OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-08-31-accounts

The Society of Analytical Psychology Annual Report 2022-23

Company number 402695 Registered Charity number 238441

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

(Company limited by guarantee)

TRUSTEES’ ANNUAL REPORT & ACCOUNTS

1 September 2022 to 31 August 2023

CONTENTS

ADMINISTRATIVE DETAILS 3 - 4
ACHIEVEMENTS AND PERFORMANCE 4 - 7
FINANCIAL REVIEW 7 - 8
PLANS FOR THE FUTURE 9
GOVERNANCE, STRUCTURE 9 - 10
AND MANAGEMENT
RESPONSIBILITIES OF COUNCIL 10
INDEPENDENT EXAMINER’S REPORT 11
STATEMENT OF FINANCIAL ACTIVITIES 12 - 13
BALANCE SHEET 14
CASHFLOW STATEMENT 15
NOTES TO THE ACCOUNTS 16 - 28

2

1. Administrative Details

Address

1 Daleham Gardens London NW3 5BY

www.thesap.org.uk

Registrations

Registered Charity no. 238441, Charity Commission, England and Wales Company registered in England and Wales No. 402695

Officers

Chair: Inge Spencer, to 18 February, 2023 Jennifer Stein, from 13 March, 2023

Members of Council

Members of the Council, who are directors 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 this report are:

Inge Spencer (Chair), to 18 February, 2023 Sue Barrett, from 18 February, 2023 Michael Cullinan Penny de Haas Curnow, to 18 February, 2023 Daniel Goldschmied, from 18 February, 2023 Marina Iaverdino, from 18 February, 2023 Hilary Lester Simona Panetta-Crean Elizabeth Richardson Valerie Roach (Treasurer), to 18 February, 2023 Jane Simpson Jennifer Stein (Chair from 13 March, 2023) Ali Zarbafi

Chief Executive and Company Secretary

Judith Willetts

Solicitors

Fieldfisher LLP Riverbank House, 2 Swan Lane, London, EC4R 3TT

Principal Bankers

HSBC 122 Finchley Road, London, NW3 5JD

3

Independent Examiner

Frances Wilde FCCA MBA DChA PgDip Warner Wilde Limited

Chartered Certified Accountants and Registered Auditors 4 Marigold Drive, Bisley, Surrey GU24 9SF

2. Achievements and Performance

2.1 Aims and Objectives

The objects of the Society of Analytical Psychology (SAP) are:

The SAP promotes analytical (Jungian) psychology in four ways:

2.2 Acknowledgements

The Trustees wish to extend their sincere thanks to all members who contribute their creativity, time and energy to the SAP through their teaching and leadership, by convening and facilitating courses, for their work on committees, task groups and on the many selection and hearing panels.

A special thanks must go to three Council members who stepped down at the February AGM: Inge Spencer, the outgoing Chair; Valerie Roach, Treasurer; and Penny de Haas Curnow, Diversity Officer. They were thanked in person at the AGM in February. This was the first in-person AGM we had held for 3 years. Members were also able to join the meeting remotely.

The Trustees also wish to thank the Faculty leads and their teams, the Programme Directors and all our dedicated course convenors and facilitators. We also wish to thank the CEO and the officebased team for their invaluable contribution to the Society.

4

2.3 Activities

Professional Training and Membership

The Analytic Training (AT) finished the year with 5 trainees and 5 post-trainees. The Psychodynamic Psychotherapy Training (PPT) had 17 trainees & 8 post trainees. We continue to welcome new people onto the professional trainings each year.

The Members of the Society are the heart of the SAP. We welcomed 5 Analytic and 6

Psychodynamic Psychotherapy Members to the Society during the reporting period. The Monday evening monthly Analytic Group continued to meet online, with excellent attendance and a wide and rich programme for members to enjoy.

The SAP continues to offer members opportunities to come together through the Members’ Conversations meetings, which are held regularly. In addition, a series of special meetings for members was introduced, facilitated by Philip Stokoe.

Public Events, Seminars and Workshops

The SAP ran public and professional events throughout the year. Highlights included Jan Wiener and Henry Abramovitch’s, The Final Moment: Endings in Psychotherapy and Analysis and a very popular talk by Murray Stein, Acts of Imagination . Other well-attended talks and discussions were delivered by Nora Swan-Foster, Joy Schaverien, Angela Foster, Carole Angier, Mark Vernon and John F Miller. We also ran a highly successful seminar series presented by Malcolm Rushton, The Shamanic, Trauma and Analysis .

Introductory and Advanced courses

These continue to be very well subscribed, with 26 people attending the Foundations Course (FC) and 9 people attending the Jungian Practice Experiential Group (JPEG) . All courses remained online.

The Supervision course for experienced clinicians continued to be popular, with 22 people completing the Certificate Course. In addition to this, 12 candidates were awarded the SAP Supervision Diploma. We continued to run the modular Diploma in Jungian Psychodynamic Psychotherapy with Adolescents and Young Adults with 8 people successfully completing the course and the first diploma awarded with several others on schedule to complete.

The Clinic

The Clinic received 111 enquiries from people seeking help and each enquirer received a clinical response call. As for applications for treatment, 46 were received. Every applicant received a clinical screening call by the Associate Clinic Director, or Clinic Director. Following clinical screening: 20 patients withdrew; 2 did not proceed after indicating their wish to do so; 2 were not suitable for SAP assistance and 22 patients proceeded to a Clinic consultation (clinical assessment). Of these 22 consultations, 11 were able to pay full-fee for consultation and 11 paid a reduced-fee. The difference between full and reduced fee was met from the Society’s restricted fund created by a charitable donation for this purpose.

5

In addition to patients proceeding to consultation, 2 patients transferred from the private practice of trainees and 1 patient transferred from another clinical service. These three transfer patients became Clinic training patients. The total number of Clinic consultations (22) and clinical assessments in relation to transfer patients (3) (and bringing forward 2 from the year 2021-22) was 27. Of these 27 patients, 7 patients were referred to Society members, 1 was placed with an analytic trainee (a transfer patient) and 16 patients placed with psychotherapy trainees, Of these 16 patients, 2 were transfer patients. In addition, 3 patients were awaiting placement decisions at the time this report period ended.

In the previous annual report, the Clinic noted the emerging pattern of financial hardship facing those seeking help from the Clinic. Indeed, the Clinic anticipated an increase in those experiencing financial difficulty given the challenging and turbulent economic climate during the period of this report. This trend has continued with the majority of patients contacting the Clinic seeking reduced-fee help.

Whilst in-person treatment is our preferred approach, we continue to offer some patients inperson and on-line treatment. This assists those who, for example, have difficulty in travelling to appointments due to illness or disability, geographical location or the cost of travel. The Clinic’s reduced fee scheme makes it possible for patients to access our psychoanalytic and psychodynamic treatment options, in addition to supporting the Society’s training programmes which make such treatments possible. Patients for whom the Society is not a suitable form of help are advised of alternative sources of assistance. Patients who may be at clinical or safeguarding risk are provided with support and assistance until their engagement with other services can be facilitated.

The Journal of Analytical Psychology (JAP)

This has been a year of transitions for the Journal . Alongside new Editors-in-Chief, Ann Addison (UK) and Arthur Niesser (Europe), Carolyn Bates was appointed as North American Editor-inChief, replacing Nora Swan-Foster, who steered JAP capably through the changes in leadership. JAP also welcomed several new review editors.

A new contract with JAP’s publisher, Wiley, came into force in January 2023. This has prompted a rethink of how JAP promotes itself in a changed publishing landscape and has led to the creation of a programme of public events to complement JAP’s published content, including ‘Meet the Author’ sessions and clinical writing workshops, which continue to be developed for next year.

The 2022 Michael Fordham prize (for the paper that demonstrates the most creative and original approach to clinical analytic thinking) was awarded to Dr Sue Mizen for her paper, The Self and Alien Self in Psyche and Soma . The paper was lauded for its presentation of unique clinical accounts, while also challenging the reader to integrate analytic theory and neuroscience in innovative and imaginative ways for clinical work.

The Journal ran a special issue in November 2022 entitled “Our Environmental and Climate Crisis,” guest edited by Deputy Editor, Amanda Dowd, and the April 2023 issue featured all of the plenary presentations from the International Association for Analytical Psychology’s 2022

6

Congress. JAP changed its house style in the April issue, adopting that of American Psychological Association’s 7[th] edition.

The twice-yearly Clinical Commentaries section has proved a popular recent innovation, and the review editors have provided regular book reviews, reviews of papers, and film and culture papers for our readership. JAP has also continued its series of interviews with prominent analysts, the videos of which are available on JAP’s website.

2.4 How our activities deliver public benefit

The SAP provides high quality training to individuals training to become psychoanalysts and psychodynamic psychotherapists. It is on a continuous mission to train as many people as possible who will go on to work with hundreds of patients who need support for a wide range of mental health 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 people into professional training. The programme of public events is open to anyone with an interest in Jungian thinking, in its broadest sense, and Jungian analysis and psychotherapy. The SAP also runs an extensive programme of CPD courses, seminars and talks which enable members of the profession to hone and develop their skills, maintaining the highest professional standards.

The SAP also provides psychological consultation and treatments to members of the public in need, and consultation and advanced learning to professionals delivering such treatments. The fees are kept as low as possible for its educational events, and its clinic operates on a sliding scale basis of fees to widen access to psychological services to those with low incomes.

The trustees have complied with their duty to have due regard to the Charity Commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant.

3. Financial Review

3.1 Income and Expenditure

The SAP’s income was £552k, compared with £536k last year. The expenditure was £610, compared with £575k last year. (See note 3.5 below.) Part of the Society’s deficit was covered by its investments.

3.2 Investment Policy

The policy covers risk and exclusions. The SAP has instructed Investec, our asset management company, which is now part of the Rathbones group, to adopt a medium risk investment policy. The policy is reviewed every year and incorporates ethical considerations and a detailed breakdown of the portfolio and management approach.

7

3.3 Reserves Policy

The SAP has reserves of £1.7 million (2022 £1.8 million), with £431,000 (2022 £483,000) in restricted funds. The restricted funds are managed by a sub-committee of the Council and are used to support the SAP’s charitable activities according to the terms of each fund as specified in the full reserves policy. The policy is reviewed by Council at the end of each financial year.

The SAP’s unrestricted funds are retained to subsidise charitable activities until the activities can be brought onto a breakeven basis. The SAP has a designated fund to assist with the maintenance of the property at Daleham Gardens. The SAP retains sufficient unrestricted funds to enable all current trainees to complete their training in the event of the charity needing to be wound up.

The SAP makes grants to support trainees who are struggling to afford the training fees. These grants are based on need. The budget for the grants is set annually by Council (£12k for 2022-23) but the decision for who receives a grant is the responsibility of the Restricted Funds and Bursary Committee.

3.4 Value of property

The SAP owns 45% of 1 Daleham Gardens. The Trustees intend to revalue the property in conjunction with the Institute of Group Analysis. The SAP and the IGA had been in discussion with the neighbouring Tavistock Centre who were exploring the potential for their property site and the two surrounding premises which includes Daleham Gardens and neighbouring property. These discussions are currently on hold and the Trustees are not expecting to relocate in the immediate future.

3.5 Special note of serious incident

In October 2022 a payment of £21,000 was made to criminals posing as a legitimate business following the compromise of email accounts. This was reported to the Membership, Action Fraud, the HSBC Fraud team and the Charity Commission. A full and detailed report was produced by the CEO for the Trustees and the wider Membership.

The case is ongoing and is being handled by Norfolk CID and Metropolitan Police cybercrime officers. At the time of writing we are hopeful of recovering some or all of these funds. The Charity Commission required no further action from the Society’s officers.

Following this, a range of additional security and authentication systems have been put in place and we have reviewed our systems with our IT company. Training on cybercrime has also taken place.

8

4. Plans for the Future

While 2023 started with a lower number of trainees than last year, we remain positive about the growth in membership numbers. We have successfully completed the reaccreditation process with the British Psychoanalytic Council (BPC), the regulatory body which accredits our professional trainings.

Maintaining and then increasing our membership numbers remains a priority. How this is achieved is part of a continuing discussion, with debate about the Society’s current and future identity in a changing and challenging landscape – for the entire community, its trainees and, of course, patients. We have set up a new group to review our external application procedures for well qualified and experienced analysts and psychotherapists who undertook their professional training outside the SAP. This group will make recommendations to Council in early 2024.

Similarly, we are addressing the professional development needs of our members in order to increase the number of Training and Supervising Analysts within the Society. Parallel to this is the need to ensure Psychotherapy members have a professional advancement route within the SAP. Work on this is ongoing and involves discussion with the BPC.

Bringing in high levels of revenue to the SAP is essential to subsidise our charitable activities which we operate at a significant loss. We have developed a range of activities under our ‘Education’ portfolio in order to generate these much-needed funds, focusing on our unique ability to run special seminar series, conferences and workshops from a Jungian and developmental perspective. The aim is to develop the current two-year programme into a three-year rolling programme.

5. Governance, Structure and Management

5.1 Governance

The SAP is a registered charity and a company limited by guarantee. The members of the SAP appoint a Council who are the trustees of the charity and the directors of the company.

5.2 Recruitment, Appointment and Training of Trustees

Members of Council are recruited and elected by ballot. Any member of the SAP may nominate themselves to stand for Council. Members of Council serve for a term of 3 years after which they may stand for re-election. No members of Council may serve for more than six consecutive years. After six years the Member of Council is eligible for re-election after a period of 12 months has passed. Council may co-opt up to three people onto Council. Trustees are provided with an induction by the CEO and the Chair and a full induction pack.

5.3 Risk Management

The trustees consider risk as part of every decision and Council has considered how the board might consider risk going forward. The board asks questions pertaining to risk when reviewing the organisation’s policies and procedures, or when considering approval for new initiatives. When the new Council is in place following the March 2024 AGM, a review of risk will be a top priority.

9

5.4 Related Parties

The SAP is a member of the British Psychoanalytic Council (BPC), which provides ethical oversight and accreditation of the training courses.

5.5 Independent examiner

Frances Wilde FCCA MBA DChA PgDip, was re-appointed as the Society’s independent examiner.

6. Responsibilities of the Council

The Trustees (who are also the directors of The Society of Analytical Psychology for the purposes of Company and Charity Law) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice).

Company and Charity law require the Council to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Council should follow best practice and:

The Council is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Council is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by Council on 16 March 2024, and signed on its behalf by:

Dr Jennifer Stein Chair

The Society of Analytical Psychology

10

THE SOCIEfY OF ANALYficAL PSYCHOLOGY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOCIETY OF ANALYficAL PSYCHOLOGY I reth to the trust￿ C￿ my •x8mlrwtkn of th• rMand￿ statoments of The Sodety of AnalyUc41 Psycl￿ogY Ithe harityl the y￿r 31 August 2023. RO•p￿IbIlItI•6 and basls of rwrt As the trustees cl the charty (al￿ a180 Its direthrs for ths purF<￿&s of ec#np8ny lawl you aro r8spcnslblo for the preparat￿ Of the finanrA818lalem•nts kn acc¢rdan¢• ¥wth tho requkemgnts of the ffipanb8$ Act 2006 Ilhe 2006 Havkng 3atlsfled my8dfihat the fknandg5 ststem6nts olthts dwlty •r8 rot r•quk&J to ￿ aLhJW under Pgrt 16 of th0 20Cfj Act ¥nd are •lhJlbl¥ fty knd¢pond¢nt ¢xamknatiLffi. I r•Ftst In rèsFrti of my •xamlnath)n of th• charftyB flnanclal statements carried out under Sect￿ 145 of the charil￿S Act 2011 (the 2011 Act). In caryng out my 8xamkn8llon I hove fc41owed all the ap￿kabI0 DITeclh)n8 the Chadty coThnlBSh￿ under #ecfjon 14515llbl oftho 2011 Act. Ind•p•nd•nt •x•mln•f• •tst•Mnt Slncg the tharlty'¥ gross kn¢om¢ ¢X¢¢•d￿ £2￿.0c(l your •x#mln8r must bè a mambar of a t>)dy IL8t8d In 60don 145 of the 2011 Act. I confirm that l am waIrf￿d to undertake th8 exaM￿at￿l￿ because l am a mgmbgr of th• A880da1lc￿ of Chartered Certln8d lAx￿n￿nts. th IB on8 of tha Ibtod b¢alo8. I have compt¢tsd ry •x•nlnatkn. l o)nlkm that no m8ttars r4m• to my att•ntlon kn Lx)Madon wlth iho •x8mlnatlJn gfvlng m¥ ¢au$• lo b•11￿ thal In any mat•rl81 r•sW: accounting rocords were not kept in re6peGt of the tharty as r¢quk•d by 8th 386 ofth• 2008A¢t'. or th• flnanclal stalaments do ncrt accord ￿1h thoso f•cord8'. C th¢ flnan¢i•l $tst¢m¢nl$ do Th)t ¢ompty tho ￿u￿¢1)g wulr•m￿¢S of 396 of th8 21XJ6 Act othgr than any requirement that the acuunts gNe a and fair whlch Is Th)t a matter considered as part of an Independent eX￿nIna￿C￿', Ih•financ18181ot•mant8 ha￿ not bwi aWA)rdanL% wh tho m8thL*ts 8nd p￿￿pIeS ofthe Statement of R8command•d PraGllc& for accc¥JntitYJ and r8porllng by charltkn applkable to thadties w8P8rirvJ theSr accounts In aGcordanc6wtth the Fkn8ndal Rep￿Irl￿ stand￿ appllcable In th8 UK8nd Ropubllc of Ireland IFRS 1021. I have no concemB and have CfAn8 across no other matter8 tho examlnauon to vthkh attonuon Should be drawn kn thk4 reFQrt in (Yder to enabkn a woper unde￿t￿dIng of the finanrjal Statements to bo wchod. Prnne￿ l•Ylld• FCCA DC Wamgrwilde Chartered certif￿ P£countants 4 Marfgokl Drlve Bisley SuFrey GU24 9SF DMt8d: 16 March 2024 11

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Current financial year
Unrestricted
funds
Restricted
funds
Income and endowments from:
2023
Notes
£
2023
£
Donations and legacies
3
-
-
Charitable activities
4
405,101
-
Other trading activities
5
110,799
-
Investments
6
35,354
-
Other income
7
359
-
Total income
551,613
-
Expenditure on:
Raising funds
8
12,089
-
Charitable activities
9
545,444
52,075
Total expenditure
557,533
52,075
Net gains/(losses) on investments
14
(40,517)
-
Net movement in funds
(46,437)
(52,075)
Fund balances at 1 September 2022
1,330,018
483,034
Fund balances at 31 August 2023
1,283,581
430,959		 Total
2023
£
-
405,101
110,799
35,354
359
551,613
12,089
597,519
609,608
(40,517)
(98,512)
1,813,052
1,714,540		 Total
2022
£
10,225
395,892
93,546
36,781
-
536,444
12,861
562,566
575,427
(154,220)
(193,203)
2,006,255
1,813,052

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023

Prior financial year

Unrestricted
Restricted
funds
2022
funds
2022
Notes
£
£
Income and endowments from:
Donations and legacies
3
225
10,000
Charitable activities
4
395,892
-
Other trading activities
5
93,546
-
Investments
6
36,781
-
Total income
526,444
10,000
Expenditure on:
Raising funds
8
12,861
-
Charitable activities
9
531,877
30,689
Total expenditure
544,738
30,689
Net gains/(losses) on investments
14
(154,220)
-
Net movement in funds
(172,514)
(20,689)
Fund balances at 1 September 2021
1,502,532
503,723
Fund balances at 31 August 2022
1,330,018
483,034		 Total
2022
£
10,225
395,892
93,546
36,781
536,444
12,861
562,566
575,427
(154,220)
(193,203)
2,006,255
1,813,052

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

BALANCE SHEET

AS AT 31 AUGUST 2023

Notes
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
21
Unrestricted funds-general
Designated funds
22
General unrestricted funds		 2023
£
130,079
109,164
239,243
(33,778)
353,598
929,983
£
175,945
1,333,130
1,509,075
205,465
1,714,540
430,959
1,283,581
1,714,540		 2022
£
198,344
236,357
434,701
(186,833)
353,598
976,420
£
179,498
1,385,686
1,565,184
247,868
1,813,052
483,034
1,330,018
1,813,052

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 16 March 2024

Jennifer Stein (Chair)

Trustee Company registration number 402695

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
25
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(161,284)
(1,263)
35,354
34,091
-
(127,193)
236,357
109,164		 2022
£
(10,745)
36,782		 £
(112,934)
26,037
-
(86,897)
323,254
236,357

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

The Society of Analytical Psychology is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Daleham Gardens, London, NW3 5BY.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are a division of unrestricted funds which have been set aside by the trustees for particular purposes. The purpose of the designated funds are set out in the notes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Subscriptions are accounted for in the period to which they relate. As the subscription year is not the same as the accounting year the portion of subscriptions relating to the later period is carried forward as deferred income.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is accounted for on an accruals basis and is recognised once there is a legal or constructive obligation to pay for the expenditure. The charity is not registered for VAT and costs therefore include attributable VAT.

Wherever possible costs are attributed directly to expenditure headings. Salary costs and shared overheads are allocated to each heading based on employee time spent on that particular activity.

Costs of generating funds comprise those costs directly attributable to the charity's fund raising activities.

Charitable expenditure comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.6 Tangible fixed assets

Tangible fixed assets over £1,000 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold premises and improvements Nil Fixtures and fittings 20% reducing balance Office and computer office 20% reducing balance & computer 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

The charity makes contributions to the Company Pension Auto Enrolment Stakeholder Scheme on behalf of employees and all contributed costs are accounted for on the basis of charging the cost of providing pensions over the period when the charity benefits from the employees' services. The charity has no further liability.

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

2 Critical accounting estimates and judgements

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Total Unrestricted Restricted Total
funds funds
general
2023 2022 2022 2022
£ £ £ £
Donations and gifts - 225 10,000 10,225

4 Charitable activities

Training income
Journal and publications
Clinic
Charitable rental income
Education, research and library		 2023
£
140,668
73,794
31,502
1,985
157,152
405,101		 2022
£
145,155
73,261
46,312
325
130,839
395,892

5 Other trading activities

Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Membership subscriptions 110,799 93,546

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

6 Investments
Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Investments 34,722 36,773
Interest receivable 632 8
35,354 36,781
7 Other income
Unrestricted Total
funds
general
2023 2022
£ £
Other income 359 -
8 Raising funds
Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Investment management 12,089 12,861
12,089 12,861

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

9 Charitable activities

Depreciation and impairment
Training and library
Clinic
Education, research and public events
Journals and publications
Membership services
Maintenance and development projects (designated)
Grant funding of activities (see note 10)
Share of support costs (see note 11)
Share of governance costs (see note 11)
Analysis by fund
Unrestricted funds - general
Restricted funds		 2023
£
4,816
196,721
52,195
73,596
45,361
7,053
-
379,742
3,250
209,024
5,503
597,519
545,444
52,075
597,519		 2022
£
4,723
185,130
52,652
76,450
38,607
14,525
1,836
373,923
28,407
156,549
3,687
562,566
531,877
30,689
562,566

10 Grants payable

Bursaries to individuals and expenditure on new AV equipment. 2023
£
3,250
3,250		 2022
£
28,407
28,407

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

11 Support costs

Staff costs
Marketing and website
Premises costs
Office costs
Insurance
Accountancy
Repairs and
maintenance
Legal and consultancy
fees
Miscellaneous expenses
Trustee meeting costs
Independent Examiner
Analysed between
Charitable activities		 Support Governance
costs
costs
£
£
125,483
-
14,545
-
16,770
-
10,971
-
6,077
-
912
-
3,123
-
-
-
31,143
-
-
4,369
-
1,134
209,024
5,503
209,024
5,503		 2023Support costs Governance
costs
£
£
£
125,483
115,048
-
14,545
4,264
-
16,770
16,604
-
10,971
7,503
-
6,077
5,652
-
912
2,140
-
3,123
1,468
-
-
1,621
-
31,143
2,249
-
4,369
-
2,641
1,134
-
1,046
214,527
156,549
3,687
214,527
156,549
3,687		 2022
£
115,048
4,264
16,604
7,503
5,652
2,140
1,468
1,621
2,249
2,641
1,046
160,236
160,236

Governance costs includes payments to the independent examiner of £1,128 (2022- £1,074) for the preparation and independent examination of the financial statements.

12 Trustees

Trustees do not receive remuneration for their roles as board members. A minority of trustees receive payments for professional services such as teaching, being personal tutors or for group supervision. In 2023, 4 trustees received a total of £15,542 (2022: £14,806).

1 trustee also received reimbursement of expenses totalling £648.

13 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
10 10

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

13
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2023
£
2022
£
289,286
281,348
22,878
23,462
13,529
13,116
325,693
317,926

Key Management Personnel is defined as the CEO, Director of Training, Clinic Director, Training & Education Manager and Finance Manager roles.

Total remuneration for key management personnel, including employer's national insurance and pension contributions, was £221,480. This is before allocation of the employers' national insurance allowance.

In 2022, the remuneration of Key Management Personnel was £114,957, which included only a part-year calculation for the Finance Manager role and did not include the Training & Education Manager role.

The number of employees whose annual remuneration was more than £60,000 is as follows:

2023 2022
Number Number
£60,001 - £70,000 1 -

14 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Revaluation of investments (40,517) (154,220)

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

15 Tangible fixed assets

Freehold
premises and
improvements
Fixtures and
fittings
£
£
Cost
At 1 September 2022
183,785
38,402
Additions
-
-
At 31 August 2023
183,785
38,402
Depreciation and impairment
At 1 September 2022
19,023
30,514
Depreciation charged in the year
-
1,752
At 31 August 2023
19,023
32,266
Carrying amount
At 31 August 2023
164,762
6,136
At 31 August 2022
164,762
7,887		 Office and
computer
£
27,626
1,263
28,889
20,779
3,063
23,842
5,047
6,849		 Total
£
249,813
1,263
251,076
70,316
4,815
75,131
175,945
179,498

The freehold property at 1 Daleham Gardens was purchased in 1982, in partnership with The Institute of Group Analysis, the Society having a 45% share and occupying the first and second floors with the Institute occupying the remainder of the premises. Neither are self-contained and each holds a 99 year lease from the joint freeholders. The trustees are aware that the property is undervalued but are unable to quantify the value at a reasonable cost. The trustees consider that is not necessary to depreciate the freehold property further after 1/9/15.

16 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 September 2022
1,342,051
Additions
542,545
Valuation changes
(40,973)
Cash and interest movements
-
Disposals
(520,661)
At 31 August 2023
1,322,962
Carrying amount
At 31 August 2023
1,322,962
At 31 August 2022
1,342,051		 Cash in
portfolio
43,635
-
-
(33,467)
-
10,168
10,168
43,635		 Total
£
1,385,686
542,545
(40,973)
(33,467)
(520,661)
1,333,130
1,333,130
1,385,686

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

17
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
18
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
19
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
20
Trade creditors
Other creditors
Accruals and deferred income
20
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 September 2022
Released from previous periods
Resources deferred in the year
Deferred income at 31 August 2023		 2023
£
1,322,962
2023
£
32,786
41,374
55,919
130,079
2023
£
7,430
8,265
5,632
1,078
11,373
33,778
2023
£
8,265
2023
£
8,265
137,179
(137,179)
8,265
8,265		 2022
£
1,342,051
2022
£
95,598
47,766
54,980
198,344
2022
£
7,077
137,179
7,290
31,019
4,268
186,833
2022
£
137,179
2022
£
137,179
170,724
(170,724)
137,179
137,179

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at Incoming Resources Balance at Resources Balance at
1 September resources expended 1 September expended 31 August
2021 2022 2023
£ £ £ £ £ £
1. Fordham Fund 246,761 - (27,206) 219,555 (39,495) 180,060
2. Ruth Strauss Fund 2,499 - - 2,499 - 2,499
3. Mary Welch Fund 12,378 - - 12,378 - 12,378
4. The SAP Clinic 13,355 10,000 (300) 23,055 (2,480) 20,575
5. Bryan Duly Fund 228,730 - (3,183) 225,547 (10,100) 215,447
503,723 10,000 (30,689) 483,034 (52,075) 430,959

The source of the Restricted Funds is legacies and donations in memoriam.

Restricted funds are held for the following purposes:

  1. Furtherance and promotion of Jungian child, adolescent and adult analysis based on Michael Fordham's extensions of Jung to theory and practice. The Fordham Fund is also used to support new initiatives which contribute to the sustainability of the SAP and for the preservation and dissemination of material in all forms which form part of the Fordham and SAP heritage.

  2. We will continue to provide support to SAP Members who wish to apply to become Training or Supervising Analysts. Grants of £500 are available to support this.

  3. Promotion of analytical work and thinking amongst the Clergy of all faiths. Bursaries will be available to those who are pursuing professional trainings within the Society.

  4. The SAP Clinic Fund will continue to be used to subsidise consultation fees for patients who could not otherwise afford them.

  5. The Bryan Duly Fund will have particular emphasis on supporting course attendees and professional trainees (on SAP's Analytic or Psychodynamic Psychotherapy trainings) who are in financial difficulty and / or are underrepresented in the SAP.

  6. 26 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

22 Designated funds

The income funds of the charity include the following unrestricted funds which have been designated by the trustees for specific purposes:

Balance at
1 September
2021
£
Building maintenance fund
175,936
Fixed assets
173,476
349,412		 Movement in funds
Movement
in funds
Incoming
resources
£
Resources
expended
£
Balance at
1 September
2022
£
Incoming
resources
£
Balance at
31 August
2023
£
-
(1,836)
174,100
-
174,100
10,745
(4,723)
179,498
-
179,498
10,745
(6,559)
353,598
-
353,598

The building maintenance fund represents a legacy set aside and designated to fund separate clearly-defined projects for the maintenance and development of the current premises.

Fixed assets represents funds held in the form of tangible fixed assets and so not available as free reserves.

23 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
August 2023 are
represented by:
Tangible assets
(3,553)
-
Investments
1,159,030
-
Current assets/(liabilities)
(225,494)
430,959
929,983
430,959		 TotalUnrestricted
funds
2023
2022
£
£
175,945
179,498
1,333,130
1,385,686
205,465
(235,166)
1,714,540
1,330,018		 Restricted
funds
Total
2022
2022
£
£
-
179,498
-
1,385,686
483,034
247,868
483,034
1,813,052

24 Related party transactions

There were no disclosable related party transactions during the year (2022 - none), other than disclosed in note 12.

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

25 Cash generated from operations 2023 2022
£ £
Deficit for the year (98,512) (193,203)
Adjustments for:
Investment income recognised in statement of financial activities (35,354) (36,781)
Fair value gains and losses on investments 40,467 154,220
Depreciation and impairment of tangible fixed assets 4,816 4,723
Portfolio management charges 12,089 13,083
Movements in working capital:
Decrease/(increase) in debtors 68,265 (6,818)
(Decrease) in creditors (24,141) (31,294)
(Decrease) in deferred income (128,914) (16,866)
Cash absorbed by operations (161,284) (112,936)

26 Analysis of changes in net funds

The charity had no debt during the year.