INSTITUTE of
PSYCHOANALYSIS
2022
Annual Review
The Brltlsh Psychoanalytlcal Soclety (Incorporatlng the Institute of P$ychoanaly$l$)
Annual Report 2022
## Annual Report 2022
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Presidents report Publications
Who we are Board of trustees and other
key appointments
Membership
Financial review
Governance
Independent Report of
Strategic focus the Auditors
Education activities
The Clinic of the Institute Balance sheet
of Psychoanalysis
Notes to the accounts
Outreach activities
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Introduction from the President
Presidents report
This is my first Annual report since taking over the Presidency of our Society from Rosine Perelberg at our
AGM in July 2022. 1 was delighted when the Board and our membership voted so positively in 2022 to the
proposal that we put forward, to acknowledge Rosine's contributions to our Society by our electing her as
our latest Distinguished Fellow.
I was in the fortunate position of taking over from a President who was able to bring our tinancial position
under control and we achieved an operating surplus of over £IOOk in the last year of her Presidency after
many years of deficit. While this was a financial situation l and the Board have been determined to maintain
this has not been without difficulties and l am pleased to report a continued small surplus of £36,177 and
that we expect to be able to maintain our surplus position for 2023. The context in which we are operating
continues to challenge us tinancially. Our income from some of our regular sources of income such as our
journal have decreased while some outgoings have increased, most notably our energy and staff costs.
We were pleased to welcome another good sized intake of students in 2022 and were able to increase
our commitment to supporting candidates through running events such as the annual Oxford weekend
and subsidising candidates to attend the British Colloquium as well as through bursaries and loans. We
continued to subsidise candidate consulting rooms in 10 Windsor Walk as well as introducing a subsidy for
the consulting rooms of regional candidates. Of course these expenditures are welcome since they relate
to our primary charitable aims of training psychoanalysts and providing psychoanalytical treatment but
nevertheless they also contribute to our costs. Other expenses such as travel, which were suspended during
the Covid period have also needed to be met.
As the Society's first regional President, it is especially pleasing to see the progress we have made that in
the last years to make the training available for candidates outside of London has continued. For the first
time there were more candidates from outside London than those based in the capital and now a third of
our current candidates live beyond London.
I want to acknowledge the achievement of colleagues in our clinic in establishing a new management
structure and accompanying procedural changes in the work of ensuring that our candidates have suitable
analysands. This work has resulted in the bottleneck that has dogged the training experience of many
generations of candidates being very significantly improved. Also of note is the work that has been done to
make the work of the Clinic a more integrated part of the training and a sethng in which our candidates can
learn about assessment.
The repairs to the basement consulting rooms and the lecture theatre following the flood were completed
in the Autumn. We officially marked the re-opening at our first Scientific meeting in the Sigmund Freud
Lecture Theatre on November 16th when we celebrated the life and scientific contributions of Edna
O'shaughnessy; it was a pleasure to welcome a number of her family who also spoke movingly about her.
However we have continued to be dogged by difficulties with our main Lecture Theatre which again became
unavailable at the beginning of 2023 due to a combination of issues - a failure of the newly commissioned
AV equipment and a leak from the balconies of the flats above in to the lecture theatre, both of which l am
pleased to report have now been rectified.
On a brighter note we have developed the 3rd floor meeting area which provide5 a more intimate setknng
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for Smaller in person meetings such as Scientific meeting5, which continue to be run as hybrid meetings.
New chairs, AV and a small catering area have been installed and the space will comfortably seat 35-40
people. Following the flood, the basement consulting rooms for child and adolescent work are also greatly
improved and the Westminster Centre for Young People IWCYPI Ithe clinical service established by our joint
project with the Brent Centre for Young People) have moved into their dedicated space in the basement. I
am pleased to report that our collaboration on the WCYP is making an important contribution to our local
community through the provision of psychoanalytically oriented psychotherapy and the identilication of
potential patients for psychoanalysis for our child and adolescent analyst trainees.
At the beginning of September I had the pleasure of visiting a meeting of Scottish and North of England
members and we discussed a number of projects aimed to promote interest in psychoanalysis and
psychoanalytic training in Scotland and the North East of England. One outcome of this is the International
Edinburgh Conference on the 27th of April 2024. The title of the conference is "The Dynamic5 of Influence"
and it promise5 to be an important conference and we hope to draw an international audience and
showcase analytical thinking to interested professionals in Scotland and the North of England.
In October we closed our Consultations in Crisis programme. This had been set up as the stress imposed
by the pandemic began to be felt. It has been a service that has provided a psychoanalytic consultation for
those, mainly workers in the NHS, who needed to have their distress listened to and understood. It was
staffed by colleagues volunteering to do this work and nearly forty of our members took part in the scheme.
In all one hundred and eleven people were seen and the feedback was uniformly positive. The project was
a demonstration of psychoanalysis as a community resource. As the pandemic has abated there has been
a corresponding decrease in calls upon the service and so it seemed most sensible to close it. It serves as a
model which we can repeat if the need arises again.
At the EPF conference in Vienna in November l attended a meeting which our Chair of Education introduced
and chaired on the European Visiting Programme. The event was attended by representatives from several
Societies who had not yet joined the programme but were seriously considering doing so and a number
of them have since done so. Our Society was central in getknng this project off the ground and it was very
satisfying to hear how important it has been and how it is expanding.
A major concern has been the continuing developments stemming from the decision taken in 2017 by
the IPA to recognise three sessions a week as a minimum frequency in the Eitingon model. While we are
all aware that number of sessions per se are no guarantee of standards it is nevertheless an important
indicator.
Our colleagues working at 10 Windsor Walk have continued to expand the range and quality of their
activities and are building an admirable centre of psychoanalysis in South London with remarkable initiative
and hard work. In January we had a fruitful Board Away Day to discuss IOWW, attended by representatives
of IOWW, to think about how the relationship between IOWW and the Society may develop, and l am sure
that this will be a major focus for the Board in the coming period of time.
We were sorry to say goodbye to our external Safeguarding Adviser, Sonia Appleby at the end of the year
and am pleased to report that we have augmented our safeguarding Panel with 3 new members and
appointed a Safeguarding Panel Chair. The Board continues to receive an annual report from the Panel and
is supporting a group to review our safeguarding policy. We hope to appoint a new external Safeguarding
Adviser in 2023.
The Ukraine War Coordinating Group IUWCGI was set up by the Board very soon after the UK government
decided to open the sponsor scheme for Ukrainian refugees. Several Members had been teaching in
Ukraine for years and we had been touched by how many of our members volunteered to be sponsors
for individuals and families and to help in many other ways, financial and practical. We are continuing to
support 7 Ukrainian colleagues and their families now settled in the UK. The colleagues are either
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psychoanalytic candidates of the Ukrainian psychoanalytic society or EFPP psychoanalytic psychotherapists
either qualified or in training. Some of them arrived independently then came to our notice, others we have
ourselves helped to place with host families. We have also helped on occasion when the first sponsorship
has broken down. Most ofthese colleagues have very limited resources and we have been immensely
grateful for the generosity of our members in donating money, time and other forms of assistance in an
ongoing way to support our Ukrainian colleagues in the UK.
Our Society would not be able to function without our Staff under the leadership of our Chief Executive.
We continue to augment and grow our staff team to support our broadening portFolio of work and I remain
immensely grateful to all of our staff who work hand in hand with our members and committees to support
our prospering Society. l am particularly proud of the way in which our staff adapted to home working in
2020 and have continued to adapt the workings of the organisation in an exemplary way to the new ways
of hybrid working for our training, lectures and office functions. The staff team continues to develop with a
flourishing wellness committee, all staff training and office days and an increased focus on embedding our
values that were approved by the Board in 2021.
I must finish by paying tribute to my fellow Trustees and Board members and to our member volunteers on
committees and our lay members. Also to our Journal Editors and the society staff for their commitment
over the past year. We continue to face challenges post pandemic yet despite this, the society has remained
resilient and managed to support its members and the wider psychoanalytic community through the
delivery of new and reformatted training and course5. My thanks go once again to our Past President,
Rosine Perelberg for her leadership and for getknng us back on track in financial terms despite the pandemic
and flood. The society continues to adapt and support psychoanalysts and I look forward to reflecting on
the achievements of 2023, which will include the launch of our new branding and website.
Dr Vic Sedlak, President.
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Who we are
The British Psychoanalytical Society Ilncorporating the Institute of Psychoanalysis) was founded by the
British neurologist Ernest Jones as the London Psychoanalytical Society on 30 October 1913. The Society
was refounded after the First World War in 1919 by Ernest Jones as the British Psychoanalytical Society,
who served as its first President. The Society established a clinic and a training arm, known as the Institute
of Psychoanalysis.
With around 564 members, we are a UK and international community of professionals, dedicated to
helping people enhance their lives through an intensive talking therapy, psychoanalysis. Psychoanalysts
trained in the British Society have the highest professional standards and qualification5 and our training
process is world renowned.
Our History and influence
Psychoanalysis and psychoanalytic ideas have a profound, far reaching and ongoing influence on health
services and wider society. Some of our members were responsible for setting up and developing
psychoanalytically informed centres of excellence in the N HS, such as the Tavistock Clinic, the Portman
Clinic and the Maudsley Hospital, where we continue to train, teach and supervise. Others hold leading
roles within our main universities.
Our alumni include some of the most important figures in the history of psychoanalysis, including Michael
Balint, Wilfred Bion, John Bowlby, Anna Freud, Melanie Klein, Joseph Sandler, Hannah Segal and Donald
Winnicott. Current members are also world renowned psychoanalysts at the forefront of psychoanalytic
practice and new outcome studies have recently emerged confirming the long-term effectiveness of this
treatment
Our Purpose
Our purpose is defined as 'lncreasing the knowledge of the branch of science known as psychoanalysis
including, but not limited to, training persons to practice psychoanalysis and psychoanalytic psychotherapy
and improving the treatment of psychological and mental health problems by the technique of
psychoanalysis"
We aim to develop our position as the leading centre of excellence in the UK in the provision of
psychoanalytic training, education, publication and clinical practice and to develop a professional
organisation for the furthering of psychoanalysis through diversity and debate.
To support the development of psychoanalytical knowledge as a general theory of mind.
To maintain and further the clinical and scientific standards of psychoanalysis.
To promote an internal culture where a diversity of psychoanalytic theories and techniques are valued
and can be debated with intellectual openness.
To train high quality psychoanalytic professionals in sufficient numbers to maintain and develop the
profession of psychoanalysis.
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2022 2021
Distinguished Fellows
Fellows
Members
Retired Distinguished Fellows
Retired Fellows
Retired Members
Candidates
New Entry Scheme Entrants
International Distinguished Fellows 2 2
Guests
Associates 2 2
Academic Associates
Clinical Associates
Honorary Fellows
Total 564 571
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During 2022 the composition of the membership has remained relatively constant with an increase
in Distinguished Fellows and Members. The increase in Distinguished Fellows was long overdue and
recognises the immense experience held in the Society.
Honorary Fellowship is awarded by the Board to an individual in recognition of an outstanding and unique
contribution to the wider tield of psychoanalysis. Current Honorary Fellows are Simon Russell Beale, Anish
Kapoor, Mervyn King, and Rowan Williams. This valued group also included Hilary Mantel who sadly died
in September 2022.
The BPAS now has 85 Training Analysts and a healthy capacity to provide psychoanalytic training and meet
its charitable aims. Additionally, the internal infrastructure of committees has been enhanced by the
implementation of a process by which newly qualified psychoanalysts become guests on committees and
can rotate across committees thereby both learning about and contributing to the workings of the Society.
This smooths the path of succession to subsequent committee positions
Communication with the whole membership is maintained through a monthly Bulletin in addition to
monthly letters from the President and newsletters from the Membership Officer highlighting events and
activities both within and outside of the Society. The Society is proud of the immense work of its staff and
its Members who devote their time, almost always on a voluntary basis, to further the activities and aims
of the BPAS.
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Governance
Governing Document
The BPAS is registered as a charity in England and Wales (charity number 2123301 and is constituted as a
company limited by guarantee. The Trustees are Directors of the Company. The Society is governed by its
Articles of Association120141.
The income and property of the Society IS Used towards the promotion and objects of the Society as set
out in the Articles of Association and no portion can be paid or transferred directly or indirectly by way of
dividend, bonus or otherwise by way of profit to the members of the society.
In line with the Articles of Association, the number of trustees that are remunerated for services they
carry out for the charity such as delivering seminars or giving consultations in the Clinic is limited to only a
minority of Trustees to benefit in any one accounting period. Remuneration of Board members requires the
express consent of the Board that it is in the best interests of the Society to approve this remuneration.
Recruitment and training of trustees
Under the Articles of Association, elerted members Ino more than twelve) and appointed members
Ino more than seven) serve on the Board of Trustees. The Board may also co-opt up to three additional
members at any one time. The Chair of the Board is the President of the Society who is elected by the
members.
All new Trustees receive a comprehensive induction from the CEO including a presentation covering
the legal governance responsibilities of Trustees. All Trustees receive the Charity Commission "Essential
Trustee" guide on their duties and responsibilities and are expected to attend external training on the
role of Trustees and governance during their term of office. They also receive a pack of briefing papers as
recommended by the Charity Commission and are asked to sign the Trustees, Conflict of Interest form and
to provide information for the Register of Interests.
Board and Committees
The Board is responsible for setting the overall strategic direction of the Society. Members of the Board
comprise the Trustees detailed on page 27. The President and all Trustees have a term of 3 years plus l.
The Board met monthly during 2022 (except April and August) as full Board meetings and termly for
Board study days. Board meetings continued to be held by zoom during 2022 to facilitate attendance from
regional Board members.
An Executive Committee is formed of the President, Vice President, Honorary Secretary, Honorary
Treasurer, Chair of Education and supported by the Chief Executive which meets weekly.
The Trustee body will delegate certain tasks to the Executive group with outcomes reported regularly to
Board meetings. Day to day management of the Society is the responsibility of the Chief Executive who is
accountable to the Board.
Staff
The key management personnel of the charity are the Chief Executive and other members ofthe Senior
Management Team. The staff team is currently 24 staff who are a mixture of full-time and part-time staff
that work flexibly. Since March 2020, the staff team have moved to working in a hybrid format, with most
Annual Report 2022
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Birdsong Key Engagement Indicators BPS 2021 BPS 2022
Total Agree
Score
The Chief and Leadership Team are 87% 88%
I feel I a difference 93% 88%
I am comfortable being myself at 93% 94%
My morale at is high 73% 71%
I feel appreciated here 87% 88%
I am proud to for this charity 87% 88%
I would recommend this charity as an employer 87% 94%
Engagement Index Score comparison: 87% 87%
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Annual Report 2022
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We invest in people.
we support everyone to develop
inclusive. and excel.
This means we: This means we:
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We listen:
we act with respect and integrity.
This means we:
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We are member-driven:
we are stronger in partnership.
This means we:
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The remuneration of the Chief Executive is set by the Board by benchmarking other similar organisations.
The Chief Executive has an annual appraisal conducted by the President and reported and discussed by the
Board.
Risk management
The Trustees have overall responsibility for managing the risks of the charity, ensuring that the risks
undertaken by the Society are fully understood and reflected in our practices and processes. This involves
identifying the types of risks facing the charity, prioritising them in terms of the potential impact and
likelihood of occurrence and identifying means of removing or mitigating the risks. The Society maintains a
risk register to facilitate management of these risks which is updated and reviewed by the Board quarterly.
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have
been adequately managed.
From 2023, the Finance Sub-committee of the Board will review the risk register quarterly and advise the
Board. The Board continues to receive the full risk register quarterly.
The principal risks and uncertainties are considered to be:
Key risks
Mitigations
i) Financial
Income streams fail to deliver sufficient funds to
allow an increased surplus for reinvestment in
growth and new activities.
Small surplus achieved in 2021 and 2022 and
forecast for 2023. Cost pressures related to
inflation and c05t of living, including staff pay
awards continue to put pressure on budgets.
Continued cost reduction programmes, for
example in facilities costs and energy review
taking place to reduce expenditure.
Growth in income streams (events and
consulting room rental) forecast
ii) Compliance
A health & safety failure or data protection breach
causes harm to an employee, member or visitor.
A Health & Safety audit was commissioned in
2022. from which the Health and Safety policy
and procedure5 have been updated. A fire risk
a55essment wa5 also undertaken and remedial
actions undertaken. A new Health & Safety
Committee was set up in 2022 to rnonitor and
implement actions. The Board receives an
annual report on Health & Safety and GDPR.
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Key risks
Mitigations
iii) Strategic and reputational
Reputational damage to the profession and the
Society.
Continued close scrutiny and oversight by the
Board and Executive across all areas of the
Society's activities.
Engagement with consultations on legislation
that affects the profession.
Close monitoring to ensure members
registration with BPC or other regulator.
iiii) Operational
Website project delivery
The new Website and CRM is scheduled to
go-live in July 2023. Whilst this project has
been delayed, it is forecast to remain within
the budget agreed by the Board. A Project
group chaired by the Iformerl Hon. Secretary
meets weekly to track and support progress
with the project.
Fundraising Statement
All donations and legacies are managed internally by trustees, staff andlor volunteers, without involvement
of commercial participators or professional fundraisers. or third parties. No complaints were received in
respect of fundraising activities.
Public benefit
Trustees have given due consideration to the Charity Commission's guidance on public benefit
when reviewing the Society's aims and objectives and in planning future activities and confirm that the
Society ha5 complied with it5 duty to have regard for the guidance on public benefit published by the
Charity Commission on exercising its powers and duties.
The publlc benefit of the Soclety Is dellvered through:
Training persons to practice psychoanalysis and psychoanalytic psychotherapy and improving the
treatment of psychological and mental health problems by the technique of psychoanalysis.
Through the provision of a low fee clinic open to members of the public who might benelit from
psychoanalytic treatment. Subsidised psychoanalytic consultations and psychoanalysis are available
with trainees which allows patients to have a psychoanalysis that would otherwise not be affordable.
Organisation of educational and training events for healthcare professionals in UK and abroad.
The Society also provides education directly to non-members through its outreach events (many of
which are subsidised for those on low incomes), foundation and post foundation courses and online
education.
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Publication of the leading international Journal of Psychoanalysis and through the New Library of
Psychoanalysis and Psychanalytic ideas books series.
Supporting and guiding Psychoanalysts through all stages of their career as members of the Society.
Contribution to national consultations including the National Institute for Clinical Excellence INICEI
guidelines on Depression and representations to the proposed Bill on Conversion Therapy
Collaboration with 10 Windsor Walk supports the development of psychoanalysis in South London and
fosters closer links with the NHS (Kings and Maudsley Hospitals)
The public benefit of the Society is also delivered through support and promotion of the work
of its members and through upholding professional standards. Members subscriptions form a significant
part of the Society's income and are used to support the activities for public benefi't. Whilst members
themselves receive some benefit, without its members the Society could not continue to pursue its
objectives, as they are responsible for the delivery of all of our education/training programmes. The
work of the Committees Ilisted on pages 27, 28 & 291 is primarily delivered through members giving
generously of their time to committees and to progress the activities of the society.
Through our collaboration on the Westminster centre for young people, we are able to support an
important contribution to our local community through the provision of psychoanalytically oriented
psychotherapy
The Board of Trustees, who are also the directors of the charitable company, officers, and key appointments
are listed on pages 30 & 31.
The BPAS Board presents its annual report for the year ended 31 December 2022 under the Companies
Act 2006. Together with the audited accounts for the year, and confirms that these comply with current
statutory requirements, the requirements of the charity's governing document and the provisions of the
Statement of Recommended Practice ISORPI 'Accounting and Reporting by Charities, issued in 2019. The
report is also a Directors, Report as required by Section 415 of the Companies Act 2006.
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Our Strategic Focus
This annual report sets out how we continued to deliver our charitable objects and our achievements and
challenges during 2022.
The Board has identified the following strategic aims to guide its work over the next few years..
To increase the impact of the Society in the UK and internationally, for the benefit of the public, by
Attrncting a larger number of
trainee psychoanalysts Wlthout
compromising the quality of
our training,.
Attracting a larger number of people,
for whom intensive analy515 would be
appropriate, into treatment with
Society members and candidates.,
Promoting psychoanalytic ideas,
and building strong links with other
disciplines,.
Promoting our international
profile..
Establishing a psychoanalytical
profession which encompasses different
trainings and skills. acknowledging other
therapeutic approaches and the research
relevant to our work,.
Puthng in place the organisational
Structures, the human and physical
infrastructure, 2nd cultLJre ch3nge to
support the above strategic aims.
This report sets out in more detail on pages 16-26, how these strategic objectives have been delivered this
year and developments for the future across the main areas of our work- Education, Clinic, Scientific life,
Outreach and Publications.
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Education activities
The Education Committee oversees all aspects of training and education, including admissions, curriculum
development and progression to Fellowship and application for Training Analyst. The New Entry Scheme
INESI works in co-ordination with the main training and the Regional Committee and on qualification, NES
candidate5 are elected to membership of the Society and thu5 become IPA members. The Library works
with Education and with Outreach to provide access to reading material5.
The child training is supported by a partnership with the Westminster Centre for Young People, a
collaboration between the Institute and the Brent Centre for Young People, to undertake therapeutic work
in the locality and from thi5 work to provide training cases for our child and adolescent training.
20
15
51
qualifications from
our main training
students in main training
applications
forour main
training
12
students in N ES training
land 2 affilates)
NES qualifications
10
Members
undergoing
Fellowship
New
Fellow5
students in child and
adolescent training
qualifications from
child and adolescent
training
86
47
students on the
Foundation course
psychoanalyst5 taught
on 32 evening teaching
courses15 and 10 weeks)
64%
60
of applicants for main
training attended the
Foundation or
Post-Foundation
39
students on the
Post-Foundation
course
Psychoanalysts led
clinical seminars
15 and 10 weeks)
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Significant activies during 2022
There has been a reduction in enquiries and
applications for our training this year, with 20
applications130 previous yearl. Only one applicant
has a medical background.
The Fellowship course for Members has been
extensively developed and there are now 38
members doing Fellowship.
The Open evening ran successfully in person at
end September 2022, 4 Follow on groups have
run in London and 2 regionally, to support the
progress of potential applicants from the initial
point of interest up to making first contact with
Admissions.
The Northern training continues to thrive and our
training organisation can now be regarded as a
well co-ordinated 2 Centre training which other
candidate5 in the Regions and many in the NES and
Scotland can link to. The Northern training had a
new intake of 5 candidates in 2022.
The Child & Adolescent training curriculum
has been thoroughly revised this year to not
just cover the main areas for study but to lit
consecutively with our Adult training curriculum
so that it follows on from it. The course is a three
year rolling model which members can join at
any point.
The Admissions Committee have been reviewing
the experience of accepted candidates for what
has helped them prepare for and benelit from
the training, which has resulted in a more open
approach to candidates with interviews and more
in-depth preliminary and feedback interviews to
help applicants.
The new clinic for children and adolescents,
the Westminster Centre for Young People
has received 102 referrals for interventions
including psychotherapy and family work and
ha5 offered 666 appointments. Procedures for
the assessment and transfer of selected training
cases for the child training are being finalized for
those trainees in London.
It has been a year of recovery post pandemic and
consolidation for teaching, with part online and part
in-person seminars. This pattern of teaching has
been augmented by more sustained weekend and
residential events together, including international
clinical teaching events. The impact of online
learning will be evaluated during 2023.
The curriculum continues to be reviewed and evolve
with new courses. including a course on assessment
and assessment of cases from our clinic under
supervision which integrates the Clinic more fully in
the training.
Criteria for BPC accreditation of our child
training have been drawn up and we plan to
seek BPC accreditation over the next year.
Consideration of support to the post-
qualification experience of members before and
after Fellowship has resulted in the organisation
of new clinical days and better dissemination of
information about clinical groups.
Expanding training in the Regions has developed
over the past year with structures for analytic
development of existing and new members
being developed, including with supporting CPD
requirements of regional members. 113 of all
candidates now live and work outside of London.
The Library remains central to Institute training
and outreach activities, maintaining links
with a range of academic and mental health
organisations.
Of candidates accepted for training in 2022,
64% had attended the Foundation and/or Post
Foundation Course throughout the UK, which is a
reduction on the previous year of 84%.
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,WELO
Il
Iiil
Looking to the future
l. A new intake for the Northern Training will
Commence in September 2024.
5. Opportunities to strengthen Foundation
Course links with UCL and Birkbeck will be
explored.
2. Plans for the development of a consecutive
integrated training will be progressed over the next
year
6. Consideration will be given as to how the
needs of international students can continue to
be met through the Foundation Course
3. Opportunities to develop Affiliate schemes in
other parts of the country will be explored. which
can foster regional/national developments in
training.
7. Proposals are being developed for a
modernisation of the Library in to a more up to
date and efficient bibliographic resource with
the primary function of supporting the teaching
and research of the Institute's candidates and
membership.
4. Further recruitment events in addition to
the Open evening are planned with a focus on
increasing the number of applications from doctors.
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The Clinic of Psychoanalysis
The Clinics offer psychoanalytic consultations to patients which may include referral for low fee, five times
weekly analysis by candidates. The Clinic works on the basis of a subsidised model whereby patients pay a
fee dependent on their financial means. The name of the Clinic was changed to The Clinic of the Institute of
Psychoanalysis to better recognize the regional training and the success of the Northern Clinic.
London Clinic
426
166
36
total
enquiries
telephone
appolntmentg
consultations
completed
22
11
patlent$ offered
5x weekly
analysis
P8
ien
commenclng
5x weekly
ysis
Northern Clinic
48
15
consultation$
completed
enquiries
appointments
patiènts offered
Sx weekly
analy$ls
commencing
5x weekly
analysi$
19
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Significant activies during 2022
The London clinic received 426 enquiries to the
consultation service over a 12 month period, of
which 166 went on to have a telephone triage,
which was established last year to help assess a
patients suitability for analysis.
A new Clinic Committee has been established
which brings together the London and Northern
services along with the Consultation Lead and
Education.
The Westminster Centre for Young People
has been established as a collaboration with
the Brent Centre for Young People to provide
psychoanalytically informed services. The service
accept referrals offers clinical services to the
community, with suitable cases referred to the
Child and Adolescent training committee.
The Clinic North received 48 enquiries, which
resulted in 15 triage calls and 4 consultations.
This resulted in 3 patients being offered a 5 times
a week analysis and 3 patients commencing with
a candidate in training.
Following the review of the Clinic undertaken by
the interim Clinic Management Group
during 2021, a new structure for the Clinic has
been implemented which reflects the complexity
of the role of the Clinic and its interface with the
training arm of the organisation.
Looklng to the future
l. The Clinic continues to review and improve
the processes for triage and consultation to
ensure that there is a good flow of patients
for trainees in the Clinic.
2. The Westminster Centre for Young People
collaboration will continue to be developed
with consultation assessments for possible
training cases being undertaken by the
service.
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Scientific life of the Society
The Scientilic Committee is responsible for organising Society Scientific Meetings, representing the
spectrum of affiliation and theoretical opinion within the Society. It organises bi-monthly Scientific
meetings, the Annual Research Lecture and the Norman Cohen Essay Prize, co-ordinates arrangements for
the Ernest Jones Lecture and is responsible through the Conference sub-committee for the biennial English
Speaking Weekend Conference. It acts as a facilitator for other scientific projects and encourages study
groups addressing specific psychoanalytic topics.
The Applied Section Committee is a sub-committee of the Scientific Committee and provides an important
opportunity for inter-disciplinary exchange between members of the Society and guests from different
backgrounds, which includes Foundation and Post-Foundation students, postgraduate students at UCL and
Birkbeck, through their programme of meetings with speakers from a variety of disciplines.
Slgnlflcant actlvles durlng 2022
The Scientific and Applied Section programmes
remained largely online during 2022 due to issues
with the unavailability of the lecture theatre until
Autumn 2022, following the flood in July 2021.
of our Members, Edna O'shaunessy. This was
attended by 294 colleagues, friends and family
The Annual research lecture wa5 given by Dr
Howard Levine from the B05ton Psychoanalytic
Institute.
Both programmes are now usually offered as
hybrid meetings, allowing wider attendance from
regional and international members.
In collaboration with the Publication5
Committee, three writing groups for members
and guests were organised in the Autumn of
2022, to support people keen to develop their
psychoanalytic writing.
12 Scientific meetings were organised across the
year, which included presentations from societies
abroad.
A special meeting was organised in November
2022 to remember the life and work of one
The Applied Section held eight meetings during
the year, exploring diverse topics from Dante's
Comedy, Samuel Beckett, p5ychosomatics and art.
Looklng to the future
l. The Norman Cohen writing prize,
commemorating his life and psychoanalytic
contribution will be awarded in summer term
2023.
3. The James Mackeith memorial lecture will be
given in May 2023 by Conor Gearty. on "States
of denial.. how democratic society manages to
square its liberal values with the "war on terror"
2. The biennial Internal Conference will take place
in July 2023 on "The Ego and the Id: 100 years"
for a sharing of views to mark the centenary of
Freud's paper.
4. The Ernest Jones lecture will be given by
Anthonyjulius in June 2023, examining'can
psychoanalysis help us address free speech
controversies"
Annual Report 2022
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97 10 6975
Individual Series Tickets
Events Events Booked
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Our taster evening from the Therapeutic
Relationships in Mental Health in July 2022, on
burnout in the workplace attracted a maximum
capacity of 1000 attendees online.
The European Film Festival now in its Ilth season,
ran in November 2022 The interdisciplinary
dialogue between psychoanalysis and the cinema
that has been established through this Festival
continued on the theme of "Hope" conceived in
the midst ofthe pandemic.
The ticket price for our mental health events has
once again been kept low to foster the Institute's
engagement with mental health and to make
them acce55ible for mental health professionals
with low incomes.
A 3rd term of Maudsley lectures was introduced
in Summer 2022 on the theme, "The Arts and
Psychoanalysis" which included lectures and a
piano recital.
In May 2022, 3 play "Marooned" about suicide
by Michael Gray Griffith was filmed and screened
with discussion. It was also Shown at a teaching
event.
A new series of monthly child analysis clinical
seminars were established in the spring term with
a wide range of presentations.
Society, Politics and Culture events were
organised across the year with a new series
of The Forum- Psychoanalysts in Dialogue and
an event in collaboration with the Centre for
Philosophy and Visual Arts ICPVAI at Kings
College, "Questioning the Obvious"
The Society's archives continue to
be an important source of research to members,
scholars, researchers and students wishing to
engage with our collections.
The migration of the archive catalogue to a new
fully web based catalogue has been completed,
with almost 150,000 separate pieces of data
from our 46 collections being mapped to the new
system. The new system will allow digital objects
such as photographs and scanned documents to
be added online, which will improve the online
search experience.
Our events continued to run regionally with a
collaboration with the Leeds Film School at Leeds
Beckett University on Psychoanalysis and Culture.
IF.JI.
.IqK IfiiT .
23
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Looking to the future
l. New events on mental health are being
developed for 2023, including further events
on suicide and plans for wider distribution
and discussion of the tilm 'Marooned"
4. Following previous successful poetry
competitions and events, a one day conference
on poetry is being planned for 2024, with a
possible publication of selected poems as an
anthologv.
2. The theme of Arts and Psychoanalysis
will continue in to the Summer term of
the Maudsley lectures across architecture,
literature and art
5. The Freud Museum in Vienna hosted an
important exhibition on Viennese psychoanalysts
in exile from 1938 and beyond, in 2021 using
material from our archives and we are delighted
to learn that the exhibition is due to transfer to
the Austen Riggs Centre in Massachusetts, USA.
3. New events in the "Dialogues" series are
planned on music and on palliative care and
assisted dying.
11
24
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Publications
The Society's publications remain central to the academic life of the Society as well as having a key role in
maintaining the Society, standing in the international psychoanalytic community. The Society publishes
the International Journal of Psychoanalysis, a fully peer reviewed Journal six times a year. The Journal
continues to foster cross-cultural dialogue, with papers submitted in six languages from across the world
and remains the foremost international vehicle for the exchange of psychoanalytic ideas. The Society also
publishes around six new books a year as part of our renowned New Library of Psychoanalysis series and
The Psychoanalytic Ideas book series.
LY£V-tsV&
Signiflcant activles during 2022
l. The International Journal of Psychoanalysis is
a vehicle for opening up conversations between
diverse theoretical and geographical areas of
psychoanalysis. During 2022, International zoom
study meetings were launched with analysts
thinking and talking about the prime issues facing
psychoanalysis today.
4. A new Programme of NLP webinars launched
last year has continued to attract significant
online audience5 and interest.
5. Work continues to complete the copy-editing
and typesethng of all 24 Volumes of the Revised
Edition of The Complete Psychological works of
Sigmund Freud, with a planned publication date
in late 2024, with international launch events in
USA and UK being planned.
2. The Journal's subscriber base has significantly
increased over the past year with nearly 5,000
subscribers in psychoanalytic societies.
3. NLP published 3 books with 4 more out
for review and 3 volumes in preparation for
Psychoanalytic Ideas series.
25
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Looklng to the future
l. A new IJP Open will be launched during
2023 with a revamped site for increased
interactivity for authors and reviewers to
respond to each other and for psychoanalytic
readers to add their expertise to the review
process.
3. Plans will be developed for the publication
of the Revised Standard Edition in late 2023
with launch events in London, New York and
a special issue of the International Journal of
Psychoanalysis in January 2024.
4. Consideration is being given to a secondary
publication series to the Revised Standard
Edition.
2. The new series of New Library of
Psychoanalysis webinars which commenced
in 2021 in collaboration with Outreach are
planned to continue to develop in 2022.
Annual Report 2022
**Dr Vic Sedlak**
**Mr Michael Mercer**
**Dr Avi Shmueli**
**Ms Helen BrindLey**
**Ms Louise Lyon**
**Mr Leon Kleimberg**
**Mrs Anat Gedulter-Trieman**
**Dr Sarah Robertson**
**Mr Alonso Gonsalez**
**Mr Carlos Fishman**
**Mr Denis Flynn**
**Dr Brian O’Neill**
**Mr Fakhry Davids**
**Dr Wilhelm Skogstad**
**Mrs Penelope Garvey**
**Mrs Anne Amos**
**Ms Caroline Langley**
Annual Report 2022
**Mrs Susan Loden**
**Dr Anna Streeruwitz**
**Dr Heather Wood**
**Dr Dana Birksted-Breen**
**Mr Francis Grier**
**Dr Vic Sedlak**
**Ms Louise Lyon**
**Ms Caroline Langley**
**Mr Roger Press**
**Mr Peter Richardson**
**Ms Louise Lyon**
**Mr Stephen Morrall**
**Mr Neil Loden**
**Ms Elizabeth Coates Thümmel**
**Ms Ruth McCall**
**Ms Caroline Langley**
**Mr Graeme Newton**
**Mr David Norgrove**
**Dr Sarah Robertson**
**Dr Vic Sedlak**
**Dr Brian O’Neill**
**Mr Fakhry Davids**
**Dr David Bell**
Annual Report 2022
**Mr Denis Flynn**
**Dr Ana Paulina Sauma**
**Dr Maxim Sauma**
**Ms Rachel Chaplin**
**Ms Megan Virtue**
**Mrs Rosemary Davies**
**Ms Geraldine Shipton**
**Dr Elizabeth Gibb**
**Ms Isabel Hernandez-Halton**
**Dr Sergei Grachev**
**Mr Alex Read**
**Dr Wilhelm Skogstad**
**Ms Penelope Garvey**
**Mrs Anne Amos**
**Dr Heather Wood**
The British Psychoanalybcal Society IINcorporating the Institute of Psychoallalysisl
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Reference and administrative information
Full name ofthe charity:
The British Psychoanalytical Society
(incorporating The Institute of Psychoanalysis)
Address of the Principal office of the
charity and registered office:
Byron House
112a Shirland Road
London
W9 2BT
Charity Registration Number=
212330
Company Registration Number..
00200962
Bankers..
C.Hoare
32 Lowndes Street
London
SWI X9HZ
Charities Aid Foundation ICAFI
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4TA
Solicitors
Charity, Employment and Ethics:
Bateswells
10 Queen Street Place
London
EC4R IBE
Bevan Brittan (since March 20231
Fleet Place House
2 Fleet Place,
London
EC4M 7RF
30
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Solicitors
Property..
Eversheds
Sutherland
I Wood Street London
EC2V 7WS
Bevan Brittan (since March 20231
Fleet Place House
2 Fleet Place,
London
EC4M 7RF
Solicitors
Publications:
Penningtons Manches Cooper
125 Wood Street
London
EC2V 7AW
Auditors-
Haysmacintyre LLP
10 Queen Street Place
London
EC4R IAG
Advisors -
Investments..
Sarasin & Partners LLP
Juxon House
100 St Paul's Churchyard
London
EC4M 8BU
Advisors
In5urance-
Bartlett & Company Ltd
Broadway Hall
Horsforth
Leeds
LS18 4RS
31
Annual Report 2022
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Journal Training Clinic Clinic PEP
and
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Training
library
**----- End of picture text -----**
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Flnanclal Hlghllghts for 2022
The Society's income for the year was £2,137,89112021'. £2,483,169). The previous year included £242,878
of insurance proceeds after the Byron House flood which occurred in July 2021. Expenditure for the year
was £2,101,89112021.' £2,061,698). The previous year includes a £242,878 impairment on our Byron House
basement property, the repair work for which was completed in July 2022. The deficit for the year ended
31 December 2022 was £648,32512021: £784,667 surplus) of which £684,50212021: £363,196 surplus)
was attributable to losses on stock exchange investments. The Society's operating surplus of £36,17712021:
£109,825) before the investment surplus was slightly behind the amount anticipated by the annual budget
setknng process.
At 31 December 2022, the Society's reserves are made up of £4,466,48412021: £4,264,982) of general
funds, £180,00012021'. £180,000) held in a revaluation reserve, £32,52312021'. £282,539) of designated
funds and £4,996,10412021: £5,595,915) of restricted funds. General funds include £3,845,48412021:
£3,635,5861 of Tangible Fixed Assets which, once excluded, leaves free reserves of £621,000
12021.. £629,396).
Sources of fundlng
The principal sources of funding for the Society are annual membership subscriptions. journal subscription
income and investment income. Annual membership subscription rates are reviewed and set by the
Board each year and the Society's element of the total amount collected represents 17% of income from
charitable activities12021'. 17%). This is a stable source of income. Subscriptions to the International
Journal of Psychoanalysis represented 230h of income from charitable activities12021'. 240AI. This source
of income is relatively stable but remains vulnerable to a general decline in sales of all academic journals.
Investment income fluctuates with the market and 2022 saw a stable performance despite the difficult
market conditions.
Investment Policy
In accordance with the Trustee Act 2000 an investment policy statement was developed and approved by
the Board on 28 August 2010. All General and Restricted Funds are managed on a pooled basis by Sarasin
& Partners on behalf of the Society. Quarterly reports are received by the trustees from Sarasin. In addition
to the annual presentation to investors in the fund, a one to one meeting is held with the investment sub-
committee twice a year. More frequent meetings are held if required.
The investment objective of the fund is to achieve long-term capital and income growth, providing
sufficient income to support today's beneficiaries whilst still seeking real growth in capital to meet the
future needs of the charity. Consequently, funds are invested across a range of asset classes with a strong
bias to 'real" assets such as equities.
The investments are held in the Sarasin Climate Active Endowments Fund, as follows..
No investment in companies with 5% or more of their turnover involved in the mining of thermal coal or
tar sands.
Following engagement, no investment in companies that needlessly emit significant quantities of
carbon into the atmosphere, or which do not take seriously the transition to a low carbon economy.
Zero tolerance on tobacco production and manufacturing of tobacco related product5.
33
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No investment in companies that generate significant turnover from the manufacture of arms, alcohol,
gambling or pornography.
During the year the Society incurred a loss on investments of £684,50212021: £363,196 surplus) due to
difficult market conditions with investment performance for the year resulting in a 10.9% loss, compared to
the benchmark loss of 6.9°A.
Policy on reserves
The Board reviewed the reserves policy in December 2021 when it was decided that the level of free
reserves should remain within the range £600,000 to £800,000. This was based on a number of factors..
Commitments. The nature of the business is such that publishing, clinical and educational obligations
are entered into for a considerable number of years ahead and short term reductions in expenditure are
difficult to implement.
b. Fundraising. Since the Society does not raise funds through fundraising activities, the ability to meet the
objects of the charities lincluding the restricted funds) on a continuing basis means that capital has to be
preserved to provide the funding resources
c. Contingencies. Reserves are required sufficient to meet unforeseen expenditure, for example in relation
to maintenance of the building or an unforeseen legal dispute. Free reserves are required to avoid the
necessity of realising fixed assets, which are held for the charity's long term use and essential for its
functioning.
d. Project funding. To linance large projects and avoid borrowing for projects the income from which is not
expected to be received for some years.
Free reserves after allowing for Designated Funds decreased slightly to £621,000 at the end of 202212021:
£629,396). This was made up of invested general funds of £426,82812021.. £406,803) and net current
assets of £194,17212021= £222.5941. The free reserves are monitored carefully to achieve the level set by
the Board.
The current free reserves are £621,000 which is within the range set by the board at it most recent review.
Designated Funds at the end of 2022 were £32,52312021: £282,539). The Byron House Reinstatement Fund
was fully utilised in 2022 to fund the reinstatement of Byron House after the basement flood in July 2021
and amounted to £242,878 at 31st December 2021. Designated Funds are constantly under review and will
be returned to general funds where appropriate.
Trustees Responsibilities
The trustees, who are also directors of the charitable company, are responsible for preparing their report
and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law
the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl.
The financial statements are required by law to give a true and fair view of the state of the affairs of the
charitable company and of the surplus or deficit for that period. In preparing these financial statements the
trustees are required to..
34
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Select suitable accounting policies and apply them consistently.
Observe methods and principles in the Charities SORP.
Make judgements and estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements.
Prepare the financial statements on the going concern basis unless it is inappropriate to assume that
the charitable company will continue in operation.
The Trustees are responsible for the maintenance and integrity of the corporate and financial
information included on the charitable company's website.
The trustees are also responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charitable company and 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.
Statement of Dlsclosure to the Audltor
So far as the Board of Trustees are aware:
There is no relevant audit information of which the Charity's auditors are unaware.. and
They have taken all steps that they ought to have taken as Trustees and in order to make themselves
aware of any relevant audit information and to establish that the Charity's auditors are aware of that
information.
The auditors. Haysmacintyre LLP have expressed their willingness to continue in office and a resolution
to appoint them will be proposed at the annual general meeting in accordance with section 485 of the
Companies Act 2006.
This report has been prepared in accordance with the special provisions for small companies
under Part 15 of the Companies Art 2006.
By order of the Board
I/iG SGd/a%
Dr Vic Sedlak
President
Date.. 3 July 2023
3S
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Independent auditor's report to the members of The British
Psychoanalytical Society (Incorporating the Institute of
Psychoanalysis)
Opinion
We have audited the financial statements of the British Psychoanalytical Society for the year ended 31
December 2022 which comprise the Statement of Financi31 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, including Financial Reporting Standard 102 The Financial Reporting
Standard applicable in the U K and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
In our opinion, the linancial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of
the charitable company's net movement in funds, including the income and expenditure, for the year
then ended;
have been properly 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 accordance with International Standards on Auditing IUKI IISAS IUKII
and applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of
the charity 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 linancial statements, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability
to continue as a going concern for a period of at least twelve months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in
the relevant sections of this report.
The British Psychoanalybcal Society IINcorporating the Institute of Psychoallalysisl
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other information
The trustees are responsible for the other information. The other information comprises the information
included in the Trustees. Annual Report. 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 there is a material misstatement in the financial statements or a material misstatement of
the other information. 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.
Opinions on other matters 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, Annual Report (which includes the strategic report and the
directors. report prepared for the purposes of company lawl for the financial year for which the
financial statements are prepared is consistent with the tinancial statements,. and
the strategic report and the directors, report included within the Trustees, Annual Report have been
prepared in accordance with applicable legal requirements.
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 Trustees, Annual Report
(which incorporates the strategic report and the directors, report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires US to report to you if, in our opinion..
adequate accounting records have not been kept by the charitable company; or
the charitable company financial statements are not in agreement with the accounting records and
returns; or
certain disclosures of trustees, remuneration specilied by law are not made,. or
we have not received all the information and explanations we require for our audit
Responsibilities of trustees for the financial statements
As explained more fully in the trustees. responsibilities statement on page 34, the trustees Iwho are
also the directors of the charitable company for the purposes of company lawl 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.
37
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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.
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 misstatement, whether due to fraud or error, and to 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 to 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, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below:
Based on our understanding of the charitable company and the environment in which it operates, we
identified that the principal risks of non-compliance with laws and regulations related to regulatory
requirements for GDPR, Charities Act 2011 and Companies Att 2006 and we considered the extent to
which non-compliance might have a material effect on the financial statements. We also considered those
laws and regulations that have a direct impact on the preparation of the financial statements such as the
Companies Act 2006, the Charities Act 2011, income tax and payroll tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
statements lincluding the risk of override of controlsl, and determined that the principal risks were related
to posting inappropriate journal entries to revenue and management bias in accounting estimates and
application of controls around authorisation of expenditure and payments. Audit procedures performed by
the engagement team included..
In5pectin8 correspondence with regulators and tax authoritie5;
Discussions with management including consideration of known or suspected instances of non-
compliance with laws and regulation and fraud;
Evaluating management's controls designed to prevent and detect irregularities-
Identifying and testing journals, in particular journal entries posted with unusual account
combinations, postings by unusual users or with unusual descriptions,. and
Challenging assumptions and judgements made by management in their critical accounting
estimates
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.
38
Annual Report 2022
**Kathryn Burton (Senior Statutory Auditor)**
5th July 2023
Annual Report 2022
|**Unrestricted**
**Note**
**Funds**
**Income from:**
**£**
Donations and legacies
381,940
Charitable activities
3
1,450,633
Investments
67,103
Other
127,224
**Total income**
**2,026,900**
**Expenditure on:**
Raising funds
1,383
Charitable expenditure
4
2,036,172
Fixed asset impairment
-
**Total expenditure**
**2,037,555**
**Net income/(loss) before investment gains/(losses)**
(10,655)
**Net gains/(losses) on investments**
Net gain/(loss) on listed investments
7
(37,859)
Net gain/(loss) on investment land
7
-
**Total gains/(losses) on investments**
(37,859)
**Net movement in funds**
(48,514)
Fund balances brought forward at 1 January 2022
4,727,521
**Fund balances carried forward at 31 December 2022**
**4,679,007**|**Restricted**
**Funds**
**£**
19,437
-
91,554
-
**110,991**
30,928
33,231
-
**64,159**
46,832
(646,643)
-
(646,643)
(599,811)
5,595,915
**4,996,104**|**Total**
**2022**
**£**
401,377
1,450,633
158,657
127,224
**2,137,891**
32,311
2,069,403
-
**2,101,714**
36,177
(684,502)
-
(684,502)
(648,325)
10,323,436
**9,675,111**|**Total**
**2021**
**£**
635,128
1,398,120
163,757
286,164
**2,483,169**
32,705
1,786,115
242,878
**2,061,698**
421,471
363,196
-
363,196
784,667
9,538,769
**10,323,436**|
|---|---|---|---|
All activities in 2020 and 2021 related to continuing operations and no other gains or losses are to be reported.
The accompanying notes form part of these financial statements.
Annual Report 2022
**----- Start of picture text -----**
Note 2022 2022 2021 2021
£ £ £ £
Fixed assets
Tangible assets 6 3,845,484 3,635,586
Intangible fixed assets 6a 48,748 -
Investments 7 4,837,302 5,521,804
8,731,534 9,157,390
Current assets
Debtors 9 855,588 1,008,680
Cash at bank and on deposit 15 630,584 499,114
1,486,172 1,507,794
Creditors: amounts falling due within one year 10 (542,595) (341,748)
Net current assets 943,577 1,166,046
Total assets less current liabilities 9,675,111 10,323,436
Funds
Unrestricted Funds:
General Fund 4,466,484 4,264,982
Designated Funds 11 32,523 282,539
Revaluation Reserve 180,000 180,000
4,679,007 4,727,521
Restricted Funds: 12 4,996,104 5,595,915
Total Funds 9,675,111 10,323,436
These financial statements were approved by the Board and authorised for issue on : 03 July 2023
**----- End of picture text -----**
Dr Vic Sedlak Dr Sarah Robertson **President Vice President**
_The accompanying notes form part of these financial statements._
Annual Report 2022
|**Note**
**Cash flows from operating activities**
14
**Cash flows from investing activities**
Dividends and interest
Proceeds from sale of investments
Purchase of investments
Purchase of property, plant and equipment
**Net cash flows from investing activities**
**Cash and cash equivalents at 1 January**
13
**Cash and cash equivalents at 31 December**
15
**Net Debt Reconciliation**
**At 1st**
**January**
**2022**
**£**
**2021**
Cash at bank and in hand
499,114
Bank overdraft
-
**Net debt**
**499,114**
**At 1st**
**January**
**2021**
**£**
**2020**
Cash at bank and in hand
282,091
Bank overdraft
(125,213)
**Net debt**
**156,878**|-
**Cashflows**
**£**
131,470
-
**131,470**
**Cashflows**
**£**
217,023
125,213
**342,236**|**2022**
**£**
354,516
158,657
-
-
(381,703)
(223,046)
499,114
**630,584**
**Other**
**Non-cash**
**Changes**
**£**
-
-
**-**
**Other**
**Non-cash**
**Changes**
**£**
-
-
**-**|**2021**
**£**
263,910
163,757
-
(2,072)
(83,359)
78,326
156,878
**499,114**
**At 31st**
**December**
**2022**
**£**
630,584
-
**630,584**
**At 31st**
**December**
**2021**
**£**
499,114
-
**499,114**|
|---|---|---|---|
_The accompanying notes form part of these financial statements._
Annual Report 2022
## **1 Accounting policies**
## _Basis of preparation_
The financial statements have been prepared in accordance with 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) �(Charities SORP 2015 (Second Edition, effective 1 January 2019)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## _Going Concern_
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the Charity�s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.
The Trustees do not forsee any material uncertainties arising from Covid-19.The Trustees do not foresee any material uncertainties about the Charity’s ability to continue as a going concern.
## _Income Recognition_
Income is recognised when the Charity has entitlement to the funds, performance conditions are met where relevant, and it is probable that the income will be received and can be measured with sufficient reliability.
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. Membership subscription income is recognised in the year to which it relates, net of the cost of enrolling members with the third party organisations that form part of their subscription.
Journal subscription income is accounted for in the year within which the date of the publication falls. Amounts invoiced or received in the year, relating to publications for future periods, are deferred.
Event based income is recognised on the date of the event - income and expenditure related to the event is accounted for in the year in which the date of the event occurs. Deposits received, or costs incurred, by the balance sheet date for events for a future year are deferred.
Legacy income is recognised when the charity becomes aware of entitlement through notification from the executor, grant of probate has occurred and any conditions attached to the legacy are within the control of the charity.
## _Expenditure_
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and that the amount of the obligation can be reliably measured. Charitable expenditure includes all costs relating to the furtherance of the charitable objectives. Governance costs include those incurred in the governance of the charity and its assets, and are primarily associated with constitutional and statutory requirements. Support costs not directly related to a particular activity and governance costs are allocated between charitable activities on the following bases:
Property occupation costs: Support and governance costs: Depreciation:
by floor space by staff time by floor space
Annual Report 2022
## **1 Accounting policies (continued)**
## _Tangible fixed assets_
Tangible fixed assets are shown at cost less accumulated depreciation and any provisions arising from impairment of the value of the assets. Depreciation is provided to write off the cost, less estimated residual values, of fixed assets, over their expected useful lives calculated at the following rates:
- Freehold and long leasehold buildings 2% per annum on the straight line basis - Building Development 2% or 5% per annum on the straight line basis, determined by the expected life of each asset - Computers, furniture and fittings 25% per annum on the straight line basis - Library 2% per annum on the straight line basis Archives - 2% per annum on the straight line basis
The element of property values attributable to land is not depreciated.
## _Restricted Funds_
Income received for purposes specified by the donor are shown as Restricted Funds in the statement of financial activities. Expenditure consistent with the specified purpose of the fund is applied to the relevant fund. Any unexpended amount at the balance sheet date is carried forward within restricted funds.
## _Designated Funds_
The Trustees, at their discretion, may set aside funds to cover specific future costs. Such funds are shown as designated funds within General funds. Where the Trustees decide such funds are no longer required for the purposes intended, they may be released by transfer to general funds.
## _Investments_
Investments in listed securities are shown in the balance sheet at their market value on the balance sheet date. Investment income, realised gains and losses and unrealised gains and losses arising on revaluation are attributed to the fund for which the investments are held. Investment land is carried at fair value determined regularly by an external valuer and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. The aggregate surplus or deficit arising on revaluation is transferred to the revaluation reserve except where a deficit is deemed to represent a permanent diminution in value, in which case it is charged to the income and expenditure account.
## _Financial Instruments_
The Society has elected to apply the provisions of Section 11 �Basic Financial Instruments�and Section 12 �Other Financial Instruments Issues�of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102.
## _Debtors_
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. With the exception of training loans (detailed in note 9) all debtors and creditors are payable within normal business terms and none are due beyond 12 months of the invoice date. Other debtors and training loans are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Annual Report 2022
## **1 Accounting policies (continued)**
## _Financial assets_
Financial assets, other than investments, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
## _Financial liabilities_
Financial liabilities are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.
## _Foreign currency_
Transactions undertaken in foreign currencies are translated to sterling at an average rate for the year. Balances denominated in foreign currencies are translated at the closing rate. All foreign currency differences are applied to the balance of the General Fund.
## _Joint Venture Accounting_
An entity is treated as a joint venture where the Society is party to a contractual agreement with one or more external parties to undertake an economic activity that is subject to joint control. In these accounts the Society�s interests in joint ventures are accounted for at cost less any provision for impairment.
## _Pension schemes_
Once employees have progressed beyond their probationary period the Society makes contributions on behalf of them to either a personal stakeholder scheme with Standard Life or, subject to the Society�s approval, another defined contribution scheme nominated by the employee. The costs of the employer contributions are expensed immediately as with other payroll costs.
## **2 Judgements in applying accounting policies and key sources of estimation uncertainty**
In preparing these financial statements, the Trustees have made the following judgements:
- Determine whether there are indicators of impairment of the Charity's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
## _Other key sources of estimation uncertainty_
- Tangible fixed assets, other than investment land, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
- Listed investments are valued at the quoted bid price at the reporting date.
- Investment land is professionally valued using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
Annual Report 2022
## **3 Income from Charitable Activities - Unrestricted Funds**
|Publishing income
Membership income
Clinic
Scientific
Education
Outreach
Online Education
Designated fund income
Other charitable income
Total income from charitable activities|2022
£
483,305
248,173
96,053
2,620
252,511
367,951
-
-
20
1,450,633|2021
£
498,974
234,748
93,737
30,385
278,571
201,702
59,516
237
250
1,398,120|
|---|---|---|
Membership income is shown net of the cost of enrolment of members in other third party organisations of £157,162 (2020: £126,712), which is part of their subscription entitlement. The Institute collects the enrolment fee from members with their subscription, and pays it over directly to the third party organisations. This has no impact on the net movement in funds.
Annual Report 2022
## **4 Charitable Expenditure**
|Publishing
Membership Subscriptions
Clinic
Scientific
Education
Outreach
Online Education
Library
Archives
Other charitable activities
**Total charitable expenditure**
Publishing
Membership Subscriptions
Clinic
Scientific
Education
Outreach
Online Education
Library
Archives
Other charitable activities
**Total charitable expenditure**|**Staff costs**
**2022**
£
141,303
-
151,895
-
95,980
152,645
-
56,714
26,629
-
**625,166**
**Staff costs**
**2021**
£
149,678
-
119,977
-
90,964
116,183
30,628
52,548
26,490
-
**586,468**|**Other direct**
**costs**
**2022**
£
259,674
39,166
14,598
-
64,320
87,823
-
2,783
3,989
23,465
**495,818**
**Other direct**
**costs**
**2021**
£
235,281
574
39,613
406
48,378
32,670
4,333
3,126
1,559
-
**365,940**|**Support and**
**governance**
**costs**
**2022**
£
170,244
37,756
290,083
54,662
167,665
66,719
53,770
77,107
25,391
5,022
**948,419**
**Support and**
**governance**
**costs**
**2021**
£
157,014
31,425
245,786
47,639
147,134
60,912
49,281
67,171
22,720
4,625
**833,706**|**Total**
**2022**
£
571,221
76,922
456,576
54,662
327,965
307,187
53,770
136,604
56,009
28,487
**2,069,403**
**Total**
**2021**
£
541,973
31,999
405,376
48,045
286,476
209,765
84,242
122,845
50,769
4,625
**1,786,115**|
|---|---|---|---|---|
Annual Report 2022
## **4 Charitable Expenditure (continued)**
Analysis of support costs
|**022**
Charitable activities
Governance
**Total charitable expenditure**
**021**
Charitable activities
Governance
**Total charitable expenditure**|**Governance**
**Costs**
**£**
131,104
(131,104)
**-**
**Governance**
**Costs**
**£**
142,623
(142,623)
**-**|**Finance**
**Costs**
**£**
132,395
61,298
**193,693**
**Finance**
**Costs**
**£**
132,571
57,202
**189,773**|**CEO**
**Costs**
**£**
125,289
50,342
**175,631**
**CEO**
**Costs**
**£**
118,992
75,734
**194,726**|**Facilities**
**Costs**
**£**
559,631
19,464
**579,095**
**Facilities**
**Costs**
**£**
439,520
9,687
**449,207**|**Total**
**2022**
**£**
**948,419**
**-**
**948,419**
**Total**
**2021**
**£**
**833,706**
**-**
**833,706**|
|---|---|---|---|---|---|
Support costs have been allocated on the basis of estmiated use.
Governance costs are as follows:
|Staff costs
Audit costs
Cost of AGM
Board meetings
Legal and professional
Other costs|**2022**
**£**
8
,
1
,
-
,
,
-
**1**
**,**|**2021**
**£**
87,465
16,775
-
1,635
36,748
-
**142,623**|
|---|---|---|
Annual Report 2022
## **4 Charitable Expenditure (continued)**
The split of charitable expenditure between general and restricted funds is as follows:
|**2022**
Publishing
Membership Subscriptions
Clinic
Scientific
Education
Outreach
Online Education
Library
Archives
Other charitable activities
**Total charitable expenditure**
**2021**
Publishing
Membership Subscriptions
Clinic
Scientific
Education
Outreach
Online Education
Library
Archives
Other charitable activities
**Total charitable expenditure**|**Unrestricted**
**Funds**
**£**
571,221
76,922
456,518
54,662
311,542
307,176
53,770
136,604
55,998
11,759
**2,036,172**
**Unrestricted**
**Funds**
**£**
541,973
31,999
405,321
48,045
307,390
209,751
84,242
122,845
50,755
4,625
**1,806,946**|**Restricted**
**Funds**
**£**
58
16,423
11
11
16,728
**33,231**
**Restricted**
**Funds**
**£**
55
(20,914)
14
14
**(20,831)**|**Total**
**2022**
**£**
**571,221**
**76,922**
**456,576**
**54,662**
**327,965**
**307,187**
**53,770**
**136,604**
**56,009**
**28,487**
**2,069,403**
**Total**
**2021**
**£**
**541,973**
**31,999**
**405,376**
**48,045**
**286,476**
**209,765**
**84,242**
**122,845**
**50,769**
**4,625**
**1,786,115**|
|---|---|---|---|
Annual Report 2022
## **5 Staff Costs**
|Salaries
Social security costs
Pension costs
**Total staff costs**
Staff costs are allocated as follows:
Charitable activities
Central and Support activities
Governance costs
**Total staff costs**
The average number of people employed during the year was:
Employees receiving emoluments in excess of £60,000 p.a. during the year
The following number of employees earned emoluments within the bands shown below:
- £61,000 to £70,000
- £81,000 to £90,000
- £91,000 to £100,000|2022
£
877,231
79,055
87,159
**1,043,445**
2022
£
705,692
253,315
84,438
**1,043,445**
2022
22
2
-
1|2021
£
834,536
73,090
79,745
**987,371**
2021
£
637,512
262,395
87,465
**987,372**
2021
23
2
1
1
-|
|---|---|---|
The key management personnel of the Charity is the Chief Executive. Their employee benefits totalled £116,469 (2021 - £105,157). This included contributions in the year for the purpose of money purchase pension benefits of £10,594 (2021 - £10,427).
No members of staff were made redundant during 2022 (2021: two), the costs of redundancy are included in staff costs. The total costs of redundancy were £nil (2021: £nil). These were all paid during the year.
Annual Report 2022
## **6 Tangible Fixed Assets**
|**2022**
**Cost or valuation**
At 1 January 2022
Additions during the year
Transfer during the year
Written off during the year
As at 31 December 2022
Less:
**Depreciation**
At 1 January 2022
Charge for the year
Transfer during the year
Written off during the year
As at 31 December 2022
**Net book value**
As at 1 January 2022
As at 31 December 2022
**6**
**Tangible Fixed Assets**
**2021**
**Cost or valuation**
At 1 January 2021
Additions during the year
Written off during the year
As at 31 December 2021
Less:
**Depreciation**
At 1 January 2021
Charge for the year
Written off during the year
As at 31 December 2021
**Net book value**
At 1 January 2021
As at 31 December 2021|**Freehold property**
**Long**
**leasehold**
**property**
**Property**
**improvement**
**Computers,**
**furniture and**
**fittings**
**Library**
**Archives**
**Total**
£
£
£
£
£
£
£
3,302,055
900,972
216,435
124,423
852,257
122,022
**5,518,164**
-
-
272,001
71,594
-
-
**343,595**
(397,145)
-
397,145
(10,640)
-
-
**(10,640)**
-
-
-
(59,629)
-
-
**(59,629)**
2,904,910
900,972
885,581
125,748
852,257
122,022
**5,791,490**
985,719
291,976
122,875
69,407
355,873
56,728
**1,882,578**
43,098
13,019
25,821
21,634
17,045
2,440
**123,057**
(37,048)
-
37,048
-
-
-
**-**
-
-
-
(59,629)
-
-
**(59,629)**
991,769
304,995
185,744
31,412
372,918
59,168
**1,946,006**
2,316,336
608,996
93,560
55,016
496,384
65,294
**3,635,586**
**1,913,141**
**595,977**
**699,837**
**94,336**
**479,339**
**62,854**
**3,845,484**
**Freehold property**
**Long**
**leasehold**
**property**
**Property**
**improvement**
**Computers,**
**furniture and**
**fittings**
**Library**
**Archives**
**Total**
£
£
£
£
£
£
£
3,302,055
900,972
388,610
114,080
852,257
130,400
**5,688,374**
-
-
55,825
27,534
-
-
**83,359**
-
-
(228,000)
(17,191)
-
(8,378)
(253,569)
3,302,055
900,972
216,435
124,423
852,257
122,022
**5,518,164**
942,621
278,957
94,338
61,151
338,828
54,120
**1,770,015**
43,098
13,019
28,537
18,947
17,045
2,608
**123,254**
-
-
-
(10,691)
-
-
**(10,691)**
985,719
291,976
122,875
69,407
355,873
56,728
**1,882,578**
2,359,434
622,015
294,272
52,929
513,429
76,280
**3,918,359**
**2,316,336**
**608,996**
**93,560**
**55,016**
**496,384**
**65,294**
**3,635,586**|
|---|---|
£242,878 of fixed assets were written off in 2021 in relation to the flooding of Byron House in July 2021. Insurance proceeds receivable in May 2022 in respect of the flood have been included in other income in 2021.
Annual Report 2022
|**6a**
**Intangible Fixed Assets**
**2022**
**Cost or valuation**
At 1 January 2022
Additions during the year
Transfer during the year
Written off during the year
As at 31 December 2022
Less:
**Depreciation**
At 1 January 2022
Charge for the year
Written off during the year
As at 31 December 2022
**Net book value**
As at 1 January 2022
As at 31 December 2022
**6a**
**Intangible Fixed Assets**
**2021**
**Cost or valuation**
At 1 January 2021
Additions during the year
Written off during the year
As at 31 December 2021
Less:
**Depreciation**
At 1 January 2021
Charge for the year
Written off during the year
As at 31 December 2021
**Net book value**
At 1 January 2021
As at 31 December 2021|**IOPA Brand**
**Computer**
**software**
**Total**
£
£
£
-
-
**-**
3,160
34,948
**38,108**
10,640
-
**10,640**
-
-
**-**
13,800
34,948
**48,748**
-
-
**-**
-
-
**-**
-
-
**-**
-
-
**-**
-
-
**-**
**13,800**
**34,948**
**48,748**
**Freehold property**
**Long**
**leasehold**
**property**
**Total**
£
£
£
-
-
**-**
-
-
**-**
-
-
-
-
-
**-**
-
-
**-**
-
-
**-**
-
-
**-**
-
-
**-**
-
-
**-**
**-**
**-**
**-**|
|---|---|
Annual Report 2022
## **7 Investments**
|**Listed**
Market value as at 1 January
Additions
Disposal proceeds
Net gain/(loss) on listed investments
- unrealised
- realised
Market value as at 31 December
**Land**
Freehold land value as at 1 January
Revaluation
Freehold land value as at 31 December
Total Investments
Listed investments are held as follows:
Equities
Liquid assets
Fixed interest bonds|2022
5,146,804
-
-
(684,502)
-
**4,462,302**
375,000
-
375,000
**4,837,302**
2022
£
4,427,300
2,853
32,149
**4,462,302**|2021
£
4,781,536
2,072
-
363,196
-
**5,146,804**
375,000
-
375,000
**5,521,804**
2021
£
5,102,801
608
43,395
**5,146,804**|
|---|---|---|
The investments are held in the Sarasin Climate Active Endowments Fund. The total book cost of listed equities is £3,968,532 (2021: £3,968,532).
The freehold land represents the bequest of land at Duddenhoe Farm, Saffron Walden, Essex, in which the tenant has a life interest. Included within property rental income is an amount of £4,477 (2020: £4,477) in respect of the above land. This land was revalued on 25 July 2019 in respect of the year ended 31 December 2018 by Savills Chartered Surveyors at an open market value of £375,000.
The Trustees, by reference to publicly available land valuation reports, do not consider the value of the freehold land has changed significantly.
Annual Report 2022
## **8 Investment in Joint Venture**
Psychoanalytic Electronic Publishing Inc. (PEP) is incorporated in the United States of America and registered as being �not for profit�. The company provides a fully searchable digitised archive of psychoanalytic papers, books and journals which are available through subscription. The Society and The American Psychoanalytic Association each appoint 50% of the members. The Board have classified PEP as a Joint Venture for the purposes of accounting under FRS 102, however as consolidated financial statements are not required the Society�s interest is held at cost.
**----- Start of picture text -----**
2022 2021
£ £
- -
Interest in Psychoanalytical Electronic Publishing Inc.
Financial highlights from the PEP audited accounts for the year ended 31 December 2021 are as follows:
Psychoanalytic Electronic Publishing Inc. 2022 2021
£ £
Total income 1,483,687 1,667,037
Total charitable expenditure (1,768,984) (1,705,550)
Net income/(expenditure) (285,297) (38,513)
Fixed assets 4,237 3,747
Investments 1,024,565 1,066,299
Current assets 603,745 803,381
Liabilities due within one year (1,111,452) (1,161,212)
Net assets 521,095 712,215
The following income was received from PEP: 2022 2021
£ £
Royalty 146,136 135,527
Donation 381,940 323,483
Total income received from PEP 528,076 459,010
**----- End of picture text -----**
2022 Figures are based on PEP Draft Financial statement for the year ended 31st December 2022.
Annual Report 2022
## **9 Debtors**
|**Amounts falling due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
Student loans (see below)
**Amounts falling due in greater than one year**
Student loans (see below)|2022
£
209,317
31,164
559,978
32,316
22,813
**855,588**|2021
£
47,595
401,632
495,641
37,674
26,138
**1,008,680**|
|---|---|---|
## **Amounts falling due in greater than one year**
Concessionary training loans of up to £10,500 are made to students of the Institute of Psychoanalysis in need of financial assistance during their training period, awarded up to a value of £3,500 per academic year. The loan scheme is supported by the Mrs A S Strachey Bequest (see note 12 Restricted Funds). The loan is interest free and is repayable within five or seven years post qualification dependent on the loan value made. These loans are recognised at the amount initially advanced to students, less payments recieved.
|Value of Loans in issue due in less than one year
Value of Loans in issue due in more than one year
Total value of loans in issue
Total number of loans in issue|2022
£
32,316
22,813
**55,130**
23|2021
£
37,674
26,138
**63,812**
19|
|---|---|---|
Annual Report 2022
## **10 Creditors**
|**Amounts falling due within one year**
Trade creditors
Accruals
Deferred income
Other taxation and social security
Other creditors|2022
168,591
183,715
158,152
71
32,066
**542,595**|2021
£
79,360
140,544
86,764
27,431
7,649
**341,748**|
|---|---|---|
## **Deferred Income**
Deferred income relates to subscriptions to The International Journal of Psychoanalysis paid in advance for titles related to the following year, payments for education courses for a full academic year, where terms fall into the following financial year, and ticket sales for events which will be held in the following year.
|2022
£
**Balance 1 January**
Amounts added in current period
- subscription income for Journal titles related to the following year
158,152
- ticket sales for events to be held the following year
-
- education courses paid in for for the coming academic year
-
- prepaid rental income (room hire)
Amounts released to income from previous periods
**Balance at 31 December**|2022
2021
£
£
86,764
86,564
-
200
(86,764)
**158,152**|2021
£
136,502
(136,502)
**86,764**|
|---|---|---|
## **11 Designated Funds**
|Benevolent Fund
Byron House Reinstatement Fund
**Total designated funds**
Movement in designated funds:
Benevolent Fund
Byron House Reinstatement Fund|At 1st
January
2022
**£**
39,661
242,878
282,539|Income
**£**
0
-
-|2022
£
32,523
-
**32,523**
Expenditure
**£**
(7,138)
(242,878)
(250,016)|2021
£
39,661
242,878
**282,539**
**At 31st**
**December**
**2022**
**£**
**32,523**
**-**
**32,523**|
|---|---|---|---|---|
The Byron House Reinstatement Fund was established to fund the reinstatement of Byron House after the basement flooded in July 2021. The fund is made up of accrued insurance proceeds recognised in other income in the current year, but settled by the insurance company in May 2022.
The Benevolent fund was set up in 1975 to provide financial assistance to members of the Society in financial distress.
|Investments
Cash at bank
**Benevolent Fund**|2022
26,033
6,490
**32,523**|2021
£
33,082
6,579
**39,661**|
|---|---|---|
Annual Report 2022
## **12 Restricted Funds**
|**2022**
Armstrong Clay Fund
Erich Simenauer Foundation
Henri Rey Fellowship Fund
Herbert Rosenfeld Fund
Insight Trust Fund
Mrs A S Strachey Bequest
Pearl King Archives Trust
Sylvia Payne Psychoanalytical Training Fund
W.H & S.M Gillespie Fund
William Inman Fund
Winnicott Clinic Fund for Child and Adolescent
Athol Hughes Fund
European Psychoanalytic support fund
Fund to support members displaced by war
**Total Restricted Funds**
**2021**
Armstrong Clay Fund
Erich Simenauer Foundation
Henri Rey Fellowship Fund
Herbert Rosenfeld Fund
Insight Trust Fund
Mrs A S Strachey Bequest
Pearl King Archives Trust
Sylvia Payne Psychoanalytical Training Fund
W.H & S.M Gillespie Fund
William Inman Fund
Winnicott Clinic Fund for Child and Adolescent
Athol Hughes Fund
**Total Restricted Funds**|**Balance 1**
**Jan 2022**
£
548,521
1,000,825
11,095
741
975,409
337,584
38,369
247,832
94,614
1,979,663
49,616
311,646
-
-
**5,595,915**
**Balance 1**
**Jan 2021**
£
510,371
909,491
12,131
755
905,550
296,987
36,419
237,126
88,661
1,798,591
46,333
-
**4,842,415**|**Income**
£
29
27,600
2
4
51
8
2
13
5
54,714
2
9,124
15,093
4,344
**110,991**
**Income**
£
3,594
30,186
74
-
6,581
1,086
186
1,669
562
61,814
311
311,646
**417,709**|**Charitable**
**expenditure**
£
(11)
(11)
(2,096)
(14)
(11)
2,256
(11)
(16,561)
(11)
(11)
(11)
(11)
(15,093)
(1,635)
**(33,231)**
**Charitable**
**expenditure**
£
(14)
(14)
(1,110)
(14)
(14)
29,067
(14)
(7,014)
(14)
(14)
(14)
-
**20,831**|**Investment**
**management**
**cost**
£
(3,171)
(5,611)
-
-
(5,806)
(958)
(163)
(1,472)
(496)
(11,122)
(274)
(1,855)
-
-
**(30,928)**
**Investment**
**management**
**cost**
£
(3,567)
(6,311)
-
-
(6,531)
(1,078)
(183)
(1,656)
(558)
(12,513)
(308)
-
**(32,705)**|**Investment**
**Gains/**
**(Losses)**
£
(70,293)
(124,364)
(2,198)
-
(128,696)
(21,237)
(3,614)
(32,637)
(10,991)
(246,541)
(6,072)
-
-
-
**(646,643)**
**Investment**
**Gains/**
**(Losses)**
£
38,137
67,473
-
-
69,823
11,522
1,961
17,707
5,963
131,785
3,294
-
**347,665**|**Balance 31**
**Dec 2022**
£
475,075
898,439
6,803
731
840,947
317,653
34,583
197,175
83,121
1,776,703
43,261
318,904
-
2,709
**4,996,104**
**Balance 31**
**Dec 2021**
£
548,521
1,000,825
11,095
741
975,409
337,584
38,369
247,832
94,614
1,979,663
49,616
311,646
**5,595,915**|
|---|---|---|---|---|---|---|
Annual Report 2022
## **12 Restricted Funds (continued)**
The Board administers various restricted funds in addition to the general fund. Decisions on the disbursement of these funds are taken by the Trustees of the Society (with the exception of the Eric Simenauer Foundation for whom the President, the Honorary Secretary and a third member elected by the Society�s members act as Trustees). The funds are:
The **Armstrong Clay Fund** set up to provide reduced fee treatment for those otherwise unable to afford psychoanalysis.
**The Erich Simenauer Foundation** is a fund set up in 1981 for the promotion of psychoanalytical research and education.
The **Henri Rey Fellowship Fund** provides financial assistance to trainee psychiatrists who wish to train as a psychoanalyst with the Society.
The **Herbert Rosenfeld Fund** was established to support the Herbert Rosenfeld Clinical Essay Prize.
The **Insight Trust Fund** is a fund set up in 1968 for the assistance of persons in pecuniary need to obtain psycho-analytical treatment or other treatment based on psycho-analytical principles. In December 2005 the Charity Commissioners directed that this trust should be treated as forming part of the Institute of Psychoanalysis for the purposes of Part II (registration) and Part VI (accounting) of the Charities Act 1993.
The **Mrs AS Strachey Bequest was** set up to make loans and grants to registered students of the Society.
The **Pearl King Archives Trust** was established for the retention and availability of historic psychoanalytic records.
The **Sylvia Payne Psychoanalytical Training Fund** was set up to promote education training and research for registered students of the Society.
The **W.H. and S.M. Gillespie Fund** is to be used specifically towards raising the profile of psychoanalysis in society with the objective of attracting new members. The fund should be used to include arranging public lectures in London by distinguished people, from other disciplines (e.g. from the world of science and literature).
The **William Inman Fund** was originally bequeathed to the Society, however, on 20 January 2003, the Society donated the entire fund to the Institute of Psychoanalysis to be held as a restricted fund under the same trusts and in furtherance of the objects of the Will. This fund was established to promote research in the field of psychosomatic ophthalmology and the furtherance of psychoanalysis.
The **Winnicott Clinic Fund for Child and Adolescent Analysis** was set up in 2009 for the sole purpose of funding child and adolescent psychoanalytic treatment within the Child and Adolescent Training of the Institute of Psychoanalysis and to develop child and adolescent psychoanalysis.
The **Athol Hughes Fund for Child and Adolescent Psychoanalysis** was set up in 2021 and is to be used for the subsidy of child and adolescent psychoanalytic treatment with the Institute of Psychoanalysis for persons deemed otherwise unable to afford treatment and generally for the promotion and development of child and adolescent psychoanalysis.
Annual Report 2022
## **12 Restricted Funds (continued)**
The Board administers various restricted funds in addition to the general fund. Decisions on the disbursement of these funds are taken by the Trustees of the Society (with the exception of the Eric Simenauer Foundation for whom the President, the Honorary Secretary and a third member elected by the Society�s members act as Trustees). The funds are:
The **Armstrong Clay Fund** set up to provide reduced fee treatment for those otherwise unable to afford psychoanalysis.
**The Erich Simenauer Foundation** is a fund set up in 1981 for the promotion of psychoanalytical research and education.
The **Henri Rey Fellowship Fund** provides financial assistance to trainee psychiatrists who wish to train as a psychoanalyst with the Society.
The **Herbert Rosenfeld Fund** was established to support the Herbert Rosenfeld Clinical Essay Prize.
The **Insight Trust Fund** is a fund set up in 1968 for the assistance of persons in pecuniary need to obtain psycho-analytical treatment or other treatment based on psycho-analytical principles. In December 2005 the Charity Commissioners directed that this trust should be treated as forming part of the Institute of Psychoanalysis for the purposes of Part II (registration) and Part VI (accounting) of the Charities Act 1993.
The **Mrs AS Strachey Bequest was** set up to make loans and grants to registered students of the Society.
The **Pearl King Archives Trust** was established for the retention and availability of historic psychoanalytic records.
The **Sylvia Payne Psychoanalytical Training Fund** was set up to promote education training and research for registered students of the Society.
The **W.H. and S.M. Gillespie Fund** is to be used specifically towards raising the profile of psychoanalysis in society with the objective of attracting new members. The fund should be used to include arranging public lectures in London by distinguished people, from other disciplines (e.g. from the world of science and literature).
The **William Inman Fund** was originally bequeathed to the Society, however, on 20 January 2003, the Society donated the entire fund to the Institute of Psychoanalysis to be held as a restricted fund under the same trusts and in furtherance of the objects of the Will. This fund was established to promote research in the field of psychosomatic ophthalmology and the furtherance of psychoanalysis.
The **Winnicott Clinic Fund for Child and Adolescent Analysis** was set up in 2009 for the sole purpose of funding child and adolescent psychoanalytic treatment within the Child and Adolescent Training of the Institute of Psychoanalysis and to develop child and adolescent psychoanalysis.
The **Athol Hughes Fund for Child and Adolescent Psychoanalysis** was set up in 2021 and is to be used for the subsidy of child and adolescent psychoanalytic treatment with the Institute of Psychoanalysis for persons deemed otherwise unable to afford treatment and generally for the promotion and development of child and adolescent psychoanalysis.
Annual Report 2022
## **13 Change in cash and cash equivalents**
|Cash and cash equivalents at 1 January
Change in cash and cash equivalents
**Cash and cash equivalents at 31 December**|Total
2022
£
499,114
131,470
**630,584**|Total
2021
£
156,878
342,236
**499,114**|
|---|---|---|
## **14 Reconciliation of net movement in funds to net cash flow from operating activities**
|Net movement in funds
Losses/(gains) on investments
Depreciation
Loss on disposal of fixed assets
decrease/(increase) in debtors
Increase in creditors
`
Interest and dividends
**Net cash generated/(used) in operating activities**
**Analysis of Cash and Cash Equivalents**
**Cash at bank and in hand**
Overdraft facility
**Cash and cash equivalents**|Total
2022
£
(648,325)
684,502
123,057
-
153,092
200,847
(158,657)
**354,516**
Total
2022
£
630,584
-
**630,584**|Total
2021
£
784,667
(363,196)
123,254
242,878
(391,115)
31,179
(163,757)
**263,910**
Total
2021
£
499,114
-
**499,114**|
|---|---|---|
- **15 Analysis of Cash and Cash Equivalents**
Annual Report 2022
## **16 Analysis of the distribution of net assets**
|2022
Tangible
Fixed Assets
**Unrestricted Funds:**
£
General Fund
3,894,232
Byron House Reinstatement Fund
-
Revaluation reserve
-
Benevolent Fund
-
3,894,232
**Restricted Funds:**
Armstrong Clay Fund
-
Erich Simenauer Foundation
-
Henri Rey Fellowship Fund
-
Herbert Rosenfeld Fund
-
Insight Trust Fund
-
Mrs A S Strachey Bequest
-
Pearl King Archives Trust
-
Sylvia Payne Psychoanalytical Training Fund
-
W.H & S.M Gillespie Fund
-
William Inman Fund
-
Winnicott Clinic Fund for Child and Adolescent
-
Athol Hughes Fund
-
Fund to support members displaced by war
-
-
**3,894,232**
2021
Tangible
Fixed Assets
**Unrestricted Funds:**
£
General Fund
3,635,586
Byron House Reinstatement Fund
Revaluation reserve
-
Benevolent Fund
-
3,635,586
**Restricted Funds:**
Armstrong Clay Fund
-
Erich Simenauer Foundation
-
Henri Rey Fellowship Fund
-
Herbert Rosenfeld Fund
-
Insight Trust Fund
-
Mrs A S Strachey Bequest
-
Pearl King Archives Trust
-
Sylvia Payne Psychoanalytical Training Fund
-
W.H & S.M Gillespie Fund
-
William Inman Fund
-
Winnicott Clinic Fund for Child and Adolescent Analysi
-
Athol Hughes Fund
-
-
**3,635,586**|Investments
£
378,080
-
180,000
32,523
590,603
462,540
818,340
6,116
-
846,845
139,745
23,780
214,760
72,322
1,622,295
39,956
-
4,246,699
**4,837,302**
Investments
£
406,802
-
180,000
39,661
626,463
532,833
942,704
10,313
-
975,541
160,978
27,392
247,397
83,314
1,868,841
46,028
-
4,895,341
**5,521,804**|Net Current
Assets
£
194,172
-
-
-
194,172
12,535
80,099
687
731
(5,898)
177,908
10,803
(17,585)
10,799
154,408
3,305
318,904
2,709
749,405
**943,577**
Net Current
Assets
£
222,594
242,878
-
-
465,472
15,688
58,121
782
741
(132)
176,606
10,977
435
11,300
110,822
3,588
311,646
700,574
**1,166,046**|Total 2022
£
4,466,484
-
180,000
32,523
4,679,007
475,075
898,439
6,803
731
840,947
317,653
34,583
197,175
83,121
1,776,703
43,261
318,904
2,709
4,996,104
**9,675,111**
Total 2021
£
4,264,982
242,878
180,000
39,661
4,727,521
548,521
1,000,825
11,095
741
975,409
337,584
38,369
247,832
94,614
1,979,663
49,616
311,646
5,595,915
**10,323,436**|
|---|---|---|---|
Annual Report 2022
## **17 Charitable status and taxation**
The society is a Charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly the Society is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the 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. No tax charge arose in the current year (2020 £nil).
## **18 Financial Commitments**
At 31 December 2021, the Society had total commitments under non-cancellable operating leases expiring as follows:
|Within one year
One to five years
After five years
Total|2022
£
14,797
27,295
-
42,092|2021
£
17,402
26,104
-
43,506|
|---|---|---|
## **19 Trustee remuneration and benefits**
No members of the Board received any remuneration for their role as trustee (2021: £Nil).
Members of the Board are reimbursed for out-of-pocket expenses whilst engaged on the activities of the Society. During the year members were reimbursed an aggregate amount of £10,745 (2021: £4,311).
Two Trustees (2021: Four) received remuneration for royalties on work published by the Society, or for clinical or educational services provided to the Society, in a role other than Trustee, on an 'arms length' basis during the year as follows:
Trustee: A Amos £2,042 A Gedulter-Trieman £900
## There are no other related party transactions in the current or prior year
There are no other related party transactions.
## **20 Financial instruments**
## _Cash and cash equivalents_
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company�s cash management are only included as a component of cash and cash equivalents for inclusion in the cash flow statement.
## _Trade and other debtors_
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. With the exception of training loans detailed below, all debtors and creditors are payable within normal business terms and none are due beyond 12 months of the invoice date.
## _Student loans_
Concessionary training loans of up to £10,500 are made to students of the Institute of Psychoanalysis in need of financial assistance during their training period, awarded up to a value of £3,500 per academic year. Each loan application is assessed by a Committe made up of the Honorary Treasurer, the CEO and the Head of Finance. The loan is interest free and is repayable within five or seven years post qualification dependent on the value of the loan made. These loans are recognised at the amount initially advanced to each student, less repayments made up to the balance sheet date. The Society requires students with loans to contribute to an annual life insurance policy for the duration of the loan, and premiums are added to the loan each year whilst there is a balance outstanding.
## _Investment in shares_
Investment in shares are all listed investments which are recognised initially at transaction price and thereafter are valued at the quoted bid price at the reporting date.
Annual Report 2022
## **21 Net Debt Reconciliation**
|**2022**
Cash at bank and in hand
Bank overdraft
**Net debt**
**2021**
Cash at bank and in hand
Bank overdraft
**Net debt**|**At 1st**
**January**
**2022**
**£**
499,114
-
**499,114**
**At 1st**
**January**
**2021**
**£**
282,091
(125,213)
**156,878**|**Cashflows**
**£**
131,470
-
**131,470**
**Cashflows**
**£**
217,023
125,213
**342,236**|**Other**
**Non-cash**
**Changes**
**£**
-
-
**-**
**Other**
**Non-cash**
**Changes**
**£**
-
-
**-**|**At 31st**
**December**
**2022**
**£**
630,584
-
**630,584**
**At 31st**
**December**
**2021**
**£**
499,114
-
**499,114**|
|---|---|---|---|---|
Annual Report 2022
## **22 Comparative Statement of Financial Activities**
|**Unrestricted**
**2021**
**Note**
**Funds**
**Income from:**
**£**
Donations and legacies
323,483
Charitable activities
1,398,120
Investments
57,694
Other
286,163
**Total income**
**2,065,460**
**Expenditure on:**
Raising funds
-
Charitable expenditure
1,806,946
Fixed asset impairment
242,878
**Total expenditure**
**2,049,824**
**Net income/(loss) before investment gains/(losses)**
15,636
**Net gains/(losses) on investments**
Net gain/(loss) on listed investments
15,531
Net gain/(loss) on investment land
-
**Total gains/(losses) on investments**
15,531
**Net movement in funds**
31,167
Fund balances brought forward at 1 January 2021
4,696,354
**Fund balances carried forward at 31 December 2021**
**4,727,521**|**Restricted**
**Funds**
**£**
311,646
-
106,063
-
**417,709**
32,705
(20,831)
-
**11,874**
405,835
347,665
-
347,665
753,500
4,842,415
**5,595,915**|**Total**
**2021**
**£**
635,129
1,398,120
163,757
286,163
**2,483,169**
32,705
1,786,115
242,878
**2,061,698**
421,471
363,196
-
363,196
784,667
9,326,399
**10,323,436**
9,538,769|
|---|---|---|