Company number402695 Registered Charty number 238441 THE SOCIEtY OF ANALYficAL PSYCHOLOGY (Company limited by guarantee) TRUSTEES, ANNUAL REPORT & ACCOUNTS I September 2019 to 31 August 2020 The Society of Analytical Psychokn T￿￿. Report 2019-20 lincorwrating the Director< Report) CONTENTS ADMINISTRATIVE DETAILS TRUSTEES ANNUAL REPORT INDEPENDENT EXAMINER'S REPORT 10 STATEMENT OF FINANCIAL AcfiviTIES 11 BALANCE SHEET 12 NOTES TO THE ACCOUNTS 13-20 APPENDIX: RESERVES POLICY 21-23 The S(Kiety of AnatytKal Psychokey Trustee< Rewrt 201920 liTKorporating the Dirertors, Report) l. Administrative Details Address l Daleham Gardens London NW3 5BY www.thesap.org.uk Registered Charity no. 238441. Chaiity Commi%sion. E￿and and Wales Company ￿lSte￿ in England and Wales No. 402695 offi￿r$ Acting Chair Chair Inge Spencer (Nov 2020) Michael Cullinan (to Nov 20201 Judrth Brech (to Feb 2020) Deputy Chair Inge Spencer (to Nov 20201 Michael Cullinan (to Feb 2020) Memb￿5 Ofcoul￿.1 Members of the Council. who are dirertors for the purpose of company law and trustees for the purpose of charity law. who served during the year and up to the date of thi5 report are: Inge Spenor (Acting Chairl Michael Cullinan Penny de Haas Curnow IDiverW offi￿rI Hilary Lester Simona Panetts-crean Bary Proner IFeb 20201 Valerie Roach Jennlfer Stein Ali Zarbafi (co-opted 12 Sep 20201 Judith Brech (Chair} (resigned 22 Feb 20201 Lari55a Lagutina {resigned 21 Apr 2020) Steve Slann (co-opted 12 Nov 2018 restgned l Oct 20191 Judith Willetts The Society of Analytical PsychologyTrusteeg Report 2019-20 (incorporating the Direttors. Report) Solicito Fieldfisher LLP Riverbank House, 2 Swan Lane. London. EC4R 3 HSBC 122 Finchley Road. London, NW3 SJD Mary Wallbank Dchi FCIE Charity Management Services 18 Park Road, Chandlers Ford. Eastleigh S053 2EU The Society of Analytical Psythob8y Trustees. Rewrt 2019-20 (incorporating the Directors. Report) 2. Achievements and perforniance The objects of the &)ciety are: With a view to the benefft of the community at lorge but not othenvise to promote ond encouroge." (a) The practice and applicotlon of Gnofytical psychology in ond to medical and otherfields," (b) Education ond training in anofyticolpsychology. its prinoples. practice ond applicotion." (c) The increase of knowledge in re10tiL￿ to anofyticalpsychology." (d) The d4yusion of the knowledge of the odvantages that accruefvm the proctice ond application of onolyticolpsychologyconsistendy with theforegoing. The SOCWI promotes analytical ljungian) psychology in four Ivays: Running courses to train partFcipants in anatysis and psychotherapy: Putting on events, lectures. seminars courses in a fange of Jungian and psychoanalytic topics. both at an introductory level and for professionals: Publishing an academic journal to increase knowledge in the r￿Id of analytical psychology; Providing a dinic offering reduod-fee anatysis and psychotherapy. 2.2 Speoalnrte reqorthry co￿19 Thi5 financial year has been unusual and challenging owing to the global pandemic. The Society made the decision to ciose the offte at Daleham Gardens at the end of March 2020. All staff were able to work from home and continue to do so. Our IT consultants ensured each employee had secure remote access to SAP Sev￿r. This meant the Society was fortunate In not havin8 to furk)ugh any employee. The buildirE was vistted by our security company every evenin& the alami system was semced and all requirements of our insurance por￿leS We￿ met. The￿ 15 a single member of staff in the building at least three times a week. The Socievs member5 quickly had to adapt to working online rather than face-to-face. While there were some initial challenges in becomin8 accustomed to the technology, these were comparatNely small compared with adjusting to working remotety wtth patients. We created new protocols and provided training and support for our members and trainees in order to help them to work safely and effertively and to deal with the inevitsble sense of isolation Fnany experienced. The Society of Anatytical Psycholo8y Trustees. Report 2019-20 (incorporating the Directors, Report) Our colleague5 in training as well a5 our members no longer had the opportunity to meet together in 8roups and the absence of the physical spatr had to be filled with gatherings on Zoom. It is to the credit of our community that individuals were able to adapt and flourish in these circumstance5. We should also acknowledge that some members lost much of their practices as a resutt of the pandemic which has led to significant hardship for those afferted. The Society ran all its professional trainings, introductory courses, CPD seminars and courses, and public events through Zoom. As a result of this there has been increased taktrup of many of our events and courses and we are very well Set to grow the Societys business during 2020- 2021. Unfortunatety, the Journal of Anatytical Psychologvs 2020 conferents had to be postponed. It was scheduled to tske plao in Sao Paulo at the end of July 2020 but is now being organised as virtual conference to take place in April 2021. Professlonal Trnlnlnq The Analytic Training saw the continuation of the modular Structu￿ and finished the year wtth 12 trainees and 3 post-trainees. The Psychodynamic Psychotherapy Training had 19 trainees & 12 post trainees. Trainee numbers for both professional trainings continue to grow year on year. The Society ran 7 events in London and l oriline event, and 3 in CambrKlge and 2 online events. Attendance was good* particulath for the online event& In addition, the Society had a screening adaption of a Daphne du Maurier novel at Everyman Cinema, followed by Q & & which was very well attended. Also. 2 more in a serÈes of films in collaboratton with CAP, l of which was held online. The Society also had a serles of ainicians Work Discussion Groups held in London and online. 26 people attended the Foundations course and 14 w>ple took part on ￿ Jungian Practice Experiential Group. The supervision course for experienced dinicians continued to be popular. 16 people completed the course. In addit￿n, we continued trj run the modular Transitions course. which attracted 6 participants for the entire year with 3 participants electtrE to take fnl)dules l and 2. We ran two reflertNe practice seminar serie5 for trainees. One specificalty addressed ￿Ve5 around working remotely; second ts¢￿e￿ issues of diversity. Further seminar series are scheduled for 2020- 2021. In addÈtion. we ran two seven-week seminar serie5 entttled Obsessions. Anxieties (Jnd Phobios and Somatic Countertr0nsferen￿ and the Unthinkoble, which attracted 12 partiupants. The Society of Anatytical Psychology T￿￿e￿ Report 2Q19-20 {incorwrating the Direttors. Report} SpeaalEvent In April 2020 we were deeply saddened by the death of Dr Aiessandra Cavalli. She was an internationally renowned child analyst and acAdemic wlK* was hugely involved in many aspects of the Society, being key to significant aspects of training and supervision. We are very grateful to her colleague5 for stepping in to take over these responsibilities. A special event was held online for members to come together to share their experiences of Dr Cavalli. An online conference on child and adolesont analysis will be held next year and will begtn with a tribute to her. The Cmnk The Clinic had 60 applications and conducted 25 consultstions. These consuFtations resulted in 18 new people stsrting therapy wtth a member14 people). with a Psychodynamic Psychotherapy trainee110 people). wtth an Anawic trainee12 people) and with dinicians on the Transttions course12 peop￿1. The Clinic continues trj be responsible for existing patients working with the Socie￿$ trainees and provides advice and sUPPOrt to applicants who could not be p5aced through the Society. The Society provides high qualty training to individuals training to become psychoanalysts and psychodynamic psychotherdpists. It is on a continuous misston to train as many people as possible who will go on to work hundreds of patients who need support for a wide range of mental heatth problems. The work continues to be very much in need as the challenges people are facing in society grow year on year. Our short courses and introductory courses raise awareness of this work and encourage ￿pIe into professional training. The Society a150 provides psychological coTrsukation and treatments to members of the public in need, and consuttation and advanced learning to professionals delrverin8 such t￿atrnents. The Societf s fees are kept as low as p055ible for tts educational events, and tts clinic operates on a sliding scale basts of fees to widen access to psychological services to those with low incomes. The trustees have coMpl￿d with their duty to have due regard to the Charity Commission's public benefit guidance when exercisirÉ any poweT5 or duties to which the guidance is relevant. 3. Flnancial Review 3.1 Inc¢￿￿ ond Expen￿rture The Socievs income was £427,(KX), E17.(fO more than last year. The expenditure was £482,OW. the same a5 last year. Part of the Societys deficit was covered by its investments. This, of course, is dependent on the stock market. but tt does mean that the financial posit￿n is currently sustainable. Your attentM)n shouEd be drawn to the points made under 2.2 which gives further information ab)ut the impact of Covid-19 on the Society. The Society of Analytical Psychology Trustees. Rewrt 2019-20 lincoryM)rating the Dtrectors, Report) 3.2 Reserves PoAcy The Society has reserves of £1.6 million {2019 £1.7 million}, which includes £284,(X)0 {2019 £284.0(JJl in ￿$tricted funds. The restricted funds are managed by a sub-committee of the Council {the board of trustees). and the funds are used to promote the Society5 professional trainings. The policy was reviewed by Council in November 2020. The Societys free ￿serveS are being fetsined to subsidise operational activities until the actiVit￿S can be brought onto a b￿akeVen basis. please note, the Reserves Policy has been substantialtyt rewritten this year, giving a clear plan for both ne￿SSary retention of reserves and plans to spend ￿stricted funds. This policy is provided as an appendix to this reporL Inv￿tment P￿1¢Y The policy covers risk and exdusions. The Society has in#ructed Investec. our asset management company. to adopt a medium risk investment policy. The trustees wish to preclude investment in tobacco. alcohol and gamblin8- defined as companies or furNls with more than of their turnover in these actpiities. The tnjstees reserve the rEht to exclude companies that carry out activities contrary to their aims or from holding particukr Investments which damage the Chariws reputatsn. The yield is under 3%. 3.4 Grants Pdicy The Society makes grants to support trainees who are struggling to afford the training fees. These grants are based on need. The budget for the grdnts is set annualty by Cowcil (£0 for 2019-201, but the deCI￿on for who recetves a grant is the responsibility of the Restricted Funds and Bursaries Committee. The Board has ￿flected on its decision not to award grants during the 2019-20 financial year and has undertaken to make grants available each year for the foreseeable future. 3.5 Value ofproperty The Society owns 45% of l DaEeharn Garder& The Trustees estimate that this share could be worth over £1 million tjut there are no plans to sell the property so they have decided not to seek a more accurate wdluation. 4. Plans for the future The Society continues to see steady growth in the numbers applying for aTxI being accepted on Éts two professional training courses. From September 2020 we are runfiing the Foundations Coutse at The Society of Anatytical PsychologyTrustees' Report 2019-20 lincorpordting the Directors, Report) capacity140 people) and have introdwed a new course, Clinical Practi￿ from a Jungian Perspective, which is also fully subscribed130 people). The Society continues to run events for the pubk and has devek)ped a number of seminar series for clinician5 which began in September 2020. There will be a joint lecture in November. organised in partnership with the West Midlands Institute of PsydK>therèpy, Alchemy- o bridge to Jung's 'objertwe psyche. presented by William MeredFth-Owen. A new Diploma course has been developed and will *in in September 2021. It had been planned to begin this in January 2021 but the start has been postponed in order to ensure it can be run on face-to-face basis. New professional training for those working wtth adolescents and young people is in development, and a new two-year Transitions course. both of which will be supported through the use of some of the Fordham Fund montes. Currently. we a￿ looking at whether we can amend the criteria for the use of this fund. It remains important to increase membership number5 and it is positFve that we have a steady flow of new members each year. However. explorirg ways of growing the number of anatytic members remains a prior¥ty. alongside encouraging members to become training and SupeNising Analysts. 5. Governance, Strurture and Management 5.1 Govem4m The Society is a registered charity and a company limited by guarantee. The members of the Society apwint a Council who are the trustees of the chartty and the directors of the company. 5.2 Rerniitmert Appointmentand Trnining of Tntstees Members of Council are recruited and elected by ballot. Any member of the Society may nominate themsefve5 and vote. One third of the members of Council must retire every year and no member. otherthan the Chair, maystsnd formore than six year Tnjstees are provided with an ind￿tIOn lry ￿0 and the Chair and a full induction pack. The trustees consider risk as part of every decision. They rev*w the risk ￿gister annually. As mentioned above. tt was necessary to make a sertes of rapid chan8es to the way we work as a sult of the pandemic. We have ￿lSed our policies and prot(Kols in light of this. 5.4 RelutedPorties The Society is a member of the BritÈsh Psychoanatytic Council IBPC}, which provides ethical oversight and accreditation of the trainin8 courses. The BPC was due to undertake a re- accreditation exercise in March 2020. tt has been necessary to ￿)St￿ne this to 2021 as a result of the office closure. The Society of Analytical Psychology Tnjstees. Report 201￿20 lincorpordting Directors. ReFJOrtI 5.5 Independertexominer Mary Wallbank, DChA. FCIE. vrds re-appointed as the Societys independent examiner. 6. Responsibilltles of the Councll The Trustees {who are also the dirertors ofThe &)ciety of Anatytical Psychology forthe purposes of Company Lawl are responsible for preparin8 the Trustees, Annual Report and the Financial Statements in accordance with appli(3ble law United Kingdom Accounting Standards (UK Generalty AC￿pted Accounting Prattl￿). Company law requires the Council to prepare financial statements for each financial year which give a true and fairview of the state of the affrdirs of ttre charitable company as at the balan￿ sheet date and of its incoming resources and application of resources. including income and expenditure, for the financial year. In preparing those financial ststements, the Council should follow best practice and: select suitable accounting poficies and then apply them consistently: make judgements and estimates that are reasonable and prudent: and prepare the financial statements on the going con￿rn basis untess tt is not appropriate to assume that the company will continue on tl*t basis. The Council 15 ￿sponsible for maintainirE proper accounting records which disdose with reasonable accuracy at any time the financial po￿tiOn of the charitable company and to enable them to ensure that the financial statements compty with the Companies Act 1985. The Council 15 also responsible for safeguarding the assets of the charitsble compary and hen￿ for tsking reasonable steps for the prevention and detection of fra￿￿ and other irregukrities. Approved by Council on 14" D￿rnber 2020 and signed on its behalf ty. Inge Spencer Acting Chair The Society of Analytical Psychology The Socw of Analytical Psychology Independent Examinerfs Report to the Trustees For the year to 31 August 2020 I report on the accourts of the Charityfor the yearto 31 August 2020 The trustees (who are a150 direttors of the companyfor the purw)ses of company Eawl are responsible for the prepatatron of the accounts in accordance with the requirements of the Compantes Act 2(X)6 {the 2knbutions tothe Cixnpany Pts)sion Auto Entd•*nt 5tskeh￿der Stheme on behatf ofemplos*esand all conifibuted cosrsare XCOLmted onthe b￿at (*wgirbg the co# of providing further Itability. l tsryble fixed assets (4YtaW r05t totheth*dy. Itfe-. Fixtures, fttbngs and fumith Computer equtprneni OffiEP and wdeoeq*t 20% reduon8 ba&nce ba&s 33% stra8htli¥E basis 20% reduonE b4515 InvestEnentsare g*ed at market at ￿ batafft￿ 4*etd*e. Tr net gains arn1 los*s aFi5ing¢)n rts71uatioTr aNI dispos415throu8knttheyw aretsken tothe fund Q4vnsthe irsvesbnert. Resiricied fund5 are ￿ndS￿lI￿ are to be ac(x)rdaKe with spetifitTe5tricti￿s imposed by donors. or the terms of the appeal. The mksc*•Jmlni￿ngthe5e bJnd5 aTt tharged diTedtyto eath fvnd. Unresifkted funds are 3vailable frJr use atthe discretK>ll ofthe trty5tees h￿theyan￿ of the Y5￿al obiectNes ofthe charity. Deggn6ted funds are a diM%on of uE)restrided funds *hith ha¥e been byU* trustees lor partKular purpose> The PUTPO* ofthe de￿6na1eO fundsare sei¢M ￿ it* note 31 Awt2QD SL￿1 T* Izx6 Trn￿lfIlln4 2iYJS6 49fv19 1(*070 4695 3m3 16Ym 4BLYVJ 3Wi i?a Notestothe Ftnano31 siatements 31 AW 2020 siaffci>sts 102.624 DeptEuation Leg3Ilpr0fe￿1crfF¥ IrorwJltrwfeÈs Offio rfj5ts Premi1è5cr6rs 6,487 10,653 $46 LO,707 10.388 4,037 5,912 11226 72riJ L091 6327 25594 Repair5 and m&nteftaii Insuf3ll mis￿lane0￿$ Trustee and meeUn8 CQ5ts Independefii e%3EIEitteVsfees 9,421 910 5 Staff Cos15 Y¢*4 2019 ComprisinE= Wagesand salaries 249.730 229550 17.129 16.122 11287 10.407 Staff pension costs I78,￿6 2S6.079 The a%*ts8e number ofstsff for thEStar* Charitsb(e athitie5 No mernbero* strff was pad rrwxe th￿£70￿XI.￿ per onntsm12019. 14ill. The ￿0 received a grosssalary of £66,7W ￿ pyo r*a12019£f*.7fy)I, plus eTrwkYffrpe￿lon ronts%b4Jtion of 6Xof salary. Paid (x)rttributyoTrsfortl* eMphJyeeSa￿ antyjrted to£14588 12019E9,73SI 4 tritstees recei*d atoW of£L520frwdw prO1w￿ ser￿5¥￿the peEirxl and 2 refeTrtd tr￿1 expen5tsof £459.12019.. 3 tn￿ee$recelW￿d a t(tsl of£5375 lorthe*wofwAI seThkes in treyearaThl 4reoN*d travel expen5esof o.nii. 15 The SooetyofAfwFo(al Psytho Notes tothe F4nanaal 5tsteFr*nts 31 Wst 2020 fthives. At tstseptember J119 AdditiOF15 Disposals 5L470 274,150 At31st A*JW 183356 5L470 274,150 At 15t5eptember a)19 Disposal Char8E IDrthe rericmj 191PJ2 >)216 4&670 94978 Lni At 315tAugust ))20 19,IY)2 3L937 47,C68 9W37 Plet B(*)kVah* At 31st Au8U5t 2020 164.764 6￿7 I76.￿2 At septem￿3￿9 164.764 179.172 lfic*Maed in freehold EYenHsesi5 cosbE¥£6L71012019.£6L7101. The f¥eeh(￿d at i Da￿￿Tr Garden5 waspurdmsed in 1981 th partwthlp with The Insdttste of Group Ana￿15, the ScÉlety ha￿ a 45% and ocwnB the first se￿d Ik*)ts w*th the Institute (K£ypwn8 the ren¥inder of the we seIkntsi￿ and eath Mds a 99 year a￿ from thefvifji freelK)tders The twtr5 ¥e thal the propÈrty45 undeThalt*d twjt are unable to quantify ttr Yolue at a ThÈ trustees (c¥￿￿1@y tt*t is ￿ I￿$sary to derreciète the free￿d propertyfiJrtl*ral*r V9ns. Total arketwdlue at I SeptembEIJ19 thdts￿dts 14et reali5ed ub¥eaSised I￿s￿lI Mar￿t Yalue * 31 Aiiguo i)x) L451549 IW481 [729491 L366,052 s.￿7 162.wl IL442 L451.549 Hi5tori¢31 costal 31 Atwt 20XI IW.058 1.168,207 140 inyesmatsrewesented 5X0f￿ m¥*etVaI￿ ofthe I￿rI{4￿). 16 31 2020 Notesmthe FinarKial St*emerts 20 Cl¢iitable loans lrnjte lll counts recewable Prepayments 41590 129.542 38,573 35,620 140,&52 I7￿6 210.705 214,248 li L• 8alance Bt Istsept*Xb￿ XYIO Loans m•Je to trwrees Written off Repayment in year B￿an￿ * 31s[A￿USt 2 3S.620 a3.4 B,0301 42.590 19.7801 35,620 AtcouThts payab uèls Deferfed In£othÈ1see beh)wl Other creditor5 Othertaxes and S￿1)1 5ecwity 7,410 4.U76 170,724 36.327 4.239 114198 33525 5553 22&140 187.071 Balance at otye Amount releasod to i￿￿ne Arnountdefefred in yeat IWJ98 1118.1981 170.724 1106,6881 11&198 Blan￿ * end of￿ar 170.724 118,198 Deferred made LU) as Member5 substriptK￿sITr a(fvatKe TrainingfÈes in ad￿rKe 8L217 89517 17(1.7Z4 9I077 27.121 I￿198 All ofthe dthiTed tnrome as * aLAu￿t XM9 tssbeen le￿￿￿ed eThled 31A•2031 17 The Socth•fAn*ytstaJ P￿test0 the Finanaal Statements 31 AAWt202 Designated fvrKIs Building I￿aInter¢n￿fiTh1 2 Tangible r￿ed a 201.161 179.171 16J)751 195,Q85 176,051 13.1201 Other UnreoJided Ftsnds 147SJIOI 1723491 L431627 427.144 1481.1851 172.9491 1305,637 l The B￿￿tting Vkintenarxe FurKI representsa Wset ask￿ tofttnd separate dearWerffl￿ projects whid) 15 riow 2 The deswated Flxed AssetFur¥J rewesertsthefu￿str￿I in thekn of tsryib* t￿ed assets and so not milable asfree The sUtsetyofAna￿r￿al Psy¢lwJlugy Notesto the Financial StatErDetrt5 31 ￿￿Jgu￿1 2020 14 Restrirtgd Funds Gains& Carried Forward Fordham Fund Ruth Stiaus5 Fund Marywelch Fund 4 CG Jungaini 251.930 1499 15,378 X4.5&) 13COI 251,630 2,499 15,378 14,105 14751 284,387 17751 283.612 The sourtp of the RestriJe(l Fund5 15 legactes and dLThtions in mel￿rI￿rn. Restricted fund53re held forthe fotlowing purp05e5.' l Furtherance ofJun8ian thild anatysis based ort Michael F(Kdham'5 extensKJns OfJu￿ totheoryand WattTte regardin¥children. The Fordham Fund Will used to provide trwrsarip5to pp trainees who wish to train a5 anafyf5ts. So, to PrO￿de bursarie5 for Infantobservation. The &Kiety Intends to use significant sums duri￿ financ441 Year20￿21 for a chTrld ionference In March 2021and also to develop training iourses forthoseworkingwtthchildreft af¥J adole￿enrS. stsrbng auLurnn 1021. 2 Continuing development of Professio[￿1 Membersand Traini￿ Ana￿sts ofthe Sotiety. We ￿11 crrtinue to pro¥ide grantsof £5(￿ from the Ruth Strauss Fund for n*mt*ts trainin8 lo bec{￿e supeNsing analysts. 3 Pr0mL>tI￿ of anatytical work and think¢n8 amoryt the Cler8y of all faith5. 8ursane5WtII be availabletoth05e who are pur5uin8 professional trainiry Wihiti the &xiety. 4 The CGJun8 ainic Fund wllltotttinue to be used tosub5idi5e conyjtstion fees for patients whottyjld nototherwlse affgrd them. 15 Allocatlon of ntta55etsto furmts Totsl Unresiritted Fund5 Restrirted Funds 1.258.4191 283.613 47.145 1,305,637 283.613 L542.104 47.145 1.589,249 16 Legal statt The charity 15 a company limrfted byRuaTrntee. reestered with the CharltyCommi55ion in England and Wales tharity registration number 238441. The registered office is l Daleham Gardens LorKJon NW3 5BY. In event of thechanty beingwound up. the143bilttyth ie5Ptttofthe guarantÈe islimited to£1 per membÈrof the charity. 17 Corporati•nTax The Society of Anafytical P5ychdcwisa roEiStwed tharityand a$s￿h its i￿ome and gainsfallingwtthin Settion$ 471to 489 of the Corporation Tax Act 2010 orSettvJn 256olthe Taxarw ofcharyatle Gairs J£t 1992 are exempt From corporation tax to the extert that they are applied to its CharitabJeobjecrv￿ 18 ReLited PanyTrnnsattknns Expenditure includes fee5 payableto the followwtrusteesforstywes w0￿ded tothe (baHty in addition io theirrole è5 a trustev. Total de Haas CuwTh)w P LetterH Pa￿ett8 Creans La8Utir* L Brtth J Slann S 75 275 150 1,020 378 81 275 Iso 1.020 378 81 1,520 459 1,979 19 ThÈSo(*tyof*thalyts(al Psythd 14otes to the fmancialststements 31 Wst 2020 Gairs& 111 Foidham Fund 121 R￿h StsaU55 Furyl 131 Marywelch Fund 141 CfjJunE ain I3￿LI} 25L930 2.499 15.378 14.580 1499 15378 4￿> 2ry821 13.4331 284.387 Restricted fvndsare held fortr*fDlk5wtii8puT￿e 111 B￿r$alle5 for*Jult trÈittllvg. The AfN)Tr Ly￿￿T￿r￿Trg Fl¥￿1￿LTF) hasnowbEen fiLllysF*nt. 121 FurtheTrn￿oljuf*}r￿ thild athls b*LYI w Kthdkel For¢thèm'5 EXtensKJrs LsfJun8to theory and ptsrti to provtdea bj¥satyf￿ & pp IraineÈtostartanalytictr•nin> 131 Continuingdv¥elo￿￿OfProf￿ana andTrJiop)8PJ*ts oftheSoc*y. 141 Assist1￿￿￿r￿sdrn￿ tyom c*w. AppftrAimat*£3AUlfnxn the m￿Wekh Fundwlll be usÈdto fitnd a bwsary fur a dvgyw50n in thecOmi￿1￿[. ￿￿eStriael Funds ResErirted Fur 1.630.rn I￿1(194) 284,388 86,294 L432,626 284,388 1,717,014 L630,720 im additioth trJth* rdeasatrustee: Tralnl Toial Lll2 1,712 Cullinan M de Haas CuFrrt>w P La8utirra L Richardsoft E Slann S Tower R 2￿) 3.255 3255 26 26 229 5.975 3.nl 9,7( RESERVES POLICY Ratified by Council.. December 2020 Current Position On 31 August 2020 the totsl reserves were £1.6 million, which includes £284.IYXI in ￿$trIcted funds and £1.3 million in free reseives. The restricted fijnds are used for different purposes: adult trainin& the promotion of analytlc work with children and w)ung people, the provision of financial 5UPPOrt to enable Analysts to become SuperVi￿nE Analysts and promotion of anatytical work amor)g the clergy of all faiths. The Altson Lyons Training Fund IALTF) has been fulty spent. The Society is currenty spending about £52.IJY) more than its income generated by its activities. The total reserves generate ab)ut £42.(KK) net income, which is likely to reduce to £36.OLX) next year due to the Covid-19 pandemic effects on global financial markets. and so the remainder of the defKit is funded drawing down on our free reserves. Income from the restricted funds is used to meet the fund< obiecttves. Future Plans It is likely that the Society will continue to make a signTficant deficit over the next two years and so the society will fund thi5 deficit through continuing to draw down on tts reserves. The Society will aim to maintain the overall level of reserves by ensuring its annual k)ss is no greater than the capital gain on the investments held as reserves. Policy on Free Reserves l. The Sooety wants to use its money effectively. ar¥J so the CouncFI has aueed the following policies: As much of the reserve5 as s prudent should be invested in medium risk investments. This should either be property or thro￿ a fund manager. The amount of money available to be siknt from the ￿Stricted funds will be set annually by Council. The amount 15 set after consideration of the net return on the SAYS investments, the needs of trainees and overall financièl position of the Society. The Societys cash should be managed in such a way as to maximise the interest ￿CeIved, but without exceeding the limit of the Governmenys guarantee for bank accounts. The Society $I￿Uld have between 2 and 6 monthg cash available in bank accounts. Sales of investments should be kept to a minimum to reduce transaction costs. 21 If the cash projections show that the Society is ITkelyto bi?ach the cash reserve limits. the CEO should either invest any surplus or sell assets. Any sale must have the pemiÉssion of the Council. 2. The SAP wishes to retain £lm in order to continue to provide income for the charitable activities. The Board is still planning Ultimate￿ to reach a breakeven situation and would hope to be able to do SO Wtthout relying on investment income in the future. The Board's preferen￿ ts to run charty on a business model that does not rely on topping up, from the reserves. The Board is mirKIfvI that it has a duty to its current and growing trainee community and course attendees and, irKleed, has a moral and ethical obligation to be able to continue the training for all current trainees and for those we continue to accept onto training. If the SAP were in a poSit￿n of not being able to continue as a viable O￿anisatIon in the future, the Board would still wish to have sufficient funds to ensu￿ that all trainees could complete their training whilst stlll receivlng support from the Clinic. This could entail employing anatysts from outside t1￿ SAP in order to meet our duty of care to vulnerable patients. There is therefore a requI￿rnent to retain five yearg funds to support trainees as previously expressed. The annual cost is estimated at £lQ).IMJ per annum. It will be nece55ary in future to reconsider the balance between retaining a reserve to provide income Iwhich we hope will become less r￿cessary} and ￿taining five years. funding to See our trainees through to completion. It is also acknowledged that the &4P should con5Èder investment in projetts or infrastructure. The Board will spend money on the current premises at Daleham Gardens to ensure the building can reopen safely following the Covid-19 pandemic. Pollcy on Restricted Reserves It is acknowledged that our main restrirted fund. the Fordham Fund. has contlnued to be unspent during the financFal year 2019 - 2020. The Chief Executive has beer¥ in communication with the Independent Examiner regarding this on behalf of the Board of T￿￿tee5 and in consultation wtth Mrs Valerie Roach, Trustee, vA)o is liaising with the Board and the CEO over financial matters in the absence of ' Treasurerf. The Fordham Fund IFF} wa5 Set up to provide supwrt forchild and adolescent analytic work, training, child observation work and a Michael Fordham Prize. It is no tonger possible to correswnd wtth the Fordham Estate and the management of the FF has been the responsibility of a committee of the SAP for some time. The original bequest had no time-limit attached to it in tems of when the money should be spent. The restrirtions placed on the fund mean that it has been imws5ible to spend the fund to date. We have challenged the assertion that 'the Charity commi￿on expect all funds to be spent within a year unless there is clearty documented reason for notdoing so,. We have received confinnation from the Independent Examiner that thi5 ￿, indeed. not the case, but that this was 'based on the fatt that charities report on an annual basis and 9) will need to be able to justify retain¥n8 anyfunds when they report the following yearf. Tr trustees are aware of the requirement to report on plans for restricted funds in the annual statutory accounts. We are developing a new three-year training in child and adolescent analysis and we shall begin to use some of the fund to pay for seminar leaders. tutors and to provHle bursaries. It is hoped that this 22 will grow and that we shall contlnue to Use hjnd to grow our number of child analysts and therapists. This will be aimed at current SAP qualified Analysts. We plan to begin this in September 2021. In addition, we have develop￿d our current one-year TronS1t￿ course into a two-year course. This will be open to therapists and counselh)rs from outside the W and we hope to make grants available from the MFF. especially targeting individuals wtm) are currently undetrepresented within the SAP communty. such as those wyth disabilities. those from bkck ar￿ minority ethnic backgrounds and individuals who are part of the gender, sexuality and relationship dNer5e communty. Even with these spending plans. it is likety that a 5ignific3nt sum wll remain unspent over the next three years. The trustees V￿1} seek permission from the Charity Commiswfyn to widen the purposes for which Ft can be used. The Ruth StrdUSS Fund is available for mem￿r5 wishing to apply for a higher level of membership, as Supervisors and Training AnaEysts. We need to InC￿35e the pool of members in these FK)Sitions in order to meet our targets for expanding our training to a wider public whilst maintaining standards. We have recent￿ undertaken a push to encourage members to apply and will hope to use the fund over the next year. However. the barrier ts not cost but the time involved to prepare for the application. We have recefrtly widened the reach of the Mary Welch Fund to 'dergy of any faith, which we hope will generate additional applicants. tt is hoped to u* this fvnd over the next three years. The donation to the SAP Clinic IC.GJungainicl 15 used each yearto cover a deficit created by providing discounted consuFtations. This will tske eight yeaT5 to utilise and we shall seek a widening of the fund's use. UpdGted November2020 23