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2021-03-31-accounts

PSYCHIATRY RESEARCH TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2021

Registered Charity Number : 284286

PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY ITS TRUSTEES AND ADVISORS

Board of Trustees

The trustees for the year ended 31st March 2021, up to the date the accounts were approved were: Professor Thomas Kern Jamieson-Craig (Chairman) Professor Sir David Goldberg Professor Dinesh Bhugra Professor Paola Dazzan Professor Khalida Ismail Professor Peter Lantos Professor Carmine Pariante Professor George Szmukler Professor Diana Rose (Retired 15 January 2021) Professor Elizabeth Kuipers Professor Stephen Scott Mr Mike Stewart Professor Janet Treasure Mr Ben Williams

Staff

Ms Lesley Pease BA (Hons), Chief Administrator (Retired October 2020) Ms Deanna Samuels, Administrative Assistant (acting Chief Administrator from Nov 2020)

Charity Registration number : 284286

Registered Office and operation address: 16, De Crespigny Park, Denmark Hill, London SE5 8AF

Professional Advisers

Bankers: Coutts & Co, 440 Strand, London WC2R 0QS

Auditors: Knox Cropper Chartered Accountants LLP, 65 – 68 Leadenhall Street, London EC3A 2AD

Investment Advisor: Cazenove Capital Management Ltd. 1 London Wall Place, London EC3A 2AD

Independent Financial Adviser: Mr David Wilson

Solicitors: Field Fisher Waterhouse, Riverdale House, 2 Swan Lane, London EC4R 3TT

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021which are also prepared to meet the requirements for the trustees’ report and accounts for Charities Act purposes.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charities constitution, 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 Reprting Standard applicable in the UK and Republic of Ireland (FRS 102 second edition) effective 1 January 2019

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Psychiatry Research Trust (PRT) was set up by a Trust Deed dated 20[th] January 1982. It raises funds for research into mental illness and brain disorder undertaken at the Institute of Psychiatry, Psychology & Neuroscience and its associated Mental Health Trust (South London and Maudsley Foundation Trust).

The trustees have been selected to provide a broad background of expertise in the fields of financial management, academic, psychiatric and neurological research and fundraising.

Thomas Kern Jamieson- Craig (Tom Craig) : (Chairman) Emeritus Professor of Social Psychiatry. Institute of Psychiatry, Psychology & Neuroscience, King’s College London and honorary consultant psychiatrist South London and Maudsley NHS Foundation Trust. He is a past president of the World Association of Social Psychiatry. He research interests include the influence of social deprivation on the onset and course of psychiatric disorder and psychosocial treatments for schizophrenia and other psychoses.

Professor Sir David Goldberg: (Retired as Chairman April 2016) Professor Emeritus of King’s College London: Sir David was formerly Professor of Psychiatry and Director of Research and Development, at the Institute and longtime advisor to the Department of Health and the World Health Organisation

Professor Dinesh Bhugra: Professor Emeritus of Mental Health and Cultural Diversity at the Institute of Psychiatry, Psychology & Neuroscience, King’s College London and President of the World Psychiatry Association (2014-2017). He has previously been the President of the Royal College of Psychiatrists (2008-2011) and the Dean of the Royal College of Psychiatrists (2003-2008). Professor Bhugra has been interested in health services research and has led on developing various training packages for health service professionals and for psychiatric education. He was an honorary Consultant at the Maudsley Hospital in London where he ran the sexual and couple therapy clinic and has published widely. He is Non-Executive Director of Tavistock and Portman Foundation NHS trust and is on the board of SANE charity and is President of the Mental Health Foundation. He was awarded the CBE in 2012 and is president of the BMA (2018-2019)

Professor Paola Dazzan: Professor of Neurobiology of Psychosis and Vice Dean International at the Institute of Psychiatry, Psychology & Neuroscience, King's College London Professor Dazzan’s main research interest is the applications of brain imaging to the study of the early stages of psychosis & postpartum psychoses. She has a strong interest in understanding how antipsychotic drugs affect brain structures & function and in exploring how to use imaging to predict response to treatment and clinical outcome. Her work has been recognised by several prestigious International Awards. Professor Dazzan has a strong commitment to research that can improve the lives of the people affected by Schizophrenia and their families and is an active member of the Schizophrenia International Research Society of which she was elected Secretary in 2018.

Professor Elizabeth Kuipers: (Appointed Trustee April 2016). Professor Emerita of Clinical Psychology from 2016, and until 2012, Head of the Department of Psychology at the Institute of Psychiatry, Psychology & Neuroscience (IoPPN). Her research has been focussed on the development and evaluation of psychological interventions for psychosis, initially family intervention for schizophrenia and issues for carers, and then cognitive behavioural therapy for individuals. Professor Kuipers was the lead for Athena SWAN at the IoPPN from 2012, and ensured, with others, the Silver Award for the IoPPN in 2014. (Athena SWAN is a Charter which recognises excellence in an institution’s commitment to gender equality. She was made a Fellow of the British Psychological Society (BPS) in 1991 and a Fellow of the Academy of Social Sciences in 2009. In 2013 Professor Kuipers received the Women in Science and Engineering (WISE) Lifetime Achievement award as well as a Lifetime achievement award from the

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

Professional Practice Board of the BPS. In January 2018 Professor Kuipers was awarded an OBE for services in clinical research, treatment and support for people with psychosis.

Professor Peter Lantos: After working as a Senior Lecturer and Honorary Consultant in Neuropathology at The Middlesex Hospital Medical School, Professor Lantos joined the Institute of Psychiatry as Professor of Neuropathology and was an Honorary Consultant at The Maudsley Hospital and King’s College Hospital until his retirement in 2002. From 1995 to 2002 he was also Director of Neuropathology Services at King’s Neuroscience Centre. Professor Lantos is a Fellow of the Academy of Medical Sciences

Professor Diana Rose: Located in the Health Services and Population Research Department at the Institute of Psychiatry, Psychology & Neuroscience, Professor Rose is a social scientist and also a mental health service user. She is Co-director of the Service User Research Enterprise (SURE) and in early 2014 was conferred with the title of Professor in User Led Research, the first role of its kind in the world. Currently she is undertaking research from the service user’s perspective and service userled research and knowledge production globally, often with roots in activism and advocacy.

Professor Stephen Scott: Professor in Child Health and Behaviour at the Institute of Psychiatry, Psychology & Neuroscience and Consultant Child and Adolescent Psychiatrist at the Maudsley Hospital where he is head of the National Antisocial Behaviour Clinic and the National Adoption and Fostering Clinic. He is Director of the National Academy for Parenting Research and Chair of the National Institute of Clinical Excellence's Guideline Development Group on Conduct Disorders. In the 2014 New Year Honours list he was awarded a CBE for services to families and in 2017 was made a Fellow of the Academy of Medical Science.

Mr Mike Stewart: Mr Stewart is a business consultant and private in vestor. He was previously senior partner and Chief Investment Officer of WHARD Stewart, an asset management firm that he founded in 2012. He had previously worked for JPMorgan for 17 years. He held positions including co-Head of the Investment Bank's Emerging Markets business and Global Head of Proprietary Trading. His final role involved setting up a new alternative investment business for JPMorgan Asset Management. He graduated from Durham University in economics and holds a Masters in Behavioural Economics from City University. He is married with four children.

Professor Janet Treasure: Professor Treasure is an internationally renowned expert in eating disorders. She is Professor of Psychiatry in the IoPPN’s Eating Disorders Section and a Consultant at the South London and Maudsley NHS Foundation Trust’s Eating Disorders Unit at the Bethlem Royal Hospital. Professor Treasure is also on the consultative board and is the Chief Medical Officer at BEATnow (the main UK eating disorder charity) and was awarded an OBE for Services to People with Eating Disorders in the 2013 New Year’s Honours. In February 2014 she was awarded the prestigious lifetime achievement award by the Academy for Eating Disorders (AED).

Professor George Szmukle r ( Appointed Trustee Nov 2018)

Emeritus Professor of Psychiatry and Society at the Institute of Psychiatry, Psychology and Neuroscience at King’s College London, and a Fellow of King’s College London. He was previously a consultant psychiatrist at the South London and Maudsley NHS Foundation Trust. He was Dean of the Institute of Psychiatry (2001-2006), Medical Director of the Maudsley and Bethlem NHS Trust, later the South London and Maudsley NHS Trust (1997-2001), and a Visiting Professor in the BIOS Centre, Department of Sociology, at the London School of Economics (2005-2013). He was an Associate Director of the National Institute of Health Research – Mental Health Research Network with special responsibility for patient and public involvement in research (2007-2015). He is currently the chair of the Special Committee on Human Rights of the Royal College of Psychiatrists, UK and a Board member of Human Rights in Mental Health – Federated General Initiative in Psychiatry.

Professor Carmine M. Pariante (Appointed Trustee Nov 2018) Professor of Biological Psychiatry at the Institute of Psychiatry, Psychology and Neuroscience, King’s College London, and Consultant Perinatal Psychiatrist at the South London and Maudsley NHS Foundation Trust. He investigates the role of stress and inflammation in the pathogenesis of mental disorders and in the response to psychotropic drugs, both in clinical samples and experimental settings. His work focuses on depression and fatigue, with a particular interest in the perinatal period and in subjects with medical disorders. More recently, he has developed an interest in the effects of the arts, social prescribing, and nutritional interventions, on mental health. He has received numerous awards for his research, most recently the 2017 NARSAD Distinguished Investigator Award

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

(one of the most prestigious international research awards in psychiatry) and the 2018 Art of Neuroscience Award, Royal Academy of Arts and Sciences (The Netherlands). He appears regularly in international media outlets to discuss mental health issues, and can be followed on Twitter @ParianteSPILab and on the blog that he edits, www.inspirethemind.org.

Dr Khalida Ismail

Khalida Ismail is Professor of Psychiatry and Medicine, Dept of Psychological Medicine, King’s College London, and Co-Director, Institute of Diabetes, Endocrinology and Obesity, King’s Health Partners (KHP). She leads the Diabetes, Psychiatry and Psychology unit which is one of the largest in this field in the world. She specialises in the epidemiology of psychiatric disorders in diabetes and related disorders, and in developing treatments to support diabetes management and diabetes prevention. Her work was showcased in a BBC3 documentary ‘Diabulima; The World's Most Dangerous Eating Disorder’ which has had 6.6 million views, and together with the patient voice and collaborators including Prof Janet Treasure, South London & Maudsley Trust, supported the case to the NHS to fund the first in the world KHP Type 1 Diabetes and Disordered Eating Service.

Mr Ben Williams: Mr Williams is a fund manager with over 20 years’ experience managing equity portfolios. He has held positions at GAM a swiss listed asset manager and Royal Sun Alliance. After taking a break, he will be starting a new role in the fund management industry in 2020.

Ms Lesley Pease is the Chief Administrator and attends to all the day-to-day management of the PRT. She retired at the end of October 2020 and pending new appointmnents her role was taken on by, Ms Deanna Samuels.

Governance: The trustees who have served during the year and since the year end are set out on page 1. New trustees are normally recommended by the current trustee or members of the Psychiatry Research Trust. Their appointment is ratified by the current trustees after having had a preliminary meeting with the Trust Director. The Trustees have agreed that meetings will be bi-annual. In addition, there are sub groups which include specialist co-optees and which meet more frequently to assess grant applications, interview individual grant applicants and review (in the form of the Finance Committee) the performance of investments and financial management of the Psychiatry Research Trust. These sub groups report to the full board of trustees.

While there is no formal induction or training for Trustees, a copy of ‘the Good Trustees Guide’ is made available for their benefit.

Connected Charities: The Psychiatry Research Trust is connected by Trust Deed with the Institute of Psychiatry, Psychology & Neuroscience (IoPPN) which is part of King’s College London, (a Charter Corporation), Strand London WC2R 2LS. The Institute of Psychiatry, Psychology & Neuroscience shares common objectives with the Psychiatry Research Trust. The trust is based on Institute premises and all material transactions are conducted with the Institute of Psychiatry, Psychology & Neuroscience.

Risk Management: The trustees have examined the major strategic and operational risks which the charity faces and confirm that systems have been established to reduce these risks to an acceptable level.

Grant Giving Policy

  1. All new projects require a formal written proposal. Grants of up to £1,000 can be made at the Chairman’s discretion. Those between £1,000 and £10,000 can be dealt with by internal assessors and any amount over that figure will be sent to both internal assessors and to at least one external assessor. If there are disagreements between the views of assessors the Chairman will seek a second external assessor before convening a short meeting of the internal assessors to determine whether the proposal can go forward, or alternatively which proposal will find favour. We will not normally directly interview applicants for funds at this time.

  2. Small (<£1,000) additional purchases by holders of restricted funds may be made at the discretion of the Chairman without going through this procedure. If expenditures on an approved project exceed available resources they cannot be approved, and must be referred to the Chairman.

  3. Applications for new projects may be made by any staff member at the Institute of Psychiatry, Psychology & Neuroscience and its associated Mental Health Trust (South London and Maudsley Foundation Trust),

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even where funds were obtained by a grant to a particular staff member. However, we will always warn the staff member to whom funds have been allocated beforehand. All new expenditures must be in the form of a research proposal, which will give an account of the aim of the research, the method & measures, a time budget and a financial budget.

  1. We do not wish to hold on to large sums in our restricted budgets, and reserve the right to invite bids for these funds having drawn the attention of the original fund holder that this may occur.

  2. Staff Appointments:

  3. These posts are advertised and the most able applicants are short-listed and interviewed by Institute of Psychiatry, Psychology & Neuroscience Appointment Committees which include several professional members. The appointment is awarded to the applicant most suited to the job. In the case of short term appointments, applicants from overseas who seem exceptionally able to a Head of Department can be supported temporarily while they apply for funds from a medical charity.

  4. Surplus Funds: For the distribution of Surplus Funds, as and when available, the Trustees appoint a committee containing specialists from several fields and invite applications from the Head of each Clinical Academic Groups (CAG) in the Institute of Psychiatry, Psychology & Neuroscience

Objectives and Aims for the Public Benefit

The Objectives of the Trust are to support by all available means for the public benefit, research and investigation into mental health, mental illness and brain disorder including specific diseases or conditions with psychiatric aspects and the causes, means of prevention, diagnosis and treatment of such conditions in association with the Institute of Psychiatry, Psychology & Neuroscience and its associated Mental Health Trust (South London and Maudsley Foundation Trust).

The Principal Aims of the Trust are to meet its objectives by funding:

Strategies to achieve Objectives and Aims

Activities

The PRT supports research both with restricted funds, that can only be used for research in a particular area and with unrestricted funds, where bursaries are awarded to young researchers in open competition provided that they will be supervised and that their research falls within one of the Mental Health Clinical Academic Groups (CAGs) of the Institute of Psychiatry, Psychology & Neuroscience, associatd with the Mental Health Trust (South London and Maudsley Foundation Trust.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the trust’s aims and objectives and in planning future activities for setting the grant making policy for the year.

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RESEARCH THEMES:

PRT supported research is organised in eight broad themes that map on to equivalent clinical academic groupinga at the Institute of Psychiatry, Psychology and Neuroscience.

Addictions investigate the social, psychological and neurobiological basis of drug-seeking and drug-taking, and aims to identify genetic and environmental factors contributing to drug-taking disorders and the harms associated with them.

Behavioural & Developmental Psychiatry the investigation of normal brain development; and how abnormalities in this process lead to cognitive and behavioural problems (including offending (forensic) and antisocial behaviours (e.g. violence and psychopathy); intellectual disability, autism spectrum disorderand attention deficit hyperactivity disorder.

Child & Adolescent Mental Health Services (CAMHS) studies the epidemiology of mental disorders affecting children, molecular genetic studies, neuro-immunological studies and cognitive scientific studies of common disorders such as ADHD, autism, foetal alcoholism syndrome as well as rarer genetic disorders. It also carries out therapeutic trials of new treatments. This includes the National Academy of Parenting research and is one of the Centres delivering the programme for Increased Access to Psychological Treatments for Children and Young People (CYP IAPTS).

Clinical Neuroscience Including the molecular mechanisms of neurodegeneration and brain injury, identifying biomarkers and improving treatment and care of people affected by neurodegenerative diseases. It includes internationally recognised Centres of Excellence for Stroke, Neurointervention, Motor Neurone Disease, Parkinson’s disease, Neurofibromatosis and Neuropsychiatry; research into Epilepsy and the largest brain tumour service in the UK.

Mental Health of Older Adults (MHOA) and Dementia work to discover and apply improved diagnostic tests, treatments and models of care for older people with mental health problems and dementia.

Mood, Anxiety & Personality Disorders. Research focuses on genetic, biological and psychosocial factors involved in the development and maintenance of depression, anxiety disorders and personality problems. A prominent feature of the research is close attention to the development and evaluation of novel treatment procedures based on a scientific understanding of the factors involved in maintaining each of the conditions.

Psychological Medicine focuses on the interface between psychiatry and medical disorders, psychiatry and occupation, psychiatry and the military and psychiatry in different settings. The disorders of interest are those of the common mental disorders, such as depression, anxiety, perinatal psychiatry, psychological oncology, eating disorders and stress related disorders. Behaviours of interest include somatisation, deliberate self harm and behavioural disorders.

Psychosis The aims are: to increase scientific knowledge about schizophrenia and bipolar illness and to determine their aetiology; to develop and test better treatments for these disorders in order to improve the lives of sufferers; and to disseminate information about new advances to professionals, sufferers, their carers and the general public. Studies include the application of neuroimaging techniques to show abnormalities in the structure, function and biochemistry of the brain; understanding interactions between ethnic group and susceptibility to psychosis; elucidating the consequences of carrying risk genes for psychosis; tracking down constitutional and environmental factors (including illicit drugs) which might precipitate the development of a psychotic illness and influence its course; and finally developing and testing a range of treatments including medication and psychotherapies.

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

RESEARCH SUPPORTED IN THE CURRENT YEAR

CHAIRMAN’S COMMENT:

Six of our young researchers have completed projects in the past year; while a further 11 projects are still in progress. The Covd-19 pandemic has had a significant impact on clinical research including times when NHS trusts barred face to face contact for most research studies with patients, and disruptions due to staff sickness and other delays.

PROJECTS COMPLETED 2020/2021

1 Jereem Sreedharan/ W Noble : investigation of the role of microtubule-associated protein tau in TDP-43mediated neurodegeneration It is known that the death of brain cells in Motor Neurone Disease is probably caused by abnormal changes in a protein called TDP-43. This protein is also linked to another protein called tau. This study carried out in nerve cells grown in a dish and in a mouse model of MND, showed that treatment with a compound that changes the structure of another protein (GSK3) that changes the structure of tau improved he condition of the cells and in the brains of the mouse. These results have implications for MND and other forms of dementia such as Alzheimers disease.

2 Rosalind Tucker / S Dodd; Investigating the links between Parkinson’s Disease, Helicobacter infection & Livestock Farming : This study is part of an ongoing programme studying the role of the gut, including constipation and intestinal helicobacter pylori in Parkinsons disease. The study reports on the development of new stool-based tests for helicobacter and is a precursor to further studies of colonic dysfunction in Parkinsons Disease .

3 Chianna Umamahesan/ S Dodd - Association of intestinal microbiome and metabolome with Parkinson’s disease: exploring role of immune-inflammatory mediators : Also part of the Parkinsons Disease programme. This study found in a cluster analysis that prolonged food transit of the lower gut was associated with symptoms of Parkinsons Disease (slowness, tremor, sleep disturbace and impaired smell). Furthermore the slow colon-transit is linked to lower concentrations of short chain fatty acids and of tryptophan containing metabolites known to be essential to gut health . Taken together thise findings suggest a link between Parkinsons and intestinal inflammation.

4 Charlotte Gayer-Anderson/ Craig Morgan - Risk & Protective Factors for Unfounded Paranoid Ideation in Adolescents: A Virtual Reality Study Paranoid thoughts are common in adolsecents and are associated with more suicidal ideation, unsatisfactory peer relationships and fewer job opportunities. The study used a model of a school canteen in virtual reality to explore the risk factors associated with paranoid ideation. Preliminary analyses show greater untoward paranoia associated with past exposure to bullying victimisation and other interpersonal trauma. Analyses are underway exploring whether school climate can promote resilience in these indivduals.

5 Gerald Finnerty – Facilitating Resection of Human Brain Tumors with an Electrophysiological Biomarker of the Tumor Edge: The surgical removal of these tumors is often less complete than thought owing to the difficulty of establishing the boundary between tumor and healthy brain tissue. This study has developed a sensitive electrophysiological technique that has considerable potential for clinical implementation.

6 Alison Faulkner/ D Rose - Funding provided to help a mental health service user and community voluntary organisation (the Dragon Café) develop an evaluation plan for routine outcomes monitoring.

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RESEARCH IN PROGRESS

11 research projects continue from previous years and three new award projects were funded.

  1. Rosie Mayston/Martin Prince - Depression among newly diagnosed people living with HIV/AIDS. Adaption & evaluation of an intervention package using mixed methods

  2. Jessica Munday/ Robin Murray: Genetics of the Mood disorder spectrum ( part of the wider programme New Developments in Molecular Genetics for the benefit of people with Bipolar Disorder or depression)

  3. Alison Faulkner/Diana Rose - Service User Involvement to produce an evaluation plan whichcould be selfadministered at The Dragon Café – a mental health service user & community voluntary organisation

  4. Rayane Chami/ Janet Treasure - An examination of the feasibility acceptability and effectiveness of a skills-based intervention for adolescents with eating disorders

  5. Viviana Aya/Janet Treasure - COMPASS Study: Computerised Avatar Software for the critical inner voice

  6. ALASTAIR Kirby/ Gerald Finnerty investigating the mechanisms of glioma-induced seizures in living human brain tissue

  7. Giulia Lombardo/C Pariente - Understanding the role of gender, inflammation and sex hormones in theprevention and treatment of affective disorders

  8. Latha Velayudhan/S Bhattachar - CANnabidiol for Behavioural Symptoms in Alzheimer’s Disease (CANBiSAD)

  9. Paul Shotbolt – Randomised Controlled Trial of the Effect of Vagal Nerve Stimulation on Mood and Quality of Life in Patients with Epilepsy

  10. Lucy Adams/Lucia Valmaggia - Virtual Reality Supported Therapy for Adolescents with Autism Spectrum / Investigating the interfaces between technology, autism spectrum disorder, and men.

  11. Lauren Carson/ R Stewart - Associations between Assisted Reproductive Technologies and Women's Mental Health: an investigation using clinical data linkage

ACHIEVEMENTS & PERFORMANCE

These are assessed from Final Reports of Projects submitted to the Trustees, supplemented by scientific papers produced by those supported by the Trust. Several of the studies reported here have the potential to make a substantial contribution to psychiatry and/ot neuroscience and have produced reports in high quality peer reviewed scientific journals.

FUTURE PLANS

To explore a possible appointmnent of a part time fundraising post

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

FINANCIAL REVIEW

Results for the Year

Donations via individual giving decreased this year to £53k but legacy income increased to £522k. Event income decreased to £1k as a result of Covid restrictions. We are grateful to all the trusts and individual donors for their generosity in supporting our research funding. Investment income decreased to £40k. Total income amounted to 616k, an increase of £410k when compared to preceding year.

Total expenditure, including grants, fundraising and administration amounted to £321k, an decrease of £163k compared to preceding year. This decrease was caused by Covid restrictions, which caused many awards to be deferred. There was a general increase in the value of the investment portfolios at the end of March 2021. As a result of this, the Trust had investments gains of £328k in the year compared with losses of £41k in the preceding year.

Reserves

The total reserves amount to £3,014k of which £174k are held in endowment fund and £1,311k are held in restricted funds. Unrestricted funds amount to £1,487k and £42k have been designated. Details are set out in note 13 to the accounts. The existingt policy, which is kept under review, was to make additional awards of between £150k and £200k per year of which £60k would be funded from unrestricted funds with the balance funded from restricted funds. However, in the current year, as a result of Covid restrictions, no new awards were made but the projects were deferred. A cash reserve sum of about £300k is maintained in a separate cash account at all times, so as to assist with any capital calls from the investment portfolio. This works on the basic principle that the Trust should have at least 1.5 years spending in cash or near cash (short dated gilts and high quality investment grade bonds) held in reserve to ensure that the investment manager is not forced to sell investments at an inopportune time.

Investment Policy

The Trust revised its ethical investment policy during the year. No investment is made in companies that derive more than 10% of revenues from tobacco, armaments, alcohol, gambling and pornography. Pooled funds are screened prior to purchase to ensure compliance with the ethical policy. The investment policy is to achieve a balance of income and capital growth and all investments are required to be readily realisable.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the trustees should follow best practice and:

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

The Trustees have overall responsibity for ensuring that the Charity has an appropriate system of controls, financial or otherwise. They are also responsible for keeping adequate 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 comply with the Charities Act 2011 and the provisions of the governing document. They are also responsible for safeguarding the assets of the Charity and hence 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 the legislation in other jurisdictions.

In so far as te Trustees are aware

Approved by the trustees on 27 January 2022 and signed on their behalf by: Professor Thomas Kern Jamieson - Craig Chairman

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PSYCHIATRY RESEARCH TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

Opinion

We have audited the financial statements of the Psychiatry Research Trust (the ‘charity’) for the year ended 31 March 2020 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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’sresponsibilities 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 trustees’ 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 charity’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 trustees 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 annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

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 express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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PSYCHIATRY RESEARCH TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

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 trustees

As explained more fully in the trustees’ responsibilities statement in the trustees’ report, the trustees are 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 trustees determine 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 trustees are 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 trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 the Act and relevant regulations made or having effect thereunder.

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 is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors responsibilities. . This description forms part of our auditor’s report.

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PSYCHIATRY RESEARCH TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2021

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken, so that we might state to the charity’s trustees those matters we are required to state to them in an auditors 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 trustees as a body, for the report or for the opinions we have formed.

Knox Cropper LLP Chartered Accountants & Statutory Auditors 65 – 68 Leadenhall Street London EC3A 2AD

27 January 2022

Knox Cropper LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor under section 1212 of the Companies Act 2006.

13

PSYCHIATRY RESEARCH TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2021

Notes
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
Other trading activities
3
Investments
4
Total
EXPENDITURE ON:
Cost of generating
voluntary income
Charitable Activities
5
TOTAL EXPENDITURE
Net (expenditure) before gains and
losses on investments
Net gains / (losses) on
Investments
8
Transfers
NET MOVEMENT IN
FUNDS
TOTAL FUNDS AT
1 APRIL 2020
TOTAL FUNDS AT
30 MARCH 2021		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Permanent
Endowments
Total
Funds
2021
Total
Funds
2020
£
£
£
£
£
£
48,618
-
526,062
-
574,680
138,585
1,363
-
-
-
1,363
7,776
22,107
849
16,997
-
39,953
59,505
72,088
849
543,059
-
615,996
205,866
6,449
253
4,958
-
11,660
19,692
71,712
30,567
206,792
-
309,071
464,043
78,161
30,820
211,750
-
320,731
483,735
(277,869)
(6,073)
(29,971)
331,309
-
295,265
170,680
6,553
131,231
19,793
328,257
(41,405)
1,762
(1,762)
-
-
-
-
166,369
(25,180)
462,540
19,793
623,522
(319,274)
1,320,480
67,364
847,960
154,750
2,390,554
2,709,828
£1,486,849
£42,184
£1,310,500
£174,543
£3,014,076
£2,390,554

None of the Trust’s activities were acquired or discontinued during the above two financial years.

There were no recognised gains or losses other than those stated above.

14

PSYCHIATRY RESEARCH TRUST

BALANCE SHEET AT 31st MARCH 2021

Notes
Fixed Assets
Investments
8
Current Assets
Debtors
9
Cash at Bank
Creditors : Amounts falling due
within one Year
10
Net Current Assets
NET ASSETS
Capital funds:
Endowments
13
Income funds:
Unrestricted
13
Restricted
13
Designated
13
Total Funds		 2021
£
£
2,469,325
475,884
212,993
688,877
(144,126)
544,751
£3,014,076
174,543
1,486,849
1,310,500
42,184
£3,014,076		 2020
£
£
2,261,915
14,765
341,446
356,211
(227,572)
128,639
£2,390,554
154,750
1,320,480
847,960
67,364
£2,390,554		 2020
£
£
2,261,915
14,765
341,446
356,211
(227,572)
128,639
£2,390,554
154,750
1,320,480
847,960
67,364
£2,390,554
£2,390,554
154,750
1,320,480
847,960
67,364
£2,390,554

The financial statements have been prepared in accordance with the Financial Reporting Standard 102. The financial statements were approved and authorised by the board of trustees on the 27 January 2022

and signed on their behalf by:

Professor Thomas Kern Jamieson-Craig Chairman

15

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021

1. ACCOUNTING POLICIES

(a) Basis of Preparation

The accounts 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 second edition), effective 1 January 2019 (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Psychiatry Research Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. Since the year end, the Coronavirus pandemic has had a serious impact on the world economy generally. This in turn is likely to impact on future income of the charity, particularly from investment income. The trustees have looked forward for a period of at least 12 months from the date of the approval of these financial statements and considered the charity’s level of cash reserves and the likely impact on income and expenditure and they consider that there will be sufficient resources available to the charity.

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the Trust.

Research funding income is recognised in the year in which the charity receives a written commitment from the funder. Research funding is deferred only when the charity has to fulfil conditions before becoming entitled to it or the donor has specified that the income has to be spent in a future period.

All other incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

(d) Value Added Tax

The Charity is not registered for VAT and accordingly, where applicable, all costs and expenditure incurred are inclusive of VAT.

(e)

Cashflow Statement

The Charity has taken advantage of the disclosure exemption from the requirements of section 7 Statement of cash flows, in preparating these financial statements, as permitted by FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

(f) Allocation of Overhead and Support Costs

Overhead and support costs have been allocated first between charitable activity and governance. Overhead and support costs relating to Charitable Activities have been apportioned based on estimates of time spent on activities. The allocation of overhead and support costs is analysed in noted 6.

16

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021

(g) Costs of Generating Funds

The costs of generating funds consist of advertising and an apportionment of staff and office overheads.

(h) Charitable Activities

Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 5.

(i) Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit together with an apportionment of support costs.

(j) Investments

Investments are stated at market value as at the balance sheet date. The statement of financial activities include the net gains and losses arising on revaluation and disposals throughout the year.

(l) Fund Accounting

Unrestricted funds are those funds which can be used at the Trustees' discretion. Restricted Funds are funds whose purposes have been restricted by the donor. Designated funds are unrestricted funds which have been earmarked by the board for specific purposes.

2. VOLUNTARY INCOME

Donations
Legacies		 2021
£
52,770
521,910
£574,680		 2020
£
136,415
2,170
£138,585

3. ACTIVITIES FROM OTHER TRADING ACTIVITIES

Fundraising Events
Other income		 2021
£
1,328
35
£1,363		 2020
£
7,696
80
£7,776

4. INVESTMENT INCOME

Bank Interest
Dividends		 Unrestricted
£
8,818
13,289
£22,107		 Designated
£
339
510
£849		 Restricted
£
6,780
10,217
£16,997		 2021
Total
£
15,937
24,016
£39,953		 2020
Total
£
13,127
46,378
£59,505

17

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021

5. RESOURCES EXPENDED

Cost of charitable activities
Research Grants
Costs of generating voluntary income
COMPARATIVE RESOURCES EXPENDED
Cost of charitable activities
Research Grants
Costs of generating voluntary income
Resources Expended Include
Auditors Remuneration
Audit Fee
IRECT COSTS
Staff Costs
Advertising
Office Costs
Investment fees and bank charges
Accountancy
UPPORT COSTS
Staff costs
Office costs
Audit fees
Accountancy
Investment management fees and bank charges		 Grants
Payable
Other
Costs
£
£
222,476
86,595
-
11,660
£222,476
£98,255
Grants
Awarded
Other
Costs
£
£
363,498
100,545
-
19,692
£363,498
£120,237
2021
£
4,600
Research
Fund-
raising
2021
Total
£
£
£
29,958
5,992
35,950
-
4,178
4,178
302
60
362
7,098
1,420
8,518
8,857
-
8,857		 Grants
Payable
Other
Costs
£
£
222,476
86,595
-
11,660
£222,476
£98,255
Grants
Awarded
Other
Costs
£
£
363,498
100,545
-
19,692
£363,498
£120,237
2021
£
4,600
Research
Fund-
raising
2021
Total
£
£
£
29,958
5,992
35,950
-
4,178
4,178
302
60
362
7,098
1,420
8,518
8,857
-
8,857		 2021
Total
£
309,071
11,660
£320,731
2020
Total
£
464,043
19,692
£483,735
2020
£
4,476
2020
Total
£
45,193
10,500
2,633
7,325
8,592
£46,215
£11,650
£57,865		 £74,243
2021
£
23,966
242
4,600
5,904
5,678
£40,390		 2020
£
30,128
1,755
3,500
5,728
4,883
£45,994

6. DIRECT COSTS

7. SUPPORT COSTS

Staff costs represent recharged costs from Kings College London, Institute of Psychiatry, Psychology and Neuroscience for two members of staff.

Key management consists of the trustees and the Chief Administrator, none of whom are remunerated directly by the charity.

18

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021

8. INVESTMENTS

(a) Quoted Investments at Market Value
Cash with brokers for investment
Cash reserve fund with brokers
Total Investments
(b) Movement in Quoted Investments
Market value as at 1st April 2020
Additions
Disposal Proceeds
Investment (Losses)/gains
Market value at 31st March 2021
Quoted Investments at Cost
Quoted investments comprise
UK Equities
Schroder Charity Equity Fund
Liontrust Sustainable Future
UBS MSCI UK IMI
Schroder Responsible Fund
Trojan Ethical Income Fund
International Equities
Liontrust Sustainable Future
UBS ETF – MSCI EMU Socially
UBS ETF – MSCI USA Socially
Brown Advisory US Sustainable
UBS MSCI Japan Socially
Impax Environmental Markets
UBS ETF – MSCI World Socially
M&G Positive Impact
Schroder QEP Global ESG
Schroder GI Sustainable Growth
Vontobel mtx Sustainable Emerging Markets
UBS ETF – MSCI EMU Emerging Markets
LF Montanaro Better World
UK Gilts and Bonds
0.125% UK Treasury Stock 22.3.26 RPI
FRN UK Treasury
Rathbone Ethical Bond Fund
Threadneedle UK Social Bond Fund
UK Government Indexed Linked
1.25% UK Treasury Stock
International Bonds
I Shares USD Treasury Bond+
Lombard OdlerGlobal Climate Bond
Other
Ruffer Charity Assets Trust
Charities Property Fund
Trojan Ethical Fund		 2021
£
2,294,363
23,605
151,357
£2,469,325
1,965,164
1,161,359
(1,160,417)
328,257
£2,294,363
£2,106,959
-
67,687
45,913
53,155
201,297
40,789
-
-
101,064
-
79,400
75,723
73,775
-
489,943
-
62,230
23,680
32,934
33,378
107,283
73,454
36,141
36,410
38,776
53,111
-
94,728
68,506		 2020
£
1,965,164
75,184
221,567
£2,261,915
2,383,909
391,585
(768,925)
(41,405)
£1,965,164
£1,934,454
77,358
-
109,006
-
183,617
33,490
18,519
46,188
70,521
41,449
-
72,546
-
76,241
244,576
39,829
-
-
32,633
33,973
118,684
71,219
48,425
-
-
52,994
72,829
97,071
72,884

19

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021

Property Income Trust for Charities
Schroder BSC Social
The Renewables Infrastructure Group
Ishares Physical Metals
HICL Infrastructure Company Ltd
3i Infrastructure PLC
BBGI SICAV
Greencoat UK Wind
Octopur Renewables Infrastructure
Total
9.
DEBTORS
Legacies
Gift Aid Receivable
10.CREDITORS
Amounts falling due within one year -
Grants and other creditors		 2021
£
100,493
26,058
24,360
87,265
29,416
36,624
45,922
25,035
29,813
£2,294,363
2021
£
474,861
1,023
£475,884
2021
£
144,126
£144,126		 2020
£
106,638
-
-
55,748
28,846
30,571
52,546
49,303
27,460
£1,965,164
2020
£
-
14,765
£14,765
2020
£
227,572
£227,572

11. TRUSTEES' REMUMERATION AND EXPENSES

No remuneration, directly or indirectly, out of the funds of the Charity was paid or payable for the year to any Trustee or to any person or persons known to be connected with any of them. No trustees were reimbursed for expenses during the year.

12. TAXATION

The Psychiatry Research Trust is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitable purposes.

20

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021

13. STATEMENT OF FUNDS

DESIGNATED FUNDS
Project Allocations 2007
Kraupl Taylor Fund
RESTRICTED FUNDS
Neourological Disorders
Emotional Disorders
Other Funds
Psychosis
Child & Adolescent Mental
Health
PERMANENT ENDOWMENTS
Susan Hollows
Thomas Okey
Lesley A Smith
Meyer Prize
SUMMARY OF FUNDS
Designated Funds
General Funds
Restricted Funds
Permanent Endowment		 Brought
Investment
Carried
Forward
Income
Expenditure
Gains/(Losses)
Transfers
Forward
£
£
£
£
£
£
1,762
-
-
-
(1,762)
-
65,602
849
(30,820)
6,553
-
42,184
67,364
849
(30,820)
6,553
(1,762)
42,184
246,040
55,079
(82,431)
30,086
-
248,774
76,985
1,097
(40,181)
8,475
16,022
62,398
49,666
691
(1,837)
5,341
(15,669)
38,192
302,956
483,572
(52,517)
67,102
(353)
800,760
172,313
2,620
(34,784)
20,227
-
160,376
847,960
543,059
(211,750)
131,231
-
1,310,500
1,763
-
-
311
-
2,074
28,167
-
-
4,976
-
33,143
84,353
-
-
14,901
-
99,254
40,467
-
-
(395)
-
40,072
154,750
-
-
19,793
-
174,543
67,364
849
(30,820)
6,553
(1,762)
42,184
1,320,480
72,088
(78,161)
170,680
1,762
1,486,849
1,387,844
72,937
(108,981)
177,233
-
1,529,033
847,960
543,059
(211,750)
131,231
-
1,310,500
154,750
-
-
19,793
-
174,543
£2,390,554
£615,996
£(320,731)
£328,257
£-
£3,014,076

DESIGNATED FUNDS:

The Kraupl Taylor Fund has been established by the Trustees from a legacy received from the late Mrs. Natalie Kraupl Taylor, which is supporting a three year fellowship on therapeutic assessment on young people presenting with self harm.

RESTRICTED FUNDS:

Purposes of Restricted Funds are set out by general category. Each category comprise a number of individual funds.

21

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021

COMPARATIVE STATEMENT OF FUNDS

DESIGNATED FUNDS
Project Allocations 2007
Krauple Taylor Fund
RESTRICTED FUNDS
Neourological Disorders
Emotional Disorders
Other Funds
Psychosis
Child & Adolescent Mental
Health
PERMANENT ENDOWMENTS
Susan Hollows
Thomas Okey
Lesley A Smith
Meyer Prize
SUMMARY OF FUNDS
Designated Funds
General Funds
Restricted Funds
Permanent Endowment		 Investment
Brought
Forward
Income
Expenditure
Gains &
(losses)
Transfers
Carried
Forward
£
£
£
£
£
£
1,835
45
(89)
(29)
-
1,762
77,890
1,783
(12,898)
(1,173)
-
65,602
79,725
1,828
(12,987)
(1,202)
-
67,364
291,921
121,205
(162,694)
(4,392)
-
246,040
104,283
2,251
(28,068)
(1,481)
-
76,985
52,247
1,266
(3,015)
(832)
-
49,666
338,371
31,182
(61,350)
(5,247)
-
302,956
245,636
5,190
(75,100)
(3,413)
-
172,313
1,032,458
161,094
(330,227)
(15,365)
-
847,960
1,802
-
-
(39)
-
1,763
28,787
-
-
(620)
-
28,167
86,208
-
-
(1,855)
-
84,353
40,229
-
-
238
-
40,467
157,026
-
-
(2,276)
-
154,750
79,725
1,828
(12,987)
(1,202)
-
67,364
1,440,619
42,944
(140,521)
(22,562)
-
1,320,480
1,520,344
44,772
(153,508)
(23,764)
-
1,387,844
1,032,458
161,094
(330,227)
(15,365)
-
847,960
157,026
-
-
(2,276)
-
154,750
£2,709,828
£205,866
£(483,735)
£(41,405)
£-
£2,390,554

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

General Designated Restricted Permanent
Funds Funds Funds Endowments Total
£ £ £ £ £
Fixed asset investments 1,269,757 48,751 976,274 174,543 2,469,325
Net current assets 217,092 (6,567) 334,226 - 544,751
£1,486,849 £42,184 £1,310,500 £174,543 £3,014,076
COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS
General Designated Restricted Permanent
Funds Funds Funds Endowments Total
£ £ £ £ £
Fixed asset investments 1,214,986 64,724 827,455 154,750 2,261,915
Net current assets 105,494 2,640 20,505 - 128,639
£1,320,480 £67,364
£847,960
£154,750		 £2,390,554

22

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2021

15. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Notes
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
Other trading activities
3
Investments
4
Total
EXPENDITURE ON:
Cost of generating
voluntary income
Charitable Activities
5
TOTAL EXPENDITURE
Net income/ (expenditure)
before gains and losses on
investments
Net gain/(Losses) on
Investments
8
NET MOVEMENT IN
FUNDS
TOTAL FUNDS AT
1 APRIL 2019
TOTAL FUNDS AT
31March 2020		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Permanent
Endowments
Total
Funds
2020
Total
Funds
2019
£
£
£
£
£
£
7,812
-
130,773
-
138,585
209,386
822
-
6,954
-
7,776
11,439
34,310
1,828
23,367
-
59,505
57,662
42,944
1,828
161,094
-
205,866
278,487
11,354
605
7,733
-
19,692
16,686
129,167
12,382
322,494
-
464,043
427,552
140,521
12,987
330,227
-
483,735
444,238
(165,751)
(97,577)
(11,159)
(169,133)
-
(277,869)
(22,562)
(1,202)
(15,365)
(2,276)
(41,405)
79,189
(120,139)
(12,361)
(184,498)
(2,276)
(319,274)
(86,562)
1,440,619
79,725
1,032,458
157,026
2,709,828
2,796,390
£1,320,480
£67,364
£847,960
£154,750
£2,390,554
£2,709,828

16. Related Party Transactions

No related party transactions are in the current or preceding year.

23