**COMPANY REGISTRATION NUMBER: 02114937 CHARITY REGISTRATION NUMBER: 296572** 

## **SANE** 

## **Company Limited by Guarantee** 

## **Financial Statements** 

## **31 March 2025** 

## **FERGUSON MAIDMENT & CO.** 

Chartered accountants & statutory auditor 

167 Fleet Street London EC4A 2EA 



## **SANE** 

## **Company Limited by Guarantee** 

## **Financial Statements** 

## **Year ended 31 March 2025** 

||**Pages**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1 to 15**|
|Trustees' responsibilities statement|**16**|
|Independent auditor's report to the members|**17 to 22**|
|Statement of financial activities (including income and||
|expenditure account)|**23**|
|Statement of financial position|**24**|
|Statement of cash flows|**25**|
|Notes to the financial statements|**26 to 38**|





**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** 

## **Year ended 31 March 2025** 

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025. 

## **Chief Executive's Report** 

Over the last 12 months we have successfully advanced the primary aims set out within the National Development Strategy. We are making strong progress in expanding our service capacity, growing both our staff and volunteer base and to increase significantly the number of calls we are able to answer. We aim to ensure the long-term stability as we continue to deliver innovative interventions that include the development of the new youth programme. The Strategy places us in a strong position to scale up effectively and keeps pace with the continually changing policies and mental health landscape. 

In parallel, we are making plans to mark SANE's 40th anniversary in 2026, which will celebrate the organisation's achievements over the past four decades and reinforce the continued relevance of our mission. We are also enhancing our communications and outreach ahead of this anniversary milestone and remain focused on securing the necessary funding to sustain and strengthen our operations. 

This would reinforce the charity's position in fulfilling its three main aims: 

 Raising awareness and campaigning to combat stigma surrounding mental illness and to improve mental health services; 

 Providing emotional support and specialised services through its helpline SANEline open 365 days a year, Email service, TextCare, Online Forum and Call Back programme; 

 Promoting and hosting research into the causes of mental illness and effectiveness of treatments and therapies. 

## **Raising awareness, education and fighting to improve services** 

During the year, SANE continued to advocate passionately for improved mental health services, raise awareness through traditional and social media highlight the critical needs affecting people living with mental illness. 

The charity engaged widely with policymakers, health professionals, and the media to expose systemic gaps in care, including shortages of psychiatric beds, overstretched community teams, and inadequate follow-up for patients, whether they were being treated in hospital or the community.  SANE took part in supporting the revised Mental Health Bill and has supplied evidence to National Institute for Health and Care Excellence (NICE). 

The CEO contributed to national and regional media coverage on the over-medicalising and misdiagnosis of mental health conditions, the rising prevalence of anxiety and depression among young people, loneliness and the challenges faced by families and carers affected by severe mental illness. 

Coverage appeared on a variety of on/offline media outlets that include Medscape, Sunday Times, The Guardian, The Mail On-line, The Independent, Daily Telegraph, BBC, Sky News, Channel 5, LBC and regional media. Highlights included commentary on the Care Quality Commission's Mental Health Act report, the care of patients with severe mental illness, including that of Valdo Calocane by Nottinghamshire Healthcare NHS Trust. The Tees, Esk and Wear Valleys NHS Foundations Trust, Norfolk and Suffolk Foundation Trust and The Lampard Enquiry, which is investigating deaths under the care of Essex Partnership University NHS Foundation Trusts (EPUT). 

We continued to raise awareness and publicly comment on the importance of innovation in psychiatric 

**- 1 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Raising awareness, education and fighting to improve services** _**(continued)**_ 

medication and therapies including research into potential new treatments for serious mental illness. 

Through this sustained presence, SANE expanded its reach, reinforcing its role as a trusted national voice, providing education, advocacy, and hope for individuals affected by mental illness. 

The charity continued to be a member of the Menal Health Alliance and worked with other charities and organisations such as Dignity in Dying on issues of mutual concern. 

## **Providing emotional support and specialist services** 

SANE offers emotional support, information and guidance through SANEline, the Call Back Service, email and Textcare Service.  Over the last 12 months SANEline continued to provide confidential help to individuals experiencing mental distress, including self-harm, experiencing suicidal thoughts and plans, depression in particular treatment resistant depression amongst other severe mental health problems.  Between April 2024 and March 2025, SANEline had over 18,450 contact points with service users. Around 60% of callers reported self-harm or suicidal thoughts. During this period, volunteers delivered helpline and text support, contributing 650 hours a month on one-on-one listening and support. Our highly trained volunteers provided compassionate guidance, listening and signposting callers to appropriate services, ensuring timely and effective and individual emotional support across the UK. 

Over 40% of our calls fall within the Call Back Service which continues to steadily grow showing more people are needing ongoing help more than a single call to sustain them over a period of acute distress and despair. This programme is particularly needed by people who have nowhere to turn (52% of callers) or are left on long waiting lists by the NHS. 

## **A Case Study Suicidal Caller** 

_AB phoned SANEline and stated while shouting, that he intended to kill himself at East Dulwich Station by jumping in front of a train. He reported being on the Number 37 bus travelling towards the station. AB said that the Mental Health Team had not helped him and made comments about "political correctness gone wrong."_ 

_The volunteer attempted to keep AB engaged in conversation, asking about the reasons behind his distress and whether he was willing to provide a contact number. AB gave his landline number. He was informed due to the level of risk the Police would need to be notified as this raised our safeguarding flags._ 

_A senior member of the team contacted the Police. The police arranged for an ambulance to attend the station and advised us that the station barriers would be closed. They asked us to remain on the call with AB if possible. Although the phone line stayed open, AB stopped speaking and did not respond further. Four days later, AB appeared to call SANEline again._ 

## **Promoting and hosting research** 

SANE maintained strong partnerships with the Oxford Health NHS Foundation Trust to host disciplinary teams at POWIC (Prince of Wales International Centre for SANE Research) researching innovative treatments, therapies and training doctors. 

Professor McGuire continues to drive a global study on mental illness, including the use of cannabidiol for acute psychosis. He is also examining how cannabinoid-based treatments might reduce symptoms safely while offering an alternative to traditional antipsychotic medications. 

**- 2 -** 



**SANE** 

# **Company Limited by Guarantee** 

# **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

**Year ended 31 March 2025** 

## **Promoting and hosting research** _**(continued)**_ 

Professor Rupert McShane is working on clinical trials into the use of ketamine for treatment- resistant depression. He is also exploring how best to deliver ketamine safely and effectively in clinical services, including developing protocols for monitoring patients and maintaining long- term benefits. 

Professor Belinda Lennox is investigating whether some psychosis is caused by the immune system attacking the brain. She is testing immune-calming treatments for people with specific antibodies and studying blood markers that may reveal an inflammatory form of psychosis, helping improve diagnosis and treatment. 

## **SANE Creative Awards Scheme** 

The charity continued to develop its Creative Awards Scheme in collaboration with the Open College of Arts, to encourage people affected by mental illness, including carers, to develop their creative potential. 81 awards were made under the sixth round of the scheme and 567 awards have now been made in total. The types of work included painting, printmaking, 

photography, illustration, and mixed media, encouraging exceptional creativity and resilience. 

Charles Bracken Award winner 2024 Enkaleida H says "Since I was a young girl I have expressed myself through art.  I am a full-time carer for my husband he has bipolar disorder.  I feel I can finally express myself again through art." 

Charles Bracken Award Runner Up, Ruth, works part time as a selfemployed artist and has lived with mental ill health for many years. Ruth has found that her Art practice has become integral to managing her mental health. Making art allows her the space and time, to process and heal. 


'What a lovely surprise! If there is anything I can do to help SANE or promote the work you do, please let me know. The support you offer is profound. The difference it makes to artists and those living with mental ill health is especially valuable in these times, when help for both is few and far between.' 

'Landscape and vibrant colour, beautifully give hope and healing, inspired by the painter's connection with nature' Madeline Bracken 

**- 3 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **The Black Dog Campaign** 

We continue to raise awareness of mental health through our Black Dog Campaign running workshops, information stands and touring the Black Dog statues.  One of two new black dog statues is "Winston" who proudly stands in the courtyard at Blenheim Palace greeting hundreds of thousands of visitors and being a catalyst for a conversation. 


The second is "Barkle" who was named by one of SANE's volunteers and is a mix between Bark and Sparkle. 


## **SANE Ambassadors** 

SANE continued to amplify the voices of its ambassadors and promote initiatives that support mental wellbeing. A tribute event was held on 3rd November at the Theatre Royal, Drury Lane, featuring a starstudded cast and hosted by Strictly's Anton Du Beke and Emmerdale actor Lisa Riley, raising over £40,000 for the charity. The event was featured across national news media. 

## **The Robin Windsor Dance Award** 

In May 2025, in collaboration with the Royal Academy of Dance (RAD), SANE will launch an award in memory of Strictly Come Dancing professional dancer and SANE Ambassador, Robin Windsor. The Robin Windsor Dance Award is a national competition recognising an individual who has harnessed the power of dance and movement to help them through challenging times, overcome adversity, and improve their mental health. The award is aimed at those whose mental health has been positively affected by dance and who would benefit from mentorship and funding to support their continued dance development. 

## **The Skarbek Songwriting Academy Award** 

We will be building on our Awards Programme to introduce the Skarbek Songwriting Award (SSA) next year, based on a similar partnership model to that with RAD. This new collaboration with the Academy will support emerging songwriters whose work reflects both artistic excellence and personal resilience. 

**- 4 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Overview and Strategy** 

In 2022 SANE Trustees agreed that the funds received from an exceptional legacy should be designated for a National Development Plan (NDP) to enable SANE to significantly increase its profile and grow its services over a three-to-five-year period 2022-2027. 

As part of the NDP, the charity funded key strategic roles within the fundraising, communications and digital marketing teams to broaden our regional media and social media presence driving more people to SANE's website, attracting new donors, corporate partners and charitable trusts. SANE is continuing to make improvements to its website enhancing the experience of beneficiaries, volunteers, and supporters as well as investing in legacy fundraising helping to sustain the charity's future. 

SANE's volunteer workforce is now over **80** volunteers who provided over **1500+** hours of one-to-one contact with service users and carers each month. 

The profile of the SANE Creative Awards has been raised and attracted more applications from across the UK including Scotland and Northern Ireland. 

POWIC continues to be a key strategic central hub for mental health and yielded an income of approximately £292,800. Research activities are providing further dissemination of information confirming the importance of the charity owning its own Research Centre. 

**- 5 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **National Development Plan** 

For 2025/26 the charity will continue to invest in the NDP to elevate its successes as described in the overview. 

Our targets for the next financial year include: 

 **Growing our volunteer base to over 100** , increasing our capacity to provide vital emotional support to people in crisis, particularly those with nowhere else to turn or who remain on lengthy waiting lists. 

 **Expanding our Remote SANEline Services** , strengthening training and supervision for experienced volunteers who are relocating outside London to ensure we retain their skills and expertise. 

 **Developing our website, digital presence and social media output** , incorporating more service-led content such as videos and campaign materials, and working more closely with our Ambassadors and Champions to increase engagement and awareness. 

##  **Creating a campaign to mark SANE's 40th anniversary.** 

 **Securing POWIC's role** within the Warneford Development Plan as part of the proposed Brain Health Campus in Oxford. 

Marjorie Wallace CBE Chief Executive / Company Secretary 

**- 6 -** 



**SANE** 

## **Company Limited by Guarantee** 

**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

|**Reference and administrative details**|**Reference and administrative details**|
|---|---|
|**Registered charity name**|SANE|
|**Charity registration number**|296572|
|**Company registration number**|02114937|
|**Registered office**|8th Floor|
||167 Fleet Street|
||London|
||EC4A 2EA|
|**Principal office**|8th Floor|
||167 Fleet Street|
||London|
||EC4A 2EA|
|**The trustees**||
||Prof Dinesh Bhurga CBE|
||James Maccabe|
||John Bowis OBE|
||Mark Davison|
||John Brewer|
||Robert Matthews (Chairperson)|
||Hon Victoria Russell|
|**Company secretary**|Marjorie Wallace CBE|
|**Auditor**|Ferguson Maidment & Co.|
||Chartered accountants & statutory auditor|
||167 Fleet Street|
||London|
||EC4A 2EA|
|**Bankers**|National Westminster Bank PLC|
||P.O. Box 4|
||1 Cavendish Square|
||London|
||W1A 4NU|



**- 7 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Structure, governance and management** 

SANE is a registered charity number 296572 and was incorporated as a company number 2114937 limited by guarantee in 1987. 

The company was established under a memorandum which established the objects and powers of the charitable company and is governed by the articles of association. In the event of the company being wound up each member is required to contribute an amount not exceeding £1.00. 

The charity was first established by Marjorie Wallace in July 1987 because of a public outcry following the publication of a series of articles in the Times - The forgotten illness. 

The registered office is 8th Floor, 167 Fleet Street, London, EC4A 2EA. 

The charity has a wholly owned subsidiary The SANE Trading Company Limited which is registered in England and Wales. The subsidiary company is at present dormant. 

## **Board of directors** 

The directors act as trustees for the purposes of charity law, they have no financial interest in the charity or in its subsidiary. They do not receive any remuneration for their services but are entitled to the reimbursement of reasonable expenses. 

The charity instituted a programme for the induction and training of trustees, this program is now being run on an ongoing basis to meet the training requirement of the trustees. Ongoing training for the trustees is delivered by the Chief Executive and the senior management team and there are regular presentations and updates. 

The board of directors is responsible for the overall governance of the charity. The board reviews strategy and operational performance and approve operating plans and budgets. The board delegates the management and administration of the charity to the chief executive and the senior management team. 

The chief executive is responsible for the day to day management of the charity's affairs and for implementing policies agreed by the board. The chief executive is a member of the board and acts as the company secretary. 

**- 8 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Objectives and activities** 

The Charity's objectives are threefold: 

 Raising awareness and campaigning to combat stigma surrounding mental illness and to improve mental health services; 

 Providing emotional support and specialist services through its helpline SANEline open 365 evenings a year, Email service, TextCare and Online Forum; 

 Promoting and hosting research into the causes of mental illness and effectiveness of treatments and therapies. 

The beneficiaries of the work of the Charity are those affected by mental health problems, their families and carers, health professionals and the general public. 

Other service providers such as local authorities, primary healthcare trusts and professionals also benefit. 

The Charity aims to develop its service in response to the requirements and needs of users, subject to financial constraints. 

The trustees are confident of the performance of the charity in fulfilling its three objectives by increasing its profile and influence while delivering and developing its services. 

## **Public benefit** 

As required by the Charity Commission the trustees have always had due regard for the requirement that the charity's aims should be for the public benefit as set out in the objectives and activities and in the chief executive's report. 

## **Achievements and performance** 

The achievements and performance during the year are covered in the Chief Executive's report. 

**- 9 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Financial review** 

## **Investment Policy** 

Cash balances are held on deposit in the money market on a conservative investment policy to earn interest and for quick access so that there is no risk of sustaining a loss. 

SANE has received a substantial share portfolio as part of a legacy. The share portfolio is managed by Gore Brown Investment Management. We maintain a moderate risk balanced portfolio with asset allocation across equities and fixed income securities. We do not hold direct investments in companies involved in gambling, tobacco or alcohol. 

## **Reserves Policy** 

The trustees maintain a conservative reserve policy to ensure that long term commitments can be met in an environment where funding for mental health services and especially the availability of statutory support fluctuates considerably. 

Trustees also recognise the unique importance of ensuring continuity of service provision when providing support to people affected by mental illness. 

The established policy is to maintain a sufficient level of unrestricted reserves so that there are adequate funds to meet all current and known liabilities for up to twelve months. 

## **ESG Policy** 

The established policy is to follow the 7 principles of the charity governance code as stated by the Charity Commission Charity Governance Code recommended practice as far as practical to do so. 

**- 10 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Risk Management** 

The trustees have a formal risk management process to assess business risks and implement risk management strategies. 

The risks facing the charity are covered by the information in the board papers and the discussion of risks at board meetings. 

The principal funding sources of the charity in the reporting period are from the following: 

Private individuals Organisations and events Companies Trusts Legacies Special events Interest and investment income Trading activities of sale of Christmas cards Black Dog Rental Income Other Income 

The amount of the total funds of the charity at the end of the reporting period was as follows: 

## **Restricted Funds** 

**2025 £** Research Prince of Wales International Centre for Research **1,229,108** Services **89,734** Research **82,109** ----------------------------------------- **1,400,951** 

The restricted funds include the SANE POWIC building at a valuation of £1,070,066. 

## **Unrestricted Funds** 

|**stricted Funds**||
|---|---|
||**2025**|
||**£**|
|**General Reserves**|**753,002**|
|**Designated Funds**||
|POWIC|**641,581**|
|Sane Awards Scheme|**16,148**|
|Development Fund|**1,258,166**|
||-----------------------------------------|
||**2,668,897**|
||=========================================|



**- 11 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Incoming Resources Year Ended 31 March 2025** 

## Incoming Resources 2024/25 


**----- Start of picture text -----**<br>
£169,742 , 14%<br>£292,800 , 24%<br>£132,734 , 11%<br>£27,558 , 2%<br>£12,514 , 1%<br>£105,518 , 9%<br>£301,243 , 25% £172,126 , 14%<br>Individuals Companies<br>Community & Events Trusts<br>Legacies Online website and Shop donations<br>Investment income / Dividends Rental income<br>**----- End of picture text -----**<br>


## **Incoming Resources Year Ended 31 March 2024** 

## Incoming Resources 2023/24 


**----- Start of picture text -----**<br>
£171,649.91, 8%<br>£323,975.00, 16%<br>£116,939.00, 6%<br>£10,075.48, 1% [£3,770.00, 0%] £78,331.11, 4%<br>£51,528.82, 2% £175,665.14, 8%<br>£1,145,361.99,<br>55%<br>Individual Donations Company donations<br>Other organisation donations Trusts<br>Legacies Interest & Dividends<br>Christmas Cards Black Dog<br>Rental income<br>**----- End of picture text -----**<br>


**- 12 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Outgoing Resources Year Ended 31 March 2025** 


**----- Start of picture text -----**<br>
Expenditure 2024/25<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
£229,767 , 14% £200,634 , 13%<br>£62,160 , 4%<br>£34,259 , 2%<br>£68,454 , 4%<br>£6,324 , 0%<br>£325,139 , 21%<br>£659,804 , 42%<br>Awareness / Campaigning / Media SCAS<br>Fundraising Services<br>Blackdog Governance<br>Finance POWIC<br>**----- End of picture text -----**<br>


## **Outgoing Resources Year Ended 31 March 2024** 


**----- Start of picture text -----**<br>
Expenditure 2023/24<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
£76,464.49<br>£198,480.83 £29,940.35<br>£119,632.18<br>£9,013.00<br>£65,836.30<br>£255,989.65<br>£700,498.65<br>**----- End of picture text -----**<br>


Governance Finance Campaigning SCAS Fundraising Services Black Dog POWIC 

**- 13 -** 



## **SANE** 

## **Company Limited by Guarantee** 

**Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ **Year ended 31 March 2025** 

|**POWIC Income and Expenditure**<br>**2025**<br>**£**<br>**Income**<br>Rental Income<br>292,800<br>**Expenditure**<br>Rent<br>55,294<br>Rates<br>17,780<br>Service Charge<br>18,787<br>Maintenance<br>79,970<br>Miscellaneous<br>57,936<br>229,766<br>**Surplus**<br>**63,034**|**2024**<br>**£**<br>323,975<br>45,900<br>15,344<br>18,787<br>61,350<br>57,100|
|---|---|
||198,481|
|||
||**125,494**|



**- 14 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Going Concern** 

The Charity has adequate financial resources together with incoming resources from numerous different activities. As a consequence, the Trustees believe that the Charity is well placed to manage its risks successfully despite the current uncertain economic outlook. 

The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

## **Auditor** 

Each of the persons who is a trustee at the date of approval of this report confirms that: 

- so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and 

- they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. 

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. 

## **Small company provisions** 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by: 

Robert Matthews Trustee 

**- 15 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Trustees' Responsibilities Statement** 

## **Year ended 31 March 2025** 

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. 

In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the applicable Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent. 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

**- 16 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Independent Auditor's Report to the Members of SANE** 

## **Year ended 31 March 2025** 

## **Opinion** 

We have audited the financial statements of SANE (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, 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 FRS 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: 

- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

**- 17 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Independent Auditor's Report to the Members of SANE** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **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. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees' report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. 

**- 18 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Independent Auditor's Report to the Members of SANE** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Responsibilities of trustees** 

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) 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 charity or to cease operations, or have no realistic alternative but to do so. 

**- 19 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Independent Auditor's Report to the Members of SANE** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **Auditor's responsibilities for the audit of the financial statements** 

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: 

## **The extent to which the audit was considered capable of detecting irregularities including fraud** 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation. 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur; by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. 

To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates set 

**- 20 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Independent Auditor's Report to the Members of SANE** _**(continued)**_ 

## **Year ended 31 March 2025** 

out in note 3 were indicative or potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; 

- obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and sample testing; 

- obtaining an understanding of the entity's risk assessment process, including the risk of fraud; 

- designing our audit procedures to respond to our risk assessment; and 

- performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 

There are inherent limitations in our audit procedures described above.  The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance.  Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

**- 21 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Independent Auditor's Report to the Members of SANE** _**(continued)**_ 

## **Year ended 31 March 2025** 

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

## **Use of our report** 

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members 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 members as a body, for our audit work, for this report, or for the opinions we have formed. 

Muhammad Saeed (Senior Statutory Auditor) 

For and on behalf of Ferguson Maidment & Co. Chartered accountants & statutory auditor 167 Fleet Street London EC4A 2EA 

**- 22 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Statement of Financial Activities (including income and expenditure account)** 

## **Year ended 31 March 2025** 

||||**2025**||2024|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies|**5**|787,325|94,038|**881,363**|1,691,717|
|Other trading activities|**6**|12,514|–|**12,514**|10,075|
|Investment income|**7**|27,558|–|**27,558**|51,529|
|Other income|**8**|292,800|–|**292,800**|323,975|
|||------------------------------------------|----------------------------|------------------------------------------|------------------------------------------|
|**Total income**||1,120,197|94,038|**1,214,235**|2,077,296|
|||==========================================|============================|==========================================|==========================================|
|**Expenditure**||||||
|Expenditure on raising funds:||||||
|Costs of raising donations and||||||
|legacies|**10**|–|325,139|**325,139**|255,989|
|Expenditure on charitable activities|**11,12**|502,092|666,128|**1,168,220**|1,103,661|
|Other expenditure|**13**|93,182|–|**93,182**|107,602|
|||---------------------------------|---------------------------------|------------------------------------------|------------------------------------------|
|**Total expenditure**||595,274|991,267|**1,586,541**|1,467,252|
|||=================================|=================================|==========================================|==========================================|
|||---------------------------------|---------------------------------|------------------------------------------|------------------------------------------|
|**Net (expenditure)/income**||524,923|(897,229)|**(372,306)**|610,044|
|||=================================|=================================|==========================================|==========================================|
|Transfers between funds||(948,866)|948,866|**–**|–|
|||---------------------------------|---------------------------------|------------------------------------------|------------------------------------------|
|**Net movement in funds**||(423,943)|51,637|**(372,306)**|610,044|
|**Reconciliation of funds**||||||
|Total funds brought forward||3,092,840|1,349,314|**4,442,154**|3,832,110|
|||------------------------------------------|------------------------------------------|------------------------------------------|------------------------------------------|
|**Total funds carried forward**||2,668,897|1,400,951|**4,069,848**|4,442,154|
|||==========================================|==========================================|==========================================|==========================================|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 26 to 38 form part of these financial statements.** 

**- 23 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** 

## **31 March 2025** 

|||**2025**||2024|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Tangible fixed assets|**17**||**1,070,066**|1,070,066|
|Investments|**18**||**2,837,042**|1,819,556|
||||------------------------------------------|------------------------------------------|
||||**3,907,108**|2,889,622|
|**Current assets**|||||
|Debtors|**19**|**94,598**||20,201|
|Cash at bank and in hand||**125,407**||1,580,141|
|||---------------------------------||------------------------------------------|
|||**220,005**||1,600,342|
|**Creditors: amounts falling due within one year**|**20**|**57,265**||47,810|
|||---------------------------------||------------------------------------------|
|**Net current assets**|||**162,740**|1,552,532|
||||------------------------------------------|------------------------------------------|
|**Total assets less current liabilities**|||**4,069,848**|4,442,154|
||||------------------------------------------|------------------------------------------|
|**Net assets**|||**4,069,848**|4,442,154|
||||==========================================|==========================================|
|**Funds of the charity**|||||
|**Restricted funds**|||**1,400,951**|1,349,314|
|**Unrestricted funds**|||||
|General reserves|||**753,002**|880,566|
|Designated funds|||**1,915,895**|2,212,274|
||||------------------------------------------|------------------------------------------|
|**Total charity funds**|**21**||**4,069,848**<br>==========================================|4,442,154<br>==========================================|



These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. 

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: 

## Robert Matthews Trustee 

**The notes on pages 26 to 38 form part of these financial statements.** 

**- 24 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Statement of Cash Flows** 

## **Year ended 31 March 2025** 

||**2025**|2024|
|---|---|---|
||**£**|£|
|**Cash flows from operating activities**|||
|Net (expenditure)/income|**(372,306)**|610,044|
|_Adjustments for:_|||
|Dividends, interest and rents from investments|**(8,167)**|(28,380)|
|Other interest receivable and similar income|**(19,391)**|(23,149)|
|Accrued expenses|**4,826**|600|
|_Changes in:_|||
|Trade and other debtors|**(74,397)**|67,479|
|Trade and other creditors|**4,629**|(5,929)|
||---------------------------------|---------------------------------|
|Cash generated from operations|**(464,806)**|620,665|
|Interest received|**19,391**|23,149|
||---------------------------------|---------------------------------|
|Net cash (used in)/from operating activities|**(445,415)**|643,814|
||=================================|=================================|
|**Cash flows from investing activities**|||
|Dividends, interest and rents from investments|**8,167**|28,380|
|Purchases of other investments|**(1,401,711)**|(933,295)|
|Proceeds from sale of other investments|**320,858**|316,643|
|Other investing cash flow adjustment|**63,367**|67,581|
||------------------------------------------|---------------------------------|
|Net cash used in investing activities|**(1,009,319)**|(520,691)|
||==========================================|=================================|
|**Net (decrease)/increase in cash and cash equivalents**|**(1,454,734)**|123,123|
|**Cash and cash equivalents at beginning of year**|**1,580,141**|1,457,018|
||------------------------------------------|------------------------------------------|
|**Cash and cash equivalents at end of year**|**125,407**|1,580,141|
||==========================================|==========================================|



**The notes on pages 26 to 38 form part of these financial statements.** 

**- 25 -** 



**SANE** 

**Year ended 31 March 2025** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** 

## **1. General information** 

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 8th Floor, 167 Fleet Street, London, EC4A 2EA. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

The trustees have identified the following critical accounting policies for which significant judgement, estimates and assumptions are made. Actual results may differ from these estimates. 

- (a) Useful economic lives of tangible assets 

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 

**- 26 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **3. Accounting policies** _**(continued)**_ 

## **Pension scheme** 

The Charity operates a defined contribution pension scheme. 

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 

## **Expenditure allocation** 

The methodology of allocating expenditure to various expense categories is based on staff time allocation. 

## **Consolidation** 

Consolidated financial statements incorporating the financial statements of The SANE Trading Company Limited have not been prepared, since the company was dormant during the year. These financial statements therefore reflect the results of the charitable company only. The financial details of the subsidiary company are set out in note 20. 

## **Fund accounting** 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. 

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 

## **Incoming resources** 

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

- legacy income is recognised when receipt is probable and entitlement is established. 

**- 27 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **3. Accounting policies** _**(continued)**_ 

## **Incoming resources** _**(continued)**_ 

- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 

- Investment income is included when receivable. 

- The value of services provided by volunteers has not been included in these accounts. 

- Incoming resources from charitable trading activity are accounted for when earned 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

## **Operating leases** 

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. 

**- 28 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **3. Accounting policies** _**(continued)**_ 

## **Tangible assets** 

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities.  A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. 

Fixed assets with a value less than £2,000 and computer software are written off directly to the Statement of Financial Activities in the year of purchase. 

Land and buildings held as investments are included in the accounts at Market Value, as defined within the Appraisal and Valuation Standards of the Royal Institution of Chartered Surveyors, Sixth Edition. 

No depreciation is provided in respect of investment properties because they are stated at their open market value.  The directors consider this policy necessary to give a true and fair view.  To quantify the depreciation that might otherwise have been charged would neither be practicable nor be of real value. 

## **Investments** 

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. 

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 

## **Impairment of fixed assets** 

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 

**- 29 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **3. Accounting policies** _**(continued)**_ 

## **Impairment of fixed assets** _**(continued)**_ 

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

Debt instruments are subsequently measured at amortised cost. 

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 

**- 30 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **4. Limited by guarantee** 

SANE is a charitable company limited by guarantee and registered in England & Wales, and meets the definition of a public benefit entity. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. 

## **5. Donations and legacies** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2025**|
||£|£|**£**|
|**Donations**||||
|Private individuals and legacies|470,985|–|**470,985**|
|Companies|132,734|–|**132,734**|
|Other organisations|105,518|–|**105,518**|
|Trusts|78,088|94,038|**172,126**|
||---------------------------------|----------------------------|---------------------------------|
||787,325|94,038|**881,363**|
||=================================|============================|=================================|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2024|
||£|£|£|
|**Donations**||||
|Private individuals and legacies|1,183,679|137,103|1,320,782|
|Companies|116,939|–|116,939|
|Other organisations|78,331|–|78,331|
|Trusts|104,969|70,696|175,665|
||------------------------------------------|---------------------------------|------------------------------------------|
||1,483,918|207,799|1,691,717|
||==========================================|=================================|==========================================|



## **6. Other trading activities** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Christmas cards|12,514|**12,514**|10,075|10,075|
||============================|============================|============================|============================|
|**nvestment income**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Income from listed investments|8,167|**8,167**|28,380|28,380|
|Investment income and interest|19,391|**19,391**|23,149|23,149|
||----------------------------|----------------------------|----------------------------|----------------------------|
||27,558|**27,558**|51,529|51,529|
||============================|============================|============================|============================|



## **7. Investment income** 

**- 31 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **8. Other income** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Rental income|292,800|**292,800**|323,975|323,975|
||=================================|=================================|=================================|=================================|



## **9. Fund transfers** 

At the year end, £948,866 was transferred from unrestricted funds to eliminate various restricted fund deficits. The deficits cleared were as follows: deficit of £617,403 in Services restricted fund; £6,324 deficit in Black Dog restricted fund and £325,139 deficit in Fundraising restricted fund. 

## **10. Costs of raising donations and legacies** 

||Restricted|**Total Funds**|Restricted|Total Funds|
|---|---|---|---|---|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Personnel costs|169,072|**169,072**|158,835|158,835|
|Establishment costs|156,067|**156,067**|97,154|97,154|
||---------------------------------|---------------------------------|---------------------------------|---------------------------------|
||325,139|**325,139**|255,989|255,989|
||=================================|=================================|=================================|=================================|



## **11. Expenditure on charitable activities by fund type** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2025**|
||£|£|**£**|
|Awareness and Education|262,725|–|**262,725**|
|POWIC|229,767|–|**229,767**|
|Services|–|659,804|**659,804**|
|Black Dog|–|6,324|**6,324**|
|Support costs|9,600|–|**9,600**|
||---------------------------------|---------------------------------|------------------------------------------|
||502,092|666,128|**1,168,220**|
||=================================|=================================|==========================================|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2024|
||£|£|£|
|Awareness and Education|185,468|–|185,468|
|POWIC|198,481|–|198,481|
|Services|–|701,099|701,099|
|Black Dog|–|9,013|9,013|
|Support costs|9,600|–|9,600|
||---------------------------------|---------------------------------|------------------------------------------|
||393,549|710,112|1,103,661|
||=================================|=================================|==========================================|



**- 32 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **12. Expenditure on charitable activities by activity type** 

||Activities||||
|---|---|---|---|---|
||undertaken|Support|**Total funds**|Total fund|
||directly|costs|**2025**|2024|
||£|£|**£**|£|
|Awareness and Education|262,726|–|**262,726**|185,468|
|POWIC|229,767|–|**229,767**|198,481|
|Services|659,803|–|**659,803**|701,099|
|Black Dog|6,324|–|**6,324**|9,013|
|Governance costs|–|9,600|**9,600**|9,600|
||------------------------------------------|-----------------------|------------------------------------------|------------------------------------------|
||1,158,620|9,600|**1,168,220**|1,103,661|
||==========================================|=======================|==========================================|==========================================|
|**Other expenditure**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Administrative costs|58,923|**58,923**|77,662|77,662|
|Investment costs|34,259|**34,259**|29,940|29,940|
||----------------------------|----------------------------|---------------------------------|---------------------------------|
||93,182|**93,182**|107,602|107,602|
||============================|============================|=================================|=================================|
|**Auditors remuneration**|||||
||||**2025**|2024|
||||**£**|£|
|Fees payable for the audit of the financial statements|||**9,600**<br>=======================|9,600<br>=======================|



## **13. Other expenditure** 

## **14. Auditors remuneration** 

## **15. Staff costs** 

|The total staff costs and employee benefits for the reporting period are analysed as|The total staff costs and employee benefits for the reporting period are analysed as|follows:|
|---|---|---|
||**2025**|2024|
||**£**|£|
|Wages and salaries|**781,267**|648,772|
|Social security costs|**73,411**|68,405|
|Pension Costs|**18,418**|33,945|



The average head count of employees during the year was 28 (2024: 24). 

One (2024: One) employee earned between £70,000 and £79,999 per annum in respect of the year ended 31 March 2025 (excluding employer pension contributions). 

## **16. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

**- 33 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **17. Tangible fixed assets** 

||Long||
|---|---|---|
||Leasehold|**Total**|
||£|**£**|
|**Cost**|||
|**At 1 April 2024 and 31 March 2025**|1,070,066|**1,070,066**|
||==========================================|==========================================|
|**Depreciation**|||
|**At 1 April 2024 and 31 March 2025**|–|**–**|
||==========================================|==========================================|
|**Carrying amount**|||
|**At 31 March 2025**|1,070,066|**1,070,066**|
||==========================================|==========================================|
|At 31 March 2024|1,070,066|1,070,066|
||==========================================|==========================================|



## **Tangible fixed assets held at valuation** 

Since 2009, when the leasehold property was professionally valued, the Trustees have considered the valuation to fairly reflect the year on year market value. 

A professional valuer was commissioned to undertake a valuation. However, due to continuing uncertainties created by the change in lease arrangements and developments in the Warneford Site Master Plan the Trustees were advised by the valuer to retain the existing valuation at £1,070,066. 

The Warneford Site Master Plan may involve significant changes to the ownership of the land following a five-year lease with no rent reviews and a potential relocation. 

## **18. Investments** 

||Shares in|||
|---|---|---|---|
||group|Other||
||undertakings|investments|**Total**|
||£|£|**£**|
|**Cost or valuation**||||
|At 1 April 2024|100|1,819,456|**1,819,556**|
|Additions|–|1,401,711|**1,401,711**|
|Disposals|–|(320,858)|**(320,858)**|
|Fair value movements|–|(63,367)|**(63,367)**|
||--------------|------------------------------------------|------------------------------------------|
|**At 31 March 2025**|100|2,836,942|**2,837,042**|
||==============|==========================================|==========================================|
|**Impairment**||||
|**At 1 April 2024 and 31 March 2025**|–|–|**–**|
||==============|==========================================|==========================================|
|**Carrying amount**||||
|**At 31 March 2025**|100|2,836,942|**2,837,042**|
||==============|==========================================|==========================================|
|At 31 March 2024|100|1,819,456|1,819,556|
||==============|==========================================|==========================================|



**- 34 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **18. Investments** _**(continued)**_ 

All investments shown above are held at valuation. 

## **19. Debtors** 

||**2025**|2024|
|---|---|---|
||**£**|£|
|Trade debtors|**69,327**|1,430|
|Prepayments and accrued income|**25,271**|18,771|
||----------------------------|----------------------------|
||**94,598**|20,201|
||============================|============================|
|**Creditors:** **amounts falling due within one year**|||
||**2025**|2024|
||**£**|£|
|Trade creditors|**22,607**|20,171|
|Amounts owed to group undertakings|**100**|100|
|Accruals and deferred income|**14,426**|9,600|
|Social security and other taxes|**16,178**|15,348|
|Other creditors|**3,954**|2,591|
||----------------------------|----------------------------|
||**57,265**<br>============================|47,810<br>============================|



## **20. Creditors: amounts falling due within one year** 

## **21. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**||||||
|---|---|---|---|---|---|
||||||**At**|
||At 1 April 2024|Income|Expenditure|Transfers|**31 March 2025**|
||£|£|£|£|**£**|
|**General Reserves**|880,566|827,397|(6,095)|(948,866)|<br>**753,002**|
|**Designated Funds**||||||
|POWIC|578,548|292,800|(229,767)|–|**641,581**|
|SANE Awards Scheme|78,308|–|(62,160)|–|**16,148**|
|Exceptional Legacy|1,555,418|–|(297,252)|–|**1,258,166**|
||------------------------------------------|------------------------------------------|---------------------------------|---------------------------------|------------------------------------------|
||3,092,840|1,120,197|(595,274)|(948,866)|<br>**2,668,897**|
||==========================================|==========================================|=================================|=================================|==========================================|
||||||At|
||At 1 April 2023|Income|Expenditure|Transfers|31 March 2024|
||£|£|£|£|£|
|**General Reserves**|312,454|1,517,142|(19,298)|(929,732)|<br>880,566|
|**Designated Funds**||||||
|POWIC|453,054|323,975|(198,481)|–|578,548|
|SANE Awards Scheme|144,144|–|(65,836)|–|78,308|
|Exceptional Legacy|1,744,574|28,380|(217,536)|–|1,555,418|
||------------------------------------------|------------------------------------------|---------------------------------|---------------------------------|------------------------------------------|
||2,654,226|1,869,497|(501,151)|(929,732)|<br>3,092,840|
||==========================================|==========================================|=================================|=================================|==========================================|



**- 35 -** 



**SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **21. Analysis of charitable funds** _**(continued)**_ 

## **Purposes of Unrestricted and Designated Funds** 

## **Research - POWIC** 

The Prince of Wales Centre POWIC/SANE was a result of a campaign to raise funds to build and support an internationally recognised centre for cognitive research into the causes and treatment of severe mental illness. 

Sharing knowledge and increasing people's understanding of mental illness are two of SANE's core aims, providing the essential structure for our outcomes. 

SANE founded the Prince of Wales International Centre (POWIC) for SANE Research in Oxford in 2003. 

## **SANE Creative Awards Scheme (SCAS)** 

SANE has a long association with the arts and for many years held a successful awards scheme providing grants to individuals wishing to further their artistic development. 

This is a designated fund for the SCAS which will be available for the purpose of making awards, financial or otherwise to individuals affected by mental illness including their families and carers, to help them to achieve their potential in the creative arts. 

## **Development Fund** 

The development fund is committed over the next six years to certain specific projects and as such is not generally available as part of the unrestricted funds.  In Year 1 (21.22) of the development fund we spent £66,479; Year 2 £101,273, Year 3 £217,536 and this year £297,592.  We are projecting accelerated spending over the next years to continue the plan of growth. 

The development fund has been designated by the Trustees to move forward SANE's Development Business Plan and pursue its aims to: 

- Accelerate its campaigning, with a particular focus on those with severe mental illness and their families, highlighting the urgent need to restore psychiatric beds and units, and fighting for resources for the mental health workforce and community teams. 

- Increase its social media presence and continue to invest in the creative functionality of its website. 

- Double the number of volunteers to 100+ for the helpline, TextCare and email services, and develop its Call Back service to provide sustained support for people through times of crisis or ongoing need. 

- Attract new interdisciplinary teams to research innovative treatments and therapies at the Prince of Wales International Centre for SANE Research. 

- Maximise the success of the SANE Creative Awards Scheme, opening it to more potential recipients. 

**- 36 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **21. Analysis of charitable funds** _**(continued)**_ 

## **Restricted funds** 

|**Restricted funds**||||||
|---|---|---|---|---|---|
||||||**At**|
||At 1 April 2024|Income|Expenditure|Transfers|<br>**31 March 2025**|
||£|£|£|£|**£**|
|POWIC Research -||||||
|Neuroscience|1,229,108|–|–|–|<br>**1,229,108**|
|Black Dog Tribe|–|–|(6,324)|6,324|<br>**–**|
|Services|38,097|94,038|(659,804)|617,403|<br>**89,734**|
|Research|82,109|–|–|–|<br>**82,109**|
|Fundraising|–|–|(325,139)|325,139|<br>**–**|
||------------------------------------------|----------------------------|---------------------------------|---------------------------------|------------------------------------------|
||1,349,314|94,038|(991,267)|948,866|<br>**1,400,951**|
||==========================================|============================|=================================|=================================|==========================================|
||||||At|
||At 1 April 2023|Income|Expenditure|Transfers|<br>31 March 2024|
||£|£|£|£|£|
|POWIC Research -||||||
|Neuroscience|1,100,000|129,108|–|–|<br>1,229,108|
|Black Dog Tribe|–|3,770|(9,013)|5,243|<br>–|
|Services|–|70,696|(701,098)|668,499|<br>38,097|
|Research|77,884|4,225|–|–|<br>82,109|
|Fundraising|–|–|(255,990)|255,990|<br>–|
||------------------------------------------|---------------------------------|---------------------------------|---------------------------------|------------------------------------------|
||1,177,884|207,799|(966,101)|929,732|<br>1,349,314|
||==========================================|=================================|=================================|=================================|==========================================|



## **Purposes of Restricted Funds** 

## **Research - POWIC** 

The Prince of Wales Centre POWIC/SANE was a result of a campaign to raise funds to build and support an internationally recognised centre for cognate research into the causes and treatment of severe mental illness. 

## **Services** 

SANE Services comprise of a national telephone helpline, email, Textcare and Call Back providing ongoing support for 365 days of the year. 

**- 37 -** 



## **SANE** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2025** 

## **22. Analysis of net assets between funds** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2025**|
||£|£|**£**|
|Tangible fixed assets|–|1,070,066|**1,070,066**|
|Investments|2,837,042|–|**2,837,042**|
|Current assets|(168,145)|330,885|**162,740**|
||------------------------------------------|------------------------------------------|------------------------------------------|
|**Net assets**|2,668,897|1,400,951|**4,069,848**|
||==========================================|==========================================|==========================================|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2024|
||£|£|£|
|Tangible fixed assets|–|1,070,066|1,070,066|
|Investments|1,819,556|–|1,819,556|
|Current assets|1,273,284|279,248|1,552,532|
||------------------------------------------|------------------------------------------|------------------------------------------|
|**Net assets**|3,092,840|1,349,314|4,442,154|
||==========================================|==========================================|==========================================|
|**Analysis of changes in net debt**||||
||||**At**|
||At 1 Apr 2024|Cash flows|**31 Mar 2025**|
||£|£|**£**|
|Cash at bank and in hand|1,580,141|(1,454,734)|<br>**125,407**|
|Debt due within one year|(100)|–|**(100)**|
||------------------------------------------|------------------------------------------|---------------------------------|
||1,580,041|(1,454,734)|<br>**125,307**|
||==========================================|==========================================|=================================|



## **23. Analysis of changes in net debt** 

## **24. Operating lease commitments** 

The total future minimum lease payments under non-cancellable operating leases are as follows: 

||**2025**|2024|
|---|---|---|
||**£**|£|
|Not later than 1 year|**59,922**|59,005|
|Later than 1 year and not later than 5 years|**183,600**|183,600|
|Later than 5 years|**3,167,100**|3,213,000|
||------------------------------------------|------------------------------------------|
||**3,410,622**|3,455,605|
||==========================================|==========================================|



## **25. Pension commitments** 

## **Defined Contribution Plans** 

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £18,418 (2024: £33,945). 

**- 38 -**