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2024-12-31-accounts

ANNUAL REPORT OF THE TRUSTEE AND FINANCIAL STATEMENTS

F O R TH E YEA R TO 3 1 DECE M BER 2024

(Registered Charity No. 1187700)

CO N T EN TS

Page
Annual Report of the Trustee 1-11
Independent Auditor’s Report 12-15
Statement of Financial Activities (Including Income and Expenditure 16
Account)
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19-34

ANNUAL REPORT OF THE TRUSTEE AND FINANCIAL STATEMENTS

T H E P R UD E N C E T R UST

A N N U A L R E P O R T O F TH E TR U S TE E

F O R TH E Y E A R TO 3 1 D E CE M B E R 2 0 2 4

The Trustee Directors present their report and independently audited financial statements of The Prudence Trust (“the Trust” or “the Charity”), for the year to 31 December 2024. These have been prepared in accordance with the accounting policies set out in note 1 and comply with applicable charity law.

1. REFERENCE AND ADMINISTRATIVE DETAILS

The Prudence Trust, (registered charity number 1187700) is based and administered in the United Kingdom. The registered address is 32 Sackville Street, London, W1S 3EA.

Trustee:

The Trustee of the Trust who held office during the period and continues to serve at the date of this report is:

The Trustee did not hold any beneficial interest in the Trust at 31 December 2024 or at any time during or since that period.

Key Management:

The Directors of the Corporate Trustee (“Trustee Directors”) are in charge of directing and controlling the Trust. Day to day operations of the Trust are delegated to the Director, Tara Leathers.

Trustee Directors:

The following persons act as Directors of the Trustee

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2 . OB J E C T I V E S A N D A C T I VI T I E S F OR T H E P U B LIC

B EN E F IT

The objects of the Trust are restricted specifically to the application of Trust funds, at such time or times and in such manner, for the public benefit, as the Trustee Directors may in their discretion think fit for any exclusively charitable purposes in any part of the world. The Charity operates as a grant-making charity, with a view to support charitable projects and organisations with grants of varying sizes and durations.

The Trustee Directors have defined a programme of grant-making to charities which will achieve one or more of the following:

During 2024 the Trustee Directors confirmed the continued funding priorities for its first years of operation. These are to:

The emphasis is on young people in the UK aged 11-25 years, although this will not exclude support to other groups.

The Trustee Directors have pursued a broad strategy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate terms and conditions.

Statement of Public Benefit

As a grant-funder, the Charity’s activities will provide public benefit to the individuals and communities who are beneficiaries of the Charity’s funded projects. The Charity’s public benefit is not limited with reference to geography, by the charging of fees or otherwise. The Trustee Directors are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the Charity’s aims, activities and achievements in the areas of interest that the Charity supports, demonstrates the benefit to its beneficiaries and through them to the public, that arise from those activities.

Grant Making Policies

Updates to the grant making and social investment policy to guide the Trustee Directors’ decisions in achieving the charitable objectives was approved by Trustee Directors on 9 February 2023. Grantmaking is also guided by some further funding parameters (approved in November 2022) which allow Trustee Directors to properly select appropriate grantees and impose prudent terms on grants, including, as appropriate. monitoring and evaluation of the way in which funds are applied by grantees. The Trustee Directors’ grant making policy was generally to consider making donations by way of direct

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funding and also by way of grants to charitable organisations recognised as such in their respective jurisdictions, for projects that are exclusively charitable under English law.

3. ACHIEVEMENT AND PERFORMANCE

The main aims during the period were to:

  1. Deliver a high-quality grants programme and understand the impact on the Charity’s strategic goals over the first years of grant-making

  2. Build the Charity’s role as an expert children’s mental health funder and respond to the needs of the sector

  3. Monitor the Charity’s investments against the objectives

During this period, the following was achieved:

Deliver a high quality grants programme

In 2024 the Charity considered a number of grants to advance the Charity’s funding priorities detailed in section 2. The total of grants awarded in 2024 was £6.5m (2023: £7.1m) – made up of 34 grants (2023: 32). A full list of grants made in the year is below.

At the end of the year the Charity had made grants to 90 organisations since it started grant-making (2020). The Charity has actively pursued building partnerships with key organisations, awarding multiple grants to some charities and universities.

Across the Charity’s strategic aims, some of the key grant activities were:

Resilience-building to prevent mental illness

The Charity focused on the prevention of poor mental health in the prior year, 2023. Trustee Directors continue to monitor grants made in that year to Young Minds, Action for Children and Kinship for supporting parents and other carers as a fundamental way to help young people as early as possible.

The Charity believes that youth work is a vital route to support young people and in 2024 made a large grant to UK Youth to create the Joined Up Institute and to pilot Youth First. The Joined Up Institute brings the many sectors who work with young people to scale up what is shown to be effective to improve their futures. Youth First is a new leadership programme to bring more young people into youth work.

The trust continued to monitor grants made in previous years to Onside Youth Zones and Oxfordshire Youth to ensure that youth workers can be an effective first port of call for young people in distress.

Improve young people’s access to support

In the past year the Charity focused a number of grants on improving access to early support, when young people are already experiencing first symptoms of poor mental health. We believe in the effectiveness of getting help as soon as possible, but recognise that the statutory and voluntary provision is under huge pressure. Several funding rounds have sought to help alleviate this.

First, we have made two grants to charities offering support in a digital environment, which is one way to reach young people. Grants were made to 42[nd] Street to share their digital counselling platform with other charities and to Stem4 to ensure their mental health apps for young people are sustainable. Additionally we made a grant to the merger of Mental Health Innovations with The Mix, where we were encouraged to see two charities come together with plans to significantly expand their early, digitally-delivered support to young people.

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Our next grant round focused on early support hubs which offer young people a place to go for help in their local area. We made grants to Centre 33 in Cambridgeshire, MAP in Norfolk, Cranstoun in the West Midlands, No Limits (South) in Hampshire and Creative Youth Network in Bristol.

Finally, we have seen the rise in teenagers, young women in particular, experiencing disordered eating, but not yet meeting the criteria for statutory services. We have made grants to charities offering early support: South Yorkshire Eating Disorder Association, Noa Girls, Renew Counselling, Brent Centre for Young People, Eating Distress North East, SWEDA and to the network of disordered eating charities, REDCAN. We were pleased to work alongside another funder, the Stone Family Foundation, to extend the funding available.

The Charity monitors the grants made in in 2022 and 2023 round to a number of talking therapy services (both in person and digitally delivered) and also in the field of social activities for anxiety and depression (“social prescribing”).

Build the evidence of what works to prevent and treat mental illness.

The Charity is committed to supporting both the research community and frontline charities in establishing what interventions are effective in prevention and early intervention for anxiety and depression. In the last year the Charity ran an open funding round, “What’s Working for Youth Mental Health” which offered grants to charities working with young people to strengthen the evaluation of their projects. Eight grants were made to Centre 33, the Childhood Bereavement Network, Gendered Intelligence, Open Door, Power2, The Wave Project, Catch 22 and Young Gloucestershire.

The grants made in the prior year to Prudence Trust Research Fellows are still in progress. The eight Fellows are pursuing research in adolescent mental health at the Charity’s four research partners (University of Bristol, University of Oxford, University College London and King’s College London). Trustee Directors were pleased to bring the Fellows together and hear about their work at a gathering in May.

All grantees share half-yearly updates and meet with the staff team after each update. The trustees have an annual schedule of learning visits to current grantees to see the work, meet the team and learn about the needs and challenges which inform our future grant-making.

The full list of grants made across the year is below. All grants were made to registered charities or community interest companies.

**Charity ** Project Grant
Mental Health: Accessing Support
42nd Street Sharing digital counselling platform with
other charities		 £517,500
Centre 33 Earlysupport hubs £513,530
Cranstoun Earlysupport hubs £200,000
Creative Youth Network Earlysupport hubs £288,798

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MAP (Mancroft Advice
Project)		 Early support hubs £384,000
No Limits(South) Earlysupport hubs £407,537
Brent Centre for YoungPeople Disordered eatingsupport £192,778
EatingDistress North East Disordered eatingsupport £171,990
Noa Girls Disordered eatingsupport £180,000
Renew Counselling Disordered eatingsupport £93,570
South Yorkshire Eating
Disorder Association		 Disordered eating support £109,687
SWEDA Disordered eatingnetwork, REDCAN £36,650
SWEDA Disordered eatingsupport £281,286
Mental Health Innovations Merger with The Mix £350,000
Norfolk and WaveneyMind Counsellingsupport £70,000
stem4 Sustainabilityof mental health apps £270,000
Youth Access Core costs £180,000
Action for M.E. Core costs £30,000
Amber Foundation Staff at Downsview, Kent £49,280
Mental Health: Prevention
OnSide Scopinga new Youth Zone model £51,100
OnSide Renewal of WellbeingProgramme £366,259
Gardeningwith Disabilities Return of unspentgrant (£9,510)
UK Youth Youth First and the Joined UpInstitute £1,000,000
PROMISEWorks Core costs £30,000
Mental Health: Research
Centre for Mental Health Coalition for Children & Young People's
Mental Health		 £12,838
Catch22 Evaluation £64,006
Centre 33 Evaluation £88,677
Childhood Bereavement
Network		 Evaluation £195,401
Gendered Intelligence Evaluation £60,001
Open Door, Young People's
Consultation Service		 Evaluation £100,000
Power2 Evaluation £80,572
The Wave Project Evaluation £48,680
YoungGloucestershire Evaluation £70,000
YoungMinds Future Minds Campaign £63,000
Other: Environment
Royal Welsh Agricultural
Society		 Regenerative agriculture conference £15,000
£6,562,630

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  1. Build the Charity’s role as an expert children’s mental health funder and respond to the needs of the sector

In January the Charity had made over 100 grants since inception. Trustee Directors wanted to better understand the impact of the grants made to date to inform its future direction. An external review was commissioned, led by Bean Consulting, to examine this. Alongside this, a review of the funding landscape for adolescent mental health was also commissioned. Trustee Directors, supported by the Advisory Panel including our Young Advisors, came together in September and reflected on the findings to determine where the Prudence Trust is able to make the best use of its resources in future years. During the year Trustee Directors have developed the Charity’s direction for 2025 to 2029.

The Charity has continued to build its connections with the sector during 2024. Two events have been hosted with other funders in the field: the Grant Funders’ Network meeting and the Alliance of Mental Health Research Funders. The Prudence Trust brought together experts for a panel discussion on early support mental health hubs in May; hosted the Fund the Hubs Implementation Workshop; and was proud to sponsor the Lancet Commission on youth mental health in October.

Monitor investments against the objectives

The Investment & Audit Committee oversees the Charity’s investments, supported by an investment consultant, JT Financial Management Limited. The Investment & Audit Committee is chaired by Trustee Director Bea Holland with further Director members Guy Elliott and Peter Bennett Jones and a further member Neil Robson.

During the year, as part of diversifying the Charity’s assets, the Trustee Directors appointed a fourth investment manager. The details are outlined in the Financial Review.

4. FINANCIAL REVIEW

The Statement of Financial Activities on page 16 shows total incoming resources for the period of £3,510,321 (2023: £14,595,619) and expenditure on charitable activities of £7,229,464 (2023: £7,583,136). Direct charitable expenditure of £6,562,630 (2023: £7,085,716) was incurred in the year by way of awarding grants. Governance costs amounted to £19,552 (2023: £18,674) and are included within charitable activities. The balance of charitable activities comprised support costs totalling £647,282 (2023: £478,746). The increase in support costs was primarily driven by an increase in staff, office and administrative costs.

The Trust spent £1,115,134 (2023: £1,194,038) on investment management fees. The total reserve at 31 December 2024 amounted to £211,697,688 (2023: 196,852,333).

During 2024 the Charity held its investments across four portfolios. At 31 December 2024, 51.7% was held with Brown Advisory, 46.3% with Meridiem Investment Partners (UK) Limited, 1.9% held with Pantheon and 0.01% with Ruffer LLP. During 2024, the Trust redeemed its investments held with Ruffer, with proceeds being invested with Meridiem.

The investment managers operate under a discretionary mandate with advice provided by JTFM Limited.

As at 31 December 2024 the funds held with Brown Advisory appreciated 13.8% over the year on a time weighted return basis, Meridiem Investment Partners (UK) Limited appreciated 12.3% over the year on a time weighted return basis and Ruffer LLP depreciated by 6.5% over the year on a time weighted return basis. The total investment income for the year across all portfolios increased to £3,379,691 (2023: £2,347,704) as more interest yielding investments were held throughout the year.

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The benchmark of inflation as measured by the UK Consumer Price Index (“CPI”) plus 4.0% totalled 6.3% for the year, of which both Brown Advisory and Meridiem were able to outperform against a relatively high inflationary environment. The Trustee Directors have reviewed the performance of the portfolios and are satisfied with the returns to date given the wider economic volatility.

Pantheon Ventures (UK) LLP was appointed in October 2023 with the Trust committing to invest £30m into a Luxembourg domiciled fund with this manager over 13 years from date of investment. As at 31 December 2024, £4,237,305 (2023: nil) was invested with this manager and it is expected the total investment with this manager will not exceed 10% of total investment holdings over the long term.

Reserves policy and going concern

The Trustee Directors have examined the Charity’s requirement for resources in light of the main risks to the organisation and have no outstanding commitments or cash demands which are not adequately covered by existing resources. The net unrestricted assets of the Charity are regarded as free reserves and the funds at 31 December 2024 will be retained to make grants in accordance with the Charity’s charitable objects and any policies. The Trustee Directors consider that the freely expendable funds are appropriate and adequate taking into account plans for grants to be awarded in future years. The Trustee Directors have agreed that at least £10m of reserves is held in cash and/or liquid investments that can be realised and their settlement proceeds are available within 5 business days.

The geo-political and macro-economic effects of the war in Ukraine and the Middle East, rising costs, high interest rates and inflation continued to impact the Charity throughout 2024. Despite this backdrop, the Charity benefited from the US technology equity rally in the fourth quarter of 2024, contributing to an appreciation in the valuation of the Charity’s investments of £19,670,445 (10.97%) during the year to 31 December 2024. Post year end the investment portfolio was affected by the global market volatility triggered by the US tariffs announcement In April 2025, with investment valuation declines of up to 10% and a subsequent recovery. The establishment of a liquidity reserve has enabled the Trust to reduce the impact of such volatility on withdrawals for funding grant payments. The Trustee Directors consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

Investment Policy

The investment objective is to maintain and grow the real value of the assets and to generate stable, sustainable, distributable returns (capital and income), sufficient to at least maintain the purchasing power of those distributions.

The long-term total return objective is to achieve inflation as measured by UK Consumer Price Index (“CPI”) plus 4.0% per annum to be measured over 5 year rolling periods.

Remuneration Policy

The Trust aims to ensure that staff are paid appropriately according to the nature of the work and the experience, knowledge and skills needed to carry out their job.

The Trust aims to remunerate at a median level or above when benchmarked against similar organisations in the sector. The Charity is committed to principles ensuring that pay and conditions of employment do not discriminate unlawfully and are free from bias.

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The Trustees determine the salary for the Director and seek to pay a fair salary to attract and retain a skilled and expert senior leader for the organisation taking into account the median range for similar organisations in the UK Charity sector. Trustees ensure that the Director’s performance is reviewed and reported at least annually by the Chair of the Board of Trustees. The Director is responsible for determining the salaries of other staff in line with the remuneration policy above and as approved in the budget.

5. PLANS FOR THE FUTURE

The Trustees do not propose to deviate from the current objectives as detailed in section 2 of this report. The strategic aims for the next five years have been determined as:

Trustees have approved a grants plan to deliver on the areas of focus and a schedule of grant rounds until December 2026.

In the first months of 2025 the Charity has supported an initiative of four leading youth mental health charities to come together in the Future Minds campaign. The campaign held a parliamentary launch of its first report which makes the case for reform and investment in children’s mental health. This work, which builds an evidence-based case to shape better policies for children and young people, will continue in 2025.

The Charity has two live funding rounds. The second year of its evaluation funding “What’s Working for Young People’s Mental Health” will focus on building data and evaluation capability and capacity in frontline charities working with young people’s mental health. This is an open and competitive funding round. The second funding round is in the prevention of poor mental health by spending time in nature. The trustee Directors will award grants in these areas in June 2025.

The Charity is planning activities which bring charities and researchers in the field together to share knowledge and strengthen key skills, in particular evaluation of effectiveness.

The Charity continues to ensure that Trustees are informed about developments in adolescent mental health. The Trustee Board is supported by a Mental Health Advisory Panel which provides both regular guidance on strategic direction and input into grant-making recommendations. The composition of the panel is reviewed periodically to ensure it has the appropriate skills and perspectives to inform the work.

The Prudence Trust profile and networks will be built further with the aim of attracting high quality applications for open rounds and to identify opportunities for collaboration with other funders.

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6. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is a trust governed by its declaration of trust dated 20 May 2019 and is registered as a charity with the Charity Commission for England and Wales.

The Charity is controlled by its sole corporate trustee, the Prudence Trust Company Ltd. The Charity resolved to appoint The Prudence Trust Company Ltd as sole corporate trustee in June 2020. Charity Commission approval for this appointment was received in September 2020.

The Trustee Directors liaise regularly and meet at least quarterly to discuss and develop the Charity’s goals and strategy and to review grant proposals and general grant requests.

In 2020 the Trust appointed an investment and audit sub-committee with oversight of investment, audit, risk management and financial performance. The committee meets at least twice a year.

The number of Trustees shall be a minimum of three at any one time, or one Trustee if said Trustee is a Trust corporation, and new Trustees shall be appointed in writing by the Founding Trustee. The range of skills represented on the Trustee Board, and any sub committees, will be kept under review as the Charity’s work develops.

Induction and Training

As part of their training, Trustee Directors are given an information pack which includes the Charity's Constitution. Trustee Directors are offered training on the Charity Commission guidance on Trustees' Responsibilities. All Trustee Directors are aware of their legal duties and obligations in respect of the management of the Charity, including in relation to the protection of its assets.

Statement of Trustees’ Responsibilities

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

Law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the C

Charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustee should follow best practice and:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial

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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.

The Trustee Directors have signed fit and proper declarations in line with HMRC guidance.

Charity Governance Code

In addition, each alternate year the Trustee Directors give due consideration to Good Governance – A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are:

The Trustee recognises that good governance plays an essential part in securing the future of the Charity and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Charity.

No Trustee Director received any remuneration during the year to 31 December 2023. The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators. The income of the Trust is not bound by any regulatory scheme, and the Trust does not consider it necessary to comply with any voluntary code of practice relating to fundraising. As such, we have received no complaints in relation to any fundraising activities. As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.

Internal Controls

The Trustee has overall responsibility for ensuring that the Charity has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements follow best practice and all applicable law regulation and guidance. The Trustee is also responsible for the Charity safeguarding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

Risk Management & Corporate Governance

A risk assessment has been performed during the preparation of this report and the Financial Statements. The risk assessment undertaken comprises of:

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The implementation of procedures desi8ned to minimi5e any potential lrnpact on the Charity should those risks materialise. Thi5 continuln8 proce55 will identify rsk areas to which the Charity is vulnerable and hI8hl￿ht any necessary safeguards that vrill need to be put in place. The current version ofthecharitls Risk Register was approved bythe BoardofTrusteeDirettor5inJanuary 2024. The risk register is reviewed every six months by the Board. Mftl8ation plans are in place for all risks and are overs*n by the Investment & Audit c(Jmmittee. Principle rfsks forthe Charity were identffied as.. The market outlook remains unclearfortheTrust'5 investment Pgrtfolig. The perfomiance of e￿h manager is overseen by the Investment & Audtr Committee, supyxirted by a Specialist invesrment adviser. As the Charity makes larger yngle grant cornrnitments. greater Knrtlny needs to be glven to due diligence, buikllng confidence in the 8rant applKation. the Charity's financial stability and the grantee leadership's ability to manage rtsks related to 8rants. Related Party Transartions The Trust has no subsidiary undertaklngs and has not entered into any cO￿peratIon agreement5 with her Charities in pursuit of its charitable obJettr￿. Where the Trust engages in a transartion with which one of the Trustee Director5 15 connected. the conflKted Trustee Director rec￿e5 themselves from the decision-making pmcess. kny related party transattknis are dtstlosed in note 13 to the Financial Statements. Appro¥od by the Trustee and signed ontheir behalf by: Guy Elliott Date.. 12 June 2025 Director of the PrLSdenceTrust Company ￿M￿e(l (Trusteel ANNUAL RE PORT OF THE TRUSTEE ANO FINANOAL ST ATEMENTS

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEE OF THE

THE PRUDENCE TRUST

Opinion

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

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern.

In auditing the financial statements, we have concluded that the Trustee’s 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 Prudence Trust'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 Trustee with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the Trustee’s annual report, other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not

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

We have nothing to report in this regard.

Matters on which we are required to report by exception.

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

Responsibilities of Trustee

As explained more fully in the statement of Trustee’s responsibilities set out in the Trustee’s annual report, the Trustee is 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 Trustee determines 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 Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the Charity's Trustee as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 23 June 2025

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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THE PRUDENCE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR TO 31 DECEMBER 2024

Note Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2024 2024 2023
£ £ £ £
Income from:
Donations 2 113,100 - 113,100 12,231,475
Investments 3 1,173,241 2,206,450 3,379,691 2,347,704
Charitable activities 17,530 - 17,530 16,440
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Income 1,303,871 2,206,450 3,510,321 14,595,619
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Expenditure on:
Charitable activities 4 748,162 6,481,302 7,229,464 7,583,136
Raising funds: investment management 6 456,114 659,020 1,115,134 1,194,038
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Expenditure 1,204,276 7,140,322 8,344,598 8,777,174
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net(expenditure)/ income before gains on
investments 99,595 (4,933,872) (4,834,277) 5,818,445
Net gains on investments 7 6,802,826 12,867,619 19,670,445 13,814,632
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income 6,902,421 7,933,747 14,836,168 19,633,077
Other recognised gains/(losses) 9,195 (8) 9,187 59,428
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net movement in funds 6,911,616 7,933,739 14,845,355 19,692,505
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Reconciliation of funds:
Total funds brought forward 68,856,784 127,995,549 196,852,333 177,159,827
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total funds carried forward 75,768,400 135,929,288 211,697,688 196,852,333
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

All of the above results are derived from continuing activities. There were no recognised gains and losses for either period other than those stated above. Movement in funds are disclosed in Note 15 to the Financial Statements. A comparative Statement of Financial Activity is included as Note 17.

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THE PRUDENCE TRUST BALANCE SHEET ASAT 31 DECEMBER 2024 Not 2014 2023 Flxed a￿et$ Invesimenis and cash under management Tan8ible A$5ets 218.220,742 8,618 200,310,491 4,735 Totsl fixed assets 218.229.360 200,315,226 Current assets Debtors Cash at bank 47.826 3.146.924 747.703 5.930,893 Total ￿rrent Assets 3,194,750 6,678,596 Curyent liibifitles Credr(ors- amounts fallin8 due wtthin oneyear io 16,216,6511 16,187,756) Net current lllablltlesll assèts 13.021,9011 490,840 Tot81 assets less current labllltl•s 215,207,459 200.806.066 N0th-￿rIent Ilabllltles Creditors-amounts fallin8 due in more than one year li 13,509,771) 13,953,733) Totsl net assets 211.697.688 I￿￿52.333 The funds ofthe tharlty. Unrestricted funds Restricted funds 75,768,4C 135,929,288 68.856,784 127.995,549 Total tharlty fund5 211h97,688 196,852,333 The financial statements were approved and auth0ri5ed for issue by the Trustee and weresigned on thr behalf bv.. Guy Elliott Beatrice Hollond Director of PrudenceTrust Cornpany Limited ITru5teel Director of PruderKe Trust Company knrnited trTUSteel Date.. 12 June 2025 ANNknAL REPOrtI OF 7HE TRUSTEE ANO FINANCIAL ST A TEMENTS J7

THE PRUDENCE TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR TO 31 DECEMBER 2024

FOR THE YEAR TO 31 DECEMBER 2024
Note 2024 2023
Net cash flow from Operating Activities £ £
Net movement in funds for the year 14,845,355 19,692,506
Less: Investment income and deposit interest (3,379,691) (2,347,704)
Depreciation charge 8 2,943 1,578
Net (gain) / loss on investment assets (19,670,445) (13,814,632)
Decrease/ (increase) in debtors 699,877 (724,532)
(Increase) / decrease in creditors (415,068) 2,567,208
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
(7,917,029) 5,374,424
Cash flows from investing activities
Investment income 3 3,379,691 2,347,704
Purchase of tangible assets (6,826) -
Purchase of investments (127,529,943) (61,063,939)
Proceeds from sale of investments 7 129,216,064 55,162,255
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
5,058,986 (3,553,980)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Change in cash and cash equivalents in the year (2,858,043) 1,820,444
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
Reconciliation of net cash flow to movement in net funds
Net cash resources at 1 January 2024 16,393,489 14,573,045
Net increase in cash (2,858,043) 1,820,444
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net cash resources at 31 December 2024 13,535,446 16,393,489
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
Analysis of net funds:
Cash held in investment portfolio 7 10,388,522 10,462,596
Cash at Bank 3,146,924 5,930,893
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
13,535,446 16,393,489
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

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THE PRUDENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of Preparation of Financial Statements

The Prudence Trust (“the Trust”), registered charity number 1187700, is based and administered in the United Kingdom. The registered address is 32 Sackville Street, London, W1S 3EA. The nature of the Trust’s operations and principal activities are set out in the Trustees’ Annual Report.

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) (“Charities SORP FRS 102”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and where relevant, the Charities Act 2023, and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by Charities SORP FRS 102.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

In applying the financial reporting framework, the Trustee has made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Incoming Resources

Investment income is derived from interest and dividends receivable from investments and is accounted for in the period in which the Trust is entitled to receipt. Interest from deposit accounts are included as and when received only. All incoming resources are included in the SOFA when the Trust is entitled to the income and the amount can be quantified with reasonable accuracy.

Voluntary donations include donations under Gift Aid with the associated tax credits included when receivable. Interest from deposit accounts are included when received.

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Resources Expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustee to the expenditure. Irrecoverable VAT is charged against the activity for which expenditure was incurred.

Charitable activities include governance costs made during the period and are expended through the SOFA when the offer is conveyed to the recipient.

Cost of raising funds relate to the costs incurred by the Trust in managing its investment portfolios.

Governance costs relating to the general running of the Trust, as opposed to the management functions inherent in generating funds.

Grants payable

Grants payable are made to third parties in furtherance of the Trust's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustee has agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the Trust.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/ (losses) on investments” in the statement of financial activities. The Trust does not trade in options, derivatives or other complex financial instruments. However the Trust’s investment managers may trade in such financial instruments as part of their investment portfolio management.

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Tangible fixed assets are included at their cost value and depreciated using the straight line method over 5 years.

Status of funds

Restricted funds are to be used for specific purposes as laid down by the donor. Income arising from the investment of those funds and expenditure which meets the criteria set out by the donor is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Foreign currency

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are converted at the rate of

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exchange ruling at the date of the transaction. All translation differences are taken to the statement of financial activities as they arise.

Taxation

The Trust is not subject to any taxes on its charitable activities.

Debtors and creditors receivable / payable

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Provisions

Provisions are recognised when the Trust has an obligation at the Balance Sheet date and, as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going concern

The Trustee Directors consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

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For the year ended 31 December 2024

For the year ended 31 December 2024
Total
INCOME FROM DONATIONS Unrestricted Restricted 2024
£
Donations received 113,100 - 113,100
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
113,100 - 113,100
For the year ended 31 December 2023
Total
Unrestricted Restricted 2023
£
Donations received 82,800 12,148,675 12,231,475
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
82,800 12,148,675 12,231,475
For the year ended 31 December 2024
Total
INCOME FROM INVESTMENTS Unrestricted Restricted 2024
£
UK quoted securities income 108,449 415,162 523,611
Overseas quoted securities income 847,818 1,387,618 2,235,436
Bank interest 216,974 403,670 620,644
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
1,173,241 2,206,450 3,379,691
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
For the year ended 31 December 2023
Total
Unrestricted Restricted 2023
£
UK quoted securities income 35,878 103,100 138,978
Overseas quoted securities income 781,114 1,002,897 1,784,011
Deposit interest 172,455 252,260 424,715
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
989,447 1,358,257 2,347,704
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ

2. INCOME FROM DONATIONS

3. INCOME FROM INVESTMENTS

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4. EXPENDITURE ON CHARITABLE ACTIVITIES

Grants expended:

The Trust awarded grants totalling £6,562,630 to thirty four UK registered charities during the year to 31 December 2024 (Current year list is shown in the Annual Report of the Trustees) (2023: £7,085,716 to twenty four UK registered charities (note 18)). The grants awarded were in the following areas of focus of the Trust with the cumulative amount per area shown:

Total Total
2024 2023
£ £
Mental Health: Research 783,175 3,722,716
Mental Health: Access to support 4,326,606 380,000
Mental Health: Prevention 1,447,359 2,703,000
Environment 15,000 290,000
Cancelled Grants – Mental health: Access to support (9,510) (10,000)
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Grants expended 6,562,630 7,085,716
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Grants have been awarded from restricted and unrestricted funds as follows:
Restricted 6,481,302 904,516
Unrestricted 81,328 6,181,200
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
6,562,630 7,085,716
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Support Costs:
Staff costs (note 5) 367,344 282,686
Office and Admin costs 150,348 125,053
Professional fees 119,227 70,473
Travel, Events and Subsistence 10,363 534
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Support costs 647,282 478,746
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Support costs are allocated between restricted and unrestricted funds as follows:
Restricted - 820
Unrestricted 647,282 477,926
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
647,282 478,746
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ

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Total Total
2024 2023
£ £
Governance Costs:
Legal fees 5,602 7,814
Audit fees 13,950 10,860
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Governance costs: 19,552 18,674
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Governance costs are allocated to unrestricted funds.
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Charitable activities 7,229,464 7,583,136
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ

Auditor remuneration in respect of their audit of the Financial Statements for the year to 31 December 2024 totalled £11,550 excluding VAT. (2023: 11,000 excluding VAT)

5. STAFF COSTS

During the year to 31 December 2024, the average number of employees was 5 (2023: 4). The associated costs of employment are as follows:

employment are as follows:
Total Total
2024 2023
£ £
Gross Salaries 287,624 229,005
Employers Social Security 33,966 26,582
Employers Pension contribution 30,490 24,626
Staff benefits and insurance 15,264 2,473
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
367,344 282,686
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ

The total amount of benefit received by key management personnel was £157,500 (2023: £142,623). Key management personnel represent the Trustees and the Foundation Director. One employee earned between £120,000 and £130,000 during the year (2023: 1 earned between £110,000 and £120,000)

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For the year ended 31 December 2024
Total
6. EXPENDITURE ON INVESTMENT MANAGEMENT Unrestricted Restricted 2024
£
JTFM Limited – Financial consultant 47,700 - 47,700
Meridiem Investment management fees 269,329 192,076 461,405
Ruffer LLP Investment management fees 139,085 213,940 353,025
Brown Advisory investment management fee - 253,004 253,004
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
456,114 659,020 1,115,134
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
For the year ended 31 December 2023
Total
Unrestricted Restricted 2023
JTFM Limited – Financial consultant 45,900 - 45,900
Meridiem Investment management fees 261,782 121,598 383,380
Ruffer LLP Investment management fees - 443,801 443,801
Brown Advisory investment management fee 132,587 188,370 320,957
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
440,269 753,769 1,194,038
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
7. FIXED ASSET INVESTMENTS 2024 2023
£ £
Quoted investments 203,594,914 189,847,895
Unquoted investments 4,237,306 -
Cash held as part of portfolios 10,388,522 10,462,596
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total investments and cash under management 218,220,742 200,310,491
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ
Net gain/(loss)on investments 19,670,445 13,814,632
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ
Market value at 1 January 189,847,896 170,131,580
Additions at cost 127,529,943 61,063,939
Disposals (129,216,064) (55,162,255)
Net realised investment gain/ (loss) 4,546,169 (1,897,319)
Net unrealised investment gain 15,124,276 15,711,951
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Market Value at 31 December 207,832,220 189,847,896
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ

The Trust has unaccrued investment commitments of £25m at 31 December 2024 (2023: £28m).

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2024 2023
8. TANGIBLE FIXED ASSET
£ £
Fixtures, fittings and equipment at cost
Balance at 1 January 8,402 8,402
Additions 6,826 -
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Balance at 31 December 2024 15,228 8,402
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Accumulated depreciation
Balance at 1 January 3,667 2,089
Charge for the year 2,943 1,578
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Balance at 31 December 2024 6,610 3,667
ÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄ
Net Book Value at 31 December 2024 8,618 4,735
ÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍ

Tangible fixed assets are depreciated over a five year period using the straight line method.

The fixed assets are still being used by the Trust.

9. DEBTORS 2024 2023
£ £
Investments Awaiting Settlement - 716,670
Accrued Income 17,530 18,990
Accounts Receivable 18,990 -
Prepayments 11,306 12,043
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
47,826 747,703
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ
10. CREDITORS - amounts falling due within one year 2024 2023
£ £
Accounts payable 21,470 310,517
Accruals 298,646 18,825
Grants payable 5,896,535 5,141,743
Investment commitment - 716,670
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
6,216,651 6,187,755
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

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11. CREDITORS - amounts falling due in more than one year 2024 2023
£ £
Grants payable 3,509,771 3,953,733
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

12. GRANTS PAYABLE

During the year the Trustees awarded thirty four new multi-year commitments. The following amounts outstanding as at 31 December 2024:

Organisation

Organisation
Amount falling due
Amount falling due in more than one
within one year year Total £
UK Youth 650,000 - 650,000
Kinship 310,012 - 310,012
Centre 33 256,765 256,765 513,530
YoungMinds 217,240 - 217,240
No Limits (South) 203,769 203,769 407,538
Kings College London Fellowship 200,000 200,000 400,000
University College London Fellowship 200,000 200,000 400,000
MAP (Mancroft Advice Project) 192,000 192,000 384,000
Action for Children 178,333 - 178,333
University College London 146,467 - 146,467
Creative Youth Network 144,399 144,399 288,798
The Centre for Young Lives c/o Oasis Community Partnerships 128,000 - 128,000
42nd Street 126,600 152,500 279,100
Kings College London Fellowship 125,000 - 125,000
University of Oxford Fellowship 125,000 - 125,000
OnSide 121,981 129,203 251,184
East London Dance 115,517 - 115,517
Mental Health Innovations 115,000 - 115,000
Bristol University Fellowship 100,000 - 100,000
Cranstoun 100,000 100,000 200,000
The Wave Project 100,000 - 100,000
Childhood Bereavement Network 97,701 - 97,701
Oxford University 97,077 - 97,077
MQ 96,862 116,682 213,544
Empire Fighting Chance 96,590 - 96,590
SWEDA 93,762 187,524 281,286
The Music Works 92,682 - 92,682

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Stem4
Youth Access
Oxfordshire Youth
OnSide
Young Roots
Raw Material Music and Media
Bristol University
OTR Bristol
Groundwork London
Brent Care for Young People
YoungMinds
Noa Girls
Eating Distress North East
Dose of Nature
The Listening Place
University College London Fellowship
Centre 33
Power2
SWEDA
South Yorkshire Eating Disorder Association
Norfolk & Waveney Mind
Renew Councelling
Action for M.E
Comics Youth
Designs in Mind
Global Canopy
Young Gloucestershire
Bristol University Fellowship
University of Oxford Fellowship		 90,000
90,000
88,200
83,057
82,831
74,250
66,549
66,337
65,938
64,259
63,000
60,000
57,330
50,000
50,000
50,000
44,339
40,286
36,650
36,562
35,000
31,190
30,000
30,000
30,000
25,000
25,000
-
-
5,896,535		 90,000
90,000
-
-
-
81,965
-
-
-
128,519
-
120,000
114,660
-
-
-
-
-
-
73,125
-
62,380
-
-
-
25,000
-
441,280
400,000
3,509,771		 180,000
180,000
88,200
83,057
82,831
156,215
66,549
66,337
65,938
192,778
63,000
180,000
171,990
50,000
50,000
50,000
44,339
40,286
36,650
109,687
35,000
93,570
30,000
30,000
30,000
50,000
25,000
441,280
400,000
9,406,306

13. RELATED PARTY TRANSACTIONS

During the year one donation for £100,000 (2023: £264,916) was paid to Anna Freud Centre where the spouse of one of the Trustee Directors, Julia Samuel, is the Chair. Julia recused herself from the decisionmaking process related to this grant.

A Trustee Director received a reimbursement of expense for the amount of £70 during the year to 31 December 2024 (2023: £nil).

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Trustee Liability insurance of £8,207 was paid by the Charity on behalf of the Trustee Director (2023: £6,186)

A Trustee Director, Beatrice Hollond is a Non-Executive Director of Brown Advisory. Beatrice Hollond recused herself from any decisions made in relation to Brown Advisory. Fees payable to Brown are disclosed in note 6.

During the year, a Trustee received the services of one of the employees of the Trust. The terms and provisions of these services were agreed by way of a consultancy agreement with fees charged to the Trustee that are above the cost incurred by the Trust in providing these services and agreed with the Trustee and the Trust at arm’s length. The fee income for the Trust for the year was £17,530 (2023 £16,440).

Aggregate donations from related parties were £Nil (2023: £Nil).

14. ULTIMATE CONTROLLING PARTY

The Trustee Directors consider that the Trust is jointly controlled by the Directors of The Prudence Trust Company and therefore there is no one ultimate controlling party.

Balance Income Expenditure Balance
15. FUNDS brought and and carried
forward Gains Losses forward
£ £ £ £
For the year ended 31 December 2024:
Unrestricted 68,856,784 8,115,892 (1,204,276) 75,768,400
Restricted 127,995,549 15,074,068 (7,140,329) 135,929,288
ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ
196,852,333 23,189,960 (8,344,605) 211,697,688
ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ
For the year ended 31 December 2023:
Unrestricted 66,134,894 9,941,101 (7,219,211) 68,856,784
Restricted 111,024,933 18,629,721 (1,659,105) 127,995,549
ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄ
177,159,827 28,570,822 (8,878,316) 196,852,333
ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ
For the year ended 31 December For the year ended 31 December 2024
Total
Analysis of net assets between funds: Unrestricted Restricted 2024
£ £ £
Fixed assets 76,041,664 142,187,696 218,229,360
Debtors 47,826 - 47,826
Cash at Bank 172,829 2,974,095 3,146,924
Creditors (493,919) (9,232,503) (9,726,422)
ÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄ
Total Funds 75,768,400 135,929,288 211,697,688
ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ

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For the year ended 31 December For the year ended 31 December 2023
Total
Unrestricted Restricted 2023
£ £ £
Fixed assets 75,083,505 125,231,721 200,315,226
Debtors 747,703 - 747,703
Cash at Bank 848,934 5,081,959 5,930,893
Creditors (7,823,358) (2,318,131) (10,141,489)
ÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄ
Total Funds 68,856,784 127,995,549 196,852,333
ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍ

Restricted funds are to be used for specific purposes as laid down by the donor and must be used to furthering the charitable objectives and not for day to day operations of the Trust.

Income arising from the investment of those funds and expenditure which meets the criteria set out by the donor is charged to the fund.

16. FINANCIAL INSTRUMENTS 2024 2023
£ £
The carry amounts of the Trust’s financial instruments are as follows:
Financial assets
Measured at fair value through SOFA:
-Fixed asset investments 207,832,220 189,847,895
-Tangible Fixed assets 8,618 4,735
-Cash under management 10,388,522 10,462,596
-Cash at bank and in hand 3,146,924 5,930,893
Financial liabilities
Measured at amortised cost
-Creditors 9,726,422 10,141,489
════════════════════ ════════════════════
The net gains attributable to the Trust’s financial instruments are
summarised as follows:
Income and expense
Measured at fair value through SOFA:
-Net gains (including changes in fair value) 19,679,632 13,874,060
════════════════════ ════════════════════

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17. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Funds Restricted Total
2023 Funds Funds
2023 2023
£ £ £
Income from:
Donations 82,800 12,148,675 12,231,475
Investments 989,447 1,358,257 2,347,704
Charitable activity 16,440 - 16,440
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Income 1,088,687 123,506,932 14,595,619
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Expenditure on:
Charitable activities 6,677,800 905,336 7,583,136
Raising funds: investment management 440,269 753,769 1,194,038
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total Expenditure 7,118,069 1,659,105 8,777,174
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income before gains on investments (6,029,382) 11,847,827 5,818,445
Net gains on investments 8,852,414 4,962,218 13,814,632
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net income 2,823,032 16,810,045 19,633,077
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Other recognised losses (101,142) 160,571 59,428
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net movement in funds 2,721,890 16,970,616 19,692,505
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Reconciliation of funds:
Total funds brought forward 66,134,894 111,024,933 177,159,827
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total funds carried forward 68,856,784 127,995,549 196,852,333
ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ

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18. COMPARATIVE GRANT AWARDS

Grants awarded for the year ended 31 December 2023 were:

Mental Health: Access to
Support
AT The Bus Delivery of a new business plan £150,000
Open Door, Young People's
Consultation Service		 Core costs £40,000
Climbing Out Residential outdoor programme with
coaching		 £10,000
Somerset and Wessex Eating
Disorder Association		 Continuation of counselling £30,000
The Listening Place Support for young people with suicidal
feelings		 £150,000
Mental Health: Prevention
OnSide Youth Zones Training and supervision for youth workers £252,180
Oxfordshire Youth Training and support for youth workers £264,600
Action for Children Expansion of parent help line services £535,000
Kinship Mental health support £505,490
YoungMinds Expansion of parent help line services £651,720
Young Vic Community programme for young people £30,000
East London Dance Youth programmes & staff wellbeing £225,000
Place2Be Children's Mental Health Week 2024 £34,210
Samaritans Online chat evaluation & relaunch
education resources		 £174,800
Winston's Wish Core costs £30,000
Mental Health: Research
University of Bristol Prudence Trust Fellow Cohort 2 - Laura Hull £600,000
King's College London Prudence Trust Fellow Cohort 2 - Stephanie
Lewis		 £600,000
University of Oxford Prudence Trust Fellow Cohort 2 - Tessa
Reardon		 £600,000
University College London Prudence Trust Fellow Cohort 2 - Sarah
Griffiths		 £600,000
University of Bristol Prudence Trust Fellow - Cohort 1 additional
research costs		 £75,000
King's College London Prudence Trust Fellow - Cohort 1 additional
research costs		 £75,000
University of Oxford Prudence Trust Fellow - Cohort 1 additional
research costs		 £74,266
University College London Prudence Trust Fellow - Cohort 1 additional
research costs		 £74,615
Education Policy Institute Research - Mapping mental health and
wellbeingservices		 £80,000
Maudsley Charity Eye Tracking Suite at Pears Maudsley Centre £250,000
MQ Review of research on mental health and
the internet		 £35,888
MQ Improving Child and Adolescent Mental
Health referralprocess		 £357,031
The Centre for Young Lives c/o
Oasis CommunityPartnerships		 Centre for Young Lives mental health work £256,000

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Anna Freud Developing and promoting manifesto £44,916
Create Return of unspent grant (£10,000)
Environment
Royal Welsh Agricultural Society Regenerative agriculture conference £15,000
Sustainable Food Trust Strategy advisor to support global advocacy
for regenerative agriculture		 £200,000
Global Canopy Core costs £75,000
£7,085,716

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19. KEY SERVICE PROVIDERS

Bankers:

C Hoare & Co 37 Fleet Street, Temple. London, EC4Y 1BT

Investment Managers:

Brown Advisory 18 Hanover Square, 1[st] Floor, London, W1S 1JY

Meridiem Investment Partners (UK) Limited Riverside House, 2a Southwark Bridge Road, London, SE1 9HA

Pantheon Ventures (UK) LLP 10 Finsbury Square, 4th Floor, London, EC2A 1AF

Ruffer LLP, 80 Victoria Street, London SW1E 5JL

Solicitors:

Womble Bond Dickinson 4 More London Riverside, Greater London, SE1 2AU

Accountants:

Rawlinson & Hunter LLP Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ

Independent Auditor:

Sayer Vincent LLP 110 Golden Lane, London, EC1Y 0TG

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