2022-03-31-accounts

Registered number: 241618 Charity number: 211058 TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Detai15 of the Charity, its Trustees and Adviser5 Tru$teos' Report 2-28 Independent Auditorfs Report on the Financial Statements 29-32 statement of Financial Activities 33 Balance Sheet 34-35 Statement of Cash Flows 36 Notes to the Financial Statements 37-59

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees N Pearce, Chair S.J. Brough R Bryar J Cotton R Harrison G Kent, Deputy Chair PKey A Legrain M Maclean L Marks MBE A Njambi K Pinney S Ruszczynski J Smith R Roland Smith H Sundram Company registered number 241618 Charity registered number 211058 Registered office 10 New Street London EC2M 4TP Independent auditor Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 Sl Paul's Churchyard London EC4M 8AB Bankers Cazenove Capital 12 Moorgale London EC2R 6DA National Weslminisler Bank plc 106 Finchley Road London NW3 5JF Page 1

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together with the audited financial statements of the Charity for the year from 1 April 2021 to 31 March 2022. The Annual Report serves the purposes of both a Trustees, report and directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. sin￿ the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 {strategic Report and Direclorfs Report) Regulations 2013 is not required. CHARITABLE OBJECTS AND ACTIVITIES The objects of the charity as sel out in its Memorandum of Association are.. al To promote the study and practice of psychotherapy and counselling and ils application in a variety of settings. bl To promote and improve the quality of adult couple relationships, prevent family breakdown and enhance the lives of adults and their children by the provision of professional clinical services designed to alleviate family distress and breakdown, and training, consultation and other ServI￿S which are designed lo enhance and develop services lo couples and families. cl To undertake research and publication of work that contributes to and promotes both professional and public understanding of couple and family relationships. The Charity seeks lo achieve its objects by.. al Developing and disseminating the research on couple relationships and how best to support them,. promoting the value of seeking relationship help, particularfy when going through life's transitions. bl Training couple therapists lo deliver the highest quality, expert help. cl Providing affordable, a¢￿ssIble, eViden￿-baSed services. dl Supporting front line practi￿ lo develop a strong focus on adult relationships. el Developing innovative intervention projects, applying psychosocial and clinical expertise lo supporting families. In setting the objectives and planning the activity of the charity, the Trustees have given careful consideration to the Charity Commission's general guidan￿ on public benefit. Further details of how the charity worked lo achieving its objects are contained within the report on activities section of the annual accounts. Page 2

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 RESERVES POLICY Annually, the Trustees assess the financial and delivery commitments against its expectation of future organisalional performance and financial risk, lo determine the level of reserves required by the organisalion. In determining the level of reserves required, the organisation seeks lo achieve a balan￿ of prudent financial management and the appropriate use of financial resources in pursuit of ils charitable objectives. As al 31 March 2022, the Trustees sought lo hold available funds in line with those specified by ils key funding contracts and required lo ensure continuity of operations in the event of loss of revenues. Reserve funds held at the balance sheet dale as detailed in note 16 are in line with this policy and the board will continue lo target reserves of this level for the lifetime of the contractual commitments and to support operational continuity in the event of the loss of these funding sources. The following table sets out the amount of reserves the Charity held as at 31 March 2022 after making allowance for reslricled funds and the carrying amount of functional assets.. 31 March 2022 Restricted funds Unreslricled funds lexcluding pension surplus) Total funds (excluding pension surplus) Less.. Funds represented by functional tangible and intangible assets Available liquid reserves 12,678 1301 959 1,306,635 741 796 564 839 At balance sheet dale available liquid reserves tolalled £564,839, the majority of which were held as investments. INVESTMENT POLICY AND MANAGEMENT The Trustees takes a prudent view lo the investment of surplus funds as these are being retained for furthering the objects of the Charity. Accordingly, funds not required for expenditure in the short temi are pla￿d on deposit with the Charity's bankers. The investment objective of the Charity is to keep a balan￿ be￿een capital growth and income with low risk. The Trustees appointed Cazenove in February 2017 as their discretionary investment managers. Cazenove also act as the Charity's Investment Custodians, as nominees for the Charity. A Sub-commillee of the Council meets regularly with Cazenove to re￿1ve and discuss progress reports. RESULTS The results for the year and the charity's financial position al the end of the year are shown in the attached financial slatemenls. FINANCIAL REVIEW Revenue growth in FY 2022 was driven by Servi￿ contract delivery activity with core training and clinical services both showing a slight conlraclion. Despite growth in revenue, TR has recorded an operating deficit before defined benefit pension costs for the 2022 financial year of £69k 12021 £130k surplus). Performance was negatively impacted by increased occupancy costs and increased spend on ICT, marketing and research activities with efforts to offset occupancy costs during the year via sublease or lease assignment, being unsuccessful. Page 3

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 FINANCIAL REVIEW ICONTINUEDI During the year, TR accessed the government job retention ￿heMe, primarily as a consequence of lockdown directives requiring us to limit the use of our premises during the year. The revenue from this scheme offsets annual wage costs by around £26k (reflected as miscellaneous income). Miscellaneous income also includes 1 Ook of in-kind contribution for the provision of the City Wellbeing premises by the City of London (correlating cost reflected in occupancy coslsl. Costs incurred in administering the now closed, defined benefit pension scheme of £65k have been mitigated by the write back of £37k of the pension deficit following the receipt of a valuation surplus at balance sheet dale. The overall surplus at this dale was £5k. GOING CONCERN The Board of Trustees have prepared detailed forecasts for the period ended 31 March 2024 and anticipated results for periods thereafter, which exclude new funding streams that are not yet confirmed, indicating a cash shortfall in the absen￿ of new funding or reductions in budgeted expenditure. On the basis that the organisation is able to realise the cost savings necessary lo eliminate the cashflow shortfall, in the event that additional funding is not secured, and enter the 2025 financial year with a much lower operating cost base subsequent lo exercising the break clause in the lease agreement for premises in Hallam Sl, the Trustees consider that the Charity is expected to have the resources lo continue as a going concern. However due lo the uncertainties Involved in securing additional funding and the exlenl lo which expenditure can be redU￿d to eliminate the cash shortfall, there is a material uncertainty In respect of the charity's going con￿rn status. FUTURE STRATEGIC OBJECTIVES Our Vision A world in which strong relationships provide stability and security for adults and children and form the foundation for the health and wellbeing of individuals and society as a whole, across the life cycle. Our Mlsslon To improve practice and increase access to relationship support through the development of new methods, dissemination of knowledge and service provision lo diverse communities. Our Alms The importance of couple relationships for our mental health and societal wellbeing is widely recognized and understood. Support for couple relationships is a valued part of mentsl heatth and wellbeing provision for all our ommunities. A diverse community has access to training and resources in the field of couple ￿latIOnShIp therapy. A range of inlervenlions and Iherapeulic modalities are widely used lo provide relationship support that is effective and accessible to diverse communities. Page 4

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 FUTURE STRATEGIC OBJECTIVES {continuedl Objectives Developing and disseminating research on the benefits of positive couple ￿latIOnShips, and how best to supportthem. 2. Promoting the value of seeking relationship help, particularly when going through life's transitions. 3. Training and supporting couple therapists lo deliver the highest quality, expert help. 4. Providing low and no fee services to those who would not otherwise be able to access support. 5. Enabling front line practitioners to develop a strong focus on adu￿ relationships and their impact on individual and family wellbeing. 6. Developing innovative intervention projects, applying psychosocial and clinical expertise to supporting families and sharing our learning. RISK REVIEW A review has been undertaken of the major risks to which the Charity is exposed and policies and processes have been established to mitigate those risks. TRUSTEES The Trustees who served the charity during the period were as follows.. N Pear￿ - Chair S.J. Brough R Bryar J Cotton (appointed 20103120221 R Harrison G Kent PKey A Legrain (appointed 11103120221 M Maclean L Marks MBE A Njambi K Pinney S Ruszczynski J Smith R Roland Smith H Sundram No Trustee has any beneficial interest in the charity. The charity is governed by its memorandum and articles of association. The power to appoint new members is by invitation of the existing members of Trustees and this is ratified by the members al the Annu81 Gener81 Meeting. Every new member is made aware of their responsibilities and given a full induction to the charity. The pay of key management personnel is at the discretion of the Trustees. Page 5

Improving Lives for Generations

Contents

Introduction TIMP Board: our governance Our organisational structure Financial overview Annexe 1 � � Clients� demographic information � � � Evaluating our lockdown face-to-face and Annexe 2 � List of publications: April 2021-March 2022							07 08 11 17 17 18 19 19 23 25 25 25 26 26

Introduction

----- Start of picture text -----
Andrew Balfour, Chief Executive
----- End of picture text -----

This report details the work of Tavistock 2021-2022.

Our priorities this year were to:

1. international audiences

----- Start of picture text -----
Nick Pearce, Chair of Trustees
----- End of picture text -----

2. Increase access to a wider range of relationship

3. Expand our training services for wider global reach,

4.

5. clinical and training services.

07

the new online operating environment, to broaden our reach and increase access to our services, enhancing our relevance to diverse communities.

As part of this, we sought to build our investing in our website and in other digital well as establishing new digital solutions to our organisational processes and digital tools and online working, alongside holding onto the essential core of what clinical thinking, which remains at the heart of Tavistock Relationships� work. As an organisation, we have worked hard to look at ourselves and how we work, in an ongoing process of development towards

have worked to deliver our charitable mission. We have worked to reduce mental health as well as their children�s wellbeing in London, the Home Counties and in the Northeast of England, as part of the DWP�s Reducing Parental services, as well as running a range of professional trainings developing the next Our wide programme of events has drawn audiences from around the world. We have developed our Between Us app for relationship support to the point that it has integral to our work, and we have run We have continued to perform research in order to build an evidence base

of our mentalization-based programme improving mental health and relationship increased our work delivered to residents Wellbeing Centre. In addition, our in-house have worked with more than 2,700 clients improving mental health and relationship

08

Tavistock Relationships is a learning enabling the success of our programmes. Same-Sex Couples and Other Identities: Psychoanalytic Perspectives (Damian McCann, ed.). we have achieved the highest income in

in strengthening our organisational large government contracts with great of central government funding, is something that we have tried to move

As a nation, our relationships have been problems, and, for others, brought children and families has been profound, as the disturbing rise in relationship child abuse attests. We are seeing the where the mental health impacts of the Never before has the close linkage between organisations like Tavistock Relationships is as clear now as when it was founded in from the devastating impacts of war. Then, as now, our relationships are crucial Relationships will continue to be in the vanguard of this, working to ensure

realising this vision for the future of

09

1. Engage with our stakeholders and wider communities to enhance understanding of the importance of relationship support across a range of public health priorities.

2. network� (a membership group of people who have had contact with Tavistock Relationships and are interested in our work).

3. workforce and participation in our services and trainings.

4. Increase our business development sourcing revenue from external funders.

5. Review processes and implement

1. We will have a stable and sustainable revenue and cost base that does not

2. We will have a knowledge and are supported to work with couples.

3. We will have a relationship network of at least 20,000 individuals who care about couple relationships and the work that experienced our service or attended one of our events, read our literature, listened to a podcast, attended a webinar or studied our work through other institutions.

5. We will maintain our reputation as the leading global training provider for a range of modalities to national and global trainees.

6. of the communities within which

7. partner for government organisations,

• Wellbeing Centre, enabling us to provide lower cost services to workers and

• boroughs, and supporting research and development of new approaches

4. We will have a range of digital solutions in place that support us to deliver

10

In addition, we have worked in partnership to create evaluation tools for local

authorities, delivered clinical supervision to practitioners in two London boroughs and established excellent working relationships with a number of LAs to deliver work in the

programme. This work is described in more detail below but the evaluation of the services we have provided through this programme indicate that parents report an improvement in their children�s

number of practitioners who will now be part of their work in the future.

In other work, our Children in Tavistock Relationships deliver couple

ensure that relationship support is seen as a core feature of provision. We were

video about their experiences, which can be viewed here:

In other work, in response to the introduction Relationships created the Working Together listing of organisations providing relationship support, legal advice, divorce coaching

workforce to deliver interventions aimed at have worked with over 40 local authorities, training both online and in person. We have also delivered a new Foundation Course for Frontline Practitioners, trained 80 practitioners in how to the use our Between Us app with parents, and

the right help at the right time for their

children of separated parents are exposed to.

11

have enabled us to support over 2,100 parents across seven London boroughs Hertfordshire, Cambridgeshire, Essex, and Buckinghamshire. We have delivered our own mentalization-based intervention, Parenting under Pressure, to more than 1,000 parents, as well as training and supervising are also delivering this intervention. We have

We have worked to support three intervention, providing supervision to

accreditation as Parents as Partners Group We also supported our colleagues� work towards their accreditation as Parents as In addition, three local authorities have commissioned training in this model, with two trainings delivered online and one

a.

• separated relationships

• violent problem solving for all parents, for parents in intact relationships, and for parents in separated relationships

As well as providing access to Between Us part of our relationship support contract, on supporting their clients to use Between

of the programme�s online model and adapted it further in consultation with the four original programme developers,

provided through the Government�s programme, we worked with Department

an online webinar/discussion to launch pound invested in MBT could generate a return of between £4 and £17.

12

The aim of this centre is to provide an increased breadth of choice of mental to mental health treatments to all groups population, a sliding-scale fee structure to ensure that the provision of services is available irrespective of income, and to available through the NHS.

centre fall within the low-fee option. We are also working hard to expand the work of the centre through partnerships and additional funding to help expand our those from BAME communities.

Demand for our clinical services continued accessing therapeutic help. Overall, 19,333 clinical sessions were delivered including 774 initial consultation appointments for new clients (FY2021: 20,630).

a wide range of specialised services aimed at supporting couples through particular challenges including the Parenting and

for Couples, our Divorce and Separation Consultation Service and Relationship

relationship satisfaction and child wellbeing shows improvements as a result of receiving our services. See Annexe 1 for more details.

Feedback from clients about our service (collected at week 6 and at the end of

to us attentively

our relationship. We

13

developing a sustainable clinical service which supports the training of our students and

a.

services will allow us to operate distinct, but linked, development plans for each and to

We also introduced a new structure for clients, aimed at providing a more transparent assessment fee.

including 160 individuals and 239 couples. This represents 24% of our general service clinical work.

since March 2020. The rationale for resuming an in-person clinic, was to support and

14

----- Start of picture text -----
/

13 21
1 3
Foundation course (Jan) 20 20
Foundation course (Apr) 17 11
Pre-clinical course 10 0
31
17 20
Couple Relationship
Individual training in
n/a 6 n/a
Pre-clinical course n/a 6 n/a
----- End of picture text -----

We continue to run a wealth of trainings for practitioners seeking to develop their knowledge and skills in relation to helping in which to recruit trainees, and some courses have fared better than others, as

In addition to our core trainings, we run a series of lectures and events to support the practitioners who train with us.

online lectures and interviews featuring novelist Deborah Moggach. These lectures attracted audiences of between 200 and who were new to our events.

We also continued our programme of revenue-generating workshops for

More than 1,400 people attended our short courses in 2021-2022, in part as a result of our free lecture programme. This

In other events, Dr Reenee Singh presented her thinking on clinical work with intercultural couples, while Philip Stokoe ran development. Our spring conference, Bion, Containment and Relationships, which had been postponed from the start of the evocative papers from Nicola Abel-Hirsch, Francis Grier, Dr David Hewison and Dr Judith Pickering. Our annual Enid Balint lecture, the 27th of its kind, was delivered What This Means for Relationships and

our Hallam House building, and it was also

presented in more detail her thinking Dr Tamara Feldman gave a lecture on in our Hallam House building considering with couples and individuals. Our autumn conference, Divorce and Separation: Clinical Perspectives, held online, brought the work of the Divorce and Separation Service at Tavistock Relationships to a wider audience, with papers from Dr

In addition, our annual Developing Skills in Couple Work Summer School (online), ran its Limits�. Both programmes attracted students from around the world.

Tavistock Relationships also trains NHS therapists. 2020/21 saw Tavistock Relationships training 100 new Government�s Improving Access to

We were also successful in our bid to deliver a pilot training programme in Health Education England.

Tavistock Relationships� research in CTfD within the NHS, and the evidence depression is outstanding.

We have taken on two new interns to develop our understanding of this area work to understand potential blocks to the 2022-2023 Annual Review.

For a list of Tavistock Relationships Annexe 2.

16

TIMP Board: our governance

strategic direction the board is taking in response to the changes in our operating environment.

----- Start of picture text -----
Bursaries
Representation
----- End of picture text -----

Our organisational structure

also act as a knowledge centre of excellence for couple relationships, undertaking

17

Financial overview

capital. Surplus working capital is held in balanced investment funds under management.

Trustees consider it prudent to retain a minimum level of reserves equivalent to one quarter of operating revenues (£1.3m). This is the minimum expected level of reserves that the trustees expect aligned to our charitable purpose.

A prudent approach to reserve levels is in the funding environment and the long-term nature of the organisation�s

----- Start of picture text -----
Fixed asset reserve
Restricted funds
Free reserves
----- End of picture text -----

----- Start of picture text -----
£6,000,000
£4,000,000
£3,000,000
£2,000,000
£1,000,000
£0
ACT ACT ACT ACT ACT ACT ACT ACT ACT ACT
12/13 13/14 16/17 17/18 18/19 19/20 20/21 21/22
Key
£5,194,200
£5,083,278
£4,654,424
£4,288,050
£4,077,658
£3,887,766
£3,634,562
£3,441,112
£3,337,611
£2,500,617
----- End of picture text -----

18

Annexe 1

Outcome data indicates that client satisfaction rates with the service continued to be high

Evaluation Outcome Measure (CORE-OM)[1] reduced as a result of receiving our services, with 63% of clients who were within the clinical range at intake moving to the non-clinical

2 .

----- Start of picture text -----
14
12
10
8
6
4
2
0
Intake Week 6 Month 3 Month 6 Month 9 Month 12 End of
Key
CORE score
----- End of picture text -----

1

2 Psychological Therapies: Annual Report on the use of IAPT services, England, 2018/19.

Counselling and Psychotherapy Research,

19

While relationship satisfaction, as Index (CSI)[3] across all time points when data

----- Start of picture text -----
60
40
30
Intake Week 6 Month 3 Month 6 Month 9 Month 12 End of
Key
Percentage (%)
----- End of picture text -----

3 satisfaction with the Couples Satisfaction Index. Journal of Family Psychology,

20

----- Start of picture text -----
11
10
9
8
7
6
Intake Week 6 Month 3 Month 6 Month 9 Month 12 End of
Key
----- End of picture text -----

4 (Figure 3), improved as a result of parents receiving our services. Data shows that children�s behavioural problems decreased at week 6, month 3,

Journal of Child Psychology and Psychiatry,

4

21

I feel that the people who saw me listened to me

----- Start of picture text -----
The information I received was clear and helpful
Overall, the help I have received here has been good
0 10 20 30 40 60 70 80 90 100 0 10 20 30 40 60 70 80 90 100
Percentage (%) Percentage (%)
Key
----- End of picture text -----

22

Annexe 1 (continued)

Key

More than half (64%) of the clients were in 3% were students, 3% were full-time homemakers or carers, 1% were retired, disabled, and 6% described themselves as 1% of the clients described themselves as

48% of our clients had at least one child under 18.

23

The lengths of the clients�

Key

were seeking our service after relationship problems for less than

(Buckinghamshire, Cambridgeshire, Peterborough, Hertfordshire, Essex, Southend-on-Sea, and Thurrock) Black/African/Caribbean (3%) and other Ethnic Groups (2%).

(Brent, Hammersmith & Fulham, Camden and Southwark)

other Black/African/Caribbean (1%).

24

Annexe 1 (continued)

therapy

Established in 2017, the international clinical service. Our experienced therapists

At intake, the average score of the CORE was above the clinical threshold of 10, indicating distress. The average score of the CSI were having a distressed relationship. The

The average CORE score decreased to 8.2 the clinical threshold of 10 at week 6 of

increase in relationship satisfaction from

and their relationship satisfaction was for both lockdown face-to-face and online

service according to their feedback. A listened to, treated well, and their views and would like to recommend the service to a friend.

Annexe 2

(2021) Between partnering

to working with parental couples,

12(1): 86-88.

11(2): 214-221.

(2022). �Covid-19, catastrophic lockdown, Psychoanalysis 12(1): 22-38.

(2021). �Aspects of time and space in [in Polish]. Vol. 1: Assessment of Couples in

appreciating the communicative function of mise

(2022). �Book Review: Freud�s Pandemics: Surviving Global War, Spanish Flu, Psychoanalysis 12(1): 82-84.

(2021). �Arts Review: Normal Psychoanalysis 11(2): 212-214. Psychoanalysis 11(2): 209-211.

31(3): 340-348.

(2021). �Arts Review: Thoughts on 11(2): 216-221.

Psychoanalysis

report on a government-funded programme 9-12.

12(1): 89-91.

12(1): 103-104.

11(2): 219-219.

Ed. (2021). Same-Sex Couples and Other Identities. London, Routledge.

(2022). �How Does Couple

(2022). �Arts Review: Singer Rita Antonopoulou and guitarist Manolis Androulidakis, outdoor concert at the Pedion Areos Park, Athens, 12(1): 91-93.

(2021). �Book Review: Interpretation 37(2): 333-333.

78(1): 67-79.

26

Improving Lives for Generations

----- Start of picture text -----
10 New Street, London EC2M 4TP
delivering and developing advanced
practice, training and research in and
approaches to supporting couples.
----- End of picture text -----

----- Start of picture text -----
awareness of best practice, providing
[e-mail]
services to couples and families, and
disseminating our learning through
020 7380 8288
Our training programmes in couple and
----- End of picture text -----

----- Start of picture text -----
[e-mail]
www.TavistockRelationships.org
London-based, national and international
----- End of picture text -----

----- Start of picture text -----
020 7380 1960
parenting. Our evidence-based, innovative
[e-mail]
Dementia, Parents as Partners, Building www.TavistockRelationships.org
----- End of picture text -----

----- Start of picture text -----
Adopting Together have supported and
@TavistockRelationships
when most challenged.
Tavistock-Relationships
@TaviRelations
----- End of picture text -----

----- Start of picture text -----
Tavistock Relationships
registered in England and Wales.
The Tavistock Institute of
----- End of picture text -----

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES RESPONSIBILITIES The Trustees (who are also directors of Tavislock Institute of Medical Psychology for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice). Company law requires the Trustees lo prepare financial slalements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial stalemenls, the Trustees are required lo.. select suitable accounting FX)licies 2nd then apply them consistently", observe the methods and principles in the Charities SORP", Make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalements on the going Gon￿rn basis unless it is inappropriate lo presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company's transactions and disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that.. so far as that Trustee is awa￿, there is no relevant audit information of which the charitable companls auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that infomialion. In preparing this report, the Iruslees have taken advantsge of the small company exemptions provided by section 415A of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by.. Ncths PLa￿L N Pearce (Trusteel Dale.. 31 January 2023 Page 28

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY FOR THE YEAR ENDED 31 MARCH 2022 OPINION We have audited the financial statements of Tavistock Institute of Medical Psychology Ilhe 'charity'l for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slatemenls.. give a true and fair view of the slate of the charitable company's affairs as at 31 March 2022 and of ils incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfi'lled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. MATERIAL UNCERTAINTY RELATED TO GOING CONCERN We draw attention lo note 1.2 in the financial statements, which indicates that forecasts prepared excluding unconfirmed new funding streams indicate a cash shortfall in the absence of further funding or reductions in budgeted expenditure. As staled in note 1.2, these events or conditions, along with the other matters as sel forth in note 1.2, indicate that a material uncertainly exists that may cast signifi'cant doubt on the charitable company's ability lo continue as a going GOn￿rn. Our opinion is not modified in respect of this matter. In auditing the financial slalements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the Trustees with respect lo going con￿rn are described in the relevant sections of this report. Page 29

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financi81 statements and our Audilo¢s Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the 8udit, or otherwise appears to be materially misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a materi81 misstalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. OPINION ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the finaneial statements are prepared is consistent with the fi'nancial statements. the Trustees. Report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our kn￿edge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion". adequate accounting records have not been kept, or returns adequate for our audit have not been eeived from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns", or certain disclosures of Trustees, remuneration specified by law are not Made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Page 30

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financi81 statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financi81 statements, the Trustees a￿ responsible for assessing the charitable company's ability lo continue as 8 going concem. disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, lo delecl material misstatements in respect of irregularities, including fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we conSide￿d the following.. The nature of the sector and the impact of Covid 19 on financial and operating performance and policies,. Enquiries of management, including obtaining and reviewing supporting documentation, Con￿rning the charity's policies and procedures relating lo.. identifying. evaluating and complying wth laws and regulations and whether they were aware of any instan￿5 of non-compliance", detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established to mitigate risks related lo fraud or non-compliance of laws and regulations., and Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes audit partners and staff who have extensive experience of working with Charities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise. We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the detemiination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act, Charities SORP 2019 and the Companies Act 2006. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial ststemenls bul compliance with which may be fundamental to the Charity's ability to operate or lo avoid a material penalty. Page 31

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 As a result of these procedures, we considered the particular areas that were susceptible lo misslatemenl due lo irregularities, including fraud were in respect of the revenue recognition and management override. Our prO￿dU￿$ lo respond to risks identified included the following.. reviewing the financial slalement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., enquiring of management con￿MIng actual and potential litigation and claims., performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud., reading minutes of meetings of those charged with governance", in addressing the risk of fraud through management override of controls,. assessing whether the judgements made in making accounting eslimales are indicative of a potential bias., and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the charity's operations. reviewing contracts and grant agreements on a sample basis lo verify that recognition of income is in line with accounting policies. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the fi'nancial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also grester regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. This description fomis part of our Auditor's Report. USE OF OUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable companys members those matters we are required lo stale lo them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. David Chandra (Senior Statutory Auditor) for and on behalf of Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB 31 January 2023 Dale.. Page 32

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and grants Charitable activities Investments other income 103,700 5,143,416 6,250 46,610 103,700 5,179,594 6,250 46,610 58,913 5,063,616 8,038 88,109 36,178 Total income 5,299,976 36,178 5,336, 154 5,218,676 Expenditure on- Charitable activities 5,364,215 73,897 5,438,112 5,159,712 Total expenditure 5,364,215 73,897 5,438,112 5,159,712 Net lexpenditurellincome before net gains on investments Nel gains on investments Net movement in funds before other recognised gains 164,2391 32,511 137,7191 1101,9581 32,511 58,964 70,637 131,7281 137,7191 169,4471 129,601 Other recognlsed galns: Actuarial gains on defined benefit pension schemes 21 36,678 36,676 458,000 Net movement in funds 4,948 137,7191 132,7711 587,601 Reconciliation of funds: Total funds brought forward Nel movement in funds 1,301,687 4,948 50,397 137,7191 1,352,084 132,7711 764,483 587,601 Total funds carried fop•vard 1,306,635 12,678 1,319,313 1,352,084 The notes on pages 37 to 59 form part of these financial statements. Page 33

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) REGISTERED NUMBER.. 241618 BALANCE SHEET AS AT 31 MARCH 2022 2022 2022 2021 2021 Note Fixed assots Intangible assets Tangible assets Investments 11 12 135,866 605,930 712,331 74,138 665,773 671,528 13 1,454,127 1,411,439 Current assets Debtors 14 867,697 647,265 849,480 493,180 Cash al bank and in hand 1,514,962 1,342,660 Creditors.. amounts falling due within one year 15 11,654,448) 11,321,015) Net current liabilitios l assets 1139,4861 21,645 Total assets less current liabilities 1,314,641 1,433,084 Net assets excluding pension asset I 1,314,641 1,433,084 Defined benefit pension scheme asset i 21 4,672 181,0001 Total net assets 1,319,313 1,352,084 Charity funds Restricted funds Unreslricled funds Unrestricted funds excluding pension liability l asset 16 12,678 50,397 16 1,301,959 4,676 1,382,687 {81,0001 Pension reserve 16 Total unrestricted funds 16 1,306,635 1,301,687 Total funds 1,319,313 1,352,084 Page 34

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2022 The financi81 statements have been prepared in accordance wth the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Nd￿$ PWYL N Pearce ITrustee Dale". January 2023 The notes on pages 37 to 59 form part of these financial statements. Page 35

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note Cash flows from operating activities Nel cash provided byllused inl used in operating activities 18 344,832 264,441 Cash flows from investing activitigs Dividends, interests and rents from investments Purchase of intangible assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 6,250 1101,8601 {86,8271 101,204 1109,5141 8,038 121,8841 190,5041 800,556 {829,0901 Net cash lused Inyprovlded by Investlng actlvltles 1190,7471 1132,8841 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 154,085 131,557 493,180 361,623 Cash and cash equlvalents at the end of the year 19 647,265 493,180 The notes on pages 37 to 59 form part of these financial statements Page 36

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Tavislock Institute of Medical Psychology meets the defi'nition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. 1.2 Going concem The Charity's focus and level of operations is dependent on the availability of working capital provided by grants, contracts, donations and other income. The Board of Trustees are continuously monitoring the activities carried out by the Charity in order lo ensure that sufficient income from services is available to cover the running expenses and will be available to cover the agreed contributions lo the now-closed pension scheme as set out in note 21. The Board of Trustees have prepared detailed forecasts for the period ended 31 March 2024 and anticipated results for periods thereafter, which exclude new funding streams that are not yet confirmed, indicating a cash shortfall in the absen￿ of new funding or reductions in budgeted expenditure. On the basis that the organisalion is able to realise the cost savings necessary lo eliminate the cashflow shortfall, in the event that additional funding is not secured, and enter the 2025 financial year with a much lower operating cost base subsequent to exercising the break clause in the lease agreement for premises in Hallam Sl, the Trustees consider that the Charity is expected lo have the resources lo continue as a going concem. However due to the uncertainties involved in securing additional funding and the extent lo which expenditure can be reduced lo eliminate the cash shortfall, there is a material Un￿rtaInty in respect of the charity's going concern status. On this basis, the Trustees consider it appropriate lo prepare the financial statements on a going concern basis. The financial statements do not include any adjuslmenl which would result if there was insufficiency of funds available in respect of the Charity's operations. 1.3 Company Status The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1 In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The registered Offi￿ and principal place of business is 10 New Street, London, EC2M 4TP. Page 37

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 1.4 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds 8re fLJnds which are to be used in aceordanee wth specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 1.5 Income All income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income re￿1vable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entiuement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy musl be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed lo the Charity, can be reliably measured. Income is the total receivable during the year which is recognised on the accruals basis of accounts'ng. 1.6 Tralnlng fees Training fee income is accounted for in the period to which it relates. Income received in advance is held in deferred income. 1.7 Grant and contract Income Revenue and capitsl grants are accounted for gross when notification is received and conditions are mel. Where the grants or contracts specify the time period they relate lo, they are recognised as income in that period. Other gonl and contract income is recognised as income when received. 1.8 Expendlture Expenditure is recognised once there is a legal or constnjctive obligation to Make payment lo a third party, il is probable that settlement will be required and the amount of the obligation can be measured reliably. Charitable activity costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned lo charitable activities. Staff costs and overhead expenses are allocated lo activities on the basis of staff lime spent on those aclivilies. Page 38

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 1.9 Irrecoverable VAT The Charity's expenditure is inclusive of input VAT which cannot be recovered where expended for delivery of charitable activity. 1.10 Government grants Other grants are credited lo the Statement of Financi81 Activities as the related expenditure is InCur￿d. 1.11 Intangible assets and amortisation Intangible assets costing £1,000 or More are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised al cost. After recognition, under the cost model, intangible assets are measured al cost less any accumulated amortisalion and any accumulated impairment losses. Amortisalion is provided on intangible assets at rates calculated to write off the cost of each asset on a straighl-line basis over its expected useful life. Amortisation is provided on the following bases.. Website Development Mobile Relslionship Support App 330 33 0/0 1.12 Tanglble flxed assets and depreclatlon Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided al rates calculated lo write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Leasehold fittings Fixtures and fittings Computer equipment Over term of the lease 200/0 per annum straight line 20_330/0 per annum stoight line 1.13 Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluats'on and disposals throughout the year. 1.14 Interest recelvable Interest on funds held on deposft is included when receivable and the amount can be measured reliably by the Charity", this is normally upon notifi'cation of the interest paid or payable by the institution with whom the funds are deposited. Page 39

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 1.15 Operating leases Rentals under operating leases are charged to the Statement of Financi81 Activities on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate Ljnless another systematic basis is representative of the lime pattem of the lessee's benefit from the use of the leased asset. 1.16 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.17 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.18 Credltors and provlslons Creditors and provisions are recognised where the Charity has a present obligation resu￿Ing from a past event that will probably result in the transfer of funds to a third paty and the amount due lo settle the obligation can be meaSU￿d or estimated ￿lIablY. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Liabilities are recognised at the smounl that the Charity anticipates il will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount ote that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a fi'nance cost. 1.19 Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at lonsaclion value and subsequently measured at their selllement value. 1.20 Deflned beneflt penslon costs The Charity operated a defined benefit pension scheme for employees. This is now closed. The assets of the scheme are held separately from those of the Charity. The contributions to the scheme are charged to the Statement of Financial Activities so as lo spread the cost of pensions over the service lives of employees. Variations from the regular costs are spread over the average expected remaining working lives of current members in the scheme. Current service costs, past service costs and gains and losses on settlements and curtailments are charged lo sppropriale resources expended categories in the statement of financial activities. Past service costs are recognised over the vesting period or immediately if the benefits have vested. When a settlement leliminaling all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in Page 40

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 1.20 Defined benefit pension costs Icontinuedl future enlillementl occurs, the obligation and related plan assets are re-measured using current actuarial assumptions and the resultant gain or loss is recognised in the statement of financial activities during the period in which the settlement or curtailment occurs. The interest cost and the Èxpected return on assets are shown as 8 net amount as other finance costs or income. Net pension finance costs are allocated to appropriate resources expended categories in the statement of financial activities. Nel pension finance income is recognised as an incoming resource in the statement of financial activities. Actuarial gains and losses are recognised immediately as other recognised gains and losses in the statement of financial aclivilies. Pension scheme liabilities are measured on an actuarial basis using a projected unit method and are discounted lo their present value using the discount rale which reflects the yield on an AA rated corporate bond index, which has a duration of around 15 years. Pension scheme assets are valued al market value at the balance sheet date. Crltlcal accountlng estlmates and areas of Judgment The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these eslimales. Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectab'ons that are believed lo be reasonable under the circumstances. Revisions lo accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows". The charitsble company has an obligation to pay pension benefits in respect of a now closed defined benefit pension scheme. The cost of these benefits and the present value of the obligation depend on a number of factors, including", life expectancy, price inflation, asset valuations and the discount rate. Management estimates these factors in determining the net pension obligation in the Statement of Financial Position. The assumptions reflect historical experience and current trends. See note 21 for the disclosures relating to the defined benefit pension scheme. Income from donatlons and grants Unrestrlcted funds 2022 Total funds 2022 Donations Gifts in kind 3,700 100,000 3,700 100,000 103,700 103,700 Page 41

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from donations and grants Icontinuedl Unrestricted funds 2021 Total funds 2021 Donations Gifts in kind 4,941 53,972 4,941 53,972 58,913 58,913 Income from charitable activities Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 IAPT Training fees Training fees Client fees 392,141 647,790 1,201,995 392,141 647,790 1,201,995 Pro￿edS from sale of publications and miscellaneous income 1,795 2,388,864 510,831 1,795 2,425,042 510,831 Project income Client fees received for trainee ServI￿S 36,178 5,143,416 36,178 5,179,594 Unrestricted Restricted funds funds 2021 2021 Total funds 2021 IAPT Training fees Training fees Client fees Pro￿ed5 from sale of publications and miscellaneous income 281,182 626,063 1,287,502 281,182 626,063 1,287,502 445 445 Project income Client fees re￿iVed for trainee serviTrs 2,388,114 478,310 2,000 2,390,114 478,310 5,061,616 2,000 5,063,616 Page 42

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Investrnent income Unrestricted funds 2022 Total funds 2022 Income from investments Bank interest 6,189 6,189 61 6,250 6,250 Unrestricted funds 2021 Totsl funds 2021 Income from investments Bank interest 7,857 181 7,857 181 8,038 8,038 other incoming resources Unrestricted funds 2022 Total funds 2022 Other income Furfough income 20,683 25,927 20,683 25,927 46,610 46,610 Unrestricted funds 2021 Total funds 2021 Other income Furfough income 17,497 70,612 17,497 70,612 88,109 88,109 Page 43

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by fund type Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Advice, Counselling and Training 5,364,215 73,897 5,438, 112 Unrestrlcted Restrlcted funds funds 2021 2021 Total funds 2021 Advice, Counselling and Training 5,154,609 5,103 5,159,712 Analysis of expenditure by activities Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Advice, Counselling and Training 4,275,555 1,162,557 5,438,112 Activities undertaken directly 2021 Support costs 2021 Total funds 2021 Advice, Counselling and Training 4,085,992 1,073,720 5,159,712 Page 44

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities (continued Analysis of support costs Advice, Counselling and Training 2022 Total funds 2022 Stsff costs Depreciation Pension scheme costs Marketing Rent and Servi￿ charges offi￿ Maintenan￿ and equipment costs Rates Dilapidation accrual Other support costs Finance costs 352,705 182,081 352,705 182,081 - li 62,344 65,275 148,219 26,734 13,980 2,556 262,241 46,422 62,344 65,275 148,219 26,734 13,980 2,556 262,241 46,422 1,162,557 1,162,557 Advico. Counselling and Training 2021 Total funds 2021 staff costs 339,474 137,812 61,410 85,193 339,474 137,812 61,410 85,193 Depreciation Pension scheme costs Marketing Rent and service charges offi￿ maintenance and equipment costs Rates Dilapidation accrual other support costs Finance costs li 162,791 27,539 14,052 2,760 201,326 41,363 162,791 27,539 14,052 2,760 201,326 41,363 1,073,720 1,073,720 Page 45

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities (continued Analysis of support costs (continued) 7901. 12021. 770/.} of the following expenditure categories are allocated lo direct costs and 21 OA12021.. 230/.) are allocated to support costs.. Rent and services Office and maintenance and equipment costs R8tes Dilapidation accru81 Net Incomellexpendlturel This is stated after charging". 2022 2021 Depreciation of tangible fixed assets.. owned by the charity Amortisalion of Intangible fixed assets Auditors, remuneration - audit 146,670 40,132 18,352 287 132,011 526,377 133,609 4,203 15,000 9,849 112,846 409,155 Auditors, remuneration - other services Staff pension contribution Operating lease rentsls 863,829 684,662 10. Staff cost 2022 2021 Wages and salaries Social security costs Contribubon lo defined contribution pension schemes 1,988,476 196,041 132,011 1,821,295 176,999 112,846 2,316,528 2,111,140 Page 46

Key management personnel received remuneration of £340,019 (2021 - £386,555) during the year ended 31 March 2022.

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. Intangible assets Website App development development Total Cost At 1 April 2021 Additions 78,341 59,262 78,341 101,860 42,598 At 31 March 2022 42,598 137,603 180,201 Amortisation At 1 April 2021 Charge for the year 4,203 36,620 4,203 40,132 3,512 At 31 March 2022 3,512 40,823 44,335 Net book value At 31 March 2022 39,086 96,780 135,866 At 31 March 2021 74,138 74,138 App development additions in the year relate lo the continued enhancement of an application which became operational on 1 February 2021. Website development additions relate lo the development of a new website for organisalion of appointments, events, training and CPD as well as the distribution of online videos. The website became fully operational on 1 January 2022 and therefore amortisation has only been charged since this dale. Page 48

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Tangible fixed assets Leasehold Fixtures and improvements rittings Computer equipment Total Cost or valuation At 1 April 2021 Additions Disposals 643,490 13,408 153,040 22,376 322,502 51,043 126,7781 1,119,032 86,827 126,7781 At 31 March 2022 656,898 175,416 346,767 1,179,081 Depreciation At 1 April 2021 Charge for the year On disposals 195,025 61,917 104,005 19,927 154,229 64,826 126,7781 453,259 146,670 126,7781 At 31 March 2022 256,942 123,932 192,277 573, 151 Net book value At 31 March 2022 399,956 51,484 154,490 605,930 At 31 March 2021 448,465 49,035 168,273 665,773 Page 49

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Fixed asset investments Listed investments Cost or valuation At 1 April 2021 Additions Disposals Revaluations 671,528 109,514 199,0891 30,378 At 31 March 2022 712,331 Net book value At 31 March 2022 712,331 At 31 March 2021 671,528 Net gains and losses on investments 2022 2021 Un￿aliSed gainslllossesl Realised gainsll105sesl 30,378 2,133 3,209 67,428 Total 32,511 70,637 14. Debtors 2022 2021 Due aftgr more than one year other debtors Due wlthln one year Trade debtors Other debtors Prepayments Accrued income 13,948 5,600 233,949 31 229,988 389,781 374,397 11,173 230,737 227,573 867,697 849,480 Page 50

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Creditors: Amounts falling due within one year 2022 2021 Trade creditors Other 18X8tion and social security Other creditors Deferred income 353,198 58,279 994,539 248,432 343,181 54,289 636,243 287,302 1,654,448 1,321,015 Deferred income relates to training courses which straddle the financial year end or are paid for in advance. Of the deferred income brought fonmard of £287,302, £264,689 was released in the year with additional deferred income introduced of £225,819 in the year. Page 51

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Statement of fund$ Statement of fund$ - current year Balance at 1 April 2021 Transfers inlout Gainsl Balance at 31 ILosse51 March 2022 Income Expenditure Unrestricted funds General reserves 1,275,281 5,299,976 15,363,215) 150,0001 1,162,042 Revaluation reserves 107,406 181,0001 32,511 36,676 139,917 4,676 Pension reserve 11,0001 50,000 1,301,687 5,299,976 15,364,215) 69,187 1,306,635 Restricted funds Technology infrastructure grant DWP RPC Marketing grant Children in Need grant 49,297 136,6191 12,678 1,100 (1,1001 36,178 136,1781 50,397 36,178 173,8971 12,678 Total of funds 1,352,084 5,336,1 $4 15,438,112) 69,187 1,319,313 Page 52

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Statement of fund$ {continuedl Statement of fund$ - prior year Balance at 31 March 2021 Balance at 1 April 2020 Gainsl (Losses) Income Expenditure Unrestricted funds Gener81 reserves Revaluation reserves Pension reserve 1,182,786 104,197 1576,0001 5, 166,676 15,141,609) 67,428 3,209 458,000 1,275,281 107,406 181,0001 50,000 113,0001 710,983 5,21 $,676 15,154,609) 528,637 1,301,687 Restricted funds Technology infrastructure grant DWP RPC Marketing grant 53,500 14,2031 19001 49,297 1,100 2,000 53,500 2,000 15, 1031 50,397 Total of funds 764,483 5,218,676 15,159,712) 528,637 1,352,084 Page 53

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Statement of fund$ {continuedl Designated funds: Designated funds are amounts earmarked by the charity for a specific use in the future and as such are Irealed as unreslricled resetves. Restricted funds: The DWP RPC Marketing grant aims to promote awareness for the DWP Hertfordshire and Westminster programmes. The Technology infrastructure grant is to be used towards the building of an application to deliver digi181 therapy for couples where one or both are diagnosed with depression. The Children in Need grant is to be used to reduce the impact of parents, court-based disputes on children's mental health by therapeutic support and peer monitoring. Transfers: In the current year there was a £50,000 12021". £50,000) transfer from the operating reserve to the Pension reserve. This represents the payments made by the charitable company lo the defined benefit pension scheme. 17. Analysls of net assets between funds Analysls of net assets between funds - current year Unrestrlcted Restrlcted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Intangible fixed assets Fixed asset investments Debtors due after more than one year Current assets Creditors due within one year Provisions for liabilities and charges 605,930 123,188 712,331 13,948 1,501,014 11,654,448) 4,672 605,930 135,866 712,331 13,948 1,501,014 11,654,448) 4,672 12,678 Total 1,306,635 12,678 1,319,313 Page 54

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Analysis of net as$et$ between funds Icontinuedl Analysis of net as$et$ between funds - prior year Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Intangible fixed assets Fixed asset investments Debtors due after more than one year Current assets 665,773 24,841 671,528 5,600 1,335,960 11,321,015) 181,0001 665,773 74,138 671,528 5,600 1,337,060 11,321,015) 181,0001 49,297 1,100 Creditors due within one year Provisions for liabilities and charges Total 1,301,687 50,397 1,352,084 18. Reconciliation of net movement in funds to net cash Ilow from operating activities 2022 2021 Nel incomelexpendilure for the year las per Statement of Financial Activities) {69,4471 129,601 Adjustments for: Depreciation and amortisation charges Losses on investments Dividends, interests and rents from investments Other Ilossesll gains Decreasellincreasel in debtors Increaselldecreasel in creditors 186,802 {32,5111 16,2501 36,676 {18,2171 247,779 137,812 167,4301 18,0381 458,000 1140,1201 1245,3841 Net cash provlded by operatlng actlvltles 344,832 264,441 Page 55

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 19. Analysis of cash and cash equivalents 2022 2021 Cash in hand 601,176 46,089 440,774 52,406 Cash held by broker Total cash and cash equivalents 647,285 493, 180 20. Analysis of changes in net debt At 1 April 2021 Cash flows At 31 March 2022 Cash al bank and in hand 493,180 154,085 647,265 493,180 154,085 647,265 21. Penslon commltments The Charity operates a defined benefit pension scheme. Principal actuarial assumptions at the Balance Sheet dale (expressed as weighted averages)". At 31 March At 31 March 2022 2021 Discount rate Rale of increase in prices IRPII 2.75 2.05 3.85 3.35 The Charity operated a pension scheme in the UK providing benefits based on final pensionable salary la "defined benefits" scheme). The assets of the scheme are held separately from those of the Charity, being invested with insurance companies. This scheme has closed lo new members. sin￿ employees will no longer be accruing a final salary pension after 31 March 2005, the employer has arranged for a replacement pension arrangement. This is entirely separate from the final salary scheme. This is in the form of a personal pension scheme, which belongs lo the employee, but lo which the employer contributes. The assets of the personal pension schemes are held separately from those of the charity in independently administered funds. The charge for the year was £132,011 12021- £112,846). In respect of the final salary scheme, a full actuarial valuation was carried out at 31 March 2013. In order to reduce the deficit on the pension fund the charity has committed to paying £50,00012021 £50,000) per annum to the pension scheme. The major categories of scheme assets as a percentage of total scheme assets are as follows.. Page 56

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. Pension commitments (continued) 2022 2021 Equities Fixed interest Cash Prudential annuities 32 31 30 32 36 The Charity's share of the assets in the scheme was.. At 31 March At 31 March 2022 2021 Equities Fixed Interest Cash Prudential Annuities 2,209,000 2,018,000 223,000 2,085,000 2,042,000 1,970,000 130,000 2,340,000 Total fair value of assets 6,535,000 6,482,000 The actual return on scheme assets was £335,00012021- £822,000). The amounts recognised in the Statement of Financial Activities are as follows.. 2022 2021 Interest cost 1,000 13,000 Movements in the present value of the defined benefit obligation were as follows.. 2022 Opening defined benefit obligation Interest costs on defined benefit obligation Actuarial Igainsl/losses Return on scheme assets excluding interest Benefits paid 6,563,000 131,000 1396,0001 205,000 1332,0001 Closing defined benefit obligation 6,171,000 Page 57

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. Pension commitments (continued) Movements in the f8ir valLJe of the Charity's share of scheme assets were as follows.. 2022 Opening fair value of scheme assets Interest income Contributions by employer Benefits paid Return on scheme assets excluding interest Income 6,482,000 130,000 50,000 1332,0001 205,000 Closing fair value of scheme assets 6,535,000 21. Pension commitments (eontinuedl Amounts for the current and previous period are as follows.. Defined benefit pension schemes 2022 2021 Defined benefit obligation Scheme assets 16, 171,0001 16,563,000) 6,535,000 6,482,000 1359,3281 Irrecoverable surplus Surpluslldeficit} 4,672 181,0001 Remeasuremenl of nel defined benefit asset or obligation 36,676 458,000 Page 58

TAVISTOCK INSTrruTE OF MEDICAL PSYCHOLOGY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Operating lease comrnitments At 31 March 2022 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2022 2021 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 578,142 2,153,883 1,117,023 578,142 2,153,883 1,695, 165 3,849,048 4,427,190 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. 2022 2021 Operating lease rentsls 526,377 409,155 23. Related party transactions During the year, £2,21012021 £nill of expenditure was incurred for fees payable to the wife of a trustee in their role as a visiting clinician. None of these amounts were outstanding al the balance sheet dale. During the year, a Iruslee was reimbursed expenses of £7512021- £nill for their contribution to a lecture. Page 59