2,991,152 2,387,716 5,378,868

Listed investments are stated at their bid price at the balance sheet date.

The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the principal accounting policies, financial review and investment policy.

46

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

9 Fixed asset investments (continued)

The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The charity is reliant in part on dividend yield to finance its work and this may lead to greater exposure to international companies, the value of which, together with their yield are exposed to exchange rate risk when converting the holdings to sterling.

The charity manages all investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges, and adopts a view that investments are held for their longer-term yield with confidence that volatility noted in any particular 5 year period will normally be corrected.

If the listed investments had not been revalued, they would have been included on the historical cost basis at the following amounts:

Historical cost at 31 December 2024
Historical cost at 31 December 2023		 No 1
Portfolio
£
2,495,516		 No 2
Portfolio
£
2,151,606		 Total
£
4,647,122
2,465,756 2,254,859 4,720,615

Realised gains/ (losses) made during the year on disposals totalled £58,188 (2023 (£207))

The investments are registered as follows:

The investments are registered as follows:
United Kingdom
Overseas		 No 1
Portfolio
£
1,034,248
2,068,584		 Market value
No 2
Total
Portfolio
2024
£
£
878,237
1,912,485
1,545,763
3,614,347
2,424,000
5,526,832		 Total
2023
£
1,772,341
3,606,527
5,378,868
3,102,832 2,424,000 5,526,832

10 Debtors

Investment income
Other debtors
Prepayments		 2024
2023
£
£
15,735
11,674
596
592
8,483
3,197
24,814
15,463

47

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

11 Creditors: amounts falling due within one year

Grants approved, not yet paid
Other creditors
Accruals		 2024
£
16,486
2,912
13,842		 2023
£
40,549
3,148
13,275
33,240 56,972

12 Contingent assets – legacy income

As at 31 December 2024 the Trustees have been notified of 7 residuary legacies the values of which are uncertain and have not therefore been accrued.

13 Endowment funds

Permanent Endowment funds
At 1 January 2024
Transfer between funds
At 31 December 2024
Endowment funds (Expendable)
At 1 January 2024
Transfer between funds
Unrealised investment gains
At 31 December 2024		 Josie
Bradbury
Memorial
£
25,039
(25,039)		 Research
£
4,473,440
(4,473,440)		 Total
£
4,498,479
(4,498,479)
- - -
-
25,039
-		 -
4,473,440
316,352		 -
4,498,479
316,352
25,039 4,789,792 4,814,831

The Endowment funds were transferred from a former charity of the same name on 31 December 2018. The Josie Bradbury Memorial fund was established in 1974 and the Education fund in 1976 and were amalgamated in 2015 to promote a wider awareness of Psoriasis and income for approved research projects. It is represented by quoted investments and cash deposits.

48

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

13 Endowment funds (continued)

The Research fund has accumulated since 1976 as a result of legacies and other gifts and provides income for approved research projects. It is represented by quoted investments and cash deposits.

The income from investments is shown as an incoming resource into the restricted and unrestricted fund (see note 2). The income from cash deposits is shown as an incoming resource into the unrestricted fund.

The realised gains and losses on the sales of investments are shown as income for the unrestricted fund.

In 2024 the Trustees reviewed the provenance of the Endowment Funds received since the formation of the Psoriasis Association. In the early days all donations received for research were accumulated in a Capital Fund to build resources to fund research. Following the introduction of the SORP the view was taken that this fund should be classified as Endowment rather than Unrestricted to reflect the long-term nature of the funds, a classification that became Permanent Endowments without extensive further consideration. Following legal advice, the Trustees now consider that Permanent is no longer appropriate, but the long-term nature of the holdings should be reflected, hence the reclassification to Expendable Endowment

14 Restricted funds

At 1 January 2024
Incoming resources
Expenditure
Transfers
At 31 December 2024		 Research
£
258,721
86,681
(85,500)
(28,000)		 Scotland
£
48,980
-
(955)
(3,428)		 Total
£
307,701
86,681
(86,455)
(31,428)
231,902 44,597 276,499

The research funs was established in 1971 by donation from branches to provide income for approved research projects.

The Scotland fund was established in 2009 following a specific bequest to develop the Association’s work in Scotland.

49

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

15 Designated funds

At 1 January 2024
Expenditure
Transfers
At 31 December
2024		 Training
£
10,261
(1,421)
-		 Development
£
22,623
(3,074)
-		 Education
£
111,477
(16,162)
-		 Research
£
40,297
(30,078)
-		 BSTOP
£
359,847
(16,486)
-		 Total
544,505
(67,221)
-
8,840 19,549 95,315 10,219 343,361 477,284

Designated Funds were transferred from a former charity of the same name on 31 December 2018.

The Education Fund was created in 2003 for the promotion of the wider awareness of Psoriasis. During 2024 the fund supported the continuation of a study designed to examine, assess and provide an income and support engagement review. A second workshop was facilitated attended by Trustees and staff to examine outcomes and provide guidance for the development of future strategies whilst improving outreach. Six information leaflets were reviewed and re-designed in support of the Charity’s information and awareness services.

The Development Fund was created in 2004 for the development of the membership database and new technology. In 2024 the fund was used to upgrade staff IT equipment and maintain secure remote access facilities. ESET advanced antivirus renewed together with a Synology system. The fund also supported the introduction of a tool kit analytic database.

The Research Fund was created in 2006 following the receipt of a legacy specifically to be spent on research outside the scope of the Association’s peer reviewed research programme. During 2024 funding was awarded to Professor Darren Ashcroft, Professor of Pharmacoepidemiology at the University of Manchester, in support of a Population-based Cohort Study, to help improve understanding of psoriasis in the UK. The production cost of an end of study thesis report was also provided to one PhD student

The Training Fund was created in 2008 for Staff further education courses. Staff training in 2024 was supported by the fund, with six members of staff attending training courses.

The BSTOP Fund was established in 2020 for the purpose of supporting the BSTOP Project, (Biomarkers and Stratification To Optimise outcomes in Psoriasis) a non-commercial, observational study which seeks to identify and characterise biomarkers of response to systemic and biologic treatments for psoriasis, to include the establishment of a Database and secure data storage. In 2021 a foundation grant was made for years one and two to enable staff recruitment and project development to be completed during 2022 and 2024. In 2024 a payment was made for year three. The grant balance will be paid following receipt and approval of interim progress reports at six months intervals commencing June 2025 with a planned project end date of 2028.

50

The Psoriasis Association

Financial statements for the year ended 31 December 2024

Notes to the financial statements (continued)

16 Analysis of net assets between funds

Tangible fixed assets
Investments
Current assets
Current liabilities
Unrealised gains
included above:
Tangible fixed assets
Investments		 Unrestricted
Funds
£
475,000
494,637
320,291
(16,754)		 Restricted
Funds
£
-
217,364
75,621
(16,486)		 Endowment
Funds
£
-
4,814,831
-
-		 2024
Total
£
475,000
5,526,832
395,912
(33,240)		 2023
Total
£
475,000
5,378,868
315,106
(56,972)
1,273,174 276,499 4,814,831 6,364,504 6,112,002
17,985
78,732		 -
34,598		 -
766,380		 17,985
879,710		 17,985
658,253

17 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Interest and investment income receivable
Net (gains) on investments
(Gain)/loss on revaluation of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash (used)/generated from operating activities		 2024
£
252,502
(169,698)
(374,540)
-
(9,351)
(23,732)		 2023
£
155,631
(158,252)
(341,005)
5,000
22,377
12,714
(324,819) (303,535)

Net cash (used)/generated from operating activities

18 Transfers between funds

Designated Funds are transferred to General funds when required to ensure agreed reserves are held.

19 Pensions

The charity operates a defined contribution pension scheme for the benefit of employees. The assets of the scheme are administered by Trustees in a fund independent from those of the charity.

20 Leasing commitment

Other operating lease payments amounting to £6,814 (2023 - £8,016) are due within one to five years.

Total 2023 £ 274,892 158,252 51,246 484,390 75,871 588,893 664,764 341,005 160,631
Restricted Endowment funds
funds		 £
£		 51,637
-		 74,433
-		 33,533
-		 159,603
-		 -
-		 234,897
-		 234,897
-		 -
341,212		 (75,294)
341,212
Property £ - - - - - - - -
Unrestrictedfunds General Designated £
£		 223,255
-		 83,819
-		 17,713
-		 324,787
-		 74,440
1,431		 329,059
24,937		 403,499
26,368		 (207)
-		 (78,919)
(26,368)
Income and endowmentsfrom Donations and legacies Income from investments Income from Charitable activities Total income and endowments Expenditure on Raising funds Charitable activities Total expenditure Net gains/(losses) on investments Net income
Total 2023 £ - (5,000) 155,631 5,956,371 6,112,002
Unrestricted funds
Restricted Endowment		 General Designated
Property
funds
funds		 £
£
£
£
£		 Transfers between funds
81,750
(50,000)
-
(31,750)
-		 Gains on revaluation of fixed assets
-
-
(5,000)
-
-		 2,831
(76,368)
(5,000)
(107,044)
341,212		 Net movement in funds Reconciliation of funds Total funds brought forward
283,486
620,873
480,000
414,745
4,157,267		 Total funds carried forward
286,317
544,505
475,000
307,701
4,498,479