The Tavistock and Portman Charity 2023124 ANNUAL REPORT AND ACCOUNTS Registered Charlty Number: 1191405
Reportof the trusteesforthe year ending 30 September 2024 The Trustees oflheTavistock and Portman Charity (herein the Charity) presenttheirannual report and financial statements of the charity for the year ended 30 September 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement ot Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 leffeclive 1 January 2015).
Chair's report The end of this reporling year marks the end of my own first full year as Chair of Trustees of the Tavistock and Portman Charity. created following the merger of the Tavistock Clinic Foundation and the Tavistock and Portman Charitable Fund. A look at my CV - I'm Professor of Philosophy at Oxford University working on, among other things. psychotherapy and psychiatry and their relationship to broader currents of ethical thought.. Academic Lead on Patient and Public Involvement for the Oxford Health Biomedical Research Centre, in Oxford's Psychiatry Department", and Academic Director of the Royal Institute of Philosophy. an educational ¢hartly will make il clear why, as a point of convergence Of $0 many of my interests, the role of Chair of Trustees is a rewarding one for me. l am grateful to my fellow Trustees for their thoughtful cooperation over the past year. In the course of the year. there have been several other changes on the Board. Amanda Hawke and Fransca Eastman both stepped down- l am grateful to them for their years- inAmanda's case, many years- ofservice tothe Charity. Meanwhile Eenasul Fateh ceased his employment with the Tavistock and Portman NHS Trust and therefore stepped down as a nominated Irustee, to be immedialely reappointed as a co-opted trustee," Mark Freestone. who joined the Trust as its new Dean of Education in the course of 2024, is due tojoin the Board as a nominated tnjstee in November. In another significant change, the Charity said farewell in July to Annie Smith, who served as our Fundraising and Communications Managerthanks to a one-year development grant from NHS Charities Together_ During her tenure she made a significant contribution lo the smooth working of the Charity, improving the website and therefore the visibility of the Charity's activities, and developing the Small Grants and Bursaries programmes. We wish her well as she enters the final year of her training in psychodynamic counselling. Plans for how lo replace her are currently under development. In other changes to our ba¢k-offi support, Johan Morales replaces Wali Hussnain as our Treasurer. and our Administrativ Assistant Gabi Leoncini, who continues lo achieve very much with very little, has seen a slight increase in her hours. We are grateful to the Trust for funding these essentials. Turning to the wider environment, the Challenges to the entire charitable sector post- pandemic have not gone away. Closer to home, the prospective merger of the Tavistock and Portman NHS Trust with another Trust is still in view though, at time of writing, unresolved. This is inevitably conMIng to the Charity, though it 15 Worth re-emphasizing the point I rnade in my report last year that. unlike many NHS charities, the Tavistock and Portman Charity is constitutionally independent of the Trust whose work it currently supports. This gives the Trustees some freedom in developing our strategy in such a way that we can continue to support the same kinds of relational working and thinking in the NHS, however exactly those come to be institutionally embodied in the future. Looking forward to the coming financial year. we will continue to work both to raise funds and to develop the varieties of support that we offer, for the benefit of trainees, mental health service professionals and service users.
Our purpose and activities The Charity raises funds for the prevention. relief. treatment and cure of sickness, ill health and infirmity of every kind in the field of mental health and Ihe promotion of wellbeing and, in particular, but wilhout prejudi to the generality of the foregoing the furtherance or support ofthe work ofthe Tavistock and Portman NHS Foundation Trust in any ways which shall for the time being be charitable in law. Achievements and performance In recent years, the Charity has generated funds through small scale events and through bequests and other donations which have allowed it to support activities complementary to the Tavistod( arKI Portman NHS Foundation Trust's clinical work., to expand opportunities for people to engage in education and training in psychotherapy,. and to increase the Trust's potential to deliver innovative research and development. In the reporb'ng year recently ended we have: Awarded £38.000 for a mental health nursing CPD programme and Nursing Development Fellowship Awarded £5000 to a Body-oriented Psychotherapy project for patients with complex PTSD, provided by the Trust's Trauma Service Despite the exhaustion of the Julie Roach legacy. continued lo support students, across cohorts, for the 2024125 academic year, lolalling £20.498, further increasing the diversity of people embarking on the Trust's education and training programmes. Continued lo provide bursary funds through the Stuart Hall and Nick and Roberta Perren bursary schemes to assist more people to acces5 highly specialised child and adolescent psycholherapy training. FDrmalized our Small Grants scheme, which is now advertised lo all Trust employees. and dislributed over £4000 in grants, for purposes as varied as team building. staff wellbeing cultural Competen training. Revived the Hamish Canham Essay Prize foi essays on a range of psychoanalylic themes., prizes will be awarded in the new year Funded ongoing work through the Cleminson bequest on a book on Gloucester House special school, edited by Nell Nicholson, to be published by Roulledge Brought work on a slaff Wellness Spa, funded by a Recovery Grant from NHS Charities Together, close lo completion Secured the future of the Charity's Journal, the Inlemation81 Joufflal of Infant ObseNation, appointing two new editors and signing a new deal with Taylor and Francis to publish and distribute it. Thanks to Trudy Kiauber, the former editor. who has now stepped down. Received a fresh legacy pledge. in addition to various donations through our online donations page. Received notice of a further substantial donation from the Cleminson family trust. Needless to say we are extremely graleful for this renewed generosity. Developed plans for a Larger Grants scheme. to be launched later in 2024
Financial review The main income and expenditure activity of the Charity are in relation to grants and legacies. The Charity performance during the year resulted in an overall deficit of £30K. Key perfomiance activity during the year was as follows.. Total income for the year was £27,120. Expenditure of £57.382 was used for Charitable Activities By agreement with the Charty Commission, the defijnct Tavistock and Portman Charitable Fund Ino. 10495301- one of the Charity's predecessor charitie5 - no longer appears on the Register of Chanties. Investment powers and policy hile having regard to the liquidity requirements of operating the Charity. the Trustees have in 2023124 invested an appropriate proportion of the Charity's funds in a higher interest-bearing deposit account. They continue to explore any other appropriate means to enhance the value ofthe funds held within the ChaTity. Reserves policy After taking careful advice, in a change of policy the Trustees now aim to maintain free reserves in unrestricted funds at a level which equates to approximately a year's unrestricted charilable expenditure. The twstees consider that the ideal level of reserves as at 30 September 2024 would be £20,000. Total funds as at 30 September 2024 were £837K, of which £459K was in restncted funds. Going concern The trustees have reviewed the circumStanS of the Charity and consider that adequate resoUrS continue to be available for fijnding the activities of the charity for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the accounts. Risk management The Charity has no investment portfolio and is therefore exposed to little risk if any. All expenditure is committed against funds by the Charity and this expenditure is applied in line with Ihe objects of the Charity- This expenditure is then authorised according to the Trust's Standing Financial instructions, Standing Orders and Charitable Fund Procedures that also comply with Charity Law.
Public Benefit The trustees have taken accour7t of the Charity Commission's guidance on public benefit when making decisions and reviewing the Charity's aims and objectives_ Plans for the future The Charity will continue to support, as it does now, education and Iraining (with particular emphasis on workforce diversification).. research.. and staffwellbeing. It will also devote resources lo research and service development projects in certain designated priority areas. in the form either of pilot schemes or larger-scale projects intended lo attract match funding from other sources. In addition, the Charity supports its objectives by holding funds for other designated purposes such as memorial prizes and mentorship schernes. Structure, Governance and Management The Charity has an independent Chair plus a maximum of ten further trustees. At the end of the reporting year 2023124, the Charity is made up ofan independent chair, five co-opted independent trustees and one trustee nominated by the Tavistock and Portman NHS Foundation Trust. with another due to join in November 2024. Recruitrnent of a further nominated trust or trustees is ongoing. The chair and trustees. terms of office are three years. renewable for a maximum of two further terrns. Non-voting guesls can be invited lo attend the Charity's board of trustees, meelings. Reference and administrative details The Charity is a charitable incorporated organisation established in 2020. Its objects cover any charitable purpose or purposes to the National Health Service wholly or mainly for the services provided by the Tavistock and Portman NHS Foundation Trust. Registered office The Tavistock and Portman Charity The Tavistock Centre 120 Belsize Lane London, NW3 58A Independent Examiner M J Bushell Audit LLP Ground Floor, Kings House, 101-135 Kings Road, Brenfvood Essex, CM14 4DR
Our Leadership The Trustees of the Tavistock and Portman Charity during 2023124 were as follows.. Chair Eoward Harcourt Trustees Independent twstees Louise Lyon Angela Greatley Craig de Sousa Margaret Rustin Eenasul Fateh (nOminatj trustee till June 2024) Foundation trust nominated tnislees Rachel James Amanda Hawke {resigned Feb. 24) Francesca Easlman {resigned Sept. 24) Treasurer Johan Morales (Wali Hussnain till Aug. 24) Governing document The Charity is a registered charity. number 1191405. and is constiluled under a trust deed dated 2020. The objects of the Charity as stated in the trust deed are to work towards'prevention, relief, Ireatrnent and cure of sickness, ill health and infirmity of every kind in the field of mental health and the promotion of wellbeing and, in particular, but without prejudice to the generality of the foregoing the furtherance or support of the work of the Tavistock and Portman NHS Foundation Trust in any ways which shall for the tirne being be charitable in law" Trustee induction and training New trustees undergo an orientation programme lo brief them on.. their legal obligations undercharity and company law, the Charity Commission guidance on public benefit, inform them of the content of the Memorandum and Articles of Association. the committee and decision-making processes. the business plan and recent financial performance of the charity. Trustees are encouraged lo attend appropriate extemal training events where these will facilitate the undertaking of their role.
Trustee's responsibilities in relation to the financial statements The Charity trustees are responsible for preparing the Trustees, Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpIed Accounting Practice). The law applicable to charities in England and Wales requires the truslees to prepare accounts 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 Ihe financial statements. the trustees are required to.. Select suitable accounting policies and then apply them consistently.. Observe the methods and principles in the Charities SORP.. Make judgements and estimates that are reasonable and prudent., Slate whelher applicable UK accounting standards have been followed. subject lo any material departures disclosed and explained in the financial statements- Prepare the financial statements on the going concem basis unless it is inappropriate to presume th81 the Charity will continue in business. The trustees are responsible for keeping SLtfficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities 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 iriegularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement as to disclosure to our independent examiner In so far as the trustees are aware at the time of approving our trustees, annual report.. there is no relevant information. being information needed by the independent examiner in connection with preparing their report, of which the independent examiner is unaware. and the trustees, having made relevant enquiries and provided details to the independent examiner, have each taken all steps that a trustee is obliged to lake in order to make themselves aware of any relevant audit inforrnation and lo establish that the independent examiner is aware of that information.
Approved by the Iruslees on 29 July 2025 and signed on thr behalf by.. Signed: Name.. Edward Harcourt. Chair of the Tavistock and Porbman Charity
Independent Examiner's Report I report on the accounts of the charity for the year ended 30 September 2024, which are set out on pages 11 to 18. Respective responsibilities of Trustees and examiner The Charity's Trustees, are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myseff that the charity is not subject to audit under company law and is eligible for independent examination. it is my responsibiltty to.. examine the financial statements under section 145 of the 2011 Act.. to follow the procedures laid down in the general Directions given by the Charity Commission under section 145{51{b) ofthe 2011 Act., and to slate whether particular matters have come to my attention. Basis of independent examlnerfs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual rtems or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit and consequently no opinion is given as to whether the financial statements present a 'true and fair view, and the report is limited to those matters set out in the next statement. Independentexaminer's ststement In connection with my examination. no matter has come to my attention" (al which gives me reasonable cause to believe thal in any matertal respect the requirements.. to keep accounting records in accordan with section 386 of the Companies Act 2006" and to prepare financial staternents which accord with the accounting records, comply with the aGcourrting requirements of seclion 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities- have not been met or (bl lo which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Corne von Wielligh ACA M J Bushell Audit LLP Ground Floor. Kings House, 101-135 Kings Road Brentwood Essex CM14 40R Dated. 8Dlol12025
Year-end accounts- 2023/24 The Tavistock and Portsnan Charity Statement of Financial Activities as at 30 Sept 2024 2023124 2022123 Unr•stri¢t•d R•strict•d Funds Funds Total Funds Total Funds Note Income Oonations and Gft GrtS Charitable Actfvitses Investment kncome Total IneomÈ 5,584 35,000 7,776 6.814 55,173 17.000 165 17,LKKI 1,130 8.990 27.120 8.990 9.955 17.165 Expenditurè Charitable Actmties Total Expendttur• 16.J2 (16.902) 40.480 {40,4801 57.382 180.419 157,3821 1180.4191 Net incomel{expendlwre} and net movemènt in funds tor the year {6.94n 123.3151 130.2621 112S,246} Reeoneiliation of funds Transfers between UnTestrictedlReStrted FuTrJs Total funds brought forward Total funds carried fOrdrd 5,314 379,160 377,526 (5,3141 487.684 459.054 866.844 836.580 992,089 866.844
The Tavistock and Portman Charity Balance Sheetas at 30 Sepl 2024 2D23124 2022123 Unrestricted RestrletÈd Funds Funds Total Funds Totsl Fund5 Current Assets Debtors Cash at bank and in hand Total Currènt Assets 5,250 558.929 564.179 5,250 940.775 946,025 2,000 1.087.662 1,089,662 381.846 381.846 CuThent Liabilities Credrtors Total Current Liabilities 4.320 14.3201 105 125 1105.125) 109.445 {109.4451 222.818 1222.818) Net Current AssetsllLiabllhièsl 377.526 459.054 836,580 866.844 The Funds of the Charity Reslri¢ie(J Income Funds Unrestricted Income Funds Total Charity Funds 459,054 459,054 377.526 836,580 487.684 379.160 866.844 377.526 377,526 459.054 The notes on p8ges 13 to 18 lonn part of these accounts. Approved by the trustees on 29 Juty 2025 and signed on their behalf by". Signed.. Name: Edward Harcourt, Chair ofthe Tavislo¢k and Portman Charity
Notes to the accounts 1. AcGounling PoliGies Charity infomMtion The Tavistock and Portman Charity is an unincorporated charity. Ils registered office is 120 Belsize Lane. London NW3 S&4. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. a. Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by CharFtses'. Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {Charities SORP FRS 102 as amended for accounting peritjd commencing from 1 January 2016), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities aGt2011. The charitable fund Constitutes a public benefit entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. The accounts have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. b. 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 finanaal statements. c. Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Trusvs work or for specific projects being undertaken by the Trust.
d. Income recognition All income is recognised On the charity has entidement to the income, it is probable that the income wll be received and the amount r1Vable can be measured reliably. Donations and grants are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation or grant is subject to conditions that require a level of rfOMance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met. or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions V11 be fuffilled in the reporting period. Legacy recognition is taken as the earlier of the date on which either.. Ihe charity is aware that probate has been granted, Ihe estate has been finalised and notification has been made by the executor(s) to the charity that a distribLrtion will be made, or when a distribution is reiVed from the estate. Receipt of a legacy, in whole or in part. isonly considered probable when the amountcan bemeasured reliablyand the charity has been notified of the execLrtoffs intention to make a distribution. INhere legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met. then the legacy is treated as a contingent asset and disclosed rf material. Membership and other income is included in the financial statements on an accruals basis e. Interest receivable Interest on funds held on deposit is included when re1vable and the amount can measured reliably by the charity.. this is nomially upon notification of the interest paid or payable by the Bank. f. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. il is probable that settlement will be required and the amount of the obligation can be measured reliably All expenditure is accounted for on an accruals basi8. All expenses, including support costs and governan costs, are allocated to the charitable activity in the statement of finanaal activities. Goverllan costs comprise all costs involving the public accountability of the charity and its Complian wth regulation and good practice. g. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was inGurred.
h. AILocation of support and governance costs Support and governance costs are those functions that assist the work of the charity bul do not directly undertake charitable adivities. Support costs include payroll, finance, syslems and g0Veman costs. The bases on which support costs have been allocated are set out in note 3. i. Cash at bank and in hand Cash and cash equNalents indude cash in hand and depostts held at call with bank. J. Flnancial Instruments The Tavistock and Portman Chartty has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12'0ther Financial Instrurnents Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Fund's balance sheel when the Fund becomes party to the contractual provisions of the instrumerrt. Financial assets and liabilities are offset, Vth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transartion costs less any trade dIOunt offered and are subsequently carried at amortised cost using the effective interest method unless the arrangement consts"lutes a financing transaction. where the transaction is measured at the present value of the future reiptS discounted al a market rate of interest. Financial assets classified as re1vable within one year are not amortised. Prepayments are valued at the amount prepaid net of any trade discounts due. Basic financial liabilities Basic financial liabilities, including cred'rtors and bank loans are initially recognised al transaction price allowing for any trade discounts due unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fubjre receipts disGounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Creditors and provisions are recognised where the chanty has a present obligation resulting from a past event that will probably result in the trans*er of funds lo a third party and the amount due to settle the obloation can be measured or estimated reliably. Amounts payable are classffied as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pri and subsequently measured at amortised cost using the effective interest method. 15 | 1 8
Criti¢al accounting estimates and judgements In the application of the chartty's accounting FX)licies. the trustees are required to makejudgemenls, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may drffer from these estimates. The estimales 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 currenl and future periods. The trustees do not believe there to be any judgements or eslimates that would be considered critical to the financial statements. 2. Income 2023124 2r23 Funds Funds T<>ral Funds ihrestricled RerKted Funds Total Funds Donations and Glfts Grants Total Donations 5.584 5,584 35,000 40.584 17.0ty) 17.000 17.000 17.000 Charitable Adiviti•s- Income 965 165 5.136 2.640 7.778 Inv•styn•nt IThrne 6.814 6,814 Tffjal tneome 9.955 17.165 27.120 17.533 37.640 55.174 3. Expenditure 2022 Unr¢stricted R¢wi¢tsd Fd$ Fund5 UNeicled Restrrled Total Fund5 Fuxls Talal FU1$ Grtntsto Tavistock & Poman NHS FT Gr)ntsand Bursaries Charitsbl•Arfivirie5 9xpgndrtyr Ch•ritbleActivi¢ies 22.12 12A02 22.828 20.498 1&1.586 3.194 7.500 22,602 141.086 25.796 1.793 9.889 60.369 136.780 30.102 166.881 Legal and prof•5sional f••s Fi#an¢e and adrninistration ¢05ts Independent exwniner's fees Governanc• and support costs 1694 404 407 4.200 3.390 5.136 5.543 4.2 13,537 4.J2Q 7.014 4.32Ct 7,014 8.526 Ttsl Expenditiwg 16.902 57.382 38.628 180.418
- Debtors Unrestricted Restricted Fund5 Funds 2023124 2022123 Student Loans Total Currènt Debtors 5,250 5.250 5,250 5.250 2,000 2,000
- Creditors Unrestricted Restrl¢ted Funds Funds 2023124 2022123 Tavistock and Porlman NHS FT Independent examination lees Total Current Creditors 105,125 105,125 4.320 109.445 219,218 3.600 222.818 4.320 4.320 105.125
Analysis of charitable funds The Tavi5tock and Ponman Charity Analysis ol Charilable Funds as ai30 p12024 hfvJ¥eme Income Expendi8 2023r14 Totttl Futsds Ttyal Funds Transfers Re81rlcted lund5 WooleyLegaCy Menial Heahh fvIuN Twistock Society of PsyeholheTrpNsls Jick & Roberta Pwieo Ch8ri1èNe TN Shiw Legacy Charities Together Educalion &Tr3ining Pf¢g Key Si8ff C & Hackney The Mr$ Srnith & M¢unl Tnjst GIDS Cenlre For Social Work Research T8PFUnd HalSh Canham Prize Oultornè Research Siuat Hall Foundation 14 funds te5trictedl 2N.575 11.OOOj 11.9321 81,J22 82.297 46.662 7.732 17.000 5.462 83.172 48.549 13.247 23.291 5.573 4.900 4_802 4.641 2.853 1.746 1.6S3 4.465 4B7.W 165 9161 15.2501 (22.8281 17.) 14661 (4.8021 (4.6221 571 Jsi 13Jl 2.796 1.620 4.246 459.054 1T.165 140.4801 15,3141 Unrestsided lunds Frederick Artony Cleminson Estate Ma[gal Ptiichard Lp9a¢y Genèral Funds Child PsychtstheraFry Chiw. Adolescent & Famty Fund Patients Fares Portman & Aduh Furn Portman Stiff 18 funds uTrre5triffledl 8.0%) IB6,990 84,153 89,520 16.863 81.153 61.928 16.863 10.937 9.955 (8.6071 110.9371 14.6051 5.186 402 J79.160 14021 5.314 9.955 116,YJ2) 377.526 Grand Total122 fund$1 866.844 27.120 836.580