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2024-03-31-accounts

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

REGISTERED COMPANY NUMBER: 241618 (England and Wales) REGISTERED CHARITY NUMBER: 211058

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Message from the Chair 1 to 2
Report of the Trustees 3 to 12
Report of the Independent Auditors 13 to 16
Statement of Financial Activities 17
Balance Sheet 18
Cash Flow Statement 19
Notes to the Cash Flow Statement 20
Notes to the Financial Statements 21 to 34
Detailed Statement of Financial Activities 35 to 36

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

MESSAGE FROM THE CHAIR FOR THE YEAR ENDED 31 MARCH 2024

Message from the Chair

While the funding environment for relationship support services has remained challenging this year, I would like to commend the staff and trustees at TR for their dedication and commitment to ensuring that the vital work of the charity can continue. I would like to thank our donors for their support during this period and beyond, as well as fundraising expert Richard Bennett from Harvard University for his invaluable advice and input during what has been a difficult period in the charity's history.

Despite the reduction in income we have had some notable successes. These include being selected by the Youth Endowment Foundation to run a randomised controlled trial of mentalization-based therapy for parents of 8-14 at risk of becoming involved in violence, and being awarded the contract by the Department of Health to set up a national centre for clinical supervision to support practitioners working with parent-infant relationships. It is also a sign of the esteem with which TR is held that a university with the reputation of Birkbeck has chosen to accredit our course.

We have taken action as a charity to ensure that our funding model is sustainable and robust. While there will undoubtedly be further financial challenges ahead, I believe that TR ends this financial year better equipped to ride out such difficulties in the future, and to build on our current partnerships, and forge new ones, to ensure that ever more people can access the relationship support which they need. .

Message from the CEO

Over the last few years a key priority has been enabling inclusive relationship support that provides a meaningful solution for a diverse range of people. We know we must improve the accessibility of our practitioner trainings and ensure that diversity and inclusivity is prioritised in all our activities. To this end, we have continued to review our course readings within our trainings, to ensure that diversity is reflected throughout our teaching across the academic curriculum. Our of our clinicians, Sonia Dalal, also delivered a CPD training session to staff titled 'A closer look at the complexities of race and culture in couple work', which received excellent feedback.

Gaynor Donaldson, our Diversity and Inclusion Manager has continued in her role and supported the organisation through thinking about difference with a monthly newsletter to support more courageous conversations, which has been well received by staff. Whilst I am pleased that we have made significant progress this year, as an organisation, We recognise that there is a lot more to do.

This year we updated our vision and mission statement, and then launched our new website - based on a refreshed brand - to reflect the changes we had made.

Our new name and logo (TR) represents a more outward-looking, modern organisation but one which is still very much connected to its roots and history. And our new strapline: A better world through better relationships neatly encapsulates, I believe, what we're about as a charity: improving the quality of our relationships has profoundly meaningful and substantial effects on the kind of world we live in.

Increasingly we are seeing that this message is being understood at a funding and policy level. For example, this year saw the fourth and final year of a project funded by BBC Children in Need. That a major funding body has recognised the need to provide support to parents (alongside a peer mentoring programme for their children) in order to positively impact the mental health and wellbeing of their children is hugely encouraging. Coupled with the trial we are currently conducting in Dorset, funded by the Youth Endowment Foundation - providing mentalization-based therapy to parents of children aged 8-14 at risk of becoming violent - one can argue that TR has achieved a greater acknowledgment that directly intervening to address parental conflict is a key (and effective) way of improving the wellbeing of children.

And on the subject of enlightened thinking in the funding arena, we were delighted to be awarded the contract to set up and run the new National Centre for Supervision of Parent Infant Relationships. Funded by the Department for Health and Social Care, this new organisation aims to improve outcomes for parents and children while building resilience in practitioners through the provision of expert support from clinical supervisors. It is particularly fitting, I think, for TR to have been successful in its bid to run this centre given our long history of thinking about, developing, and arguing for the importance of supervision as a key element of effective and safe services to help couples, families and children. Indeed our institutional interest in this area dates back at least as far as the book authored by two former senior members of staff, Lynette Hughes and Paul Pengelly - Staff Supervision in a Turbulent Environment: Managing Process and Task in Frontline Services.

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

MESSAGE FROM THE CHAIR FOR THE YEAR ENDED 31 MARCH 2024

TR's roots go back many decades of course, and another important period of history (and learning) during the 1960s and 70s involved the development of couple-focused social work in people's homes. As CEO, it is particularly heartening therefore to have been commissioned by Legal and General to carry out qualitative research into the needs of the people who keep London functioning through low-paid and often insecure roles such as security work, cleaning and catering. For at the heart of TR's mission is a desire to ensure that the relational and mental health needs of everyone in our society are looked after. We have already seen some exciting policy initiatives come out of the report that we published, and we hope that these will have a real impact on people's lives and wellbeing in the future.

Our Psychotherapy and Counselling Services delivered more than 14,500 sessions to 2,300 clients (including more than 5,000 at low and reduced fees) this year. And in respect of our training work, our partnership with Birkbeck University got underway, resulting in very healthy numbers of students enrolling on our psychodynamic and other courses. We also continued to train NHS practitioners and supervisors in the NICE-recommended therapy Couple Therapy for Depression, and were pleased to be commissioned to deliver a variation of this intervention for perinatal services.

Last, but by no means least, this year saw the launch of TR Together, our new professional CPD platform which aims to advance the understanding of relationships and of relationship-focused therapy and support, so that everyone gets the help they need. TR Together has had a hugely successful first year and we look forward to expanding its offer in the future.

Andrew Balfour, CEO, July 2024

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims

The objects of the charity as set out in its Memorandum of Association are:

a) To promote the study and practice of psychotherapy and counselling and its application in a variety of settings.

b) 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 services which are designed to enhance and develop services to couples and families.

c) To undertake research and publication of work that contributes to and promotes both professional and public understanding of couple and family relationships.

In setting the objectives and planning the activity of the charity, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

Further details of how the charity worked to achieve its objects are contained within the report on activities section of the annual accounts.

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES Who did we help this year and how did we do it?

Youth Endowment Foundation research study

We have recently heard from the Youth Endowment Foundation (YEF) that they will continue to fund the SIPCO (Supporting Inter Parental Communication) project into the efficacy phase of the project. This follows an excellent year during which we have worked with over 90 families, offering either MBT-PP, mentalisation-based therapy for parents under pressure, or receiving treatment as usual in their local context. The randomised control trial aims to reduce violence among 8-14-year-olds. We work with parents in Dorset, Bournemouth Christchurch and Poole, and Bristol. Our therapists are working with parents to help them regulate their emotions more effectively by learning skills that improve their communication with their co-parent, whether they are living together or separated. The evidence derived from this study will inform future commissioning decisions by local authorities and other agencies.

National Centre for the Supervision of Parent-Infant Relationships - NCSPIR

The National Centre for the Supervision of Parent-Infant Relationships is delivered by Tavistock Relationships (TR) via a grant awarded in December 2023 from the Department for Health and Social Care. NCSPIR is part of the Government's Family Hubs and Start for Life programmes and is funded until March 2025.

NCSPIR surveyed the 75 local authority areas in the Start for Life programme between January to March 2024 to understand the need for clinical supervision services and ensure the services we developed meet their needs. 45 of the areas replied and we published a report on the results of the survey.

NCSPIR has recruited a team of 39 clinicians who all have expertise in the supervision of parent-infant relationships. They are providing regular small group supervision both online and in person to practitioners in the local authority areas with the aim of supporting those staff working with parents and infants and improving outcomes for parents and infants.

We are already supporting 67 practitioners in 13 different local authority areas with expert parent-infant clinical supervision and are engaged with a further 21 local authority areas to onboard more supervision groups in the coming weeks.

In surveys completed after each supervision, practitioners have told us they feel being part of a group is beneficial and have reported that supervision is giving them confidence which they hope, in turn, will supporting the families they are working with. They have told us they appreciate the opportunity to reflect on their experiences using colleagues and a supervisor, within a safe space, helping them to look at how a baby reacts and interacts with its parents and to think about their own feelings when interacting with families.

Children in Need project

The final year of the project saw TR help a number of parents who had a combined total of 19 children between them. All of these children who took part in the peer mentoring element of the project were found to have made progress on the three measures used to evaluate the project: feeling less isolated, feeling more optimistic about the future and having increased confidence to communicate their feelings to trusted adults and peers.

Reducing Parental Conflict Workforce training

We have continued to work in partnership with over 20 local authorities to deliver online and in-person training. We have developed new training to support frontline workers in developing their skills in working with highly conflicted parents; we deliver monthly clinical supervision to 3 local authorities and have delivered over 50 training days nationwide. We have created bespoke training for Ealing, Barnet, Oxfordshire, Merton and Birmingham. This relational approach to training has enabled us to foster excellent partnership models of work and co-designing training that is greatly valued and received.

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

Hidden Workforce

The partnership we developed with Legal and General to produce the Hidden Workforce report has continued to be important. Several London boroughs have used it to influence policy and priorities, including the City Corporation. Professor Michael Marmot has used it in a number of speaking engagements to highlight the important issues it raises, and we have used the report in bids to demonstrate our expertise in conducting action research.

Digital support for parents

Demand for our digital relationship support services has continued. We are providing access to Between Us (our relationship support app) to eight local authorities to offer parents in their areas use of the app. Four local authorities have also bought access to Better Conversations, the digital role-play tool designed to help parents in conflict learn to have more constructive, less acrimonious interactions with their partners or former partners.

Couples and individuals seeking psychological therapy for mental health and/or relationship difficulties

Tavistock Relationships Psychotherapy and Counselling Service

Over the last year our Psychotherapy and Counselling Services delivered over 14,500 sessions to around 2,300 clients. This included the delivery of near 5,500 sessions at low and reduced fees. We were able to provide this valuable accessible help through our trainee clinical placements and qualified therapist pro bono work.

In addition to our core counselling and psychotherapy therapy services, we continued to offer a range of specialised services aimed at supporting couples through challenges encountered throughout the course of their relationship

These include:

As part of our continuing commitment to therapist professional development, clinical services also offered a range of CPD events including:

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

ACHIEVEMENT AND PERFORMANCE

Who did we train this year

We have supported the professional development of students, trainees and practitioners through a wealth of courses designed to develop knowledge and skills in relation to helping couples.

We ran foundation courses, and clinical training programmes with a psychoanalytic or psychodynamic focus, as well as specialist psychosexual training.

Our clinical trainings are awarded by the internationally renowned Birkbeck, University of London and accredited by a range of professional bodies, including BACP, BPC and COSRT.

In more detail, we trained:

Psychosexual courses

Currently, we have a total of 44 trainees on our psychosexual courses. The cohort numbers are:

The 2022 cohort are in their final year and currently researching and writing their qualifying paper. They will graduate in January 2025.

In 2023, we also renewed COSRT (College of Sexual and Relationship Therapists) course accreditation for the Diploma in Psychosexual Therapy.

Couple Therapy for Depression Training for practitioners working in NHS Talking Therapy services Thanks to continued hard work from the entire team, 2023-2024 was a good year for CTfD, achieving approximately £410,000 in income.

Specifically, we trained:

The team was also delighted to be commissioned to deliver a variation on the CTfD model to perinatal services across the country:

We hope to replicate the training offer from 2023/24 this coming year. Unfortunately, we won't have commissions confirmed until July 2024 at the earliest. Despite this, we hope to hold:

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

There is also interest in a CTfD training being run in Poland.

Continuing Professional Development with TR Together

TR Together is the professional learning platform of Tavistock Relationships (TR). We are here to promote the study and practice of counselling and psychotherapy as part of TR's overall aim to create a better world through better relationships.

TR Together has received excellent feedback since launch and this year exceeded revenue targets by £53,500. Initial investment have enabled the development of a fantastic platform for growth and marketing efforts have seen the contact database increase. TR Together has also partnered with other well respected organizations, such as Karnac, the IPI and a developing relationship with IACFP.

The most successful (in terms of revenue and number of participants) this year have been; Couples Therapy with Orna Guralnik and ADHD and ADD in Adult Psychotherapy with Phil Mollon.

We have featured some of the positive feedback below:

" "I am finding these CPD events extremely helpful and interesting. Thank you!"

" "Straightforward site and I think each of us having a TR account makes it so helpful to access course materials!"

" "I feel TR Together are doing a good job of identifying relevant, helpful and interesting speakers to develop my thinking."

" "The TR Together are great events and I highly value them."

" "Thank you for this. I have attended lots of CPD, but I enjoy these the most - quality assured."

Find out more on our bespoke TR Together website https://trtogether.com

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

FINANCIAL REVIEW

Financial position

We saw an increase in income from £3.5m to £3.9m during the financial year to 31.3.24. This was mainly due to the grants from both YEF and the Department of Health and Social Care. Overall, our income from training and services remained consistent with last financial year.

We continued to take steps to reduce costs, although, in common with many organisations, we were not able to do this at a rate consistent with our income. We were able to significantly improve our overall deficit from £1.158m in 2022/23 to: £796k in 2023/24. This also included an exceptional write down of: £333k in relation to the operating lease on Hallam House.

Costs incurred in administering the now closed, defined benefit pension scheme of £105k including £50k of deficit contributions, contributed to our overall deficit.

Investment policy and objectives

The Trustees takes a prudent view to the investment of surplus funds (when held), as these are being retained for furthering the objects of the Charity. Accordingly, funds not required for expenditure in the short term are placed on deposit with the Charity's bankers.

The investment objective of the Charity is to keep a balance between capital growth and income with low risk.

The Trustees appointed Cazenove in February 2017 as their discretionary investment managers. In early 2023, the remainder of investment funds were liquidated to enable the Charity to continue its activity.

Reserves policy

Annually, the Trustees assess the financial and delivery commitments against its expectation of future organisational performance and financial risk, to determine the level of reserves required by the organisation. In determining the level of reserves required, the organisation seeks to achieve a balance of prudent financial management and the appropriate use of financial resources in pursuit of its charitable objectives.

As at 31 March 2024, the organisation had a significant deficit in unrestricted funds. Therefore the reserves were not in line with the policy. The organisation had suffered significant financial losses over the period of two years and the exceptional write down in the year further worsened the financial position. Given that, the board tasked the management team with implementing a number of cost saving measures and reviewing the overall business model to ensure a path to sustainability. A loss this significant cannot be rectified in one year and so the board tasked the team with generating a surplus in the financial year 2024/25. The board is of the opinion that it could take up to three years to return to a positive reserves position.

Restricted reserves of £303,693 are held for the purpose of delivery of specific projects where funding has been provided expressly for this purposes (refer to note 19 for more information)

31
Restricted funds
Unrestricted funds
Total funds
Less long term creditors
Less: Funds represented by functional tangible and intangible assets
Net current liabilities		 31
Restricted funds
Unrestricted funds
Total funds
Less long term creditors
Less: Funds represented by functional tangible and intangible assets
Net current liabilities		 March 2024
£
303,693
(938,980)
(635,287)
1,438
(143,697)
(777,546)

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

Going concern

The Board of Trustees have prepared detailed forecasts for the period ended 31 March 2025 and periods thereafter. During 2023/24 new revenues were realised including grant funding from the Department of Health and Social Care (£250k) and donor support of £225k, along with the ongoing grant revenues from YEF (£550k). During 2024/25 we continued to receive ongoing grant revenues from YEF and the Department of Health and Social Care and we also continued to receive a significant level of donor support.

In 2024/25 the organisation has continued to significantly reduce its operating cost base due to the termination of the lease at Hallam House and making additional cost savings in both staffing and general operating costs. The partnership with Birkbeck College, University of London has continued its success during its second year with increased student numbers and application volume continuing as we open applications for the 2025 academic year. Training revenues have continued to increase in the second year of the partnership, providing a clear pathway toward a financially sustainable model for our training in FY2024/25.

Despite these encouraging factors, new support and realized cost savings, the organization recognizes that due to the lack of reserves on hand, further cost savings must be identified and implemented to ensure ongoing sustainability of the organization within a lower revenue context.

There remains some uncertainty in the organisation's ability to achieve the revenues set out in its financial forecasts and due to this uncertainty and the speed at which expenditure can be reduced to eliminate any potential cash shortfall, there continues to be a material uncertainty in respect of the charity's going concern status.

FUTURE PLANS

TR works to create a better world through better relationships, developing knowledge and new ways of supporting relationships.

We work to:

The Charity seeks to achieve its goals and charitable objects through the following range of initiatives:

TR Today

Undertaking research and influencing national and local policy.

TR Training

Providing world-class clinical training directly to practitioners and through our partnerships.

TR Therapy

Delivering evidence-based relationship support directly to clients and through our partnerships.

TR Together

Providing professional development content and a community for practitioners to engage with one another.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

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 at the Annual General Meeting. Every new member is made aware of their responsibilities and given a full induction to the charity.

The remuneration of key management personnel is at the discretion of the Trustees and this is reviewed annually.

TIMP Board; Our Governance

The full Board met four times during the year to consider organisational strategy, evaluate risk and to monitor the organisation's financial and operational performance as well as the work of its sub-committees. The Finance SubCommittee is chaired by Jane Smith, Lucy Marks MBE chairs the Quality & Practice Sub-Committee, Katherine Pinney chairs the Fundraising & Digital Committee and Dr Ros Bryar is chair of the Loans and Bursaries Committee.

The Finance and Resource Committee met frequently to monitor the financial performance and position given the challenges faced during the year.

Our Chair of Trustees, Nick Pearce resigned during the course of the financial year and the Board is very grateful to Lucy Marks who stood as Acting Chair during the period until Jennie Younger joined as the Chair of Trustees in February 2025.

Our Organisational Structure

Andrew Balfour is supported as CEO by a team of Senior Leadership Staff. Robyn Hampson left her role as Director of Finance & Resources. Emma Porteous took up this role in after Robyn's departure.

During the year we have appointed Ellen Burridge as Psychodynamic Training Programme - Joint Lead, working closely with Elle Sidel. Sabah Khan has joined the core staff team as CTfD PG Course Leader, working on the Level 7 course.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 241618 (England and Wales)

Registered Charity number

211058

Registered office

10 New Street London EC2M 4TP

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Trustees

Professor R M Bryar Ms G Kent Ms P Key Ms A Legrain (resigned 30/1/2025) Ms M Maclean Ms L Marks Ms A R Njambi Hellgren Professor N R Pearce (resigned 12/7/2024) Ms K E Pinney (resigned 25/3/2025) Ms S Ruszczynski Ms J P Smith Ms H D Sundram (resigned 7/12/2023) Mrs J M Mcdonagh (appointed 13/5/2024) Ms M Sevic (appointed 15/4/2024) Mrs J V Younger (appointed 7/2/2025)

Company Secretary Ms E Porteous

Senior Statutory Auditor Shona Wardrop C.A.

Auditors

Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA

Bankers

Cazenove Capital 12 Moorgate London EC2R 6DA National Westminster Bank plc 106 Finchley Road London NW3 5JF

Chief Executive Officer Andrew Balfour

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Tavistock Institute of Medical Psychology for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to 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.

In so far as the trustees are aware:

AUDITORS

The auditors, Chariot House Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

08 May 2025

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Jane Smith

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Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

Opinion

We have audited the financial statements of Tavistock Institute of Medical Psychology (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the trustees' assessment of the charitable company's ability to continue to adopt the going concern basis of accounting included a review of the charity's available working capital, projections of future cashflows, and an assessment of the impact of changes to the entity's business model and structure.

We would draw your attention to the comments both in the accounting policy note and in the trustee report reviewing the financial position and going concern, describing the steps that the Trustees have taken to substantially change the business model and structure of the charity.

Despite the steps taken, the Trustees have concluded that there still exists a material uncertainty in the current economic environment which casts doubt on the ability of the charity to continue as a going concern in the longer term. Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to 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 material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial 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 misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

Our 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 misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 (UK) 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 to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and its activities, and through discussion with the trustees and management, we identified the principal risks of material misstatement both at the financial statement level and at the assertion level.

We considered these risks in the light of various factors including the level of complexity, subjectivity, uncertainty, potential management bias, fraud, materiality and any other relevant factors. We considered the extent to which these would have a material impact on the financial statements and designed our audit work accordingly.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We also

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 misstatement 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 financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

Page 15

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shona Wardrop C.A. (Senior Statutory Auditor) for and on behalf of Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA 08 May 2025 Date: .............................................

Page 16

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Advice, Counselling and Training
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
5
Advice, Counselling and Training
Exceptional Write Down
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
224,521
2,849,712
1,728
72,261
3,148,222
3,875,795
333,494
4,209,289
-
(1,061,067)
122,087
(938,980)		 Restricted
funds
£
-
793,322
-
-
793,322
528,269
-
528,269
-
265,053
38,640
303,693		 2024
Total
funds
£
224,521
3,643,034
1,728
72,261
3,941,544
4,404,064
333,494
4,737,558
-
(796,014)
160,727
(635,287)		 2023
Total
funds
£
2,600
3,502,992
769
30,352
3,536,713
4,664,152
-
4,664,152
(31,147)
(1,158,586)
1,319,313
160,727

The notes form part of these financial statements

Page 17

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

BALANCE SHEET 31 MARCH 2024

Notes
FIXED ASSETS
Intangible assets
13
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
PENSION LIABILITY
20
NET ASSETS/(LIABILITIES)
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
49,518
94,179
143,697
103,011
27,948
130,959
(1,212,198)
(1,081,239)
(937,542)
(1,435)
(3)
(938,980)		 Restricted
funds
£
-
-
-
348,471
-
348,471
(44,778)
303,693
303,693
-
-
167,667		 2024
Total
funds
£
49,518
94,179
143,697
451,482
27,948
479,430
(1,256,976)
(777,546)
(633,849)
(1,435)
(3)
(635,287)
(938,980)
303,693
(635,287)		 2023
Total
funds
£
95,011
494,909
589,920
536,900
27,642
564,542
(992,297)
(427,755)
162,165
(1,435)
(3)
160,727
122,087
38,640
160,727

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

08 May 2025

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Jane Smith

The notes form part of these financial statements

Page 18

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
30,242
30,242
(21,759)
(9,905)
-
-
1,728
(29,936)
306
27,642
27,948		 2023
£
(1,241,800)
(1,241,800)
(24,406)
(42,578)
(627,159)
1,315,551
769
622,177
(619,623)
647,265
27,642

The notes form part of these financial statements

Page 19

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Interest received
Write off lease improvements
Decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations		 2024
£
(796,014)
144,393
-
(1,728)
333,494
85,418
264,679
30,242		 2023
£
(1,158,586)
216,327
31,147
(769)
-
330,797
(660,716)
(1,241,800)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23
Cash flow
At
£
£
Net cash
Cash at bank and in hand
27,642
306
27,642
306
Total
27,642
306		 31/3/24
£
27,948
27,948
27,948

The notes form part of these financial statements

Page 20

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going Concern

The charity's focus and level of operations are 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 to ensure that sufficient income from services is available to cover the running costs and is available to cover the agreed contributions to the now-closed pension scheme as set out in the notes to the accounts.

The Board has prepared detailed forecasts covering a minimum of the next twelve months from the signing of the accounts and anticipated results for periods thereafter which confirm that with some further reductions in expenses, the Charity is expected to have the resources to continue as a going concern.

On this basis, the Trustees consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustment which would result if there was insufficiency of funds available in respect of the Charity's operations.

.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the charity is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustments to the financial statements in a future period.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Legacies

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.

Training fees

Training fee income is accounted for in the period to which it relates. Income received in advance is held in deferred income.

Grant and contract income

Revenue and capital grants are accounted for gross when notification is received and conditions are met. Where the grants or contracts specify the time period they relate to, they are recognised as income in that period. Other grant and contract income is recognised as income when received.

continued...

Page 21

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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 recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straightline basis over its expected useful life.

Amortisation is provided on the following bases:

Website Development - 33% Mobile Relationship Support App - 33%

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet using the closing quote market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

continued...

Page 22

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

1. ACCOUNTING POLICIES - continued

Basic Financial Instruments

The charity has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value with the exception of bank loans which are measured at amortised cost using the effective interest method.

Defined benefit pension 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 the spread the cost of the pensions over the service lives of employees. Variations from the regular costs are spread over the average expected remaining working lives of the current members in the scheme.

Current service costs, past service costs and gains and losses on settlements and curtailments are charged to appropriate 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 (eliminating 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 future entitlement) occurs, the obligation and related plan assets are remeasured 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 expected return on assets are shown as a 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. Actuarial gains and losses are recognised immediately as other recognised gains and losses in the statement of financial activities.

Pension scheme liabilities are measured on an actuarial basis using a projected unit method and are discounted to their present value using the discount rate which reflects the yield on an AA rated corporate bond, index, which has a duration of around 15 years.

Pension scheme assets are valued at market value at the balance sheet dates.

2. DONATIONS AND LEGACIES

Donations
3.
INVESTMENT INCOME
Deposit account interest		 2024
£
224,521
2024
£
1,728		 2023
£
2,600
2023
£
769

continued...

Page 23

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

4. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
Project income
Advice, Counselling and Training
IAPT Training
Advice, Counselling and Training
Training income
Advice, Counselling and Training
Client income
Advice, Counselling and Training
Proceeds from sale of
publications and
miscellaneous income
Advice, Counselling and Training		 2024
£
1,007,538
521,145
629,922
1,483,438
991
3,643,034		 2023
£
1,121,076
445,747
407,191
1,527,308
1,670
3,502,992

5. CHARITABLE ACTIVITIES COSTS

Advice, Counselling and Training
Exceptional Write Down
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Training
Clinical
Projects
Direct premises costs		 Direct
Costs (see
note 6)
£
3,131,747
-
3,131,747		 Support
costs (see
note 7)
£
1,272,317
333,494
1,605,811
2024
£
1,084,665
512,109
647,892
249,962
637,119
3,131,747		 Totals
£
4,404,064
333,494
4,737,558
2023
£
1,722,978
297,444
508,303
317,225
533,435
3,379,385

6. DIRECT COSTS OF CHARITABLE ACTIVITIES

7. SUPPORT COSTS

Advice, Counselling and Training
Exceptional Write Down		 Management
£
1,272,317
333,494
1,605,811

continued...

Page 24

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

7. SUPPORT COSTS - continued

79% of the following expenditure categories are allocated to direct costs and 21% are allocated to support costs:

Support costs, included in the above, are as follows:

Wages
Pension scheme costs
Marketing
Rent and service charges
Office maintenance and equipment costs
Rates
Dilapidation accrual
Other support costs
Finance costs
Deficit contribution for defined benefit
pension scheme
Depreciation of tangible and heritage assets
Exceptional items		 Advice,
Counselling
and
Training
£
343,944
55,401
152,727
112,851
33,668
13,440
9,401
310,079
47,173
50,000
143,633
-
1,272,317		 Exceptional
Write
Down
£
-
-
-
-
-
-
-
-
-
-
-
333,494
333,494		 2024
Total
activities
£
343,944
55,401
152,727
112,851
33,668
13,440
9,401
310,079
47,173
50,000
143,633
333,494
1,605,811		 2023
Total
activities
£
335,065
74,564
129,134
102,614
18,292
15,327
2,310
311,166
29,968
50,000
216,327
-
1,284,767

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Development costs amortisation
Computer software amortisation
Auditors' remuneration - audit
Auditors' remuneration - other services
Staff pension contribution
Operating lease rentals		 2024
£
410,635
18,815
48,437
15,000
2,500
82,093
146,300		 2023
£
153,599
15,109
50,152
14,400
3,600
117,835
-

continued...

Page 25

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

10. STAFF COSTS

Wages and salaries
Social security costs
Employers pension contributions		 2024
£
1,465,921
143,949
82,093
1,723,718		 2023
£
1,904,758
194,451
117,835

2,,217,044

The average monthly number of employees on a headcount basis during the year (FTE 40.91) was as follows:

Therapists
Other Direct staff
Support staff		 2024
5
21
33
59		 2023
16
22
21
59

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000
£90,001 - £100,000		 2024
2
1
3		 2023
2
1
3

Pension contributions of £13,297 (2023: £12,688) were made in the year to the above higher paid employees.

Key management personnel received remuneration of £253,372 (2023: £235,450) during the year ended 31 March 2024.

continued...

Page 26

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

11. EXCEPTIONAL ITEMS

The exceptional costs of £333,494 relate to the write down of leasehold improvements on a leasehold property, where the break clause was triggered in May 2024.

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2,600
Charitable activities
Advice, Counselling and Training
3,280,220
Investment income
769
Other income
30,352
Total
3,313,941
EXPENDITURE ON
Charitable activities
Advice, Counselling and Training
4,467,342
Net gains/(losses) on investments
(31,147)
NET INCOME/(EXPENDITURE)
(1,184,548)
RECONCILIATION OF FUNDS
Total funds brought forward
1,306,635
TOTAL FUNDS CARRIED FORWARD
122,087
Restricted
funds
£
-
222,772
-
-
222,772
196,810
-
25,962
12,678
38,640		 Total
funds
£
2,600
3,502,992
769
30,352
3,536,713
4,664,152
(31,147)
(1,158,586)
1,319,313
160,727

continued...

Page 27

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

13. INTANGIBLE FIXED ASSETS

Development
costs
£
COST
At 1 April 2023
47,614
Additions
19,992
At 31 March 2024
67,606
AMORTISATION
At 1 April 2023
18,621
Charge for year
18,815
At 31 March 2024
37,436
NET BOOK VALUE
At 31 March 2024
30,170
At 31 March 2023
28,993
14.
TANGIBLE FIXED ASSETS
Improvements
Fixtures
to
and
property
fittings
£
£
COST
At 1 April 2023
663,198
100,141
Additions
-
-
At 31 March 2024
663,198
100,141
DEPRECIATION
At 1 April 2023
323,508
65,427
Charge for year
334,854
20,451
At 31 March 2024
658,362
85,878
NET BOOK VALUE
At 31 March 2024
4,836
14,263
At 31 March 2023
339,690
34,714		 Computer
software
Totals
£
£
156,993
204,607
1,767
21,759
158,760
226,366
90,975
109,596
48,437
67,252
139,412
176,848
19,348
49,518
66,018
95,011
Computer
equipment
Totals
£
£
379,106
1,142,445
9,905
9,905
389,011
1,152,350
258,601
647,536
55,330
410,635
313,931
1,058,171
75,080
94,179
120,505
494,909		 Totals
£
204,607
21,759
226,366
109,596
67,252
176,848
49,518
95,011
1,152,350
647,536
410,635
1,058,171
94,179
494,909

continued...

Page 28

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

15. DEBTORS

Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Aggregate amounts
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
Accrued expenses

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other creditors 2024
£
1,435		 2023
£
1,435

18. LEASING AGREEMENTS

At 31 March 2024 the Charity had commitments to make future minimum lease payments under non cancellable operating leases as follows;

operating leases as follows;
As restated
2024 2023
£ £
Not later than one year 165,491 549,988
Between one and five years 271,417 98,152
Later than five years - 101,864
--------------- --------------
370,010 648,854
========= ========

The following lease payments have been recognised as an expense in the Statement of Financial activities

2024 2023
£ £
Operating lease rentals 146,300 526,377

continued...

Page 29

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

18. LEASING AGREEMENTS - continued

The charity exercised a break clause in its lease of 10 New Street as at May 2024 but took on a separate short 2 year lease from August 2024 for that property. The charity continues to occupy Middlesex Street on an annual lease.

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Children in Needs grant
National Centre for Supervision of Parent./Infant
Relationship
Youth Endowment Fund
The Baily Thomas Charitable Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Children in Needs grant
National Centre for Supervision of Parent./Infant
Relationship
The Baily Thomas Charitable Fund
Youth Endowment Fund
TOTAL FUNDS		 At 1/4/23
£
122,087
18,000
-
10,000
10,640
38,640
160,727
Incoming
resources
£
3,148,222
1
249,550
-
543,771
793,322		 At 1/4/23
£
122,087
18,000
-
10,000
10,640
38,640		 Net
movement
in funds
£
(1,061,067)
(13,046)
146,666
142,073
(10,640)
265,053
(796,014)
Resources
expended
£
(4,209,289)
(13,047)
(102,884)
(10,640)
(401,698)
(528,269)
3,941,544 (4,737,558)

continued...

Page 30

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Revaluation reserves
Pension reserve
Restricted funds
Technology infrastructure grant
Children in Needs grant
Youth Endowment Fund
The Baily Thomas Charitable Fund
TOTAL FUNDS		 At 1/4/22
£
1,162,042
139,917
4,676
1,306,635
12,678
-
-
-
12,678
1,319,313		 Net
movement
in funds
£
(1,044,631)
(139,917)
-
(1,184,548)
(12,678)
18,000
10,000
10,640
25,962
(1,158,586)		 At
31/3/23
£
117,411
-
4,676
122,087
-
18,000
10,000
10,640
38,640
160,727

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Revaluation reserves
Restricted funds
Technology infrastructure grant
Children in Needs grant
Youth Endowment Fund
The Baily Thomas Charitable Fund
TOTAL FUNDS		 Incoming
resources
£
3,313,941
-
3,313,941
-
54,794
157,338
10,640
222,772
3,536,713		 Resources
expended
£
(4,467,342)
-
(4,467,342)
(12,678)
(36,794)
(147,338)
-
(196,810)
(4,664,152)		 Gains and
losses
£
108,770
(139,917)
(31,147)
-
-
-
-
-
(31,147)		 Movement
in funds
£
(1,044,631)
(139,917)
(1,184,548)
(12,678)
18,000
10,000
10,640
25,962
(1,158,586)

At the end of the reporting period, the Charity is holding restricted funds for the purpose of delivering services for specific projects including the BBC Children in Need fund for working with young people and their caregivers, the Baily Thomas Trust for delivery of group therapy to parents of children with special needs and the Youth Endowment fund for the delivery of randomised control trial of our reducing parental conflict programme.

continued...

Page 31

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. EMPLOYEE BENEFIT OBLIGATIONS

continued...

Page 32

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

continued...

Page 33

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

continued...

Page 34

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

21. RELATED PARTY DISCLOSURES

During the year one trustee was reimbursed expenses of £200 (31 March 2022; none).

22. POST BALANCE SHEET EVENTS

During the 2024 financial year, TR exercised its right to terminate the lease agreements for the premises at 56-60 Hallam Street, and 10 New Street with these lease agreements terminating in February and May 2024 respectively.

The impact of this is reduced overhead costs of around £700,000 per annum. In September 2023, TR agreed to the renewal of a lease for premises at 75-77 Middlesex St. previously provided by the City of London at a peppercorn rental. The annual cost of this lease is £60,000 with a termination right that can be exercised in September 2025.

TR expects its total cost of premises to be around £200,000 per annum during the 2025 financial year, contributing to a substantial reduction in running costs.

Page 35

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Deposit account interest
Charitable activities
Project income
IAPT Training
Training income
Client income
Proceeds from sale of publications and
miscellaneous income
Other income
Other income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Training
Clinical
Projects
Direct premises costs
Support costs
Management
Wages
Pension scheme costs
Marketing
Rent and service charges
Office maintenance and equipment costs
Rates
Dilapidation accrual
Other support costs
Finance costs
Carried forward		 2024
£
224,521
1,728
1,007,538
521,145
629,922
1,483,438
991
3,643,034
72,261
3,941,544
1,084,665
512,109
647,892
249,962
637,119
3,131,747
343,944
55,401
152,727
112,851
33,668
13,440
9,401
310,079
47,173
1,078,684		 2023
£
2,600
769
1,121,076
445,747
407,191
1,527,308
1,670
3,502,992
30,352
3,536,713
1,722,978
297,444
508,303
317,225
533,435
3,379,385
335,065
74,564
129,134
102,614
18,292
15,327
2,310
311,166
29,968
1,018,440

This page does not form part of the statutory financial statements

Page 36

Docusign Envelope ID: 9F2DE985-365E-43F2-8187-6A7D2BE2CCD8

TAVISTOCK INSTITUTE OF MEDICAL PSYCHOLOGY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Management
Brought forward
Deficit contribution for defined benefit pension
scheme
Depreciation of tangible and heritage assets
Exceptional items
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net expenditure		 2024
£
1,078,684
50,000
143,633
333,494
1,605,811
4,737,558
(796,014)
-
(796,014)		 2023
£
1,018,440
50,000
216,327
-
1,284,767
4,664,152
(1,127,439)
(31,147)
(1,158,586)

This page does not form part of the statutory financial statements

Page 37