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2023-03-31-accounts

Charity registration number 1125538

MENTAL HEALTH RESEARCH UK and Linked Charity SCHIZOPHRENIA RESEARCH FUND

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

MENTAL HEALTH RESEARCH UK

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor Sir Michael Owen
Professor C E D Chilvers
Dr L A Davidson
Mr D R Pugh
Lord D Neuberger KC
Dr V Pinfold
Mrs A M Johnson
Professor P B Jones
Dr W Ademosu
Mr A Paterson
Jessica Reihanifam (Appointed 7 July 2023)
Matthew Roberts (Appointed 7 July 2023)
Charity number 1125538
Principal address The White House
16 Glenfield Frith Drive
Glenfield
Leicester
LE3 8PQ
Independent examiner Philip Handley FCA
HSKSG
Chartered Accountants
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE

MENTAL HEALTH RESEARCH UK

CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 21

MENTAL HEALTH RESEARCH UK

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

To protect and promote the health of the public by research into the nature, causes, diagnosis, prevention, treatment and cure of all forms of mental illnesses, and in particular the development of the research findings into practical applications for the prevention, treatment and cure of mental illnesses.

Public benefit

In reviewing our aims, objectives and planning future activities, the Trustees have taken into account the Charity Commission’s general guidance on public benefit. The Trustees ensure that the activities undertaken are always in line with the charitable objectives and aims of Mental Health Research UK and our linked charity the Schizophrenia Research Fund.

All the charitable activities for both charities are undertaken for the benefit of the public, in line with their founding objectives.

In furtherance of the primary objectives:

We are fulfilling these objectives by:

Activities for Achieving Objectives

This year we awarded two new PhD Scholarships as follows:

  1. John Grace QC PhD Scholarship 2023

  2. Mental Health Research UK PhD Scholarship 2023 – Health Inequalities and Mental Illness.

Owing to the continuing COVID pandemic our Scholars’ Day was carried out by Zoom. The report and videos are shown on our website: https://www.mentalhealthresearchuk.org.uk/scholars-day-2022

Overall, thanks to the generosity of supporters and major donors, we raised over £113,000 this year.

Grant-making policies

We only make grants for PhD Scholarships after an advertised competition. Detailed applications are required and both scientific and service-user peer reviews (co-ordinated by the McPin Foundation) are carried out.

We publish on our website: https://www.mentalhealthresearchuk.org.uk/ from March each year, in-depth information on our grants process and who may apply (where you will also find grant application forms).

MENTAL HEALTH RESEARCH UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Our volunteers

None of our work would be possible without the dedication and hard work of volunteers and supporters.

In addition to the Trustees, we have 9 active volunteers, who manage the affairs of the charity.

David Riggs Administrator Wendy Riggs Secretarial Support Daisy Brookes Database Administrator Marion Collighan Accounts Administrator Martin Pettit Website Administrator Dr Jyothika Kumar Scholarship Administrator Julie Bellot Christmas Card support Vicky Hirst Administration Victoria Morris Website Support

We do not have a paid workforce.

Our volunteers continue to make an extraordinary contribution. Their annual contribution is vital, but their impact goes way beyond money.

To our supporters, volunteers are the public face of our Charity. It is by working together in this way that Mental Health Research UK will achieve its goal of transforming lives.

The volunteers assist the Trustees with the administration of the charity. Our Administrator co-ordinates our day-today activities relating to fundraisers, scholars, supervisors and donors and internal financial and other record keeping, including maintaining our website. Our Scholarship Administrator co-ordinates the Scholarship awards programme.

Achievements and performance

Review of Activities:

i. Our regular donors

Our activities for generating funds include our regular donors and we are pleased that their continued support has enabled us to award two Scholarships this year.

Our voluntary donations have been challenging this year. However, we are very grateful for the continued support of donors. It is very much appreciated.

MENTAL HEALTH RESEARCH UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

ii. Charitable Expenditure

This year we awarded two new PhD Scholarships as follows:

  1. John Grace QC PhD Scholarship 2023. Five applications were received. After peer review the Scholarship was awarded to Professor Belinda Lennox, Department of Psychiatry, University of Oxford Warneford Hospital, Headington, Oxford.

Titled: Economic Model of Psychosis using Actual Treatments and Health outcomes (EM-PATH)

The Estimated cost of the award is £97,810.

3. Mental Health Research UK PhD Scholarship 2023 – Health Inequalities and Mental Illness. Ten applications were received and after peer review the Scholarship was awarded to Professor James Kirkbride & Dr Jen Dykxhoorn, UCL, Division of Psychiatry, 149 Tottenham Court Road, London

Titled: Examining the causes of health & social inequalities in major psychiatric disorders: causal inference methods in epidemiology applied to longitudinal data.

The Estimated cost of the award is £103,550.

For more details of all our Scholarships click here to visit our website.

We have eighteen Scholarships running at present, four at King’s College London; three each at Cardiff University, University College London; and one each at University of Edinburgh, Cambridge University, University of Bristol, University of Manchester, Bath University, Oxford University, University of Sussex and University of Nottingham

We also have three MD(Res) awards running at King’s College London.

Our spending on Scholarships and Scholar's Day, represents over 98% of our total expenditure.

iii. Other payments

Our other expenditure this year covered such things as, JustGiving, London Marathon, Great North Run and Action Challenge entries, Insurance, Accountant’s fees and T-shirts. In total this amounted to 2% of our total expenditure. Our expenditure profile is adjusted annually depending upon income by adjusting the number of Scholarships we award. All of our Trustees realise that many of our donors appreciate the low cost base we have and that over 95% of our funds go towards research.

iv. Cash Funds and Investment Assets

As at 31st March 2023, our total cash in the Bank and Building Societies accounts was £254,214.

The Schizophrenia Research Fund (SRF), held by Rothschild Bank, reduced slightly to £1,105,432. We received designated funds of £31,049, which were added to the SRF funds during the year.

Scholarship Expenditure

The Scholarship expenditure, shown in the Financial review (page 5) and The Statement of Financial Activities (page 11) has been adjusted for accruals accounting purposes as follows:

MHRUK Scholarships SRF Scholarships
Liabilities at 31/03/2023 (Closing Creditors) 471,438 389,608
Paid in Year (actual expenditure) 156,980 222,398
Liabilities at 31/03/2022 (Opening Creditors) (524,596) (475,745)
Amount Expended 103,822 136,261

MENTAL HEALTH RESEARCH UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

Total income for the year was £113,884 (2022: £128,460), and total expenditure was £244,507 (2022: £102,670). The current year also includes a loss on the value of the investments of £43,122 compared with a gain of £6,919 in 2022.

The result of the above was a deficit for the year of £173,745. This is compared to a surplus of £32,709 in the previous year. At the year end, the funds of the charity were £497,308, which is represented by £154,960 of unrestricted funds, and £342,348 of designated funds.

Included within income for the year of £113,884, is interest on investments of £4,771, shown in the Notes To The Financial Statements (page 17), and broken down as follows:

Interest on Investments £
CAF 194
Close Brothers 1,918
Hampshire 779
Nationwide 1,342
Shawbrook 413
Skipton 125
Total 4,771

MENTAL HEALTH RESEARCH UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Going concern

Mental Health Research UK maintains close control over the funds it commits to Scholarships and its policy is not to award a Scholarship without having all the funds available for the full term of the grant award.

Our liabilities as of 31st March 2023 were as follows:

ilities as of 31st March 2023 were as follows:
MHRUK Year 31/03/2023
Children and YoungPeople(2),Edinburgh University 2018 £21,305
Children and YoungPeople,King’s College London 2019 £20,668
The Sylvia and Christine Wastall Scholarship,Bristol University 2019 £35,821
MHRUK MD(Res)King’s College London 2019 £3,350
MHRUK PhD Scholarship,Nottingham 2020 £19,375
Mark Robinson MRCVS PhD ScholarshipManchester 2020 £29,607
MHRUK MD(Res),King’s College London 2020 £3,810
EatingDisorders in YoungPeople,UniversityCollege London 2021 £79,149
Psychological Trauma: Understanding risk, building resilience PhD
Scholarship- King's College London
2021		 £76,348
COVID-19 PhD Scholarship2022 – King’s College London 2022 £78,455
Mental Health Research UK PhD Scholarship 2023 - Health
Inequalities and Mental Illness. UCL
2023		 £103,550
Total £471,438
SRF
John GraceQC,UniversityCollege London 2018 £39,576
John GraceQC,Universityof Cambridge 2019 £27,774
Anxietyand Depression in Older People,Sussex University 2019 £13,318
Children and YoungPeople's Mental Health,Cardiff 2020 £23,075
John GraceQC PhD Scholarship,King’s College London 2020 £21,455
Fieldrose Charitable Trust PhD Scholarship- Cardiff University 2021 £48,135
John GraceQC PhD Scholarship- Universityof Bath 2021 £47,085
John GraceQC PhD Scholarship– Cardiff University 2022 £71,380
John GraceQC PhD Scholarship2023 – Oxford University 2023 £97,810
Total £389,608

Reserves policy

Our policy is to award Scholarships each year as funds permit. The SRF funds will support at least one Scholarship per year on a rolling programme. The money raised directly by Mental Health Research UK will fund additional Scholarships, depending on the amount raised.

Investment Policy

Mental Health Research UK funds are maintained in bank and interest-bearing accounts. We need the capital to be secure to enable us to use it for Scholarship awards. The interest will contribute to the charity’s receipts.

MENTAL HEALTH RESEARCH UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods

In the near future we will continue to award PhD Scholarships, with the aim of increasing the research capacity and the number of researchers. We are currently carrying out an extensive look at our Strategy over the next 3- 5 years, the culmination of which will impact on our future plans.

A vision of the future: what could MHRUK look like in 10 years’ time?

Structure, governance and management

Mental Health Research UK is a Charitable Trust created by Deed on the 25th July 2008. The Schizophrenia Research Fund is a Charitable Trust created by Deed on the 20th November 1962. The charities were linked from the 20th May 2014.

The trustees who served during the year and up to the date of signature of the financial statements were:

Professor Sir Michael Owen Professor C E D Chilvers Dr L A Davidson Mr D R Pugh Lord D Neuberger KC Dr V Pinfold Mrs A M Johnson Professor P B Jones Dr W Ademosu Mr P Knott (Resigned 30 November 2022) Mr A Paterson Jessica Reihanifam (Appointed 7 July 2023) Matthew Roberts (Appointed 7 July 2023)

MENTAL HEALTH RESEARCH UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Method of appointment / election of Trustees

When a new Trustee is suggested, either at the resignation of an existing Trustee or the need for additional skills to the Trustee board, this requires the agreement of all the existing Trustees,

Our recruitment process comprises the following stages and is designed as a two-way process between Mental Health Research UK and Trustee applicants:

Stage 1 : Potential candidates are invited to have a telephone conversation with our Chair of Trustees, Professor Sir Michael Owen.

Stage 2 : Short-listed applicants will then be invited to a face-to-face interview with members of the board of Trustees.

Stage 3 : Recruited Trustees will be invited to attend the first Trustee meeting as an observer, before confirming the appointment.

Organisation Structure and Decision Making

Mental Health Research UK is run entirely by volunteers. The Trustee Board is responsible for governance and strategy of Mental Health Research UK. The Board is made up of 10 Trustees. The board has full legal responsibility for the actions of Mental Health Research UK. Trustees are normally appointed for a renewable term of three years. The Board meets twice a year and is also responsible for the day-to-day running of the Charity.

Scientific Committee

The Scientific Committee assists with the award of Scholarships and other academic business. The Committee is as follows:

Policies

COMPLAINTS POLICY: MHRUK has a comprehensive complaints policy and procedures which are reviewed regularly. The charity did not receive any complaints during 2022-23.

DATA PROTECTION: MHRUK handles all personal data in accordance with the requirements of the Data Protection Act, and uses it fairly, lawfully and transparently.

HEALTH & SAFETY: MHRUK has comprehensive health and safety policies which are reviewed regularly. There were no incidents to report in 2022-23.

MENTAL HEALTH RESEARCH UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The trustees' report was approved by the Board of Trustees.

Professor Sir Michael Owen

Trustee

6 November 2023

MENTAL HEALTH RESEARCH UK

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

MENTAL HEALTH RESEARCH UK

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MENTAL HEALTH RESEARCH UK

I report to the trustees on my examination of the financial statements of Mental Health Research UK (the charity) for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Philip Handley FCA

HSKSG Chartered Accountants 3rd Floor Butt Dyke House 33 Park Row NG1 6EE Nottingham

Dated: 6 November 2023

MENTAL HEALTH RESEARCH UK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted
Total
Unrestricted Unrestricted
funds
funds
funds
funds
general
designated
general
designated
2023
2023
2023
2022
2022
Notes
£
£
£
£
£
Income from:
Donations and
legacies
3
78,064
31,049
109,113
101,604
25,001
Investments
4
4,771
-
4,771
1,855
-
Total income
82,835
31,049
113,884
103,459
25,001
Expenditure on:
Charitable activities
5
108,246
136,261
244,507
74,792
27,878
Net gains/(losses) on
investments
10
-
(43,122)
(43,122)
-
6,919
Net movement in funds
(25,411)
(148,334)
(173,745)
28,667
4,042
Fund balances at 1 April
180,371
490,682
671,053
151,704
486,640
Fund balances at 31
March
154,960
342,348
497,308
180,371
490,682		 Total
2022
£
126,605
1,855
128,460
102,670
6,919
32,709
638,344
671,053

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

MENTAL HEALTH RESEARCH UK

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Investments
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
14
Net assets
Income funds
Unrestricted funds
Designated funds
15
General unrestricted funds		 2023
£
£
1,105,432
254,214
(395,162)
(140,948)
964,484
(467,176)
497,308
342,348
154,960
497,308
497,308		 2022
£
£
1,148,554
524,070
(366,834)
157,236
1,305,790
(634,737)
671,053
490,682
180,371
671,053
671,053

The financial statements were approved by the Trustees on 6 November 2023

Professor Sir Michael Owen Trustee

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Mental Health Research UK is a registered charity in England and Wales (Charity number 1125538) regulated by the Charity Commission and established by its Declaration of Trust dated 25 July 2008.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Scholarship grants awards payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Derecognition of financial liabilities

These financial statements for the year ended 31 March 2023 are the first financial statements of Mental Health Research UK prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.7 Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in paragraph 2 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

2 Critical accounting estimates and judgements

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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Donations and legacies

**Unrestricted ** Unrestricted Total **Unrestricted ** Unrestricted Total
funds funds funds funds
general designated general designated
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Donations and gifts 78,064 31,049 109,113 101,604 25,001 126,605

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

4 Investments

**Unrestricted ** Unrestricted
funds funds
general general
2023 2022
£ £
Interest receivable 4,771 1,855
Charitable activities
TOTAL TOTAL
2023 2022
£ £
Cost of generating voluntary receipts 561 561
Fundraising costs 1,987 1,936
Cost of charitable activities 101 297
Scholars' Day 144 37
2,793 2,831
Grant funding of activities (see note 6) 240,083 98,218
Share of governance costs (see note 7) 1,631 1,621
244,507 102,670
Analysis by fund
Unrestricted funds - general 108,246 74,792
Unrestricted funds - designated 136,261 27,878
244,507 102,670

5 Charitable activities

6 Grants payable

Grants to individuals TOTAL
2023
£
240,083
240,083		 TOTAL
2022
£
98,218
98,218

Grants payable to individuals included £103,822 (2022: £70,340) in respect of Mental Health Research UK and £136,261 (2022: £27,878) in respect of the Schizophrenia Research Fund.

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Support costs

Support
costs
Governance
costs
£
£
Independent examiner's remuneration
-
1,290
Other
-
341
-
1,631
Analysed between
Charitable activities
-
1,631		 2023
£
1,290
341
1,631
1,631		 2022
£
1,230
391
1,621
1,621

The independent examiner's remuneration reflects the independent examination and the accounts preparation fee.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

None of the trustees (or any persons connected with them) were repaid expenses from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

10 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
designated designated
2023 2022
£ £
Revaluation of investments (43,122) 6,919

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 April 2022 1,148,554
Valuation changes (43,122)
At 31 March 2023 1,105,432
Carrying amount
At 31 March 2023 1,105,432
At 31 March 2022 1,148,554

Fixed asset investments revalued

Listed investments are valued on an open market basis.

The historical cost of the listed investments as at 31 March 2023 was £1,178,687 (2022: £1,178,687).

13 Creditors: amounts falling due within one year

13
Creditors: amounts falling due within one year
Grant awards
Accruals and deferred income
14
Creditors: amounts falling due after more than one year
Grant awards		 2023
£
393,872
1,290
395,162
2023
£
467,176		 2022
£
365,604
1,230
366,834
2022
£
634,737

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2021
r
£
Schizophrenia Research Fund
486,640
486,640		 Movement in funds
Incoming
esources
Resources
expended
Revaluations,
gains and
losses
Balance at
1 April 2022
r
£
£
£
£
25,001
(27,878)
6,919
490,682
25,001
(27,878)
6,919
490,682		 Movement in funds
Incoming
esources
Resources
expended
Revaluations,
gains and
losses
Balance at
31 March 2023
£
£
£
£
31,049
(136,261)
(43,122)
342,348
31,049
(136,261)
(43,122)
342,348		 Movement in funds
Incoming
esources
Resources
expended
Revaluations,
gains and
losses
Balance at
31 March 2023
£
£
£
£
31,049
(136,261)
(43,122)
342,348
31,049
(136,261)
(43,122)
342,348
342,348

MENTAL HEALTH RESEARCH UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

16
Analysis of net assets between funds
Unrestricted
funds
Schizophren
ia Research
Fund
2023
2023
£
£
Fund balances at 31
March 2023 are
represented by:
Investments
373,476
731,956
Current assets/(liabilities)
42,266
(183,214)
Long term liabilities
(260,782)
(206,394)
154,960
342,348		 Total Unrestricted
funds
Schizophren
ia Research
Fund
2023
2022
2022
£
£
£
1,105,432
182,127
966,427
(140,948)
325,552
(168,316)
(467,176)
(327,308)
(307,429)
497,308
180,371
490,682		 Total
2022
£
1,148,554
157,236
(634,737)
671,053

17 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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