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 Err*erilLES 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-

LO
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￿a>
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(FJ (YJ
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0￿0
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ce
51211111,

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

>NV)O
OLO
LY) (n v
(ONO
rJ * Lf)
10
10 O
(o

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-