## 



## 

## 

|Trustees||Susan Prevezer|Susan Prevezer|KC|
|---|---|---|---|---|
|||Miss S Bardgett|||
|||Miss W Monkhouse|||
|||Mr A Spiro|||
|||Mr S Kon|||
|||Miss A Biggs|||
|||Mr P Chilton|||
|||Juliet Rosenfeld|||
|||Anne Worthington|||
|||Susanna Abse|||
|||Ms L Hillman|||
|Charity number||1112854|||
|Company|number|5467415|||
|Registered|office|20 Maresfield|Gardens||
|||London|||
|||NW3 5SX|||
|Auditor||SBMAssociates||Limited|
|||24 Wandsworth||Road|
|||London|||
|||SW8 2JW|||





## 

||||Page|
|---|---|---|---|
|Trustees'|report||1-11|
|Statement|ofTrustees'|responsibilities|12|
|Independent<br>auditor's||report|13- 16|
|Statement|offinancial|activities|17-18|
|Statement|offinancial|position|19-20|
|Statement|ofcash flows||21|
|Notes to the financial statements|||22-39|





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|Current financial year||||||||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|Total|
|||||funds|funds|||
|||||2023|2023|2023|2022|
||||Notes|E|F|||
|Income and endowments|||from:|||||
|Donations<br>and legacies||||89,625|107,581|197,206|228,394|
|Income from charitable|activities|||412,309||412,309|246,563|
|Income from other trading|||activities|76,259||76,259|53,044|
|Investment<br>income||||1,681||1,681|52|
|Management<br>fees||||45,000||45,000|23,500|
|Other income|||||||78,778|
|Total income||||624,874|107,581|732,455|630,331|
|Costs ofraising funds||||71,014|'38,753|109,767|101,199|
|Cost ofcharitable<br>activities||||626,692|37,108|663,800|563,848|
|Other||||979||979||
|Total expenditure||||698,685|75,861|774,546|665,047|
|Net (outgoing)/incoming|||resources before transfers|(73,811)|31,720|(42,091)|(34,716)|
|Gross transfers<br>between||funds||48,126|(48,126)|||
|Net expenditure<br>for the||year/||||||
|Net movement<br>in funds||||(25,685)|(16,406)|(42,091)|(34,716)|
|Fund balances at 1 April|2022|||258,929|3,868,673|4,127,602|4,162,318|
|Fund balances at 31 March 2023||||233,244|3,852,267|4,085,511|4,127,602|





## 

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## 

|Prior financial year|||||||
|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|
|||||funds|funds||
||||Notes|2022f|2022|2022<br>E|
|Income and endowments||from:|||||
|Donations<br>and legacies||||119,138|109,256|228,394|
|Income from charitable|activities|||246,563||246,563|
|Income from other trading||activities||53,044||53,044|
|Investment<br>income||||52||52|
|Management<br>fees||||23,500||23,500|
|Other income||||78,778||78,778|
|Total income||||521,075|109,256|630,331|
|Costs ofraising funds||||34,263|66,936|101,199|
|Cost ofcharitable<br>activities||||510,263|53,585|563,848|
|Total expenditure||||544,526|120,521|665,047|
|Net (outgoing)/incoming||resources before transfers||(23,451)|(11,265)|(34,716)|
|Net expenditure<br>for the year/|||||||
|Net movement<br>in funds||||(23,451)|(11,265)|(34,716)|
|Fund balances at 1 April|2021|||282,380|3,879,938|4,162,318|
|Fund balances at 31 March 2022||||258,929|3,868,673|4,127,602|





## 

## 

## 

|||Notes|2023<br>f||2022<br>f||
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Tangible assets||14||3,765,109||3,762,973|
|Investments||15||100||100|
|||||3,765,209||3,763,073|
|Current assets|||||||
|Stocks||16|4,440||4,830||
|Debtors||17|118,854||75,006||
|Cash at bank and in|hand||298,436||404,857||
||||421,730||484,693||
|Creditors: amounts|falling due within||||||
|one year|||(77,332)||(86,398)||
|Net current assets||||344,398||398,295|
|Total assets less current liabilities||||4,109,607||4,161,368|
|Creditors: amounts|falling due after||||||
|more than one year||20||(24,096)||(33,766)|
|Net assets||||4,085,511||4,127,602|
|Income funds|||||||
|Restricted funds||23||3,852,267||3,868,673|
|General unrestricted|funds|||233,241||258,926|
|Members<br>funds||||3||3|
|||||4,085,511||4,127,602|





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|||||2023||2022.||
|---|---|---|---|---|---|---|---|
||||Notes|||||
|Cash flows from operating||activities||||||
|Cash absorbed<br>by operations|||27||(84,354)||(63,652)|
|Investing|activities|||||||
|Purchase|oftangible fixed assets|||(14,078)||(1,822)||
|Investment|income received|||1,681||52||
|Net cash|used in investing|activities|||(12,397)||(1,770)|
|Financing|activities|||||||
|Repayment|of bank loans|||(9,670)||(7,901)||
|Net cash used in financing||activities|||(9,670)||(7,901)|
|Net decrease<br>in cash and||cash equivalents|||(106,421)||(73,323)|
|Cash and|cash equivalents|at beginning|of year||404,857||478,180|
|Cash and|cash equivalents|at end of|year||298,436||404,857|





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## 

||||||2023<br>E|2022f|
|---|---|---|---|---|---|---|
||Admissions||||344,269|144,813|
||Public programmes||||68,040|101,750|
||||||412,309|246,563|
|5|Income from other trading|||activities|||
||||||Unrestricted|Unrestricted|
||||||funds|funds|
||||||2023|2022|
||||||K|E|
||Premises<br>hire||||66,130|51,711|
||Sponsorships|and social|lotteries||1,300||
||Sundry income||||8,829|1,333|
||Income from|other trading|activities||76,259|53,044|
|6|Investment|income|||||



||||Unrestricted|Unrestricted|
|---|---|---|---|---|
||||funds|funds|
||||2023|2022|
||Interest receivable||1,681|52|
|7|Other income||||
||||Total|Unrestricted|
|||||funds|
||||2023f|2022|
||Insurance|claim||78,778|





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## 

## 

## 

|||||2023|2022f|
|---|---|---|---|---|---|
|Staff costs||||509,276|447,267|
|Depreciation<br>and|impairment|||11,942|10,483|
|Insurance<br>and security||||49,388|15,963 .|
|Light and heat||||9,266|6,954|
|Repairs, maintenance||and cleaning||14,530|23,451|
|Travelling<br>8 entertainment||||442|41|
|Telephone||||5,151|4,945|
|Computer<br>running|costs|||19,064|12,134|
|Printing,<br>postage|and|stationery||3,139|3,238|
|Hire ofequipment||||1,131|1,094|
|Professional<br>and|consultancy||fees|18,825|20,251|
|Auditors<br>remuneration||||6,669|8,112|
|General expenses||||3,948|1,599|
|Subscriptions||||1,206|1,963|
|Bank 8,other charges||||2,650|2,776|
|Bad debts||||1,266|(728)|
|Other charitable<br>expenditure||||5,907|4,305|
|||||663,800|563,848|
|Analysis<br>by fund||||||
|Unrestricted<br>funds||||626,692|510,263|
|Restricted funds||||37,108|53,585|
|||||663,800|563,848|



## 



## 

## 

## 

|The average|monthly<br>number ofemployees<br>during th|e year was:||
|---|---|---|---|
|||2023|2022|
|||Number|Number|
|||19|17|
|Employment|costs|2023|2022|
|||R||
|Wages and salaries||468,833|411,780|
|Social security costs||31,337|28,063|
|Other pension costs||9,106|7,424|
|||509,276|447,267|



## 

|||Unrestricted|Total|
|---|---|---|---|
|||funds||
|||2023|2022|
|Financing|costs|979||
|||979||



## 



## 

|14|Tangible fixed assets|Tangible fixed assets||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||Freehold|Collection||Fixtures and|Office|Total|
|||||properly<br>f|acquisitions|f|fittings<br>f|equipment<br>f||
||Cost|||||||||
||At 1 April 2022|||3,750,000|700||92,186|91,082|3,933,968|
||Additions||||||7,598|6,480|14,078|
||At 31 March|2023||3,750,000|700||99,784|97,562|3,948,046|
||Depreciation|and impairment||||||||
||At 1 April 2022||||||92,186|78,809|170,995|
||Depreciation|charged|in the year||||158|11,784|11,942|
||At 31 March|2023|||||92,344|90,593|182,937|
||Carrying<br>amount|||||||||
||At 31 March|2023||3,750,000|700||7,440|6,969|3,765,109|
||At 31 March|2022||3,750,000|700|||12,273|3,762,973|



|||||Other|
|---|---|---|---|---|
|||||investments|
|Cost orvaluation|||||
|At 1 April 2022 K31 March 2023||||100|
|Carrying<br>amount|||||
|At 31 March 2023||||100|
|At 31 March 2022||||100|
|Other investments|comprise:|Notes|2023f|2022f|
|Investments<br>in subsidiaries||26|100|100|





## 

## 

|16|Stocks||||||
|---|---|---|---|---|---|---|
||||||2023|2022|
||||||E|E|
||Finished|goods and goods for resale|||4,440|4,830|
|17|Debtors||||||
||||||2023|2022|
||Amounts|falling due within||one year:|||
||Trade debtors||||20,598|8,075|
||Amounts|owed by subsidiary||undertakings|17,703|13,404|
||Other debtors||||57,636|47,192|
||Prepayments||and accrued income||22,917|. 6,335|
||||||118,854|75,006|



|Loans a|nd overdrafts|||
|---|---|---|---|
|||2023|2022|
|Bank loans||32,429|42,099|
|Payable|within one year|8,333|8,333|
|Payable|after one year|24,096|33,766|





## 

## 

|19|Creditors: amounts||falling|falling|due within one year|due within one year|||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2023|2022|
|||||||||Notes|E||
||Bank loans|||||||18|8,333|8,333|
||Other taxation and social security||||||||11,582|8,979|
||Deferred income|||||||21|2,989|46,303|
||Trade creditors||||||||22,203|10,901|
||'Other creditors||||||||5,714|3,875|
||Accruals and deferred|||income|||||26,511|8,007|
||||||||||77,332|86,398|
|20|Creditors: amounts||falling||due after more than one||year||||
||||||||||2023|2022|
|||||||||Notes||F|
||Bank loans||||||||24,096|33,766|
|21|Deferred income||||||||||
||||||||||2023|2022|
||||||||||E|E|
||Other deferred<br>income||||||||2,989|46,303|
||Deferred income is included||||in the financial statements||as follows:||||
||||||||||2023|2022|
|||||||||||E|
||Deferred income is included||||within:||||||
||Current<br>liabilities||||||||2,989|46,303|
||Movements<br>in the year:||||||||||
||Deferred income at|1|April 2022||||||46,303|84,629|
||Released from previous|||periods|||||(43,314)|(41,898)|
||Resources deferred|in the year||||.||||3,572 .|
||Deferred income at 31|||March|2023||||2,989|46,303|





## 

## 

## 



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|||||x<br>C <br>CD|C<br>ID<br> EI<br> ~0|CD<br>E0V|sss<br>CIVI<br>0<br>sc0|(IJ|||||||LA <br>O|O<br> O<br> Q<br>O|(DO<br>CO|N||, LAN<br>CDQ||I|I|I|I|I|I|N<br>'Ct||
|||||0||||||||||||||||||||||||||
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||O|||N||||||||||||||||||||||||||
||N|||||||||||||||||||||||||||||
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## 

## 

|24|Analysis ofnet assets between|Analysis ofnet assets between|Analysis ofnet assets between|funds|||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||Unrestricted||Restricted||Total|Unrestricted|Restricted|Total|
|||||funds||funds||funds|funds||
|||||2023||2023|2023<br>f|2022|2022|2022|
||Fund balances|at 31|||||||||
||March 2023 are||||||||||
||represented<br>by:||||||||||
||Tangible assets<br>Investments|||85,109<br>100|3,680,000||3,765,109<br>100|82,973<br>100|3,680,000|3,762,973<br>100|
||Current assets/(liabilities)||172,131||172,267||344,398|210,860|187,435|398,295|
||Long term liabilities||(24,096)||||(24,096)|(33,766)||(33,766)|
||||233,244||3,852,267||4,085,511|260,167|3,867,435|4,127,602|
|25|Related party transactions||||||||||
||Remuneration|ofkey management<br>personnel|||||||||
||The remuneration|ofkey management<br>personnel||||is as|follows.||||
||||||||||2023|2022|
||||||||||f.||
||Aggregate<br>compensation||||||||40,231|29,306|
|26|Subsidiaries||||||||||



|Details|ofthe|museum's|subsidiary|subsidiary|at|31|March 2023 are as follows:|March 2023 are as follows:|||
|---|---|---|---|---|---|---|---|---|---|---|
|Name|ofundertaking|||Registered|||Nature ofbusiness||Class of|'/o Held|
|||||office|||||shares held|Direct Indirect|
|Freud|Museum|Enterprises||England||and|Operates the gift shop within||Ordinary|100.00|
|Limited||||Wales|||the Freud Museum|and hosts|||
||||||||events.||||



## 



## 

## 

## 

|27|Cash generated<br>from|operations||||2023|2022|
|---|---|---|---|---|---|---|---|
||||||||E|
||Deficit for the year|||||(42,091)|(34,716)|
||Adjustments<br>for:|||||||
||Investment<br>income recognised<br>in statement||offinancial|activities||(1,681)|(52)|
||Depreciation<br>and impairment<br>oftangible fixed assets|||||11,942|10,483|
||Movements<br>in working|capital:||||||
||Decrease<br>in stocks|||||390|450|
||(Increase)/decrease<br>in|debtors||||(43,848)|28,118|
||Increase/(decrease)<br>in|creditors||||34,248|(29,609)|
||(Decrease)<br>in deferred|income||||(43,314)|(38,326)|
||Cash absorbed<br>by operations|||||(84,354)|(63,652)|
|28|Analysis ofchanges|in net funds||||||
||||||At 1April 2022<br>E|Cash flowsAt 31 March 2023f||
||Cash at bank and<br>in hand||||404,857|(106,421)|298,436|
||Loans falling due within|one year|||(8,333)||(8,333)|
||Loans falling due after|more than one year|||(33,766)|9,670|(24,096)|
||||||362,758|(96,751)|266,007|