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2024-03-31-accounts

PSYCHIATRY RESEARCH TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024

Registered Charity Number : 284286

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

PSYCHIATRY RESEARCH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2024

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY ITS TRUSTEES AND ADVISORS

Board of Trustees

The trustees for the year ended 31st March 2024, up to the date the accounts were approved were:

Professor Carmine Pariante (Chairman) Professor Thomas Kern Jamieson-Craig Professor Dinesh Bhugra Professor Paola Dazzan Professor Khalida Ismail Professor Peter Lantos 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 2024

The trustees present their report and financial statements for the year ended 31 March 2024 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 at the 31[st] of May 2024) 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 2024

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 (current Chair, since June 1[st] , 2024): 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 X @CarminePariante and on the digital magazine 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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Trustees have agreed that meetings will be bi-annual. In addition, there are sub-groups which include specialist cooptees 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. Grants are awarded on an annual basis, contingent on project performance.

  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: 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.

  6. 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 disciplines 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 themes 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 2024

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

Our main focus for this year has been a call focussed on early career researchers investigating mood disorders (depression and bipolar disorder). We have awarded four awards to excellent (all female) postdoctoral researchers, as illustrated in the “Research in progress” below. With a total award of approximately £206.000, this has been our flagship funding call for the financial year. In addition, we have prepared the groundwork for the creation of a public engagement and fundraising post, with a commitment to spend approximately £150,000 over three years starting in the new financial year.

PROJECTS COMPLETED 2023/2024

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). This study shows that the genetic factors predisposing to serious mental illness and that some of the environmental risk factors are also in common. However, others such as exposure to early brain hazards and life events are more specific, the former to schizophrenia and the latter to the affective psychoses. The first study used molecular genetics to examine the extent to which genetic loading for bipolar disorder, depressive psychosis and schizophrenia overlap by examining polygenic risk scores in a large Trans-European sample (approximately 2,500 subjects from the EU-GEI study). We found that, not surprisingly, genetic predisposition for schizophrenia strongly predicted schizophrenia but more unexpectedly also predicted bipolar disorder and to a lesser extent depressive psychosis. Predisposition for bipolar disorder predicted both bipolar disorder and schizophrenia but to a more modest extent while predisposition to depressive psychosis also showed some overlap with that to bipolar disorder.

Dr Alastair Kirby/ Dr Gerald Finnerty investigating the mechanisms of glioma-induced seizures in living human brain tissue. Developing new treatments requires a much deeper understanding of the biology of brain tumours and how they interact with the surrounding brain. Laboratory models of brain tumours, such as those based on cell lines or transplants of brain tumours into mice, have failed to generate new therapies for brain tumours. We collect blocks of brain tissue or tumour fragments that are being removed as part of neurosurgery to excise the patient’s glioma (Kirby et al Neuro-oncol Adv 2020; Kirby et al Neuro-oncol Adv 2021). Some gliomas, termed lower-grade gliomas, are indolent for several years before they become aggressive cancers. This process is referred to as malignant progression. We have used the glioma-brain slice to investigate the mechanisms underlying malignant progression. We found sparsely-distributed glioma hotspots in live glioma-brain slices, where the glioma cells have the features of aggressive tumour cells (Figure 1). We have proposed that the hotspots are the seedbeds of malignant progression (Kirby et al Neuro-oncol Adv 2021).

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Sylvia Dobbs: Association of community of intestinal microbes and their products with Parkinson’s disease: exploring role of immune and inflammatory mediators. A link between gut and brain axis is widely implicated in the causation of Parkinson’s disease. We take a joined-up approach to considering the gut as a target for therapeutic intervention to modify the disease process. We have found deficits in stool short chain fatty acids and a cluster of bacterial products, including tryptophan, were linked to a sluggish large intestine. In the case of the tryptophan cluster, deficits were also linked to slowness and poverty of movement and tremor but not to muscle stiffness. We also found that Successful Helicobacter pylori eradication in PD was disease modifying (even in treatment-naïve patients), but not preventive. Poverty of movement regressed following eradication and overall motor severity lessened. Helicobacter pylori eradication may influence gastrointestinal community of microbes adversely, unlocking the next stage in the natural history, the development of rigidity. Failed eradication worsens hypokinesia, as does the presence/persistence of Helicobacter pylori at molecular level only. We conclude that Helicobacter pylori is one driver of PD.

Denis Duagi, June Brown - 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. We found that the effects of the DISCOVER Workshop were sustained for depression and anxiety symptoms over the 18 month period. Further analyses also showed that participants who received the DISCOVER Workshop were less likely to have clinical depression symptoms at 12 months.

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 has led to the development of 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.

Jessica Sears Preparatory Fellowship. Jessica’s application for the King’s Mental Health PhD in Mental Health for Health Professionals was successful and she was awarded a prestigious doctoral clinical academic fellowship award (funded by the Wellcome Trust) at the Institute of Psychiatry, Psychology and Neuroscience in order to complete her research project.

RESEARCH IN PROGRESS

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. The study is still in progress.

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. The study is still in progress.

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 projects 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 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. The study is still in progress.

Kristi Priestley, Exploring the Feasibility and Utility of Digital Biomarkers in Perinatal Mental Health. The aim of our project is to develop a model in which digital biomarkers can be used to predict mental health deteriorations in pregnancy, so that this can be used clinically to prioritise healthcare resources and ensure care and treatment decisions are as tailored and targeted as possible, for the benefit of both mother and baby. We will recruit participants from a cohort of 150 pregnant people at risk of developing depression, as part of the HappyMums programme, funded by the European Commission.

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Becci Strawbridge: Lithium orotate as a potential supplement for people experiencing depression with mixed features: the MixLi study. The MixLi study is investigating a supplement called “lithium orotate” in helping people with this type of depression. Lithium is a natural salt – like sodium – and is in drinking water in tiny amounts. Lithium orotate is a supplement that has been available to buy over the counter (accessible to anyone without a prescription) for decades. The MixLi study is recruiting 40 people with “mixed” depression, who are already undergoing treatment for depression. Over six months, participants will be asked to take 20mg of lithium orotate every day.

Katie Hazelgrove, Mother and infant outcomes in women with bipolar disorder: Identifying the neonatal behaviours that can be targeted by an intervention to optimise long term mother and child outcomes. Postpartum psychosis is so severe that it usually requires hospital admission and, as a consequence, it can cause additional disruption to the mother-infant relationship, with more negative outcomes for mother and child. Our project aims to follow-up a group of women and their children, who previously participated in a study examining maternal mental health during pregnancy and, with their newborns, in the first 12 months after giving birth. We propose to followup these women and their children now aged 6-8 years, to understand 1) what the relationship is between newborn behaviour and mother-child relationship and child outcomes at 6 to 8 years of age, and 2) which specific newborn behaviours are linked to the mother-child relationship and child outcomes that could inform the development of an intervention using the NBAS or NBO to support these women and their children in the long term.

Giulia Lombardo: Is depression different in males and females? This project builds upon the findings of my PhD research, which was funded by the Psychiatry Research Trust, and explores further sex differences in depression, specifically examining the roles of the immune system, sex hormones, and their interactions within this context. The first part of my project involves working with the Department of Psychiatry at Amsterdam UMC, with Dr Yuri Milaneschi and Professor Brenda Penninx, In the second part, I will hold focus group discussions with individuals who have experienced depression.

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 £24k and legacy income decreased to £473k. We are grateful to all the trusts and individual donors for their generosity in supporting our research funding. Investment income decreased from £51k to £91k. Total income received was £588k, an increase of £274k when compared to preceding year.

Total expenditure, including grants, fundraising and administration amounted to £213k, a decrease of £108k compared to preceding year. There was a general decrease in the value of the investment portfolios at the end of March 2024. As a result of this, the Trust had investments gains of £205k in the year compared with losses of £137k in the preceding year.

Reserves

The total reserves amount to £5,390k of which £183k are held in endowment fund and £2,533k are held in restricted funds. Unrestricted funds amount to £2,673k. 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

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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

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:

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 the Trustees are aware

Approved by the trustees on 2024 and signed on their behalf by: Professor Carmine Pariante, Chairman

Professor Carmine Pariante (Jan 22, 2025, 9:00am)

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2024

Opinion

We have audited the financial statements of the Psychiatry Research Trust (the ‘charity’) for the year ended 31 March 2024 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 2024

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.

11

PSYCHIATRY RESEARCH TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2024

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.

Shoaib Arshad (Jan 22, 2025, 9:06am)

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

22 Jan 2025

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 2024

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 2023
TOTAL FUNDS AT
31 MARCH 2024		 Unrestricted
Funds
Restricted
Funds
Permanent
Endowments
Total
Funds
2024
Total
Funds
2023
£
£
£
£
£
9,768
487,614
-
497,382
262,802
-
-
-
-
138
48,520
42,573
-
91,093
51,258
58,288
530,187
-
588,475
314,198
3,239
2,842
-
6,081
5,698
53,756
152,664
-
206,420
315,402
56,995
155,506
-
212,501
321,100
104,833
91,986
7,996
204,815
(136,873)
(463)
463
-
-
-
105,663
467,130
7,996
580,789
(143,775)
2,567,392
2,065,513
175,860
4,808,765
4,952,540
£2,673,055
£2,532,643
£183,856
£5,389,554
£4,808,765

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 2024

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
Total Funds		 2024
£
£
4,426,565
681,008
309,792
990,800
(27,811)
962,989
£5,389,554
183,856
2,673,055
2,532,643
£5,389,554		 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		 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
£4,808,765
175,860
2,567,392
2,065,513
£4,808,765

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 2024 and signed on their behalf by:

______Professor Carmine Pariante (Jan 22, 2025, 9:00am) Professor Carmine Pariante Chairman

14

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024

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.

Research Grants

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.

Income Resources

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”.

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 2024

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.

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.

(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
3.
ACTIVITIES FROM OTHER TRADING ACTIVITIES
Other income		 2024
£
24,218
473,164
£497,382
2024
£
-
£-		 2023
£
139,731
123,071
£262,802
2023
£
138
£138

16

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024

4. INVESTMENT INCOME

Unrestricted
Designated
£
£
Bank Interest
2,323
-
Dividends
46,197
-
£48,520
£-
rative investment income
Unrestricted
Designated
£
£
Bank Interest
9,014
-
Dividends
18,878
-
£27,892
£-
SOURCES 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
£
2,038
40,535
£42,573
Restricted
£
7,551
15,815
£23,366
Grants
Payable
£
124,271
-
£124,271
Grants
Awarded
£
240,919
-
£240,919		 Restricted
£
2,038
40,535
£42,573
Restricted
£
7,551
15,815
£23,366
Grants
Payable
£
124,271
-
£124,271
Grants
Awarded
£
240,919
-
£240,919		 2024
Total
£
4,361
86,732
£91,093
Other
Costs
£
82,149
6,081
£88,230
Other
Costs
£
74,483
5,698
£80,181
2024
£
5,940		 2023
Total
£
16,565
34,693
£51,258
2023
Total
£
16,565
34,693
£23,366 £51,258
2024
Total
£
206,420
6,081
£212,501
2023
Total
£
315,402
5,698
£321,100
2023
£
6,240

Comparative investment income

5. RESOURCES EXPENDED

17

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024

6. DIRECT COSTS

RECT COSTS
Staff Costs
Advertising
Office Costs
Investment fees and bank charges
Accountancy		 Research
Fund-
raising
2024
Total
2023
Total
£
£
£
£
21,026
4,205
25,231
23,711
-
135
135
300
1,394
279
1,673
845
7,322
1,464
8,786
7,828
13,605
-
13,605
11,802
£43,347
£6,081
£49,428
£44,486

Comparative direct costs

rative direct costs
Staff Costs
Advertising
Office Costs
Investment fees and bank charges
Accountancy		 Research
Fund-
raising
£
£
19,759
3,952
-
300
704
141
6,523
1305
11,802
-
£38,788
£5,698		 2023
Total
£
23,711
300
845
7,828
11,802
£44,486

7. SUPPORT COSTS

PPORT COSTS
Staff costs
Office costs
Audit fees
Accountancy
Investment management fees and bank charges		 2024
£
16,820
1,114
5,940
9,070
5,858
£38,802		 2023
£
15,807
562
6,240
7,868
5,218
£35,695

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 2024

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 2023
Additions
Disposal Proceeds
Investment gains
Market value at 31st March 2024
Quoted Investments at Cost
Quoted investments comprise
UK Equities
Liontrust Sustainable Future
Trojan Ethical Income Fund
International Equities
Liontrust Sustainable Future
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
HSBC Global Sustainable Healthcare
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
Invesco US Treasury Bond
Twenty Four Sustainable Short Term Bond
Brevan Howard Absolute Return		 2024
£
3,266,173
559,035
601,357
£4,426,565
2,556,685
1,501,871
(997,195)
204,812
£3,266,173
£2,965,527
-
-
-
-
195,789
-
113,687
-
1,194,055
-
67,458
61,320
88,754
36,002
133,326
89,845
67,229
32,280
60,552
69,049
-
164,399
44,126		 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

19

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024

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
Amundi US TIPS Government Bond
iShares US Treasury Bonds 20+ yars
Hermes Climate Change High Yield
iShares Physical Gold
Wisdom Tree Energy transition metals
Blue Orchard Microfinance fund
Schroder Sustainable Diversified
Total
9.
DEBTORS
Legacies
Gift Aid Receivable
Prepayments
10.
CREDITORS
Amounts falling due within one year -
Grants and other creditors		 2024
£
89,930
-
91,981
19,512
-
-
-
-
-
-
-
87,501
39,401
75,901
159,972
53,588
66,164
164,352
£3,266,173
2024
£
680,067
941
-
£681,008
2024
£
27,811
£27,811		 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

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 2024

13. STATEMENT OF FUNDS

RESTRICTED FUNDS
Neurological Disorders
Emotional Disorders
Other Funds
Psychosis
Child & Adolescent Mental
Health
PERMANENT ENDOWMENTS
Susan Hollows
Thomas Okey
Lesley A Smith
Meyer Prize
SUMMARY OF FUNDS
General Funds
Restricted Funds
Permanent Endowment		 Brought
Investment
Carried
Forward
Income
Expenditure
Gains/(Losses)
Transfers
Forward
£
£
£
£
£
£
355,752
20,059
(53,702)
4,056
-
326,165
859,845
18,420
(22,041)
39,799
-
896,023
36,273
779
(754)
1,683
-
37,981
738,112
490,236
(24,130)
44,950
(84)
1,249,084
75,531
693
(54,879)
1,498
547
23,390
2,065,513
530,187
(155,506)
91,986
463
2,532,643
2,098
-
-
111
-
2,209
33,526
-
-
1,770
-
35,296
100,402
-
-
5,301
-
105,703
39,834
-
-
814
-
40,648
175,860
-
-
7,996
-
183,856
2,567,392
58,288
(56,995)
104,833
(463)
2,673,055
2,065,513
530,187
(155,506)
91,986
463
2,532,643
175,860
-
-
7,996
-
183,856
£4,808,765
£588,475
£(212,501
£204,815
-
£5,389,554

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 2024

COMPARATIVE STATEMENT OF FUNDS

Investment Investment
Brought Gains & Carried
Forward Income Expenditure (losses) Transfers Forward
£ £ £ £ £ £
DESIGNATED FUNDS
Krauple Taylor Fund 16,829 - - - (16,829) -
16,829 - - - (16,829) -
RESTRICTED FUNDS
Neurological Disorders 391,078 36,318 (61,351) (10,293) - 355,752
Emotional Disorders 898,972 9,582 (24,468) (24,241) - 859,845
Other Funds 37,517 402 (629) (1,017) - 36,273
Psychosis 787,955 8,314 (37,124) (21,033) - 738,112
Child & Adolescent Mental 107,987 101,131 (131,058) (2,529) - 75,531
Health
2,223,509 155,747 (254,630) (59,113) - 2,065,513
PERMANENT ENDOWMENTS
Susan Hollows 2,175 - - (77) - 2,098
Thomas Okey 34,749 - - (1,223) - 33,526
Lesley A Smith 104,065 - - (3,663) - 100,402
Meyer Prize 42,071 - - (2,237) - 39,834
183,060 - - (7,200) - 175,860
SUMMARY OF FUNDS
Designated Funds 16,829 - - - (16,829) -
General Funds 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
Restricted Funds 2,223,509 155,747 (254,630) (59,113) - 2,065,513
Permanent Endowment 183,060 - - (7,200) - 175,860
£4,952,540 £314,198 £(321,100) £(136,873) - £4,804,765
14.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
General Designated Restricted Permanent
Funds Funds Funds Endowments Total
£ £ £ £ £
Fixed asset investments 2,259,843 - 1,982,866 183,856 4,426,565
Net current assets 413,212 - 549,797 - 962,989
£2,673,055 £- £2,532,643 £183,856 £5,389,554
COMPARATIVE 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

22

PSYCHIATRY RESEARCH TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024

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 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
91,981
(98,883)
-
(6,902)
1,789,687
(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
  1. Related Party Transactions

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

23