INSTITUTE of
PSYCHOANALYSIS
2023
Annual Review
The Brltlsh Psychoanalytlcal Soclety (Incorporatlng the Institute of P$ychoanaly$l$)
**Annual Report 2023**
## Annual Report 2023
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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 second Annual report, and I will describe the major events of the year that l. the Executive and
the Board have attended to.
In my report last year, I wrote that we were determined to continue the good housekeeping of the last few
years and ensure that we functioned within our budget. In fact we were unable to quite do this for various
reasons.. on an operational basis the Society made 3 £22.6k surplus compared to a budgeted deficit of
£11.5k. Given the difficult economic environment and considerable headwinds that we have faced over the
last year, this is a creditable result, especially considering the unbudgeted spend on RSE1£50.Ik overspend
versus budget) and the unfavourable exchange rates on the PEP donation received during the year1£43.7k
less than budget). l am pleased to report however that gains from our investments more that offset this
deficit- in fact in total we received £229.8k from our investments.
Our CEO, Caroline Langley, announced not long after the AGM that she would be leaving us to take up
another post in November. Following a careful appointments process the post was offered to Jennifer
Norton who joined us in April 2024.
We heard the excellent news that the RSE is being published in June of next year and there will be two
launch events, in New York and in London. We are also aware that the publication of the RSE will create
follow-on publishing opportunities and that we need to consider how best we take advantage of these
and promote our other publishing activities. In pursuit of this aim, which encompasses both our financial
wellbeing and our charitable aim of disseminating psychoanalytical knowledge for the public good, the
Board instigated a consultation process to discover if it would be wise to employ professional expertise to
help us promote our publishing activities.
We again welcomed a good size intake of students and it has been very heartening to hear how involved
and dedicated our candidates are to the standards of psychoanalysis that our Society represents. The
success of the Northern training continues- there will be another intake of candidates in this coming year.
And we now have our own Irentedl HQ in Leeds.
Our Outreach activities have continued to draw large audiences throughout the year and they not only
fultil our charitable aim of making psychoanalytic knowledge available for the public good but they are also
an important source of income for us. In April next year our Society will host an international conference
in Edinburgh on the subject of "The Dynamics of Influence" As well as drawing an international audience
the event showcased analytical thinking to interested young mental health professionals in Scotland their
attendance was generously supported by the Susan Emery Trust. At the time of writing we look forward to
over 200 people attending this event which we hope will serve as a pilot for psychoanalytic conferences in
different parts of the UK.
Major concern has been the continuing developments stemming from the decision taken in 2017 by the I PA
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. It
was in December that we received the report of the IPA'S Task Force Two report on Psychoanalytic Training
in Contemporary Times which contained the recommendation that the IPA accept that training analyses can
be at a minimum of 25% of sessions in person i.e. that 75% can be online.
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l joined a small group of European president5 who drafted a letter which was subsequently signed by the
vast majority of our European counterparts which argued against the IPA accepting the recommendations
of TF2 and we a150 sent a letter from our Society, signed by over 200 of our member5 making the same
points.
The Journal Management Board continues to meet to discu55 matters concerning the journal such as its
subscription policies and its continuing internationalization, including encouraging prospects of increasing
readership in Latin America.
Our colleagues working at 10 Windsor Walk have continued to expand the range and quality of their activ-
ities and are building an admirable centre of psychoanalysis in South London with their initiative and hard
work. It was announced in January that the 10 Windsor Walk Refugee and Asylum Seeker Psychoanalytic
Therapeutic Playgroup team had won the 'Gwen Kirkwood, award from the Association of Infant Mental
Health for increasing access to Infant Mental Health services for infants and parents from Black. Asian and
other minority ethnic groups. This award follows a highly successful past two years for the playgroup- in
2022 IOWW received the BPC'S PPNOW award for 'lnnovative Excellence, in recognition for the group.
In closing I would like to acknowledge the enormous amount of work that is done by our members, our lay
experts and our excellent staff group.
Vic Sedlak
President, British Psychoanalytical Society.
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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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To provide and/or support high quality psychoanalytic treatment.
To disseminate knowledge about psychoanalysis, to health and allied professionals.
To promote the contribution of the discipline of psychoanalysis to public and intellectual life.
To form mutually collaborative clinical and academic links with other organisations (public sector,
academic and charitable) which support the furtherance of the above aims.
To work as appropriate with andlor within national and international organisations in the interests of
psychoanalysis and the psychoanalytic profession.
To maintain the physical and administrative facilities necessary for the above activities to take place in
an appropriate and professional environment.
Membership
Membership of the BPAS is achieved through successful completion of our full training in psychoanalysis.
Many of our Members decide to continue their learning and become Fellows of the BPAS by completing
our postgraduate training course.
We also have two categories for those who have not completed our training to become more involved
in our activities; those who have completed an equivalent training accredited by the International
Psychoanalytic Association IIPAI may apply to join us as Guests and distinguished academics and clinicians
who are not IPA trained may also apply to join us as Associates. Whilst our Guests and Associates are not
formal members of the Charity, they are very much valued as important contributors to the life of the BPAS.
2023
2022
Distinguished Fellows
Fellows
Members
Retired Distinguished Fellows
Retired Fellows
Retired Members
Candidates
New Entry Scheme Entrants
International Distinguished
Fellows
Guest Members
Associates
12
12
168
161
160
165
45
47
45
47
50
46
50
49
Academic Associates
Clinical Associates
Honorary Fellows
io
io
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The total membership of the Society has increased very slightly in 2023. The increase in the number
of Fellows is encouraging, indicating that Members continue to want to further their professional
development to consolidate their expertise and their analytic identity. It is also encouraging that the
number of Candidates is slightly larger than last year. The Introductory Lectures, Foundation Course and
Post Foundation Course continue to attract large numbers and the pathway from these courses to the full
training continues to be fruitful.
About a third of Candidates are from outside London, indicating the success of the Regional Committee
and Northern Training Coordinating Committee in supporting those keen to become psychoanalysts to
access the full training, as well as supporting psychoanalytic psychotherapists who want to develop their
expertise to access the modified training route via the New Entry Scheme IN ESI. with one additional NES
Entrant this year. The success of these schemes mean that there are increasing numbers of Members living
outside London ensuring that access to psychoanalysis is gradually developing across the United Kingdom.
During 2023, nearly 50 members have been appointed to voluntary positions on committees, indicating
the ongoing willingness of the membership to devote considerable amounts of their time to SUPPOrt the
charitable aims of the Society.
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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
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, elected 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 setling the overall strategic direction of the Society. Members of the Board
comprise the Trustees detailed on page 23. The President and all Trustees have a term of 3 years plus l.
The Board met monthly during 2023 lexcept April and August) as full Board meetings and termly for
Board study days. Board meetings continued to be held by zoom during 2023 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 2023
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Birdsong Key Engagement Indicators BPS 2021 BPS 2022 BPAS 2023
TheChief and Leadership Team are 87% 88% 95%
I I a difference 93% 88% 89%
I am 93% 94% 89%
is 73% 71% 63%
I here 87% 88% 79%
I am proud for 87% 88% 89%
I recommend as an 87% 94% 84%
Index Score comparison: 87% 87% 84%
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Annual Report 2023
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We listen: We are member-driven: We invest in people.
we act with respect and integrity. we are stronger in partnership. we support everyone to develop
inclusive. and excel.
This means we: This means we:
This means we: This means we:
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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.
The Finance Sub-committee of the Board 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.
Tighter controls on expenditure.
Regular cash flow reviews.
Income generating opportunities discussed at
senior leadership and executive level.
ii) Compliance
A health & safety failure or data protection breach
causes harm to an employee, member or visitor.
Health and safety policy and procedures in
place.
Health and safety induction carried out for all
new starters.
All staff receive UK G DPR training every 12-18
months.
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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 due to go live in
2024. 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 U K and abroad.
The Society also provides education directly to non-members through its outreach events Imany of
which are 5ubsidised 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 (King's College 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 23 & 241 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 25 & 26.
The BPAS Board presents its annual report for the year ended 31 December 2023 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 2023.
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 15-22, 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.
27
51
qualifications from
our main training
students in main training
applications for
our main training
students in NES training
land 2 affilatesl
NES qualifications
13
11
Members
undergoing
Fellowship
New
Fellows
students in child and
adolescent training
qualifications from
child and adolescent
training
93
57
students on the
Foundation course
psychoanalysts tsught
on 32 evening teaching
courses15 and 10 weeks)
74
of applicants for main
training attended the
Foundation or
Post-Foundation
35
students on the
Post-Foundation
Psychoanalysts led
clinical seminars
15 and 10 weeks)
course
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Slgnlflcant actlvles durlng 2023
There has been an increase in enquiries and
applications for our training this year, with 27
applications120 previous yearl.
An EDI working group was established to support
efforts being made to promote greater inclusivity
and accessibility.
The Open evening ran successfully in July. Six follow
on groups have run to SUPPOrt the progress of
potential applicants.
Following the review of the Child and Adolescent
Curriculum as well as the re-establishment of
the Child and Adolescent Clinic, there has been
an increase in numbers of analysts training to be
qualified as Child and Adolescent Analysts.
The Student Progress Committee reviewed and
approved a revised policy for loans and bursaries,
which aims to provide more support for candidates
facing financial difficulties during training.
Four cases from the Westminster Centre for
Young People are being seen in child analysis by
our students in training.
New protocol and guidelines for candidates taking
on a private case as one of their training cases were
introduced.
Changes to the curriculum introduced in 2022
have settled into an ongoin8 process of review
and development.
An EDI working group was established to support
efforts being made to promote greater inclusivity
and accessibility.
The Foundation Course and Post Foundation
Course now offers seminar groups at 10 Windsor
Walk, as well as Byron House and online.
Looking to the future
l. There are plans to review the Northern Training
Structure to reduce duplication and increase
efficiency, integrating it with Regional Trainin8 while
maintaining individual identities.
5. The Northern Trainin8 has been held at NSCAP
in Leeds, but due to their relocation, we will be
looking to invest in our first premises outside of
London.
2. The Admission5 and Student Progress
Committees will continue to arrange joint
meetings to facilitate constructive discussions
about candidate progress, connecting admissions
interviews and discussions to training outcomes.
6. There will be a fourth Northern Training
cohort starting next year which will cover a wide
geographical area including Sheffield, Leed5, and
Manchester.
7. Due to high demand, a two-year gap between
Northern Training cohorts will be introduced
instead of a four-year gap.
3. Focus on widening participation and presence to
encourage diversity will continue.
4. A comprehensive process aimed at empowering
Members to enhance their teaching abilities is
expected to be launched in the next year.
8. Ways to provide access to the Fellowship
Course to Overseas Members will be explored.
9. The Fellowship Course will now be offered
annually instead of biennially.
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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.
430
242
46
consultations
comple*ed
enquiries
pointments
19
patl•ht• offered
5x weèkly
analysis
pa
ommencing
5x weekly
qnaly$i$
Slgnlflcant actlvles durlng 2023
The London clinic received 430 enquiries of
which 242 went on to have a telephone triage,
which was established to help assess a patients
suitability for analysis.
The Clinic has undergone significant reorganisation
in the form of new protocols and a new Clinic
Handbook, to clarify clinical responsibility, risk
management, and case management planning.
The new protocols also outline the process for
using flexible cases from private practice or other
routes, and their adoption is seen as important for
regional training and the integration of Clinic North
and regional training.
During the year 19 new cases were begun as
compared to 11 the previous year. This was
achieved partly through considerable work by
the Clinic Consultants and the Lead Consultant
Marina Perris, but also being able to take
advantage of the new course in Assessment
which candidates undertake and which includes
candidates themselves undertaking consultations
under supervision.
The Westminster Centre for Young People
helped 81 young people1142 cases) in 1,356
Psychotherapeutic sessions.
62% of the young people we supported were from
non-white British ethnic backgrounds.
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Looking to the future
l. The Clinic continues to establish connections with NHS psychotherapy services and local organisations
to discuss patients seeking five times a week analysis, with the goal of expanding treatment options.
Additionally, the Clinic is developing pathways for patients who have undergone consultation and are not
recommended for analysis, including referrals to external organisations and the Clinic's own referral system
to members.
2. A new patient management System, provided by Lamplight, will be implemented in the summer,
streamlining administration.
Clinic North
Slgnlflcant actlvles durlng 2023
The Clinic North continues to support the development of regional candidates, including those in Scotland,
with a significant increase in enquiries over the past year.
Looking to the future
The Clinic North has seen an increase in candidates and there is currently a 2-year gap between cohorts,
leading to an increase in low-fee analysis vacancies in the North. The Clinic North is establishing a presence
in the area and contributing to mental health care, supporting the development of newly qualified analysts
and the Institute's charitable aims.
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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.
Significant activies during 2023
19 Scientific Meetings were organised during
the year.
The Ernest Jones Lecture took place in June 210
registered to attend with 83 attending in person.
Anthony Julius spoke on "Can psychoanalysis help
us address free speech controversies?Yl
In addition to presentations from our own
Members there was also a presentation from a
colleague from the Colombia University Center for
Psychoanalytic Training and Research in New York.
Conor Gearty delivered the annual James
MacKeith Lecture on 'How democratic society
manages to square its liberal values with the 'war
on terror,. There were 148 reglstrations, with 65
attending in person.
The scientific programme continues to be
presented mostly in hybrid form- two meetings
involving presenters from overseas were held
online only.
An engaging and constructive consultation with
the Membership was held to see how meetings
might be improved and developed to make them
more relevant and interesting.
The Applied Section held seven meetings, with a
variety of topics including Musical creativity in the
line of fire, Beckett and Bion, and Psychoanalysis,
Writing and Rage.
The internal Society Day Conference, The Ego
and the Id Revisited - 100 years on attracted 118
registrants.
There were two winners of the Norman Cohen
Essay Prize, namely Dr Frances Roper and Dr
Hsueh-mei Fan.
Looking to the future
l. The Scientific Committee will continue to consider how to implement some of the welcome suggestions
arising from the consultation with the Membership.
2. The Annual Research Lecture will take place in March 2024. Professor Patrick Luyten will be speaking on
"Evidence-based Psychoanalytic Treatment: Where are now and where are we heading?kJ
3. The first conference of the Society to be held outside of London will take place in April 2024 in Edinburgh.
The overall theme of the conference is The Dynamics of Influence.
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Annual Report 2023
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84 10 6736
Individual Series Tickets
Events Events Booked
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A one-day event aimed at students called
Introduction to Psychoanalytic Thinking Today
was organised in collaboration with UCL. The
event sold out with 125 people registering, 75 of
which were students.
The European Psychoanalytical Film Festival
IEPFFI organising committee collaborated with 10
Windsor Walk on an introductory film festival to
promote the upcoming EPFFI2.
A huge international audience participated in
the Political Mind Series and three Political Mind
Specials, with 78 registrations for the full series
and over 400 individual bookings.
The Therapeutic Relationships in Mental Health
series continued, with the free evening event,
Thinking Under Fire, Working with Violent
Behaviour in Forensic and Mental Health Sethngs.
attracting 1221 participants.
Our events continued to run regionally with a
collaboration with the Leeds Film School at Leeds
Beckett University on Psychoanalysis and Culture.
The Forum - Psychoanalysts in Dialogue events
continued, with three taking place during the
year. The three events attracted 400 participants.
Looking to the future
l. Our partnership with Birkbeck University
will continue with a view to hosting the
Introduction to Psychoanalytic Thinking
Today event at their campus.
4. The Forum - Psychoanalysts in Dialogue series
will host Mervyn King, Honorary Fellow of the
BPAS, for an event in May 2024.
5. Planning is underway for the twelfth European
Psychoanalytic Film Festival exploring the theme
'Journev.
2. Due to the popularity of the
Psychoanalytic Seminars, which often have a
waiting list, we are arranging repeat sessions
to meet the high demand.
6. Work is in progress to develop nine lectures
from the Maudsley Lectures series on Dreams
into an online course to be made available On
Demand.
3. The Committee will be working to
organise a new series of basic lectures. The
aim of the series is to offer an introduction
to psychoanalysis to those with little to no
prior knowledge of psychoanalysis.
7. An event on Crime and Psychoanalysis is being
developed collaboratively with the Archives
Committee.
The British Psychoanalybcal Society IINcorporating the Institute of Psychoallalysisl
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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-VI
Significant activies during 2023
The New Library of Psychoanalysis published
important works by Sharon Numa, Bob
Hinshelwood and Margaret Rustin.
In the last year the IJP Online platform has
shifted to Pepweb with current issues of the IJP
now available.
The New Library of Psychoanalysis webinars
continued to attract significant online audiences
and interest.
The IJP subscriber base for members of
psychoanalytic societies is 5500, increasing from
2000 over the last four years.
The Psychoanalytic Ideas book series continues to
publish concise books on psychoanalytic thinking
for a broad audience.
The Publications and Scientific Committee
hosted a joint meeting to discuss concerns
about confidentiality and its impact on
publishing clinical psychoanalytic writing.
The revamped peer review site for unpublished
papers, IJP Open, launched. The new site allows
authors to respond to reviews and comments,
and psychoanalytic readers to contribute their
experknse to the review process.
Looking to the future
l. Pre-order is now open for the long-awaited Revised Standard Edition. which 15 scheduled to be published
in Summer 2024. Work is focused on organising launches and publicity efforts.
2. The Publications Committee will consider how to addre55 concerns raised at the joint meeting with the
Scientific Committee.
22
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Board of Trustees
and other key appointments
The Board
The Board comprises the charity trustees of the British Psychoanalytical Society lincorporating the
Institute of Psychoanalysis). The Trustees are also the directors of the company under the
Companies Act 2006. Except where indicated, the following all served as Trustees and directors
throughout 2021.
Dr Vic Sedlak President
Mr Carlos Fishman Ordinary Member and Vice President Isince July 20231
Ms Helen Brindey Honorary Secretary
M5 Louise Lyon Honorary Treasurer
Mrs Anat Gedulter-Trieman Ordinary Member (until July 20231
Or Sarah Robertson Ordinary Member and Vice President luntil July 20231
Mr Alonso Gonsalez Ordinary Member
Dr Petya Petkova Ordinary Member (since July 2023
Ms Kathryn Taylor Ordinary Member Isince July 20231
Mr Denis Flynn Chair, Education Committee luntil August 20231
Dr Ana Paulina Sauma Chair, Education Committee (from September 20231
Mr Fakhry David5 Chair, Scientific Committee
Mrs Penelope Garvey Chair, Outreach Committee
Mrs Anne Amos Chair, Regional Committee
Ex-officio Board Member
Ms Caroline Langley Chief Executive Officer (until November 20231
Ms Karina Zorlakkis Acting Institute Manger Isince November 20231
Journal Management Board
Professor Alessandra Lemma Chair
Mrs Susan Loden Member (until September 20231
Dr Anna Streeruwitz Member
Or Heather Wood Member
Mr Francis Grier Editor in Chief Inon-votingl
Dr Vic Sedlak President Inon-votingl
Ms Louise Lyon Honorary Treasurer Inon-votingl
Ms Caroline Langley Chief Executive Officer Inon-votingl
Mr Roger Press Lay Member
Mr Peter Richardson Lay Member
Finance Sub-committee
Ms Louise Lyon Honorary Treasurer, Chair
Mr Stephen Morrall Lay-member
23
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Mr Neil Loden Lay-member
Ms Elizabeth Coates Thummel Member
Ms Ruth Mccall Member
Ms Caroline Langley Chief Executive Office (until November 20231
Mr Graeme Newton Head of Finance
Mr David Norgrove Lay-member
Dr Sarah Robertson Vice President (until July 20231
Mr Carlos Fishman Vice President (until July 20231
Dr Vic Sedlak President
Committee Chairs
Professor Jan Abram Archives Committee (until September 20231
Dr Christine English Archives Committee (from September 20231
Professor Josh Cohen Library Committee (until September 20231
Mr Eric Karas Library Committee Ifrom September 20231
Mr Fakhry Davids Scientific Committee
Dr David Bell Applied Section Committee
Dr Judith Trowell Ethics and Profe55ional Standards Committee
Mr Denis Flynn Education Committee (until August 20231
Dr Ana Paulina Sauma (until September 20231
Dr Ana Paulina Sauma Admissions Committee luntil May 20231
Dr Giovanni Polizzi Admissions Committee Isince May 20231
Dr Maxim Sauma Child and Adolescent Committee
Ms Angela Joyce Curriculum Committee (until July 20231
Dr Avi Shmueli Curriculum Committee (since July 20231
Ms Rachel Chaplin Fellowship Committee
Dr Joan Schachter Student Progress Committee
Mrs Rosemary Davies Training Staff Committee
Ms Geraldine Shipton New Entry Scheme Committee
Dr Elizabeth Gibb Northern Training Co-ordinating Committee
Dr Sergei Grachev Foundation Courses Committee
Mr Alex Read Foundation Courses Committee
Ms Fatima Martinez del Solar Recruitment Committee
Ms Penelope Garvey Outreach Committee
Mrs Anne Amos Regional Committee
Dr Heather Wood Publications Committee
24
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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
25
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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
Annual Report 2023
**----- Start of picture text -----**
2022 2023
Journal Training and Membership Clinic rental Clinic PEP Event Investment
income income income
income
**----- End of picture text -----**
**----- Start of picture text -----**
2022
2023
**----- End of picture text -----**
**----- Start of picture text -----**
Training Events
bursaries and costs library archives
loans
**----- End of picture text -----**
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Financial Highlights for 2023
The Society's income for the year was £2,163,04712022'. £2,137,891). Expenditure forthe year was
£2,140,43412022.' £2,101,714). The surplus for the year ended 31 December 2023 was £252,46112022.'
£648,325 deficit) of which £229,84812022= £684,502 deficit) was attributable to gains/llossesl on stock
exchange investments. The Society's operating surplus of £22,61312022- £36,177) before the investment
surplus was slightly behind the amount anticipated by the annual budget setting process.
At 31 December 2023, the Society's reserves are made up of £4,400,12112022= £4,466.4841 of general
funds. £180,00012022'. £180.0001 held in a revaluation reserve and £5.347.45112022.' £4,996,104) of
restricted funds. General funds include £3,724,83212022= £3.845.484I of Tangible Fixed Assets which, once
excluded, leaves free reserve5 of £675.28912022'. £621,000).
Sources of funding
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 18% of income from
charitable activities12022'. 17%). This is a stable source of income. Subscriptions to the International
Journal of Psychoanalysis represented 220h of income from charitable activities12022.' 23%1. 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 2023 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 signilicant 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.
No investment in companies that generate significant turnover from the manufacture of arms, alcohol,
gambling or pornography.
28
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During the year the Society returned a gain on investments of £197,32512022: £684,502 lossl as the
investments recovered from difficult market conditions experienced during 2022. Investment performance
for the year resulted in a 8.2% gain, compared to the benchmark gain of 11.7°A experienced in 2022.
Policy on reserves
The Board reviewed the reserves policy in December 2023 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 fund5 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 di5PUte. 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 finance 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 increased to £668,153 at the end of 202312022=
£521,000). This was made up of invested general funds of £451,06912022..426,8281 and net current assets
of £217,08412022.' £194,172). The free reserves are monitored carefully to achieve the level set by the
Board. Free Reserves does not include Restricted Funds which amounted to £5,347,451 at 31st December
202312022.. £4,996,104}.
The current free reserves are £675,289 which is within the range set by the board at it most recent review.
Designated Funds at the end of 2023 were £Nil12022: £32,523). The Benevolent Fund, previously held as a
designated fund, was transferred into restricted funds in 2023
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..
Select 5Ultable accounting policie5 and apply them consistently.
Observe method5 and principles in the Charities SORP.
29
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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
a55ets of the charitable company and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Statement of Disclosure to the Auditor
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 a5 Trustees and in order to make themselve5
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 Act 2006.
By order of the Board
. $6d/a
Dr Vic Sedlak
President
Date: 16 September 2024
30
Annual Report 2023
_Standard applicable in the UK and Republic of Ireland_
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nYii.I P-rnrt ?n22
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 tinancial 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 fart. 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 financial 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 rnatters in relation to which the Companie5 Act 2006
requires u5 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 specified by law are not made,. or
we have not received all the information and explanations we require for our audit
Responsibilitie5 of trustees for the financial statements
As explained more fully in the trustees, responsibilities statement on page 29, 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.
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.
32
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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
identitied that the principal risks of non-compliance with laws and regulations related to regulatory
requirements for GDPR, Charities Act 2011 and Companies Act 2006 and we considered the extent to
which non-compliance might have a material effert on the tinancial 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..
Inspecting correspondence with regulators and tax authorities,.
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 parhcular 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at- www.frc.or
auditorsres
onsibilities. This description forms
part of our auditor's report.
Use of our report
This report 15 made solely to the charitable company's members, as a body, in accordance with Chapter 3
of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might State to the
charitable company's members those matters we are required to state to them in an Auditor's report and
for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume responsibility to
anyone other than the charitable company and the charitable compan¢s members, as a body, for our
audit work, for this report, or for the opinions we have formed.
Kathryn Burton (Senior Statutory Auditor)
For and on behalf of Haysmacintyre LLP, Statutory Auditor
23rd September2024
10 Queen Street Place
London
EC4R IAG
33
Annual Report 2023
|**Unrestricted**
**Note**
**Funds**
**Income from:**
**£**
Donations and legacies
353,061
Charitable activities
3
1,458,623
Investments
70,961
Other
152,245
**Total income**
**2,034,890**
**Expenditure on:**
Raising funds
1,370
Charitable expenditure
4
2,115,168
Fixed asset impairment
-
**Total expenditure**
**2,116,538**
**Net income/(loss) before investment gains/(losses)**
(81,648)
**Net gains/(losses) on investments**
Net gain/(loss) on listed investments
7
15,285
Transfer from unrestricted to retricted funds
(32,523)
Net gain/(loss) on investment land
7
-
**Total gains/(losses) on investments**
(17,238)
**Net movement in funds**
(98,886)
Fund balances brought forward at 1 January 2023
4,679,007
**Fund balances carried forward at 31 December 2023**
**4,580,121**|**Restricted**
**Funds**
**£**
40,844
-
87,313
-
**128,157**
30,609
(6,713)
-
**23,896**
104,261
214,563
32,523
-
247,086
351,347
4,996,104
**5,347,451**|**Total**
**2023**
**£**
393,905
1,458,623
158,274
152,245
**2,163,047**
31,979
2,108,455
-
**2,140,434**
22,613
229,848
-
-
229,848
252,461
9,675,111
**9,927,572**|**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**|
|---|---|---|---|
All activities in 2022 and 2023 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 2023
**----- Start of picture text -----**
Note 2023 2023 2022 2022
£ £ £ £
Fixed assets
Tangible assets 6 3,724,832 3,845,484
Intangible fixed assets 6a 62,996 48,748
Investments 7 5,038,256 4,837,302
8,826,084 8,731,534
Current assets
Debtors 9 882,518 855,588
Cash at bank and on deposit 15 730,352 630,584
1,612,870 1,486,172
Creditors: amounts falling due within one year 10 (511,382) (542,595)
Net current assets 1,101,488 943,577
Total assets less current liabilities 9,927,572 9,675,111
Funds
Unrestricted Funds:
General Fund 4,400,121 4,466,484
Designated Funds 11 - 32,523
Revaluation Reserve 180,000 180,000
4,580,121 4,679,007
Restricted Funds: 12 5,347,451 4,996,104
Total Funds 9,927,572 9,675,111
These financial statements were approved by the Board and authorised for issue on :
**----- End of picture text -----**
Dr Vic Sedlak Dr Sarah Robertson **President Vice President**
_The accompanying notes form part of these financial statements._
Annual Report 2023
|**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**
**2023**
Cash at bank and in hand
**Net debt**
**2022**
Cash at bank and in hand
**Net debt**|
**At 1st**
**January**
**2023**
**£**
630,584
**630,584**
**At 1st**
**January**
**2022**
**£**
499,114
**499,114**|-
**Cashflows**
**£**
99,768
**99,768**
**Cashflows**
**£**
131,470
**131,470**|**2023**
**£**
(20,646)
158,274
-
(5,981)
(31,879)
120,414
630,584
**730,352**
**Other**
**Non-cash**
**Changes**
**£**
-
**-**
**Other**
**Non-cash**
**Changes**
**£**
-
**-**|**2022**
**£**
354,516
158,657
-
-
(381,703)
(223,046)
499,114
**630,584**
**At 31st**
**December**
**2023**
**£**
730,352
**730,352**
**At 31st**
**December**
**2022**
**£**
630,584
**630,584**|
|---|---|---|---|---|
_The accompanying notes form part of these financial statements._
Annual Report 2023
## **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 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: by floor space Support and governance costs: by staff time Depreciation: by floor space
Annual Report 2023
## **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 2023
## **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 2023
## **3 Income from Charitable Activities - Unrestricted Funds**
|Publishing income
Membership income
Clinic
Scientific
Education
Outreach
Other charitable income
Total income from charitable activities|2023
£
435,793
260,240
95,960
2,810
284,894
377,694
1,232
1,458,623|2022
£
483,305
248,173
96,053
2,620
252,511
367,951
20
1,450,633|
|---|---|---|
Membership income is shown net of the cost of enrolment of members in other third party organisations of £171,283 (2022: £163,911), 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 2023
## **4 Charitable Expenditure**
|Publishing
Membership Subscriptions
Clinic
Scientific
Education
Outreach
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**
**2023**
£
149,644
-
172,636
-
96,589
164,490
63,356
29,850
-
**676,565**
**Staff costs**
**2022**
£
141,303
-
151,895
-
95,980
152,645
-
56,714
26,629
-
**625,166**|**Other direct**
**costs**
**2023**
£
187,884
(12,463)
15,762
371
75,706
53,526
5,419
(5,889)
18,223
**338,539**
**Other direct**
**costs**
**2022**
£
259,674
39,166
14,598
-
64,320
87,823
-
2,783
3,989
23,465
**495,818**|**Support and**
**governance**
**costs**
**2023**
£
133,298
80,914
323,725
52,089
200,647
168,249
89,906
40,244
4,279
**1,093,351**
**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**|**Total**
**2023**
£
470,826
68,451
512,123
52,460
372,942
386,265
158,681
64,205
22,502
**2,108,455**
**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**|
|---|---|---|---|---|
Annual Report 2023
## **4 Charitable Expenditure (continued)**
Analysis of support costs
|**2023**
Charitable activities
Governance
**Total charitable expenditure**
**2022**
Charitable activities
Governance
**Total charitable expenditure**|**Governance**
**Costs**
**£**
176,755
(176,755)
**-**
**Governance**
**Costs**
**£**
131,104
(131,104)
**-**|**Finance**
**Costs**
**£**
136,143
62,016
**198,159**
**Finance**
**Costs**
**£**
132,395
61,298
**193,693**|**CEO**
**Costs**
**£**
142,262
63,759
**206,021**
**CEO**
**Costs**
**£**
125,289
50,342
**175,631**|**Facilities**
**Costs**
**£**
638,191
50,980
**689,171**
**Facilities**
**Costs**
**£**
559,631
19,464
**579,095**|**Total**
**2023**
**£**
**1,093,351**
**-**
**1,093,351**
**Total**
**2022**
**£**
**948,419**
**-**
**948,419**|
|---|---|---|---|---|---|
Support costs have been allocated on the basis of estmiated use.
Governance costs are as follows:
|Staff costs
Audit costs
Board meetings
Legal and professional|**2023**
**£**
110,604
21,450
8,931
35,770
**176,755**|**2022**
**£**
84,438
18,131
9,553
18,982
**131,104**|
|---|---|---|
Annual Report 2023
## **4 Charitable Expenditure (continued)**
The split of charitable expenditure between general and restricted funds is as follows:
|**2023**
Publishing
Membership Subscriptions
Clinic
Scientific
Education
Outreach
Library
Archives
Other charitable activities
**Total charitable expenditure**
**2022**
Publishing
Membership Subscriptions
Clinic
Scientific
Education
Outreach
Online Education
Library
Archives
Other charitable activities
**Total charitable expenditure**|**Unrestricted**
**Funds**
**£**
470,826
68,451
510,628
52,460
381,421
386,105
158,681
64,094
22,502
**2,115,168**
**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**|**Restricted**
**Funds**
**£**
1,495
(8,479)
160
111
-
**(6,713)**
**Restricted**
**Funds**
**£**
58
16,423
11
11
16,728
**33,231**|**Total**
**2023**
**£**
**470,826**
**68,451**
**512,123**
**52,460**
**372,942**
**386,265**
**158,681**
**64,205**
**22,502**
**2,108,455**
**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**|
|---|---|---|---|
Annual Report 2023
## **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|2023
£
942,291
78,353
98,337
**1,118,981**
2023
£
676,565
331,812
110,604
**1,118,981**
2023
23
2
1
-
1|2022
£
877,231
79,055
87,159
**1,043,445**
2022
£
705,692
253,315
84,438
**1,043,445**
2022
22
2
-
1
1|
|---|---|---|
The key management personnel of the Charity is the Chief Executive. Their employee benefits totalled £103,284 (2022 - £116,469). This included contributions in the year for the purpose of money purchase pension benefits of £10,336 (2022 - £10,594).
No members of staff were made redundant during 2023 (2022: Nil), the costs of redundancy are included in staff costs. The total costs of redundancy were £nil (2022: £nil). These were all paid during the year.
Annual Report 2023
## **6 Tangible Fixed Assets**
|**2023**
**Cost or valuation**
At 1 January 2023
Additions during the year
Written off during the year
As at 31 December 2023
Less:
**Depreciation**
At 1 January 2023
Charge for the year
Written off during the year
As at 31 December 2023
**Net book value**
At 1 January 2023
As at 31 December 2023|**Freehold**
**property**
**Long**
**leasehold**
**property**
**Property**
**improvement**
**Computers,**
**furniture and**
**fittings**
**Library**
**Archives**
**Total**
£
£
£
£
£
£
£
2,904,910
900,972
885,581
125,748
852,257
122,022
**5,791,490**
-
-
-
17,631
-
-
**17,631**
-
-
-
(6,341)
-
-
**(6,341)**
2,904,910
900,972
885,581
137,038
852,257
122,022
**5,802,780**
991,769
304,995
185,744
31,412
372,918
59,168
**1,946,006**
43,098
13,019
32,366
30,315
17,045
2,440
**138,283**
-
-
-
(6,341)
-
-
**(6,341)**
1,034,867
318,014
218,110
55,386
389,963
61,608
**2,077,948**
1,913,141
595,977
699,837
94,336
479,339
62,854
**3,845,484**
**1,870,043**
**582,958**
**667,471**
**81,652**
**462,294**
**60,414**
**3,724,832**|
|---|---|
Annual Report 2023
## **6a Intangible Fixed Assets**
|**2023**
**Cost or valuation**
At 1 January 2023
Additions during the year
As at 31 December 2023
Less:
**Depreciation**
At 1 January 2023
Charge for the year
As at 31 December 2023
**Net book value**
At 1 January 2023
As at 31 December 2023|**IOPA Brand**
**Computer**
**software**
**Total**
£
£
£
13,800
34,948
**48,748**
-
14,248
**14,248**
13,800
49,196
**62,996**
-
-
**-**
-
-
**-**
-
-
**-**
13,800
34,948
**48,748**
**13,800**
**49,196**
**62,996**|
|---|---|
Computer software is in relation to the Society�s new Customer Resource Management system which amounted to £49,196 at 31st December 2023. Post Year End, it became apparent that this asset is impaired due to a dispute with the supplier and the board has therefore taken the decision to reduce its value to £Nil in 2024.
Annual Report 2023
## **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|2023
4,462,302
5,981
-
197,325
(2,352)
**4,663,256**
375,000
-
375,000
**5,038,256**
2023
£
4,662,062
501
693
**4,663,256**|2022
£
5,146,804
-
-
(684,502)
-
**4,462,302**
375,000
-
375,000
**4,837,302**
2023
£
4,427,300
2,853
32,149
**4,462,302**|
|---|---|---|
The investments are held in the Sarasin Climate Active Endowments Fund. The total book cost of listed equities is £3,972,729 (2022: £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 (2022: £4,477) in respect of the above land. This land was revalued on 27 March 2023 in respect of the year ended 31 December 2022 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 2023
## **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.
|_Cost_
Interest in Psychoanalytical Electronic Publishing Inc.
**Psychoanalytic Electronic Publishing Inc.**
Total income
Total charitable expenditure
**Net income/(expenditure)**
Fixed assets
Investments
Current assets
Liabilities due within one year
**Net assets**
The following income was received from PEP:
Royalty
Donation
**Total income received from PEP**
Financial highlights from the PEP audited accounts for the year ended 31 December 2023 ar|2023
£
-
2023
£
1,976,286
(1,734,186)
**242,100**
2,249
1,027,360
631,740
(1,078,701)
**582,648**
2023
£
110,686
353,061
**463,747**
e as follows:|2022
£
-
2022
£
1,483,687
(1,768,984)
**(285,297)**
4,237
1,024,565
603,745
(1,111,452)
**521,095**
2022
£
146,136
381,940
**528,076**|
|---|---|---|
2023 Figures are based on PEP Draft Financial statement for the year ended 31st December 2023.
Annual Report 2023
## **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)|2023
£
188,910
52,828
571,333
27,541
41,906
**882,518**|2022
£
209,317
495
590,647
32,316
22,813
**855,588**|
|---|---|---|
## **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|2023
£
27,541
41,906
**69,447**
17|2022
£
32,316
22,813
**55,129**
23|
|---|---|---|
Annual Report 2023
## **10 Creditors**
**Amounts falling due within one year**
|**Amounts falling due within one year**
Trade creditors
Accruals
Deferred income
Other taxation and social security
Other creditors|2023
147,455
105,846
207,810
29,199
21,072
**511,382**|2022
£
168,591
183,715
158,152
71
32,066
**542,595**|
|---|---|---|
## **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.
|**Balance 1 January**
Amounts added in current period
- subscription income for Journal titles related to the following year
- 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**
**11 Designated Funds**
Benevolent Fund
**Total designated funds**
Movement in designated funds:
Benevolent Fund|2023
£
207,810
-
-
At 1st
January
2023
**£**
32,523
32,523|2023
2022
£
£
158,152
158,152
-
-
(158,152)
**207,810**
2023
£
-
**-**
Transfer to
Income
restricted funds
**£**
**£**
-
(32,523)
-
(32,523)|2022
£
86,764
(86,764)
**158,152**
2022
£
32,523
**32,523**
**At 31st**
**December**
**2023**
**£**
**-**
**-**|
|---|---|---|---|
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**|2023
-
-
**-**|2022
£
26,033
6,490
**32,523**|
|---|---|---|
Annual Report 2023
**12 Restricted Funds**
|**Restricted Funds**||||||||
|---|---|---|---|---|---|---|---|
|
**2023**
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 Analysis
Athol Hughes Fund
Fund to support members displaced by war
Benevolent Fund
**Total 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 Analysis
Athol Hughes Fund
European Psychoanalytic support fund
Fund to support members displaced by war
**Total Restricted Funds**|**Balance 1**
**Jan 2023**
£
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 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**|**Income**
£
(174)
26,368
1
13
(330)
(53)
(5)
(90)
(24)
51,421
(15)
51,045
-
-
**128,157**
**Income**
£
29
27,600
2
4
51
8
2
13
5
54,714
2
9,124
15,093
4,344
**110,991**|**Charitable**
**expenditure**
£
(571)
(8)
1,710
(14)
(829)
15,135
(111)
(8,350)
(160)
(8)
(73)
(8)
-
-
**6,713**
**Charitable**
**expenditure**
£
(11)
(11)
(2,096)
(14)
(11)
2,256
(11)
(16,561)
(11)
(11)
(11)
(11)
(15,093)
(1,635)
**(33,231)**|**Investment**
**management**
**cost**
£
(3,026)
(4,964)
-
-
(5,734)
(918)
(87)
(1,562)
(414)
(11,611)
(246)
(2,047)
-
-
**(30,609)**
**Investment**
**management**
**cost**
£
(3,171)
(5,611)
-
-
(5,806)
(958)
(163)
(1,472)
(496)
(11,122)
(274)
(1,855)
-
-
**(30,928)**|**Transfer**
**from**
**designated**
**funds**
**Transfers**|**Investment**
**Gains/**
**(Losses)**
£
23,567
38,663
(7,900)
-
44,659
7,152
680
12,168
3,222
90,433
1,919
-
-
-
**214,563**
**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)**|**Balance 31**
**Dec 2023**
£
494,871
958,498
614
730
878,713
338,969
35,060
199,341
85,745
1,906,938
44,846
367,894
2,709
32,523
**5,347,451**
**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**|
||||||
32,523
**32,523**
|||
Annual Report 2023
## **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 2023
## **13 Change in cash and cash equivalents**
**Cash and cash equivalents at 31 December 730,352 630,584**
**14 Reconciliation of net movement in funds to net cash flow from operating activities**
|**Net cash generated/(used) in operating activities**
**15**
**Analysis of Cash and Cash Equivalents**
**Cash at bank and in hand**
**Cash and cash equivalents**|**(20,646)**
**730,352**|**354,516**
**630,584**|
|---|---|---|
Annual Report 2023
## **16 Analysis of the distribution of net assets**
|2023
**Unrestricted Funds:**
General Fund
Byron House Reinstatement Fund
Revaluation reserve
Benevolent Fund
**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
Benevolent Fund
2022
**Unrestricted Funds:**
General Fund
Byron House Reinstatement Fund
Revaluation reserve
Benevolent Fund
**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
Analysis
Athol Hughes Fund
Fund to support members displaced by war|Tangible
Fixed Assets
£
3,787,828
-
-
-
3,787,828
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**3,787,828**
Tangible
Fixed Assets
£
3,894,232
-
-
3,894,232
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**3,894,232**|Investments
£
395,209
-
180,000
-
575,209
486,107
857,003
-
-
891,504
146,898
24,460
226,928
75,544
1,712,728
41,875
-
-
-
4,463,047
**5,038,256**
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**|Net Current
Assets
£
217,084
-
-
-
217,084
8,764
101,495
614
730
(12,791)
192,071
10,600
(27,587)
10,201
194,210
2,971
367,894
2,709
32,523
884,404
**1,101,488**
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**|Total 2023
£
4,400,121
-
180,000
-
4,580,121
494,871
958,498
614
730
878,713
338,969
35,060
199,341
85,745
1,906,938
44,846
367,894
2,709
32,523
5,347,451
**9,927,572**
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**|
|---|---|---|---|---|
Annual Report 2023
## **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 2023, the Society had total commitments under non-cancellable operating leases expiring as follows:
|Within one year
One to five years
After five years
Total|2023
£
11,322
16,480
-
27,802|2022
£
14,797
27,295
-
42,092|
|---|---|---|
## **19 Trustee remuneration and benefits**
No members of the Board received any remuneration for their role as trustee (2022: £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 £4,548 (2022: £10,745).
Four Trustees (2022: Two) 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:||
|---|---|
|K Taylor|£500|
|A Paulina Sauma|£500|
|V Sedlak|£500|
|M Fakry Davids|£3,400|
There are no other related party transactions in the current or prior year.
## **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 2023
## **21 Net Debt Reconciliation**
|**At 1st**
**January**
**2023**
**£**
630,584
-
**630,584**
**At 1st**
**January**
**2022**
**£**
282,091
(125,213)
**156,878**|**Cashflows**
**£**
99,768
-
**99,768**
**Cashflows**
**£**
348,493
125,213
**473,706**|**Other**
**Non-cash**
**Changes**
**£**
-
-
**-**
**Other**
**Non-cash**
**Changes**
**£**
-
-
**-**|**At 31st**
**December**
**2023**
**£**
730,352
-
**730,352**
**At 31st**
**December**
**2022**
**£**
630,584
-
**630,584**|
|---|---|---|---|
Annual Report 2023
## **22 Comparative Statement of Financial Activities**
|**Unrestricted**
**2022**
**Note**
**Funds**
**Income from:**
**£**
Donations and legacies
381,940
Charitable activities
1,450,633
Investments
67,103
Other
127,224
**Total income**
**2,026,900**
**Expenditure on:**
Raising funds
1,383
Charitable expenditure
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
(37,859)
Net gain/(loss) on investment land
-
**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**|
|---|---|---|