**REGISTERED COMPANY NUMBER: 06010593 (England and Wales) REGISTERED CHARITY NUMBER: 1117336**
Report of the Trustees and Financial Statements for the Year Ended 31 March 2024
for
## THE MCPIN FOUNDATION
Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 31 Cheam Road Epsom Surrey KT17 1QX
THE MCPIN FOUNDATION
Contents of the Financial Statements for the Year Ended 31 March 2024
||Page|
|---|---|
|Report of the Trustees|1 to 7|
|Report of the Independent Auditors|8 to 10|
|Statement of Financial Activities|11|
|Balance Sheet|12|
|Cash Flow Statement|13|
|Notes to the Cash Flow Statement|14|
|Notes to the Financial Statements|15 to 24|
|Detailed Statement of Financial Activities|25 to 27|
THE MCPIN FOUNDATION
## Report of the Trustees for the Year Ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
We want mental health to be better understood. We explore what it means to be an expert, valuing personal experience as well as professional practice and research skills. We create inclusive ways of working that encourage shared learning and impact. We lead, influence and shape research that deepens understanding of mental health issues and improves the lives of people and communities.
Mission: To improve everyone's mental health through research directed by lived experience expertise Vision: Our vision is a world where the value of lived experience of mental health issues is upheld and embraced, and is at the heart of all stages of research
The Foundation has an operational strategy 2023/2028.We are working with four strategic goals:
(1) To be a mental health research pioneer: innovating better research methods with a focus on lived experience expertise to progress a robust and inclusive knowledge base in mental health
(2) To achieve change through influencing and research impact: influence policy and practice to improve understanding of mental health and contribute to producing real changes that matter to the lives of individuals and communities
(3) To help people we are connected with to develop and flourish: placing an emphasis on personal growth and fulfilment across our networks, and providing a working environment that supports well-being
(4) To challenge inequality and injustice in society: prioritizing inclusive research work that combats inequality, discrimination, racism and oppression
Page 1
THE MCPIN FOUNDATION
Report of the Trustees for the Year Ended 31 March 2024
## **OBJECTIVES AND ACTIVITIES Significant activities**
## **Pioneering mental health research**
Our goal is to maintain a balanced and sustainable portfolio of work across three key areas: influencing the work of others and building a strong and diverse sector; supporting others to deliver patient and public involvement (PPI) in research well; delivery of research and evaluation projects, including the employment of people with personal experience of mental health issues in project teams. Our model of work is to build collaborations and partnerships with others, both mental health specialists and those whose work relates to mental health. Highlights from each team are provided below:
- Research: We have been delivering an evaluation of Crisis psychological services with a team of peer researchers, completing a qualitative research study within the NIHR funded Community Navigator study testing an approach to support people with depression and anxiety experiencing loneliness, supported recruitment to a James Lind Alliance (JLA) Priority Setting partnership (PSP) on circadian rhythms with the University of Edinburgh funded by the UKRI-MRC, started the Peer Action Collective (PAC) with young people in Haringey and set up the SUNRISE study to explore how subjective experiences research shapes future mental health research funded by the Wellcome Trust. Our staff have been involved in 25 peer review research publications this period.
- Public Involvement in Research: We continue to manage LEAP (Lived Experience Advisory Panels) and Young People Advisory Groups (YPAGs) with 30 groups operating March 2024. This includes running new groups this year for commissioned work including IMAT (Immune Mechanisms of Antipsychotic Treatment Response) led by Francis Crick Institute, CoPICS (Experience Based Co-design of Psychosis Centered Integrated Care Services for Ethnically Diverse People with Multimorbidity) led by University of Oxford, Creating a tool to help young people say how they'd like their therapy to be funded by BACP and delivered by researchers at Roehampton University.
- Communications: We have created outputs from our 10 for 10 project - celebrating 10 years of the McPin Foundation including resources, infographics and a pod-cast covering topics including wellbeing at work, neurodiversity, co-production, co-researchers and working with young people. We have also launched three resources centring young people in mental health research with the Institute of Mental health at University of Birmingham. We produced 36 blogs and news pieces hosted on our new website that was launched March 2023.
Operations: We are updating our policies and have planned an office move to new premises. The new HR system - Breathe HR - is working well and we continue to support staff to work flexibly with the majority of staff working from home following the Covid-19 pandemic
The day-to-day work of the Foundation is overseen by a senior leadership team with responsibility for reviewing the portfolio of current projects and planning for new activities in line with our mission, vision and values.
## **Our influence**
Our influence continues through working partnerships with a wide range of other organisations and membership of networks including the Alliance of Mental Health Research Funders, Young People's Mental Health Coalition, and advisory group membership with UKRI and Rethink Mental Illness. We have links to academic teams around the country and have spoken about our work at conferences including a plenary presentation in Lausanne, Switzerland. There is ongoing promotion of our core message - the importance of expertise from experience - across a range of communication channels including our e-newsletter, website, social media and new external training programme linked to our 10 for 10 resources.
## **Our supporter base**
Our McPin involvement network is growing into a thriving community of people interested in and doing patient and public involvement (PPI) work. Our young people's network continues to grow. We engaged 229 different people with lived experience in groups and workshops to shape mental health research.
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THE MCPIN FOUNDATION
Report of the Trustees for the Year Ended 31 March 2024
## **OBJECTIVES AND ACTIVITIES**
## **Funding research**
We part-funded a PhD studentship at UCL (25%), exploring wellbeing among academics. The resource to set-up the peer research academy including the funding of peer PhDs, remains with more work required before this initiative can be launched. We do still co-chair the Alliance of Mental Health Research Funders and have joined the International Alliance of Mental Health Research Funders. We host the Words that Carry On - Lindsay's legacy fund which has commissioned a research study from City University exploring personality disorders and autism, and includes a PhD studentship concluding March 2025 (extended by 6 months).
## **Our sustainability**
## OBJECTIVES AND ACTIVITIES
Our current business model means that we are primarily dependent on grant income. We generate very little income through fundraising. It remains an ambition for the Foundation to generate matched funding for our peer research academy plans.
## **Public benefit**
The trustees believe that they have complied with their duties as described under the Charities Act 2011. The Foundation works with partners to improve the delivery of mental health research, develop the sector, and through its own activities seek to achieve change and growth to benefit public wellbeing. In particular, the Foundation is focused on placing experts from experience (people with experience of managing a mental health issues or their relatives / friends in roles of carer) at the heart of mental health research activities from design, delivery through to dissemination of findings including knowledge transfer and implementation planning.
Page 3
THE MCPIN FOUNDATION
## Report of the Trustees
## for the Year Ended 31 March 2024
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
In our 2021/2022 accounts we set out the aims we wanted to achieve by year end 31st March 2023. We outline progress against each activity below
- Complete the new operational strategy for the organisation, covering April 2023 to March 2028
This has been achieved - we have new values and four strategic goals that were co-produced by staff and our supporters. We worked with external facilitators to assist this process. Interviews with 10 sector leaders were particularly useful giving feedback on McPin over the past 10 years.
- Continue to develop as an inclusive organisation - speaking up about racism and oppression, delivering work that directly tackles inequalities in mental health provision and focusing on how research teams can be more inclusive. We joined the Inclusive Boards programme funded by Impact on Urban Health, working in partnership with Do it Now Now. This programme provided us with another report, and seven recommendations to action to improve inclusivity at McPin. We are adopting all 7 recommendations and a working group and external critical friend is supporting this process. We also have a new project with a race focus exploring multi-morbidity, ethnicity and mental health- Co-Pics funded by the NIHR working with University of Oxford (Prof Kam Bhui).
- Develop a new website making our work more accessible to the public
This has been completed - on time and budget. Our website is more accessible, searchable and engaging.
- Deliver a campaign with key partners- why mental health research matters - funded by UKRI. The campaign will be on social media and run webinar events to spark a conversation which we hope will benefit the entire sector. This has been completed - and we ended this programme of work in March 2023.
- Complete the 10- for- 10 project resources which builds on learning from across the organisation over the past 10 years and plan activities to mark our 10th anniversary
These are all in progress and will be launched before the end of December 2023. We have a clear plan and content for each resource and they will be released in the following order: Using lived experience in the workplace, co-research, co-production, well-being at work, mentoring podcast, accessible meetings for young people, PPI, Peer research, Learning from our antiracism action plan, an Ode to Peer Research video.
- Deliver commissioned projects, including Birmingham partnership youth involvement in research project, running PPI programmes in CONNECT, RESOLVE, ASCEND, Community Navigators2, complete photovoice study, community mental health transformation East London work and begin new commissioned research.
Our project commissions are on track including the partnership with Birmingham and our community transformation evaluations. At the end of March 2023 we were working on over 60 different pieces of work or projects the largest being: CONNECT, RESOLVE, ASCEND, Community Navigators2, TYPPEX, STOP, STTAMP, SASH, Agency2, E-Risk, Crisis Skylights evaluation, Co-Pics, Adverse events Dictionary, SPHR-public mental health programme and PHILM.
## **Fundraising activities**
We had no McPin core fundraising activities; our fundraising income was £0 (2023: 0).
## **FINANCIAL REVIEW Financial position**
Our overall position remains positive with reserves at 31 March 2024 of £2,307,960 (2023 £2,359,080).
The Foundation received donations and gifts in the year totalling £1,788.12 (2023 £233,663) and the deficit for the year was £51,120 (2023: £315,838). This is after an unrealised gain of £74,177 (2023 loss £40,486) on investments, which are deducted from the accumulated fund, leaving a balance to be carried forward of £2,307,960.
## **Principal funding sources**
Major contracts and agreements for funding of research projects are shown in note 5 to the accounts
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THE MCPIN FOUNDATION
Report of the Trustees for the Year Ended 31 March 2024
## **FINANCIAL REVIEW**
## **Reserves policy**
McPin's policy is to hold enough reserves to cover all project commitments, along with 12 months of running costs. In addition, we believe beneficiaries are best served through the existence of a specialist mental health research charity working to champion expertise by experience in all aspects of research, which requires contingency reserves because we have no donor base and uncertain contract income. The reserves policy require reserves of approximately £2m plus contingency funding for long term sustainability.
Project commitments include: the setting up of a peer research academy using a tied donation made in 2017; WTCO funding for research projects; resourcing our two final 10 for 10 resources based on learning at McPin over 10 years, as well as dissemination plan; developing our LEAPs and YPAGs, training peer researchers at McPin.
## **Going concern**
The trustees have considered going concern, and are satisfied that under current plans, the charity can continue to operate as a going concern.
## **FUTURE PLANS**
We are committed to developing the mental health research sector, looking for opportunities to increase the number of experts by experience who work with us, and supporting their career development. The Foundation has been operating for 11 years as a mental health research specialist charity. We are committed to developing the charity, and working closely with our management team to decide how best to do so. We do have some changes in the senior leadership team.
In the next year (to year end 31st March 2025) we aim to:
-Develop an impact and influencing strategy and encourage all staff to identify potential in project work to impact more directly policy, the research ecosystem, and local communities
- Produce innovative science communication outputs - including within TYPPEX - to showcase research findings and encourage knowledge transfer alongside developing our neuroscience PPI work.
- Deliver an external training programme to cover PPI, peer research and co-production.
- Continue to develop as an inclusive organisation - speaking up about racism and oppression, delivering work that directly tackles inequalities in mental health provision and focusing on how research teams can be more inclusive.
-Deliver commissioned projects including Peer Action Collective, Mind self-supported help evaluation, SUNRISE, Citizen Science review, running PPI programmes in CONNECT, ASCEND, STOP, Community Navigators2, Co-Pics, IMAT, SASH and E-Risk.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Recruitment and appointment of new trustees**
A Meadows was appointed in 2009, E Harding in 2013 , C. Chilvers in 2017 and four new trustees joined 19/3/2019 R McCabe, C Lodge, N Cope and C Benari. Nick McNally was appointed on the formation of the Foundation. A further four Trustees joined 27/1/2021 L Anstey, R Dore, N Ali and L Karageorghis. Their backgrounds enable the Foundation to develop its research and PPI (patient and public involvement) in research programmes, provide the right skills and experience essential to good governance and charity development.
Trustees meet formally three times a year, but are in regular contact between meetings. They also meet for strategy days with the McPin team. In 2023-2024 there were 3 formal meetings: September and November 2023 and March 2024. Trustees met in July 2023 for the 10th Birthday celebration of McPin. The Trustees are trustees for the purpose of charity law and directors for the purpose of company law.
Page 5
THE MCPIN FOUNDATION
for the Year Ended 31 March 2024
## Report of the Trustees
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure**
Dr Vanessa Pinfold was appointed as Research Director for the charity on 1st April 2014. She leads and manages the charity reporting to the Independent Trustee Group (ITG). The ITG is chaired by Nathan Cope, and full membership is open to all un-related trustees to the McNally or Pinfold family, although it is currently a smaller group with membership A Meadows, L Anstey, C Benari and L Karageorghis. The research director prepares regular reports to the trustees and attends board meetings. The staff are organised into four structural teams (research, public involvement in research, communications, and organisational support) but mostly work as project teams bringing together expertise from across our staffing resource. Our work requires us to operate flexibility and therefore we have a core group of staff supplemented by contracted employees working on short fixed term contracts. During the reporting period we had 38 people working as staff on payroll (20 FTE) and we worked with 255 LEAP members/ consultants / advisors.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
06010593 (England and Wales)
## **Registered Charity number**
1117336
## **Registered office**
Unit 1.4 The Green House Cambridge Heath Road London E2 9DA
## **Trustees**
Prof C E D Chilvers Chair, Mental Health Research UK (resigned 28.6.24) Dr N J McNally Chair, McPin Foundation A Meadows Founder, JMMF Dr E Harding Clinical Psychologist (resigned 30.9.23) C E Benari CEO In2ScienceUK Prof R McCabe Professor City University Dr N F Cope Chief Operating Officer, Otsuka L E Karageorghis Research psychologist Dr R M Dore Paediatric doctor L J Anstey NHS chief of staff N Ali Researcher
## **Company Secretary**
M J Johnston
## **Auditors**
Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 31 Cheam Road Epsom Surrey KT17 1QX
## **Solicitors**
Womble-Bond Dickenson 4 More London Riverside London SE1 2AU
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THE MCPIN FOUNDATION
## Report of the Trustees
for the Year Ended 31 March 2024
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Principal Bankers**
The Co-operative Bank 1 Balloon Street Manchester, M60 4EP
## **Investment Managers**
Blackrock Investment Management (UK) Limited 12 Throgmorton Avenue London, EC2N 2DL
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of THE MCPIN FOUNDATION for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, Ark Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 29[th] November 2024 and signed on its behalf by:
Dr N J McNally - Trustee
Page 7
Report of the Independent Auditors to the Members of THE MCPIN FOUNDATION
## **Opinion**
We have audited the financial statements of THE MCPIN FOUNDATION (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of THE MCPIN FOUNDATION
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Members of THE MCPIN FOUNDATION
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mary E Ryan (Senior Statutory Auditor) for and on behalf of Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 31 Cheam Road Epsom Surrey KT17 1QX
Date: 4[th] December 2024
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THE MCPIN FOUNDATION
Statement of Financial Activities for the Year Ended 31 March 2024
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Enhancing mental well-being
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
5
Enhancing mental well-being
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
18
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
768
-
34,716
35,484
198,635
74,177
(88,974)
16,119
(72,855)
1,620,048
1,547,193|Restricted
funds
£
1020
884,752
-
49,159
934,931
897,077
-
37,854
(16,119)
21,735
739,032
760,767|31.3.24
Total
funds
£
1788
884,752
34,716
49,159
970,415
1,095,712
74,177
(51,120)
-
(51,120)
2,359,080
2,307,960|31.3.23
Total
funds
£
230,711
675,939
26,714
9,482
942,846
1,218,198
(40,486)
(315,838)
-
(315,838)
2,674,918
2,359,080|
|---|---|---|---|---|
The notes form part of these financial statements
Page 11
THE MCPIN FOUNDATION
## Balance Sheet
## 31 March 2024
|||||31.3.24|31.3.23|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
||Notes|£|£|£|£|
|**FIXED ASSETS**||||||
|Tangible assets|12|3,584|-|3,584|6,243|
|Investments|13|1,457,480|-|1,457,480|1,383,303|
|||1,461,064|-|1,461,064|1,389,546|
|**CURRENT ASSETS**||||||
|Debtors|14|149,219|29,422|178,641|142,472|
|Cash at bank||-|732,365|732,365|929,854|
|||149,219|761,787|911,006|1,072,326|
|**CREDITORS**||||||
|Amounts falling due within one year|15|(63,090)|(1,020)|(64,110)|(102,792)|
|**NET CURRENT ASSETS**||86,129|760,767|846,896|969,534|
|**TOTAL ASSETS LESS CURRENT**||||||
|**LIABILITIES**||1,547,193|760,767|2,307,960|2,359,080|
|**NET ASSETS**||1,547,193|760,767|2,307,960|2,359,080|
|**FUNDS**|18|||||
|Unrestricted funds||||1,547,193|1,620,048|
|Restricted funds||||760,767|739,032|
|**TOTAL FUNDS**||||2,307,960|2,359,080|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29[th] November 2024 and were signed on its behalf by:
N J McNally - Trustee
The notes form part of these financial statements
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THE MCPIN FOUNDATION
## Cash Flow Statement
|for the Year Ended 31 March 2024
Notes
**Cash flows from operating activities**
Cash generated from operations
1
Tax paid
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Sale of fixed asset investments
Interest received
Dividends received
Investment losses
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
2
**Cash and cash equivalents at the end of**
**the reporting period**
2|31.3.24
£
(233,225)
-
(233,225)
-
-
6,810
27,906
-
34,716
(198,509)
929,854
731,345|31.3.23
£
(334,533)
(10,000)
(344,533)
(1,186)
332,620
3,991
22,723
40,485
398,633
54,100
875,754
929,854|
|---|---|---|
The notes form part of these financial statements
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THE MCPIN FOUNDATION
Notes to the Cash Flow Statement for the Year Ended 31 March 2024
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
(Gain)/losses on investments
Interest received
Dividends received
Revaluation of FA investments
(Increase)/decrease in debtors
Decrease in creditors
**Net cash used in operations**
**2.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Notice deposits (less than 3 months)
Overdrafts included in bank loans and overdrafts falling due within one year
Total cash and cash equivalents
**3.**
**ANALYSIS OF CHANGES IN NET FUNDS**|31.3.24
£
(51,120)
2,659
(74,177)
(6,810)
(27,906)
-
(36,169)
(39,702)
(233,225)
31.3.24
£
732,365
(1,020)
731,345|31.3.23
£
(315,838)
2,912
40,486
(3,991)
(22,723)
(40,486)
92,542
(87,435)
(334,533)
31.3.23
£
929,854
-
929,854|
|---|---|---|
||At 1.4.23|Cash flow|At 31.3.24|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|929,854|(197,489)|732,365|
|Bank overdraft|-|(1,020)|(1,020)|
||929,854|(198,509)|731,345|
|**Total**|929,854|(198,509)|731,345|
The notes form part of these financial statements
Page 14
THE MCPIN FOUNDATION
Notes to the Financial Statements for the Year Ended 31 March 2024
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Allocation and apportionment of costs**
Costs are allocated and apportioned in accordance with the terms of each contract or agreement
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance Computer equipment - 25% on cost
## **Taxation**
Under the provisions of the Corporation Tax Act 2010, and the Taxation of Chargeable Gain Act 1992, the company is not subject to taxation, on the grounds that it is a registered charity and its income is applied solely for charitable purposes..
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of material funds is included in the trustees' report.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Investment income, donations and similar incoming resources**
Investment income, donations and similar incoming resources are accounted for on an accruals basis.
Page 15
continued...
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **1. ACCOUNTING POLICIES - continued**
## **Investment income, donations and similar incoming resources**
Donated services are included in the Statement of Financial Activity, where the benefit to the charity is reasonably quantifiable, measurable and material, as incoming resources and resources expended. They are valued at the amount that the Charity would have to pay to acquire them at the time of the donation.
## **2. DONATIONS AND LEGACIES**
|Donations
Gift aid
**3.**
**INVESTMENT INCOME**
Other fixed asset invest - FII
Deposit account interest
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Contracted Services, Agreements & Consultancy
University of Manchester- Connect
Bristol University - School of Public Health MH programme
Oxford University - CoPics
Black Thrive - developmental evaluation
Plymouth Uni - Community Transformation Pilots
Oxford Uni - UKRI networks
CWPF- Ariadne
Youth endowment fund -Peer Action Collective
Maudsley Chanty - MC Psychosis
CYP work
Research Team Work
University of Cambridge - Typpex
IMH Birmingham
Newcastle University - Ascend
UCL -Community Navigators - loneliness
Crisis
University of Oxford - Oxford BRC
University of Cambridge - Philm
Aston University - agency & MR
University of Oxford - Feeling safe
MIND self-management
Words that carry on: Lindsay's fund
STOP
Other||31.3.24
£
1,788
-
1,788
31.3.24
£
27,906
6,810
34,716
31.3.24
32,512
42,480
69,430
0
0
0
0
96,667
23,400
27,452
43,493
29.462
34,601
26,445
38,764
24,118
18,750
32,850
20,477
38,347
49,734
1,020
32,313
212,514
884,752||31.3.23
£
210,349
20,362
230,711
31.3.23
£
22,723
3,991
26,714
31.3.23
0
51,704
0
52,588
42,776
46,713
16,565
0
0
20,384
85,369
27,165
73,774
0
36,694
0
0
0
0
0
0
46,971
0
175,236
675,939|
|---|---|---|---|---|
||||||
Page 16
continued...
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **5. CHARITABLE ACTIVITIES COSTS**
|Grant
funding of
activities
Direct
(see note
Costs
6)
£
£
Enhancing mental well-being
797,798
95,313
**6.**
**GRANTS PAYABLE**
Enhancing mental well-being
The total grants paid to institutions during the year was as follows:
UCL
City, University of London
IPSOS
Peace Alliance
**7.**
**SUPPORT COSTS**
Support costs allocated to general funds were as follows:
Management
Finance
Information technology
Human resources
Other
Governance
Total|Grant
funding of
activities
Direct
(see note
Costs
6)
£
£
Enhancing mental well-being
797,798
95,313
**6.**
**GRANTS PAYABLE**
Enhancing mental well-being
The total grants paid to institutions during the year was as follows:
UCL
City, University of London
IPSOS
Peace Alliance
**7.**
**SUPPORT COSTS**
Support costs allocated to general funds were as follows:
Management
Finance
Information technology
Human resources
Other
Governance
Total|Support
costs (see
note 7)
£
202,601
31.3.24
£
95,313
31.3.24
£
12,992
-
24,000
58,321
95,313
31.3.24
90,526
52,162
2,081
39,612
10,260
7,960
202,601||Totals
£
1,095,712
31.3.23
£
25,636
31.3.23
£
-
25,636
-
-
25,636
31.3.23
154,727
51,393
2,764
44,611
5,002
4,200
262,597|
|---|---|---|---|---|
||||||
The support costs above are not funded by projects, However there are in addition IT costs of £8k (2023 £42k) and rental/insurance costs etc of £10k (2023 £49k) that have been charged to projects.
continued...
Page 17
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **8. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||31.3.24|31.3.23|
|---|---|---|
||£|£|
|Auditors' remuneration|5,160|4,200|
|Depreciation - owned assets|2,659|2,911|
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
One trustee was reimbursed for incidental expenses £23 (2023 £nil) and one received a gift of flowers of £47. One trustee earned consultancy fees of £nil (2023 £150).
## **10. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities & support staff
No employees received emoluments in excess of £60,000.||31.3.24
£
630,077
61,381
29,810
721,268
31.3.24
22||31.3.23
£
761,949
71,017
34,178|
|---|---|---|---|---|
|||||867,144|
|||||31.3.23
29|
The FTE number of staff was 19 (2023 20)
|**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
223,161
**Charitable activities**
Enhancing mental well-being
-
Investment income
26,714
**Total**
249,875
**EXPENDITURE ON**
**Charitable activities**
Enhancing mental well-being
245,708|
Restricted
funds
£
17,032
675,939
-
692,971
972,490|Total
funds
£
240,193
675,939
26,714
942,846
1,218,198|
|---|---|---|
continued...
Page 18
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
|**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
Net gains/(losses) on investments
(40,486)
**NET INCOME/(EXPENDITURE)**
(36,319)
**Transfers between funds**
(7,187)
**Net movement in funds**
(43,506)
**RECONCILIATION OF FUNDS**
Total funds brought forward
1,663,554
**TOTAL FUNDS CARRIED FORWARD**
1,620,048
**12.**
**TANGIBLE FIXED ASSETS**
Fixtures
and
fittings
£
**COST**
At 1 April 2023 and 31 March 2024
15,495
**DEPRECIATION**
At 1 April 2023
12,470
Charge for year
756
At 31 March 2024
13,226
**NET BOOK VALUE**
At 31 March 2024
2,269
At 31 March 2023
3,025|**- continued**
Restricted
funds
£
-
(279,519)
7,187
(272,332)
1,011,364
739,032
Computer
equipment
£
7,615
4,397
1,903
6,300
1,315
3,218|Total
funds
£
(40,486)
(315,838)
-
(315,838)
2,674,918
2,359,080
Totals
£
23,110
16,867
2,659
19,526
3,584
6,243|
|---|---|---|
||||
## **13. FIXED ASSET INVESTMENTS**
All of the investments at 31 March 2024 are investments listed on a recognised stock exchange or held as common investment funds, unit trusts and other collective investment vehicles. Their historical price was £1,231,713 (2023 £1,231,713). The revaluation includes dividends and charges rolled up within the funds of £27,906.
|MARKET VALUE
At 1 April 2023
Disposals
Revaluation
At 31 March 2024|Listed
investments
£
1,383,303
0
74,177
1,457,480|
|---|---|
NET BOOK VALUE
continued...
Page 19
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **13. FIXED ASSET INVESTMENTS - continued**
|At 31 March 2024
At 31 March 2023
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Tax
Prepayments
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 16)
Trade creditors
Social security and other taxes
Other creditors
Income in advance
Accrued expenses
**16.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
**17.**
**LEASING AGREEMENTS**|31.3.24
£
105,677
45,578
17,500
9,886
178,641
31.3.24
£
1,020
1,340
14,375
2,228
39,987
5,160
64,110
31.3.24
£
1,020|1,457,480
1,383,303
31.3.23
£
100,197
24,518
17,500
257
142,472
31.3.23
£
-
5,403
10,854
2,509
79,826
4,200
102,792
31.3.23
£
-|
|---|---|---|
||||
There are no annual commitments under operating leases. However the charity has 13 desks commuted and have to give 3 months' notice to give one up. They also have a desk deposit that will be returned when they leave.
continued...
Page 20
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **18. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Judi Meadows Memorial Fund
Other commissions under contract
The Peer Research Academy Fund
Community Navigator Study (loneliness)
AMHRF (Alliance)
Words that carry on: Lindsay's Fund
Research Team Work
School of Public Health Research
CYP Other
Birmingham Partnership
IMAT
**TOTAL FUNDS**|At 1.4.23
£
1,620,048
13,169
-
667,085
-
1,457
46,971
-
10,350
-
-
-
739,032
2,359,080|Net
movement
in funds
£
(88,974)
-
8,744
(25,541)
10,080
-
1,020
18,124
(10,000)
24,466
22,041
(11,080)
37,854
(51,120)|Transfers
between
funds
£
16,119
-
9,578
(36,777)
-
-
-
-
-
-
-
11,080
(16,119)
-|At
31.3.24
£
1,547,193
13,169
18,322
604,767
10,080
1,457
47,991
18,124
350
24,466
22,041
-
760,767
2,307,960|
|---|---|---|---|---|
continued...
Page 21
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **18. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Other commissions under contract
The Peer Research Academy Fund
Community Navigator Study (loneliness)
Connecting people
Typpex
Feeling Safe
Words that carry on: Lindsay's Fund
Research Team Work
School of Public Health Research
CYP Other
Birmingham Partnership
Copics
Peer Action Collective
Mind self management
STOP
Agency & MH
Ascend
Crisis
PHILM
Oxford BRC
Maudsley Psychosis panel
IMAT
**TOTAL FUNDS**|Incoming
resources
£
35,484
234,444
-
38,767
32,511
29,462
38,347
1,020
59,389
42,905
29,302
34,601
69,430
96,667
49,733
32,313
20,477
26,445
24,118
32,850
18,750
23,400
-
934,931
970,415|Resources
expended
£
(198,635)
(225,700)
(25,541)
(28,687)
(32,511)
(29,462)
(38,347)
-
(41,265)
(52,905)
(4,836)
(12,560)
(69,430)
(96,667)
(49,733)
(32,313)
(20,477)
(26,445)
(24,118)
(32,850)
(18,750)
(23,400)
(11,080)
(897,077)
(1,095,712)|Gains and
losses
£
74,177
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
74,177|Movement
in funds
£
(88,974)
8,744
(25,541)
10,080
-
-
-
1,020
18,124
(10,000)
24,466
22,041
-
-
-
-
-
-
-
-
-
-
(11,080)
37,854
(51,120)|
|---|---|---|---|---|
continued...
Page 22
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **18. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Judi Meadows Memorial Fund
Other commissions under contract
The Peer Research Academy Fund
Game change
AMHRF (Alliance)
Words that carry on: Lindsay's Fund
Research Team Work
School of Public Health Research
Black Thrive
CWPT - Ariadne
CYP Other
**TOTAL FUNDS**|At 1.4.22
£
1,663,554
14,194
-
895,663
-
1,457
65,177
24,353
10,350
100
70
-
1,011,364
2,674,918|Net
movement
in funds
£
(36,319)
(386)
(115,819)
(57,092)
(1,003)
-
(18,206)
(83,522)
-
-
-
(3,491)
(279,519)
(315,838)|Transfers
between
funds
£
(7,187)
(639)
115,819
(171,486)
1,003
-
-
59,169
-
(100)
(70)
3,491
7,187
-|At
31.3.23
£
1,620,048
13,169
-
667,085
-
1,457
46,971
-
10,350
-
-
-
739,032
2,359,080|
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Judi Meadows Memorial Fund
Other commissions under contract
The Peer Research Academy Fund
Community Navigator Study (loneliness)
Partners2
Typpex
Game change
Words that carry on: Lindsay's Fund
Research Team Work
School of Public Health Research
Black Thrive
Community Pilots
CWPT - Ariadne
CYP Other
UKRI Networks
Birmingham Partnership
**TOTAL FUNDS**|Incoming
resources
£
249,875
120
213,253
-
36,694
8,900
27,165
2,600
7,430
92,431
53,204
52,588
42,776
16,565
18,759
46,712
73,774
692,971
942,846|Resources
expended
£
(245,708)
(506)
(329,072)
(57,092)
(36,694)
(8,900)
(27,165)
(3,603)
(25,636)
(175,953)
(53,204)
(52,588)
(42,776)
(16,565)
(22,250)
(46,712)
(73,774)
(972,490)
(1,218,198)|Gains and
losses
£
(40,486)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(40,486)|Movement
in funds
£
(36,319)
(386)
(115,819)
(57,092)
-
-
-
(1,003)
(18,206)
(83,522)
-
-
-
-
(3,491)
-
-
(279,519)
(315,838)|
|---|---|---|---|---|
continued...
Page 23
THE MCPIN FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **19. RELATED PARTY DISCLOSURES**
No trustee or person related to the charity had any personal interest in any contract or transaction entered into by the charity
V Pinfold (a founding director) made a donation of £nil (2023 £200,000) to the charity during the year.
Page 24