2025-08-31-accounts

Charity registration number 238441 (England and Wales) Company registration number 402695

THE SOCIETY OF ANALYTICAL PSYCHOLOGY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Sue Barrett
	Daniel Goldschmied (Member of
	Executive Group from 19/05/2025)
	Marina Laverdino
	Valerie Roach
	Edith Eligator (Co-Chair & Member of
	Executive Group from 19/05/25)
	Lucinda Hawkins (Member of
	Executive Group from 19/05/2025)
	Elizabeth Bozovic	(Appointed 12 April 2025)
	Bryant Carter	(Appointed 12 April 2025)
	Katharine Lifely (Co-Chair & Member	(Appointed 15 March 2025)
	of Executive Group from 19/05/2024)
	Frances Maclean	(Appointed 13 October 2025)
Secretary	Vacant
Charity number (England and Wales)	238441
Company number	402695
Registered office	1 Daleham Gardens
	London
	NW3 5BY
Independent examiner	Frances Wilde FCCA DChA
	Warner Wilde Limited
	Chartered Certified Accountants
	4 Marigold Drive
	Bisley
	Surrey
	GU24 9SF
Bankers	HSBC
	122 Finchley Road
	London
	NW3 5JD
Solicitors	Fieldfisher LLP
	Riverbank House
	2 Swan Lane
	London
	EC4R 3TT

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

CONTENTS

	Page
Trustees' report	1 - 8
Independent examiner's report	9
Statement of financial activities	10 - 11
Balance sheet	12
Statement of cash flows	13
Notes to the financial statements	14 - 26

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their annual report and financial statements for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 objects of the Society of Analytical Psychology (SAP) are:

With a view to the benefit of the community at large but not otherwise to promote and encourage:

• a. The practice and application of analytical psychology in and to medical and other fields;

• b. Education and training in analytical psychology, its principles, practice and application;

• a. The increase of knowledge in relation to analytical psychology;

• c. The diffusion of the knowledge of the advantages that accrue from the practice and application of analytical psychology consistently with the foregoing.

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

Running courses to train participants in analysis and psychotherapy;

Putting on events, lectures, seminars, and courses in a range of Jungian and psychoanalytic topics, both at an introductory level and for professionals;

Publishing an academic journal to increase knowledge in the field of analytical psychology;

Providing a clinic offering that places patients with members and trainees and that offers reduced-fee analysis and psychotherapy.

How our Activities Deliver Public Benefit

The SAP provides high quality training to individuals training to become Jungian 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 challenges. The work continues to be very much in need as the difficulties 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.

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Executive Group Report

At last year’s AGM four of the 10 members of Council stepped down. Two new members were elected, but two additional members were needed for Council to be quorate.

In view of the significant amount of work required by the Chair, Council decided to adopt a collaborative structure, with an Executive Group (EG) of four Council members to undertake responsibilities traditionally associated with Chair and Treasurer roles.

Two Council members agreed to become Co-Chairs and two agreed to join the EG one of whom is also a member of the Finance Committee (known as the Business Development Group at the start of the year). To restore quorum two SAP members agreed to be co-opted to Council, and a third joined later. The EG meets weekly with the CEO and reports to Council in full. This provides continuity, shared accountability and operational responsiveness.

With the retirement of the CEO, Judith Willetts in July 2025, members of the EG took on day-to-day operational responsibilities as well as the recruitment of an interim CEO. The Interim CEO, Federico Moscogiuri began in September 2025 with a remit to carry out a strategic review and plan, strengthen financial oversight and support operational stability.

To promote organizational collaboration and transparency Council has re-instated regular meetings of the EG and CEO with the Senior Leadership Team (SLT) of faculty heads.

Achievements and Performance of Professional Trainings

The SAP’s two professional trainings: the Analytic Training (AT) and Psychodynamic Psychotherapy Training (PPT) continue to attract applicants. Training Faculty staff, seminar leaders, supervisors and tutors worked tirelessly throughout the year to ensure the trainings can be delivered. The curricula of the trainings are regularly reviewed to ensure they remain dynamic and developmental.

Public Events, Seminars and Workshops

The SAP runs public and professional events throughout the year, most offered online with some blended and inperson only events. These included the Annual Lecture and two series of seminars.

Our Introductory and Advanced courses continue to be well subscribed:

Foundations of Analytical Psychology (FC), online

Jungian Practice Experiential Group (JPEG), an in-person course

Clinical Practice from a Jungian Perspective, an online course currently for international clinicians

Psychodynamic Psychotherapy for Adolescents and Young Adults

Supervision Course, for experienced clinicians, online and in-person

In July 2026, the SAP will again host a group from Wuhan, China, for a week’s Summer School in London. Further courses are planned going forward.

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The Clinic

During the period of this report the Clinic received 102 enquiries from people seeking help. Every enquiry received a response call from a clinician to suggest further assistance from the SAP or alternative sources of help. All enquiries were responded to by telephone, where necessary followed by email.

The Clinic also received 58 applications for treatment with the SAP. Each applicant received a clinical screening from the Associate Clinic Director or the Clinic Director. The purpose of the screening call is to determine, as far as possible at that stage, if the applicant is potentially suitable for treatment with the SAP.

Following clinical screening of the 58 applications, 30 patients proceeded to Clinic consultation. Of these latter 30 patients, 20 were able to pay full fee for consultation, and 10 paid a reduced fee. The difference between full and reduced fee was met from the SAP's restricted fund, created by a charitable donation, for this purpose. Following consultation, 10 patients were referred to SAP Members, 9 were placed with psychotherapy trainees and 5 placed with analytic trainees for treatment. Two patients transferred to the Clinic for analytic treatment. The Clinic also agreed the transfer of a patient in treatment in a clinic external to the SAP, to the SAP's Clinic, and placed this patient with an analytic trainee.

Enquiries to the Clinic from outside the UK are linked with an SAP member or given alternative sources of help in the enquirer’s country.

The Clinic continues to see the financial hardship facing most of those seeking help from the SAP, and the reduced fee scheme makes it possible for many patients to access our psychoanalytic and psychodynamic treatment pathways. In addition, the scheme supports the Society's training programmes which, in turn, makes such treatment possible for our patients.

The Journal of Analytical Psychology (JAP)

The 70th Anniversary of the founding of the Journal was celebrated by an international conference held online in November 2025.

At the International Association for Analytical Psychology conference held in Zurich in August 2025 all the editors presented papers or chaired conference sessions. The editorial team also gave a presentation on the Journal , exploring new avenues to reach readers, and discussed ideas for future collaboration with the editors of Jungian journals in France and Germany.

In addition to its regular issues, the Journal of Analytical Psychology (JAP) published two special issues, one on War and one of plenary papers from the 2024 Journal conference at Essex. As well as its clinical content, the Journal has a film and culture section, regular reviews of books and articles, and interviews with prominent analysts.

The Journal has continued to offer online educational seminars and workshops. At ‘Meeting the Author’, a series of online events, Journal writers presented their work. Journal workshops on Neuroscience and Typology generated significant income. The Michael Fordham Prize for the best clinical paper was awarded jointly.

The UK Editor in Chief Ann Addison announced that she would leave the team at the end of the year, and after a careful search Lara Lagutina of the SAP was appointed her successor.

For some years, the Journal editors had been dissatisfied with changes made by the publisher Wiley, and after careful research it was decided to move to Sage publishing from January 2026. There were unexpected contractual difficulties, however, and after lengthy negotiations and legal consultation it was agreed that the Journal would remain with Wiley on improved financial terms for 2026 and move to Sage in January 2027.

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Membership

A new Membership Committee has been set up, and to better integrate the Society’s governance, the Co-Chairs have also joined the Senior Leadership Team.

To improve internal communication, the Membership Co-Chairs produce a monthly newsletter to members, recording events and announcing new ones.

The Analytic Group, a monthly series of talks for members, will now include an annual presentation by members of the Ethics Committee.

A series of Members Conversations and sessions of Social Dreaming provide safe spaces for members to share concerns and think together.

The Society welcomed three new Psychodynamic Psychotherapy members, one returning PP Member and one new Analytic Member, as well as one new Training Analyst and one new Supervising Analyst. Three members retired and five died.

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Financial review

The Society’s finances have been in a vulnerable condition for over a decade. The root causes are multi-layered and complex and reach to core questions about the identity, purpose and direction of the Society which has undergone profound change and suffered significant internal and external shocks in the past fifteen years.

It is important to emphasise that although they are vital, the finances are not an end in themselves. They merely enable the Society to pursue its aims and objectives through its activities and operations. For this reason the need to ‘balance the books’ is not a signal that the Society needs to become a corporate commercial venture; rather that it needs to restore the clarity of its purpose and the coherence of its operations which have both been eroded amidst the change and upheaval alluded to above.

Following the last financial year end, it became clear there was an urgent need to increase oversight of the charity’s finances. Following the AGM the new Council formally ratified the creation of the Business Development Group (BDG), an advisory subcommittee of Council tasked with the dual role of exploring income generating opportunities and providing greater oversight of the financial management of the society on behalf of Council. Improvements were made to the processes surrounding budgeting, cash flow forecasting, business analysis and the production of regular financial management information.

Following the departure of the outgoing CEO in July 2025, the BDG held the financial part of the CEO’s role on an interim basis until it was filled by the incoming Interim Chief Executive Federico Moscogiuri in September 2025.

In January 2026, Council re-established the Finance Committee, replacing the BDG, formally enshrining within the organisational structure the support it needs to fulfil its financial duties. Going forward, finance will continue to be a standing agenda item at every Council meeting.

Although there is a lot more work to do, the governance and oversight of the charity’s finances has been significantly improved over the last year. A more robust and transparent administrative framework has been established to facilitate and support the Society’s progression towards financial sustainability.

The Society received £505,260 total income during the year, £47,000 less than the previous year (2024: £552,107). The main reason for this decrease was a significant reduction in education activities (events, seminars etc) partly attributable to the period of transition as Judith Willets approached retirement and also due to slightly lower numbers across our various training and education activities due to competition from other psychotherapy organisations.

Total expenditure for the year was £660,972 compared to £661,789 the previous year. Of this, “Raising Funds” is the £10,420 fee we pay to our investment managers for managing our portfolio and the remainder, £650,552 (2024: £649,238), incorporates all the other costs of running the Society, our “Charitable Activities”.

Thus overall a total deficit before gains on investments of £155,712 (2024 deficit: £109,682) was recorded in the accounts for 2025.

It is not ideal that some of the SAP’s reserves continue to be used to fund the deficit in 2025 and it is anticipated that there will be a further reduction in reserves in 2026 as various measures are put in place to improve the running of the Society. However, Council consider that the reserves are sufficient to cover this and are confident that the Strategic Planning process that is currently underway and improvements being put in place to make the day to day operations of the Society more efficient will result in significantly reduced deficits from 2027 onwards.

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Reserves Policy

The SAP has reserves of £1.598 million (2024 £1.724 million), with £330,463 (2024 £395,488) 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 annually.

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 2025) but the decision for who receives a grant is the responsibility of the Restricted Funds and Bursary Committee.

Investment Policy

The policy covers risk and exclusions. The SAP has instructed Investec, our asset management company, 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.

Value of property

The SAP owns 45% of 1 Daleham Gardens. The Trustees estimate that this share could be worth over £2 million.

Plans for future periods

The trustees wish to build on the progress made during the financial year 2024-25 and which is advancing in the current financial year, 2025-26. The key priorities are:

• Develop a 3-year Strategic Plan to guide the SAP’s work to August 2029

• Increase and diversify income to ensure financial sustainability for the longer term

• Improve organisational effectiveness and impact through a systematic review of key functions, policies,

• structure and processes

• Improve organisational communications with Members, stakeholders and members of the public

• Expand our educational offer to a wider range of professionals, including internationally, and members of

• the public

• Enhance opportunities for patients to access psychoanalysis and psychotherapy

Structure, governance and management

The charity is 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.

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

the date of signature of the financial statements were:
Hilary Lester (Co-Chair from 13/04/24)	(Resigned 15 March 2025)
Ali Zarbafi	(Resigned 15 March 2025)
Elizabeth Richardson (Co-Chair from 13/04/24)	(Resigned 15 March 2025)
Jane Simpson	(Resigned 15 March 2025)
Sue Barrett
Daniel Goldschmied (Member of Executive Group from 19/05/2025)
Marina Laverdino
Valerie Roach
Edith Eligator (Co-Chair & Member of Executive Group from 19/05/25)
Lucinda Hawkins (Member of Executive Group from 19/05/2025)
Elizabeth Bozovic	(Appointed 12 April 2025)
Bryant Carter	(Appointed 12 April 2025)
Katharine Lifely (Co-Chair & Member of Executive Group from	(Appointed 15 March 2025)
19/05/2024)
Frances Maclean	(Appointed 13 October 2025)

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 an induction pack.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Risk Management

The trustees consider risk as part of every decision. They review the risk register regularly.

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Governance

Owing to the timing of the Society's AGM, in March, a new Chair of Council (Chair of the Board of Trustees) takes up post over half way through the financial year. In April 2025, Hilary Lester and Elizabeth Richardson, Joint Chairs, were succeeded by Edith Eligator and Katharine Lifely. The new Joint Chairs set up an Executive Group including two Council members, Dan Goldschmied and Lucinda Hawkins, as a leadership team working closely with the CEO, reporting to, and working with the Board.

The Joint Chairs of the Society’s Ethics Committee (EC) are Sarah Cooke and Suzanne Hyde. The committee comprises a very experienced and skilled group of members, supported by an external consultant who is available to the committee as required. The EC has also been developing its role as a source of support to members and in playing an important role in refining policy and procedural documents and considering information and training needs of members around professional standards and guidance.

The Membership Committee also now has Joint Chairs, Anne Marie Allen and Sophie Lopez-Welsch, who have greatly increased communication with the membership through their monthly newsletter Upstairs at Daleham Gardens.

In addition to this work, the SAP continues to revise and review its protocols and procedures and committee functions across the organization. This work is wide-ranging and ongoing. Examples include protocols around supporting and reporting the progress of trainees; the development of the Safeguarding Advisory Group and Designated Lead; and the review of ethics guidelines and standards - work also being done within the BPC.

The Trustees wish to thank the many members who volunteer their time and energies to the Society and who serve on committees, undertake teaching and other responsibilities, give talks and presentations and who cannot all be mentioned here. Thanks, too, must go to the Faculty Heads, Jay Barlow, Colin Ralph, Anne Marie Allen and Sophie Lopez-Welsch, the retired CEO, Judith Willetts and current Interim CEO Federico Moscogiuri. In particular, we acknowledge the contribution of the staff team, Urvi Bhatt, Gita Khalatbari, Ann Marie Mackay, Bessem Tambi and Rachel Todd.

Related Parties

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

Independent examiner

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

The trustees' report was approved by the Board of Trustees.

Edith Eligator Edith Eligator (May 7, 2026 17:59:25 GMT+1) .............................. .............................. Edith Eligator (Co-Chair & Member of Executive Group from 19/05/25) Katharine Lifely (Co-Chair & Member of Executive Group from 19/05/2024) Trustee Trustee 07/05/2026 Date: .............................................

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE SOCIETY OF ANALYTICAL PSYCHOLOGY

I report to the trustees on my examination of the financial statements of The Society of Analytical Psychology (the charity) for the year ended 31 August 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

• 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Frances Wilde FCCA DChA

Warner Wilde Limited Chartered Certified Accountants 4 Marigold Drive

Bisley Surrey GU24 9SF 08/05/2026 Date: ............................

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

Current financial year Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income and endowments from: Donations and legacies 3 3,650 - Charitable activities 4 332,925 - Other trading activities 5 144,880 - Investments 6 23,243 - Other income 7 562 - Total income 505,260 - Expenditure on: Raising funds 8 10,420 - Charitable activities 9 585,527 65,025 Total expenditure 595,947 65,025 Net gains/(losses) on investments 14 29,443 - Net income/(expenditure) and movement in funds (61,244) (65,025) Reconciliation of funds: Fund balances at 1 September 2024 1,328,897 395,488 Fund balances at 31 August 2025 1,267,653 330,463	Total 2025 £ 3,650 332,925 144,880 23,243 562 505,260 10,420 650,552 660,972 29,443 (126,269) 1,724,385 1,598,116	Total 2024 £ - 377,879 132,801 39,494 1,933
		552,107
		12,551 649,238
		661,789
		119,527
		9,845 1,714,540
		1,724,385

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

Prior financial year Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Charitable activities 4 377,879 - Other trading activities 5 132,801 - Investments 6 39,494 - Other income 7 1,933 - Total income 552,107 - Expenditure on: Raising funds 8 12,551 - Charitable activities 9 613,767 35,471 Total expenditure 626,318 35,471 Net gains/(losses) on investments 14 119,527 - Net income/(expenditure) and movement in funds 45,316 (35,471) Reconciliation of funds: Fund balances at 1 September 2023 1,283,581 430,959 Fund balances at 31 August 2024 1,328,897 395,488	Total 2024 £ 377,879 132,801 39,494 1,933
	552,107
	12,551 649,238
	661,789
	119,527
	9,845 1,714,540
	1,724,385

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

BALANCE SHEET

AS AT 31 AUGUST 2025

Notes Fixed assets Tangible assets 16 Investments 17 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 The funds of the charity Restricted income funds 22 Unrestricted funds 23	2025 £ £ 170,003 1,306,105 1,476,108 123,302 76,070 199,372 (77,364) 122,008 1,598,116 330,463 1,267,653 1,598,116	2024 £ £ 171,754 1,440,201 1,611,955 118,859 26,338 145,197 (32,767) 112,430 1,724,385 395,488 1,328,897 1,724,385	2024 £ £ 171,754 1,440,201 1,611,955 118,859 26,338 145,197 (32,767) 112,430 1,724,385 395,488 1,328,897 1,724,385
			1,611,955 112,430
			1,724,385
			395,488 1,328,897
			1,724,385

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 2025.

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.

07/05/2026

The financial statements were approved by the trustees on .........................

Edith Eligator

Edith Eligator (May 7, 2026 17:59:25 GMT+1).............................. .............................. Edith Eligator (Co-Chair & Member of Executive Katharine Lifely (Co-Chair & Member of Executive Group from Group from 19/05/25) 19/05/2024) Trustee Trustee

Company registration number 402695 (England and Wales)

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

			2025		2024
	Notes	£		£	£	£
Cash flows from operating activities
Cash absorbed by operations	27			(129,071)		(122,227)
Investing activities
Purchase of investments		(374,118)			(890,325)
Proceeds from disposal of investments		529,678			890,232
Investment income received		23,243			39,494
Net cash generated from investing activities				178,803		39,401
Net cash generated from financing activities				-		-
Net increase/(decrease) in cash and cash
equivalents				49,732		(82,826)
Cash and cash equivalents at beginning of year				26,338		109,164
Cash and cash equivalents at end of year				76,070		26,338

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THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 or grantors 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.

• 14 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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.

• 15 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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.

• 16 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 Income from donations and legacies

		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Donated goods and services	3,650	-
4	Income from charitable activities
		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Charitable activities
	Sale of goods	7,617	-
	Training income	100,255	111,660
	Journals and publications	91,427	66,731
	Clinic	31,242	26,416
	Charitable rental income	4,285	2,385
	Education, research and library	98,099	170,687
		332,925	377,879
5	Income from other trading activities
		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Membership subscriptions and sponsorships	144,880	132,801

• 17 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

6 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
	£	£
Other income	22,824	38,549
Interest receivable	419	945
	23,243	39,494

7 Other income

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
	£	£
Other income	562	1,933

8 Raising funds

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2025	2024
	£	£
Investment management	10,420	12,551
	10,420	12,551

• 18 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

9 Expenditure on charitable activities

	Charitable	Charitable
	activities	activities
	2025	2024
	£	£
Direct costs
Depreciation and impairment	1,752	4,190
Training and library	205,326	168,639
Clinic	57,733	52,936
Education, research and public events	80,450	109,613
Journals and publications	52,505	62,950
Membership services	30,629	33,295
Awards and grants	3,000	-
Debt provision	2,000	-
	433,395	431,623
Share of support and governance costs (see note 10)
Support	204,384	212,106
Governance	12,773	5,509
	650,552	649,238
Analysis by fund
Unrestricted funds - general	585,527	613,767
Restricted funds	65,025	35,471
	650,552	649,238
Support costs allocated to activities
	2025	2024
	£	£
Staff costs	127,325	139,181
Marketing and website	18,807	8,647
Premises costs	21,400	27,210
Office costs	2,219	7,571
Insurance	5,429	6,390
Accountancy	1,678	2,736
Repairs and maintenance	9,476	12,826
Legal and consultancy fees	13,200	1,800
Miscellaneous expenses	4,850	5,745
Governance costs	12,773	5,509
	217,157	217,615
Analysed between:
Charitable activities	217,157	217,615

10 Support costs allocated to activities

• 19 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

10 Support costs allocated to activities Governance costs comprise: Independent examination fee Trustee meeting costs 11 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets	(Continued) 2025 2024 £ £ 2,592 2,460 10,181 3,049 12,773 5,509 2025 2024 £ £ 2,592 2,460 1,752 4,189	(Continued) 2025 2024 £ £ 2,592 2,460 10,181 3,049 12,773 5,509 2025 2024 £ £ 2,592 2,460 1,752 4,189
		5,509
		2024 £ 2,460 4,189

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 2025, 4 trustees received a total of £7,700 (2024: £9,994).

13 Employees

The average monthly number of employees during the year was:

Employment costs Wages and salaries Social security costs Other pension costs	2025 Number 9 2025 £ 287,249 20,217 13,513 320,979	2024 Number 10
		2024 £ 277,196 26,524 13,286
		317,006

• 20 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

13 Employees

(Continued)

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

£60,001 - £70,000 Remuneration of key management personnel The remuneration of key management personnel was as follows: Aggregate compensation	2025 Number 1 2025 £ 231,361	2024 Number 1
		2024 £ 223,177

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

14 Gains and losses on investments

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
Gains/(losses) arising on:	£	£
Revaluation of investments	27,350	54,248
Sale of investments	2,093	65,279
	29,443	119,527

15 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

• 21 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

16 Tangible fixed assets

Freehold premises and improvements Fixtures and fittings £ £ Cost At 1 September 2024 183,785 38,403 At 31 August 2025 183,785 38,403 Depreciation and impairment At 1 September 2024 19,023 33,493 Depreciation charged in the year - 982 At 31 August 2025 19,023 34,475 Carrying amount At 31 August 2025 164,762 3,928 At 31 August 2024 164,762 4,909	Office and computer £ 28,889 28,889 26,806 770 27,576 1,313 2,083	Total £ 251,077
		251,077
		79,322 1,752
		81,074
		170,003
		171,754

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.

17 Fixed asset investments

Listed investments £ Cost or valuation At 1 September 2024 1,428,484 Additions 374,118 Valuation changes 10,119 Cash and interest movements (3,667) Disposals (529,678) At 31 August 2025 1,279,376 Carrying amount At 31 August 2025 1,279,376 At 31 August 2024 1,428,484	Cash in portfolio £ 11,717 - - 15,012 - 26,729 26,729 11,717	Total £ 1,440,201 374,118 10,119 11,345 (529,678)
		1,306,105
		1,306,105
		1,440,201

• 22 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 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 2024 Released from previous periods Resources deferred in the year Deferred income at 31 August 2025	2025 £ 14,691 33,968 74,643 123,302 2025 £ 6,079 27,847 19,101 1 24,336 77,364 2025 £ 27,847 2025 £ 27,847 4,000 (4,000) 27,847 27,847	2024 £ (9,315) 43,210 84,964 118,859 2024 £ 6,845 4,000 11,758 260 9,904 32,767 2024 £ 4,000 2024 £ 4,000 8,265 (4,265) - 4,000

• 23 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

21	Retirement benefit schemes
		2025	2024
	Defined contribution schemes	£	£
	Charge to profit or loss in respect of defined contribution schemes	13,513	13,286

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	Balance at	Resources	Balance at	Resources	Balance at
	1 September	expended	1 September	expended	31 August
	2023		2024		2025
	£	£	£	£	£
1. Fordham Fund	180,060	(25,841)	154,219	(50,695)	103,524
2. Ruth Strauss Fund	2,499	-	2,499	-	2,499
3. Mary Welch Fund	12,378	-	12,378	-	12,378
4. The SAP Clinic	20,575	(2,780)	17,795	(2,480)	15,315
5. Bryan Duly Fund	215,447	(6,850)	208,597	(11,850)	196,747
	430,959	(35,471)	395,488	(65,025)	330,463

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 under-represented in the SAP.

6. 24 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

23 Unrestricted funds

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

	At 1	Incoming	Resources	Gains and	At 31 August
	September	resources	expended	losses	2025
	2024
	£	£	£	£	£
Building maintenance fund	174,100	-	(7,491)	-	166,609
Fixed assets	179,498	-	-	-	179,498
General funds	975,299	505,260	(588,456)	29,443	921,546
	1,328,897	505,260	(595,947)	29,443	1,267,653
Previous year:	At 1	Incoming	Resources	Gains and	At 31 August
	September	resources	expended	losses	2024
	2023
	£	£	£	£	£
Building maintenance fund	174,100	-	-	-	174,100
Fixed assets	179,498	-	-	-	179,498
General funds	929,983	552,107	(626,318)	119,527	975,299
	1,283,581	552,107	(626,318)	119,527	1,328,897

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.

24 Analysis of net assets between funds

Unrestricted Restricted funds funds 2025 2025 £ £ At 31 August 2025: Tangible assets 170,003 - Investments 1,076,653 229,452 Current assets/(liabilities) 20,997 101,011 1,267,653 330,463	Total 2025 £ 170,003 1,306,105 122,008
	1,598,116

• 25 -

THE SOCIETY OF ANALYTICAL PSYCHOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

24 Analysis of net assets between funds

Analysis of net assets between funds			(Continued)
	Unrestricted	Restricted	Total
	funds	funds
	2024	2024	2024
	£	£	£
At 31 August 2024:
Tangible assets	171,754	-	171,754
Investments	1,157,143	283,058	1,440,201
Current assets/(liabilities)	-	112,430	112,430
	1,328,897	395,488	1,724,385

25 Related party transactions

There were no disclosable related party transactions during the year (2024 - none), other than disclosed in note 12.

26 Analysis of changes in net funds

The charity had no material debt during the year.

27 Cash generated from operations (Deficit)/surpus for the year Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of investments Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets Portfolio management charges Movements in working capital: (Increase)/decrease in debtors Increase in creditors Increase/(decrease) in deferred income Cash absorbed by operations	2025 £ (126,269) (23,243) (2,093) (29,792) 1,752 10,420 (4,443) 20,750 23,847 (129,071)	2024 £ 9,845 (39,494) (65,279) (54,248) 4,189 12,551 11,220 3,254 (4,265)
		(122,227)

• 26 -

2025 accounts for approval SOC001 0705v1

Final Audit Report

2026-05-08

Created: 2026-05-07 By: Frances Wilde ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAAi8USwantHtPSokfksyiflfk6SkMpIpo0

"2025 accounts for approval SOC001 0705v1" History

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