Charity No: 233564 ALBANY TRUST TRUSTEES, REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2025 ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 LEGAL AND ADMINISTRAMVE INFORMATION Charity name: Albany Trust Charlty Commlsslon reglstered number: 233564 For the financial year beginning on: 01.04.2024 and ending on 31.03.2025 Principal address: 239a Balham High Road, London SW17 7BE Governing do¢ument: Trust Deed dated 2 June 1958 Objects of the charity.. To promote psychological health in men by collecting data and conducting research- to publish the results thereof by writing, films, lectures and other media; to lake suitable sleps based thereon for the public benefit to improve the social and general conditions ne￿SSary for such healthy psychological development. Specific investment powers: None Professional advisers.. Bankers.. Barclays Bank PLC Bloomsbury & Tottenham Court Road Branch London W1A 3AT Independent Examiner.. Juliet Pedrazas ACA Chartered Accountant 2 Dragonfly Way, Hawkinge. Kent CT18 7FY Solicitors.. Anthony Gold 496 Streatham High Road London SW16 3QB TRUSTEES AND GOVERNANCE Trustees: Jeremy Clart(e CBE David McKinnon FCPA Dr S Chelvan Trustees are appointed by suNiving or continuing trustees. ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 STATEMENT OF PUBLIC BENEFIT Albany is proud lo be the longest established LGBT+ charity in the UK and, we think. woddwide. In the year 2024-5, Albany Trust continued to respond to enquiries from individuals, couples and families in distress and seeking help with psychological problems related to sexuality, gender identity and relationships. Likewise, we provided advi￿ lo GPS, community mental health teams, NHS talking therapy services and sexual health clinics, as well as a wide range of voluntary sector organisations seeking information concerning access to therapeutic support for psychological problems related to sexuality, gender identity and relationships. Our core seNice is provided by volunteers engaged as Honorary Therapists offering mainly long-term counselling al weekly sessions lo clients who are assessed as being able to benefit. Our clinical team includes highly experienced psychoanalytic supervisors, as well as medical expertise for undertaking psychiatric assessment where indicated. This kind of long-term, low cost, specialist exploratory therapy is not available via the NHS, either locally or nationally. Albany is amongst a small number of specialist LGBT+ charities, therefore, that aims to fill these vital gaps for unmel. sometimes unrecognised, support needs. We estimate that our voluntary contribution, as a small, independent charity reliant on individual donations from friends arbd well-wishers, constitutes an annual saving to the NHS of some £75-100.000. The demographic picture of our client profile in 2024-25 reflects the diversity of the communities at we serve in terms of sexuality and gender, including gay male clients as the largest single group, followed by Irans and non-binary clients as the second largest, with several clients who identify also as queer. In smaller numbers. we see roughly equal numbers of lesbian, bisexual, slraighl male and female clients, respectively. In terms of ethnicity, the largest group are white and from a UK background, the second largest group identify as mixed race and non-European by background. In age, the majority of our clients are in their 20s or 30s, although we also have smaller numbers of clients across the age spectrum into their 50s, 60s and 70s. Within such a small charity, unexpected events for our Trustees, our Clinic81 Team or our team of therapists, Can have a significant impact. Sadly, a sudden and unexpected bereavement occurred this year when one of our Trustees lost his husband. We did our best to support our colleague through the initial shock and the eady stages of grief, which continues into 2025. Our Director of Operations and our Practi￿ Manager have both helped to keep Albany functioning effectively in the absence of a fully present Trustee team. During Summer 2024, we also had lo manage the departure of one of our supervisors, and plan for the sabbatical of another supervisor al the start of 2025. Fortunately, we were able to recruit a highly experienced psychoanalytic psychotherapist lo join the clinical team in the Autumn term, 2024, and so we managed these turnovers without any disruption to our clinical work. At the same lime, several of our honorary therapists came to the end of their clinical placements at Albany, having graduated Su￿ssfUlly, several with distinctions, on their training courses. We were pleased that some of these newly qualified therapists wanted to slay on at Albany and join the team of clinicians undertaking initial assessment consultations. We held an in-house training workshop al the end of September 2024 for prospective assessors and have expanded our assessment team following successful completion of this training and their initial consultations. Albany's clinical pla￿ment has a reputation now as one of the best and most rewarding places to undertake training in psychodynamic and psychoanalytic work in London, offering clinical supervision in small groups led by highly experienced psYch￿analYtlC I dynami¢ supervisors. ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 In November, we were delighted to receive the news that Dr Janet Fernando, one of our supervisors, who had re￿ntlY completed her PhD al the University of Exeter, had been awarded recognib'on with a prestigious honour at the Psychoanalytic Psychotherapy NOW conference awards. An extract from the British Psychoanalytic Council's Bernard Raligan award for Psychoanalysis and Diversity is below.. Janet Fernando receiv￿ th& Bernard Ratigan award for Psychoanalysis and Diversity, which applauds an individual or o@anisation that has significantly in7proved and developed inclusiwty i Matters of diversity. This year's award winner was nominated for her significant woth both within the NHS and al the Alban Trust providing access to psychoan&lytic psycholh&r&py for LGB TQ+ cli8nts who are deaf. In addition lo leading a specialist psychotherapy service for deaf people at St. Geor t£osprtol in South London over many years, Janet has recently undertaken and completed research al the University of Exeter, to explore and understand the adaptations in therapy that are most valued and most effective for deaf clients / patients. She was awarded her PhD from the Univ last year (2023). The primary responsibility of the Tnjstees al Albarby remains the protection of a safe and supportive space for our ongoing client work. Albany s clients have a range of needs., all of whom should be able to expect they will be mel with sensitivity and equal respect. Our reputation for clinical expertise has been built over six decades and several generations of professional clinicians in a specialism Ipsychoanalylic theory applied to sexuality and gender) that is only now becoming better appreciated in Contemporary models of clinical work. This complex and sensitive area of work remains even now subject to misunderstanding and misrepresenlalion by 'bad faith actors,, both in the mainstream media. as well as social media. It remains important, therefore, at Albany continues lo develop ils unique tradition of clinical work along evidence-based lines. Clinical seminars during 2024-25 focused on research-informed ways of identifying relationship patterns that underpin psychopathology and are associated with depression and anxiety, as well as how to help resolve attendant difficulties with social and occupational functioning, and with maintaining healthy personal relationships. For our December team development event we were delighted to welcome our expert guest speaker, Mr Dominic Hodgson, Consultant Urologist al the Queen Alexander Hospital in Portsmouth. Dominic gave an illustrated lecture on the pioneering medical and social reforms achieved by Albany's founding Chair of Trustees, Kenneth Macfarlane Walker. From blood transfusions on the front line during the 1° Wodd War, through lo sponsoring the landmark social science research irnlo homosexuality through the Social Biology Council in the 1950s and 60s, we were fascinated to hear about historical connections with our clinical work today. Finally, 2024-25 ended on a sombre note as it had begun, when we were infomied by Lord Elherton, our speaker for the second Antony Grey memorial lecture to be held al the Westminster Parliament in June, that we may need to make fall-back arrangements on account of his delerioraling health situation. Lord Etherton sadly died in May 2025. His government commissioned review into injusti￿$ suffered by LGBT+ members of UK armed forces, in addition lo his distinguished legal career, leaves behind a huge legacy, as il has enabled the most significant forward steps since passing of legislation for same-sex marriage. Albanys 2nd memorial lecture, then, dLJly took place in June even more poignantly with permission of the House of Lords Speaker and support from Lord Cashman and a government slalemenl from Alistair Carns, Minister for Veterans. This will feature in our report for 2025-26. Our continued tradition of public benefit through beller understanding of sexuality and gender combines working directly with clients, whose lives are transformed, as well as with officials, Ministers and policy makers, quietly but persuasively. This is as vital as ever lo ensure a more loleranl climate in the UK. Informed by our unique, expert clinical work over several decades, our vision today, as in 1958, is for a society in which people are free and safe to live their own best lives and to find love and happiness through fulfilling relationships of their own choosing. Jaremy Clarko CBE. Chair of Trustees ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 POLICIES Reserves policy The Trust holds income reserves sufficient to meet normal operating expenses and holds investments sufficient to meet all known liabilities. Investment selection policy The Trust's investments are largely in a unil trust established specifically for charity investment. Grant-making policy Albany Trust did not make any granls during Ihe year. It has continued to provide counselling at a reduced cost on a case-by-case basis. FINANCIAL REVIEW During the year up to 3 trained counsellors and on average 12 trainee counsellors at any one time volunteered through Albany. Net Income decreased by -£13,475, a -280/0 fall on prior year, with total expenditure increasing by an unfavourable -£4,960 or 140/0 from prior year. The Trust experienced an operating loss of -£4.393 Ivs a 2023124 profit of £14.041), hindered by the loss of higher fee paying clients, a reduced Clinical Team11 supervisor downl, and the introduction of a new cost relating to a new mental health management IT system, RHADAR 1-£3,1321. The Trustees are focused on bringing Ihe charily back to profitability, and plan to do so by ramping up the scale of operations and service provision. TRUSTEES. RESPONSIBIL￿1￿$ IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position al the end of that year. In preparing those financial slatemenls the Trustees are required to.. la) select suitable accounting policies and apply them consistently., Ib) make judgements and estimates that are reasonable and prudent., Ic) slate whether the policies adopted are in accordance with applicable accounting standards., Id) prepare the financial ststements on a going concem basis unless it is inappropriate lo assume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity- 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. SIGNATURE AND DECLARATION I declare in my capacity of charity truslee Ihat.. the trustees have approved the report above- and have authorised me to sign il on their behalf Jeremy Clarke C Trustee 26" January 2026 ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ALBANY TRUST I report to the trustees on my examination of the accounts of the Trust for the year ended 31 March 2025, which are set out on pages 7 to 11. RESPONSIBILITIES AND BASIS OF REPORT As the charity's truslees, you are responsible for Ihe preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Truslees, accounls carried out under s.145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under s.145(5llb) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were nol kept in respecl of the Trust as required by s. 130 of the Act., the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounls set oul in the Charities (Accounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Juliet Pedrazas, ACA Chartered Accountant 2 Dragonfly Way, Hawkinge, Kent. CT18 7FY 26" January 2026 ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 STATEMENT OF FINANCIAL ACTIVITIES INCL*IING RESOURCES 2Q25 2024 Income frorn Charitat￿e AciNilies: Ccunselling Fees Supervision Fee Income Assessment Income 27,710 12,080 810 40.002 9.715 Activitses for Generating Funds: Royalties received Dfvh1end Charifvnd 4,160 3,149 6.599 2.9g2 APPPS Inc(Me 1.425 315 Don*'ons 220 GROSS INCOMING RESOURCES 48,129 62.688 Less Cost of Sales: ConsutsncylGfOUP Supwvisi( C¢Junsellors' Fees 9,400 3,271 385 10.920 2.975 245 Assessment Fee5 Total Costof Sales 13,056 14,140 NET IIICOMING RESOURCES 35,073 48.548 RESOURCES EXPENDED ChaTitsble Activltoes: Colltradors 13,519 17,105 849 10.442 RenVRate5t6uilding5 InswancelGas Telephone & Internel Websitelsecretarial 17.984 1.102 533 Property Mlnlenan Sundry Bad Debt wrrte offs 19 391 53 100 1,125 1.596 275 Depreciation Subscriptior 1,596 3.441 37,190 33.496 Governance Costs: Profess￿nal In(*mnty Independent ExamiTrab"Crfb Fees Trustee Meetings 2,276 704 24 283 2.276 1.011 TOTAL RESOURCES EXPENDED 39,466 34,507 NET INCOME I IEXPENDttUREI FOR YEAR CARRIED FORWARD 14.3931 14.041 ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 STATEMENT OF FINANCIAL ACTIVITIES CONT'D 2025 2024 NET INCOME I IEXPENDffUREI FOR YEAR BROUGHT FORWARD 14.3931 14,041 GAINS I ILOSSESION INVESTMEKtASSETS Uwealiqert M&G investmenl lund balance movement 2.165 12.2281 1943) 13.098 NETMOVEMENT IN FUNDS 12.228) 80.856 £78.628 13.098 Fund balances brovght forward Fund balan￿$ carried forward 67.758 £80.856 The results are derived entirely from continuing activities and Ihere are no recognised gains and losses other than those stated above. All income and expenditure above relate to unrestricted funds. ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note FIXED A$s￿s Tangib￿ Assets Investments 3,786 52.830 5,381 50,665 56,616 56.046 CURRENT ASSETS Deblor5- Clierlts 4,860 2,11)0 745 Deblors- 0lh8r 2,100 Cash at Bank". Barclays Counsellno Account Paypal Merchant Account 15,163 825 21,197 1.263 25,305 22,948 CURREMT LIABILMES Credrtors (due within one yearl 936 495 NET CURRENT ASSETS 22,012 £78,628 24.810 £80,856 NET ASSETS Representsd by: ACCUMULATED RESERVES Restricted Funds unresln.cted Funds 78.628 80.856 Fund balances carried fomatd £78,628 £80,856 Approved by the trustees on 26" January 2026 and signed on their behalf Trustee Trustee and Honorary Treasurer ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 NOTES TO ACCOUNTS FOR YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basi5 of preparation The financial statements of the charity, which is a public benefit entity under FRS102, have been p￿pared under the historic tx)st conv8ntion Iwith the exception of investments which are includ8d on 8 markel valu8 basis) in accordants with the Financial reporting Standard Applicable In the UK and Republic ol Ireland IFRS1021, the Accounting and Reporting by Charities.. Statefflent of Recommended Practice applicable to charities p￿parIng their accounts in ac¢ordance with the Fin8n¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (Charitie5 SORP FRS10218nd the Charitie5 Act 2011. Fund accounting General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. All incorne and expenditure is shown in the Statement of Financial Activities. Fees from counselling are shown gross with the related expenditure appearing as Charitable Activitie$ Expenditure. Tangible fixed as8ets and depreciation Tangib18 fixed 8S58t5 8r8 5t8t8d at cost induding any incid8ntal 8XP8nses of acqui51tion. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost over their expected useful economic lives as follows_. Furnitur8, L88sehold lrnprov8m8nts and Equiprn8nt- 20Dkn on a straight-line basis Investments Investrnents are stated at rnarket value. TANGIBLE FIXED ASSETS Leasehold Improvements Furniture & Equlpment Total Nel Book Value 31.03.2024 5,381 5,381 Additions through to 31.03.2025 D8preciation Charge for year 11.5951 11,5951 Net Book Value 31.3.2025 £ 3,786 £ 3,786 io ALBANY TRUST TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2025 NOTES TO ACCOUNTS FOR YEAR ENDED 31 MARCH 2025 CONT'D INVESTMENTS 2025 2024 Market Value Opening Balance 50,665 51,607 Net Investtnent G8ins I IL05S8sI 2,165 19431 Investment Top-ups I IDrawdownsl Mark8t value 8t 31.03.2025 £52,830 £50,665 Cotnprising Listed Investments.. Equities £52,830 £50,665 DEBTORS Debtors Sundry- BondlDeposit on account for premises 2,100 2,100 Debtors Clients- Total Debtors18ss client prepaym8nts 4,860 745 £6,960 £2,845 CREDITORS Creditors- Associate Fees Due 936 495 £936 £495 TRUSTEES. REMUNERATION No trLJStee was p8id for their Se￿iceS as a trustee. The truslees rnade no donatsons to the charity during the year. li