Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## The Tavistock and Portman Charity ## **2024/25 ANNUAL REPORT AND ACCOUNTS** **Registered Charity Number: 1191405** 1 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## Report of the trustees for the year ending 30 September 2025 The Trustees of the Tavistock and Portman Charity (herein the Charity) present their annual report and financial statements of the charity for the year ended 30 September 2025. 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 of 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 (effective 1 January 2015). 2 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## Chair's report The end of this reporting year marks the end of my second year as Chair of Trustees of the Tavistock and Portman Charity, and I am grateful as before to my fellow Trustees for their thoughtful cooperation over the past year. In the course of the year, there have been some changes on the Board. Mark Freestone, who joined the Trust as its new Dean of Education in the course of 2024, joined the Board as a nominated trustee in November as did Saba Ahmed, a BABCP-accredited Children’s Wellbeing Practitioner. Her appointment does a little to correct the age balance of the board of trustees. In a change to our back-office support, we welcomed back Wali Hussnain as our Treasurer, and welcome also the fact that the share of his time that he owes the Charity – a healthy 0.05 FTE – has now been formally recognized in an agreement between the Charity and the Trust. We are grateful to him for his support as we are (as always) to our Administrative Assistant Gabi Leoncini. In September the trustees also approved the appointment, for nine months in the first instance, the appointment on a part-time basis of Jonathan Bean, a professional fundraiser with a strong track record in the charitable sector, in recognition of the critical importance of raising funds to the Charity’s ability to fulfil its mission. As in the previous year, the prospective merger of the Tavistock and Portman NHS Trust with another Trust has been an ongoing concern. Though properly speaking it falls outside the scope of this report, it is worth noting that – finally – a merger with the North London NHS Foundation Trust is scheduled for 1 April 2026, bringing to an end a long period of uncertainty. Working out the implications of the merger for the Charity will be a primary focus for the trustees for 2025/26. Beyond that task, the coming financial year promises continuing efforts 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 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 time being be charitable in law. ## Achievements and performance In recent years, the Charity has generated funds chiefly through bequests and other donations which have allowed it to support its mission, complementing the Tavistock and Portman NHS Foundation Trust's clinical work; expanding opportunities for people to engage in education and training in psychotherapy; and delivering research, including research focused on service innovation, in the ‘Tavistock tradition’, developing the ideas and methods that have typified work at the Tavistock since its foundation just over a hundred years ago. In the reporting year recently ended we have: 3 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 - Supported students for the 2025/26 academic year, to the sum of around £25,000, further increasing the diversity of people embarking on the Trust's education and training programmes. There has been a slight change in the range of courses funded, which are now ED24, D65, D4F and D12/ED12. - Provided bursary funds through the Stuart Hall and Nick and Roberta Perren bursary schemes to assist more people to access specialised child and adolescent psychotherapy training. - Awarded over £4000 through our Small Grants scheme, now advertised to all Trust employees, for a range of purposes all designed to improve staff wellbeing. - Revived the Hamish Canham Essay Prize (£600) for essays on a range of psychoanalytic themes. The 2025 prize was awarded to Oliver Hawthorne for his essay ‘“Delighted or terrified?” The First Fourteen Months of Freddie’, during an evening of talks celebrating the award-winner and the memory of Hamish Canham. - Signed a contract for a further two years with Taylor and Francis to publish the Charity’s journal, the _International Journal of Infant Observation_ , attesting to the success of the two new editors, Iva Ajder and Francesca Wickers. In the first year of the new contract the journal earned the charity a royalty of over £3000. - Received a further donation of £130,000 from the Cleminson family trust for which, as before, we are extremely grateful. - Launched a new Large Grants scheme, for awards of up to £100,000, to fund research projects which either make new contributions to knowledge, or enable service innovation, or both, in the area of either schizophrenia or intergenerational trauma. The first successful application, awarded in May 2025 (Dr Philip Archard, £38,500), is beginning work around now. ## 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 surplus of £68K. Key performance activity during the year was as follows: - Total income for the year was £156K. - Expenditure of £88K was used for Charitable Activities By agreement with the Charity Commission, the defunct Tavistock and Portman Charitable Fund (no. 1049530)– one of the Charity’s predecessor charities – no longer appears on the Register of Charities. ## Investment powers and policy While having regard to the liquidity requirements of operating the Charity, the Trustees agreed in 2023/24 to invest 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 of the funds held within the Charity. 4 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## 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 charitable expenditure. The trustees consider that the ideal level of reserves as at 30 September 2025 would be £50,000. Total funds as at 30 September 2025 were £905K, of which £650K was in restricted funds. ## Going concern The trustees have reviewed the circumstances of the Charity and consider that adequate resources continue to be available for funding 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 the 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 account 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 training (with a particular emphasis on workforce diversification); research; and staff wellbeing. It will also devote resources to research and service development projects in certain designated priority areas, in the form either of pilot schemes or larger-scale projects intended to 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 schemes. ## Structure, Governance and Management The Charity has an independent Chair plus a maximum of ten further trustees. At the end of the reporting year 2024/25, the Charity is made up of an independent chair, five co-opted independent trustees and three trustees nominated by the Tavistock and Portman NHS Foundation Trust. 5 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 The chair and trustees' terms of office are three years, renewable for a maximum of two further terms. Non-voting guests can be invited to attend the Charity's board of trustees' meetings. ## 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 5BA ## **Independent Examiner** M J Bushell Audit LLP Ground Floor, Kings House, 101-135 Kings Road, Brentwood Essex, CM14 4DR ## Our leadership The Trustees of the Tavistock and Portman Charity during 2024/25 were as follows: ## **Chair** Edward Harcourt ## **Trustees** _Independent trustees_ Louise Lyon Angela Greatley Craig de Sousa Margaret Rustin Eenasul Fateh _Foundation trust nominated trustees_ Rachel James Mark Freestone Saba Ahmed ## **Treasurer** Wali Hussnain 6 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## Governing document The Charity is a registered charity, number 1191405, and is constituted under a trust deed dated 2020. The objects of the Charity as stated in the trust deed are to work towards "prevention, relief, treatment 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 time being be charitable in law". ## Trustee induction and training New trustees undergo an orientation programme to brief them on their legal obligations under charity and company law, and the Charity Commission guidance on public benefit; and to 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 to attend appropriate external 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 Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees 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 the 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; - State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping sufficient 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 7 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 (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 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 take in order to make themselves aware of any relevant audit information and to establish that the independent examiner is aware of that information. Approved by the trustees on 24/07/2026 and signed on their behalf by: **Signed:** **Name:** Edward Harcourt, Chair of the Tavistock and Portman Charity 8 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## Independent Examiner's Report I report on the accounts of the charity for the year ended 30 September 2025, which are set out on pages 10 to 17. ## **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 myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - (i) examine the financial statements under section 145 of the 2011 Act; - (ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - (iii) to state whether particular matters have come to my attention. ## **Basis of independent examiner's 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 items 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 evidence 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. ## **Independent examiner's statement** Independent examiner's statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the Charities Act 2011; and - to prepare financial statements which accord with the accounting records and comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with FRS 102; have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. M J Bushell Audit LLP Ground Floor, Kings House, 101-135 Kings Road Brentwood, CM14 4DR Dated: 29 July 2026 9 Docusign EnvelopÈ ID". 83BCCAF3-9ECW8CC7-80FB-317E612D8940 Year-end accounts- 2024/25 The Tavlstoek and Pothan Chartty ststem•nt of Financial Activiti•8 a¥ at 30 Sept 2026 21124125 2023124 Unrestriaed Restricted Funds Funds Total Funds Total Funds Income Donatsons and GiftAd Grants Charrtable Activtties Investment Income Total In¢om• 4,(￿3 4,￿3 129,922 129,922 170 1 130 8990 27,120 22 393 26,456 129,922 156.378 Expenditure Ch8rrt3ble ActNrties Total Expenditure 49 447 49.447 87 942 187.942 57 382 57.382 38.495 Nei Incomellexpendknrel and n•t mov•m•nt in fund5 for th• y•4r 122,9911 91.427 68.436 130,2621 Reconciliation of funds Transfer between Unrestricted l Restricted ftjnds Total funds brougm forward Total funds carried forward 87.133 190536 254,678 187,1331 646.045 650,339 836.581 905,017 866,844 836.580 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 The notes on pages 12 to 17 form part of these accounts. Approved by the trustees on 24/07/26 and signed on their behalf by: ## **Signed:** **Name:** Edward Harcourt, Chair of the Tavistock and Portman Charity 11 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## **Notes to the accounts** ## **1. Accounting Policies** ## **Charity information** The Tavistock and Portman Charity is an unincorporated charity. Its registered office is 120 Belsize Lane, London NW3 SBA. 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 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 (Charities SORP FRS 102 as amended for accounting period commencing from 1 January 2016), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities act2011. 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 financial 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 Trust's work or for specific projects being undertaken by the Trust. 12 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## d. Income recognition All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount receivable 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 performance 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 will be fulfilled in the reporting period. Legacy recognition is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where 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 if 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 receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. ## f. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the charitable activity in the statement of financial activities. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. ## g. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 13 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## h. Allocation of support and governance costs Support and governance costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include payroll, finance, systems and governance 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 equivalents include cash in hand and deposits held at call with bank. ## **j. Financial instruments** The Tavistock and Portman Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Fund's balance sheet when the Fund becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 transaction costs less any trade discount offered and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Basic financial liabilities** Basic financial liabilities, including creditors and bank loans are initially recognised at 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 future receipts discounted 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 charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Amounts payable are classified 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 price and subsequently measured at amortised cost using the effective interest method. 14 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## **Critical accounting estimates and judgements** In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees do not believe there to be any judgements or estimates that would be considered critical to the financial statements. ## **2.** Income 15 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## **3.** Expenditure ## **4.** Debtors ## **5.** Creditors 16 Docusign Envelope ID: 83BCCAF3-9EC9-8CC7-80FB-317E612D8940 ## **6.** Analysis of charitable funds **7.** The balance of £82,297 held in the Tavistock Society of Psychotherapists (TSP) restricted fund brought forward was formally transferred to The Tavistock and Portman NHS Foundation Trust unrestricted fund during the 2024–25 financial year. This amount had previously been recorded as income in earlier years' accounts. The transfer from restricted to unrestricted funds had the approval of the income provider and charity trustees. When the Charity was established in 2020, it was agreed that TSP subscription income and administrative receipts would henceforth be paid directly into the Tavistock and Portman NHS Foundation Trust's bank accounts. It was further agreed that, once an appropriate period had passed, the accumulated balance on the TSP restricted fund would be transferred to the NHS Foundation Trust, less a £1k administration fee. 17