International Psychoanalytical Association Charity No. 1071752 Company No. 03496765 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 International Psychoanalytical Association 1 to2 Board, Advisers. Legal and Adminislrabve Information 3 10 11 Board Report 12to15 Independent Auditors Report 16 Statement ol Financial Aclivilies 17 Balance Sheet Statement ol Cash Flows 19to27 Notes to the Financial Statements International Psychoanalytical Association Board. Advisers, Legal and Administrative Inforrnation Board Members - Officer5 Dr Harriet Wolfe - President Dr Adriana Prengler- Vi¢e President Dr Henk Jan Oalewiik Treasurer Board members Dra Anette Blay3 Luz Dr Bernard Chervet Lic. Gleda Araujo Dr Ingo Focke Dra. Jani Santamari3 Psicologo Laura Verissimo de Posadas Professor Louis Brunet Dr Lu15a Ma5ina Dr Mark Smaller Dr Sue Kolod Dr Juan Francisco Artaloyti3 Dra Claudia Lucia Borensztejn Professor Lesley Kathleen Caldwell Dr Paula Ellman Dr EdLiardo Gastelumendi Mariano Marcos Horenstein Dr Jonathan House Dr Dimitris James Jackson Dr BritL-Mari@ Schiller Dra Conceicao Tavares De Almeida Dr Randi Wirth Senior management team P A Crake N J Allen Andrew Twynam Executive Diieclor Deputy Executive Director Head of Finance and IT, Company Secretary Page 1 International Psychoanalytical Association Board, Advisers. Legal and Administrative Information RegistÈred Office Lexicon. Unit B. Book House 261 a City Road London EC1V 1AH Independent Auditor Moore Kingston Smith LLP Chartered Accountants 6th Floor. 9 Appold Street, London EC2A 2AP Bankers HSBC 67 George Street. Richmond, Surrey TVV9 1 HG HSBC 452 Fifth Avenue, New Yolk NY 10021 Flagslar Bank Ilormedy Signature Bank) 565 Firth AvenLJe, 12th Floor New York. NY10017 Solicitors Bates Wells Braithwaite 2-6 Cannon Street, London EC4M 6YH Goodman Derrick 10 Sl Bride Street, London EC4A 4A0 K&L Gale5 LLP One New Change, London, EC4M 9AF Page 2 International Psychoanalytical Association Board Report for the year ended 31 December 2022 The Board is pleased to present their report together with the financi31 statements of the International Psychoanalilical A550ciation I'the IPA'I for the year ended 31 December 2022. Structure, Governance and Managewnent The legal and administrative information set out on pages l arid 2 forms part ol thi5 report Governing document The IPA.. Is incorporated in England and Wale5 as a company limited by guarantEe without a share capital. Is registered as a charity with The Charity Commission for England and Wales. Is governed by the Memor2ndLJtti and Articles of Association datecl 21 january 1998 and last updated In january 2018. The financial Statements comply with currpnt siatutory requirements, the Memorandum and Artir.185 of Association and the Statement of Recommended Practice- Accounting and Reporting by Charities. Organisational Structure The organi5ational structure consists of.. The Board of Director5 which 15 a150 known as the Bodrd. The members of the Board ¢ire a150 the Trustees for charity purposes. The voting members of the Board are the Officers and 21 representative5, 7 from each Geographical Area. All these people are IPA members and are elected by IPA membership ballot. The Geographical Areas are Europe, North America and Latin America. The OrganisatlDnal Officers I'The Officers'l are Boa rd members and consist of the President, the Vice President and the Treasurer. The President Is the IPA'5 Chief Executive officer and spokesperson and is responsible for the execution of the Board's orders. In consultation with the Board the President appoints the personnel of IPA Cammittee5. task lorcL's and other special IPA budie5. The Executive Committee which 15 made up of the Officers and three of the Board rL'presentative5 oiie from L'ach Geographical Ared The Executive Committee acts on the Board's behalf between Bo3rd meeting5. Committee5.' A great deal of the IPA'S work is carried out by committees of IPA member5 Manv committee members are not Board members. Each committee has a mandate which ha5 been agrc'ed by the Buard. The paid staff led by The Executive Director. The Executive Director is the IPA'5 Chief Operating Offiter. Page 3 International Psychoanalytical Association Board Report for the year ended 31 December 2022 The IPA is managed by the Board 3nd, under the Board'5 and its Executive Committee's supervision, by the officers. Implementation of policies set by the Board is delegated to individual cc>mmittees land other Similar bodiesl of the IPA, or the Executive Director and his staff. The committee5 and staff exetute policy deii5ions in c105e consultation with the Board. staff arp delegated authority for the d3V-to-tJay management of IPA progr3mmes, publications, COnRresses and the websit2 in consultation with the committees relate.d to Such activities. IPA Members who serve on the Board or on IPA IDmmittee5 are not paid for their work- but they are rel￿b￿r5ed lor expenses Incurred in the ctrur5e of their work for the IPA. Appointment to the Board The IPA members named on page i have served and have been appointed during the period. Appointment to the Board is governed by the IPA'S Article5 of Association. The President, working with the Vice Pre51dent and the Board, is a uthorisetj to appolnt new board members 10 flll vacancle5 arislllg through resignation or death of a board member. Induction and Training of Board Members All new Board Mefllbers are given a formal induction during the first Bnard meeting after their appointment. Thereafter, staff providE continuous support to Bc>3rd member5 on their charitable Related Partie5 The IPA work5 in clDse co-nperatiDn with ii n Independent US charity- IPA Fund Irii Id 501111131 company) which has similar objectives For details DI other related partie5, please see note 12. Statement on the COVID-19 pandemic The Board have considered p055ible events or cc>nditions that ml8ht cast 518nificant doubt on the ability ol the IPA to continue as a going concern and In particu5ar thc effects ol Ihe COVID-19 pandemii on thesc financial statements The Board has mède this o55e5srnent for a period of at least Dne yEar from the ddte of approval (>[ the fi nancial Statements The Board havp considered the impact ol COVID-1g and have prepared budgets taking aicount of pressure on membership, CDngre5% and other p.vent income. The 803rd have taken mitigating actions to reduce operationa1 costs, renegotiate supplier contracts and restructure working practices. The IPA h35 the flexibility to significantly reduce cost5 by adopting new working practices such as working from horne and the use of internet-based video conferencing software. After making enquiries the Board has concluded that there 15 a rea5unable expectatioi? that the IPA ha5 adequale resources dnd unrestricted reserves ta continue In tiperational existence lor the foreseeable futurp. The IPA therefore continues to 3dopt the going concern bas15 in preparing its financia I statements. Risk Management The IPA conducts ongoing risk reviews where Significant new risks are considered, and recommendations proposed lo and adopted by the Board. In all cases, procedurcs are put In place to maiiage or rnitigate Page 4 International Psychoanalytical Association Board Report for the year ended 31 December 2022 such risks. The IPA attempts to identify èll significant risks lo which the IPA is exposed, the severity and likely impact of thL)se risks, and the plan to manage or mitigate them. The m05t 5ignilicanl risks by severity and likely impact are related and a5 follows.. Cyber security and risk frorn online fraud poses an increasing risk to both Dperations and afeguarding of assets. The IPA uses external IT specialists to advice upon and implement the latest and most suitable cyber security 50ftware and measures. The IPA has Impleme.Nted a secure portal sy5t2m for the transfer of sen51tive financial and personal data. COVID-1g puses financidl, membership and operating model challenges to the IPA thdt may result In membership 1055es, appeals for lower Dues and the need to deliver membership benefit5 diffe.rently (also see Statement on the COVID-19 pandemic above) During the year, the IPA continued an Extraordinary 2022 COVID-19 Dues Relief Programme to provide in-year Dues relief to those members most affected by the pandemic (see financial review below). Regional or Global economic crise5 impact the ability of many or all IPA Societies to collect and pay member Dues to the IPA resulting In the IPA suffering lower than anticipated income to fund These risks continue to be carefully Monitored by the Officers and st3ff with plans to mitigate and manage as follows.. Dues collectioii rate5 sre being monitored with forecasts updated to balance potential incom gaps Wlth 53vings on in-ppr50n meeting5. Staff are collecting in-year data to asses5 membership losses that will inform Dues forecast figures for 2022 and beyond. Officers and Staff are Ioiu5ed on introducin8 new on-line resources to keep IPA members Eonnected and supported. The IPA'5 operating model has been adapted for use in the post-COVID-19 environment. Other identified risks.. Damage tD the IPA'S reputatlDn, L055 of Stature of the organisation Breache5 of regulation5 or litigation risks In one or more of the 50 countries in which the IPA 15 active. These risks include including extra-territorial regu53tions such as the US 6overnment's Page 5 International Psychoanalytical Association Board RepDrt for the year ended 31 December 2022 economic sanctions against regime5 and groups in different countries and litigation costs in enfurcing the IPA'S code Of ethic51, Investment and currency fluctuations and imposition of governmEntal controls to prevent the IPA accessing Its own monev, Operational r15k5, including those related to congresses, publications and staff. In all cases, procedures are in place to manage or mitigate such risks. Board member indemnity insurance IPA purchases indemnity Insurance which seeks to protect board members against personal liability If leeal claims are made against them in their capacity as IPA board members. IPA Remuneration Pollcy The Executive Director'5 pay 15 set by the Officers who takE advice from external experts. The Executive Director sets the pay of key management personriel and staff within overall guidelines agreEd wilh Officer5 arid aftgr gettin8 benchmaikiriÉ informatiori from external experts. Summary of Objects rhe IPA'S objects are to promote and develop the science ol psychoanalysis. The Board furthers thi5 Objective by promoting education and training in psychoanalytic theory and practice, promoting high standards of p5ychoi)nalytic treatrnent and practice. organising lecture5. semindrs and international symposia, and Instituting research arid d isseminating the re5uIt5 Strategies, Aims, Main Objectives and Oytcorne5 for the Year The Charity s mission 15.. To assure the continued vigour and development of psychorJnuly515' During the year, the IPA welcomed a new administration Into off ￿￿.e. Rellecling on the successful work of the previous zdministration and the charity's commitment to it.s mission, four strategic areas were dopted to guidp. the main focu5 of activitie5'. IPA in the World Communication Distance Analysis and Training Vitalityand Unity in the IPA IPA in the World The expansion of "IPA in the Community" to "IPA In the Community and the World" integralion of overlapping effort5 of existing committees and the development ol new cornmittees. Thi5 will Include-. Pd8e 6 International Psychoanalytical Association Board Report for the year ended 31 December 2022 Building on the recent work ol the Intercommittee Project on Prejudices and Racism to ensure contlnLied, required attention to diver51ty. Thg. Proieci wa5 conceived a5 a response to the Increased violence in society dLJring the pandemic which acutely highliglits Dngoing systemic racisrm, childism, sexism, homophobia and other forms ol extreme othering born of vulnerdbility. Building bridges tn professional and citizen groups that have psychoanalytically informed mgthodoloEie5 to engage citizenslprofe5sionals in approar.hing societal problems,. an example is thp International Dialogue Initiativp IIDII, which h35 developed a psychoanalytic case conference model for consulting to individuals who want to iritervene In areas of Idrge group conflict,. Instituting a new IPA committee called Psychoanalytic Assistance in Cr1515 and Emergellcies Committee IPACEI. This committee will provide an3lyst5 Wlth practical tools lor helping citizens address natural and manmade di.sasters,' Creating ledrning modules lor psychuanaly5ts interested In consulting about conllictual 15sue5 Ill settings like the courts, prisons, schools, hospitals, governmental bodies, corporations, non- profits, and creative arts U51ng our 2023 Congre55 to develop p5yihoanalytic theory further rp.garding the impact of the soiietal context ori individual and group minds and on SDtllatiC-SQCi<)l-psychologiLal experience. As you will hear, the Cartagena Congre55 theme will be Miiid in thE Line ol Fire. Surveying IPA member5 to learn how tliey are already active through local, national and international psychoanalytic outreach and consultation and make known to member5 the many model projects that exist Communication The IPA will contiriuc the ground-bredking work ol previous communications cummittees witli particular locus on111 our external audience (mental hedlth professionals and tlie publicl.,121 our Internal audience Imembers and analysts-In-trainin81-. and131 lull a nd understandable Scientific commur)ication. The aim is to enhance communication that will en¥ich psychoanalytic practice and create a Space for production and implementation of new ideès. Distance Analy515 and Trainin8 The IPA face5 complex policy decisions related to the cttnduct of analysi5 through technology and the conduct of analylic traininR throijgh technology. A number uf view5 exisl,- some lepl It Is essential t hove an efmbodied experiencc of the uther to have a deEp experienEe of the psychoanalytic rneihod.. other5 feel that distance ana1y5is via videocoiilerenie Is different but can also be transformative dnd that it serves the rieEds ol eager potential analysts in otherwise inacce55ible 3rea5', a third view is that a hybrid model would allow the practical need fDr a primarily technological experience to be augmented by in person eKperiential components. A key locus of this administration 15 lo reconcile these views. Page 7 International Psychoanalytical Association Board Report for the year ended 31 December 2022 Vitality and Unity in the IPA Man¥ Societie5 have reported Concern that fewer members are rnotivated to take on leadership responsibilities of their Society. The IPA will Investigale the possible cau5e5 01 declining engagement, including structural i55ues that make volunteer activities more difficult- like having young children, or making less income than before, or enjoying less prestige In a world that thinks other forms of therapy are quickpr and therefore prefprable. Public Benefits The Trustees have iunsidered the Charity Commission gviclance ori public benefit iricluding the guidance 'public benefit.. running <1 charity" The primary public benefit provided by the IPA is the development and monitoring of training Standards for the clinical practise of psychoanaly51s which assure the public of the quality of the mental heèlthcare provided by p5yihoanalysts trained to IPA standards, in IPA component organisations. The IPA CDntiniJes to devote most of Its resources to this work, and to the spread of psychoanalysis Into new arpas lin parrirular eastern Furupe, Asia-Pacific and Latin Amerital The IPA ha& provided funding durin6 the year to institutes formed In eaih ol those territories with thp specific purpose of growin8 underslaiidillg ol the benefits of psycho6nalytic treatment, and of training as a practilioner to the very highest Standards mandated by the IPA. The IPA ha5 continued to provide support to psychoanaly5t5 practising ill the profession. inclLJding through our programme of Scientific congresse5, funding Support to provide research grants, and supporting the publication of specialist books through a partnership with RoTrutledge. 2021 also saw our Biennial Congress take place online Idue to COVID-19 travel restrictiDnsl and attended by over 2,000 people, clear evidence Df our attempts to meet the growing demand for an international approach to the spread of psychoanalytic knowledgE. Finally, the IPA has continued to support a rglated Drganisation- IPA Fiind, incorporated in the USA- which has provided finèncial support to people around the world who require help ro complete their training. That 5UPPOrt schrme wa5 estab115hed mdnv vears ago and the IPA has invested more than Us$1 million into such support. Events update IPA Congre55 2023 The 531J IPA Congress 15 5thÈduled to take place in CartagÈna. Colombia in july 2023. This will be the first in-person Congress 51nce the COVID-19 pandemic with the previous Congre55 held online The expectation is for rllore than 1,200 registrants from over 50 countries to attend bringing their ideas, experience and knowledge to the debate. The theme is Mind IN the Line of Fire and will locus on taking stock of recent history and reflecting on It through a psychoanalytic lens and togetherness. 4, Asia-P3cific Conference 2023 Following postponement due to the COVID-1g pandemic, the IPA'S 4, Asia-pacific conferenc.e is now scheduled to commence in Janua ry 2023. Thp event will take plar.è In New Dglhi, India. The conference 15 de5igr)ed to explore notinn5 of diver.sity and diflerence through their resonances with p5yihuanalytic practice and theory in the clinic and In the iummunity. Page 8 International Psychoanalytical Association Board Report for the year ended 31 December 2022 Financial Review During 2022, there was a net increase in reserves carried forward of $574,81812021'. increase $819,346) Key Eor)tributor5 to the 2022 surplu5 were.. Membership income I'Dues'l Increased in the year. The total Due5 received in 2022 was $2,896,211 against $2,749,593 received in 202 1. The increase was a direct result of Dues increa5e5 Implemented in the year. Dues income repres&nts the Dues fTom a total membership of 11,7761202 1.. 12,3741. The decrease in total mem ber5hip reflects the Implementation ol a minimum Due5 policy with some inactive members that previously paid no Due5 Opting to leave the IPA. s a continued re5pon5e to the COVID-19 pandemic, the IPA set up an Extraordinary 2022 COVIO-19 Dues Relief Programme to provide in-year Dues relief to those members most affected by the pandemic. Howeve.r, Ihe prDgramme underwent a traM51tion, and Due5 fElief was granted based individual membEr applications. The 2022 programme granted $175 of additional Due5 rplief12021.. $125,159). Expenditure on charitable activitie5 decreased In the year. Total expenditure in 2022 was $2,353,107 a8ainst $2,576,733 In 2021. The decrease was expected and because 2021 was a Congress year (Congres5 expenditure in 2021 was $668,534 against SO in 20221. Travel rLJStrictions caused by the COVIO-19 pandLimic continued In the first half of 2022 resulting In IPA committee meeting5 moving online. However, as international travel resumed, committee expenditure increased in accordance with approved budget5. In 2022, therp were no major event5 Wlth the A51a Pacific Conference Moved to early 2023 and the 53rd IPA ConEress stheduled for July 202B. Planning for both event5 was a key fDCLJS lor the IPA in 2022. The IPA held cash and short-term investment5 at the End of the year of $4,758,03212021'. $4,195,880). In 2022, 45Yo of tliese cash reserve5 wiire held In Sus12021". 78Y.l. The increase In cash re5eTves is the result ol coniinued reduction in expenditure Dn charitable activities due to the COVID-Ig pandemic Total Re5erve5 are 3% lower than those outlined in thÈ Reserves Policv IbelDwI and hence the Board believes the IPA'5 reserves remain adequate to meet future challenges. The immediate Impact of the COVID-19 p(indemic has been tu increase the IPA'5 re5erve5. However, the resumption ol international travel in the secoiid hdlf of 2022 resulted in expenditure Increa51ng in accordance with approved budgets. Th15 means that significant reserves increase5 are not anticipated in the future. Page 9 International Psychoanalytical Association Board Report for the year ended 31 December 2022 Reserve5 Policy Total reserves at year end were $7,264,64712021. $6,689,829). The Trustees liave reviewed the reserves policy and believe.. A designated property fund is required for the long leasehold property lincluding leasehold improvements) owned by the IPA12022.. $2,576,186, 2021.. $2,609,746). This fund was created as the fund5 relating to the property do not form part oTrf the free reserves of the IPA. At least $1.7 million must be held for self-in5urance of IPA Congresses and ionference5. The environment for the financial management Df such events has changed over the veèrs. Both the occurrence of public health crises Isuch a5 5AR5, Bird Flii and now COVID-191 and terror15m mean that it is no longer PDssible. at ieasDnable premiums, tci Ir15ure for cancellation and recover cost5. The maximum financial exposure occurs in the weeks leading up to a Congress and conference when IDmmitments iould reach $1.7 million. No income would be forthcoming in the event of cancellation thprefore the reserves figurL' seems prudent. At least $3.2 million must be held to cover Income and expenditijre risks In IPA opp.rations and loss or damage to fixed assets. The organisation face5 greater volatility risks, including CLJrrency risks, than a charity which operates solely in the UK. The sum represent5 12 months, normal activity plus an estimate of the replacement value ol fixed assets and is thus deemed to be a prudent figure. Almost 311 Income for the IPA 15 in the form ol Dues that are SLJbjgr.t to considerable financial volatiliiy around the world. The COVID-19 pandemic crisi5 affer.ted the income of members around the world and put downward pressure on Due5 Income for the IPA. This crisis detnc>nstrated the need for 51gnificant reserves to cover income risk. Acicss to these reserves give5 the Board sufficiEnt time to plan lor signifiiant income 5hurtfalls, Pfovide for exceptional payments and to cope with the COn5Equenc?.5 of unforeseen di5ruptiJn5 to operations Statement of the B03rd'5 Responsibilities The Board Members (who are also director5 of IPA for the purposes of ctsmpany lawl are responsible for preparing the Board Report and the financial statEments in accordance with applicable law and United Kingdom Accounting Standf affairs of the IPA and ol the incoming re5ource5 and application of resource5, iniluding the Income and expenditure of the charitable company for that period. Page 10 International Psychoanalytical Association Board Report for the year ended 31 December 2022 In preparing those financial statement5, the Board is required to.. select suitable accounting policies and then apply them consistently., strs Dr Wolfe, President and Oirector Dr Dalewiik, Treasurer and Director Date.. 24 July 2023 (Approved by Ihe Board) Signed on 25 Seplember 2023 Page 11 International Psychoanalytical Association INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL PYScHOANAL￿IcAL ASSOCIATION FOR YEAR ENDED 31 DECEMBER 2022 Opinion We have audited the financial statements of International Psychoanalytical Association I'lhe charitable company I lor the year ended 31 December 2022 which comprise the Staternenl of Financial Activitie5 Iincluding the Surnmary Income and Expenditure Accounti, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, Including significant accounting policies. The financial reporting framework that has been applied In their preparalion is applicable law and United Kingdom Accounting Standards Including FRS 102 The Financial Reporting Standard Applicable IN the UK and Republic ol Ireland, Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements give a true and lair view ol the 51ale DI the charitable company s affair5 as at 31 December 2022 and of itg incoming iesources and application of resources. Including Ils InGome and expenditure. for the year ther) ended., have been properly prep3red in accordance with United Kingdom Generally AGcepted Accounting Piactice. and have beèn preparetj In aEcordance with the iequirernenls ol the Companies Act 2006. Basis for opinion Wle conducted our audit In accorrjance with International Standards on Auditing IUKI IISAs IUKII and applicable law. Qur responsibilities under Ihose standards ale further described In the Auditor's Respon51bililies lor the audit of the financial slaternenls section ol our report. We are Independent of the haiilable company In accordance with the ethical requiremenls that are relevant to our audit Df Ihe Iinancial statements In the UK Including the FRC5 Ethical Standarcl. and we have fulfilled our othei ethical responsibiliiies In accordance with these requiiernenls. We believe that the audit evidence we have obtained is sufficient and appropr131e to provide a bagis for our opinion. Conclusions relating to going concern In aud Iling the financial statements, we have concluded that the tiustees use of the going concern basis of accounting in the preparation of the financial stalemenls Is appropriate. Based on the work we have perforThed, we have not Idelllified any material uncertainties relating lo events or cond Itions that. IndividLially or collectively, rmay cast sign1ficanl doubt on the charitable company's abilily lo continue as a going concern lor a period ol at least twelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of the trustees with respect to g01ng concern are described in the relevant sections ol this ieport. other information The other Information comprises the Inlormalion included In the annual report, other than the financial statements and our auditor's report thereon. The trustee5 are responsible for the other Information contained within the annual ieport. Our opinion on the financial slatemenls does not cover the other Information and, except lo the extent otherwise explicitly slated In OLJr report we do not express any form ol assurance onclusion Ihereon. Our responsibility Is lo read the other Information and. In doing SD consider whelher the other Information Is materia11y Inconsislenl with the financial statements or our knowledge obtained In the course ol the aud1t or other¥vise 3ppears to be rnaleiially misstated. 11 we identify Such material incon515tencies or apparEDI material misstaternents, we are required to determine whelhei there Is a material misstatement In the financial 5131ements themselves 11, based on the work we have performed. we conclude that there Is a mater131 misstatement c)1 this olher information, we are required lo report that fact. Page 12 International Psychoanalytical Association INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL PY5cHOANAL￿IcAL ASSOCIATION FOR YEAR ENDED 31 DECEMBER 2022 have nothing to report in this regard. Opinions on other matters proscribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ol the audit." the information given In Ihe Islrategic report and thel trustees. annual report lor the financial year for which the financial statements are prepared Is consistent with the financial slatements, and the trustees, annual report have been prepared In accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of ihe knowledge and understanding of the company and Its enviionment obtained In the course of the audit, we have not Identified material rnisstalerllen15 In the Iruslees annual ieport. We have nothing to report In respect ol the following matters where Ihe Companies Act 2006 requires us to report to you il. In our opinion adequale accounting records have not been kept. or returns adequate for our audit have nDI been received from branches not visited by us. or the financial 5t3lemenl5 are not In agreement wilh the accounting records alld returns. or ertain disclosure5 01 trustees remuneration specified by law are not rnade. or we have not received all the informatioll and explanations we require lor our audit, or the trustees were not enlilled lo prepare the financial slatements in accordance with the small companies, regime 3nd lake advantage of the sm811 cornpanies, exemption In preparing the trustees, 8nnual report and frDm preparing a strategic report. Re5ponsibilitie5 of trustees As explained more fully In the Iruslees, responsibilities slatement set out on pages 10 and 11 the Iru5lees Iwho are a150 the director5 of the charilable company for the purposes of company lawl are iesponsible for the pieparation of the financial slalements and for being satisfied that they give a true and fair view and for such Internal conlrol as the trustees determine Is necessary lo enable the preparation of financial statements that are free from rNalerial misslatemenl. whether due to fraud or error In preparing the financial slalements, the trustees are iesponsible for assessing the charitable company'5 ability to conlinLie as a going concern. disclosing, as applicable, matiers relatEd to going concern and using the going concern basis of accounling unless the trustees either Intend to liquidate the charitable company or lo ¢ease opeiatlOll5, or have no realistic alternative but to do so. Auditor's Responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as 3 whole are free from material misstatement, whether due to fraud or error to Issue an auditor's report that Includes our opinion. Reasonable assurance Is a high level ol assurance but is not a guarantee that an audit conducted In accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstaiemenls can arise from fraud or errol and are considered material Il, Individually or In aggregate, they could r&agonably be expected to Influence the economic decisions of users taken on the basis ol these financial slalements. A5 part of an audit In accordance with ISAS IUKI we exercise professional judgetnent and rnaintain prolessional scepticism throughout the aLJdit. Vve also. Identify and assess the risks ol material misslatemenl ol the financial 51alements, whelher due lo fraud or error, de51gn and perform audit procedures responsive to those risks, and obtain audit evidence that Is suff Icient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis5talement resulting from fraud Is higher than lor one resulting from error, as fraud may Page 13 International Psychoanalytical Association INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL PySCHOANAL￿IcAL ASSOCIATION FOR YEAR ENDED 31 DECEMBER 2022 Involve collusion, forgery, intentional omissions. m15representaliong, or the override ol Internal control. Obtain an understanding of Internal control relevant to the audit In order to design audit procedures that are appropr18te In the circumstances, but not for the purposes of expressing an opinion on the ettectiveness of the charitable company s Internal control Evaluate the appropriateness ol accounting policies used and the reasonableness of accountr'ng estimates and related disclosures made by Ihe Iruslees. Conclude on the approprialenes5 of the trustee5 use ol the going concein basis ol accounting and, based on the audit evidence obtained, whether a mateiial uncert31nty exists related to evenls or conditions that may cast significant doubl on the chaiilable company's ability lo continue ds a going concern If we conclude that a material uncertainty exists, we are required to draw attention In our auditor's report to the related disclosures In the financial statements or. Il such disclosure5 are Inadequate. lo modify our opinion. Our conclusions aro based on the audit evidence obiained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease lo continue as a going concern. Evaluate the overall presentation. strLJclure and content ol the financial slatemen15. Including the disclosures and whether the financial statemen15 represent the underlying Iransaction5 and events in a manner that achieves lair present3tion. We communicate with Ih05e charyed viilh governance regarding among other rnatters. the planned scope and liming ol the audit and significant audit findings, Including any significant deficiencies in Internal control that we Identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities. including fraud Irregularitie5, including fraud, are Instances of non-compliance with laws alld regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatemen15 in respect of Irregularities including fraud. The extent lo which our procedures are capable of detecting Irregularities Including fraud Is detailed below. The objectives of our aLJdit in respect of fraud are", lo identify and assess the risks ol material misslalement of the financial slatemenls due lo fiaud, to obt31n sufficient appropiiale audit evidence regarding the assessed risks ol material m1s5tstement lo fraud. through designing and Implementing appropriate responses lo those assessed risks, and to respond appioprialely lo Instances of fraud or suspected Iiaud identified during the aLidil. However, the piimary responsibility IDI the prevention and dete¢t￿Drn of fraud res15 with bDlh TM3nagement and those charged with governance of the charit3ble company. Our approach was as follows" We obtained an vnderslanding of the legal and regulatory requirements applicable to the chaNlabte company and considered that the most significant are Ilhe Companies Act 2006, the Charities Act 2011, the Charity SORP. and UK financial reporting standard5 as issued by the Financial Reporting Council. We obtained an understanding ol how the charitable Gomp3ny complies with these requirements by discussions with management and those charged with governanc&. Page 14 International Psychoanalytical Association INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL PYSCHOANALYficAL ASSOCIATION FOR YEAR ENDED 31 DECEMBER 2022 We assessed the risk of mater131 misstatement of the financial statements, Including the risk of material misstalemenl due to fraud and how Il might occur by holding disGussion5 Wlth management and those charged with governance. We inquired of man3gemenl and those charged with governance as to any known Instances of non- ompliance or suspected non-complian￿ with laws and regulalions. Based on this understanding, we designed specific appropr1aie audil procedures to identify Instances of non-compliance with laws and regulations. This Included mak1ng enquiries of management and those charged with gDvernance and obtaining additional corroborative evidence a5 required. There are Inherent limitations In the aLJdit piocedures described above_ We are less likely to become aware ol Instances ol non-compliance with laws and regulations that are not closely related to events and transactions reflected In the 11nancial slalemenls. Also, the risk of not detecting a material misstalemenl due to fraud is higher than the risk ol not detecting one resulting frorll errDr as fraud may Involve deliberate concealrnent by, for example. forgery or Intentional misrepresentation5. or through collusion. Use of our report This report Is made 501ely lo the charitable company's mernbers. as a body. in accordance with Chapter 3 of Parr 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we might stale 10 the company s mefnber5 those matters we are required to state lo them in an audiloi s report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo any party other than the charitable company and charitable cormpany s tDembers as a body, for our auditwork, for this report or lor the opinion5 we have forrned. flort k+. LLF Andrew Stickland (Senior Statutory Auditor) for and on behalf ol Moore Kingston Smith LLP, St3tutory Auditor Date. 28 September 2023 9 Appold Slreel London EC2A 2AP Page 15 International Psychoanalytical Association Statement of Financial Activities (including an income and expenditure account) For the year ended 31 December 2022 Noto 2022 2021 Income Income from charitable activities-. Gongress Income Membership Income Regional Eonlerence Income Investment Income Other Income 598 420 2.749.593 12,717 2,083 33,266 2,896,211 7,329 2.862 21,523 Total Income 2,927,925 3,396,079 Expenditure Ch8ril3ble activities 31al 2,353.107 2,576,733 Total expenditure 2.353,107 2,576,733 Net Income 574,818 819,346 Transfer5 between funds Net movement in funds 574,818 819,346 Funds brought forward at 1 st January 6,689,829 5,870,483 Funds carried forward at 31st December 7,264,647 6.689,829 There are no other recognised gain5 or losses for the period other than that included In the SOFA All amounts ielate to continuing activities and are unrestricted. The notes on pages 19 to 27 form part of these 3ccourTrts. Page 16 International Psychoanalytical Association Balance Sheet As at 31 December 2022 2022 2021 Note Fixed assets Inlangible assets Tangible assets 2,673 2,657,024 2 621,267 2 621 267 2 659 697 Current assets Debtor5 Short lerm Investments Cash at bank and hand 570, 150 713576 4 044.456 32fj,821 710,850 3 485 030 5,328.182 4,522,701 Liabilitie5.' amounts falling due within one yèar 1684,8021 492.569 Net current asset5 4,643,380 4,030.132 Totsl assèts 7 264 647 6 689 829 Funds Unreslricled funds. General Designated funds 4.463,552 2,801.095 3.955. 174 2,734,655 Total funds 7 264 647 6 689.829 These accounts have been prepared in accoidance with the provisions of Part 15 of the Companies Act 2006 relating lo small cornpanies. Approved and aulhorised fof Issue by the Board on 24 July 2023 and signed on 25 September 2023. Dr. Wolfe, Presidenl Dr Henk Jan Oalewiik, Treasurer The noles on pages 19 to 27 form part ol Ihese financial statements. Companies House Nufflber". 3496765 Paqe 17 International Psychoanalytical Association Statement of Cash Flows For the year ended 31 December 2022 Note 2022 2021 Cash flow from operatlng activities Nel cash provided by operating activities 14 569 933 Cash flow from investing activities Investment Income bank Interest Purchase of tangible fixed assets 2.862 110 6431 2.083 115,8851 Net cash (used inl investing activities 13 802 Change in cash and cash equlvalents 562,152 963,970 Cash and cash equivalents at the beginning of thè year 4 195 880 3,231,910 Cash and cash equivalents at the end of the year 4 758 032 4 195 880 Analysis of cash and cash equivalent5 2022 2021 Cash at bank and In hand Short Terfll Investments Deposils 3.943.514 713.576 100,942 3,383.967 710.850 101.063 Total cash and cash equivalents 4 758 032 4195880 Analysis of ¢hanges in net debt 01￿¥n-22 ash Flows 31-Dec-22 Cas 4,195,880 562.152 4.758,032 Loans falling due within one year Loans falling due after more than one year Total 4 195 880 562 152 4 758 032 Page 18 International Psychoanalytical Association Notes to the Financial Statements For the year ended 31 December 2022 Principal Accounting Policies International Psychoanalytical A5SOC13tion is a registered charity (number 10717521 and a company limited by guarantee, registered In England and Wales (number 034967651. The registered officè Is Lexicon, Unit B, Book House. 261a City Road London, EC1V 1AH. lal Basls of preparation These financial slalements are prepared on a going concern basis under the hisloiic81 cost convention as modified by the investments being measured at lair value through income and expenditure within the Slalement ol Financial Aclivit1es. The financial statements have been prepared In accordance with Ihe Financial Reporting Standard applicable In the UK and Republic Df Ireland IFRS 1021 The IPA Is a public benefit company for the purposes ol FRS 102 and therefore the IPA also prepares 115 financial statement5 In accordance with the Statement of Recommended PracliGe applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland (The FRS 102 Charities SORPI pub115hed Dn 18 July 2014, the Companies Act 2006 and the Charities Act 2011. The directOf5 has a5se5sed whether the use of the going concern basis Is appropriate and have considered Possible events or conditions that might cast significant doubt on the ability ol the IPA to continue as a going concern. The diieclors have made this assessment lor a period of al least one year from the date of approval ol the financial statements. In particular the directois have considered the Impact of global economic risks such as Inflation and CDSI ol living crisis on It5 membership Income and conference income. On this basis and the level ol reserves held the directors have concluded that the charitable cornpany has adequate resources to continue In operalional existence lor at least twelve months from the approval of the financial statemenis The charitable company therefore continues lo adopt the going concern basis In preparing lis financial statemenls. The financial $13lements are prepared In US dollars and the functional currency of the company Is the US dollar. Monelary amoLJnts In these financial staternents are rounded to the nearest dollar. Ibl Depreciation Depreciation on the c05t of fixed assets is provided at the IL>llowing rates lo wrile Dff the a55ets over their estimated lives, on a slraighl line b391S. Long leasehold property Leasehold Improvemen15 Equipment and fittiff gs CompLlter equipment Artwork 1°/D per annum 2.5'/0 perannum 250/0 per annum 25°/D per annum No depreciation is charged Assets with a value In excess of $1,50D have been capilali58d. At the end of each reporting period, the residual values and useful lives of assets are reviewed and ad1￿8[ed If necessary In 3ddilion If events Dr change In circumstances Indic3te that the carrying value may not be recoverable then the carrying values ol tangible fiyed assels are reviewed lor Impairment No depreciation has been provided on the arthork as the Board consider the nel realisable value of the artwork Is not less than cosl. Page 19 International Psychoanalytical Association Notes to the Financial Staternents For the year ended 31 December 2022 Icl Intangible fixed asscts Intangible fixed assets compr15e website and sofrware costs. Intangible fixed assets are recognised al CDSt and are subsequently measured ai cost less accumulated amortisation and accLJmulaled Impairment losse5 Amortisalion is recognised 50 as to write off the cost 01 valuation ol the assets les5 their residual values over their useful lives on the following basis Website and softwafe cosls 25°/o per annum Intangible asse15 with a value In exce85 01 $1,500 have been capii3lised. Idl Fixed assets Fixed assets are recaided at cost or. In ca5ES where fixed a5set5 have been donated ID the Association. at valuation at the time of donation. lel Recognition of income All IrncD￿e Is Included when the Association h85 entitlement to the Income. there Is prob3bility of receipt and the amounl can be measured reliably. Bank Interest and Investment Income Is recognised on receipt. 980/012021 98,1,) of turnover originates from outside ol the UK. If) Resource5 expended Resources expended ale Included in the Statement ol Financial Activities on all accruals basis. Support costs and governance costs have been allocated against direct charitable expenditure on estimated staff time. Goveinance cos15 Include audit and legal and professional costs and an estimated proportion of staff and other cost5. Igl Fund accounting Unrestriclecj funds comprise general funds and designated funds. General lund5 are available for use al ihe Board's discretion In furtherance ol the general obieclive5 01 the IPA and have not been designated lor other purposes Designated funds represent unre51ricted funds which have been designated by the 8oard for specific purposes In lurtheiance ol the general Dbjects of the IPA. The char1ty has designated funds as detailed In note 9 The long leasehold property and leasehold Improveryents are separately designated 2nd the trustees have approved a designated Governance & Reorganisation Initiative fund. Ihl Financial instruments The IPA ha5 financial asset5 and liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are lnil13lly recognised al transaction value and subsequently rneasured at Iheir settlement value. With the exceptions of prepayments and deferied Income all other debtor and creditor balances are considered lo be basic financ121 Instruments under FRS 102 measured 31 amortised cost. See notes 7 and 8 lor the debtor and creditor notes (Jl Hire PuTcha$e and Leasing Commitments Assets held under hire purchase coniracls and finance leases are capitalised In the balance sheet and are Rentals payable under ope13ting leases are charged against income on a straight line ba51s over the lease term. Page 20 International Psychoanalytical Association Notes to the Financial Statements For the year ended 31 December 2022 Ikl Pension contributrons The IPA makes contributions to a defined contribution pension scheme which are held In funds completelv Independent of the IPA. The contributlons made by the IPA are charged as expenditure on an accruals basis. 111 Legal status of the IPA The IPA Is a Company limited by guarantee and has no share capital The members ol the IPA are the Board members listed on page 1 In the event ol the IPA being wound up the 113bility in respect of the guarantee Is limited lo £1 per member ol the charity. Im) Foreign currency Asset5 and Iiabililies In foreign currencies are translated into dollar5 at the ba13n-e Sheet date. Transaction5 in foreign Gurrencies are translated Into US dollars at the rate of exchange iuling al the date ol the transaction5. All realised foreign exchange differences are taken lo the statement of financial activities. Inl Cash and Gash equivalfrnts Cash and cash equivalents are represented by cash In hand and cash deposits held with financial institutlons with a maturity date of les5 than three months. Short term Investmen15 under current assets ale cash deposits with a maturity dale greater than three months and less than Melve months. lol Critical accounting estimates and areas of judgement In the application of the IPA'S acGounting policies, the Board 15 required to make judgements, estimates and assumpiions aboul the carrying atnount of as5els and Iiabililies that are not readily apparent from other sources The estimates and associated assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates The estimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting The Most significant estimates and asSu￿ptIOns which affect the carrying amount of assets and liabilities in the accoun15 relate lo lil The annual depreciation charge for property, p13nt and equipment which Is sensitive lo change In th estimated useful econoinic lives and residual value of assets. These are reassessed annually and arnended where necessary to reflect current circumstances. lill The IPA makes an estimate ol the recoverable value of trade and olher debtors. When assessing Impairment ol trade and Dlher debtors, management considers factors Including the curienl credit rating 01 the debtor the ageing profile ol debtor5 and hislorical experience. See note 7 for the nel cariying amounl ol the debtor5 and associated Impairment piovision. Pa9e 21 International Psychoanalytical Association Notes to the Financial Statements For the year ended 31 December 2022 2022 Investment Incomt 2021 8ank interest on cash deposits 2,862 2.083 2083 2,862 31al Direct Charitable Expenditure Direct Support Governance Costs13bl 2022 CollgresslAsia-Pacilic conference Management and committee costs Promolion Participation Professionalism 11,339 193,431 72,943 45.162 250,662 236 037 146,085 442.568 147 523 442.S68 60,559 39 287 113547 37.849 113,547 307,935 378,803 629,058 230,534 806,777 573.537 1414.781 36A.789 2353,107 Direct Support Governance Costs13bl 2021 CongresslAsia-Pacific conference Management and committee costs Prornotion Participation Professionalism 668 534 197.013 82,317 10,866 144,888 232,879 145.549 436,398 145 551 436.64g 12682 7926 23 778 7,925 23,778 914,095 350,488 542.493 164,342 605,31 S 2.576,733 1 103618 1397 026 31bl Governance Costs 2022 2021 Staff and Other Costs Auditors remunernationlsee nole 3cl International costs lor board meetings 84.104 34.730 245.955 51 S81 24,408 364.789 76.089 31cl Analys13 of auditors remuneration 2022 2021 Audit lees current year prior year under provision Accounts preparation - Current year prior year under provision Tax compliance 27,360 23,111 1,297 3,550 2.382 1.438 Staff Costs 2022 2021 Wages and Salaries Social security costs Pension costs Other costs (including casual labourl Delefred congress related staff costs 869,411 90,027 118.315 23,687 1163 0501 938 390 921,630 98,160 131,438 17,282 1 168,510 Page 22 International Psychoanalytical Association Notes to the Financial Statements For the year ended 31 December 2022 Staff Costs Icontinuedl 2022 2021 Average number ol employees 14 The number ol higher paid employees 15 2022 2021 £7D,001- £80.000 £80.001- £90.000 £120.001 £130,000 In accordance with the requiremen15 of the Charities SORP the above disclosure concerning higher earning employees has been prov1ded In pounds sterling. The number ol employees earning more than £60.000 lor whom pension conlribulions have been paid In the year 15 312021 31. The lolal pen510n contributions paid by the charity lor em￿oYeeS earning more than gso.000 was $S3 0021202 1.. SS7. 1741. Pensions The IPA runs a defined contribution group private pen510n scheme lor eligible employees. Contributions payable for the year are charged In the profit and loss account. At the year end pension contribution5 were outstanding of S6,95812021. $6 9301. Directors and key management personnel The Board of IPA received remuneration during the year ol $NIl12021 $NIll. During the year 1912021. 518oard members received reimbursement ol expenses lotalling $114,561 12021. S18,5611. The key management p8r50nnel of the IPA comprise ol three1202 1. three) Individuals. Total remuneration of key managemeni personnel during the year was $459,896 Including related employer's national Insurance and pension Gonlributions. Intanglble Fixed A55ets Software and website Cost At 1st January 2022 Additions 343.848 Ai 31st December 2022 143,848 Amortisation At 1st January 2022 Charge lor the year 341,175 2,673 At 31st December 2022 343,848 Net Book Value At 31st December 2022 At 31 st December 2021 Page 23 International Psychoanalytical Association Notes to the Financial Statements For the year ended 31 December 2022 6 Tangible Fixed A55etS Long Leasehold LÈa8ehold Cornputer Fixtures Property lrnprovement5 Equipment & Fittings Ar￿Ork Totsl Cost At 1st January 2022 Additions 2,745.734 427.331 95,341 10.643 52.920 28,467 3,349,793 10,643 At 31st December 2022 2 745.734 427,331 105,984 52,920 28,467 3,360.436 Depreciation Al 151 January 2022 Charge for the year 4fj6,04D 24,139 97,279 9.421 77,336 12,034 52,114 806 692.769 46.400 Al 31st Oecember 2022 490,179 106,700 89.370 52,920 739,169 Net 8(￿￿ Value At 31st December 2022 2.255,55S 320,631 16,614 28.467 2,621.267 At 31st December 2021 2,279.694 330,052 18.005 80S 28,467 2,657.024 7 Debtors 2022 2021 TT3de debtors Prepayrnen15 Other debtors 119.712 440.423 10015 216,238 94.733 1 S,850 570.150 326,821 Tradp debtors afe staled after provisions for impairTnent of S44,239 12021.. 597,4401. Liabilities.. Amounts falling due within Dne year 2022 2021 Trade credilors Accruals Tax31ion and social sEcllrily Other Gredilors Amounts due to related underi8kingS 103,319 20B.488 22 026 296.313 54,656 94 724 58 228 18 127 270.132 51.358 684,802 492,569 HSBC has a first fixed charge over a deposit of $100K foi the company use of ¢redil c8rds. Page 24 International Psychoanalytical Association Notes to the Financial Statements For the year ended 31 December 2022 Funds- Unrestricted Governavre & Reorganisatio Designated Ukrdine Critsis Etntrgency Fund General Designated Pro￿rty 2022 Balance at l$t January 2022 Income Expenditure Tran5f8rs 3.85S,174 2 527 925 ,.2 353.1071 66,440 124,909 2.609.746 6,689.829 2,927,925 12,353,107) 1DOOOO Bolance at 318t December 2022 463.5S2 124.909 2 576 186 100000 7 264 647 Go¥ernanGe & Rporganisation Deyignaled Property G¢neral 2021 Balance at 1st January 2011 3,102,267 3 398.U79 12.576,7331 124,909 2.643,307 5,870,403 3,396,079 12,576,735) Eypendilure Transfers 335611 Balance at 31$t Dècember 2021 3.95S.174 124.9Q9 Z,609,746 6.689.829 Designated Funds The designa'.pd property fund represe￿15 the v8lLe DI the long leasehold property Iincluding le8sehold Improvemen151 owned ky Ike IPA Isee nJie 61 This fbnd was crÈ31ed 3s the funds relating la the prcperty do not fcrm part of the free reserves of the IPA The Ir3n5fer In the year Is lo align the fund lo the nel book value of the ￿eNtral LondJn propety Gwing lo depreciatson Ctra￿ed In the year A new designated lund w8s eslab115hed duvino 2018 to sel 351de the CDSIS DI the mulli-year programmè of the gDvefnance and reorganisaliog review. Th15 reviow w35 pxpecled Ic'.ak£ place over three years frD￿ mid 201A trowever a nljmber ol reviews 3rè still In proqress and delayed dilP io'.he COVID-19 pandem c nence the prcgrarpirne perio¢ has been exiendp.d wilh expected completion ovcr the nexl ? yeaTS. Costs of 50 12n21 $C.j were Incuried dJring th& yè81 Ukraine Cnsis Epier5ency Fund was eslablibhed during 2022 to extend support solidarity lo our colle2gJes and all those Gaughl up In 3nd alle¢led oy the terrible GDpfl'cl In Ukraiqe Ihe IPA has commilled 5100.DOO of Ilb resewes lo help pay lor EPF organisaiions direct requests made lo Ihe IPA The Ukrainp Cris.s EMerge￿cY FJnd held $100.000 on 31 Decetnber 2022. 10 Analy515 of not assets between funds Tangible and Other nel current assets Totsl 2012 3SSEtS Unreslrc'.ed luryds General FJnd Des,gi131ed Fund ProDerty Ukrainp Cr1sis Emergency Relief 45.081 £.418.471 4.463,552 2,576,186 2,576,186 100,000 124,909 100 000 124 909 Total Funds 2,621,267 4,643,38Q 7 264 647 Page 25 International Psychoanalytical Association Notes to the Financial Statements For the year ended 31 December 2022 10 Analysi5 of nèt aswls between funds l¢ontinu8dl Cornparative Infomiation.. Analysis of net assots betw•8n funds 2021 Tangiblè and Other nat curront assets Total 2021 Ass•ts Unieslricled funds General Fund Designated Fund Property 49.951 3.905,223 3,955,174 2.609.746 2.609.746 124909 124,909 Total Funds 2,659.697 4,030.132 6,689.82 11 Future financial commiimenls- leasg DbllgatlQn5 Al the reporting end dale the charity had the following future minimum Ease payfflents under non-cancellable operating leases which fall due as follows. Other 2022 other 2021 Within i year Two- 5 years 1.326 1.326 Lease expenses recognised In the yeai lolalled $1.86012021. $1.7541 12 Connected organlsallons IPA Fund The IPA work5 In clDSè co-operation with ali inflependenl US c￿rItI1- IPA Fund Inc. ia 501lcii31 companyl- which has similar Ob1￿ctiveS with the IPA. IPA Fund 15 & re131p.d party lo IPA as each Board has a nutnber ol comrrbon directors. No conaiions were niade from lh8 IPA 10 the IPA Fund (Delawarel during he year Bnded 31 December 2022 nor in th8 preceding year. Al the 31 December 2022 Inlern8tional Psychoanalytical Association owed the IPA Fund IDel8W8rel amounts tol8lling $54,656 12021.$51.3581. Page 26 International Psychoanalytical Association Notes to the Financial Statements For the year ended 31 December 2022 12 Connected organisations Icontinuedl International Psychoanalytlcal Studie5 Organi5ation IIPSO IPSO Is a special body illdependenl ol the International Psychoanalytical Association IIPAI. however in order to provide cover for the IPSO Executive Committee against liability to IPA or any third party lar any act or omission In a corporate capacity, IPSO required a leg81 framework within which It could operate. This was provided by IPA under the Liability and Indemnilicalior provisions within1PA's Rules. IPA provide accounting services to I PSO and Its bank accounts are held in the narne ol IPA despite this balance5 belonging to IPSO. As Part ol the mandate selling out ol Ihe leims ol this airangement1PA are required lo maintain a regularly updated balance sheet of IPSO assets held by IPA. the balances due to and Irom IPSO al Ihe balance stteel date were 35 follows 2022 2021 Bank accounts held on behalf of IPSO and Included In cash at bank 229 636 263 097 Owed by IPA to IPSO and included in other creditors 229,636 263,097 E Journal E Journal Is a Uruguayan Incorporated entity. which Is jointly controlled by IPA and 3 oth8r parties, each holding a 25.10 slake. E Journ31 has been established to more easily settle Iiabililies with South American coullliies. E Journal has not yel been able lo open 115 own bank account so IPA collects Its Incorne and pays its expenses through Fhe IPA bank accounts. The balance owed to E Journal at the year end ol S59.241 12021.. $5521 sits in other creditors. 13 Capital Comrnitrnents The charity has no capital CDmmilments as at 31 December 202212021 $NIll. 14 Reconciliation of net expendSture to net cash flow from operating activitles 2022 2021 Net expenditure 574.818 819346 Adjustments for: Deprecialic>n charges Amortisation charge5 Investment Income Decreasellincr&asel In debtors IDecreagellincrea5e In creditors 46.400 2.673 12,8621 1243,3291 192,233 43,736 5,662 12,0831 140,673 129,5631 Net cash provided by operating activities 569,933 977,771 Page 27