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2025-12-31-accounts

Financial Statements

The Psoriasis Association Charitable Incorporated Organisation

For the year ended 31 December 2025

Charity registered in England and Wales 1180666 and Scotland SC049563

The Psoriasis Association

Financial statements for the year ended 31 December 2025

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 2025

Charity Numbers 1180666 and SC049563

Company Number CE015600 Life Vice Presidents Professor Terence Ryan Professor Christopher Griffiths OBE Mr John Ford MBE Mr Ray Jobling MBE Professor Jonathan Barker Mr Nicholas Evans

Principal Office

Dick Coles House 2 Queensbridge Northampton NN4 7BF

Chair

Dr Julia Schofield MBE Vice-Chair Mr Russ Cowper (until 26[th] June 2025) Acting Vice-Chair Ms Gill Hynes (from 2[nd] September 2025) Treasurer Mr Brian Murkin

Trustees

Mr Steven Astaire Mr Adam Bushby Mr Russ Cowper (until 26[th] June 2025) Ms Sophia Field Ms Marie Fryers Ms Gill Hynes Mr Michael Israel Ms Karina Jackson (until 28[th] June 2025) Ms/Miss/Mrs Lucy Moorhead Mrs Susan Morgan Mr Brian Murkin Dr Manisha Panchal Dr Julia Schofield MBE Mr Matthew Swift (until 28[th] June 2025)

Finance Committee

Mr Brian Murkin (Chairman) Mr Steven Astaire Mr Adam Bushby 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 2025

References and Administrative Information

Medical and Research Committee Professor Nick Reynolds (Chairman) Professor Tony Bewley Professor Eugene Healy Dr Elise Kleyn Ms Helen McAteer Dr Catherine O’Leary Dr Julia Schofield MBE Dr Shane Solanky Professor Catherine Smith Professor Richard Weller

External Peer Reviewers

Dr Victoria Brown Professor Laura Coates Professor Lee Machado Dr Satveer Mahil Dr Sandy McBride Dr Paola di Meglio Professor Edel O’Toole Professor Richard Warren

The Psoriasis Association

Financial statements for the year ended 31 December 2025

References and administrative information

Bankers National Westminster CCLA 41 The Drapery One Angel Lane Northampton London NN1 2EY EC4R 3AB Cambridge and Counties Charnwood Court 5b New Walk Leicester LE1 6TE Professional advisors Auditor Investment Mercer & Hole LLP Brewin Dolphin The Pinnacle 12 Smithfield Street 170 Midsummer Boulevard London Milton Keynes EC1A 9BD 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 Almirall Boehringer Ingelheim Dermal Laboratories J&J Innovative Medicine LEO Pharma Medac Pharma Novartis Takeda UCB

The Psoriasis Association

Financial statements for the year ended 31 December 2025

Index to the financial statements

PAGE
Report of the Trustees 5 – 23
Report of the independent auditor 24 – 27
Principal accounting policies 28 – 30
Statement of financial activities 31 – 32
Balance sheet 33
Statement of cash flows 34
Notes to the financial statements 35 – 49

Financial statements for the year ended 31 December 2025

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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 2025. 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 and 28 June 2025.

Objects of the Association

Election of Officers

The Officers of the Psoriasis Association are appointed annually during the Annual General Meeting (AGM). At the AGM held on 28 June 2025, Dr Julia Schofield MBE was re-elected as Chair and Brian Murkin was re-elected as Treasurer.

Due to the late withdrawal of Russ Cowper as a candidate for the position of Vice Chair, it was not possible to elect an individual to this post during the AGM. Consequently, the Trustees resolved to appoint Gill Hynes, who has served as a Trustee since 2017, as Acting Vice Chair at their meeting on 2 September 2025. Gill Hynes will hold this position until the next AGM, when members will have the opportunity to vote on the Vice Chair role.

Elected Members of the Board of Trustees

Trustees of the Psoriasis Association are elected at the Annual General Meeting (AGM) and serve a term of three years. In accordance with the Association’s constitution, one-third of the Trustees are required to retire from their position at each AGM. Trustees who have demonstrated competence in their roles are eligible for re-appointment, ensuring continuity and experience within the Board.

At the recent AGM, Karina Jackson and Matthew Swift retired from office after many years of dedicated service to the Psoriasis Association.

Lucy Moorhead was elected as a Trustee at the AGM, following her prior co-option by the Trustees at their meeting in November 2024. Additionally, both Gill Hynes and Brian Murkin were re-elected as Trustees at the AGM, continuing their contributions to the organisation.

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 Chair 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.

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Appointment and Training of Trustees

Annual Declaration and Recruitment

Trustees complete a Declaration of Interest each year, which helps assess skills, training needs, and eligibility. New Trustees are recruited as needed, mostly through open advertisements.

Induction and Training

All new Trustees receive an information pack covering policies, the constitution, finances, and responsibilities. Declarations of Interest are required for new Trustees, and conflicts of interest are declared at meetings. Training is provided as necessary. Two-thirds of Trustees have lived experience of psoriasis.

Meetings

The Board of Trustees held three formal meetings during 2025 – April, September and November. The November meeting was held in-person at Dick Coles House, with the other meetings held online. Further correspondence between meetings took place via email or Teams / Zoom meetings.

The Finance Committee met three times during 2025 with the investment advisor (from Brewin Dolphin) and for charity business – in March and November online and in-person in May at the Offices of Brewin Dolphin, London.

The Officers Group corresponded email during 2025, with one, in-person meeting in March 2025 at Dick Coles House.

The Chair and Chief Executive have regular weekly / fortnightly online meetings 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.

2025 Summary

In 2025, the Psoriasis Association continued to deliver significant impact across its three long-standing objectives: Funding and Supporting Research, Raising Awareness, and Providing Information, Advice and Support. These objectives remain closely interlinked, with many activities spanning more than one area in order to maximise benefit for people affected by psoriasis and psoriatic arthritis.

A major milestone during the year was the publication of the Psoriasis Association’s 2025-2030 Strategy and 2025-2030 Research Strategy, both approved by Trustees following extensive review and consultation. Together, these strategies set out a clear and ambitious framework for the Charity’s future work, strengthening its focus on supporting people affected by all forms of psoriasis, advancing care, driving impactful research, enhancing advocacy and public awareness, and embedding collaboration and excellence across all activities.

The Annual Meeting, held in London in June 2025, was the most successful to date. Delivered in close partnership with the St John’s Institute of Dermatology, the meeting brought together people with psoriasis, healthcare professionals and researchers, and for the first time offered CPD accreditation, which proved highly popular. The programme showcased Psoriasis Association-funded research, including PhD studentship findings, and featured high-quality panel discussions on treatment, access to care and future research directions. Attendance reached a record level, and recordings were made available online, extending the reach and impact of the event well beyond the day itself.

Research remained a central pillar of the Charity’s work. Data collected via Researchfish demonstrated the strong impact of Psoriasis Association funding, with over half of awards leading to further research funding and £1.7million in follow-on funding secured during the year. The Charity continued to support PhD studentships and collaborative research projects, and to play an active role in national and international research networks. Work also progressed on the UK epidemiology project, with early findings shared at the Annual Meeting and used to inform awareness-raising, advocacy and funding applications.

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In addition, new funding was awarded to assess the long-term impact and uptake of the Psoriasis Priority Setting Partnership’s Top 10 Research Priorities (originally published in 2018), which continue to underpin all Psoriasis Association-funded PhD Studentships.

Significant progress was made in addressing access to care, informed directly by lived experience. Evidence gathered from the helpline, forums and social media – alongside research findings – highlighted ongoing challenges in timely access to dermatology services. This led to the development of the Psoriasis Rapid Access to Care (PRAC) initiative, with work beginning on a position statement to define what good, equitable access should look like across the UK. Early work on this project has already demonstrated the Charity’s ability to translate real-world patient experience into evidence-based, system-level advocacy.

Support for children and young people was prioritised through the approval and initiation of a major redevelopment of Psoteen, the Charity’s dedicated resource for teenagers and young adults. Following an internal review and Trustee approval, funding was secured and work commissioned, with stakeholder engagement embedded to ensure the relaunched Psoteen reflects contemporary digital needs and is informed by the views of young people, parents and healthcare professionals. The updated resource is scheduled for launch in 2026.

The Psoriasis Association continued its important role in regulatory and policy engagement, contributing patient evidence to the Scottish Medicines Consortium (SMC) and NICE, particularly in relation to treatments for Generalised Pustular Psoriasis (GPP). Alongside this, a dedicated research project examining the lived experience of GPP progressed during the year, helping to address evidence gaps for this rare and severe form of psoriasis.

Across all information provision, the Charity maintained its commitment to quality and trustworthiness, achieving re-accreditation with the PIF Tick for the fifth consecutive year. The website, publications and digital channels continued to be regularly updated, with increasing use of short-form video content to meet changing user preferences. Social media and online forums not only supported peer connection but also provided rich, real-time insight into patient experience, strengthening research, advocacy and service development.

Good governance remained a priority throughout the year. Trustees reviewed risk, investment and reserves policies, oversaw a strong financial position, and continued to ensure that the Charity’s activities delivered clear public benefit. Membership of key sector bodies supported horizon-scanning and policy awareness, while ongoing engagement with healthcare professionals, researchers and partners ensured the Psoriasis Association remained a trusted and authoritative voice in psoriasis care.

Overall, 2025 was a year of strategic consolidation and forward momentum, marked by strong collaboration, high-impact research, growing influence in access-to-care discussions, and renewed focus on future generations through Psoteen – all underpinned by robust governance and a clear long-term vision.

Public Benefit

The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing the Psoriasis Association’s aims and activities during the year. The Psoriasis Association exists to improve the lives of people affected by psoriasis and psoriatic arthritis, their families and carers, and to increase understanding of these conditions among health professionals, researchers and the wider public. The Charity’s beneficiaries include people living with psoriasis and psoriatic arthritis across the UK, as well as those who support and care for them. The charity delivers public benefit by:

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The following is a more detailed account of the Psoriasis Association's main activities in 2025 in support of the objects of the charity and to fulfil the public benefit requirement.

Objectives, activities, achievements and performance

Promote and Fund Research

Key achievements during 2025 included:

Currently we are funding 7 ongoing PhD Studentships and 3 small grants. Members were kept updated on ongoing grants and their progress through the publication of lay summaries in Pso and on the Psoriasis Association website, with several funded researchers also presenting at the 2025 Annual Meeting.

Grants Awarded in 2025

Cecil King Memorial Award – Dr Satveer Mahil, Kings College London. Project title – Empowering people with psoriasis to access early intervention using digital healthcare in the community: The mySkin app.

Ad hoc funding – Dr Helen Young, University of Manchester. Project title – Determining the impact of the Psoriasis Priority Setting Partnership.

Ongoing PhD Studentships and small grants in 2025:

PhD Studentship Yiqiao Chen, supervised by Professor Sylvia Bulfone-Paus, University of Manchester. Project title – Mast cell-CD8T cell interactions as drivers of psoriasis immunepathogenesis. Successful defence of thesis December 2025 with minor corrections.

PhD Studentship Heber Bright, supervised by Dr Zenas Yiu, University of Manchester. Project title – Risk of serious infection associated with Interleukin 17 and 23 inhibitors compared with other biologics in people with psoriasis. Successful defence of thesis December 2025 with minor corrections. PhD Studentship Isabel Hyde, supervised by Professor Miriam Wittmann, University of Leeds. Project title – Predicting therapy response in psoriasis.

PhD Studentship Tharanyah Ketheeswaran, supervised by Dr Paola Di Meglio, Kings College London. Project title -Studying biological variation in the environmental sensor and novel psoriasis drug target Aryl Hydrocarbon Receptor (AHR): expression, regulation and biomarker potential. PhD Studentship Emmanuel Toni, supervised by Dr Ella Guest, University of the West of England. Project title – Developing a social media intervention to increase awareness and understanding of psoriasis and reduce misconceptions: A mixed-methods project using coproduction with adults with psoriasis.

PhD Studentship Kyle Diddams, supervised by Dr Satveer Mahil, Kings College London. Project tile – Decoding inflammatory memory in psoriasis remission and recurrence to enable personalised medicine.

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Promote and Fund Research (continued)

PhD Studentship Tom Clemmet, supervised by Dr Zenas Yiu, University of Manchester. Project tile – Appraisal of the cost-effectiveness of systemic therapies for psoriasis in the era of biosimilars.

Cecil King Memorial Award – Dr Esther Burden-Teh, University of Nottingham. Project title – Testing a diagnostic criteria questionnaire for psoriasis in children (DIPSOC-QC).

Completed PhD Studentships in 2025:

Dr Duc Binh Phan, supervised by Dr Zenas Yiu, University of Manchester. Project title – Evaluation of tumor necrosis factor inhibitor biosimilar use in the UK: a study from the British Association of Dermatologists Biologics and Immunomodulator Register.

Dr Luc Francis, supervised by Dr Satveer Mahil, Kings College London. Project title – Identifying biomarkers of disease remission in psoriasis.

Dr Sylvia Zanesco, supervised by Dr Wendy Hall, Kings College London. Project title – The APPLE study – a cross-sectional observational study examining the influence of diet and fasting on psoriasis.

Completed Ad Hoc Grant in 2025:

Professor Darren Ashcroft, University of Manchester. Project title – Examining the epidemiology and mortality of people with psoriasis.

Articles authored by sponsored PhD students and researchers were published in the following journals in 2025: Journal of the European Academy of Dermatology & Venereology, Journal of Investigative Dermatology, JAMA Dermatology, British Journal of Nutrition, Proceedings of the Nutrition Society and Nature Communications.

Data collected via Researchfish between 3 February to 13 March 2025 provided valuable insight into the impact of the Psoriasis Association’s ongoing grants and those completed within the last five years. The findings demonstrate the significant contribution the Charity’s funding makes to advancing psoriasis research and strengthening the wider research landscape. Over half of the reported awards (51.92%) led to additional research funding, highlighting the catalytic role of early investment. During 2024, researchers funded by the Psoriasis Association secured £1.7million in follow-on funding, extending the reach and long-term impact of the Charity’s support.

The Charity’s investment in people continues to deliver lasting benefit. Of the 19 PhD Studentships funded to date, 15 individuals have remained in research-related careers, with 11 working in academia, two in the public sector and one in the private sector. This demonstrates the Psoriasis Association’s role in developing skilled researchers who contribute to innovation, policy and practice across sectors.

Research outputs remained strong throughout the year, with 38 publications reported in 2024, of which 37 were peer-reviewed journal articles. These publications contribute to the growing evidence base that underpins improved understanding, treatment and care for people living with psoriasis and psoriatic arthritis.

Funded researchers also delivered 39 engagement activities, including conference presentations, podcasts and blogs, webinars, guest lectures, and public and patient involvement events. These activities supported knowledge exchange, encouraged collaboration and ensured that research findings reached local, national and international audiences, including people affected by psoriasis.

In addition, researchers supported by the Psoriasis Association received 10 notable awards during the year. These accolades raised the profile of psoriasis research, promoted cross-sector collaboration and enhanced the reputation of the institutions involved, further reinforcing the Charity’s role as a trusted and influential funder.

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Promote and Fund Research (continued)

Expert review remains central to ensuring that funding decisions support high-quality research with the greatest potential benefit for patients. The audit process, alongside the rigorous requirements for AMRC membership, provides external validation of the robustness and integrity of the Charity’s funding decisions.

All PhD studentship applications are reviewed by the Medical and Research Committee, at least two external peer reviewers with relevant specialist expertise, and members of the Experts by Experience Committee (EXEC) members. Reviews are collated and discussed at the Medical and Research Committee meeting, with funding recommendations submitted Trustees for final funding decisions.

The Medical and Research Committee comprises leading clinicians, scientists and academics with expertise in dermatology and psoriasis. One Committee member also sits on the EXEC and acts as its representative. During the year, EXEC membership increased from seven to ten, strengthening patient and public input and broadening representation across age and geography

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Promote and Fund Research (continued)

We also heard from two of our PhD students at the annual meeting in London in June 2025. Sylvia Zanesco presented her work on the links between diet, fasting and psoriasis, while Luc Francis shared his research on identifying markers of remissions. In addition to our students, several funded researchers presented their findings, including Professor Darren Ashcroft (Psoriasis in the UK today: who gets the condition and when) and Professor Catherine Smith (Psoriasis research – progress and future directions).

Sixteen research participation opportunities were shared with our Research Network in 2025, which now includes 141 members. We continued to support researchers we fund or work with by assisting with PPI recruitment through our Research Network, Pso magazine, our website and our social media channels

" Review the progress made towards addressing the Top 10 PSP research priorities for psoriasis

Led by Dr Helen Young, and commissioned by the Psoriasis Association, the aim of the PSP was to find out what matters most about psoriasis to patients, their families and clinicians. In November 2018, the Psoriasis PSP were reported, highlighting the most important research priorities.

In October 2025, Dr Young at the University of Manchester was awarded funding from the Psoriasis Association to review the progress made towards addressing the Top 10 PSP research priorities. The project entitled ‘Determining the impact of the Psoriasis Priority Setting Partnership’ will commence in February 2026.

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Promote and Fund Research (continued)

In this new study, the team in Manchester, working closely with the Psoriasis Association, will assess how effectively the original Psoriasis PSP has: (i) encouraged researchers to address the priorities identified as “MOST IMPORTANT” and (ii) facilitated people with lived experience and their healthcare providers to shape the psoriasis research agenda in the UK. This will be a pivotal study intended to improve patients care and stimulate additional investment in psoriasis focused research.

We continue to consider gaps in the research and knowledge and commissioned the research to assess the progress made in addressing the Top 10 PSP research priorities.

During 2025, the Psoriasis Association was involved in several collaborative research projects, including:

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Future developments

Raising Awareness

Key achievements during 2025 included:

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Raising Awareness (continued)

To run a successful and inclusive Awareness Week in 2025

To capitalise on opportunities to hold information stands, give presentations and attend meetings with MPs.

Opportunities to engage directly with the public, healthcare professionals and policy makers were actively pursued. Three information stands were held in shopping centres selected for high footfall and diverse audiences, including Rushden Lakes in Northamptonshire. These events enabled direct conversations with people affected by psoriasis and increased awareness of the Charity’s support and resources. Parliamentary engagement activity will continue to be developed in 2026.

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Raising Awareness (continued)

Future developments

In 2026, the Psoriasis Association will take a more strategic, targeted approach to awareness-raising, with a focus on influence, reach and measurable impact.

Providing Information, Advice and Support for People with Psoriasis

Key achievements during 2025 included:

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

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

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

Future Developments

In 2026, the Psoriasis Association will focus on strengthening core information provision, accelerating priority programmes and maximising impact.

Scotland

Key achievements during 2025 included:

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Scotland (continued)

Findings highlighted a high burden of disease, with two-thirds of respondents reporting comorbid conditions and nearly three-quarters reporting a moderate or severe impact on quality of life. Despite this, only a small proportion reported receiving regular clinical reviews, and use of patientinitiated follow-ups (PIFU) remained low. These findings will help inform future engagement with Scottish stakeholders.

There is Scottish representation on the Charity’s Medical and Research Committee.

Future Developments

Pharmaceutical Company Support

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System of internal controls

Financial review

The financial position of the Psoriasis Association remained strong throughout the year as demonstrated by the results set out on pages 31 to 34.

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 £59,477 net incoming resources on restricted funds amounting to (£30,282) and net outgoing resources of designated funds amounting to £172,871. 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 £464,444 arising from gains on investments.

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Investment policy

Remuneration policy

Reserves policy

The Board of Trustees agrees 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 2025, stood at £352,567. 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), 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, continues in 2025 to be loss of key staff.

Loss of Key Staff

Given the charity’s size and reliance on a small, committed team, staff absences and periods of heavier workloads are inevitable, especially around key events such as Awareness Week and conferences. The risk of burnout is significant, and sector-wide recruitment challenges persist, with many charities struggling to fill vacancies. Historically, the Psoriasis Association enjoyed a strong staff retention rate, however, external opportunities and headhunting remain a concern, along with retirement and parental leave. Ensuring staff feel valued and providing competitive salaries and benefits are crucial for retention.

To address these risks, the Psoriasis Association offers flexible working arrangements and hybrid options, aiming to balance remote and office-based work. Staff are required to attend a dedicated office day each week, with a minimum of 50% office-based time. Enhanced policies support staff through sickness, maternity and paternity leave, and annual leave entitlements increase after five years of continuous service.

Staff are encouraged to pursue training and external representation opportunities. The importance of regular annual leave and prompt use of time off in lieu is emphasised to support staff wellbeing and maintain operational resilience.

In a team of eight, any staff loss or turnover is keenly felt. Planned absences - such as retirement, maternity/paternity or shared parental leave - as well as unforeseen sick leave, impact workloads and require careful management. While notice periods provide some mitigation, the knock-on effects on remaining staff are unavoidable, with recruitment demands taking remaining staff away from everyday duties.

To reduce operational risk, responsibilities overlap where possible, ensuring that core activities continue during absences. Essential documents are stored securely and shared via platforms such as SharePoint or Dropbox. Senior management meet regularly to review key activities and ensure continuity; at least two staff members are familiar with critical systems, passwords and procedures, including online banking, website and social media management. Ongoing communication ensures knowledge is shared and the charity remains agile in response to emerging risks. A minimum of two members of staff are versed in all essential procedures, safeguarding operational stability in case of unexpected absences.

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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 28/4/2026

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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 2025 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.

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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 23, 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 23, 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.

Financial statements for the year ended 31 December 2025

26

The Psoriasis Association

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.

27

The Psoriasis Association

Financial statements for the year ended 31 December 2025

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

28 April 2026

Financial statements for the year ended 31 December 2025

28

The Psoriasis Association

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 2025

29

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 2025

30

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.

Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Total 2024 £ 249,694 169,698 50,153 469,545 82,267 509,316 591,583 374,540 252,502
Total 2025 £ 363,401 182,435 83,573 629,409 88,100 711,338 799,438 490,767 320,738
Endowment funds £ - - - - - - - 464,444 464,444
Restricted funds £ 1,610 91,968 10,904 104,482 - 134,764 134,764 - (30,282)
Property £ - - - - - - - - -
Unrestricted funds General
Designated		 £
£		 361,791
-		 90,467
-		 72,669
-		 524,927
-		 83,742
4,358		 408,061
168,513		 491,803
172,871		 26,323
-		 59,447
(172,871)
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
Unrestricted funds
Restricted
Endowment
Total
Total
General
Designated
Property
Funds
funds
2025
2024
Note
£
£
£
£
£
£
£
Transfers between funds
14/15
(27,770)
75,000
-
(47,230)
-
-
-
Gains on revaluation of fixed assets
-
-
5,000
-
-
5,000
-
Net movement in funds
31,677
(97,871)
5,000
(77,512)
464,444
325,738
252,502
Reconciliation of funds
Total funds brought forward
320,890
477,284
475,000
276,499
4,814,831
6,364,504
6,112,002
Total funds carried forward
352,567
379,413
480,000
198,987
5,279,275
6,690,242
6,364,504		 252,502
6,112,002		 6,364,504

33

The Psoriasis Association

Financial statements for the year ended 31 December 2025

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		 £
22,471
402,256
424,727
16,460		 2025
£
480,000
5,801,975		 £
24,814
371,098
395,912
33,240		 2024
£
475,000
5,526,832
6,281,975
408,267
6,690,242
5,279,275
198,987
480,000
352,567
379,413
6,690,242		 6,001,832
362,672
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 

28/4/2026

Dr Julia Schofield MBE Chair Brian Murkin Treasurer

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

34

The Psoriasis Association

Financial statements for the year ended 31 December 2025

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		 2025
£
(371,901)
5,402
177,033
(566,836)
782,460
398,059
31,158
371,098
402,256		 2024
£
(324,819)
6,212
163,486
(1,086,531)
1,313,107
396,274
71,455
299,643
371,098

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

35

Financial statements for the year ended 31 December 2025

The Psoriasis Association

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		 2025
£
28,968
2,000
10,411
700
11,004
12,836
281,376
418
15,688
363,401		 2024
£
27,971
11,300
11,607
2,750
10,552
12,285
150,823
541
21,865
249,694

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 2025. 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 2025 with regard to fundraising activities.

Legacies received during the year are as follows:

Legacies received during the year are as follows:
Patrick Douglas Wallace
W & R Thomas
Edward Hartland
John Vinnecombe Silvester
Gloria Mary Wallis
Jennefer Taylor
Richard Rothwell
Margaret Clarke
Lorna Minihan
Heather Humphries
Geofrey Reynolds
Other		 2025
£
31,485
4,384
49,422
43,658
(966)
46,559
500
-
70,000
-
36,334
-
281,376		 2024
£
-
-
-
-
-
-
2,000
2,544
100,000
34,643
10,000
1,636
150,823

36

The Psoriasis Association

Financial statements for the year ended 31 December 2025

Notes to the financial statements (continued)

2 Income from investments

Investment income comprises income from:

Listed investments
Bank deposits		 2025
£
177,033
5,402
182,435		 2024
£
163,486
6,212
169,698

3 Income from charitable activities

Corporate sponsorship
Trust donations
Bank interest receivable
Journal advertising
Annual Conference/AGM and Awareness week
Reimbursements
Other		 2025
£
16,000
1,000
418
1,890
42,860
10,500
10,905
83,573		 2024
£
16,500
1,000
541
2,363
19,980
9,769
-
50,153

4 Analysis of total resources expended

Raising funds:
Costs of generating voluntary income
Investment management costs
Charitable activities:
Charitable activities
Governance costs
Total		 Staff costs
£
64,867
-
209,771
42,518
317,156		 Other
£
23,233
33,622
393,658
31,769		 Total
2025
£
88,100
33,622
603,429
74,287		 Total
2024
£
82,267
32,701
406,007
70,608
482,282 799,438 591,583

37

The Psoriasis Association

Financial statements for the year ended 31 December 2025

Notes to the financial statements (continued)

Analysis of total resources expended (continued)

Total resources expended include:

Raising funds
Staff recruitment
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		 2025
£
624
755
949
506
406
562
536
328
909
4,361
571
2,052
577
2,371
448
1,576
116
32
1,196
4,358		 2024
£
-
742
971
535
403
533
696
318
1,094
3,349
298
1,803
599
3,435
571
1,287
80
-
797
611
23,233 18,122
33,622 32,701
133,814
2,266
2,849
2,026
1,624
1,685
1,607
599
908
4,362
1,713
-
4,102
10,492
2,306		 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
170,353 119,842

38

Financial statements for the year ended 31 December 2025

The Psoriasis Association

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
Staff Recruitment
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)		 2025
£
170,353
900
3,925
1,793
691
3,913
32,031
1,763
1,575
212
32
4,188
2,813
3,454
152,722
5,506
2,507
4,330
950
393,658
125
1,187
14,120
-
683
210
-
8,008
598
38
34
5,255
1,073
438
31,769
799,438		 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

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.

39

Financial statements for the year ended 31 December 2025

The Psoriasis Association

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 Satveer Mahil, Kings College London
PhD studentship grants 2025:
Dr Satveer Mahil. Kings College London
Dr Zenas Yiu, University of Manchester
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
Reconciliation of grants payable:
Commitments at 1 January 2025 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 2025 subject to the satisfaction
of grant conditions		 2025
£
10,000
33,330
31,334
-
30,650
28,500
-
-		 2024
£
-
-
-
-
-
28,500
28,500
-
28,500
133,814
2025
£
167,485
208,860
(133,814)
242,531		 85,500
2024
£
236,600
16,385
(85,500)
167,485

40

Financial statements for the year ended 31 December 2025

The Psoriasis Association

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		 2025
£
125,961
116,570
242,531		 2024
£
59,150
108,335
167,485

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 2025 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 2025 subject to the satisfaction
of grant conditions
Commitments are payable as follows:
Within one year
Within two to four years		 2025
£
-
152,722		 2024
£
30,000
16,486
152,722
2025
£
534,528
-
(152,722)
381,806
2025
£
152,722
229,084
381,806		 46,486
2024
£
551,014
30,000
(46,486)
534,528
2024
£
152,722
381,806
534,528

41

The Psoriasis Association

Financial statements for the year ended 31 December 2025

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		 2025
£
268,627
32,666
15,863
317,156		 2024
£
253,525
25,971
12,130
291,626

The average number of employees of the charity during the year was 8 (2024: 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 £177,158 (2024 - £176,025).

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 three Trustees during the year of £210 (2024: £813)

42

The Psoriasis Association

Financial statements for the year ended 31 December 2025

Notes to the financial statements (continued)

8 Tangible fixed assets

Cost or valuation
At 1 January 2025
Revaluation
Depreciation
At 1 January 2025
Provided during the year
Net book amount at 31 December 2025
Net book amount at 31 December 2024		 Total
£
475,000
5,000
480,000
-
-
480,000
475,000		 Fixtures
and
fittings
£
-
-		 Freehold
property
£
475,000
5,000
- 480,000
-
-		 -
-
480,000
- 475,000

The net book value at 31 December 2025 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 2025.

9 Fixed asset investments

Investments
Listed investments
Market value at 1 January 2025
Additions
Disposals
Net unrealised investment gains
Market value at 31 December 2025
Market value at 31 December 2024		 No 1
Portfolio
£
3,102,832
462,687
(447,533)
310,184
3,428,170
3,102,832		 No 2
Portfolio
£
2,424,000
104,149
(334,927)
180,583		 Total
£
5,526,832
566,836
(782,460)
490,767
2,373,805
2,424,000		 5,801,975
5,526,832

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.

43

Financial statements for the year ended 31 December 2025

The Psoriasis Association

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 2025
Historical cost at 31 December 2024		 No 1
Portfolio
£
2,636,756
2,495,516		 No 2
Portfolio
£
2,002,063
2,151,606		 Total
£
4,638,819
4,647,122

Realised gains/ (losses) made during the year on disposals totalled £26,323 (2024 (£58,188))

The investments are registered as follows:

The investments are registered as follows:
United Kingdom
Overseas		 No 1
Portfolio
£
1,198,710
2,229,460
3,428,170		 Market value
No 2
Total
Portfolio
2025
£
£
948,295
2,147,005
1,425,510
3,654,970
2,373,805
5,801,975		 Total
2024
£
1,912,485
3,614,347
5,526,832
5,801,975

10 Debtors

Investment income
Other debtors
Prepayments		 2025
2024
£
£
15,944
15,735
1,857
596
4,670
8,483
22,471
24,814

44

Financial statements for the year ended 31 December 2025

The Psoriasis Association

Notes to the financial statements (continued)

11 Creditors: amounts falling due within one year

Grants approved, not yet paid
Other creditors
Accruals		 2025
£
-
1,958
14,502		 2024
£
16,486
2,912
13,842
16,460 33,240

12 Contingent assets – legacy income

As at 31 December 2025 the Trustees have been notified of 7 residuary legacies the values of which are uncertain and have not therefore been accrued.

13 Endowment funds

Endowment funds (Expendable)
At 1 January 2025
Transfer between funds
Unrealised investment gains
At 31 December 2025		 Josie
Bradbury
Memorial
£
25,039
-
-
25,039		 Research
£
4,789,792
-
464,444
5,254,236		 Total
£
4,814,831
-
464,444
5,279,275

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.

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, and following legal advice, the Trustees considered that Permanent was no longer appropriate, and to ensure the long-term nature of the holdings, the classification Expendable Endowment funds was adopted.

45

Financial statements for the year ended 31 December 2025

The Psoriasis Association

Notes to the financial statements (continued)

14 Restricted funds

At 1 January 2025
Incoming resources
Expenditure
Transfers
At 31 December 2025		 Research
£
231,902
104,482
(133,814)
(45,000)
157,570		 Scotland
£
44,597
-
(950)
(2,230)
41,417		 Total
£
276,499
104,482
(134,764)
(47,230)
198,987

The research fund 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.

15 Designated funds

At 1 January 2025
Expenditure
Transfers
At 31 December
2025		 Training
£
8,840
(2,813)
-
6,027		 Development
£
19,549
(10,937)
-		 Education
£
95,315
(3,892)
-
91,423		 Research
£
10,219
(2,507)
-		 BSTOP
£
343,361
(152,722)
75,000
265,639		 Total
477,284
(172,871)
75,000
8,612 7,712 379,413

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 2025 the fund supported the design, print and distribution of a new poster displaying the current series of six information leaflets including individual QR codes for direct links to each leaflet for ease of availability. The design and distribution of a Diet Infographic as an additional resource in support of the Charity’s information and awareness services. Enamel lapel badges were designed for members and supporters to help raise awareness. The renewal of the Psoteen website domain name was funded by the Education Fund. A Copilot licence was purchased for the Chief Executive.

The Development Fund was created in 2004 for the development of the membership database and new technology. In 2025 the fund was used to upgrade staff IT equipment in line with the agreed replacement and upgrade programme. There was a Microsoft upgrade for all staff to Microsoft 11. During 2025 the renewal and upgrade of the WhatsApp phone was funded to accommodate newly installed phone systems and improve security. The Escrow Support service was renewed to include advanced encrypted security processes.

46

The Psoriasis Association

Financial statements for the year ended 31 December 2025

Notes to the financial statements (continued)

15 Designated funds (continued)

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 2025 funding was granted for the production cost of an end of study thesis reports for two PhD students. A comprehensive five year Research Strategy was agreed and design for publication purposes was funded.

The Training Fund was created in 2008 for Staff further education courses. Staff training in 2025 was supported by the fund, with eight 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. In line with the agreed grant schedule, during 2025 a total of £152,722 was paid from the fund in two equal instalments, the project having a planned end date of 2028.

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
365,701
382,739
(16,460)		 Restricted
Funds
£
-
156,999
41,988
-
198,987
-
31,475		 Endowment
Funds
£
-
5,279,275
-
-		 2025
Total
£
475,000
5,801,975
424,727
(16,460)
6,685,242
17,985
1,163,156		 2024
Total
£
475,000
5,526,832
395,912
(33,240)
1,206,980
17,985
73,314		 5,279,275
-
1,058,367		 6,364,504
17,985
879,710

47

Financial statements for the year ended 31 December 2025

The Psoriasis Association

Notes to the financial statements (continued)

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		 2025
£
320,738
(182,435)
(490,767)
(5,000)
2,343
(16,780)
(371,901)		 2024
£
252,502
(169,698)
(374,540)
-
(9,351)
(23,732)
(324,819)

18 Transfers between funds

Funds are transferred between the General and Designated funds when required to ensure agreed reserves are held in the General funds and to support agreed expenditures from the Designated funds.

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 £5,210 (2024 - £6,814) are due within one to five years.

Total 2024 £ 249,694 169,698 50,153 469,545 82,267 509,316 591,583 374,540 252,502
Endowment funds £ - - - - - - - 316,352 316,352
Restricted funds £ 633 81,279 4,769 86,681 - 86,455 86,455 - 226
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
Unrestricted funds
Restricted
Endowment
Total
General
Designated
Property
Funds
funds
2024
Note
£
£
£
£
£
£
Transfers between funds
14/15
31,428
-
-
(31,428)
-
-
Gains on revaluation of fixed assets
-
-
-
-
-
-
Net movement in funds
34,573
(67,221)
-
(31,202)
316,352
252,502
Reconciliation of funds
Total funds brought forward
286,317
544,505
475,000
307,701
4,498,479
6,112,002
Total funds carried forward
320,890
477,284
475,000
276,499
4,814,831
6,364,504		 252,502
6,112,002		 6,364,504