PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR TO 31 DECEMBER 2024
CHARITY NUMBER: SC046167
SCOTTISH CHARITABLE INCORPORATED ORGANISATION
COMPANY NUMBER: CS002197
Henderson Black & Co
CHARTERED ACCOUNTANTS, ST ANDREWS
PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
CONTENTS
| Pages | |
|---|---|
| Trustees’ Annual Report | 1 - 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Statement of Cash Flows | 8 |
| Notes to the Accounts | 9 - 13 |
PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Constitution, the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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 and Republic of Ireland (FRS102), effective 1 January 2019.
Objectives and activities for the public benefit
The objectives of the charity set out in the Constitution are to promote, conduct and support research, clinical service development, education and training in photobiology relevant to skin, its diseases and prevention of those diseases; the use of laser and non-laser energy-emitting sources to investigate and treat skin disorders and to undertake laboratory-based research; to provide staff, accommodation, instruments, equipment and materials relating to the foregoing; and to promote for the public benefit knowledge relating to the foregoing.
The trustees consider how best to meet public benefit when reviewing the charity’s aims and objectives, in planning future activities for the year ahead and beyond.
Review of achievements and performance
The Photobiology Research and Education Trust continues to support clinical research, education and training in photodermatology, through photodiagnostic and phototherapeutic approaches with a focus on light in the causation, diagnosis and treatment of disease.
We have initiated new research ventures in photodermatology and continued existing projects. We have a continuous stream of visitors from the UK and beyond, all keen to learn about photodermatology – clinical, research and education.
We have a one-year clinical research fellow from Singapore, who joined us in October 2024. These overseas visitors are wonderful contributors to our research programme and enable us to raise awareness of the Photobiology Unit in Dundee internationally.
We continue to present our photodermatology research at conferences and we have had multiple published abstracts arising from conference presentations in the UK and internationally in 2024-25 and have a busy year with conferences in 2025 continuing ahead, reflecting the endeavours of our photodermatology research..
We continue to have a prominent focus on patient and public engagement activities, and this continues to expand and is hugely important in terms of keeping in contact with our patients and raising awareness of photodermatological issues with the public and of ensuring that all our clinical, research and educational photodermatological activities have patients at the heart of all we do. We now also have a major research focus on photodermatology patient engagement, as demonstrated by Dr O’Reilly’s ongoing MD research programme.
We continue to develop our research areas in photosensitivity diseases, photodiagnosis and phototherapeutics, both UV phototherapies and photodynamic therapy, including developments in home-based daylight photodynamic therapy, innovations in real-time light monitoring in daylight PDT, LED-base light testing and the human safety of Far-UVC.
The Photobiology Research and Education Trust has provided funding to the University of Dundee to support the employment of one member of staff who fulfils a major administrative and facilitatory role for the photodermatological research and activities for the Charity.
This allows successful delivery of clinically directed research and educational activities and training. Following the postholder’s retirement in May 2025, this post will switch to an NHS administrative post, but the funding support from PRET will continue.
PRET is also now part funding Dr Marese O’Reilly, who is undertaking an MD research programme in the field of photodermatology and patient engagement and this fully aligns with the research, educational and training objectives of PRET.
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Unit successfully published 17 papers in peer-reviewed journals in 2024. Our focus remains on improving the care of patients with light sensitive diseases and on developing and optimising light-based therapies for a range of skin diseases.
Financial review
The results of the period are set out in the Statement of Financial Activities. Donations totalling £100 (2023 - £nil) were received in the year. Expenditure was £45,219 (2023 - £30,050) and unrealised gains on investments were £106,181 (2023 - £128,060). This resulted in net income for the period of £110,827 (2023 - £167,031) and unrestricted reserves carried forward, of £2,062,962 (2023 - £1,952,135). There were no restricted reserves at the year end (2023 - £nil).
Plans for the future
Our photodermatological research and educational activities are evolving and expanding and we will continue to focus on promoting and undertaking clinical service development and research in photodermatology. We plan to develop further educational and training courses and programmes of activity to address the needs of clinicians, allied medical professionals, patients and the public in all aspects of photodermatology. We will also continue to explore the opportunities of educational course content delivery to raise awareness, knowledge and skills relating to photodermatology.
We continue to develop and evolve innovative application of light sources for diagnosis and treatment and to define the optimal ways to treat patients through light-based treatments. We will continue to explore ways to apply innovative developments in photomedicine, photophysics and photobiology to improving patient care and engaging the patients and public in our activities.
Photodermatology is a highly specialised sub-speciality of dermatology and succession planning is a key objective of the trustees. We are keen to identify and support trainees who have expressed a particular interest in this field. As noted above, in conjunction with the Photobiology Trust Fund, another Scottish charity, we 50:50 fund and support a Specialty Trainee in Dermatology ( ), who is undertaking a two-year period of research on the theme of “Applying Realistic Medicine in photodermatology”. This commenced in September 2024, with the objectives of PRET at the core of this research. Furthermore, we are also eager to foster interest in a photodermatology post-CCT fellowship on a recurring basis as we consider this to be an ideal way to attract trainee dermatologists into clinical research and educational aspects of photodermatology. In the first instance the one-year Clinical fellow dermatologist from Singapore has filled this post, funded by the Singapore Government and a separate dermatology charitable source, and subsequently we will aim to fill this post with UK doctors with a special interest in photodermatology.
We ran a very productive and well-received Photodermatology Course in April 2025, which had the objective of providing trainees and consultants in dermatology with photodermatology knowledge and skills and this is one of only two such courses in the UK.
Professor Ibbotson has been invited to Organise a symposium, Chair and Speak at the European Society of Photobiology in Italy in August 2025, giving some indication of the far reach of our photodermatology research and teaching activities and expertise.
Investment policy and performance
The investment policy of the trustees will be regularly reviewed. At present it is to adopt a conservative approach aimed at a balanced return with medium risk. The investment portfolio is structured to provide a predictable level of income to sustain the programme of charitable activities and services. The trustees have reviewed the performance of the investments and are satisfied with the results.
Risk management
As its main source of income, the trustees consider the variability of investment returns from the portfolio to be the charity’s major financial risk. In July 2024 the trustees completed the transfer of the investment portfolio to Rathbone Investment Management who will manage the portfolio on a discretionary basis.
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
A further risk is the ability to recruit able trustees with relevant skills and experience. The trustees address this risk by seeking to identify individuals with an interest in the charity’s activities along with individuals with relevant financial, legal and administrative experience.
Reserves policy
The charity holds reserves in the form of cash and stock market investments to provide the charity with adequate financial stability and the means to meet its charitable objectives for the foreseeable future. The trustees aim to fund activities, initially, from the cash available and also from the income from the investment portfolio. The trustees believe that the reserves at the period end are adequate for their purposes. Should the opportunity arise to provide further funding for trainees then stock market investments may need to be liquidated to provide sufficient cashflow.
Structure, Governance and Managemen t
The charity is a SCIO (Scottish Charitable Incorporated Organisation) established by a Constitution dated 2 December 2015.
The charity trustees are also the members of the organisation. A Board of trustees meets regularly to control the activities of the organisation. The maximum number of trustees on the Board is five and the minimum number of trustees is three. The quorum for Board meetings is two charity trustees. The office-bearers of the charity are a chairperson, treasurer and secretary.
The Constitution states that the organisation (and its assets and operations) will be managed by the Board and the Board may exercise all powers of the organisation.
Reference and administrative information
Address of Administrative Office Head of Photobiology Unit, Ninewells Hospital & Medical School, Dundee, DD1 9SY Scottish Charity number SC046167 Companies House number CS002197 Independent Examiner , Henderson Black & Co, 149 Market Street, St Andrews, Fife, KY16 9PF Bankers Bank of Scotland plc, PO Box 1000, BX2 1LB
Trustees
The following persons have served as trustees during the period and since the period end:
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees’ Responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity, including its income and expenditure, for that period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then comply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the trustees on 2 September 2025 and signed on their behalf by;
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST FOR THE YEAR ENDED 310ECEMBER 24 I raport on tha acctyjnts of thè charfjty for the yaar andod 31 D8tsmbw 2024 vthlch arè sèt out on pagas 6 1013. Respective Responsibilrties of Trustees and Examin•r Th• charty's trust88s are respsible for th8 preparats.on of th8 accounts in accordance wrfh th8 temis of Charitles and Trust88 Inv•strn8nt (scland) Act 2005 and th8 Charrties Accounts IScotlaTrYI Règulatlons 2006 las amèndèdl. Thè ehartty trustaas consldèr that th• audlt rèqulrèmant of Rè9ulatlon 1011 Mal to Icl of tho A¢¢ounts R•gulaON$ do¢$ not •FWy. It Is my r•sponbIlIty to oxamlno thg •ccQLts as requlred under sectlon 4411 Ilcl of the Act and to stste whether ppAtla41ar matters have come to my attention. Thls r8port Is madè to thè trust•as. as a boty. in accordanca wth th8 tsmis of my angagèm8nt. My work •s b•¢n und¢rt&k¢n $0 that I mlght stato to th¢ tr1•$ U)0$0 mattws l am wulrod to stat• t¢ them In an Indepgndgnl gxamlner'5 rewt and for no ¢)ther purpos¢. To thg lullg51 gxtent Fermltt•d by law. I do not accopt assume resbIlIty to YOn6 othw than tho charity and tho trusto8s for my work or for thls report. Basls af Ind•p•nd•nt Ex•mln•r's Stst•m•nt ox•mlnalon 1$ out In •¢¢ord•rK¢ th Rogulatlm 11 of the Ch•rftl¢$ A¢cwnts IS¢oVartral R¢gulall¢)n$ 20061as am¢rYl¢dl. An •x•mlrwtlon IndutJo9 • rovlw of tho •¢¢ountlng rKttd$ kopl by charlty and a comparlson of tho accounts prosontod wlth Ihoso rocord5. 11 also Indudos conslderatlon crf any unusual rtems or dlsdosuros In th8 accounts. and sooks oxplanatlons from the trusteos conc8rnlng any such mattws. Th• procedur•s Undertak do not provlde all thè wldonca that would ba r•qulred In an aLhJ¢, and ¢oro•qu•nly l rKI expr• an opfinth cffi th• vl•w glv•n by lh• x¢ounts. Indop•nd•nt Eximln•r'$ St*t•mont In th• cours• of my •xthnatk>n no m•tt•r has com• to my att•rkn: whlch glves mo reasonable cause to bdlwe that In any Mat•81 IpaCt the r•]uSr8m8nts.' to keep accountlng rocords In accLYdanco wlth Sectlon 44 11 Ilal ol 2005 Act and Regul•ti¢)n 4 of thè 2006 A¢¢ounts Regulations, to prÈparè aceounts which accord wth thè accounting records •nd Ccthpty w6th R•gul•tlon 8 of the 2006 A¢¢wnt$ RegulabS have not teon mel. ¢ 2. to vthlch. In my onIOn. attOnon sh(¥Jd b• thawn In cfd•r to ona0 a und•rgtandlng ofth• accounts to bo reachod. Ch•stnoy Hous• 149 Marf(Èt Street st Andrews Fwe KY16 9PF Partner Henderson Black & Co Chartered Accountantg 9 September 2025
PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024
| Income from: Notes Donations Charitable activities Investments Total income Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net income before gains on investments Net gains on investments Net income and net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Total funds 2024 £ 100 200 49,565 49,865 7,308 37,911 45,219 4,646 106,181 110,827 1,952,135 2,062,962 |
Total funds 2023 £ - 18,717 50,304 |
|---|---|---|
| 69,021 | ||
| 488 29,562 |
||
| 30,050 | ||
| 38,971 128,060 |
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| 167,031 1,785,104 |
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| 1,952,135 |
The statement of financial activities includes all gains and losses in the year. All income and expenditure derives from continuing activities.
The notes on pages 9 to 13 form and integral part of these accounts.
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
BALANCE SHEET AS AT 31 DECEMBER 2024
| Notes Fixed assets: Investments 5 Investment in wholly owned subsidiary 6 Total fixed assets Current assets: Cash at bank and in hand Prepayments Total current assets Liabilities: Creditors: amounts falling due within one year Creditors and accruals 7 Total current liabilities Net current assets Total assets less current liabilities/ Total net assets The funds of the charity: Unrestricted income funds General Fund Total charity funds |
Total funds 2024 £ 1,971,730 33,758 2,005,488 99,193 320 99,513 42,039 42,039 57,474 2,062,962 2,062,962 2,062,962 |
Total funds 2023 £ 1,911,146 26,644 |
||
|---|---|---|---|---|
| 1,937,790 18,209 - |
||||
| 18,209 | ||||
| 3,864 | ||||
| 3,864 | ||||
| 14,345 | ||||
| 1,952,135 | ||||
| 1,952,135 | ||||
| 1,952,135 |
These financial statements were approved by the trustees on 2 September 2025 and signed on their behalf by:
The notes on pages 9 to 13 form and integral part of these accounts.
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Total funds Notes 2024 Cash flows from operating activities: £ Net cash used in operating activities (see below) (7,064) Cash flows from investing activities: Income from investments 49,565 Purchase of investments 5 (1,425,176) Proceeds from sale of investments 1,367,247 Decrease/(increase) in cash held for investment 5 96,412 Net cash provided by investing activities 88,048 Change in cash and cash equivalents in the year 80,984 Cash and cash equivalents brought forward 18,209 Cash and cash equivalents carried forward 99,193 Analysis of changes in net debt Cash at 1 January 18,209 Cash flows in year 80,984 Cash at 31 December 99,193 Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds 110,827 Adjustments for: Investment income shown in investing activities (49,565) Gains on investments (106,181) (Increase)/decrease in debtors (320) Increase/(decrease) in creditors 38,175 Net cash used in operating activities (7,064) |
Total funds 2023 £ (17,547) 50,304 - - (49,816) 488 (17,059) 35,268 18,209 35,268 (17,059) 18,209 167,031 (50,304) (128,060) 626 (6,840) (17,547) |
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|---|---|---|
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
1.1 Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with 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 and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
For the year ended 31 December 2024 the charity was not required to prepare consolidated accounts. Therefore these accounts present information about Photobiology Research and Education Trust as an individual undertaking and not about its group.
The charity meets the definition of a public benefit entity under FRS 102.
These financial statements are presented in pounds sterling, the functional currency of the Trust. Monetary amounts are rounded to the nearest pound.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
1.2 Fund accounting
All of the funds held by the charity are unrestricted . Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
1.3 Income recognition
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 income receivable can be measured reliably. Dividends and other investment income is recognised once it has been declared and notification has been received. This is normally upon notification by the charity investment adviser. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank or investment adviser. Non-cash donations, such as shares, are valued at the fair value of the asset donated.
1.4 Deferred income
Grantors may specify a time period which limits the charity's ability to spend a grant. When income is received in advance of the specified time period, it is deferred until the charity has performed the activity related to the specified time period. Income received in advance of the provision of a service, such as a seminar, is deferred until the criteria for income recognition are met (see 1.3).
1.5 Expenditure and irrecoverable VAT
Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. All expenditure is accounted for on an accruals basis.
1.6 Support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. These costs are allocated in full to unrestricted charitable expenditure.
1.7 Fixed asset investments
Investments in quoted shares, bonds and similar investments are a form of basic financial instruments 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 on revaluation and disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments.
The investment in subsidiary is initially measured at cost and subsequently measured at fair value as at the balance sheet date. Fair value is considered to be net asset value, discounted (if appropriate) to reflect the company's lack of profitability.
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
1 Accounting policies (continued)
1.8 Financial instruments
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Basic financial assets (which include cash and bank balances) and basic financial liabilities (which include creditors) are initially measured at the amount receivable or payable including any transaction costs and are subsequently carried at amortised cost using the effective interest method. Basic financial assets/liabilities, classified as receivable/payable within one year, are not amortised.
1.9 Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and the opening carrying values 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. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
1.10 Taxation
The charity is exempt from tax on income and gains under applicable legislation to the extent that these are applied to its charitable objects.
1.11 Judgements in applying accounting policies and key sources of estimation
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 available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. In preparing these financial statements, the trustees have made the following judgements:
Accruals
Trustees estimate the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.
2 Transactions with trustees and employees
No remuneration was paid to the trustees in the year (2023 - none). No expenses were reimbursed to trustees in the year (2023 - none).
The value of the work done by trustees in giving of their time for meetings and other matters on behalf of the charity is not reflected in the accounts as it cannot be quantified.
During 2024, one employee of University of Dundee carried out administrative support work for the charity. University of Dundee recharged the employee's salary cost to the charity. The cost recharged was £16,820 (2023 - £16,521). The charity had no employees of its own (2023 - none).
3 Expenditure on raising funds
| Investment broker's fees | 2024 £ 7,308 7,308 |
2023 £ 488 488 |
|---|---|---|
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
| 4 Expenditure on charitable activities Grants to institutions: University of Dundee - PhD student Administrative support salary costs (see note 2) Conference Prizes Training courses Travel expenses Independent examiner's fees Subscriptions Sundry expenses |
2024 £ 12,692 16,820 - 500 656 4,309 1,254 599 1,081 37,911 |
2023 £ - 16,521 10,360 500 - - 864 583 734 29,562 |
|---|---|---|
The trustees regard the salary costs as support costs of the charity.
| 5 Investments Investments at market value comprised: 2024 £ Equities 1,884,628 Investment dealing account (cash) 87,102 1,971,730 The historical cost of equities at 31 December 2024 was £1,691,542 (2023 - £1,122,412). Movement in fixed asset investments 2024 £ Opening market value at 1 January 1,911,146 Additions to investments at cost 1,425,176 Disposals at carrying value (1,286,619) Change in cash held for investment (96,412) Net gain/(loss) on revaluation 18,439 Market value as at 31 December 1,971,730 |
2023 £ 1,727,632 183,514 1,911,146 2023 £ 1,737,459 - - 49,816 123,871 |
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|---|---|---|
| 1,911,146 |
All investments are carried at their fair value. Investments are traded either at offer prices for investment funds or stock exchange market prices. The basis of fair value is equivalent to market value using bid price or traded market prices. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy sections of the trustees' annual report.
Material investments
The trustees consider individual investment holdings, in excess of 10% of the portfolio value, to be material.
| Material interest by value Alliance Witan plc Caledonia Investments plc Mercantile Investment Trust plc Merchants Trust Scottish Mortgage Investment Trust |
2024 £ 199,040 - - - - |
2023 £ 365,159 262,608 298,449 237,429 350,850 |
|---|---|---|
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
5 Investments (continued)
Investment risk
FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:
Credit risk : this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
Market risk : this comprises the currency risk, interest rate risk and other price risk.
Currency risk : this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in foreign exchange rates.
Interest rate risk : this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates.
Other price risk : this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.
The charity has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manages investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the charity's strategic investment objectives. These investment objectives and risk limits are monitored by the Trustees by regular reviews of investment portfolios. Further information on the Trustees' approach to risk management and the charity's exposure to credit and market risks are set out below.
Credit risk : The charity invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles. Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. Pooled investment arrangements used by the charity comprise authorised unit trusts. Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investmentgrade credit-rated securities.
Currency risk : The charity is subject to currency risk because some of the charity's investments are held in overseas markets, via the pooled investment vehicles.
Interest rate risk : The charity is not subject to interest rate risk through the investments held.
Other price risk : Other price risk arises principally in relation to equities held in pooled vehicles. The charity manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.
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PHOTOBIOLOGY RESEARCH AND EDUCATION TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
6 Investment in wholly owned subsidiary
| Investment in wholly owned subsidiary | ||
|---|---|---|
| Share in group undertaking and participating interest Cost: At 1 January Net gain/(loss) on revaluation At 31 December |
2024 £ 26,644 7,114 33,758 |
2023 £ 22,455 4,189 |
| 26,644 |
The charity owned 100% of the ordinary share capital of Spectratox Limited, a company registered in Scotland (company number SC328032). The share was donated, on 21 March 2019, by Photobiology Trust Fund, a charity with which Photobiology Research and Education Trust, shares similar charitable objectives and activities. The principal activity of Spectratox Limited is research and development on social sciences and humanities. In its accounts for the year to 31 December 2024, Spectratox Limited reflected capital and reserves of £33,758 (2023 - £26,644), a gift aided donation of £nil (2023 - £nil) to the charity and a profit for the year of £7,114 (2023 - £4,189).
Professor S Ibbotson, Professor R Dawe and Dr E Eadie are directors of Spectratox Limited.
| 7 Creditors and accruals Creditors Accruals Deferred income (note 8) 8 Deferred income As at 1 January Amount released in year - conference fees Amount deferred in year - conference fees & sponsorship As at 31 December |
2024 £ 324 13,787 27,928 42,039 2024 £ - - 27,928 27,928 |
2023 £ - 3,864 - |
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|---|---|---|---|---|
| 3,864 | ||||
| 2023 £ 3,750 (3,750) - |
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| - |
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