REGISTERED COMPANY NUMBER: 06010593 (England and Wales)

REGISTERED CHARITY NUMBER: 1117336

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

THE MCPIN FOUNDATION

Page

Report of the Trustees

1

to

8

Report of the Independent Auditors

9

to

12

Statement of Financial Activities

13

Balance Sheet

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

to

27

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

We want mental health to be better understood. We explore what it means to be an expert, valuing personal experience as well as professional practice and research skills. We create inclusive ways of working that encourage shared learning and impact. We lead, influence and shape research that deepens understanding of mental health issues and improves the lives of people and communities.

Mission: To improve everyone's mental health through research directed by lived experience expertise

Vision: Our vision is a world where the value of lived experience of mental health issues is upheld and embraced, and is at the heart of all stages of research

The Foundation has an operational strategy 2023/2028.We are working with four strategic goals:

(1) To be a mental health research pioneer: innovating better research methods with a focus on lived experience expertise to progress a robust and inclusive knowledge base in mental health

(2) To achieve change through influencing and research impact: influence policy and practice to improve understanding of mental health and contribute to producing real changes that matter to the lives of individuals and communities

(3) To help people we are connected with to develop and flourish: placing an emphasis on personal growth and fulfilment across our networks, and providing a working environment that supports well-being

(4) To challenge inequality and injustice in society: prioritizing inclusive research work that combats inequality, discrimination, racism and oppression

Significant activities

Pioneering mental health research

Our goal is to maintain a balanced and sustainable portfolio of work across three key areas: influencing the work of others and building a strong and diverse sector; supporting others to deliver patient and public involvement (PPI) in research well; delivery of research and evaluation projects, including the employment of people with personal experience of mental health issues in project teams. Our model of work is to build collaborations and partnerships with others, both mental health specialists and those whose work relates to mental health. Highlights from each team are provided below:

- Research: We have been working on the SUNRISE study commissioned by the Wellcome Trust exploring the role of subjective experiences research in shaping future mental health research agendas. Our Peer Action Collective (PAC) with young people in Haringey is in its middle phase - we are working with 19 young peer researchers to understand the link between youth violence and mental health. Our NIHR funded Community Navigator study led by UCL is testing an approach to support people with depression and anxiety experiencing loneliness and we are delivering two qualitative studies within the trial programme. CoPICS (Experience Based Co-design of Psychosis Centered Integrated Care Services for Ethnically Diverse People with Multimorbidity) led by University of Oxford has been working with five McPin peer researchers co-delivering workshops and biographical narrative interviews. New peer research studies include work on the UKRI MRC funded Complex emotions hub and a new NIHR funded study within Feeling Safer exploring inclusivity within the new treatment modality. Our staff have been involved in 23 peer review research publications this period.

- Public Involvement in Research: We continue to manage LEAP (Lived Experience Advisory Panels) and Young People Advisory Groups (YPAGs) with 33 groups operating March 2025. This includes running new groups this year for commissioned work including The Triple AAA study led by University of Bristol with partners in Brazil funded by Wellcome Trust, two NIHR funded Target Trials studies at University of Sheffield, and the Social Health hub LEAP working with people with chronic and enduring mental health problems led by Queen Mary, University of London and funded by UKRI MRC.

- Communications: We supported the launch of the UK Parliament's Health and Social Care select community inquiry into community mental health services by contributing two lived experience videos, and written evidence. We produced 36 blogs and news pieces hosted on our website and developed our Linked-In presence having moved off the social media platform X. Staff were supported to attend seven conferences where we gave key-note talks or invited presentations including ENMESH in Versailles, France. We have also produced videos for several projects including AGENCY, SPHR PPI charter and Surrey young adults community mental health transformation research study.

Operations: We moved to new office premises in July 2024, so we are now based in Bethnal Green. We have been running our JEDI Forum - Justice, Equity, Diversity and Inclusion - regularly and continue to develop our well-being support offer. We recruited 8 new members of the team during 24/25 and began the process to recruit two more staff positions. Only two staff members left during 24/25. We also began to prepare for a salary consultation process, with a new offer agreed by Trustees March 2025. We continue to embed Breathe HR into the organisation, develop our mentoring offer and encourage seek out more training opportunities. We also recruited three new Trustees with two-stage interviews held December 2024 and February 2025.

Our influence

Our influence continues through working partnerships with a wide range of other organisations and membership of networks including the Alliance of Mental Health Research Funders, Young People's Mental Health Coalition, and advisory group membership with UKRI and Rethink Mental Illness. We have links to academic teams around the country and have spoken about our work at conferences including a plenary presentation in Versailles, France. There is ongoing promotion of our core message - the importance of expertise from experience - across a range of communication channels including our e-newsletter, website, social media and new external training programme linked to our 10 for 10 resources.

Our supporter base

Our McPin involvement network is growing into a thriving community of people interested in and doing patient and public involvement (PPI) work. Our young people's network continues to grow. We engaged 225 different people with lived experience in groups and workshops to shape mental health research.

Funding research

We part-funded a PhD studentship at UCL (25%), exploring wellbeing among academics. The resource to set-up the peer research academy including the funding of peer PhDs, requires more work before this initiative can be launched We do still co-chair the Alliance of Mental Health Research Funders and have joined the International Alliance of Mental Health Research Funders. We host the Words that Carry On - Lindsay's legacy fund which has commissioned a research study from City University exploring personality disorders and autism, and includes a PhD studentship concluding March 2025 (extended by 6 months).

Our sustainability

OBJECTIVES AND ACTIVITIES

Our current business model means that we are primarily dependent on grant income. We generate very little income through fundraising. It remains an ambition for the Foundation to generate matched funding for our peer research academy plans.

Public benefit

The trustees believe that they have complied with their duties as described under the Charities Act 2011. The Foundation works with partners to improve the delivery of mental health research, develop the sector, and through its own activities seek to achieve change and growth to benefit public wellbeing. In particular, the Foundation is focused on placing experts from experience (people with experience of managing a mental health issues or their relatives / friends in roles of carer) at the heart of mental health research activities from design, delivery through to dissemination of findings including knowledge transfer and implementation planning.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

In our 2023/2024 accounts we set out the aims we wanted to achieve by year end 31st March 2025. We outline progress against each activity below

-Develop an impact and influencing strategy and encourage all staff to identify potential in project work to impact more directly policy, the research ecosystem, and local communities

We appointed a new role into the charity - our head of strategy, impact and partnerships - which enabled us to review our strategy and direction. We agreed to delay the writing of an impact and influencing strategy until after a full review of current activities and partnerships was complete. The strategy design group completed their work in February 2025. Alongside this staff have been identifying opportunities for influencing including through parliamentary events. Our Peer Action Collective project has presented work on school exclusions and mental health to the Department of Education and hosted Janet Daby MP in January 2025 at a youth-led event in Tottenham, London.

- Produce innovative science communication outputs - including within TYPPEX - to showcase research findings and encourage knowledge transfer alongside developing our neuroscience PPI work.

We appointed a part time (0.8 FTE) digital communications officer to lead the TYPPEX dissemination work which has included a study website re-fresh and bespoke outputs including videos with therapists. This officer post is creating animations including the SPHR PPI programme charter and infographics to support events like the Prix Galien in 2025. Our neuroscience work is progressing with a partnership with other charities led by academics at Newcastle University.

- Deliver an external training programme to cover PPI, peer research and co-production.

We appointed two research and training managers in 24/25 (1.4 FTE) to develop a new external training function. This team have run a PPI cohort course for university based researchers, delivered training commissioned by Women in Prison, designed and run a youth peer research course for people in our YPAGs, and delivered several other external training commissions.

- Continue to develop as an inclusive organisation - speaking up about racism and oppression, delivering work that directly tackles inequalities in mental health provision and focusing on how research teams can be more inclusive.

We are committed to developing the inclusive culture of our organisation and have taken on specific projects to address and spotlight inequalities. The Co-PICS study is one example funded by NIHR exploring psychosis, multi-morbidity and inequalities in healthcare systems. Internally the JEDI forum is more established. We have also been trying some different types of approaches - such as our work exploring Black youth experiences in London of how music and mental health are interlinked. This is a black youth led project combining research and activism skills to produce a zine (will be ready Autumn 2025). We have also commissioned an external organisation to do another piece of work with us to keep progressing the development of our organisation culture within a lived experience organisation.

-Deliver commissioned projects including Peer Action Collective, Mind self-supported help evaluation, SUNRISE, Citizen Science review, running PPI programmes in CONNECT, ASCEnD, STOP, Community Navigators2, Co-PICS, IMAT, SASH and E-Risk.

We are on track delivering all our commissioned projects. The Peer Action Collective completes in Sept 2025 and is moving into the final phase of social action building upon 2 research studies. The self-supported help evaluation co-delivered with IPSOS MORI is finalising the internal report for Mind. SUNRISE has an extension until September 2025 and Citizen Science was delivered within the 4 month brief; both are funded by RFP within Wellcome. Most of our PPI groups are on-going with the exception of STOP which ended march 2025 although we hope to sustain through follow-on studies.

Fundraising activities

We had no McPin core fundraising activities; our fundraising income was £0 (2024: 0).

FINANCIAL REVIEW

Financial position

Our overall position remains positive with reserves at 31 March 2025 of £2,542,729 (2024 £2,307,960).

The Foundation received donations and gifts in the year totalling £348,885 (2024 £1,788) and the surplus for the year was £234,769 (Deficit 2024: £51,120). This is after an unrealised gain of £95,040 (2024 gain £74,177) on investments, which are deducted from the accumulated fund, leaving a balance to be carried forward of £2,542,729..

Principal funding sources

Major contracts and agreements for funding of research projects are shown in note 5 to the accounts

Reserves policy

McPin's policy is to hold enough reserves to cover all project commitments, along with 12 months of running costs. In addition, we believe beneficiaries are best served through the existence of a specialist mental health research charity working to champion expertise by experience in all aspects of research, which requires contingency reserves because we have no donor base and uncertain contract income. The reserves policy requires reserves of approximately £2m plus contingency funding for long term sustainability.

Project commitments include: the setting up of a peer research academy using a tied donation made in 2017; WTCO funding for research projects; resourcing our two final 10 for 10 resources based on learning at McPin over 10 years, as well as dissemination plan; developing our LEAPs and YPAGs, training peer researchers at McPin.

Going concern

The trustees have considered going concern, and are satisfied that under current plans, the charity can continue to operate as a going concern.

FUTURE PLANS

We are committed to developing the mental health research sector, looking for opportunities to increase the number of experts by experience who work with us, and supporting their career development. The Foundation has been operating for 11 years as a mental health research specialist charity. We are committed to developing the charity, and working closely with our management team to decide how best to do so. We do have some changes in the senior leadership team.

- Develop our team including recruiting new positions in operations and communication functions. We want to further develop our managers group and create a McPin charter with all our staff to better operationalise our values and set our more clearly co-produced expectations.

- Build on our strategy work, to develop mini strategies and operational work plans for our four goals (Pioneering research, Influencing change, Helping people flourish, Challenging injustice). This is what we are trying to achieve:

1. Increased sector know-how and capacity to do high-quality research and involvement.

2. LE knowledge is amplified to influence policy, practice, and attitudes

3. People with LE access supportive employment/training opportunities that change lives

4. Injustice, inequity, and exclusion are seen, challenged and addressed

- Review our current decision making model over which new projects and partnerships to support, taking into consideration an ever changing sector and external environment

- Produce innovative science communication outputs to showcase research findings and encourage knowledge transfer alongside developing our neuroscience PPI work.

- Continue to develop as an inclusive organisation - speaking up about racism and oppression, delivering work that directly tackles inequalities in mental health provision and focusing on how research teams can be more inclusive.

- Deliver commissioned projects including SUNRISE, PHILM, and PHIRST. Build on the work of the Peer Action Collective to sustain this model. Ensure our LEAPs and YPAGS continue to innovate and refresh membership where necessary such as within CONECT.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

A Meadows was appointed in 2009, E Harding in 2013 , C. Chilvers in 2017 and four new trustees joined 19/3/2019 R McCabe, C Lodge, N Cope and C Benari. Nick McNally was appointed on the formation of the Foundation. A further four Trustees joined 27/1/2021 L Anstey, R Dore, N Ali and L Karageorghis. Their backgrounds enable the Foundation to develop its research and PPI (patient and public involvement) in research programmes, provide the right skills and experience essential to good governance and charity development.

Trustees meet formally three times a year, but are in regular contact between meetings. They also meet for strategy days with the McPin team. In 2024-2025 there were 2 formal meetings: July and November 2024. We had two other meetings in February (25/2) and March (28/3) 2025, ahead of a formal trustee meeting in April 2025. The February session was to consider the proposed pay review and the march meeting was in person to meet new trustees, provide an overview of our governance processes and again to consider the pay review process. The Trustees are trustees for the purpose of charity law and directors for the purpose of company law.

Organisational structure

Dr Vanessa Pinfold was appointed as Research Director for the charity on 1st April 2014. She leads and manages the charity reporting to the Independent Trustee Group (ITG). The ITG is chaired by Nathan Cope, and full membership is open to all un-related trustees to the McNally or Pinfold family, although it is currently a smaller group with membership A Meadows, L Anstey, C Benari and L Karageorghis. The research director prepares regular reports to the trustees and attends board meetings. The staff are organised into four structural teams (research, public involvement in research, communications, and organisational support) but mostly work as project teams bringing together expertise from across our staffing resource. Our work requires us to operate flexibility and therefore we have a core group of staff supplemented by contracted employees working on short fixed term contracts. During the reporting period we had 28 people working as staff on payroll (21 FTE) and we worked with 254 LEAP members/ consultants / advisors.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06010593 (England and Wales)

Registered Charity number

1117336

Registered office

Unit 1.4

The Green House

Cambridge Heath Road

London

E2 9DA

Trustees

Clair Evelyn Chilvers Chair, Mental Health Research UK (resigned 28.6.24)

Nicholas James McNally Chair, McPin Foundation

Amy Meadows Meadows Comms/Cavendish Square Group

Colby Ellen Benari Freelance Education Consultant

Rose McCabe Professor City University

Nathan Frank Cope Chief Operating Officer, Otsuka

Alexia Elena Karageorghis Research psychologist (resigned 29.11.24)

Rhys Matthew Dore Academic Fellow in Clinical Genetics

Laura Jane Anstey NHS chief of staff

Naheen Nazmin-Nahar Ali Researcher (resigned 20.2.25)

Company Secretary

Malcolm James Johnston

Auditors

Ark Accountancy Limited

Chartered Certified Accountant &

Statutory Auditor

56-58 High Street

Ewell

Epsom

Surrey

KT17 1RW

Solicitors

Womble-Bond Dickenson

4 More London

Riverside

London

SE1 2AU

Principal Bankers

The Co-operative Bank

1 Balloon Street

Manchester, M60 4EP

Investment Managers

Blackrock Investment Management (UK) Limited

12 Throgmorton Avenue

London, EC2N 2DL

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of THE MCPIN FOUNDATION for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Ark Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 12 December 2025 and signed on its behalf by:

Nicholas James McNally - Trustee

Opinion

We have audited the financial statements of THE MCPIN FOUNDATION (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company'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; and

-	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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where 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 exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 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; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

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 were

indicative of 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:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance; and

- enquiring of management as to actual and potential litigation and claims.

We communicate with those charged with governance regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including any significant deficiencies in internal control that we

identify during our audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations

are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing

standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of

the trustees and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company'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 charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mary E Ryan (Senior Statutory Auditor)

for and on behalf of Ark Accountancy Limited

Chartered Certified Accountant &

Statutory Auditor

56-58 High Street

Ewell

Epsom

Surrey

KT17 1RW

12 December 2025

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

430,532

320

430,852

1,788

Charitable activities

4

Enhancing mental well-being

21,337

1,024,316

1,045,653

884,752

Investment income

3

51,341

6

51,347

34,716

Other income

514

5,707

6,221

49,159

Total

503,724

1,030,349

1,534,073

970,415

EXPENDITURE ON

Charitable activities

5

Enhancing mental well-being

316,011

1,078,333

1,394,344

1,095,712

Net gains on investments

95,040

-

95,040

74,177

NET INCOME/(EXPENDITURE)

282,753

(47,984

)

234,769

(51,120

)

Transfers between funds

19

(22,081

)

22,081

-

-

Net movement in funds

260,672

(25,903

)

234,769

(51,120

)

RECONCILIATION OF FUNDS

Total funds brought forward

1,547,193

760,767

2,307,960

2,359,080

TOTAL FUNDS CARRIED FORWARD

1,807,865

734,864

2,542,729

2,307,960

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

12

8,677

-

8,677

3,584

Investments

13

1,508,782

-

1,508,782

1,457,480

1,517,459

-

1,517,459

1,461,064

CURRENT ASSETS

Debtors

14

248,380

-

248,380

178,641

Cash at bank

243,743

734,864

978,607

732,365

492,123

734,864

1,226,987

911,006

CREDITORS

Amounts falling due within one year

15

(137,717

)

-

(137,717

)

(64,110

)

NET CURRENT ASSETS

354,406

734,864

1,089,270

846,896

TOTAL ASSETS LESS CURRENT LIABILITIES

1,871,865

734,864

2,606,729

2,307,960

CREDITORS

Amounts falling due after more than one year

16

(64,000

)

-

(64,000

)

-

NET ASSETS

1,807,865

734,864

2,542,729

2,307,960

FUNDS

19

Unrestricted funds

1,807,865

1,547,193

Restricted funds

734,864

760,767

TOTAL FUNDS

2,542,729

2,307,960

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

The financial statements were approved by the Board of Trustees and authorised for issue on 12 December 2025 and were signed on its behalf by:

Nicholas James McNally - Trustee

Cash flows from operating activities

Cash generated from operations

1

144,764

(233,225

)

Tax paid

17,500

-

Net cash provided by/(used in) operating activities

162,264

(233,225

)

Cash flows from investing activities

Purchase of tangible fixed assets

(10,087

)

-

Interest received

7,609

6,810

Dividends received

43,738

27,906

Net cash provided by investing activities

41,260

34,716

Cash flows from financing activities

Investment charges

43,738

-

Net cash provided by financing activities

43,738

-

Change in cash and cash equivalents in the reporting period

247,262

(198,509

)

Cash and cash equivalents at the beginning of the reporting period

2

731,345

929,854

Cash and cash equivalents at the end of the reporting period

2

978,607

731,345

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.3.25

31.3.24

£

£

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities)

234,769

(51,120

)

Adjustments for:

Depreciation charges

4,994

2,659

Gain on investments

(95,040

)

(74,177

)

Interest received

(7,609

)

(6,810

)

Dividends received

(43,738

)

(27,906

)

Increase in debtors

(87,239

)

(36,169

)

Increase/(decrease) in creditors

138,627

(39,702

)

Net cash provided by/(used in) operations

144,764

(233,225

)

2.	ANALYSIS OF CASH AND CASH EQUIVALENTS

31.3.25

31.3.24

£

£

Notice deposits (less than 3 months)

978,607

732,365

Overdrafts included in bank loans and overdrafts falling due within one year

-

(1,020

)

Total cash and cash equivalents

978,607

731,345

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

732,365

246,242

978,607

Bank overdraft

(1,020

)

1,020

-

731,345

247,262

978,607

Total

731,345

247,262

978,607

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Costs are allocated and apportioned in accordance with the terms of each contract or agreement

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Under the provisions of the Corporation Tax Act 2010, and the Taxation of Chargeable Gain Act 1992, the company is not subject to taxation, on the grounds that it is a registered charity and its income is applied solely for charitable purposes..

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of material funds is included in the trustees' report.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investment income, donations and similar incoming resources

Investment income, donations and similar incoming resources are accounted for on an accruals basis.

Donated services are included in the Statement of Financial Activity, where the benefit to the charity is reasonably quantifiable, measurable and material, as incoming resources and resources expended. They are valued at the amount that the Charity would have to pay to acquire them at the time of the donation.

2.	DONATIONS AND LEGACIES

31.3.25

31.3.24

£

£

Donations

344,796

1,788

Gift aid

86,056

-

430,852

1,788

3.	INVESTMENT INCOME

31.3.25

31.3.24

£

£

Other fixed asset invest - FII

43,738

27,906

Deposit account interest

7,609

6,810

51,347

34,716

4.	INCOME FROM CHARITABLE ACTIVITIES

Contracted Services, Agreements & Consultancy

31.3.25

31.3.24

University of Manchester- Connect

37,613

32,512

Bristol University - School of Public Health MH programme

74,316

42,480

Oxford University - CoPics

94,613

69,430

Youth endowment fund -Peer Action Collective

190,218

96,667

Maudsley Charity - MC Psychosis

5,800

23.400

CYP work (various)

2,318

27.452

Research Team Work (various)

53,569

43.493

University of Cambridge - Typpex

30,955

29.462

University of Birmingham - IMH Birmingham

6,275

34.601

Newcastle University - Ascend

17,820

26.445

UCL -Community Navigators - loneliness

40,633

38.764

Crisis - Psychology services evaluation

12,420

24,118

University of Oxford - Oxford BRC

10,477

18,750

University of Cambridge - Philm

12,960

32,850

Aston University - agency & MH

16,515

20,477

University of Oxford - Feeling safer

20,588

38,347

MIND self - supported help programme

49,734

49,734

Words that carry on: Lindsay's fund

2,937

1,020

Kings College London - STOP

24,119

32,313

The Francis Crick Institute - IMAT

50,686

0

University of Birmingham - MH Influencers

46,086

0

University of Edinburgh - Metabolic Psychiatry hub UKRI

11,618

0

Wellcome SER

48,852

0

University of Birmingham - Mental Health Mission

32,000

0

Sheffield University - Silvercloud Sheffield

16,734

0

Sheffield Health NHS Trust - Complex Emotions Sheffield

17,454

0

Other

118,346

212.514

1,045,656

884.752

5.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

Direct

(see note

costs (see

Costs

6)

note 7)

Totals

£

£

£

£

Enhancing mental well-being

870,554

171,784

352,006

1,394,344