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2023-03-31-accounts

PSYCHIATRY RESEARCH TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2023

Registered Charity Number : 284286

PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2023

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY ITS TRUSTEES AND ADVISORS

Board of Trustees

The trustees for the year ended 31st March 2023, up to the date the accounts were approved were:

Professor Thomas Kern Jamieson-Craig (Chairman) Professor Dinesh Bhugra Professor Paola Dazzan Professor Khalida Ismail Professor Peter Lantos Professor Carmine Pariante Professor George Szmukler Professor Elizabeth Kuipers Professor Stephen Scott Mr Mike Stewart Mr Ben Williams

Staff

Ms Deanna Samuels, Chief Administrator

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 LLP 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 2023

The trustees present their report and financial statements for the year ended 31 March 2023 which 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 second edition) effective 1 January 2020

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. His 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 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 was 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: 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 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

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2023

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 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 Sciences.

Mr Mike Stewart: Mr Stewart is a business consultant and private investor. 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 George Szmukler : 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 : 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 (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.

Ms Deanna Samuels is the Chief Administrator and attends to all the day-to-day management of the PRT.

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

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2023

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), 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.

  4. 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.

  5. Staff Appointments:

  6. 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.

  7. 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:

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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, associated 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.

RESEARCH THEMES:

PRT supported research is organised in eight broad themes that map on to equivalent clinical academic grouping 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 disorder and 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, Neuro-intervention, 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

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2023

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.

RESEARCH SUPPORTED IN THE CURRENT YEAR

Chairman's comments

We are seeing a slow recovery post Covid-19 in terms of numbers of applications that have been of a high standard. We continue to prioritise research from early career scientists and recently launched an award focussed on mood disorders (depression and bipolar disorder) and hope to have a similar call later in 2024 focused on anxiety related conditions. . .

PROJECTS COMPLETED 2022/2023

Dr Johnny Downs: Piloting development of an automated approach to coding expressed emotion in mothers’ speech to improve prediction of youth mental health problems - This project developed and examined the application of automated speech analysis techniques to code expressed emotion in maternal speech samples. Aspects of expressed emotion, play a significant role in how parents interact with their children. Speech samples were taken from a longitudinal twin study which had captured conversations with the mothers of 2,030 children at age five. Machine learning approaches were compared against a gold standard set of ratings carried out by experienced investigators. The study successfully developed automated approaches and the findings from this pilot formed the basis of a successful application to the UK Research Institute to further develop the technique.

Dr Lucy Adams / Prof Lucia Valmaggia - Virtual Reality Supported Therapy for Adolescents with Autism Spectrum Disorder: Investigating the interfaces between technology, autism spectrum disorder, and mental health. This study demonstrates the feasibility and acceptability of using digital health delivery to improve access to treatment of mental health problems in sufferers of Autistic Spectrum Disorders. The study tested the use of virtual reality exposure therapy for social anxiety and the use of remote telepsychiatry interventions during the pandemic. The study reports that digital therapies including remote delivery were broadly acceptable with low levels of concern. It provides a basis for further development of these approaches.

Dr Latha Velayudhan / Dr Sagnik Bhattacharyya - CANnabidiol for Behavioural Symptoms in Alzheimer’s Disease (CANBiS-AD) This pilot feasibility/pilot study carried out a placebo-controlled randomized controlled trial of the use of cannabidiol for treating behavioural symptoms in Alzheimer’s Disease. The study was the first in the UK. Because of interruptions during the Covid-19 pandemic, a smaller sample of participants than originally envisaged were successfully randomised and completed the trial. There was good adherence to treatment and CBD was shown to be acceptable, safe and tolerable. Improvements in cognition and quality of life were observed. Further research is planned.

Dr Giulia Lombardo/ Prof Carmine Pariante/ Prof Valeria Mondelli Identifying sex-specific biological differences in Major Depressive Disorder and Treatment Resistant Depression . This PhD study included two components. The first examined sex hormones and demonstrated associations with inflammatory biomarkers in male patients with depression. The second component was a clinical trial of minocycline (an antibiotic with anti-inflammatory

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and antidepressant properties) that showed sex differences in the response of inflammatory markers with changes in these associated with clinical improvement in women but not men. The findings of sex-specific treatment response raise the possibility of future tailored treatments for depression

Viviana Aya / Dr Valentina Cardi/ Prof Janet Treasure: Computerised Avatar Software for the critical inner voice : this study adapts an existing approach used for the treatment of auditory verbal hallucinations to tackle the ‘inner critical’ voice experienced by sufferers of anorexia nervosa. In this small case series exposure to the avatar was found to be useful and of benefit in managing the anorexic voice. There was less change in some the quantitative outcomes, such as weight, eating and general psychopathology. These preliminary findings suggested that avatar exposure might be of value in the treatment of anorexia nervosa. Further research is planned.

Prof Stephen Scott: The development of an online parenting programme ‘Parenting Matters Online’ The programme has been refined , shortening the number of sessions, the addition of material for parents on how to handle common problems, the addition of a community forum that allows parents to share their experiences; the establishment of a safeguarding system and addressing technical bugs in the software .User feed-back has been positive with suggestions for further improvements. In addition to qualitative assessments, 181 parents provided ratings of program in terms of usefulness and enjoyableness.

Irene Faiman / Dr Paul Shotbolt & Prof Allan Young : A study of seizure signatures this study explored mental health and seizure characteristics of patients with epileptic and non-epileptic seizures. The study found differences between the patient groups with non-epileptic seizure sufferers reporting higher rates of traumatic life experiences, medically unexplained somatic symptoms, and poorer cognitive performance. Results of the analysis of electroencephalographic (EEG) recordings of patients with these conditions suggest that differences previously claimed to be promising diagnostic indicators actually have limited clinical validity but might be useful for the diagnosis of a specific sub group of patients. A separate study investigating the risk and protective factors of suicidality in epilepsy sufferers will be reported subsequently.

RESEARCH IN PROGRESS

Jessica Munday/Prof Robin Murray: Genetics of the Mood disorder spectrum (part of Professor Murray’s wider five-year programme in New Developments in Molecular Genetics, for the benefit of people with Bipolar Disorder or depression)

Dr Alastair Kirby/ Dr Gerald Finnerty investigating the mechanisms of glioma-induced seizures in living human brain tissue. This project start has been delayed pending major building works affecting the lab. It is now running and will report in 2024.

Lauren Carson/ Prof R Stewart - Associations between Assisted Reproductive Technologies and Women's Mental Health: an investigation using clinical data linkage. A no cost extension was awarded pending data linkage with the Human Fertilisation and Embryology Authority that was delayed. The data linkage is complete and results are being analysed. A final report is expected in summer 2024.

Prof Oliver Howes PET imaging synapses in psychotic disorders the PRT is funding the PET scanning component of a larger study exploring abnormalities in the neuronal synapses in schizophrenia

Dr Denis Duagi - Brief Educational Workshops in Secondary School Trial (BESST): This controlled clinical trial, tested a stress management intervention in senior school pupils, aimed at reducing the risk of depression in young adulthood. The PRT provided funding to extend the follow up of outcomes to 12 and 18 months after the study completed.

Rajiv Shah / Dr David Veale - Determining if diet quality predicts outcome in stnard treatment in OCD and BDD and a personalized nutritional program in the treatment of OCD and BDD: There is increasing interest in links between mental health and ‘gut’ health. This MDRes study seeks (1) to determine if a poor nutritional diet (e.g., lower vegetable and oily fish intake, low intake of nuts and higher intake of high-fat foods) or other lifestyle factors such as poor sleep or reduced physical activity predicts outcome in standard treatment for Obsessive

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Compulsive Disorder (OCD) and (2) to carry out a pilot study of whether a personalised nutritional program, “Zoe” improves symptoms of OCD or body dysmorphic disorder (BDD) and depression.

Prof Til Wykes: Cognitive Remediation Website Cognitive remediation (CR) benefits people with a diagnosis of schizophrenia and other psychoses but despite considerable favourable evidence, it is not widely understood or implemented. The PRT donation is toward developing a global website that provides information on CR so that clinicians and patients can discover what CR is all about and how to access training and support.

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. Completion of studies and new applications were reduced in this year but are proceeding and several have the potential to make a significant clinical research impact.

FUTURE PLANS

Although advertising and contacts have generated several substantial donations and legacies, we hope to appoint to a fundraiser post. The Trust website has also had a major overhaul, to make access simpler and more effective as a demonstration of the research we fund.

FINANCIAL REVIEW

Results for the Year

Donations from individual giving decreased this year to £140k and legacy income decreased to £123k. We are grateful to all the trusts and individual donors for their generosity in supporting our research funding. Investment income increased from £37k to £51k. Total income received was £314k, a decrease of £1,814k when compared to preceding year.

Total expenditure, including grants, fundraising and administration amounted to £321k, a decrease of £18k compared to preceding year. There was a general decrease in the value of the investment portfolios at the end of March 2023. As a result of this, the Trust had investments losses of £137k in the year compared with gains of £149k in the preceding year.

Reserves

The total reserves amount to £4,809k of which £176k are held in endowment fund and £2,066k are held in restricted funds. Unrestricted funds amount to £2,567k. Details are set out in note 13 to the accounts. The existing policy, which is kept under review, was to make additional awards of between £200k and £250k per year of which £60k would be funded from unrestricted funds with the balance funded from restricted funds. A cash reserve sum of about £300k is always maintained in a separate cash account, 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

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PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2023

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:

The Trustees have overall responsibility 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 18 December 2023 and signed on their behalf by: Professor Thomas Kern Jamieson - Craig Chairman

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2023

Opinion

We have audited the financial statements of the Psychiatry Research Trust (the ‘charity’) for the year ended 31 March 2023 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).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2023

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 during 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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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2023

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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s 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

31 January 2024

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.

12

PSYCHIATRY RESEARCH TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2023

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 (losses)/gains on
Investments
8
Transfers
NET MOVEMENT IN
FUNDS
TOTAL FUNDS AT
1 APRIL 2022
TOTAL FUNDS AT
31 MARCH 2023		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Permanent
Endowments
Total
Funds
2023
Total
Funds
2022
£
£
£
£
£
£
130,421
-
132,381
-
262,802
2,090,927
138
-
-
-
138
1,068
27,892
-
23,366
-
51,258
36,586
158,451
-
155,747
-
314,198
2,128,581
3,103
-
2,595
-
5,698
7,580
63,367
-
252,035
-
315,402
331,314
66,470
-
254,630
-
321,100
338,894
1,789,687
91,981
-
(98,883)
-
(6,902)
(70,560)
-
(59,113)
(7,200)
(136,873)
148,777
16,829
(16,829)
-
-
-
-
38,250
(16,829)
(157,996)
(7,200)
(143,775)
1,938,464
2,529,142
16,829
2,223,509
183,060
4,952,540
3,014,076
£2,567,392
£-
£2,065,513
£175,860
£4,808,765
£4,952,540

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.

13

PSYCHIATRY RESEARCH TRUST

BALANCE SHEET AT 31st MARCH 2023

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		 2023
£
£
2,894,639
1,425,085
547,639
1,972,724
(58,598)
1,914,126
£4,808,765
175,860
2,567,392
2,065,513
-
£4,808,765		 2022
£
£
2,992,761
1,853,324
247,268
2,100,592
(140,813)
1,959,779
£4,952,540
183,060
2,529,142
2,223,509
16,829
£4,952,540		 2022
£
£
2,992,761
1,853,324
247,268
2,100,592
(140,813)
1,959,779
£4,952,540
183,060
2,529,142
2,223,509
16,829
£4,952,540
£4,952,540
183,060
2,529,142
2,223,509
16,829
£4,952,540

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 18 December 2023 and signed on their behalf by:

______ Professor Thomas Kern Jamieson-Craig Chairman

14

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2023

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 preparing 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.

15

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2023

(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.

(k) Gains and Losses on Investments

(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
CTIVITIES FROM OTHER TRADING ACTIVITIES
Fundraising Events
Other income		 2023
£
139,731
123,071
£262,802
2023
£
-
138
£138		 2022
£
242,927
1,848,000
£2,090,927
2022
£
1,048
20
£1,068
  1. ACTIVITIES FROM OTHER TRADING ACTIVITIES

16

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2023

4. INVESTMENT INCOME

Unrestricted
Designated
£
£
Bank Interest
9,014
-
Dividends
18,878
-
£27,892
£-
arative investment income
Unrestricted
Designated
£
£
Bank Interest
7,816
115
Dividends
11,494
165
£19,310
£280
ESOURCES 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		 Restricted
£
7,551
15,815
£23,366
Restricted
£
6,878
10,118
£16,996
Grants
Payable
£
240,919
-
£240,919
Grants
Awarded
£
258,462
-
£258,462		 2023
Total
£
16,565
34,693
£51,258
Other
Costs
£
74,483
5,698
£80,181
Other
Costs
£
72,852
7,580
£80,432
2023
£
6,240		 2022
Total
£
14,808
21,778
£36,586
2022
Total
£
14,808
21,778
£36,586
2023
Total
£
315,402
5,698
£321,100
2022
Total
£
331,314
7,580
£338,894
2022
£
4,980

Comparative investment income

5. RESOURCES EXPENDED

17

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2023

6. DIRECT COSTS

Staff Costs
Advertising
Office Costs
Investment fees and bank charges
Accountancy
arative direct 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		 Research
Fund-
raising
2023
Total
£
£
£
19,759
3,952
23,711
-
300
300
704
141
845
6,523
1,305
7,828
11,802
-
11,802		 2022
Total
£
25,361
1,975
696
7,577
10,452
£38,788
£5,698
£44,486		 £46,061
Research
Fund-
raising
£
£
21,134
4,227
-
1,975
580
116
6,315
1,262
10,452
-
£38,481
£7,580
2023
£
15,807
562
6,240
7,868
5,218
£35,695		 2022
Total
£
25,361
1,975
696
7,577
10,452
£46,061
2022
£
16,906
464
4,980
6,969
5,052
£34,371

Comparative direct costs

7. SUPPORT COSTS

Staff costs represent recharged costs from Kings College London, Institute of Psychiatry, Psychology and Neuroscience for one member 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 2023

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 2022
Additions
Disposal Proceeds
Investment gains
Market value at 31st March 2023
Quoted Investments at Cost
Quoted investments comprise
UK Equities
Liontrust Sustainable Future
Trojan Ethical Income Fund
International Equities
Liontrust Sustainable Future
Invesco EQQQ
UBS ETF – MSCI USA Socially
Brown Advisory US Sustainable
Sparinvest Ethical Global Value
Impax Environmental Markets
UBS ETF – MSCI World Socially
Fidelity Global Div Fund
Schroder GI Sustainable Growth
HSBC Global Equity Sustainable
UBS ETF – MSCI EMU Emerging Markets
Ninety One Global Environment
UK Gilts and Bonds
0.125% UK Treasury Stock 22.3.26 RPI
4.25% Treasury Stock
Rathbone Ethical Bond Fund
Threadneedle UK Social Bond Fund
UK Government Indexed Linked
1.25% UK Treasury Stock
International Bonds
Lombard Odler Global Climate Bond
MU Lyxor Core US TIPS
Invesco US Treasury Bond
Twenty Four Sustainable Short Term Bond
Brevan Howard Absolute Return		 2023
£
2,556,685
36,597
301,357
£2,894,639
2,614,573
330,238
(251,253)
(136,873)
£2,556,685
£2,380,228
51,372
91,758
31,643
-
-
116,625
94,897
61,788
92,427
91,726
426,242
56,747
61,489
93,309
34,784
73,724
85,357
77,139
47,854
59,287
67,609
-
62,386
77,095
42,094		 2022
£
2,614,573
76,831
301,357
£2,992,761
2,294,363
715,973
(544,540)
148,777
£2,614,573
£2,301,929
64,607
104,366
49,221
29,383
97,232
135,905
93,771
63,422
-
90,026
467,092
58,705
68,595
87,454
-
-
99,102
84,671
108,339
-
72,904
129,186
-
-
-

19

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2023

Other
Charities Property Fund
Trojan Ethical Fund
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
Octopus Renewables Infrastructure
Total
9.
DEBTORS
Legacies
Gift Aid Receivable
Prepayments
10.CREDITORS
Amounts falling due within one year -
Grants and other creditors		 2023
£
96,254
73,958
98,250
24,548
31,824
145,829
27,633
38,662
40,222
47,772
34,381
£2,556,685
2023
£
1,398,071
6,181
20,833
£1,425,085
2023
£
58,598
£58,598		 2022
£
110,003
76,144
120,415
26,562
34,476
135,011
31,734
42,923
46,402
46,432
40,490
£2,614,573
2022
£
1,851,112
2,212
-
£1,853,324
2022
£
140,813
£140,813

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 2023

13. STATEMENT OF FUNDS

DESIGNATED FUNDS
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
£
£
£
£
£
£
16,829
-
-
-
(16,829)
-
16,829
-
-
-
(16,829)
-
391,078
36,318
(61,351)
(10,293)
-
355,752
898,972
9,582
(24,468)
(24,241)
-
859,845
37,517
402
(629)
(1,017)
-
36,273
787,955
8,314
(37,124)
(21,033)
-
738,112
107,987
101,131
(131,058)
(2,529)
-
75,531
2,223,509
155,747
(254,630)
(59,113)
-
2,065,513
2,175
-
-
(77)
-
2,098
34,749
-
-
(1,223)
-
33,526
104,065
-
-
(3,663)
-
100,402
42,071
-
-
(2,237)
-
39,834
183,060
-
-
(7,200)
-
175,860
16,829
-
-
-
(16,829)
-
2,529,142
158,451
(66,470)
(70,560)
16,829
2,567,392
2,545,971
158,451
(66,470)
(70,560)
-
2,567,392
2,223,509
155,747
(254,630)
(59,113)
-
2,065,513
183,060
-
-
(7,200)
-
175,860
£4,952,540
£314,198
£(321,100)
£(136,873)
-
£4,808,765

DESIGNATED FUNDS:

The Kraupl Taylor Fund was 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 comprises several individual funds.

21

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2023

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
£
£
£
£
£
£
-
42,184
280
(26,723)
1,088
-
16,829
42,184
280
(26,723)
1,088
-
16,829
248,774
219,259
(89,613)
11,596
1,062
391,078
62,398
829,637
(23,960)
17,771
13,126
898,972
38,192
365
(2,442)
1,402
-
37,517
800,760
27,959
(70,172)
29,408
-
787,955
160,376
1,296
(58,652)
4,967
-
107,987
1,310,500
1,078,516
(244,839)
65,144
14,188
2,223,509
2,074
-
-
101
-
2,175
33,143
-
-
1,606
-
34,749
99,254
-
-
4,811
-
104,065
40,072
-
-
1,999
-
42,071
174,543
-
-
8,517
-
183,060
42,184
280
(26,723)
1,088
-
16,829
1,486,849
1,049,785
(67,332)
74,028
(14,188)
2,529,142
1,529,033
1,050,065
(94,055)
75,116
(14,188)
2,545,971
1,310,500
1,078,516
(244,839)
65,144
14,188
2,223,509
174,543
-
-
8,517
-
183,060
£3,014,076
£2,128,581
£(338,894)
£148,777
£-
£4,952,540

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

General Designated Restricted Permanent
Funds Funds Funds Endowments Total
£ £ £ £ £
Fixed asset investments 1,425,010 - 1,293,769 175,860 2,894,639
Net current assets 1,142,382 - 771,744 - 1,914,126
£2,567,392 £- £2,065,513 £175,860 £4,808,765
COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS
General Designated Restricted Permanent
Funds Funds Funds Endowments Total
£ £ £ £ £
Fixed asset investments 1,482,944 21,789 1,304,968 183,060 2,992,761
Net current assets 1,046,198 (4,960) 918,541 - 1,959,779
£2,529,142 £16,829 £2,223,509 £183,060 £4,952,540

22

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2023

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
Transfers
NET MOVEMENT IN
FUNDS
TOTAL FUNDS AT
1 April 2021
TOTAL FUNDS AT
31March 2022		 Unrestricted
Funds
Designated
Funds
Restricted
Funds
Permanent
Endowments
Total
Funds
2022
Total
Funds
2021
£
£
£
£
£
£
1,029,407
-
1,061,520
-
2,090,927
574,680
1,068
-
-
-
1,068
1,363
19,310
280
16,996
-
36,586
39,953
1,049,785
280
1,078,516
-
2,128,581
615,996
4,001
58
3,521
-
7,580
11,660
63,331
26,665
241,318
-
331,314
309,071
67,332
26,723
244,839
-
338,894
320,731
295,265
982,453
(26,443)
833,677
-
1,789,687
74,028
1,088
65,144
8,517
148,777
328,257
(14,188)
-
14,188
-
-
-
1,042,293
(25,355)
913,009
8,517
1,938,464
623,522
1,486,849
42,184
1,310,500
174,543
3,014,076
2,390,554
£2,529,142
£16,829
£2,223,509
£183,060
£4,952,540
£3,014,076

16. Related Party Transactions

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

23