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 ServIS 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 plad on deposit
with the Charity's bankers.
The investment objective of the Charity is to keep a balan beeen 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 re1ve 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 redUd to eliminate the cash shortfall, there is a material uncertainty In respect of the charity's going conrn
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**|
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## 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
info@TavistockRelationships.org
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 -----**
training@TavistockRelationships.ac.uk
www.TavistockRelationships.org
London-based, national and international
**----- End of picture text -----**
**----- Start of picture text -----**
020 7380 1960
parenting. Our evidence-based, innovative
appointments@TavistockRelationships.org
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
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**----- 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 ACpted 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 Gonrn 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 PLaL
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 GOnrn. 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 conrn 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 knedge 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 conSided 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, Conrning the
charity's policies and procedures relating lo..
identifying. evaluating and complying wth laws and regulations and whether they were aware of any
instan5 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 prOdU$ 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 conMIng 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 UnrtaInty 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 re1vable 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
InCurd.
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 resuIng 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 meaSUd 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
ProedS 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 ServIS
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
Proed5 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 reiVed 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
UnaliSed 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