2022-03-31-accounts

Charity reglstratlon number 1112854 Company reglstratlon number $467415 (England and Wales) THE FREUD MUSEUM LONDON ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

THE FREUD MUSEUM LONDON LEGAL AND ADMINISTRATIVE INFORMATION Trustees Susan Prevezer QC (Appointed 23 Movember 20211 Mr D Chamb&rs Mlss S Bardgell Miss W Monkhouse Mr T Moross MrA Splro MrSKon MISSA Blggs Mr P Chillon Jullet Rosenfeld Anne Worthlnglon Susanna Abse Ms L Hlllman (Appointed 8 June 20211 IAppolnt8d 8 June 20211 Secretary Monlca Law Charlty number 1112854 Company number 5487415 Registered offl¢e 20 M8r8sfi&ld Gardens London NW3 5SX Audltor SBM Assoclales Llmlted 24 Wandsworth Road London SW8 2JW

THE FREUD MUSEUM LONDON CONTENTS Pagè Trust888' r8Wrt Sts18m8nt of trugt8ès' le8￿nsIbIlItIeS 15 Independent audltols r8POrt 16-19 statement of finandal a¢tivltles 20-21 Slal8m6nt of flnan¢lal poslllon 22-23 Slatem9ril of ¢8sh fiows 24 Nntes to th8 fln8ncl81 statemenis 25-40

THE FREUD MUSEUM LONDON TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2022 The Trustees aro pleased to prèsent their annual report together wlth th8 financial slalemanls of the charlty for the year énd8d 31 March 2022 whlch are also prepared to meet the rèquir8menls for a directors, report and accounts for Companies Act purposes. The financlal statements comply wlth th8 Charlties Act 2011, the C(xnpanles Acl 200e, the M8mor8ndum and Artlcles of Association and Accounlng and Reporting by Charities.. Statèm8nt of Recomm8nded Practice appllcable to chafit185 preparfng their a<xount8 In accordance wllh the Flnancial Reporting Standard applicable in Ihe UK and Republ1¢ of Ireland IFRS102118ffgQtlve 1 January 20191. Chal￿5 report The year under review has s88n a slow and sloady recovery by th8 Museum f¥om Ihg Impact of the Covid-19 pandamlc. The Museum, which was closed for much 012020, 8tart8d lo welcomè visllor8 again in M8y 2021, alb&il und6r varyliig degress of reslricllon. Although hlgh covid numbers in latE 2021 and early 2022 caused a 511ght slowdown of admisslons and 8ctiviti8s, visitor nvtnbers rose steadily through tho year, thanks lo the ingenully and exlenslve marketing efforts ol thè Mus8um's Dlrector, Carol Seigel and har staff. C8rol arbd all tho staff have conllnLFed throughoL¢I thls ywdr to deal wllh tha oxceplional challenges of the pand8mic wllh pe[S8Veran￿ and resourcefvln98s. The slgnificant impact on the Mus8um's financlal r88ources e8US8d by the pandemic has been mltEg&ted to a large degreB by the Museum's successlul applications lo the ACE Cultural Recovery Fund,. by assistancè from other government SUPPDrt sch8mes lindudlng Relall, Hospltality and Leisvre grants offergd lo mu5eurns and buslness rates relleo. a successful insiJranc6 cla4m foT busines8 inlerruplicTrn and th8 98nerosity ol support8rs ol the Musaum. Th8 Museum'5 own inilialives. induding the dlg1181 public programme. the 8xpansion of onllne shop sales. and th6 b8tter ways In which admissions arè managed. coup18d wlh a rf5e in Ilckel prices and visltor numbgrs, h8V6 all helped to restor8 the Museum's finances. Alongside these financial Inllialives, Ihls y8ar saw the Museum produ￿ an èxcltlng exhibltlons programme. Thls comprised 8 somèwhat lopitral ¥xhlbilion, °Ffftud ancl Ihe PEndgmrf (which compared the Iwo pand8mlc8 of 1919r20 and 20201, an exhibition foGused on the life of Murlel Gardingr, "Ccpde Nom8 Marf, curated by the Museum's Dlreetor, and an exhibillon exploring Freud's fascin8tion and relatlon5hip with China. "Fr8ud and Chin., curalpd by Profe550T Craig Clunas, Prof88sor ErrerilLES ol th8 History ol Art at the University of Oxford and klndly 8UPPOrted by the Robert H.N.Ho Famlly Foundation. The Code Name Maw, exhibition wa5 launched wllh a f8scinatlng evening of dI￿UsS￿l￿ wlth the actress, Vanessa Redgravg and refuge8 campaigner. Lor(J Alf Dubs, chaired by lh& Mus6um'8 Director, and all threg exhibitions wèrè w811 attended and garnered slgnlncamt press coverag8. In addlllDn to th988 Ihfee exhlbllion8, Ihg Museum hoslgd a Bu¢cessful online conference cèlebrating the 20th annNgrsary of Edward Said's lectUf8, 'Fr8ud and the Non European., linklng Ihe Museum with th8 Sigmund Freud Museum In Vlenna, whlch was hostéd by the Dlrect015 of both Museums, and a conversation between the popular children's author Michael R05en. the psychologlst Mark Blagrove and artist Julia Lockheart, on Michael Rosen's book 'MBny DnY8r8nl Kinds of LOVE.. a Story of Llf8, D881h and the NHS wh￿h was film8d al the Museum and I￿e strea￿0d lo an audience across the world.

THE FREUD MUSEUM LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Chalr'B rèport Icontlnuedl Tho Steady recovery from the pandemic was reftect8d in the Increase In the Musettm's lolal Incomg fr(Yn vlsltor- related adlvllles ID £247k compared to £157k in th8 prevlous flnanciRI year,. the commorclal subsyliary, Freud Mu86um Publ1Gal￿nS Limlled's, gr05s profil In¢Teased to 266k compared lo £29k In the prlor year. However, the Trustees and th8 Dlreclor remain focussed on Safeguarding the Mtsse¢Jm and ensuring It5 financlal viablllty and the Board is ctsnfident in th8 Museum's ablllty lo sustain ilsell Ilnarhcldlly, as cultural and economic I￿8 retums toward8 normality. In thls regard, lh8 Board Is extremely gr818ful for the donations r8C81v8d durlng the year both fiDm exlsliro Patrons, Memb8T8 and surporters as well 85 frotn many new on8s. W8 Also apprecialg the wide range Dffunding support provid8d by the national and local authorltlès in the UK during and posl pandemic, as wall as the specific schemes lor museums and cultural institu￿0￿$ such as ours. In November 2021, the Director, Carol SgigEI gave her notice to th8 B(Ard and left the Museum at the end ol Jktly 2022 after 13 yèars In post. The Boaid thanks Garol for her invaluable work and contributltsn to the Museum over Ihe years. Sh6 ￿11 be rnuch rnissed by the Board, all the staff and the very many p80plè who have worked with and along$lde her In her role as Dir8Ctor of the Museum. In Fobtuary 2022, the Nomination5 Commitiee conduct8d 8 $8arch for Carol'3 successor and In March 2022, the Board appoSnled Giuseppg AbanD as Dlrecior, comm8nclng 1 August 2022. Giuseppe has been the Director and Curator ol the Keats Sholley House Sn Rome for mor6 than len years, and thè B08rd welcomes hlm to the Freud Museum and looks lorward to worklng with hSm. In November 2021, Alan Newman stepped down as Chalr and from the Baard of Trusl88s of thé Museum, and the Board would Ilk8 to thankAlan for all his h8rd work and COT)lributions to the Museum over h18 11 yEars on the Board. I was apFK)inled to the Board in November 2021 and hav8 tak8n over from Alan as Chalr. To replace th8 financSal experlls8 th8lAl8n prevlou81y Provided tts the Board, Louls6 Hillman FCA, who Is the Hèad ol Finance ol the Med￿1 Ro8garch Foundallon, wa8 appolnt8d lo the Board In June 2Q21. Wg welcomè Loulse to the Board. Finally. I thank all the Trustees for (h8Sr support and gUIdan￿ on thè Board and th81r work In helping the Mus8um and Ils staff to address the rnany ch8llenges Ihal aTO88 this year. I would also Ilke to express the Board's appr8￿￿tIon lor the dedication and total commilm8nt ol lh6 Director and staff whlch has suslained so many act￿1118$ In th& past year and &n8b]8d tha Freud Museum London tu continue to fulfill Its objectiv88. The Museum looks forw8rd to wèlcoming vlsilors back to the Museum, bL71h In person and remo181y, to r8str)rlng adm1581ons and aclivilles lo pre-pandemlc levels land hlgher). lo conllnuing the promollon of Sigmund and Anna Fr8ud's legacy and 8UPWrting good mental health.

THE FREUD MUSEUM LONDON TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Oblecllves and a¢tlvltles Princlpal actlvlty and publle beneftt The Freud Museum London Is a charllable company. In shaplng our obiectlves for the year and planning our actlvlti8s, the trustees have consid9Ted the Charity Commisslon'5 guidanc& on Publ￿ benefit, Including the guidanc8 on publlc b8n8fil and faè charging. The Museum relies on grants and tha Income il ralses froRI. amongst other a¢tlvltle5, admission feè8 arid tho publlc prograrnme. We are therefore a fee charging oh8rlty, bul feel that the admisslon prices are low ènough that no on8 18 prevented ffom comlng to the Museum on grounds of cost. Concessionary fr8s an) avail8ble for low Income groups, parues of senior cltlz8n8 and schod partl83. Free adrnissk)n Is off6r8d to rnembers of the local neighboufhood asS[￿latiOn. We also tJnd8rtake outreach projects whKh oiffer freB access to Museum services. AS Sel out in th$ Memorandutn and Articles of A850ciallon, tha purposes of the Frgud Museum London which all setvo lo promote public benefit are as follows.. tD promote, 8ncourage, Improve, advance and dissemlnate knowledge and awareness ol the lif8, work. medlcal, psychoanalytic and other $cientlflc aclivilies and Int811ectual and current cultural legacy of the lats Sigmund Fr8ud, and knowledg8 and Aw8r8n88s of thelr reltsvan￿ lo contemporary soclaty,. to maihtain, Ltyperale and Improve g museum to ￿lleCt, safegLJard and make accesslble artid98 and othèr Items connectgd wlh hls Ilfa, hls work, hls f8mlly, in partlcular hls daughter Anna Freud, 8nd the history ol psychoanatysls at the prop8rty located at 20 Maresfi8kJ Gardens, London NW3 5SX and at such other properly as may from tltn9 lo tlme be reqUI￿d or exp8di8nt and to provide access to th8 premlses lo the publ1¢ so that they can explore the museum and Its collg¢lions for Inspiration, leamlng and enloymenl., to advance the appreclatEon ol the historic81 nature of the property localad at 20 Maresfield Gardeng. London NW3 5SX and Ils signrficance as the 1819 SvJmund Freud's last hom6, the place of his death and th8 repository (rfhis 81udy, library, cwch and colle¢lion of 8ntlqultie8 and other articles connected lo him. to discover, assèmble, and cdlecl books. manuscripts, photographs, othèr publicatlons, Mmilure, Informslion and articles of whatever klnd relallng to the life, work, medical, psychoanalytlu and other scient(fic activlues and intellectual18gacy of the late Slgmund Freud. and lo ensurè th8lr preservatTQn for the boneffil of the publlc-, and to conduct reseèrch into the life, work, rnedical. psychoanalyllc and other sclanllfic acllvltles and Intellectual and cullural legacy of the latè s￿MUnd Freud and to publlsh Ihg ro8ulis of all Such research. Th8 Strategies Empl(rygd to achlev8 thg charllys alms objectlves are lo.. 8nsure the hlghesl standards In corÉs8rvatlon and care of thè collections run active publlc, 8xhibilion and 8ducalion programmgs encourage research Intrj the eollections and archlv88, and related publications mark8t the Museum widely lo encourago incTeasing numbers of v151tors enter Into approprlate partnershlps that will help lo achlevg the key alm8 of Museum keep the Museum flnanclally robust and manage risks A5 caTfjfully RS posslble

THE FREUD MUSEUM LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Achièvom•nts and performance Thls was the second year In whlch the world was affected by thé Covld-19 pandemlc. Thi8 heawly Influenced the activitie8 and performance ol Ihe Museurn. 112020121 had been a year of responding to the p8ndemic. and rapidly 8daptlng how the ￿l￿eUm worked, this was a y@ar of slow but consistent r8COV8ry, USI￿9 the 18ssons learned In the previous ￿1ve months to Tespond lo a slgnificanlty changed environment. Th8 finances of the Museum were stlll h88vlly aff8Ctèd by the changed clrcumslanc9s 8nd loss of pre pandemlc Income streams. The museum had madg good use of all avaSlable SOL¢rces ol gov8rnm8nl gupport. Al the start or thls pèriod, a number of staff were sllll on furlough, and tha museum rnad8 u88 of thè Job Retention Scheme unlil il closed In September 2021. As the museutn opèned up durfng the year, and acllvllies Increased. staff wer8 brought back lo work or pul on fbxlb18 fudlwgh. Thè Museum continued to tske advonlage of other government support 8chemès, not only the Job Rglenlion scheme, bul also the Rotail, Hospitality and Lelsure grants offered to rnkjseums, and business ralos relief. An Insurance clalm for business inlerruptlon was Blso finalty settled in full in November 2021, with the Mu88um rBcelvlng just und8r £80,0￿. The ML¢seum had also bgen successful In a second application to ihè ACE CullL¢ral Recovery Fund, and been granted £40,0(Kl to help cover cosis In tha three month p8ri(xl Aprikjune 2021. This help8d the reopenlng In May, brlnging 818ff off furlough. and the costs of a new exhlbltlon to welcome vlsllors back. During thls yèar though. as SerVi￿S returned lo normal, and tho amount of government help decllned. the museutn had lo rely agaln on ils own a¢livili8s lo g8ner81è Income. When thls financlal year began in Aprll 2021, th8 Museum had been Closed to wsltors slnce De￿mber 2020. 11 had r6opened brlefly for perlods in 2020, in accord wlth government guld81in89, bul dld not ￿open agaln until May 2021. 11 has remalned opgn ever since, although the higher Covld nurnber8 caused by the Omicron variant In18te 2021 and earfy 2022 cau88d a furth8r slowdown of ￿MIsSIOnS and activities. The change5 that had bogn Introduced (x) flrst openlng aft8r k)ckdown were malnlained. Th08e included enhan￿d cleanlng. r88trictlng numbers In the museum, new slgnage and dlsplays, and asklng visllors to wear masks and socially distance. The online booking system which h8d been Introduced woved a gafll8 chang8r in the way admissions could b8 managed. The improved audio guide was now available to download to smArtphon8, and Included for free In the prlce of admission. Mckel prlces had been increased 2020. to cover the sxlra ¢05ts of deaning and other changes and remaitE8d al th8 new higherlgvels. Tourlsls slowty réturned lo London and began vlsltlng the museum agaln. A marketlng campalgn encouraged more local and London vlsilors. Vlsttor numbers rose sleadlly and in March 2D22 thare were 1275 visitors to the museum. Thls ¢xJmpared lo the avgraue 2500 ￿s110r$ a rnDiilh, including ￿h0o[ and group vlslls, that the Museum receEved pre-pa￿em1C. Howevar In thls period the Mu8eum was opefj on only three days a w&8k Icotnparèd lo five pr&pandemicl, 8IIDwlng more Ilme on other woekday8 lor returnlng educational vi8118. Tho In¢r¢ased admlsslon prloes asso ansured that the lickgl Income per person was hlgher for each visllor than provlously.

THE FREUD MUSEUM LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 An axcltlng exhlblllon progr8mrn8 was planned lo encourage visltoTs back lo the museurn. The thrèe exhiblllons held in 2021122 shtswcased the breadth and varigly ol the Frèud Museum'5 offer, ranging ac¥oss different subjeets Irom Freud's unlque collecllons. hlghllghllng an unsung heroln8 Wlth clos8 Ilnks to the Freud famlly, and a lopical IoDk al the pandemlc through Sigmund Fr8ud's own trxpeiienc88. Each helpèd attract vlsltors. d&epen their understanding, and comp18m8nl the permanent d18plays. Reopening In May, th9 museum launched a loplcal exhibillon Freud Pandemlc, which cornpared th8 two pandemics 011919120 and 2020 through the lens ol Slgmund Freud's experience and wrÈiing. The exhlbillon explored the slmllarilies between Freud's ¢xp8riersce of thè Spanish Flu and the COVID-19 pand8mic, its impact on mental health ar￿ tho response by psychoanalysis. AlongsKlg historical rèffléctions were vonlomporary psychoanalytic obse￿ationS of the COVID-19 pandemic, in sèrles of now short vKJaos featuring contrlbulions from clinlclans and researchers. Artworks by Juloa Lockheart, who palnted the Covld d￿arn8 ol fronUln8 hèalth workers as p8rt of the DreamslD prolecl, were also dlsplayed. Professor Br911 Kahr (urned a talk that he had given lo(*down Into a bwk, Freud's P8ndeffliGS, a permanent legacy of this exhlbllion. Thls book wa8 the Inaugural title in a new publlshlng ventura between the Museum and Confer Books, the Fr8ud Museum London Semes on tha history of psychoan8lysi8. The next exhibltion, Code Nam& Mory.- The E%lraordln&ry Lifg of IAuriel Gardlner explored thg incredible stw of Muriel Gardiner. Mtjrlel had been g closo friend of Anna Freud, and Inslwrnenlal in sellng up th8 Freud MLtseum. Though little known now, Muriel G&rdin8r had an vxlraordinary, multi-faceted life- as a young Am8rican woman who Courageously fought fasclsm In 1930s Auslrla, as g post war psychoanalyst In the US, wlth a close relationship lo Freud's most famous pati8nl, Ihg Woll Man. and as the found￿ tTrf the Freud Mu58um London. She Is also bellwed lo bè the model for the Llllian Hellman's charadgr Julta, In th8 1977 Oscar wlmning film. There was great medla SnleTesl In bNnglng Muriel's sbry as a ffghler against fasc15m in the 1930s lo a wider audlence. The Museum reprinted her memtslr Cod8 Name Mary lo accompany the 6xhib(Ilon. Muriel's family supported the exhibition. rnade k)ans ol family material, and allended the openlng. In a hlgh-profile openlng, the exhlblllon about unsung heroine Muriel Gardlner was launched wlth r8adings. memor￿8 and dlscusslon by legendary actr8s8 Vanessa Redgrave and refugee catnpaigner Lord Alf Dubs. In the final exhlbluon of the year, Frèud and China explored Sigmund Freud's fascination and relationship wth China. 11 showcasEd new research into Chinese arl and obj8cls, the history of psychoanalysis ènd links lo Chlna. and Ils relevance In Gr8ater Chlna today. The show d15played the Chinès8 objects withln thg Museum collections and examined China's growing Inlsrgst in wllh psychoanalysis. Th8 exhibition was gen8rously support8d by the Robert H.N. Ho Family Foundation, In a new pArtM8rship for the Musoum. The fijndlng for Freud and Chlna also allowed ft)r th8 conservation ol some fragllè Items in Freud's coll8Ction, Includlng 8 fragment of a wall painting depicting 8 Chlnese woman. This wa8 Ihen dlspl8y8d in Ihg exhlbition. Freud and Chlna was curaled by Professor Cralg Clunas, Prcpfessor Emeritus of the Hlslory ol Art at th8 University of Oxford. Professor Clun85 wrote of hls Involvement with tha •xhlbiliDn'. 'The experipnGe of worklng with colleagues &t Frét￿ tvuseum London as Gurator of th8 8xhibitlon 'Freud and China, h8S to bg counl8d &$ on8 orthe hlghpoinls of my career...I hop8 Ihat the work wlll h8V8 a useful 8fterlife In embeddlng awarene55 Of tho Chin&se dlm8nslon of Freuds thought and a¢liwllas In the litgralure, and maklng POSS￿1￿ fiJrth&r advancos In tjlure in 0urundersl8ndir￿ of Freud and hls16g8Gy.' Each of thésè exhiblllons was 8ccotnpanied by a rfch public programme, comprlsing talk5, tx)urses. dlscussions arbd conferencès. This formed part of a wlder Èvents progr8rnme whlch continued lo be18rg81y held onllnè, given ongoing concerns about Covid. 8nd the interest from a¢ross the world. Th8 Events team contsnved to develop their expert156 In digital 8venl$, 8cqulr8d very speedlly durtng lockdown. On8 SU￿ess[u1 innov8tion this yèar was transferring the fllmgd recordings of ov¢nts lo a platform whero they COU￿ than be accessed on demand. Thp available re￿rdIngS provid8 a permanent back catalogue ol past 8vents and contribute lo the Museum's Incomè.

THE FREUD MUSEUM LONDON TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Hlghlighls of the evenl$ programme Included the popular chlldren's author Mlchael Ros8n dlscussing hls boDk Many Dlffergnl Kinds of Love.. A Story of Lif8, Dgalh ancl Ihe hlHS. wllh psychologist Mark Blagrove and arllst Julia Lockheart of D￿0Ms1D. Thls event was filmed al th8 Museum and live 81roarned lo an audience across the world. In contrast anolh8r highllght was an international online conferenTr cèlebrating th8 201h annSversary of Edward SaSd's lecture Fréud and the non-European'. allra¢llng over 100 attendees. This was an Smportanl occasir)n historically, with ¢onlrlbutlon5 from Said's widow, Msriarn Sald, and academlc Jawu81inB Rose, who helped la organi8e the original evenl. It Illuslraled our strong Ilnks wllh the Sigmund Freud Museum Vlenna, as the Director Monlka Posslerjoined Chrol Seigel on the opgnlng panet. The strength of thè evènts programme also brings in new Members, who are offoTed dlscounts, though w8 know that the molivg for tnany is supwrt ol the Mus8um and its work. The Musgum ourrenlly has about 290 m8mb8rs, with ov8r 80 joinlng thls year Ilwice as many as thosa who not renew). Over the last Lwo years, we have 88en an increase in m6mbars making r8peal vlsils lo Museum compared with previous y&ars. A summer party for Members. Patrons arkd supporters was held on July 28. to welcome people back to the Mu8eum. The Presidtrnt ol the Mus8um, Lord Fr￿Id, spoke of hls chlldhood vlslts to the house, and local MP Tullp Slddlq relteraled her support lor all our work. Th8 online shop continued lo perforrn well, and the physical shop to recover now that visiloTS were back In the house. Online sales oversgas were affecied by new regvlalions, but nevertheless stayed 8trong. Christmas sales were boosted by another of th8 Inv6nllve, shop Chrislrnas videos 5howcasSng new i18ms, in thls case a repllca of the porcupine on Freud's d8sk. and a (fiendishly dlfficulll jigsaw puzzle of the Wolfman'8 dr8am. The growth In soclal media and websSle traffic reflects Incrsaslng digltal engagernenl by visitors. Webslle Irafflc was up 20°k on Pre￿oUS years and numbers have grown acros5 all social m8dla channels. There ar8 49,000 Facebook follow81s, 26,000 Twlller followers, and l 8.000 Instagram followers. Exhlbltlon Irallers are popular on YouTub& end FAe&book. As Ihg wodd began to emerge from the p8nd@mlc. the DlreoloT. Board and staff b8gsn to re&8sess the Mu8eum's dgvelopment plans. In 2019120 detsiled pl8nning had laktrn place on an atnbltlous development project designEd to addrega urgent needs, such as ovorcrowdlng, Inadequate visitor facllS118s. and outdated displays. Glven the UllGeriainly of the post pand6mlc environrnenl, thes8 plans needed lo be re¢onsid8r8d. to èst8blkh both whether the needs and $01utlons were the same. and whether the pmvlous proposals would be affordable. staff and trustee5 took part In 8 sedes of onllne workshops deslgned lo look again al the Museum's pressing nèeds, ond how b8st to tackle these. These were followed by 8 series of dlscussions al staff and Board level, lèading to agreem9nl on the rèvlsed form the development should take. and a road map wSth which to move forward. The first step was the appolntment of a new Plannlng and Developm8nl Managor in September 2021, tssked with redeflnlng and progresslng the museurn's dèv8lopmont plans. Al the 8nd of th8 yèar, the Board agreed a project in Iwo stag6s. The first 31agg Is d6slgned lo remedy pressing Issues, In particu18r comprehenslve roof repairs, Improving envlronmental controls in Ihe house, and exploring new methods of engagement and inl8rpr8t8tlon. WoTk took place on atl of these first stage prtorlties throughout th8 y88r. To improve environmenlgl (x)nlro15. ènd prote￿ the collections. in August 2021 Opalux Internal solar control film was filled on the ￿￿ndOwS In dlsplay SP8ces throughout the mus8um. A comprehensive report on the condlllon of the roof was commlssloned from Blackhealh Buildlng Consultancy and will be the basls for going out to tender to approved ¢ontrBctors.

THE FREUD MUSEUM LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Improvements to the dlsplays In the house were planned for summ&r 2022, for Instance redeslgned panels In the dining room Ènd slu(Sy. dnd nèw display matèrial elsewhere In th8 house. Thes8 will be part of an 8valuallon process with visltors to feed In to major longer term display upgrado8. The need lo protect the house and collections was highllghled when the Museum was badly affecled by torrential rain and flash flooding ir) July. Th8r8 was floodÈng in the cellar lunprec9d&riled during the lilallffle of Ihe Museum}, and watèr thmugh Ihe roof In three places. Increasingly high t8rnperature5 0ft8n cause problems Sn the surnmer foi visllor8. Sustalnabtllty and environm8nlal conclims w￿1 be an Important part of any future plannlng. The second stage of th6 developm￿l- a couple of yèar5 down the line- wlll Impjemenl thè lrfals and plBnnlng ¢onduGted in Stage One, and complelE major tran8forni81Son 8nd r9Storalion works. The entlre PTOj8cI will ensur8 that FML can doliver on full ac￿sSIbIlItY, gnvironmenlal sustainablllly. dear and engaglng displays and gxhlbilions, th8 Tesloratlon of tho Freud famlly horne, comfortab[8 mulli-functlonal spaces. oreallon ol new and improved incoma streamg, engagg audiences in new ways and further extend our missions beyond our walls. During IhSs year Ihgre have bean 8 number of changes al both staff and Board levèl. The Staff restrurturg whlch had bgen planned in tho pievious year came Into 8ffecl in Aprfl, giving many staff members new roles and re5ponsibililies. and str8nglhening the rnanagement of th8 Museum. In November 2021 th& DiTe¢tor gave her notscg lo the Board and left the Musgum al the and of July 2022 after 13 years In post. The Nominations Commllte8 conducted the search for her succe&sor. and In March appointed Gluseppe Albano. Gluseppe hgs been the Curator and Dlrector ol the K68ts-Shell8y House In Rome for moTe than len years, and has 8 gr8at deal ol exp8rl8nc8 in runnlng small hSstorlc house museums. He will 81art in post al the 8nd of July 2022. Al Board lev61, Al8n Newman'5 thre8 lerrns of offic8 explred, and a new Chalr. Susan Prev&zer QC, look up the ro18 of Chalr in November 2021. Alan wlll be greatly missed In hls iole as both Flnanc8 TrusleE. aud latt8TIy 8S Chalr. His repla￿[￿ent has a dlsllnguished legal cBregr, and a real enthusiasm forlhè Freud Museum. Wrfh Ihe Impending d8partur& of Alan Newman, th& Board needed a new Finanol81 Truste8. Louise Hlllman, who58 dayjob Is Flnan¢8 Dlrector of the Medical Research Council, wa5 appolnled in June 2021. Wofking wllh the Flnance and General Purposes Cofflmillee, Louisè has already Sniti8tad changes kn the finan¢lal m8nagernenl of th8 Museum. Thesè Indude the appointfflenl ol 8 2 day a month Flnancial Accountant to support BDard financ181 raporting arKI forecasting. A Beareh was also conduet6d at the end of th8 year for nèw auditors, and SBM & Co were appointed for the finandal year 2021122. Activltles 2021-22 to promot& public bene￿1 The Museum always r8cognises its purpose to promote public beneffil, as part of its wider mlssion. Its a(aivilies are designed lo re8eh a wider community, lo promtste Sigmund atid Anna Freud's legacy and support good mental health. Much of what has already been covered abov8 has a public banefil componanl, as well as what is descrlbad b810w. The Educ&lion team had a busy year, revlslng Ils programma In the Ilghl of the changing needs of teachers arEd 8tudenls uslng the servic&. As th8 country carne out of lockdown. th8re was an unexpected demand by sthools to return lo In-pèrsoTT vlsils. The toam produced a Programme which offered a choS¢8 of faclllt818d and self- gulded vlsils, wlth tultion offered elther dlgitalty or In P8Fson. New edu¢attonal sesslon8 were also Introduced, such as Freud and Scl8n¢e and Freud on Dr8ams.

THE FREUD MUSEUM LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 By the end of the autLJmn term the educallon learn (which conslsts Df only two members of 51aff. both part-limel had work6d wlth around 1.30D group vlsilors, most Psychology A-Lev81 stud&nts. more Ihan twice as many as anlicipaled. Thls damand continued into the spring lerm. Somg Schools were able to vlsll ￿th the help of a n8W bursary scheme whlch alms to ease financial barrler8 to the learning offer through a S0°lo fee reduction. Running alongslde an offgT for sthools and oth8r groups, th8 EdueAIIDn offi￿r (Outreach) conllnued lo delNBT an arnbltlous and expanding outreach programme. This Included the onllne sesslons Frgudian ￿SdO￿7 for Um8S of Tum)oll runnlng online from October lo December. The programme was supported by a dedicated grant {ACE Oulrèaeh and AmbassadoTS'. Building on Communlty Partnershlpl which allowed the team to engage ovèr 100 frondSne medical slaff from a¢ross London free ol eharge. Feedback data from NHS staff pariicipating has bBen very positive and follow-up w¢th ACE is ¥￿an￿ad to dlsouss ways of scaling up th8 work, The rapid spread ol the Oml¢ron variant In late 2021 dlswpled work wlth community groupg, many of whorn were vulnerable and not abla lo vislt irb person at thls tlme. Some prDgramm8s w8r8 partly dèllvered onllne or delayed until the summer. This induded work for the China Outreach Project wlh London basgd Chinese community and women's groups, Includlng thè London Chlnese Community Centre- the oldest, and one of the largest. Chinese comrnunity organlsations In the UK. With the appolnlment of a new Rèsearch Manager, Ih8r8 ha8 ￿8n a new focus on publlc faclng resoar¢h acllvllios, such as bl(yJposts, podcasts, public reading groups, ¢onfoTon¢e5 and sytnposla whlch will feach out to new audi8ncès. and exlsllng Internat￿nal audlences. Partnershlps are belng developed wllh univ8￿1188 on proj8Cts or programmes that gmphaslse public engagernent. An 8xatnple Is th8 free lo download podcast sèriès Freud In Focus, delivered by mernbers of th8 Fnu88um t88m. The Ilrst serles focused on Freud's e88ay, B&yonLI the Pleasure PrinGiple. and was air8d to coinclda wlth th8 èxhlblllon 192012020.. Freud and PandemlG. Beiween Seplember 2020 and Augu812021 Ihls had over 24.000 downloads and sub59quonl series have proved equally popular. Another way of provldino 8CCO8slblo. free content to out audlence818 the onling 9x1￿b￿0￿ pl8tfomi launched this year. This beautifully d￿1gnQd web resource allows the museum exhlbttions to b8 vlèwsd by those who missed them or were unable to vi51t. The 5ert68 laund)ed with 1920/2020.. Fr8ud and Pèndomic. Two other exhibitions have been added slnce wlth more to follow. Onllne Stor188 bg accfjssed here 5tories.fre We contsnua lo prolact the archive and collections and rngke thetn more accesslbl6. usually by digitizalDn. Many ol the archlve Items are belng photographed as part of a dlglllzatlon prol8ct. The final calalogulng of the Sandor Ferenozi arCh￿e also look place, wllh key Items again b8lng digltizèd. Sigmund Freud's library was Ihg subjgct of larg8 conservatlon project. whlch saw the books Indivldu8lly clèarhed, condllion checked 2nd m8asur8d for 8ny n8c8ssary conseNalion work. Throughout the year we have kept accesslbllity of 811 types In mlnd our programmes. Caplionlng ol onllne evenls is avallable for the hard of héaring. Many of our talks and events are offered on a 'pay what YOU Can, or bursBry basls. Where posslble we offer sub8ldisgd prices or free places lo s(udants, CO￿esS￿￿5, ménial heallh service users and those on low Incorne. Thls has been a difflcult ￿ar, ad8ptlng lo an environment In which Covid19 15 8UII presènt. but Sn whlch the Museum still ne8d8d lo m8k& itg way financlally and fulfil Ils mission. The Musèum has worked hard lo respond effectively lo the Challenges It faced. and can be proud Df all that has been 8chleved over the year.

THE FREUD MUSEUM LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Flnanclal revlew IncomB Thls year'8 total Income of £630k Is a reduclk)n of £21k on the prior year12D21.' £651kl. Recovery grants and CoronavSrus Job Rèlenllon Scheme Incotne £106k12021.' £306kl t8duced in the current year. but thls r8duclion was partly offset by an £79k Insur8nc6 pay out for buslness inlorruplion durlng the pand&inlc. Other gr8nl8 together wllh donatlons and membership f688 totalled £120k, a reductson on PTior year (2021: £158kl. However, admissions of £145k 12021.. £24kl and proml88s hire £52k 12D21,' £Okl Increased slgniflcanfly from prlor year a8 the 8ffects of thè pand8rnic dlmlnlshed. Public progrdmmes generated £102k, a reduction from Pr1￿ y8ar12021'. £133kl whlch reflects demand for online events levelllng off and a changlng Bv8nt mix wtth fewer conf6r8nces and the slow return to in-house events. The Museum's tMding arm, Freud Museum Publications Ltd, recovered w911 Irc4M the pandÉmlc, with lumover of £144k almost doub18 that of the prksr year12021.. £76kl and grosg profil £66k more than doubla that of the prlor year12021.' £29kl', thls fad through to an Increase In management foes 8nd dorTralions payab16 to th8 Museum. Expenditure Thls year's total oxp8ndilure of £66Sk 8x￿8d$ the prfor year by £123k12021- £542k). The cost of ralslng fund8 has doubled (0 £101 k12021.. £50k) reflecllng hlgher programme and markeung costs as the museum's activiti&s Accelerated post pandemic with a fuS￿r programm8 of exhibitions. Tho cost of charftable actlvities is £564k, an increasa of £73k on the prlor y&ar12021'. £492k} whlch rèflect8 the Impact of staff on the Job Rètentlon Scherns In 2021 earnlng 80/0 of thèlr salaiigs. In addition. an ex gratia payment of £23k was made durlrKJ 2022. Net poslllon and cash balanc& The Museum had nel exp8ndllure of £35k In tha y88r1£24k unrestricted and £11k reslrkled} cotnp8rgd lo ng1 Income of £109k lor prevlou8 yoar. The MuseuTn's yearpend cash bal8n(s decrèased by £73k to £405k. Re8etve8 Pollcy and Gtslny Concem The Trustges review our reserve5 polky every year and our resgFves poslllon each quarter. Al 31 March 2022 the total funds held by the Museum a￿￿nted lo £4.1m. Of h8se funds, £260k are unreslr¢cled and £3.9m are restrfcted. Thg r8qulred reserves at 31 March 2021 wora £170k which Includas three months, op8r8tlng costs. Free resgrves al 31 March 2022 w8r8 the £260k ¢Jnre8trfded funds which 8r8 Ilquid. The Board ha$ agreed IhBt1118 Ptudenl lo accept the £90k dlffgrence bfilween the available reserves and th8 required ￿s￿e5 at the current tlme glv8n flu¢luatlons In voluntary Income streams. Trustee5 consider that the Mus8urn wlll have 8ufflclenl funds to mo01 Ils obllgalions durlng the next 12 months and Is a going concern. Investmont pollcy The trustees, havlng r8g8rd to Ihg liquldlty requlr6mgnts ol operaung the mu8oum. have kept 8 Portion ol avallable funds in an Inleresl-bè8ring deposll account.

THE FREUD MUSEUM LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Rlsk management The trustees have 8 risk management strategy whlch conwrlses.. An annual mvlew of the wincipal risk8 and uncertalntlès that th8 charity fa¢&.' The ostablishtnenl of policies, 8ySt8ms and procedures lo ¢lliligale those ri5k5 Idenlilled in th8 annual revi8w', and The implemenlallon ol proc8dufe$ designed to minlmlse or manag8 any polenllal impact on the challly should the etecled Irusloos slep down. This work has Idenllfled that financ181 sustaSn8blllly Is the may)r financial rlsk for the charfty. A key e18m8nt In the rnanagemenl of financial r¢sk is a regulAr review of available liquid funds to settle debts as they fall du8. fegular Iklson wllh the bank and acllvts management ol trade debtors and crédltors balances lo ensure sufficient worklng capltal by the Museum. Attentlon has also been focused on non-financlal risks arlsing from flre, health and saf8ty of patrons. and management of artefacts. These risks are managed by ensuring 8ccreditallon is up to dale, havlng robust pollcles and procedures In place, and regular awareness frainlng lor staff working in the59 operallorEal areas. Stru¢tur8, governance and management The Freud Mu88um op&ned to the public in 1986. During th& flrsl two decades of Its exlstence. the Museum w88 nstiluted as a Charilable Trust, undoT a Deed of Declarallon dated 30 Seplgmber 1980. In 2004. in ac¢oTdanc8 with ￿rrent best practice In the museum world th8 Trustees of the 1980 Charitable Tnjst decided lo reorg8nlso fhe Museurn and to reconslltule it as a Charitable Company Ilrnllgd by guarantee. Th8 Wr8ud Museum London was reg15terBd on 31 January 2006 as a Charity wlth thg Regislratsn Number 1112854. and on 1 Aprll 2006 Tecelved ajl the assets and liablllll8s of the 1980 Charllablg Tw8L Includlng 20 Maresfield Gardens and ils e￿nt8ntS. Thls new diaritable Gompany is goverrhed by Ils Memorandum and Artlcles of Associatlon. Thes8 are av8118ble from the CharKy Comrni8slon or from the Company Secretsry al 20 Maresfleld Gardens. Tho FTgud Musèum Is governed by a Board of Dlreclors. thown as th8 Twst888. Durlng the financlal year ondlng 31 M8rch 2022 the followng Truslg9s have hold office. Susan Pr8v8z¢r QC Mr D Chamb8rs Miss S Bardgèlt Miss W Monkhousg Mr T Moross MrA Spiro MrSKon MISSA Bigg5 Mr P Chlllon Jullèt Rosenfeld Anng WorthlThJton Susanna Abs8 MS L Hlllman MrA N8wm8n Mr D Leader (Appolnled 23 Novembor 20211 IAppDlnled 8 June 20211 IApwinlgd 8 June 20211 IRasigned 23 Novembgr 2021} IR8slgnèd 8 June 2021) 10-

THE FREUD MUSEUM LONDON TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Appolntment oltrustees When trustees reach IhE end of Ihelr term of office. the Nominallons Committee, a working subcommittee of the BDaid, Is responsible for recruitlng new Iwste8S With appropiiale skills. The NominatSons Committee makes Its recommendallons to the full Board for approval. Organlsation The boaid of trustees, which can hav& up to 13 members, admlnisters the charlty. The board nonllally meets five limes a y8ar and there afg sub. commllisès cov8rlng a rènog of issues. A Chief ExeculSv& Is appointed by the Iruslee5 to manage the day to day operations of th8 charfty. To facililale effeetlv8 operalionts. the Chief Executlve has delegatgd aulhorfly, within lenns of delogallon approv8d by Iruslees. for op8ralional mgtt8TS Ir¢Cl￿dIng finance, employmgnl and arustic perfomiancE lglaled activlty. The Trustees hold board meetings five limes 8 year. Al these m8elings, whleh aro also attendèd by the MuseLKn'b Director and other Staff as necessary, thÉ Trustees revlew p9rformanc6, Sèt goals and receivg reports from the staff. Future programmes and even15 8r8 proposed by the Director and collfimied by Board. M8nagemenl accounts are prepared 88ch month and rnonilored and reviewed against the budget Set al the beglnnlng of each Inancial year. Day-to-day managetnenl of the Museum Is dglegated by the board to the Dlr8ctor. Declslons relatlng to th Museum's overall strategic dlreclion, to long term financial commitments OF lo re-slructuilng of resources arB made by the Board followng dglalled brl6fing And consultation vAlh the Dlrector and relevant Staff. Trust•& Inductlon and tralnlng New truste8s undergo orlentatlon to brief fhem on.. thali obligatlons under charlty18w and Charlly Commlssion guidance on publlc benefit., th6 conlenl of the Memorandum and Articles of Ass(￿lst10n, the comThill98 and d8cision-maklng proce88es, the busin8ss plan and recent finanolal perfomianca of the charlty. During the Induction day they m¢el key employees and olher trusleg8. Trustees are encouraged lo allend appropriate pxlernal tralning events where these will facilifale the underiaking of their role. K•y manag9ment p8rsonnel'. Carol Selg81 Olhormanagementpgrsonnel Duncan Lynch Moriica Law Ivela Rozlapa Bryony Davles Francl8co da si￿8

THE FREUD MUSEUM LONDON TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT} {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 A brlef blography of all currgnl Truslees15 glven b810w'. Sue Prevezer QC (Chalrl Currently prartssing as 8n arbllralor and medlalor al Brick CourL Charnbers, Sug has had a distlnguished caraar In commercial and corporate liligatiun al th8 Bar and as 2 solicitor. From 2008 to 2020, Susan was th8 CO- managing partner of thE London Office of Ihe US litlgatlon law firm. Qulnn Emanuel LLP, and since 2018, Sue has been a non-executive dlrecior ol S4 Capll81 plc and BIDC Ventures LLP. SUÉ also sSts on the Bo8Td ol Ihè Hampslead Th88lr8. Susanna Abse Susanna Abso 15 a psyeholherapist who has wofked in prlvatg practice wlth eouples, parents and IndfvSdudls since 1991. She was ChaiT of The British Psychoanalytic Council from 2018 - 2021 aThY was CEO ol Ta￿Slock Relatsonships from 2006 -16. Alongside her psychotherapy practlee, Susanna works as an organtsatlonal consultant And coaching sen￿rI￿aderS in the corporate s8¢1iork, the NHS, In charities and hlghèr education. Susann8 18 glso a Sensor Fellow of Th8 Tavlstock Institute of Medlc81 Psychology., a F811ow of the Centro for Soclal Pollcy at Dartlnglon, and Sériès Co-Editor of °Tho Library ol Couple and Farnlly P5ychoaTralysSs' for Routledge Books. Her publicallons include writings lor th8 N8w Statesman, New Associalions and for the Op8n Soclèty European Policy Inslilute. In 2019, she made 8 $8ri6s of Films for Channel 4 news whlch looked at the psychologl(Al aspects of Brexlt. H6r book. Tell M8 Truth About Love, for Ebury Ptes8 wlll be published in Juty 2022. Suxanne Bardgett Suzanne Bardgett is He8d of Research and Ac8d&mle Partnershlps al Itnp8ri81 War Museum8, whor& she Is responsible for inill8tlng research projects acros5 the IWM'S remit. Past 8chlev8menls include leading Ihe team thal created the Holocaust Exhibition which ran at IWM London from 2000 to 2021. In her current role, Suzanne has led or co-lèd a number ol Arts and Humanltles Research Council-lunded prole¢ls, mainly on aspècts of IWM'S collectiQll5. Suzanne is also SerT8s Edlior with Ben Barkow of the Palgrave Macmillan's The Holocaust and ils Contexts. Her book, Wartim8 London In Palnlngs, about the IWM'S offlcially commi881oned palntlrYJs of London dLtrtng tha Second World War, was publlshed in 2020. Anne 8lggs As Head of Trusts and FoLtrnd8tlons al the Phllh8Tmonia, Anne Blggs Is r8sponslb5e for managlng the orgaD15atlon's Arts Council NPO ILJnding and other stalulory fundlng. as well as funding frotn trusts, IDundalioEJs, ernbasslès and livery companies. Ann& has worked at Historic Royal Palace8, Engllsh Natlonal Ball8t, and a number of dlsablllty organisatlon5. Oulslde of h8r day job, Anne Is on the board of Teatro Vivo, a small Ihoalre company. Prevlously, she mentored through Mentoring Pathways. was an Ent81PriS8 Advlsor within the Mayor of London's Enterpris8 N&lwork, and was a Management Committee mernb8r of Angelshed, an ￿clUSIve theatre company. Ann8 Is undèrtaking a part-tirne history PhD, buildlng on her MA FeSEarch, focusing On Id8as ol selfhood and idenlily, somethSng whlch relat88 clDs&ly lo Freud's work. Dan Chambgrs Dan Chamb8rs Is thè Creallve Director 8nd CD-founder of Blink Films, ono of the UK'S leadlng factu81 productlon compani8s. Dan speclalises in ambltious faGlual shows for the Brifjsh publlc 5ervlce leTreslilal broadcasters. and Amertc8n br08dcasters. He has cr&at&d varkius long-running history slrands. Induding S8crÈts of the Dead lor Channel 4, Revèaled for Channel 5, Trufy Slorles for BBCWW, and Andenl Mysteries al Bllnk Film5. He's been respon51b18 lor varlous award-winfjing Shows Includlng Datnbustèrs Revealed IRTS Best Facluall and Meet The Sloths IPandE* Wildlife}. He hgs created a host of succÈssful cookery shows, including Tom Kerrldge's American Feasl. John Torode's Asia, and Chlnese Food In Mlnute5 With He Ching. H85 cr88tèd varlous animal and wrfdlife $8ries Including th8 rec8nl BSC'S Dog Tal88 and Cat Tales, and Love NaturÈ's Life and Death in the Arnazon. Dan has previously b88n the Director of Progratnmes 81 Channel 5 responsible for overseeing all the channel s output from 2003 10 2006, and Tho Head of s￿enCe al Channel 4, resFX)nsible for a range of programmes from Serapheap Challenge to the flrsl ever $8rles ol Blg Brolher on Brfllsh TV. Y2-

THE FREUD MUSEUM LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Paul Chllton Fellow ol th8 Royal Inslilullon of Chgrt8red Surveyors and a Partner at Cluttons LLP, 18adlng-edge propgrty consultancy. Paul has over 35 years of property experlence acting on behalf of a nLimber Df UK ChaAlle5 as wgll as managing a lop 20 firm of Chartered Surveyors. Louis8 Hlllman Louls8 Hillman qualified as a chartered accountant wllh D810itre & Touche. Loulse worked for Credll Sulssè before moving lo the Social sector, worklng for an inlernBlional NGO and È i*arlly which help8d others scale Iheir social Impacl, bgfore ta￿￿9 on her current role as Head ol Finance for the Medi￿1 REsearch Foundation. stephen Kon stephen Kon Is a praclislng solicllor of 40 years standing, sp8cl81ising in EU and competition law. Hg was provlously an academic in the School of European gludigs al Su55ex Universlly Ènd Senior Partner of k City law flrm. He ch£iired for five years thè London Jewish Cultural c￿tra and 1$ currently a Trust88 of the Assoclalion of Jèwish Reftjgees. Wandy Monkhousè Wendy Monkhouse has wide ranglng curatorial experlanc8 and currently works as Senlor Curator Isoulhl lor Engllsh Heritage. She has worked extensively for the Natlonal Trust, hislorlc house museums and as an Indep6ndent curatorlal consullanl. She h88 a PhD Sn Egyptlan Archaeology from Unlversity College LoThJon. and leach6s Egypllan and Nèar Eastem Archaeology al MA and BA lev81. Trevor Moro53 Tr￿or Moross is a Fgllow ot th8 Royal InstItut￿n of Chartered Surv8yors. He is a non.exeuttlv8 dlrector of Dorringlon. 8 privately owned residential and ci)mm8rclal property company. Belng particularly eonc8rn8d with housing he 5ervEs on the 8oard of London and Quadrént Houslng TTUSt, one of18rg8St housSng assoclalions in thè United Klngdom. Hg Is a memb8r of the Intematlonal Advisory Board of The Academy of St Martin In the Field8, the renown8d orchestra. Jullel Rosenfold Jull81 Rosenlèld is a psychoanatyll¢ F)sycholheraplst gnd wrller who worfts In London, She has a spoeial dinical Inloresl In btsth grief and love las the iwo are often so profoundly eniwinedl and worklng wlth those who have suffered bereavetngnl, recently or In the past. Juliet r88d languages at Oxlord bafor8 a 19n year career in advertising and rngrkgting, 8ndlng up In the Clvll Service. Jull8t qualified in 2012 as an Integrative psychotherapist but18 passionate about psychoanalysSs and spgolficalty how ifs id&as can be useful and applled io bigger audiences. Juliet is also an glecled Board Merrber of the UKCP l Unl1￿ Kingdom Councll Of Psychothgrapyl whlch r8près8nts 12000 psycholhgrapists. and takes a keen interest in how any talking therapy Can b8corr8 more usual. and availabje lo anyo￿ who mlghl benefit from It. She is currenuy working on her 8&cond book and has written for a number of natlonal publlcalk)ns on relatSonshlps, grief and psychotherapy. Anthony Splro OBE JP Anthony Is a Chartered Englneer who worked for g FTSE 100 company principal￿ in financial communications. He is a Justlce of the Pgace and Member of the Indep8r¥Jgnl Monltorlng Bt)ard al Wandsworlh Prison. Anthony Is a T￿￿tee of thè Association of Jèwtsh Refugee5 and Chair of MID Mgdialion and Counselling. He w88 Chair of the Wiener Holocau81 Library from 2004 10 2018 and recèiv8d an OBE in Ihs 2021 New Y8ar's Honour5 List for Voluntary servkB to Holocau81 remembr8nc8. Anne Worthlngton Anne Is 8 psychoanalyst and member ol the Centre for Fr8udlan Analy51s & R&￿arch, the College of Psychoanalysts- UK and the Guild of Psyoholheraplsts. fj3.

THE FREUD MUSEUM LONDON TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 IWARCH 2022 Relatad partlès and co.opeTation wlth other organlsallon$ None of ou¥ trustees rec81v8 remunerallon or other b8neflt from Iheir work wllh the ¢harity. Any wnnecllon belw6en a trustee and 5gnior manager of another musèum must be dlsclo8ed lo the lull board of Irust8es In the same way as any other contractual relalionshlp with a rèlaled party. In the year undèr rev1￿, no such re18led party transact￿nS wgre reported. Pay pollcy for senior staff The board cor)s￿￿[S that Ils membèrs, who ara the Trusts Irusl808, and the sènlor management 1¢8m eomprls& the key managoment personnel in charge of directing and controlling, runnlng and operating the charitable trust on a day lo day basls. All directors give of the1r tlme freely and dirèctor received remunerabon In the year. Details of any dlrectors. expens9s and Telaled party transactions aro d15c105ed in nolg 13.2 to th8 accounts. The pay of the staff IS reviewed annually and normally incr8ased In 8ecordanc8 wlh Inflation. In vlew of the naluro of the charfly. the directors bfyn¢hFnark agalnsl pay lev818 In other museums of slmilar size. Audltor In accordancè ￿th the ￿MPanIS artlcles, a resolution proposing that SBM Associat85 Limlted be reappointed a8 auditor ol the company wlll bè put at a General M89lin9. Dlsclosure of Infomiatlon to audltors Each of the Iru5tee5 has confirmed that th6r& Is no Information of which they are aware which 18 relevant to the audit, bul ofwhich the auditor is unaware. They have further conflitned Ihat they have takell appropTlale steps io Identify such rèlèvant informallon and lo establlsh that the audltor Is awale of such Information. The trustees, r6port pproved by th6 B08rd of Tru818e8. usan Prevezer a Trustèè 20 September 2022 14-

THE FREUD MUSEUM LONDON STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022 The trustees, who are also the directors of The Freud Mus0um London lor th9 purpose of company law, are responsib￿ for preparing the Trustees, Rèport and the Inancial 81alem6nls In a¢cordance with applicablè IAW and Unlled Klngdom Aceounllng Standards Iunllgd Kingdom GenerallyAccepied Accounlirkg Pracli¢BI. Company Law requlrès thè trustees lo prepa￿ financial slalemanis for each financlal year whlch glve a true and falr view ol the 8tate of affairs of the museum and of the Sncomlllg resouroes application of resources. includlng Ihe InGorne and expendlturg, ol the charltabl8 company for that year. In preparing these flnancial slatem&nts, the trustee5 are roquired to.. select sult8bl8 accounllng polrclos and then apply thern conslstsnlly,. observe the mglhods and prlnclp18s in Ihe Charltle8 SORP- fflake ludgemsnts 2nd esllmates that reasonable 8nd prudent. and pr8parg the flnanclal Stslemenls on the golng c4)ncern basis unl&ss It is inapprcprfRto to presume that lh8 museurn wlll continu8 In operallon. The trustees aro resFX)nsib]6 for k88ping adequatè accounting r8cord8 that dlsdo$e wllh reasonable g¢curacy al any lime the financlal posillon of Ihe museum and enable them lo ensur9 that the flnanclal statements comply with the Compani85 Act 2006. They are also responsible for safeguArding the asse15 of tho museum and hencg ft>r taklng reasonable steps forthè prevgntion and det6etlon ol fraud and olh8r Irregular￿e8. 15

THE FREUD MUSEUM LONDON INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FREUD MUSEUM LONDON Oplnlon W8 have audlted the finandal slatwnenis of The Froud Museum London Ith8 'MUs￿m,) for the yoar endEd 31 March 2022 which ¢ompris8 thè statement of finar)¢ial actlvltles, the statemenl ol financial poslllon, the statement of cash flows and not88 to tha flnanclal slalotnents, Includlng significant aceounung poIici88. Thè flnancial reportlng framework Ih8t has been applied in th8lr pr8paration ss applicable law and United Kingdom Accounting Standards. Induding Flnanclal Reporting Standard 102 Th& FinanGiol Reportlng Standard appllcable In Ihe UK Bnd RepubllG of Ireland {Un5led Klngdom G8n9TAItyAcceplgd A¢￿U￿tIng Pracllcel. In our opinion, th6 fln8ncial slatemenl$= glvè a true and falr vlew ol the slate of the charltable company8 affairs as al 31 MaT¢h 2022 and of Ils Incomlng resources and applSGalion ol resourcès, for the year then ended-, have been properly prepar8d in aecordance with United Klngdom Generally Accepted AGcounJng Practleè., and have b88n prepared in accordance with the tequiremenls of the CompaniesAct 2006. Basls for opFnlon We conducted our audll In accordance wilh Int8matknnal Standards on Auditing {UKI IISAS IUKI) and èppllcable law. Ou¥ respon8ibi1111gs under those standards are further describ9d in th8 Audltors responslbllllies for Ihe audit of Ihe )SnanGial Stat￿￿ents secllon of our report. We Independ8nt of the museutn In awordance wllh the ethical requirem&nts that are relevant lo our audlt ol the fsnancial statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfi11¢3d our other ethlcal responsibilities In accordance with these requirements. We believe fhal thB audSt evldence WÈ hava obtained Is suffiaenl and appropriat8 to provlde a basls for our opinton. Conclu51ons rèlatlng to going wncern lfi audillng lh8 financlal statements, w8 have concluded that th8 trustees, use of the golng concern basls ol ccounllng in thè praparatlon ol the finan￿al statements is approprl8te. Based on the work we hav& perfomtrd, wa have ntsl id9nfyf18d any material unc8rtalntl85 ielatlng to events or conditions that, Indlvldually or coll8clively, fflay east significant doubl on the TllUSeUm'5 ablllty lo continu8 AS 8 going concèm for a period of at least twelve months from wh8n the financlal statements are aulhoris8d for18sue. Our responslbllllles and th8 r8sponslbllilles of the trustees wlth respect to golng concem are d98crlb8d In thè relevant secllons of this report. othèr Infomiation The other Information comprises the informatk)n Includ8d In th6 annual report other than the flnancial stalemgnls and our auditols ￿port Ihergon. The tNstees ar8 responsible for the olhar illfomatlon contaln8d within the annual report. OL*r opinion on th8 financial statements doès not cover th8 oth8r informallon and we do not expres3 any fom of assuranc9 concluskin Ihgreon. Our responsibility Is lo read the other information and, In dolng so, conslder whether Ihg Qther information is mat6rl8lly Incons181ent with thè flnancbal Statemènts or our knovAedge obtalned in the ¢OUTse ol the audit, or Othe￿&se appears lo be materially mlsslaled. 11 we identlfy such material inconsis18nd8s or 8ppRrer¢l material mi5Statements, w8 arè required to delerrnln9 whether thls gives rlse lo a ma18rial mlsstatement in the financlal statements Ih6ms6lv&s. If. based on (h8 work wa have performed, w8 condude IhBI there Is a mal8rial Tlllgstalemenl ol Ihls other Énfumialion, w8 ar8 r84dired to report that fact. We have nothlng to rèport in this regard. 16

THE FREUD MUSEUM LONDON INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FREUD MUSEUM LONDON Matters on whlch we are requlred to report by •xcoptlon We have nolhlng to report In respect of the followlng mattars In relallon to whlch Ihe Charitles (Accounts and Roports) Regu18tion8 2008 requlre us lo report to you if, In our opinlon.. the Infoimalion gSvan the financial slat8ments Is Inconsistent in 8ny material r&¥pect with th8 tru31888' report,, or suffid8TII accounllng records hava not been kept,. or the finandal statements are not In agreement wifh the aceountlng reGords', or we havè not recelved all the infom)atlon and explan81ions w& require for our audlL Responslbllltl•s of trusteès As extjlained more fully Sn the statement of trustees, responsibilities, th8 trustees. who are also the dlfoclors of th8 museum for the purpos8 of ¢ompany law, are responsible for the praparalion of the financial slat8ments and for being satlsfiad that th&y g￿8 a true and fair vlew, Bnd for such intemal control as the trustees dettsrmlne is n8cessary to 8nable Ihe preparation ol flrTranclal slal&ments that ale free from materlal rnisstatement, whether due to fraud or error. In preparing the financlal stalemenls, the Iruslees ar9 responslble for assessing the mus8um's ability lo continue as a going concern, disclos1ng, as applicable. matt&rs related lo going concern gnd usiro the golno conoern basls of accounllng unless the trustees eithgr Inlend lo liquldalè Ihe Charllable company or to cease operations, or have no rg8lislic alttsmalve bul to do so. Auditor's responslbllitles for the audlt of the flnancial statefflonts WB have been sppoinled as auditor under secllon 144 01 Ihe Chaillies Act 2C)11 and rewrt in accordance wllh th6 Act and relevaril regulations made or having eff8Ct thereunder. Our obl6¢tives ar8 to obtain reasNab18 assurance about whether th8 financlal statements as a whole are fre6 from material misstatem8lll, whether due lo fraud trr error, and 10 1s8U8 an auditorfs report that includes OLEr opinlon. Reasonable assurance is a hlgh Ipvel ol assurance bul Is not a guarantee that an audit ¢￿duCted accoTdancè wth ISAS IUKI w(11 always detect a material mlsstalement wheTr11 exists. MisslalenEnts Can arise fiom fraud or error and we con5IdEred malertal If. Individually or In the aggregat8, they Could reas￿ab]Y be expected to infiuence the economic declsions of users taken on th& b8818 of these ffnanckl slalemenls. Irregu18rllies. ineludlng fraud, are Instances of non-c0mpl1an￿ wllh laws and regu131ions. We deglgn procedures In Ilna with our reS￿n￿bilIties, outllned above, lo dèt8cI rnalerfal rnisslalements In respect ol iTTegulBrltlas, Incl¢Jdlng fraud. The Bxtenl to which our procedures Can delect irregulgrile8, Including fraud Is detailed below.. 17-

THE FREUD MUSEUM LONDON INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE TRUSTEES OF THE FREUD MUSEUM LONDON Qur approach was as follows: To identify risks of maleTial mlgstatemenl due lo irr8gularllles we assessed 8v8nts or conditions that couldload to Irregularltles. Our risk assessment procedures includ6d.. Enqulrlng of Tnjstees and manag8ment and inspection of polloy documentation as to th8 Charity's high. lev81 polldes and procedur8s io pr￿onI and detect irrogularftltrs. as well as wh&lh6r they have knowledge of any actual, susp8cled, or 811eged fraud or breach8s of relevant laws and regulaiions. R8adlng Board minul8S. Uslng 8nalytlcal procedures to Identlfy any usual or unexpg¢ted relallonshlps. Wg Identified areas of laws and r8gulatlons that COL¢ld reasonably be expected lo have a m8twlal effect on th9 financi81 stalemenls from our g8rher&l commercial and soclor expeTEnce through discussion with the Trustees and management las requlred by auditing 5tandardsl. We communlealed with the Trustees and managernent the policias and procedures In place reg8rding compliance with laws and regulations. We Identlfled the legal and règulAlory frameworks that 8re applScable lo th8 8ntlty 8nd detemilned that th8 most slgnlflcant are thos8 th8t rélate to the Charilles Ad 2011, Tha Statement of Rgwrntnanded Pra¢llce applicab18 to d)aritles preparing Iholr accounts In a¢cordan¢e with thè Flnancial Reporting Standard appllcable in th8 UK and the R&public of IT81and Ithe SORPI, and r818vant tax leglslallon. In addillon, w8 h8v& consldered provi81ons of other l£tws ab)d regulations that do nol hav8 a d1￿ 8ffaut on the finar¢cial stat8tnenls but complianco with whlch may be fundarnental to the company's ability to operate or lo avoid a Tllat9rial penalty. We idgntifj8d th8 followlng areas as those m05t Ilkely lo have such an affect.. heallh and safely ernploymenl law, recognlslng the nature of the Charlty's activities and ils legal fom. Auditing standards Ilmlt tha required audit procedures lo Klenlify non-compllance with Iheso laws and regulalions to enqulry (rf the Trustees and management and Inspectlon of regulatory and logal correspondence, if any. Th8r8for6, If B breach of operational regulallons Is not disclosed to us or evident from rèlw8nl corresponden￿. all gudll wlll cannot b8 r8118d upon to detect that breach. We communicated id8ntif18d laws and regulations and potentlal fraud risks lo all engagement team memb8rs and r8malnèd aleri to any indicallons ol fraud or non-coMpllanc8 wlth laws and r8gulallons throughout th@ audlt. Based on the results of our r18k assessment wg deslgned our audit proc8dures io Idenllfy non-compliance wlth such laws and r8gulxtlons Identified above and a55essed th8 extent of compliance wlth these laws and regulations as part ol our wocedures on the r8lat8d flnancial statem8nl Koms. The engagement partner considers the 8ng8gemenl team collocttvely had the appropTlal& (xjmpetence and capabililles lo identlfy or recognise non-compllance wlth laws and r8gulallons. As requlrèd by aLtdlllng stalldaTd8 and conslderlng PDssibl8 pr855ures lo rneel int8rnal key perfomiance indicali)rs and our knowledge of th8 Control environment, we perform procedur8S to 8ddr&ss the risk of management override of controls and th8 rlsk of fraudulonl revenue recognition, In particular the rlsk Ilial income is recordéd In the incorrect accounting perfod and the Dsk that management rnay be In a posllion to make inapproprl818 occounllng entries. 18-

THE FREUD MUSEUM LONDON INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FREUD MUSEUM LONDON We assessed the rlsk8 of malerlal misslalement Sn rÉsp8Ct of fraud as follows.. Our audll team discussed wh8th8r Ihera were any are8S th81 were susc8pllble lo m155talemenl as p8rt of our discussion on fraud. We challengad assurnplions and judgements made by man8gem8nl In Ih9ir significant 8cLounUng estlmatgs and judg8m8nls. Based on thè results of our rfsk 8ssessm&nt W8 deslgned OUT audlt procgdures to Id8ntify and lo grldre8s material mlsstatemenls in relation lo fraud, includlng, deslgnlng apprDpriale audit pro￿dure8, Sncluding.. Incorporating an elemènt ol unpredlctability In ItTre sel8cNI)n of the nature, liming. and oxlenl of our audit procedur88. Idenufying loumal entrle3 and other adlu8trngnls to te81 based on iisk crflerla and comparlng tho Idenllfied entries lo supporting d￿UmentatIOn,. Inspecllng thg rglevat7l irthrn8 agreemen15 and their accounting lo confirm their recoguilion In line with th8 SORP foi different revenuè streams.. Inspecting stock count sheets., Oblalnlng third paty bank confittnallons., and As88ssing Ihe dostgn and effectlv8n8S8 of controls In place over argas such &8 procurement and cash. W8 consldered the eXt￿t to which the audlt was consldered capable of detectlng Itregularilies.. There are Inh8r8nl Ilmllatlon8 In the audlt procedures dEscrSb8d above Bnd the further rèmoved non-complianTr wllh laws and regulations Is from the ev&ntS 8nd Iransactlons reflected in th8 financlal sl818menls, the less likely wè would become aware of it. Also, the risk ol not detecilng a rnatorial misstat8menl due to fraud is hlgh&r than Ihe iisk of nol delocting ona from error, as fraud Tnay Involve d6lib8rale concealrnenl by, lor 8xample. f(>rg8ry or Intentlonal mlsr8pr&sgnlaUon. or through collushn. A (urther dg8criplion of oui resp￿SIbIlItIeS 1$ available on Ihg FRC'S wabsltg al.. klauditors ssuran 'lor.s-rès Illies-for- s-res on5i.bililig8-for. Thls description forms part of our audilor's report. escrf tlo Uso of our report This report 15 made solèly to the charlly's trustees, as a body, In accordance wllh part 4 Df th8 Charllies (Accounts and Rgports) R8gulabons 2008. Our audit w￿k has t)een undertaken so that we might statè lo Ihe charity's Iruste8s those matters w8 ar8 rgqulred to state lo thèm In an auditor8, report and for no other purpose. To the fullest extènt permSlled by law, we do not accept or assumè r8sponslblllty lo anyone 0th8r than the charlly 8nd the Charity's IIu8tees as a body, foT our audit work, for Ihls report, or for thè opinions we hAvo formed. Stephen McAlplnè (Senlor Statutory Audltor) for and on behalf of SBM Associates Llmltod 20 Sepl8mber 2022 Chart8red Accountants statutory Audltgr 24 Wandsworth Road London SW8 2JW SBM AssoThales Limlled Is 81iglble for 8ppointrnenl as auditor of the museum by vlrkne of Ils ollglbillty for appolntm8nt as audStor of a wmpany under secllon 1212 of th& Companies Act 2006.

THE FREUD MUSEUM LONDON STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITLIRE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Currènt flnanclal year Unrestrlcled Rostrlcted funds funds 2022 2022 Total Total 2022 2021 Not•5 nts from.. Donallons and legacles Income from charitable acllvltles IrKX)mè from other tr￿ling actsviti88 Inv8stm8nt Incom6 Management fees Other incolne 119,138 246,563 53,044 52 23,500 78,778 109.256 228,394 246,563 53,044 462,359 156,913 19,025 96 12,300 23.500 78,778 Total Ineomo 521,075 109.256 630,331 650,693 endlt Costs ol ralsing funds 34,263 66,936 101,199 50,055 Cost of chaik8b18 adv(Ues 510,263 53,585 563,846 491,517 Total expèndlluro 544,526 120,521 665,047 541,572 Netlgxpendlturelllncome foT the yearl Net movement in funds 123,4511 111,2651 134,7161 109,121 Fund b818nc85 811 Aprll 2021 282,380 3.879.938 4,162,318 4,053,197 Fund balances at 31 March 2022 258,929 3,8e8,673 4,127,602 4.162.318 Th8 stat8m8nt of flnancial act￿11183 l￿dudeS all galns and losses T8COOtJls&d Sn the year. All Income and gxpgnditure d8riv8 from continuing activllles. The sia18m8nl of financlal activitles also compli8S Wlth tha rèquir8ments for an In￿rne and expendllurg account nder the CoFnpanle5 ACL 2006. -20-

THE FREUD MUSEUM LONDON STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Prlor Ilnanclal yèar Unrostrlcted Restrlet•d funds funds 2021 2021 Total 2021 Notes ean wm Donations and legacles Income from charitable activitigs Income from other trading activities Investment Irwrne Management fees 331,714 156,913 19,025 130,645 462,359 156,S13 19,025 12,3 12,300 Total Incom8 520.048 f30.645 650,693 ur8 Dn: Cogts of ralslng funds 31,552 16.503 50,055 Cost of charliable actlvlllos 422,046 69,471 491.517 Total •xp•nditure 4S3,598 87.974 541.572 Net lexpendltur8llln¢orne for thè yearl Net movement In funds 66.450 42,67f 109,121 Fund balances al 1 April 202D 215,930 3.837,267 4,053,197 Fund balances at 31 Mar¢h 2021 282,3eo 3.879.938 4,162,318 21

THE FREUD MUSEUM LONDON STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2022 2022 2021 Notes Flxed assets Tangiblo assets Investments 12 13 3,762,973 3,771,634 100 3,763.073 3,771,734 Curmnt assets stocks DebtOTS Cash at bank and in hand 14 15 4,830 75,006 404,857 5,280 1D3,124 478,180 484,693 588,584 Credltors.. amounts falllng du8 wlthln one year 17 186,3g81 11S4.3331 Nel CLErr8nl èssols 398,295 432.251 Total ass•ts less curr8nt Ilabllltles 4,161,368 4.203.985 Credltors: amounts lalllng due after moro than ong year 18 133,7661 141,667} N•t assots 4,127.e02 4.162,318 Income funds Re8trlcted fvnd5 Ganeral unrestricted funds Membèrs funds 21 3,868,673 258,926 3,879,938 282,377 4,127.602 4.162.318 -22-

THE FREUD MUSEUM LONDON STATEMENT OF FINANCIAL POSITION (CONTINUED) ASAT3q MARCH 2022 The cornpany Is enlllled to the exempllon from thè audit requlremonl conlalned In sectlon 477 of th& Comp&nies Aot 2006, for the year gnded 31 MaEch 2022. although an audit has been eArA8d out under so¢lion 144 01 the Charilie8Acl 2Q11. Th8 directUf5 acknowledge th8Sr Tesponglbilltles for complwng wllh the ￿qUIrernenlS af the Companles Act 2006 with respect to accounting racords and the prep8ration of flnancial slalemenl$. Thè members havè not ￿quIred the company lo obt<iln 8n audit of Its financial slat8m8nls undpr the requlr8tn8nls of the Companies Act 2006, for thè y8ar In quesllon in accordanca wllh sectlon 476. Thgse finandal slalements have been prèpared In acci)rdance wllh the provSsksns applicablè to companles subject to the small compan18s regime. The financl81 stal8 nts were approved by the Trustees on 20 Sepletnber 2022 Susan Prevezer QC Trustee Company reglstratlon numbor 5467415 -23-

THE FREUD MUSEUM LONDON STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Notè5 Cash flows from operatlng activitlos Cash labsorbfyd byygeneraled from operations 25 163,652) 169.669 Investing aetlvltles Purchase ol tsnglblè flxed assets Proceeds on dlsposal of tangible frxed assets Investment income re￿Ned 11,8221 11.2341 96 52 Net cash usèd In Investlng actlvktles 11,770) (1.1381 Flnanclng actlv11595 Proceeds of n8w bank loans Repayment ol bank loan5 50,000 17,9011 Nat cash (used Inllg•n•rated from flnanclng activltles (7,9011 50,QIOO Net Idecreasellincrease In cash and ¢ash equlvalgnts 173,3231 218,531 Cash and eAsh equlvalents at bèglnnlng of year 478,180 259,649 Cash and cash equival•nt$ at end of ygar 404,857 478,180 -24.

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Ac¢ounllng pollcles Charity Informatlon The Freud Museum London is a prfvalB company Ilmlted by guarani88 Incorporated in England ènd Vvales. The reglslered office Is 20 Mar8sfleld Gaidens. London, NW3 5SX. 1.1 Accountlng eonventlon The financial st8temen15 havg bgen prepar8d in accordanc8 with IhB mu89um's Memorandum and Articles of Assoclation, the Companies Act 2006. FRS 102 'The FiTrancial Reportlng Slandard appI￿able In the UK and Republic of Ireland" I'FRS 102.1 and Ihe Charluas SORP Accounti￿ and Reporting by Charif18S.' Slalgmenl of Retvmmended Practice appllcablo lo charlues preparing their accounts In accordance with the Financial R8portlng StarKlard applicable In the UK and Republlc of Irola￿ IFRS 102)" leffectiv6 1 January 20191. The Thuseum Is a Public Ben8ftt Enlily as defin¢d by FRS 102. The Museum Is a cornpany Ilmlled by quaraniee and has no share capltal. In the event of the ¢*arily belny wound up, Ihe118blllty in respecl of the guarantee is Ilmiled lo £1 per member of Ihe chartty. The Inandal staiemenis ara pr8pared In sterling, whichlg th8 ftjnclional currency ol thè museum. Mon¢t8ry amounts In thèse Ilnancial slat9menls are iounded to the n8ar8St £. Thg fina￿18] stalgmenls have been pr8p8red under th8 hlslorical cost ¢xJnvenlion. modlfied lo Include the wevaluallon of freehold propBrties . Thè prlncipal accgunting policies adopted are set out below. The flnancial statements present InloTmalion about the company as an Indivldual undertaklng and not about115 gloup. Tha company and Its sub8idk?ry undert8king compris8 a small-sized group. The Company has therefore taken advsntage of the exernpI￿nS provlded by seation 405 of the Companies Act 2006 not lo preparè group account8. 1.2 Golng concern At the Ilme of AppfDving the financial st8t8m8llts, the Iiustse8 hav& a reasonable exp8cl8tion that the museum has adequate resources to conllnue In op8rallonal exislgnce for th8 foreseeable future. Thus the Irusto&s continue to adopt the golng concem basls of accounlng in preparing th8 financhl stat8mgnls. 1.3 Charltabl& funds Unieslricl8d funds 8r8 availablB for us8 al tha discretion of thg trustees In furtherance of th81r Charftablg objectlvgs. Reslrlcted funds are subject lo speclfic conditsons by donors as lo how they may be vsed. The purposes and use5 of fhe reslricled funds are sel out in the note5 to Ihg financlal st818ments. 1A In¢orn• Incomè Is wognlsed when the rnuseum is legally entIt￿d lo il after any perfomianc8 ¢ondStlons hgV8 been mel. the amounts can be ffl9a8ured rallably, gnd11 is probable IhBI Incc>rng wlll be recÈlved. Cash donations are recognlsèd on recelpt. Olhgf donatlons 8re recognis8d On￿ the tnuseurn has b88n notifled of Ihe donation, unless performan￿ condllions r8qulre deferral of the amount Income tax recov8r8ble in relatlon to donallons recelved under Gift A¢d or daèds ol covenant Is recognl88d al the tlme ol the donation.

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounllng pollclos Contlnuedl For legacies, entitlement Is taken as the 88rt16r of the date on which either.. th6 charily is awar& that probate has b89n granted, the eslale has b8en fifj8lis6d and nolificalion h88 beèn made by th8 ex8culor Isl to thg Museum that a dlstribulion will be Fnade, or when a distribution Is recelved from tho ostate. Receipt of a legar.y, in whole or in part. Is only consldered probabte when th8 #tr(￿￿t Cdn be measured rèllably and the charity ha8 been notified to the charlty, or the charily is aware of the granting of PTob818, and the criteria for Incom9 [￿gnItIon have not b88n mèt, then the legacy is 8 treated as a contingent a858t and disdosed If material. Donat8d professlonal service5 and donated facilill&$ ar6 recognlsed as Incom6 when the chartty has control over the ilern, any condltSons associa18d with the donated il8m havè been mel, the receipt of e¢onomlc benefit from Ihè t&se of the charity of the Item ￿ probable and that economlc benefit ean ba tnea5ured reliably. In accordan￿ with the Chariti8s SORP IFRS 1021, Ihe general volunle8r tim8 Is nol rsttognised and r81gr lo the tnjstees. annual report for mre information about th81r contributson. On re￿1￿1, dona18d professlonal services ar¥1 donated ladllllps ar8 r8cognS8ed on the basls of the value of the ulft lo th8 charity whlch is Ihg amount the charlly would have begn wllllng to pay lo oblaln sèrvlces or facllSlles of equlv8lent econckmlc benefit on thè opan market., a corrospondlng amunl is th8n rècognised In expenditure In the perlod ol receipt. Income Is d8f8rfed only when th8 charity has lo fulfil condithlls before becomlng enlit18d toll or where the donor has spe￿fied that th9 in¢orne is to be expended In a future perlod. Income frorn government and other grants. whether 'caplial' grants or'revenu8' gr8nls Ss recognised when the charfty has enlbl8menl lo the funds, any performance eondlllons attached lo the grants have been mèt. It18 prob8ble that the In￿1￿8 wlll be received and Ihe 8mount can be measur8d rèllably Bnd is not dgf8rr9d. Interest on fvnds h8W on deposit is included when recelvable and th8 amount can be m8asured r81L4bly by the chartly., this Is nomially upon nollficalion of the Interest paid or payabie by the bank. 1.5 Expenditure Expendllure is recognised once there Is a lègal or conslrucllve obligallon to make a payrnenl to a Ihird party. It Ss probable that settlement will be required and the amount of thè obllgalion can bg measured r@liably. Resourc8S 8XP8nd8d comprise ol Ihg following.. The costs of aGUvliles In furtherancè of the charl￿8 objectlves comprfse expandlturo on the charity's prttnary purpose es d8scrfb&d In the Repori of the Ttuste8s. Costs of ralslng funds comprfse the costs of comm8rclÈl trading Includlng the shop and their as8ocl8tad support cost. All resou￿05 expettded are cknsifi8d under activity heading5 that aggregate all ¢osls related lo the calegory. Irrecoverable VAT Is charged agalnsl the c8t8gory of resourc88 exp@nded for whlch il was incurrad. Allocatlon of support costs Support Costs r8pr8S8nt Indlrect charitab19 8XPBndSture. In order to cary out the primary purp08ès of th8 ehadly, il Is n8C8S5ary to provlde support In th6 forrn of financial procedures, provlslon DI offlce servlces and equipment and a SUItab￿ working 8nvSronmenl. Management and 8dmlnlslralion costs Includè expendllure to ensure compllanc& wilh constKutlonal and slalulory r8qu1￿ments. -26-

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 A¢¢ounting pollc185 {Con*lnuodl 1.6 Tangible flxad assets The bulk of th8 Musgum's fixad assets are hlsloTiC and Inalienable. They conslsl ol the fr8ehold property occupied by the Museum at 20 Maresfield Gardens, and the Colleollon hèld by the Musètsm. Tha hulldlng Was the home of Sigrnund Frettd in 1938 and 1939 and the place of his death, and subsequ8nlly the home ol his daughterAnna Freud. It was Pu￿haSed from Miss Freud at a co81 of £70.000 on Septetnb8r 30 1980. and formed th& PTIn￿paI asset of the Charflable Trust eslabllshed by a Deed of Declaratlon of Trust by Slgmund Freud Archives Inc. The contents Include th8 library. personal effects, and collection of antiquities formerly owned by s￿M￿nd Freud and bequeathed to the Trust on the death of Mlss Freud In 1982. In the spring of 2005, the Charily commls8ioned an oxlernal valu8tlon of 20 Maresfl8ld Gardens from Stiles Hcirold Willlarns, a ftrm ol chartered surv8yors. Made in accordance with the Practice Slalements in the Apprals31 and Valuatlon Manual ol the Royal Inslilutlon of Chartered Surveyors, thdr report dated 7 April 2005 appraised Ihe mark61 value of Ihe freehold interest at £3.75m. In vlew of the hlgh standard of physical mainten8nc8 0120 Maresfigld Gardens and the prime qu81ity ol the house as a residential property in a soughl-after part of London, the Trustees con8ld8r that It Is unlikely Ihal the valu9 of the ass8t has deC￿ned Sin￿ 2Q05. Ill the light of the hlgh cosl of valuallon fees. the Trustees havè decided that to conduct a new valuation would brlng no comm8n8urale benefit of a klnd whleh would promote the oblects of the charfty. This valuation w85 valid at 151 April 2016 and18 con8ld8red tho d8erned e051 under FRS 102 transillonal requirements of U)& property golng fo￿ard. No valua is allrfbuted In the balanca sheet to Ihe Collection. Under FRS 102 and the SORP Iransllional rule5, non-capllallsallon Is pgrmllted If the value to the charity cannot b8 eslimaled. or where tha cost of oblalnlng a valuation 5s burdensomè. The Collection consists of a v8ry18rge nL¢mber of ilgms, which would be costly to voluo Individually, with no comrnensurale benefit to the Oblects ol the Charlty. The Museum ha8 malntalned since 1985 an Acquisillon5 and Disposals Pollcy in accordènee with Its staled obj8¢ts. This was superseded in March 2005 by a new policy. mode118d on the standard wordlng rècommended by th8 Museums, Libraries and Archives Council. Deta116d guldelines and procedu¥es regulate disposals. Thgse Indud6 a provision that no material sh￿1 be de-accessioned puraly lor financial gain, and a requlr&ment thal acqulsltlon8 or disposals should first b8 subjecl to dlscussSon wllh a number Df othar spaGifled mus6ums and aichlves wllh object8 and collectSons Similar lo the Fr8ud Museum's. A copy of thè policy may be obtsined on wrÈltèn request from Ih8 Trustees. The freehold property has a useful Ilfe In ox¢ess of 50 yegTS and is sublbct lo an annu81 Impairment revi8W. Hence no dgpreualion Is provided. other langlbk fixed assets are inillally mgasur9d al cost and 8ubsequenUy measured At EX)8t or valug11on, n91 of deprèclatbn and any IFnpairrnent Ioss68. Depredallon is recognlsed 80 as lo wrltè off Ihg C05t or valuation of ass81s less Ihelr residual values over Ih&lr useful lives on the folli)wing bases.. FlxturB8 and fittings Office oqulpmant 20Yo Slralghl Line 20tsh Straight Llne The galn or loss arlslng on the disposal of an asset IG delermined Rs the difference klween Ihe sg18 proceeds and the carrylng value ol th8 asset. and is recognÉ58d In the slatèm8nl olflnandal activSUes. 1.7 Flxèd aBset Investwnent¥ A subsldiary Is an entity controlled by the museum. Control 19 th8 power to gov8m the ftnonclal and operating pdlcles of th8 8nllly so as to obtain benefits frorn ils actlvltlas. -27-

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accountlng poll¢l8s Icontlnuedl 1A Impalrment of fixed asset8 At 8ach reporting end dalg, thB museum reviews the carrying amounts of ils langSble assets to dolermlne whèther there is any indic8tlon Ihal Ihtsse &88918 have suffered an Impairment loss. If any 3uch indlcatlon exlsts. the recoverable amount Df the ass81 is osbmaled In ordgr lo d8t8rmine the exl8nt of the impairment loss (il any). 1.9 stocks St(Kks are 81aled al the lower of cost and èstlmated selling price less costs to LX)mplelè £nd sell. Cost comprises direct matert819 and. where applicable, dlrecl labour costs and those overheads that have been incurred in bringlng the stocks to their presenl location and condltk>n. Items h91d for dlstribullon al no or nominal considèratlon are measured th8 lower of repFacernent ¢081 and cost, Not rea115able valu8 18 th8 6sUmated selllno price less &ll esllmaled costs of complgllon and costs lo be incurred In rnarkeling, solllng and distrfbuUon. 1.10 Cash and ¢ash 8quivalenls Cash and cash oquivalents Include cash in hand, deposits held at call wllh bank8. Othor short-lem) I￿Uld invBslmenls with origtn81 malurilies of Ihr8E monlhs or 18SS, and bank overdrafts. Bank overdrafts ar8 shown wlhin torrowlngs in cUr￿n1 liabiliti8S. 1.11 Financlal instrumeb)ts The museum has elected lo apply th6 provSslon8 of Section 11 'Baslc Financial Instruments. and Section 12 'Olher Flnanclal Instruments Issu8s' of FRS 10210 all of 118 financial instruments. Financlal Instruments are recognlsèd In the mu8eum'$ bhlance sheet wh8n tha museum become3 paty lo the Contractual provisbns of the Instrument. Fin8nclal assets and Ilabililles are offset, with th8 nèl amounts pr88enlgd in the flnancial statem&nts. when thèrè is a legally enforcgable rlghl to sel off th8 rècogniged amounts and thare is an inl8ntlon lo sBtUe on a net basls OT lo realisg the assèt and settlg tho Ilablllty 51multaneously. BasiG finan¢lal assets Baslc flnaneial assets, whith Ineluda debtors and cash and bank balanc8s, are inilialty measurBd al transaction prlce induding transaction costs and ar8 subsoquenlly carri8d al amothsed cost using tha effeGlive Interest melhDd unlèss the arrangement ¢onslltutes a financlllg Iransgctlon, where the transacllon Is measured at the present value ol the fvILEf8 r8CèiPts dlscounled at g mafkgl rate of inleresL Fln8ncl&l assèts dBssified as receivable vAthin one year arg not Bmortlsed. Bas1¢ financlalllabllltles Baslc finanaal Ilabllllies. Including credltors and bank 108ns are Inllially re￿￿188d at Iransacllon prlE6 unless the arrangement constitutes a financlng Iransacllon, whEre Ihe debt Instrument Is measured al the present value Df the future paym6nts discounted al a market rate of interest. Fln2ndal liabllllies clas81fi8d as pay8ble wlthln one year 8r8 not amortlsed. Debl Instruments are subsequently carried al amortlsed cost, uslng th8 8ffecllve Interest ral& method. Trade credSlor$ are ob11ga￿onS lo pay for goods or Se￿iceS that hav6 been acqulred in th8 ordlnary course ol operations from $uppli8rs. Amounts payable are classifigd as current Ilabili118s if paytll8nt is due within one year or le8s. If WK)I, they a￿ pr8S8nted as non-currenl liabllilie5. Trade creditors are reeognised inilialty Bt transacllon price and subsequ8nlly m&8su¥ed at amortlS8d eosl uslng the effect[￿ irhlerest method. -28.

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounllng pollclos Icontinugdl Dereoognltion of flnanclal Ilabllltles Financlal Ilabllitles are deiecognlsed whèn the musevm's contractual obllgauons explre or are dls¢harged or ￿nCelled. 1.12 Employee ￿nefitS Thè cost of any unu8ed holiday 8ntilgment Is rgcognised Sn tho period in whid¥ the etnpk>yee's servtC8S are re¢&ived. Tennlnation benefits ar8 recognlsed imTllediat61y as an exp8nse when the museum is dernonstrably commltted to termI￿at? Ihe employment of an empkny88 or to provide 18rminallon bgneliis. 1.13 R8tlrement bonefits Payments lo defined contribution retlrem8nl benefll 5ch8mes are ch8rg8d as an expanse as th6y f911 due. Crltl¢al accountlng estlmat•s andJudgements In the app11￿tIon of th8 museum's accountlng policies, the tru8lees ar& requlred lo make judgements eslimalès and assumpllon8 about the carrylng amount Df assets and liabililles that arg nol readily apparent frorn othèr souyces. The 9511mates and associated a88umptions ale based on hlslortcal experience and other factor3 that ar8 considered lo be r818vanl. Aclual i@sults may differ from these 881imates. The esllmat88 8nd underJylng assumpuons ar8 revlew8d on an ongolng basls. RevisIor￿ to 8ccounllng estimates r8cognlsed In th8 pertod In whlch th& esllm8t8 Is revlsed where the rèvlslon affeG45 only that pèrlod. or in the perlod ol (he revision and future perlods whgre the rèvl9Son affects both current and lulure ods. -29-

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THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Income from charltablo #ctivllles 2022 2021 Admisslons Publlc programmes 144,813 101,750 23,507 133,406 246,563 156,913 Income from other tradlng actlvltle8 Unrestrlctèd Unrastrictgd lunds funds 2022 2021 Premls8s hirg Sundry Income 51,711 1,333 300 18,725 Incorn$ from other tr8ding activities 53.044 19,025 Investment In¢tsm8 Unre$trlcted Unrestrlcted funds funds 2022 2021 Interest re￿1vable 52 96 Other In¢ome Unrestricted funds Tolel 2022 2021 Insur8nce ¢laim 78.778 31

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THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2022 Cost of cttarItab￿ aellvities 2022 2021 staff costs D8precialion and Impalfmenl InsurancE and security Llghl and heal Repairs, malnteTr8￿e and cleonlng 447.267 1Q,483 15,963 6,954 23,451 366,204 13,035 15,090 5,822 34,127 É li Travelllng & enlerialnmenl Telephono Computer runnlng costs Printing, postage Rnd 5talionery Hlre of equlpmenl Profes51on81 and consultancy fees Auditors remuneratlon General expens88 Subscrlpllons Bank & other charges Bad debts other CharItab￿ exp&ndlture 41 4.945 12.134 3,238 1,094 20,251 8.112 1.599 1,963 2.776 17281 4,305 177 5,173 12,081 5,216 1.147 17,457 7,296 269 1,204 2,782 3,673 563.848 491.517 Analysls by Mnd Unrestricted funds Rèstricted funds 510,263 53,565 422,046 69,471 563,848 491,517 10 Trust•8S None of the tru8lees lor Bny persons connected with them) rec8lv8d any remunerallon or bangfils from th8 museum during the year. .33-

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 11 Employ4•s The average monthly number of grnployees during thè yèar was.. 2022 Number 2021 Number 17 18 Employmtrnl costs 2022 2021 Wages and 8aiarles Social sècurity cost8 Othor p8nslon Costs 411.780 28,063 7,424 343.100 16.292 6.812 447,267 366,204 Ex%rati8 payments lotalling £22.800 wer8 made during the year. There were no 8mployees wh08e annual rgmunerauon was more than £60,QOO. 12 Tangible fI￿d asset8 Froèhold ColleGUTrn Flxtures and property a£quls111ons fltllngs Offlce Tolal Cost Al 1 April 2021 Additions 3,750.000 700 92,18e 89,260 1,822 3,932,146 1.822 Al 31 March 2022 3,750.000 70fl 92,186 91,Q82 3.933,968 D•proclation and Iwnpalrmgnt AI I ApTII 2021 D8preolatSon charged in tha yeor 90.162 2,024 70.350 8,459 160,512 10.483 Al 31 March 2022 92,186 78,809 170,995 Carrylng amount Al 31 March 2022 3.7SO.000 700 12,273 3.762,973 Al 31 March 2021 3,750,000 70CI 2,024 18.910 3,771.634 -34-

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 13 Flxed 45set Inv•stni8nts other Invastmènts Cost or valuatlon Al 1 Aprrl 2021 & 31 March 2022 100 Carrylng amount Al 31 March 2022 100 Al 31 March 2021 100 2022 2021 Other Investments comprls8.' Notes Investments In subsrdiartas 24 100 100 14 Stocks 2022 2021 Fini8hed goods and goods for resale 4,830 8,280 15 D8btors 2022 2021 Amounts falllng due wlthln on8 year: Trade dgblor8 Amounts OW6d by subsldlary UTidertaklngs Other dèbtors Prepayments and accNed In(x)m8 8,075 13,404 47,192 6,335 34,162 24.372 25,758 18,832 75,006 103,124 -35-

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 16 Loans and overdrafts 2022 2021 Bank loans 42,099 50,ODO Payoble wllhln on8 year Payabl8 aftar one year 8.333 33,766 8,333 41,667 A Bounce Back loan of £50,000 was taken out in June 2ts20. No repayment was requir8d, and no inlefesl accrued, for the first 12 months ol the loan up to June 2021. The Is repayabt8 Vllthin 5 years from June 2021 and Ir¢cur8 Interest at a rale of 2.5VJ per annuTll. Rapayments ar8 made by monthly instslmenls. 17 Credltor8: amounts falllng due withln one year 2022 2021 Not•$ Bank loans Other laxalion and soclal security Dèfer￿d Incom& Trade crèdltors other creditors ArLwals and deferred Incoma 16 8,333 8,979 46,303 10,901 3,875 8.007 8,333 7,601 84,629 27,767 11,536 14,467 19 86.398 154.333 18 CredlloTS.' amounts falllng du• after morg than one year 2022 2021 Notes Bank loan8 16 33,766 41.667

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 19 Deferred Incoma 2022 2021 Other deforred income 46.303 84.629 Deferred Income Is Induded in the financial stat8menls as follows.. 2022 2021 Deferr6d income is Included wlthin.. Current IlabiliU88 46,303 84,629 Mov8menls In th8 ygar.. Dgferred Income al 1 April 2021 Releas8d Irom previous periods R8sources d8ferred in the year 84,629 141,8981 3,572 41,123 43,506 Defarrod incomé al 31 March 2022 46.303 84,629 20 Retlremant beneflt schemes Doftned contrlbutlon schamos The museum operates a workplaoe penslon schema through the National Employea Savlngs Tru9ts INESTI ft)r all qualifying 8mployee5. Th8 charge to profil or105s in re8pecl of d8fined contribution sch8rn88 was £7,42412021- £6,812). -37.

THE FREUD MUSEUM LONDON NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 21 R•strlcted funds The In￿￿8 funds of the charity Indude tEStrlcled funds comprislng the followlng unexpended balan￿S of don2￿n8 and oranls held on liusl for specific purpDses'. Movement In funds IncomlrÈg Re6ouT¢•S alance at rnsourcos 8XPonderf 34 MaTch 2022 Salancg at l Aprll 2021 150 Appeal Krètman Muri81 Gaidlnor project Councll Engl8nd Cultural Recovery Fund Tang9nl Anna Freud Ferenezl prolocl Judlih Nowark The Joir and Kalo Weisz Ftsundalion RcTrb8rt HN Ho Family Foundation Rothschild FoLtnd8lon Hanadlv Europ8 New Land Foundation Tar￿OnI Anna Freud Loid F￿ud MJ Sarnuel Charltablè Trust FreehDid reserve 8,326 21.974 13,4201 (5,7361 (9,8￿) I40,0￿) {4.0501 (2,9211 11,2001 4,906 16,238 9.890 40.000 4,050 2,921 1,200 7,385 10,000 7,385 10,000 44,053 7.142 144,053} 17,142} 11109) 39,242 20,000 2,011 12,500 8,500 3,750,000 37,133 20,000 2,011 12.500 8,500 3,750,0(10 3,879,938 109,256 (120,5211 3,866,673 22 Analysls of net as$8ts b8tw•èn funds Unrgstrlcted Rostrlcled funds fund 2022 2022 Total Unreslrict8d Restricted funds funds 2021 2021 Total 2022 2021 Fund balanc8s at 31 March 2022 are repres8n¢6d by.. Tanglbl8 as$el8 Inveslmenls Current assetsl 82,973 3,680,000 3,762.973 1(K) 100 91,634 3.680.000 3,771,634 100 100 210.660 133.766) 187,435 398,295 133.7661 232,313 141,6671 199,938 432,251 141,6671 Long 18rEn ilablllues 260,167 3,867,435 4.127,602 282,380 3,879,938 4,162,318 -38-

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 23 Relatad party Iransactlon$ Remuneratlon of key management personnel The remuneTation of key managamenl personnel Ls as follows, 2022 2021 Aggregate cornpensation 29.306 25.272 24 8ubsldlarle5 Datalls of the mu88um's subsSdlartès al 31 March 2022 are as follow8.. Nam• of ur￿ertakIng ReglstsNd offle Nature of busln8SS Class of % Held sharas hèld Dlrect Indlrect Freud Museum Publlc8tion8England and Limlted Wales Operate5 thg glft shop Ordlnary the Freud Musgum. 100.00 Al the year and, the followlng b81anc88 with thè 8tJbsidkgry warè Induded in the oc¢y)unts'. other credllor5- £1,52412O21.' £27,572 included In other debtors) Trad8 d8blors- £11.77212021.' £34,0321. Dudng the year the charity ￿ceIved management fees of £23,5(N)12021.' £12.30018nd a donallon ol £15,00012021'. £10.0001. from Freud Museum Publicallon5 Limited. 25 Cash general￿ from operation¥ 2022 2021 (Deficltysurpus for the year 134.7161 109,121 Adlustments for.. Inveslmènt Income recogni88d In slatemant of flnancial Bcllvlll88 Depréclalion and imp8lrmenl of tanglb18 fixed assets 1521 10,483 1961 13,035 MovEment8 in worklng capital.. Decrease in stocks Decreaselllncreasel In debtors (Decréasglllncrease In cr8dilors ID8creaseylncrea$e In deferred Income 450 28,118 129,6091 {38,32ei 450 15,5461 9,214 43,491 Cash l)b3orbed byllgenerated from oparatlons 163.6521 169,669 .39-

THE FREUD MUSEUM LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 26 Analysls of chang85 In n•l funds At 1 ApvS12021 C8sh IlowsAt 31 March 2022 Cash 81 bBnk and in hand 478,180 (73,3231 404,857 Loans lalling dLtre wifhln one year Loans falling due after more than one year 18,3331 (41,6671 (8.3331 133,7661 7.901 428.180 (65,422) 362.758 .40-